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No. 27,538 


Wednesday April 19 1978 




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.i. 


NEWS SIMM ARY 




for Moro 


40.7 








Italian, police frogmen are to resume then’ search at 
. dawn: for the body of Sig. Aldo Moro, the former 
: Prime: Minister, in a deserted lake on the borders of 
the Abrnzzi and Lazio regions, about 40 miles from 
Bomfe. 


- r 


■ :Z m ' 


.. * 


i 

- i 


■ 1 ■. 

x. 

>V 


-2 v. 










\ The , starch began after a 
common iqne in the name of 
tJLB .': Bed Brigades had 
announced Sig. Moro’s 
■ “suieide-N. Seventh in a series 
of such messages since the ex- 
Premier was kidnapped on 
' March 46. it Is. thought by the 
: authorities to' be anthentic as 
to-: source. Bat there were 
' 'rcscnritions over fts con ten L 
' It , read, in part: “Today 
'< April 18) marks the end of 

- the/ 'dictatorship of the 

- Christian Democrat Party 
' which' for 38 years has wick- 
edly .dominated through the 

. logtstics of abuse of power. 
^Af this date, we report the 
earring out of the execution 
of the Christian Democrat 
President through suicide . . . 
Aldo Moro’s body is at the 
muddy bottom of Lake 
Duebessa in the province of 
ffieji." 

Emergency meetings of the 

- main . political parties were 
called immediately and Sig. 
Glnlio AndreoUl, Prime Min- 


ister, instructed Ministers to 
stand-by for a special session 
of the Cabinet 

Official scepticism over the 
communique's contents was 
partly due to the suggestion 
that the terrorists might be 
seeking to divert- 1 security 
forces to the lakeside follow- 
ing police discovery yesterday 
morning -of' a reported Red 
Brigade hideout. Off ' Home's 
Via Cassia. 

The c onuauid qnt • . warned 
that “this is but the beginning 
of a long senes of suicides.” 
Referring to the suicides of 
terrorists held in West Ger- 
many, it added: “Suicide must 
not remain the ' exclusive 
prerogative of the Baadcr- 
Heinhof group. 

“Mow, repeat, bow, may 
begin to tremble for • their 
misdeeds the various. Fran- 
cesco Cossiga (Interior Min- 
ister). GiuBo Andreotti (Prime 
Minister) »tui Paulo- Emilio 
Taviani (former Interior 
Minister) .* 


GENERAL 


BUSINESS 




Forces 

drain 


Equities up, 
but Gilts 


admitted 


recovery 

checked 


Mr. James Callaghan admitted 
in - the Commons ' that leaked 
figures which show; a heavy 
; drain of . men £roin the armed 
forces' because of ttlssatisfiars 
tion over pay were probably 
correct . 

On the strength of the figures 
Mrs. Margaret Thatcher* Opposi- 
tion leader, pressed the' Prime 
Minister to give the Services an 
increase over the 10 per cent 
guidelines. - Whitehall concern, 
Page 10 • " - 


• EQUITIES rallied yesterday 
in the wake of Wall Street. The 
FT 30-share index . closed 6.8 
higher at 453.5. It had reached 
45711 by- T pan. when modest 
early demand found tbe market 
'short of stock. The Gold Mines 
inddx. fell another 4.4 to close 
Ttf453.fi. ' - •• *4? 


Bank charges may 


rise after Price 


Commission report 


BY MICHAEL BLANDEN 


Customers of the big banks could face higher charges following yesterday’s 
publication of the Price Commission report on the banks, but they could get 
some compensation in the form of interest on money in current accounts. 


Banks could pay interest on capital which provides protec- the income gained by the banks 
current account balances, the tion against risks. as a result of their current 

Commission suggested, and The Commission gave a account deposits. This would 
should try to achieve more favourable verdict for the banks be done either by paying interest 
flexible opening hours, including on the question of the costs of on current accounts or, a method 
Saturday mornings. distributing cash to their more likely to be acceptable to 

However, the report found branches. The reportargued the banks, by adjusting the 
that the charees beino made bv the avera 8 e of £750m. of notional mterest rate allowed to 

SfbKSS S£\5 g *a£t h srSt5f ofrset chMg “- 

cheques were “ not excessive,” a year was ln effect 30 *oterest ™nnrt c. 


verdict which effectively clears thaMfaecorts shSrtdSStbe ti . oa J?* th ° CommhriDb' of the 


The report follows an examina- 


the way for the banks to put 
forward proposals for new in- 
creases in charges. Lloyds, one 
of the big four, indicated yester- 
day that it would be looking at 
the scope for justifiable 
increases. 


Details Page 12 
Editorial comment Page 20 
Lex Back Page 


structure of bank charges for 
their money transmission ser- 
vices — the handling of cash, 
cheques and other forms of pay- 
ment It has viewed its brief in 
the wider context of the overall 
borne by the banks and their activities of the 17 banks 
The Commission's broad con- customers. covered. The findings are now 

elusions were welcomed by the This recommendation was also being considered by Mr. Roy Hat- 
banks. Lord Armstrong, chair- welcomed by the banks, and tepley, Prices Secretary, who 
man of the Committee of London Lord Armstrong indicated that ’*41* “ e talking to the banks 
Clearing Bankers, said that they would wish to discuss it 211 ^ other interested parties 
“ banks have done their best to with the authorities. about the report, 

shield customers from the in- The Commission, added some Banks are pressed by the 
flation ary increases in bank costs barbs. in the report, indicating report to disclose their genera! 
and it is right that the public that in considering any further provisions against bad and doubt- 
should kndw.” increases in charges it would hd debts, which they have so far 

The report recognised that take into account how far the kept secret but which the Com- 
the profits of the big banks had banks had moved towards adopt- mission regarded as part of their 
Suffered in real terms as a result ing its recommendations. capitaL ... 

of inflation, and bad not been Among the points raised were Discussipg changes in bank 
adequate in recent years to the argument that fuller credit opening hours the report saw 
maintain the level of their free should be given to customers for Continued on Back Page 


Sterling 


given 

more 


support 


BY MICHAEL BLANDEN 


THE POUND came under 
continued pressure yesterday] 
with the Bank of England inter- 
vening again to support the rate, 
in the spot and the short-dated 
forward exchange markets. 

The money markets remained 
uncertain in tbe wake of last 
week's Budget measures, but 
share prices improved on modest 
demand to leave the Financial 
Times Index up by 6-8 points at 
453.5. 

Prices. of gilt-edged stocks were 
little changed, with -tbe Finan- 
cial Times Government Securi- 
ties Index rising 0.02 to 7L75. 


Owen sees room for hope 
in Rhodesia negotiations 


BY -ORCHARD EVANS AND BRIDGET BLOOM 




Panama treaty 

The U.S: Senate last night ratified 
the second-Panama Canal treaty 
which will permit Pamana to 
lake over the- canal at the end of 
: tbe century. Voting was 68 to 32 
for the measure which has taken 
14 years to negotiate. 


• GILTS failed to extend Mop- 
day’s recovery hot the under- 
tone was quietly steady. ' itoe 
Government Securities . index 
'closed 0.02 higher at 71.75. 


• STERLING closed at SL8450, 
down 65 points on the day. The 
trade-weighted index was un- 
changed at 6L7. The dollar's 
trade-weighted ' depreciation 
narrowed to 5.47 (5.69) per 
cent. - ' 


& 


;..NUJ ruling 

The Attorney-General was 
. '.. '.granted permission to bring High 
/ Court proceedings for alleged 
' contempt of court against the 
-c: National Union of Journalists. 

This follows the naming' in the 
^ union's newspaper of Colonel. B, 
a prosecution witness at the com- 
^ytmittal of two journalists and an 
• jT^Lfes-Army corporal - who face 
^official secrets charges, 
conference, Page 14 


• GOLD fell 5J to 81735 on 
moderate .turnover. 

• wall Street dosed e ss 

down at -803.27 on profit-taking. 


NUJ 


• THE TREASURY was 
criticised for its lack of openness 
in the public presentation of its 
research and of its thinking 
about economic policy. Back and 
Page 10 


^Bryant cleared 


j'jS! '-5^%;. ' Mr.' Christopher- Bryant, chair- 
- man of the Bryant construction 


f ifti " Ivihe "Old Bailey on two counts of 
' '4*$. conspiracy to corrupt and dis- 
^j-OcJiarged. Page 5 



:'-3}man of the Bryant 
"Tv: group, was found not guilty at 


i-rG^cnarged. Page S 

S^flViormon trail 


Canadian police said they were 
IfoHowing a “pretty cold trail” 
tin ^ their efforts to .trace Miss 
JJoyce. MeKinney and: Mr. Keith 
Tflay, the Mormon couple who 
jumped bail .in London where 
Vey'f&ce kidnapping charges, - 


(BrFefFy. . . 


Isle of Man is to have 
tf tain's first £1 coin. It will 
robably be smaller than a 50p 
iece. - 

ipain is to abolish the death 
penalty and introduce sentences 
sf up to 40 years imprisonment 
In its place. 

-■-‘.'Manchester City council rejected 
" ..-an application by the National 

■ £ - ■' Front to hold a private meeting 
-;7-rn North Manchester High 

'^-School on Friday. 

I'-' 1 The dissident former Soviet 
-■-.•''■General Pyotr Grigorenko, 70, 

■ /: has requested political^ asylum 

in the U-S- ~ ' 

’.--rThe world’s birthrate dropped 
- V-lo its lowest level in recorded 
\. : 'iistory in the past year. 

■ i*'. 'west Indies beat Australia by 
' “ : .l 98 runs in the fourth Test to 
' i''.vm the five-match series 3 — 1. 


O A • RECEIVING . order was 
made, in the London Bankruptcy 
Court against Mr. William Stern, 
tbe former property tycoon whose 
private busines&empire collapsed 
in 1974 with debts of more than 
£100m. Tbe petitioning creditor 
was .Keyser Ullmann, the mer- 
chant bank, which claimed 
£20 .5 m- Page 10 

• THE INLAND REVENUE 
intends tn launch criminal pro- 
ceedings against Collett Dicken- 
son, Pearce — Britain’s biggest 
publicly - quoted advertising 
agency — and against its chairman 
and managing director. The 
agency announced a 68 per cent 
rise in pre-tax profits to £1.38 
for last year. Back 

• OIL COMPANIES expect Gov- 
ernment approval this year for 
North Sea development work 
worth more than £2bn. Page 8 


• BRITISH STEEL Corporation 
is writing off £12m. losses 
accumulated by its subsidiary 
Redpath Dorman Long (North 
Sea) and merging the, company 
with the Dutch De.Groot group 
in an effort, to win oil platform 
orders. Back 


COMPAfftES 


• HAWKER SIDDELEY in- 
creased pre-tax profits from 
£72.98m. to £04.6m. last year. 
Page 24 and' Lex 


• - O ERUK ON-BU EHR LE in- 
creased . its net profits to 
Sw-Frs^04.6m, (5107m.) last year 
from Sw-Frs.15S.3m. Page 29 




CHIEF PRICE CHANCES 

(Prices in-pence unless otherwise 
, indicated) 

RISES' . . 

g + S 

J- O"" 1 -- StJ . 

jve "Discount S t I 

iflett Dickenson 63 -+■ 5 

ilmore Invs « + » 

Jew Estates ... + 6 

_ Yancis Inds. •—•••*• 

^rness Withy 220 + U 

■ilaxo .-.i- -525 + s 

--''KN ■ 269 + 14 

' iambro Life ? 

fome Charm 126 + « 

[orizon Midlands -... 93 + « 
4>traset J ? 2 • 

. larchwiel t 

: • fthn Amur. Trust... 92} + 51 


YESTERDAY 

-Rank Org. 230 + S' 

Supra Group 44 + 5 

Tern-Consulate 34} + 4} 

Tube Invs. ...a :...... 360 + 8 

Wheatsheaf 106 + It 

BP :..... =st='768 + 10 

Oil Expln. 210 + 14 

Ultramar 231 + 9 

K. Lumpur Kepong... 59 + 4} 

McLeod Russel 205 + 1 2 

Cons. . Murchison =-.. 265 + 10 

Malayan Tin 305 + 13 

RT2 .-.rinssb 205 + 9 

Southern lUnta 150 + 10 

Tronoh 185 + 10 

FAI13 

Clarke Nicholls 74 — 4 

Durban Deep 140 — 16 

Harmony 284 — 16 

Libanon 4a3 — 31 

Randfontein £S3 K — li 

Tasminex SO — lo 


DR. DAVID OWEN, the Foreign 
Secretar)’, told the Commons 
shortly after his return from 
Africa yesterday that there 
remained ’major differences 
between tbe supporters aod oppo- 
nents of the internal settlement 
in Rhodesia, but that be did not 
rule out widening the existing 
areas of agreement. 

Again under pressure from 
Conservative MPs. Dr. Owen said 
that the U.K. and • U.S. might 
have to accept exclusion of the 
guerillas' Patriotic Front if free 
and fair elections were held with- 
out it 

He insisted that by far the best 
chance for a long-term settlement 
lay -in persuading the Front to 
take part in cease-fire negotia- 
tions, and then in elections. 

. There was room for compro- 
mise between the Salisbury Gov- 
ernment and tbe Front in two 
key areas he said. First, the 
Front, had accepted a role for 
the UN in cease-fire policing, 
while Salisbury was now aware 
that acceptance by them of the 
UN could mean that sanctions 
would be lifted before inde- 
pendence. 


Secondly, all had accepted that 
there should be a governing 
council,, although the powers and 
composition of that council were 
in dispute. 

Anglo-American strategy on 
Rhodesia now is to leave the 
door open for negotiations. 

Though publicly continuing to 
insist that the Anglo-American 
proposals published last 
September should be the only 
basis for negotiation at any such 
conference, both London and 
Washington appear to believe 
that there may be an eventual 
compromise leaving part of the 
internal settlement intact 

There are suggestions, in par- 
ticular. that Mr. Joshua Nkomo 
and Mr. Robert Mugabe, the 
Patriotic Front leaders, might go 
their separate ways if they were 
to get deeply, into the 
negotiation process. 

It is felt in particular £hat Mr. 
Mugabe's position in the Zanu 
wing of the Front is not secure, 
and that Mr. Nkomo, who does 
not share Mr. Mugabefe stated 
Marxist-Leninist views, might 
eventually make a deal with tile 
Government in Salisbury. 

Only time can tell whether this 


is wishful thinking, given the 
wide gap Between the Front and 
the Salisbury .Government In. 
any case it is recognised that 
several more meetings may be 
needed, probably at official level, 
before an all -party conference is 
possible. 

.Tony Hawkins writes from 
Salisbury: Tbe executive council, 
composed of Mr. Ian Smith, 
Bisbop Muzorewa. the Rev. 
Ndabaningi Sithole, and Chief 
Chirau met in Salisbury yester- 
day without apparently discuss- 
ing the Anglo-American pro- 
posals for a conference. 


ments for bringing about 
cease-fire, which a statemi 
described as the “prime task.'' 


moved closer- to tbe 



Tbe nervousness in tbe markets 
continues to reflect uncertainties 
over tbe trends in short-term 
interest rates after last week’s 
increase in tbe Bank of England's 
minimum lending rate from 6} 
to 7J per cent. 

Yesterday, Mr. Jeff Bensoo. 
group chief executive of National 
Westminster Bank, said the 
banks would have to increase 
their base rates, probably this 
week, but he did not think that 
there would be another rise in 
MLR this week. 

Tbe weakness of sterling was 
partly tbe result of tbe con- 
tinued recovery of tbe dollar 
which was strong against the 
Japanese yen in Far East mar- 
kets. Later, it slipped below its 
best levels. 

The premium on investment 
doll are was pushed up sharply 
again but dropped back later. 
After rising by 11} points on 
Friday and Monday as a result 
of the gains on Wall Street to 
a nominal rate of 1164 per cent, 
it jumped yesterday to 121 per 
cent 

Profit-taking brought the pre- 
mium back to 112} per cent be- 
fore it moved up to close 1 point 
down at 115} per cent., equiva- 
lent to an effective rate at the* 
present value of stealing of 52J 
per cent. 


Japan attacks 



over 
ship output 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

PARIS. Anril 18. 


JAPAN- delivered a stinging 
attack yesterday on European 
shipbuilders' failure to join its 
yards in planned restructuring of 
the industry in the fare of the 
prolonged world shipping and 
shipbuilding enses. 

In a table-turning exercise 
within the shipbuilding working 
party of the Organisation for 
Economic Co-operation and 
Development, the Japanese were 
able to point to internationally 
agreed figures showing that 
western European shipyards 
actually increased their output 
last year. Japanese output, 
according to the same figures, 
fell by 10 per cent, between 1976 
and 1977. 

The implication of the 
Japanese case, presented with 
some relish at to-day's meeting 
here, was that shipbuilding 
restraint measures agreed by 
Tokyo last vear in the face of 
criticism from tbe . European 
members of the Organisation, 
could be re-considered. 


Accurate 


£ in New York 

: 

April 18 | Pteiitrfis 

Spot 

1 month 

2 month* 
*12 month* 

SLF435-8445 j $l.B*0&S*a>t 
0.46-0. 36dis i 0.600.40 diK. 
0.86-0.75 dls CU55-0.76 dls. 
&60-2.40 di* ! 3-20-2.90 din. 


These restraints included an 
artificial 5 per cent increase in 
the ' price of Japanese vessels. 
Tbe impact of this has been 
greatly increased by the recent 
appreciation of the yen. Japan 
also has before its Parliament a 
plan to finance a basic restruc- 
turing of its shipbuilding 
industry. 

Figures for shipyard output 
presented at to-day’s meeting 
were arrived at by the newly- 
refined “compensated gross ton- 
nage ” unit of measurement. 
This unit recognises the man- 
hour content of sophisticated 
ships and is a more accurate 
measure of order-book length 
than simple gross tonnage. 

According to the new figures, 
Japanese yards produced ships 
aggregating 7.9m. eompenstated 
tonnes in 1976, and 7.1m. tonnes 
in 1977. The comparable gross 
figures are 15.9m. and 11.7m. 

Tbe 13 countries belonging to 
the Association of West Euro- 
ean Shipbuilders produced 
3m. eompenstated tonnes last 
year, 8 per ceoL more than the 
7.7m. tonnes built in 1976. In 
uncompensated terms, the asso- 
ciation's figures fell from 12.5ra. 
to 10.2m. gross tonnes over the 
same period. 

Japan's continued heavy reli- 
ance on simple tanker and bulk 
evarrier orders, whicb have low 
man-hours content, has seriously 
affected its order book, compared 
with that of the west Europeans. 
At the end of 1977. the Euro- 
peans bad 14^m. compensated 
tonnes — almost double the 
Japanese order book. 

This year, yards In tbe associa- 
tion are expected - to turn out 
vessels of 8.6m. compensated 
tonnes against 5.5m. from Japan. 


One irony of to-day’s ex- 
changes is that the association 
provided the initiative through 
OECD for the establishment of 
the compensated tonnage sys- 
tem. All sides agree now that 
this is much the most satisfac- 
tory statistical system available. 

When European spokesmen 
were invited to reply to the 
Japanese case to-day, few were 
able to offer positive evidence 
of restructuring beyond those 
intentions implied in the recent 
EEC fourth directive on ship- 
building, wbicb says that 
Government subsidies to yards 
must be linked to restructuring 
plans. 

Tbe' Swedish delegate at to- 
day’s meeting was able to point 
to substantial changes in his own 
industry, and, jn fact, joined tbe 
Japanese onslaught on the other 
Europeans. 

Britain, which has possibly the 
least commitment to planned re- 
structuring of all the European 
shipbuilders, is regarded by the 
Japanese as a pillar of this 
inertia. 

Although some European dele- 
gates were taken by surprise at 
the force of Japan’s arguments 
to-day, they do not regard 
seriously the veiled threat of re- 
nouncing tbe 5 per cent, price 
rise- They say that tbe new 
figures sirapty show that last 
year's policy of making Japan 
slightly less competitive has 
worked. 

Moreover, they accept privately 
that tbe severity of the crisis by 
next year will have forced heavy 
cuts on all European ship- 
builders. 

The -working party turns its 
attention to-morrow to a 
suggestion for easing OECD 
credit guidelines on ship exports 
and the question of what to do 
about the growing strength of 
some third world shipbuilders, 
outside the organisation, 
especially South Korea. • 

It emerged in Paris to-day that 
South Korea has made informal 
approaches for some sort of 
working relationship with the 
OECD and some members of the 
organisation are in favour of 
granting South Korea observer 
status in groups such as the 
shipbuilding working party. 
Norway plans big cut. Page 6 


FT 30-share 
index change 


From to-day. Cadbury 
Schweppes replaces Soillers as 
a constituent of the FT Indus- 
trial Ordinary share index. The 
change follows SpilJers’ decision 
to withdraw from the bread 
industry. 


past few days. 

- African Nationalist souites 
were particularly sour, saying 
that in their view there had been 
no real progress- at the Salisbury 
talks. 

Parliament Page 14; Editorial 
Comment, Page 20; S. Africa 
plans Army- base Page 5 


New threat to bread supplies 


BY: PH1UP BASSETT, LABOUR STAFF 


BREAD SUPPLIES eould be 
seriously affected from the 
week-end by an overtime ban 
by'. 60,000 members of the 
bakpry workers' union. 

The union warned yesterday 
that aH overtime win be 
banned from Sunday unless 
the .closure of 23 SpUlers 
bakeries is halted. 

Members of the Bakers. 
Food and Allied Workers’ 
Union, 4,000 of whom stand to 

lose their jobs ln the bakery 
dosures announced by Spillexs 
12 days ago, will also refuse to 
handle 1 aH Spill ers flour. 

Mr. Bam. Maddox, general 
secretary of tbe onion, raid 
yesterday that tlxe ban, d ue to 
start on the bakeries’ closure 
date,: - would mean greater 


shortages of bread than when 
the bakers banned overtime 
before Christinas in support of 
a better pay offer. 

The ban would show that 
bread could not be produced 
without excessive overtime. It 
would justify the union’s claim 
that there was no over-produc- 
tion at the 23 bakeries due to 
be elosed. 

Spillexs will not- be affected 
by the overtime ban because it 
is polling out of bredetanaking 
completely. 

The company is retaining its 
milling and cake-making 
Interests, however, and said it 
would be affected by the black- 
ing of Splllers floor. 

Mr. Maddox and leaders of 
two other unions affected by 


the closures met Mr. John 
Silkin, Minister of Agricul- 
ture, Mr. Roy Hattersley, 
Secretary for Prices and Con- 
sumer Protection, and Mr. 
Harold Walker, Minister of 
State at tbe Department of 
Employment. 

Mr.‘ Maddox said after the 
meeting that the Ministers 
had pnt the case to them that 
had already been put 

The Ministry of Agriculture 
said that the Ministers had 
deplored the fact that the 
result of the closures would 
be a net loss of some 6.000 
jobs in the .bread-baking 
industry, and * that more 
notiee of the closures had not 
been given. 

Hen and Matters, Page 20 


CONTENTS OF TODAY’S ISSUE 


European news 2-3 

American news 4 

Overseas news 5 

World trade news 6 

Heme news— general . 8-10-12 
■ —labour ......... 14 

Parliament ...... 14 


Technical page 16 

Management page 17 

Arts page 19 

Leader page 20 

UJL Companies 22-26 

Mining 26 


IntL Companies 28-29-31 

Euromarkets 29-31 

Wall Street 34 

Foreign Exchanges 34 

Farming, raw materials ... 35 

UJfc stock market 36 


FEATURES 


Britain and the Boeing jets: 

Decision time 20 

Lloyd’s: Sorting out the 
foreign dilemma ......... 91 

The Eurocommmiists 2 


The SALT talks near a 

crucial stage 3 

Politics in Trinidad: Clear- 
ing the parliament 4 

India’s economy: Over- 
caution on reserves ...... 5 


The Lambeth by-election ... 14 
A novel way to launch 
engineering products ... 17 


FT REPORT 

Gibraltar 32-33 


Appointment? 

27 

Lax — 

42 

Aontatiiwatf Advts. 

u 

Lombard 

28 

Bate Rttet . 

37 

Men and Matters -- 

20 

Sac. Rate* ... 

37 

Money Market — 

26 




28 

Cntaiuiinw* GaMe 

32 

Saleroom 

8 

FTAcuartr* mitk 

3b 

Share IsformatiBa ... 

38-59 


12 

To-day's Events — 

21 

Later* ... 

21 

TV and Radis 

28 


Unit Trusts 


37 


ANNUAL STATEMENTS 

Ambtyanl 29 

Blasden and Nnakes 27 

Conlt LBL 22 

Dreamland Elec ... SB 

Janfim Japan 28 

Leeds & Ho [beck as 27 


Raberfllrf — -- — 
Scott. Wdmn’Hnd 

Thus. Til Dus ... 

VUtMH Gn». 


22 

2L 

24 

27 


INTERIM STATEMENTS 


Peter Brntfaerfiood ... 

politico 


27 

23 


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. THE NATIONAL BANK OF NEW ZEALAND LTD, 8‘MOOBGfflR I/LVnp x p rgR gDB. TELEPHONE: Ul+Uii ktil 






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— financial .Times . Wednesday 


• v&i'-f -’K-J-*-: 

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T . * * •* *t 

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7 'cu!d vo” like to - v - ea Avenue Foch in Paris? 
r .. . _ * ,.I.j ' ri , s ht as we!! i.ve cn the best side: the right 
t jg 33 " you go dc«s. Tr e sunny side. The number £3 
{he area- streets =f &e world have laeir 
tV st ' -■'* On Avenue Fcch. to a century lira kcs! 
scucht Viter has been the even number side. The 
50 -vie. 

■ , „ co a development is being built, 
cn- rhV :*a»K* spirit of Avenue Foch. 
..', .u rop .-.....-jj.v/erosT. apartments in the super- 
"VjVures. Arid" w:::: four. su-:‘a=d eight room tewa 
■n - ^.3 . n :h« lovfs r = sr:. cor ? are Tilth c atiss. planted 
■" . J ------- 2 tstd! cf 4000 es-s:* 

- SW ra c: ouiatK -. -5 £?^« ou: of scQO «!-«« 
meters. 

Apartments and towr. : ruses. The style being 
created by the iezr^v -:r.= 

*a»r.e and fcrer.se tcr.e . :r c. — s 

Lias leaas to the ro.s de ^c-.ogr.e it is. no.re.er a 
si de :n wh-r'n r.eth.r.r I:-.: a style with a .zee ~.d 
C or.»Dt oi srace.Tr.e rooms are desig..ed 
Vt n.no but nave the: reelmg for intimacy and 

-••airntii that is so much a part of our taste today. 



THE EUROCO 




Marchais: 




BY ROBERT MAUTHNER IN PARIS. APRIL 1* 


- rii- 


Habiter Avenue Foch, & Paris? Autanthabiter 
le bon c6t§. C6t£ droit Quand on descend. C6te 
soleiL CGtS dnquante. Toutes les grandes 
avenues du moade out un bon cflt6. Avenue 
Foch, depuis un si&cle, les plus recherchris 
soot ies num6ros pairs. 

Le cinquants. Aunum6io dnquante, sGdifia 
un ensemble nouveau et trfes fidfele & lAvenue 
Foch. Avec des appartements de 3, 4, S pieces 
dsns les superstructures. Et avec des hotels 
particuiiers de 4, 6, 8 pieces dans la partie basse 
c£t se mOlent patios, verdure, jardins sus- 
pendus : au total, 4000 m2 de verdure sur les 5600. 

Appartements et hotels particuiiers. Lar- 
chitecte et le ctecorateur ont voulu un style 
“pierce et ton bronze" qui respecte la tradition 
de I'Avenue du Bois, mais qui n'a rien de rigide, 
grace une conception tres libre des espaces. 
Les pieces sont conpues pour recevoii; mais 
dans un esprit d'intimit6 et de chaleur tout & fait 
dans le goilt actueL 


"THE COMMOM15T PARTY 
bears no responsibility for the 
defeat of the Left at the General 
Election.” That was the in- 
credible statement put out by 
the Politburo of the French Com- 
munist Party on March 20 after 
a meeting which was supposed 
to have analysed the reasons for 
the humiliating set-back suffered 
by the combined parties of the 
Left It is the kind of self- 
righteous and self-satisfied judg- 
ment that the disciplined and 
timorous troops of any Com- 
munist Party during the Stalinist 
era would have swallowed with- 
out turniDg a hair. But Western 
Communism in the 1970s is not 
that of the 1950s, and Paris is 
not Prague. 

Just as the French Communis: 
leadership entirely misjudged 
the mood of the country during 
the election campaign, it has sub- 
sequently underestimated the 
critical facu*ies of its own mem- 



Th» building urogram has been planned to le. 
- ou rea^-h a decision now on any internal finings you 
muid like 10 incorporate, unless you prefer those 
envisaged by the arcmtect and designer. 


Le calendrier des travaux. n est cancu pour 
que, d&s maintenant, vous puissiez vous decider 
sur les am6nagements interieurs que vous 
souhaitez - dans le cas 0 C 1 vous en souhaiteriez 
d'autres que ceux pifivus par l’architecte et le 
ddcorateur. 


Georges Marchais 


the Communist Jfe the old d °S ma5 and a 

been able tc • ad i p ii™ jw? ? haTnot gone. as far as. M. 
-realities” of ,. mo ^f 5 +« Hhfs Flleinstein and his followers 
Unlike ZESStS* it is precisely 

failed to exte^ ™ because ^ influential section of 

^the ' tratktlonal basis the leadership feared that the 
tteSSr-* At borderline between .Communism 
of Its support tn . social Democracy would 

. je same S^me blurred. If that happens. 

■ too much emP^ “ more likely to benefit ithe 

miserable con draons J^ en w {jj e gVcteUst than the Communist 

die worker? have taken party according to this school 
improvements thrf 11*^“““ iftoraght Th? potential vote. 

Many skilled 9 workers, w hicii the Communists tost .by 
S* apartments and a too bard a line dumg 

■ tjfr° who had^eenn' a technical Sr^elettion wnpaign. thay 

35.ee and whose children bene- couid just as easily^have lost by 
S? higher education no fudgiTlg the dlstmctiotis between 

lon-« recSsSae themselves m^ei? ownpkrty and. other '.left- 
the°mirror held out to them by movements. . 

: the Party. „it its What all the critics are agreed 

Instead of concentrating a however, is that a much freer 

, attention on the fhnuid exnression of opinion inside' the 

working class. fS^s regSred! The old system, 

take a much mSE^Sc. under which there was virtually 

■stand on the new Problem c U ortonlty Qf mak i n g-.y, a 


bers and supporters. Above all. e such as unSlIJtfs once it had taken a decision must 

it has made the mistake of tiy- workers’ participation, vromens mee ' Aoned - Btjth the sup- 
ine to suppress a free debate the Party and its 22nd Congress liberation and the encroachment ® ^ opponents of the 

about the shortcomings of the ^ February, 1976, when the bal- bureaucracy on peoples P« ^ taken by the 22nd 

Party's policies and strategy m lowed concept of “the Dictator- lives _ Congress complain about - the 

official Communist publications, g^p 0 f the Proletariat" was Not least, the Communist haste with which 

notably the_ daily newspaper dropped and the Party .party should manner 


notably the daily newspaper dropped and the Party pro- s hould take a mu f? crucial policy changes were 

L’Humanlte. The result has been claimed its Independence from P i P rarer stand of principle to- M tlmjugh at the time. ML 
that critical articles by leading Moscow. But the main onslaught yax ^ a soviet Union, accorj P ,^ tain cltes the television 
Communist intellectuals and has come from the more liberal mg to M. EUeinstem. It must Q “ T1 B ^ lcement by M. Georges 
letters from militants have wing of the Party, which beli eves the courage to recosn^® Marchais, the Communist leader, 

in a wide ranee of nnt nnlv that the Communists . „ . ™rv incomulete form .. _ onMgtnm'hin Af 


Marketing company sa^JS? F ^ ^ 
S 3 , rue de l'Arcade, 2500 s Pans, ,e- 4 S 5 . 4 L 3 l 


SodetO de commercialisation : SFGI Cane. B emheim F et F). 
23, rue de l'Arcade. 75008 Paris. TCL 265.4L2L 


Viewing every day from 11 an, to 6 p jh h 
except Sunday and public holidays. 
Saturdays from 10 a-m. to 5 pm. 
la the reception and sales 
areas: models, drawings 
and “log book" 


50, Avenue Foch, 75116 Paris. T4L 500.44.65. 


Actuellement, tons les jours, da 11 & 18 h| 
sanf dimanche et Jours fdzids. 

Samedis de 10 h a 17 h. 

Dans le hall d’aecueil et de vents : 
maquettes, plans 
•t “Zivret de taord” ddltO 
i -votre intention 


letters from militants have wing of the Party, which beli eves the courage to Marchais, the Communist leader, 

appeared in a wide range of no t only that the Coamranfete*. ^ only a ve ry incomplete foroa tbe phrase " Dictatorship of 
papers and magazines which tough tactics towards the of socialism is practised in the proletariat" would be dropped . 
normally would not have been Socialists over the past .J^r Un i on and J? at -S? u 5 c C ftom the statutes, after only a 

given such a fascinating insight were mistaken, but that the new, democracy is virtually extinct in ^orf debate within, the 

intamai debates of the nnticies. adoDted by the past co Hr. ... “Not only is the • 1 • 


given such a tasconanng inaigui were mistaneu, uui democracy is virtually extinct ui 

Sto the internal debates of the policies, adopted by the past con- “' T “ *“ 

o errpec ha vp not been taken far 


democracy is virtually extinct in ^ ^bort debate within, the 
sxnsr'i* *en ti*en “ Not -°- n ?-!f.- tb . 6 . 



Communist Party- gress have not been taaen tar Soviet Union ' not an example or ‘ - . Ifi , must - not 

s u 

TTffi X k. 

?ou" t^ ey m h t 3 he Di’J'cter'of' fteVwH Skj jp*""" main [-jj] jj| 

“ iD of JS r fiTSS SS5w°"nSS!fV TJW ^ MJAtWS Uc S*. t ^ *,» L ", V 

been” displayed in rare detail, three articles m tiie mfluenual “ ^ d * T| f e French Communist down the extent of the criticisms. Atii ‘. r 

The final outcome of the debate Parts paper Le ^ Ioade L w ^^i * p art v must clearly establish its expressed within the hy l*JiL I 

could have a profound influence Elleinstein's views have reeved work out a dismissing t hem ■ as the- outpour-; ^ 

an French politics in the years nationwide publicity .and have o which is neither that mgs of a handful of intellectuals, . -- 

?o come loosened the tongws • -of new tine wtuen ^s ^ Bmo . ^ of toach with the working- 

The criticism comes from two thousands of Party members who of the trad monau class membership, the lea derahip - 

dircctions Se Se those who previously lacked the courage to ^-iSpIred^Comm^isrn. has finally been forced to admtt .. 
ha7e been opposed all .along to ^ ^sie^d than done, it might the mdstence of a "wide ranging- 

MSSK JJSSSSj. objected. Tbe 22 nd *>*_<*■» 


1 - 
t 4 


aaopiea in uuuuic-^uuj' — 

Carrillo sets sights on respectability 

....a ... UiMin A DDK II 


BY ROBERT GRAHAM IN MADRID, APRIL 18 


—• .''wns* 






sr.. 




RESPECTABILITY IS a word 
that Sr Santiago Carrillo Secre- 
tary General of the Spanish Com- 
munist Party (PCE), has never 
sought to use. Yet above all 
else in the year since the party 
was legalised, Sr Carrillo has 
sought to make the party respect- 
able, acceptably dressed for the 
emergent bourgeois democracy 
in Spain. 

It is the acceptance of this 
course that Sr Carrillo wants to 
be endorsed by the Ninth Party 
Congress which opens here to- 
morrow. Sr Carrillo wants the 
partv faithful as well as the 
country at large to accept that 



the nartv to consensus exposed position within tlM_ 

committed tne parry For ^ mome nt thereti- 

thp Moncloa Pact— a broad pack- no serions challenge, iargelyte-- 
P*® f noiitical and economic cause according to his detractors 
JfeasSL proposed by the he has made sure that opponeoti 
Goveroment ** "which included 4iave no power. But a nagging. 
SSon TmpSed on wage suspicion of opportunism re^r 
SSLS o£ n Sr^nL mains which has stored up £: 

S a^evealing comment to a bate within the Par^ over hi* 
rerent mterviewer. Sr Carrillo tactics and ideological posture 
.Id the PCE could VM*gm . 


lid the PCE COUIO mit waii.u«» uua ww.nntwww L? - 

ie other European Communist congresses of the Partyprior -• j Hi* 
e -,Q.. t.. D vpars ’ to national Conzress. The nrost ‘ - * 9 v 


Parties for 30-odd years" ’ to the national Congress. .The nro$, 

obtain sufficient electoral support spectacular disagreements^ haw-. 

to make it a major political been in Asturias where 113 ot 
force “The Party intends to 500 delegates left the hall and a 
achieve this in much less time Barcelona where three member* 
and must act more boldly to do of the PSUC; the Catalan Com- 
so" he added. At .the elections munist Party, tendered thoi ; 
Santiago Carrillo la ^ t j^e the Party obtained 8.3 resignation. The PSUC has in tW 

countrv at large io auwjH «-•»■ , , _ ., v . per cent, of the vote. Since then past always considered itself fl. 

the PCE intends to play a res- it is a measure ofbr. Carniros f t has probably increased its vote- the vanguard of the. Communis 

V- " js? ponsible role in the democratic diplomatic approach since the tchinE potential and has movement There was also. I 

process, and more specifically legalisation of the party that he _ erta j n iy boosted membership By heated debate in the largf 

that the PCE is a party of h as defused, though not wholly ^ ost 150000 to seme 220,600. Madrid section of the Party. ■ Dis 

Government that can achieve dispelled, the suspicions aroused Carrillo seems to be ainiiiig agreements centre around W 

•uin-ar ,nH wants tn do SO. hv a T.nmniunist Partv Operating . _ _ _..;,inn uihsmhv the PRE nrinpinnl issnies. - 


o 


.<*■ 


A 


I 


that me rv ,6 — nas uciuac«. mwu*.. gjjjjQgt ltiU.UUU 10 auuie ^v,wv. mduini wtuvu u*. -- 

Government that can achieve dispelled, the suspicions arousea Carrillo seems to be ’aiming agreements centre around W 
power and wants to do so, by a Communist Party operating , position whereby the PCE principal issues, 
through the ballot box and m legally in Spain. „ OT1 nrmam t itself as the main There is- resentment that tln^ 


Sr UUliiu accu.o ------- g ‘•2.---—““ — 

for a position whereby the PCE principal issues. - . 

u^uu^,. — - , »««•• .- — , . . can oresent itself as the main There is resentment that w 

broad alliance with other forces He ha-i insisted, against con- ** of Left, eating into the leadership has behaved arro 

of the Left. siderablc opposition from P^ rl y socialist vote and capitalising ion gantly and insensitively— adop 

... . ■ The last time the Party held an hardliners, that the fle aaopi Wt er > s lack of. ideological ing policies without proper loca 

• •; \i* Ducri eon cress in Spain was in as its symbol the Spanish •. - consultation. In particular, entie 

i 93 -» i n Seville before the Civit- national flag wLth hammer and - gr CarT ni 0 has dragged the ^ om piaio that there has been it 
K* War Because of its enforced sickle superimposed, itseit^a re-. . along -with him and its sufficient explanation of why Si 

underground activity under j^tion of rte republMn»m toat jjrWWB1 - t strength owes much to Carrillo openly supported tb 

Franco for 3S years, the Part> the party foughtto bis personality, bis betiefs apd Goveroment by signing the MM 

' '■■■■ •% ic still a little bleary in broad civil war He has demonstraieo. ^eiy regarded political ; c ioa Pact. They . ntgue that j 

davlight. Compared to, say. the that the h^^DoCs^- Eurocom- acumeo. Everyone concedes that Carrillo is making, the- workW 
advance publicity accompanying Moscow b> espousm| Eura^om one of the* few. if not the .’class pay far.a btwrgeois dem- 

a con«res< of the Italian Com- mumsm. e ' e ° J* ( ™L only. -seasoned politician among a craC y that :.waU bnus dubiot 

munisrpitv everything has been being prevented from s peaking am at^rs. - . benefits fdr lhe woridhg class. , 

plaved m a subdued manner. An last JJJJJ. Although the Party is the best Secondly Sr. CarrUlo has bej 
important reason for this was Sr. versary of the Russian K organised io Spain, it neverthe- taken to task for reraovir 

Carrillo's desire to avoid proyok- tion. ♦mnartant in a less -is the reflection of one mans “Leninism” from the vocabtuai 

sa’fcsssr'ssi! the Risht p^r/paK rs a bc «• ^ himmM Tt 

party's historic role. Taken t 
getber these two factors ha’ 
generated a certain amount 
soul-searching. But Sr. Carru 
is probably right when he sa 

BY PAUL BETTS IN FLORENCE. APRIL » S£ W 2S& B ™e'cSo?° 



:Hr 






l-VV 


Id the armed forces. Purely bpamso CU mc Al u. — —r 

Courting Italy’s unhappy youth 


;1 




£ 


’-i-, 




THE ITALIAN Communist Party 
(PCI) is seekiog to reestablish it- 
self as the main political force 
representing the disgruntled 
students and young people who 
account for more tban 70 per 
cent, of the country's 1.5m. un- 
employed. 

The party's youth federation, 
once led hy the PCI's present 
secretary-general, Sig. Enrico 
Berlioguer, has seen its member- 
, ship drop over the past wo years 
from 143,000 signed up members 
in 1976 to 127.000 members last 
year. It will attempt, at its 
I national congress scheduled to 
,open here this week, to revive its 

'image as a focal point for the ^ effectively betrayed 
1 country's youth. revolutionary zeal. 

Despite the growing influence 
and power of the Communist 




Enrico Berlioguer 


nrripr in Italv Leninism had not read the 

U Fo“ d °»e Communists. Urn volumes written bp Lemn. 

Eroand to win buck is enormous. — — - 

During its Youth Congress 
scheduled in Florence this week, 
which will be addressed by Sig. 

Berlinguer. the young Com- 
munists will seek to establish a 
visibly greater autonomy from 
the Party itself. 

It- also intends to launch an 
active campaign in universities 
and schools looking for support 
from that great new mass of 
student moderates, who have 
been demonstrating in the 
streets against the extremists, 
but who no longer identify 
themselves with any of the con- 
ventional political forces. 

there is a third and 





National Metfratta Company^ , ’ ' tne qunlitv and purity 0? . 

- o ’-ihltion taWck ilnmand isGrtatly.-.::: . proved exUeRiclyfng iandw^OT^^cc^ _ 

S^ea^dby thecoinmlBStonirigoftlieirnew' Interrmtmnul sUnd'.irds. •, 

S^nliPiuntalBrupa • . Tlie National Methnnqf Cotnpany are - 

in ^c^mbef ’977'[)w]tictron proudtota.kethe,rplacea^in ! |M 
already reached significant levels, and of this important commodity. ^ 


Yet there is a — - --- 
its eoually active force among the 

i. v ,uu UU »j Students posing a serious threat 

The student riots, and the first to the Communists. This is me 
ana power 01 tue uuuuuuu- congress of the autonomous revival of Christian uemocrai 
Party now representing a third ot ^yements in Bologna last Catholic youth movements like 
the Italian eleclurate, Italian autumn were indications of a Comunlone e Liberazione fConi- 
vouth has tended to drop out of nrow y lgi if somewhat dis- munion and Liberation), which 
the established political system, Q rgaa j sedt alternative force to like the Communist Youth Fed 
disillusioned by the ineffective- - Le[ - t of u,e Communists. They .eration, have recently cam- 
ness of student reforms and the have 0 penlv criticised the Ct^n- paigned in many universities 
reality of growing unemploy- muaists as a - revisionist ” party an d school? throughout the 

meat. . — . , tied to the “middle class values country- ■ 

Young people, who it Italy gain ^ ^ mass parties." Their 

a strong potilical awareness in i an 2 uaE e. relentlessly attacking - _ 

their early teens, have dru tea ^ ru 'ji ns Christian Democrats 
into a political vacuum 01 tneu" jj Ut a [ S{J t be Communists, is not 


WASHINGTON, D.c 

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THE MADISON 


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into a political vacuum of their ljut a | SQ communists, is not 
own. known here as the autono- vefv jjfferent from the extremist 
mous movements. It is in this pro * pa g anc ia 0 f the Red Brigades- 

vacuum, after 1 , n .n^ ,f n : while they condemn the methods 
protests of the bte 1960s. tnai . lhe B r ig a d eSt they are 

Jnclud^The , Red Br igad es and demaDd f ° r 

Se S a ofie a Co e ^S£Tart^ The Communist Party and the 
1 have -Town. Two of the Red trade union teadershio have con- 
Brigad^ members standing trial demned \ this attitude as 

in Turin were originally signed- “fascist, a word which in Italy 
l up membera of the Communist now embraces a xuultituclo off 
I Partv youth federation- meanings, concepts and guilt 

1 The very political process complexes. ti* eir cot J: 

which hi brought the Com- demotion, the Communists and 
Imum'st Party almost directiy into the Christian Democrats, are 
i the governing process has. in admitting that 
I turn, alienated a sizeable number a magnitude have been made that 
‘ the country's young people, it has indirectly led to the 

. » a. : n . hi 


of the country’s young peupie. u. u« — ... 

For them, the Communist Party present threat of a break-down of 


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/ 


? ^B^al Tlmes Wednesday April 19 1978 


EUROPEAN NEWS 




to vote 


* : ■ 
IN. 


i'.v 


a«, 

S r'-l ,» i,. 
c; 4 .-■* 

i '• Z:.- r 
- - ■*: ..S 



new 



quotas 


• ? ass 


-BY ROBERT MAUTHNSL.- 


PAFJS. April 18. 




i _ 


n.-i-.'.V 


-- j 


.'.THE - FRENCH National 

* Assembly is to-night expected 
to ratify the increase in French 

; International Monetary Fund 
, (IMF) quotas provided’ for in 

- the Jamaica agreements of 
1 January 197 B, in spite of strong 

Gaullist opposition to the revi- 
~ '.sioo of the IMF statutes. 

<- ..Only. a few days ago, it was 
:,f eared that the Gauilists would 
. scnttle the whole project be- 
... cause of ’their, objection to the 
: amendments of the IMF statutes 
. authorising floating exchange 
‘ rates and reducing the role of 
gold in the .international mcme- 
lary system.-- 

The Government, however, has 
circumvented this obstacle, 
•: -which could have provoked the 
; first major political crisis since 
last month’s general election, by 
-■ the clever device of separating 
‘ the problem of the revision of 
; the statutes frozp that of quota 
*- increases. 

- ■ -Under this procedure the 

* amendments to the statutes will 
?..not be ratified by France. In 
t -practice, this should make no 
r difference since they came into 
r effect automatically on April 1, 
.lifter three-fifths of -the IMF 

... -members representing four-fifths 

t.'.-sssTj^. f ^of. the "votes on the governing 
- ‘ . .board Jiad .-completed the- ratifi- 

cation procedure. 

hoped in Paris that,' since 

* the French Government has 
.? .approved the amendments, ■ the 

IMF will turn a blind eye to 
, their noorratification by the 
V French Parliament But the 
..whole affair could still rebound 
, when it comes to choosing the 


"■* 1 • 
s 


.rsi 




. .successor to the. present IMF 
Managing Director, JOr. Johannes 
Wirteveen. 

Though M. Jacques de 
Larosiere, head of the French 
treasury, is the hottest tip for 
the job some IMF . members 
could have second thoughts after 
the failure of the. National 
Assembly to ratify the organisa- 
tion’s new statutes. 

Thanks to the Government’s 
decision to separate quotas from 
the wider issue of the amend- 
ments, the Gauilists are confi- 
dently expected to approve the 
increase in Francels contribu- 
tion to the fund. Tbough the 
French share of the total quotas 
drops marginally from. 5.14 to 
4.92 per cent as a result of tbe 
bigger weight given to the OPEC 
countries, the IMF. facilities at 
France’s disposal will be in- 
creased. 

France and other IMF mem- 
bers bad only until May 1 to 
ratify tbe quota increases. If 
the French had failed to do so 
they risked losing their statu- 
tory seat on the governing board 
after the next quota increase 
which is already under discus- 
sion. 

In spite of all the emphasis 
placed by H. Jacques Chirac on 
his party’s independence from 
the Government, ; .the Gauilists 
are not expected -to give the 
government any trouble either 
over Prime Minister ■ Raymond 
Bane’s general policy declara- 
tion to the National Assembly 
to-morrow. The Cabinet is not 
due to take a decision until to- 
morrow on whether to make M. 
Bane’s declaration a question 


of confidence. But tile Gauilists 
have already indicated that, if 
it does, they will vote with tbe 
Government. 

Most of M. .Bane's statement 
is expected to be devoted to 
economic problems and it is al- 
ready clear that he will stress 
the need for a continuation of 
his stabilisation policies for an- 
other IS months. It is not until 
inflation is fully under control 
and tbe trade deficit has been 
wiped out that tbe Government 
envisages a switch to more 
expansionary policies. 

Nevertheless, it is understood 
that ML Bane will announce some 
important decisions affecting 
both industry and wage-earners. 
Industrial prices, presently con- 
trolled by agreements between 
the government and industry, are 
expected to be progressively 
freed from July onwards and 
the minimum industrial wage 
could well be raised substantially. 

In the longer run, however, the 
Government’s intention is, 
apparently, to replace the mini- 
mum wage altogether by the 
concept of a minimum family 
income, which won Id include 
social benefits and be fixed at 
different levels for each trade or 
profession, instead of globally. 

To help finance the growing 
budget deficit which, at the end 
of March, stood at Frs.30bn. 
(about £3.5bn.). compared with 
only Frs.lObn. at the same time 
last year, the Government is 
expected to float a number of 
small loans totalling some 
Frs.Sbiu, instead of having re- 
course to a single large bond 
issue, as in the past. 


Turkish plan for Cyprus 
‘must offer basis for talks 5 


jectabil 


• “BY OUR OWN CORRESPONDENT 

: ■ .... ATHENS, April 18. 

-L MR. CONSTANTINE KARA- of the new Turkish proposals 
' . MANLIS, the Greek Prime Mini - submitted to Dr. Waldheim -in 
" ster, said to-day it was ■ not ^tenna last week. 

enough for the new Turkish- . c0 'i Te 5 poD £ ent 

adds: Dr. Waldheim Is due here 

ypnot proposals on Cyprus to to-morrow to make another 
;be concrete but tbeyshould. also effort tar revive the s talle d peace 
provides basis for the respmp- talks between the Greek and 
lion of tbe -inter-communal' talks Turkish communities. Observers 
for a solution to the problem. believe he will hare a difficult 
In a written statement, Mr. job to persuade the Greek 

Karamanlis said that was the Cypriots to return to the negotia- 

■ :V: ^conclusion reached by the, Greek.. ting table on the basis of the 
’ Government when' Dr. .'Kurt' latest Turkish proposals. 

7 / CWaldheim,^the ^UN Secretary- Sources dose to the , Govern- 

V .. I. / ■ -yGsnera 1 , Verted.. Athens last merit . of . President Spyros 

■7-;-% Janaary- Kyprianou stated to-day that the 

. Mr. Karamanlis said the Greek Tur kish plan “ aims at achieving 

.'•.-..Government-- has not been the island's partition under Jhe 
■- • ' z'j y=z . .officially informed of the contents guise of federation*” .. i 

-;7 - y . 

7 Threat to Belgian exports' 

- ‘ BY DAVID BUciuta 


UNION DEMANDS ‘for shorter 
hours are - endangering the 
competitivity of Belgian exports, 
-.according to Mr* Jacques de 
- Staercke, head of Fabrimetal, the 
metalworking jand engineering 
association whose component 
companies account for 30 per 
cent of exports. 

Mr. de - Staercke told the 
• association's annual meeting to- 
day that even where companies 


■ BRUSSELS, April 18. 

had granted a reduction from the 
statutory 40-hour week, they had 
not hired any new workers. 
Reduction of Belgium’s jpool of 
nearly 300,000 jobless has been 
the main justification cited by 
the unions, which have recently 
launched strikes in tbe car 
assembling ' and: non-ferrous 
metal refining ' industries. 
Employers have argued that 
shorter hours for tbe same pay 
put up unit labour costs. 


Higher income 
forecast from 
Dutch gas 

By Cfiaries Batchelor 

AMSTERDAM, April IS. 
HOLLAND CAN expect sub- 
stantially higher income from 
its gas reserves than has been 
forecast up to now, according to 
a report published to-day. The 
shift towards the private con- 
sumer, who pays higher tariffs, 
and away from industrial and 
export use, will increase gas 
income by about 10 per cent, or 
Fls.l3bn. (£3.25bn.j to the turn 
of the century. 

Gas used in the home and for 
high value industrial purposes is 
expected to account for 80 per 
cent, of sales by the year 2000 
compared with only 20 per cent 
now. The report was prepared 
by a team at Groningen 
University. 

The shift to high tariff uses 
for gas will lead to a rise in the 
average sales price of 60 per 
cent, excluding the. effects of 
inflation and any increases due 
to shortage, by the end of this 
century. 

Since the oil crisis, Dutch 
eneTgy policy has aimed at sub- 
stituting othAr fuels for gas in 
large-scale industrial applications 
while export contracts are being 
allowed to expire. 

Holland could earn an extra 
FIs.2bn. a year at 1975 prices if 
tbe average export- price of gas 
of 73 cents a cubit metre was 
raised to the average domestic 
price of 12.3 cents. 


Bundesbank 

counters 

alarm 

on economy 

By Adrian Dicks 

BONN, April 18. 

A -RETURN to more normal 
sales levels In the motor indus- 
try, together wit hthe ending 
of a short-lived improvement 
in shipbuilding, arc idetnified 
by the Bundesbank as the prin- 
cipal reasons fo rthe sharp 
drop in ne worders for capital 
goods received by West Ger- 
man companies from domestic 
customers in February. 

In its latest monthly report, 
the West German Central Bank 
seems reluctant to draw the 
somewhat alarmed conclusions 
from tbe February orders and 
production figures that were 
evident in Bonn last week. 
Those conelosions led Chan- 
cellor Helmnt Schmidt to 
reiterate his warning that this 
year’s ' hoped-for growth in 
GNP of 3J> per cent might be 
bard to achieve. 

The Bundesbank stresses 
that the February figures are 
provisional. It also points ont 
that the two months November- 
December with which Jannary- 
Fe binary are compared were 
Infinenced by special factors. 
One of these was an unusually 
high level of orders for motor 
vehicles, while a second was a 
slight, and not sustained, 
recovery .in shipbuilding 
orders. 

Tn the category of consumer 
durables and semi-finished 
goods, the Bundesbank points 
out that domestic orders were 
almost at the same level as in 
November-December, while for 
currently consumed products 
there was a clear increase. 

The Bundesbank’s unaccus- 
tomed care in going into the 
situations of individual indus- 
tries clearly reflects its concern 
that the order figures published 
last week should not be used as 
a lever by those who believe 
West Germany now needs addi- 
tional economic stimulus. 

Herr Schmidt, in his remarks 
to the Bundestag last week, 
took eare to warn that first 
quarter data on the economy, 
the basis of which Bonn has 
said it will review the case for 
additional policy measures, 
were also likely to be affected 
by the printers* and metal 
industry disputes. 


Riot after bomb 
blast in Turkey 

By Metin Munir 

ANKARA, April 18. 
RIOTING BROKE ont in Tur- 
key's south-eastern town o( 
Malatya after the town's 
mayor, a local clan- chief and 
former Right-wing Member of 
Parliament, was Jailed in a 
package bomb explosion last 
night 

The 59-year-old Mr. Hamit 
Fend oglu’s daughter-in-law and 
his two young grandsons were 
also killed and Mrs. Fendoglu 
was gravely wounded. 

In the rioting, which broke 
out soon after the news of the 
murders was heard, more than 
60 people were wounded and 
1 .000 detained. Peace was re- 
stored only at noon to-day 
when troop reinforcements 
arrived and air force jets flew 
low over the city. 


U.S. is optimistic on new SALT agreement 

BY REGINALD DALE, EUROPEAN EDITOR FREDERIKSHAVN, April 18. 


MR. HAROLD BROWN, the 

U.S. Defence Secretary, to-day 

expressed cautious optimism that 
a new strategic arms limitation 
agreement (SALT 2) could be 
agreed with tbe Soviet Union 
by this summer. 

But he told the spring meeting 
of NATO's Nuclear Planning 
Group here tbere were still 
problems over bow the agree- 
ment would be verified and how 
long some of 4ts provisions would 
last. 

Tbe defence ministers of the 
seven NATO countries attending 


the talks at Denmark’s main 
naval base accepted U.S. Presi- 
dent Jimmy Carter’s decision to 
defer production of the enhanced 
radiation warhead — the so-called 
neutron bomb. 

It was increasingly clear after 
to-day's discussions that 

Washington is not expecting any 
specific concession in return 
from the Soviet Union. 

Experts attending the talks 
would say only that some 
general improvement was 
expected in the climate for East- 
West disarmament negotiations. 


With the neutron bomb option 
closed for the foreseeable 
future, NATO is to concentrate 
on modernising its existing 
tactical nuclear weapons. In the 
absence of any gesture from 
Moscow, tbe alliance's Washing- 
ton summit at the end of nest 
month is expected to give 
further momentum to tbe West’s 
drive to improve nuclear and 
conventional forces in Europe. 

After listening to Mr. Brown's 
assessment of the strategic 
balance, officials were confident 


East-West equilibrium could be 

maintained throughout the 1980s 
— with or without a new SALT 
agreement. They still thought 
Moscow .was interested in an 
agreement that would allow the 
balance to be maintained at a 
lower, verified level. 

After hearing a progress 
report at the Cruise missile. 
European ministers appeared 
reasonably confident the U.S. 
would continue to resist Soviet 
pressure to withhold the missile 
■technology from other NATO 
countries. 


A major push to resolve the issues 


BY DAVID SATTER IN MOSCOW, APRIL 18 


WHEN MR. CYRUS VANCE, the 
U.S. Secretary of State, arrives 
in Moscow to-morrow he will 
enter perhaps the most im- 
portant round of Strategic Arms 
Limitation Talks (SALT) since 
the Carter Administration took 
Office. With a growing feeling 
that the talks are at a crucial 
stage, a soberer and more prag- 
matic- mood prevails than at the 
time of Mr. Vance’s last visit to 
Moscow 13 months ago. There 
is expected to be no call for 
radical disarmament measures 
and. little mention of human 
rights. 

Instead, against a background 
Of Intensified negotiations in 
Geneva in recent weeks and sig- 
nificant progress in narrowing 
Soviet-U.S. differences during the 
visit of Mr. Andrei Gromyko, the 
Soviet Foreign Minister, to 
Washington in September, tbere 
is likely to be a major push to 
resolve those contentious issues 
which U.S. officials have 
described as the last Id per cent 
required to arrive at an 
agreement 

Both sides are aware that the 
passage of time increases tbe 
chances that a SALT 2 agree- 
ment will ultimately elude them. 
Dr. Georgi Arbatov, head of the 
Moscow Institute for U.S. and 
Canadian Studies, recently 
accused the Carter Administra- 
tion of a "policy of hesitation.” 
The time had come to decide 
whether there would ever be an 
agreement Tbe U.S. side, for its 
part would like to conclude an 
agreement before the Congres- 
sional elections In November. - 
The issues which remain to be 
resolved, however, are among 
the most difficult and the Soviet 
Union, in advance of Mr. Vance's 
visit - Is taking a bard line. 
Despite substantial American 
concessions in the negotiations, 
Mr. Leonid Brezhnev, the Soviet 
leader, said in a speech aboard 
a Soviet naval cruiser on April 7. 
that it did not appear the United 
States was'w-SlSg to meet the 
Soviet Union halfway. The 
American yiew is that agreement 
is possible but not certain and 
will require further difficult 
political decisions by berth sides. - 
The SALT negotiations have 
been stalled because the two 
sides are trying to reach a new 
understanding after failing to 
resolve a basic difference of 
opinio u over wbat was decided 
at the 1974 Vladivostok summit 
meeting between Mr. Brezhnev 
and U.S. President Ford and in 
the SALT negotiations which 
followed it 


The Soviet Union has argued 
that a new Strategic Arms 
Limitation (SALT) agreement 
was virtually complete when 
President Ford left office in 1976 
and that Vladivostok plus dis- 
cussions in 1975-76 had led to 
strict limitations on the U.S. 
Cruise missile, which bad only 
bad even taken up the question 
of what form these limitations 
would take. 

The Cruise missile Is import- 
ant to the negotiations because 
of its great strategic potential 
under existing circumstances. 
Unlike the U.S., the Soviet Union 
continues to invest heavily in 
air defence, continually upgrad- 
ing its surface to air missiles, 
fighter interceptors and radar. 
The Cruise is a small, sub-sonic 
low-flying drone which, due to 
a terrain-matching navigation 
system, is also extremely 
accurate. It confounds all three 


significantly from those taken up 
in previous discussions, difficul- 
ties arose. 

Mr. Vance made two proposals, 
both of' which were rejected by 
Moscow as departures from the 
Vladivostok accords, and are 
now generally conceded to have 
been badly presented and un- 
realistic. The first and preferred 
proposal was for “deep cuts” 
in the strategic weapons arsenals 
of both sides, bringing the 
Vladivostok ceilings down from 
2.400 to 1.800 but leaving the 
U.S. free' to deply the Cruise up 
to a certain range and including 
measures to limit use of the 
Soviet Backfire bomber, which 
the U.S. has argued is potentially 
a strategic weapon. The second 
was a proposal simply to ratify 
the Vladivostok agreement but 
exempt tbe Cruise missile and 
Backfire bomber from its terms. 

The Soviet Union said that 


The issues which, remain to be resolved are among 
the most difficult and the Soviet Union is taking a 
hard line. 


elements of Soviet air defence 
which was designed as protec- 
tion against bombers. 

The Vladivostok agreement 
provides for an overall ceiling 
of 2.400 offensive missiles and 
bombers and according to tbe 
Soviet Union.' it was agreed that 
heavy bombers equipped with 
Cruise missiles would be 
equated to rockets with multiple 
warheads and included under 
the sub-ceiling of L320 missiles 
with multiple warheads 
(MIRVs) agreed at Vladivostok. 
Because of tbe large existing 
stockpile of MERVed American 
missiles, this quota would have 
left little room to deploy the 
Cruise. Moscow has said that all 
sea and land-based Cruise 
missiles with a range of more 
than 600 km. would be banned. 

During the transition to a new 
Administration in Washington, 
the Russians were clearly con- 
cerned about the fate of the 
Vladivostok agreement as they 
understood it and tempered 
their welcome for President 
Carter with repeated calls for 
rapid progress in conducting a 
second SALT agreement on the 
basis of the Vladivostok accords. 
Therefore when Mr. Vance came 
to Moscow in March. 1977 bring- 
ing proposals which differed 


the proposal for deep cuts was 
“ inequitable ” and after Moscow 
had rejected both proposals Ur. 
Gromyko accused the United 
States of trying to secure a one- 
sided strategic advantage and 
alter the Vladivostok accords. 

There was tittle progress in 
the SALT negotiations after this 
inauspicious opening encounter 
between tbe Kremlin and the 
new Administration until the 
meeting between Mr. Vance and 
Mr. Gromyko which took place 
in May last year where the two 
sides agreed on a three-part 
framework for reaching a new 
SALT pact 

There was no forward move- 
ment on how to count the US. 
Cruise missile, however, and the 
impasse m the talks only began 
to be broken when Mr. Gromyko 
went to Washington for nego- 
tiations in September. There, 
the United States finally agreed 
that air launched Cruise missiles 
with a probable outer range 
limit of 2JJ00 km. would be 
included under the eventual 
strategic weapons ceilings but 
insisted on keeping with the 
proposal made in March, that 
the overall ceiling be reduced. 
At tbe same time sea and land 
launched Cruise missile would 
be limited to a range of 600 km., 
practically nullifying their 
strategic value. 


The state of negotiations now, 
on the eve of Mr. Vance’s arri- 
val in Moscow, suggests that tbe 
eventual agreement, if it is con- 
cluded and ratified by the U.S. 
Senate, will be more to the 
advantage of tbe United States 
than were the Vladivostok 
accords. 

The September meeting, which 
brought the first Soviet bints of 
progress in tbe negotiations for 
a number of years, was agree- 
ment to lower the ceiling of 
strategic weapons stockpiles to 
between 2.250 and 2,150 weapons, 
. apparently through phased re- 
ductions over the life . of the 
treaty. 

As matters stand, the two 
sides have agreed on a joint 
draft text and what awaits 

ironing out are details of the 

agreement These, however, are 

considered very tough. The 

remaining questions are non- 
circumvention (the Soviet desire 
to assure' that limits on Cruise 
are not circumvented by giving 
the missile to the NATO allies), 
and modernisation (basically, 
the U.S. desire to prevent the 
Soviet Union from improving 
the accuracy of their heavy mis- 
siles). Other important issues 
which must still be clarified are 
questions concerning the Soviet 
Backfire Bomber, Cruise missile 
range limits, the development of 
new I CBM systems and verifica- 
tion. ... 

The Soviet success in putting 
limits on the Cruise missile, 
makes a new SALT treaty diffi- 
cult for the U.S. Congress to 
ratify but the proposed reduc- 
tions in overall strategic weapons 
ceilings work to their disad- 
vantage since Moscow has a 
2,400 to 2,200 numerical advant- 
age in strategic weapons. 

Also unresolved is the question 
of the Backfire bomber which 
now will probably not be covered 
by the treaty at all but rather 
handled independently, appar- 
ently through the imposition of 
limits on numbers, refuelling or 
basing. 

There is some concern that 
Moscow, having secured a great 
deal by taking a tough negotia- 
tion position, may not realise 
that further concessions by 
them are necessary if the talks 
are to succeed. The Russians, 
however, have accused the Carter 
Administration of vacillation and 
indecision, an impression which 
may have been strengthened by 
the way President Carter’s deci- 
sion to postpone production of 
the neutron bomb was handled. 
Tbey may seek to press him. 


WHY DOES IRELAND HAVE 
THE LOWEST MANUFACTURING COSTS 


IN THE EEC ? 


li 





I « i : 


When Ireland initiated her industrial revolution in 1950, her planners needed to offset two 
serious handicap s to attracting overseas industry. One was the virtual absence of coal and iron. 

The other was a minute home market of a mere three million consumers. 

Given Hus, Ireland -with the objectives of becoming an important industrial base -has had to 
compete much more strongly in otter directions to attract overseas investors. 

For instance, labour cost? have been kept to a keenly competitive level-and so have employer 
contributions to sodal welfare. 

Trade union thinking has been infinenced constructively. Irish unions realise they must compete 
as an essential feature of tbe ‘industrial environment. As a result, Ireland has been able to negotiate 
and adhere to her National Wage Agreements. 

Otter overheads have been kept within bounds-.The costs of industrial sites, braidings, rates, 
power and transportation are modest 

And this progressive attitude by Ireland towards business has paid oft Over 700 overseas 
companies, bringing important and sophisticated industries, have already come to Ireland. 

Far the finanriai advantages of operating from Ireland are indeed substantial-and of particular 
appeal to U.K. companies thinking of expansion. 

INDUSTRIAL IRELAND -COME AND 

gww WAf ir W Tgl Europe’s most dynamic industrial base is only 50 

1*. HI Bllif ■ ■ WUHR9 minutes from London by air. Any company with 
"" mm expansion in mind should get a first-hand pictare 
of the special advantages the Republic of Ireland offers. The Irish Government’s Industrial DevdopnentAuthonty wiS gladly 
organise a personal presentation and visit to suit your particular interests: factory visits, flank cfecass&ns with overseas 
industrialists operatingm Ireland, meetings with trade unions . . .whatever and whoeveryouwantto see. 

The IDA ia npg pnngiK |ff frr of industrial rtevelni pn’wrnt-, mrfiwBng —EM 

adirnmstT9t»noftl^iinityu:finaiKTalpa(*agewbidttbegrvieniment[^ers 
expanding exporting industry. The IDA has helped over 700 overseas 
companies— almost ^500 of them Enropean-to establis h factories. It is the 
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RAurf : 

hav £N 



Confidential: To Hugh Alston. Director. IDA Ireland. 28 Braftm Street, London WIX7DB. 
Telephone 01-499-6155. Telex 051-24751. 


2HH&. 


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. • 



NEWS 


Times. ^ 


Changes to tax plan made A* trafl 'i c 

_ ° increased 


Frank exchange at Carter talks! u.S. bankef 


by Congress committee 


BY OUR OWN CORRESPONDENT WASHINGTON, April 18. 

PRESIDENT CARTER and mem- bad not exercised irii power anif *®r. -POWell said the Resident 
ners or jus Cabinet exchanged authority - effectively ■•and- con* -had made a ** very tough** asseSs- 
views about the state of the ceded that this had led some ment of the situation and “he 
Awmnxsuration “ very frankly people jo perceive .him as a weak ' made it damn clear that we have 
indeed, according to . some of President who failed to act de- had 15 months now and that the. 
tnose present at the two-day cisively In support of his own' Shakedown cruise is aver" toe 
raeetmg which ended yesterday policies. ■ - •: participant at the' talks was later 

in the President's Maryland re, Bnt, aiOTidiag to other rejiortS fiMed as Wing ‘'^e 

tbA PrpKiflpnr also “eot totipfr’* first t*™ 1 * that CarTet has ever] 
tJ*r Se Si 0 ? V ^th S membra I? his gotten tough with his people." 

uie President, his staff and the " t ri tine snecifie instances irr - "Following the meeting, which 
% ttUf seems tohave cleared\eafr 
r^r*. ?"* heavy criti- Administration • oosihooK .fin somewhat after some months Of 


by fare 


BY DAVID BELL 


WASHINGTON, April 18 . 


THE WAYS and Means Commit- prompted one tax reform pro- doubtedly be pressu 
tee of the House of Representa- ponent to say that “If we can’t Democrats on the Cai 
fives yesterday began making win that one, I am not sure what to reduce the amount c 
changes to the Administration's we can win.*’ cut lest it exacerbate tl 

tax reform plan and drew an The President responded paradoxically the Re 

SSSSSSS k* 4 k 


Paradoxically the 


reforms be- 


‘iutfair’ 


Administration “ veiy frankly people jo perceive Jum as a weak ' made it damn clear that we h 
lilaLU liniS {indeed, according to. some of President who failed to act de- had 15 months now and that 

„ itnose present at the two-day cisively in support of his own Shakedown cruise is aver." ( 

IJj bp increasing commitment of j meeting which ended yesterday policies. ■ - participant at the talks was 1; 

S. , S 52 ..! ,d 2 tt t.“ Pres!dent ' s Maly,and BBLs«ortiiigtoo.t!ier«Mrts’ ■«*« as saying J it' was. " 


competition 


reports irom New York. THIS is cism the Adminlitttrtion hss rp. AuronuBiraaon • pumqubb . -on Jl 

one of the biggest increases in Le^fly l^en re?e^s • legislation. He also noted that on ^chering uneaseat 

minv i ce S. * , receiving. «»vArai nreasionsL the Whrfe the Administration, it is expected 


-By Stewart Fltming 

- NEW YORK, Abril isf 
MR'WALTKR WRISTQN. Chair- 
man of Citicorp the second 
largest UR- commercial bank— 
to-day attacked U& Regulations 
which allow non-bank companies 
and' foreign banter competitive 
advantages not .available, to D.S. 
banks. 


modest las reForm. But yester- ce rned. those who are cheated.” Congressman Barber Conable the industry believes that dis- accepted that, on occasion, he they were doing: 

day the Committee killed two at Mr. Carter said tbat if "we the senior Republican on the couflt fares 3X6 helping to switch * 

three proposals For reForm which d on *t succeed in all our efforts Committee said he wanted to travellers from road and rail. 

had been expected to pass, mis- tbis year we shall come back know how much tees 3 he Industry analysis are divided tj - . e" f VTT^il £ 

log doubts about the fate of next year and the next and the before deridSe on taL rt A OC0 F1SG IOT Wjlll i 


will bo brought in. 


, Mr. Wriston pointed out that 
100 foreign banks In tre Uls. 
have 400 offices unhampered by 
state boundaries which usually 
confine UJS. branch banking to a 
single state. He said thatforelgn 
bankers could also lend cheaper 
money because they -were not 
bound by reserve requirements. 

He said- retail chains; finance 
companies, and other financial 
institutions had, with foreign 
banka, moved into areas whore 
US. banks "had long been- con- 
sidered to have exclusive fran- 
chises. . “'T 

There was nothing wrong with 
that, Mr..' Wriston said. - -The 
public was entitled to the bfest 


■us uuuma nuuui iug JBIG U> nesl year anu me neat ana ine hpfnrp fWidirm nn fa* n> ° ... ““V 

more controversial measures ne xt" Yesterday’s committee * fJSms and cuTt3J HL w ? ^ roSts - hon ! e 

..ni'obeco^dc^c «|«. a iir a t,s,7s: 

Bassed lirc^Sr-s plaS™” ^ priposaU. Srart otas" era be- to the miaffle classes." «^“.« , 5JES!^J , *£i!S£' 


Price rise for 
Ford cars 


passeo air. uarier s pian io repeal piu-,jua«si3. .uwi ^ .. _ . - farps win nrpv*»m th#> indrictrv 

the deduction for state and iocaf Hew most of the President's tax But the Democrats want first ™?- h ErK. SL- SS 


tne deaucuon tor Slate ana local neve Uioai ui uit rnwwsmii «« “. from matchlnc lasl vear's aacre- 

taxes on petrol, but rejected pro- reform proposals, which are in- to establish how much can be . e net profits of SGOOm Others 'tmTi-r, t URN April is. j by OUR OY/N CORRESPONDENT NEW YORK. Abril ’17 

posals to end deductions for fended to raise some ,^.4 bn. next raised through tax reform and gefive that as JonSrS' airlines f L Mot ^ r t ^ I §! O.WN .QURRtsPopjDCNi ( «r.w xy^Apni aj 


By John Wyles 

NEW YORK, April 18- 


Wall Street fever abates 
as Dow Jones falls 


state or local taxes on retail year, will be defeated. 


sales and personal property. Tbis If they do, there will un- reduced. 


how much taxes should be manage discounts so^that they do ! 3dvailta se. of the leeway offered the FEVER which has gripped eventually faltered.: However, 


Curfew lifted 
in Kingston 


Personal income un 1 2% m h «i , ”"“ 181 irauarbrsMSdS? sr® prim-isssisr ssEb-in* 

A Cl OUllat lllCUUlV up XmAm /V The. Argenune G( “J®™ 3 "!. ?“! The decUne oE the dollar on pact of profit-taking- chasers and banks; and market 

BY OUR OWN CORRESPONDENT WASHINGTON, April 18. which wilt allow nrivate com- 1 international exchanges over the The average seesawed during optimists' think that the coifi- 

nanies to drill for oil in \rcentina past four months has forced most the day. showing a gain at one bination of these elements wtU 

TWO MORE sets of economic Meanwhile, bousing starts oS^ miCwnffi% cx of the major importers to raise time oTneariy six points and a provide further, although, more 

statistics — new housing starts advanced 31.11 per cent, last nertiseand canltal— and rive them prices. The leading importer loss at another of 10.65, .At mo die fflt, gains over the next few 

ind nPI\nn!ll inrniDP arp Konwin" mnnrh (luor tho nrwlnnc month r - . . ... • I ■ . . . J UHL - -1.^— «nTi.mn wan wall wfltil'fl 1 


not seriously erode fuli-fare ■ a . new wa ^ e of P n f® increases j fte New York stock market ever the buying panic which, was 
traffic, profitability will increase. i*° r imported _ cars, has raised j the last two sessions turxied into gripped file- - New York Stock 

; showroom prices on ns small, something of a chill today when Exchange represented a broadly 
Argentine oil I cars for the second ume ip three Dow Jones industrial average based demand -for -stocks from 

fr. .months.' (foil hv RBI. HnHor the' im> oHvim invtfutnn!' rnreln, nol-- 


servfce at the lowest cost that 
the marketrplace could provide, 
and the competitors were doing 
their best to- provide it 'But lie 
added: “ Our . . complaint as 
managers and owners of a bank 
stems from the fact that we are 
not 'being allowed to participate 

or amnle rn n fillf 


By Canute lames sraasura— new uuubuig storu, aavancea ji.n per cent. «st pjve them pnees. The leading importer loss at another of iu.w», .At mooea 

' and personal income are showing month over the previous month greater freedom in marketing I Toyota announced its fifth 38^5m. share volume was well weeks: 

KINGSTON, April 18. healthy gams and the White to record an annual rate of new w hat they extract o"ce ‘he coun- 1 increase in 1 2 months last week, down' on yesterday's all-time' ’ 

JAMAICAN security forces this House said that they probably construction of about 2.074m., or try becomes self-sufficient in oil, | To-day, Nissan U.S- also raised record of 635m. but it. was some- ’• 


morning lifted the dusk-to-dawn presaged strong increases in about the same as the figure for Robert Lindley writes from [the prices of its Datsun cars and 15m. shares above recent idafly 
curfew in the western sections other economic indicators in the March, 1977. Figures for new Buenos Aires. The Energy’ Secre- 1 trucks by 5.4 per cent. average^ Some 1.101 stocks fCU 


as equals in a fair contest’ 


of Kingston, following a civil ( months ahead. 


housing permits were 14 per cent, i tary. Sr. Daniel Brunella. also i Both Ford and General Motors! in Price and 443 gained- 


. mission 


Mercury stops 
Brazil fishing ; 


■ice pi-*’- 




By Diana Smith 
RIO DE JANEIRO, April 18 


were detained and are beins Thernai — that of 1977. it is rather stronger fo the State all combine ™ companies acknowledged view oi^eu>K.«ui suaie vuuuuh -j -jr- 

cuestloned. Commerce Dep.nn.em *“■«“ «-* - v5M w ffiltf | P~jg e SS. 8 T„ 0 h ? 2f S SSL. “S S^Profe^ 

The disturbance yesterday said personal income last monto j buys from the pmate companies, j ^ ^ otr a Vistog course. - ‘.Makoto Yazawa, of Tokyo 

grew out of a demonstration by rose at an annual rate of L2 per l Pf. ^ j - - , throush orice inMea^es as^Se Analysts are by no means -tJnlveraity, Is expected to 

residents of the western section cent, or S19.4bm. compared with Te }*2 fui? ££ Ecuadorean minister ^ S?ortert P resnond^to curtencv agreS on this, however, ^ S: report on the studle^by iate 

to draw the attention o. the 0.5 per' cent ^-February, This ? n n “ 1 LSfWhS EZ The Ecuadorean Budget Under - } : ^ otier% - 10 currency s?mT- compSns are bring * Sme, to help the Tokyo 

authorities to the poor conditions was the largest increase si r,ce ^ mS*Si thl AdmtoS Secr^ary. Sr. Juan Reyna Santa J drawn 'with early 1975 and 1076 Exchange introduce such a 

of roads and sewer mains in the December. The Department said Cruz has been named ^ interim ! U5. COMPANY -NEWS when similar, hut smaller, rallies: systemT 

area. that incomes of every section of trauon s tax cut plan should be gcoQomy Minister, Reuter reports i .. , ( - - 

In the downtown section of the population, except for farm- abandoned. These figures are fron i Quito. Sr. Santiago Sevilla Interest Ihcome improves — — : — j-s — 

Kingston, stores which put up ere, increased. It said the ,l sharp not “an indication that the resigned the post ll days ago I rha«* matter- Merrtu : ^ 

chnHan; Hr.wn ac Inrat In n cnroml ctan lin Toflprteri a npnvarv frnm ppnnnmv its Pvnanriin r» rnnrp kn_,.c« n f A ■ fr. n : '' uwsc *** 3fc . laciUU ITl . i . J 


shutters down as looting spread step up reflected a recovery from economy is expanding more because of dispute over a labour i ¥ . 4 tCI. 

were reopened to-day, as were the effects of the severe winter rapidly than we expected,” be] survey contract signed by the; k. vac,1 ^ ov > ^ *yre trends nit 
offices and batiks, ■ : weather.” said. 


IMmistry 


Uniroyal Page 28 


Tax avoidance liters art world g 

. \ - , • • ijL. * * iro 


Ay stevvart. REMHte- 1 -V 


NEW YORK, April IS- 


What makes two into one? 



THE CONTROVERSY about^ic several times the amount of 
avoidance shelters, 'which lias i money which they actually invest 
been reinforced by the Carter : ln. a business. 

Administration's proposed tax : The law discouraged tax shel- 1 
reforms, has spread to the art ten in fields such as motion pic- 
world. In the January issue of tures, farming, equipment leas- 
Art Letter, a New York-based ing, and oil and gas exploration, 
newsletter for art professionals. Bat print publishing remains -an 
Ms. Lee Rosenbaum reports that unrestricted area, 
lawyers and - accountants arg While advocates of print-based 
seeing an upsurge of inquiries tax shelters, according to Art 
regarding tax-shelter deals .to- Letter, argue that tax shelters 
volving prints. : bring new money and marketing 

The 1976 tax reform law dead skills into the art world, critics 
a severe Wow to many types -of argue that the. techniques^ may 
tax shelter, which allowed people prove damaging to^tbe-’reputa* 

| in high tax brackets to obtain tfons of artists -add the -art-DUsi- 
i deductions and credits equal to hess. 


THE BRAZILIAN authorities 
have appealed urgently to the 
World Health' Organisation for 
advice, after finding : trades of 
mercury -to water samples takto 
off the coast of the southed 
State of Rid .Grande do Sul: 

All fishing and trading in fish 
to .the .Urea has been banned 
while the authorities investigate 
to. -the nature and causes of a 
highly-toxic substance which has 
fouled ther waters of Henrret^ 
gildo Beach near the Urguayto 
frontier, for three weeks. - 

The fishing industry la the 
State employs 20,000 people and 
lands 150,000 tonnes of fish per 
year. 

Substances found in air and 
water tests and post-mortems on 
dead animals and fish, are point- 
ing the authorities to the wrdek 
of. the Brazilian cargo vessel 
Lloyd Taquari which went down 
in 1971. ' ; ’ "■ 

The ship was carrying 24 
tonnes of onercuriaL cqmpounfts 
T73 tonnes of ■caustic soda, seven 
tonnes of. proplene and seven 

tonnes of ethyIenaxuine. ' .Dov» 

Chemicals, -owners of part of the 
cargo, warned the-coastal autoorf- 
ties' hf the danger at? the time of 
the shipwreck. . 


BEONOIV 


POLITICS IN TRINIDAD 


Clearing the House 




BY DAVID RENWICK, IN PORT OF SPAIN 


The Arab world is the richer for a new and powerful bank, the 
Albank Alsaudi Alhollandi. As the name suggests the Saudis and the 
Dutch have joined forces to create a new bank. This marriage, of Dutch 
international banking expertise and Arab wisdom and influence : 
promises to bring many benefits to Saudi Arabia. 

The Dutch partner in the new bank is Algexnene Bank 
Nederland which has been in business for 150 years and has already ' 
been established in Saudi Arabia for 50 years. In addition, the ABN- 
Bank has vast know-how throughout its offices in 40 countries on the 
five continents. • ; : ■ 

To this fund of banking knowledge Saudi Arabia now adds its 
potential and its Arab infludice, together with the value of local Arab 
involvement that offers so much to the international businessmen* 

The banking skills and financial influence that make up the 
Albank Alsaudi Alhollandi introduce to the Middle East a truly 
modern bank of international strength and sophisticated facilities. 





Alhollatidi 


telephone 4 1207 , 42544, 42749, tele* 60015 tPinuniB;. Riyadh soon lo be opened. The ABN network: The Netherlands. Ireland, Great Britain) Belgium, France, 
Federal Repnblic of Germany, Switzerland, Gibraltar, Italy, Greece, Turkey i HoUntse Bank-thf, Lebanon, United Arab 

Iran (Mercantile Bank of ten and Holland;, Pakisian. India, Malaysia, Singapore, Indonesia, Hongkong, Japan, Morocco Algejnene Bank Aljmfcfea SA\ Kenya. 
D5A, Canada, Netherlands Antilles, Suriname, Venezuela, Panama, Aus tnlia, Mexico. Operating under the name Banco Hotowlcst'nido in: Argentina, Uruguay 
Paraguay, Br a zi l, Peni, Ecuador Colombia. 


A Bill now before the Trinidad 
end Tobago House of Representa- 
tives threatens no fewer than six 
of the 35 mem hers with losing 
their seats. The proposal is to 
Force members to vacate their 
position to the House if they 
leave or are expelled by their 
party. 

A seventh MP could find him- 
self removed from Parliament if 
his current appeal against convic- 
tion on a charge of wounding Is 
dismissed by the Court of 
Appeal. The country’s voters thus 
face the peculiar position of 
being threatened with the loss of 
just under one-fifth of the Parlia- 
mem they elected In September, 
1976. 

Trinidadians have become 
accustomed to the unusual la 
their politics. In the 1971*76 
Parliament, for instance, one 
party, the People’s National 
Movement, won all 38 seats. H-ut 
the present situation could 
hardly have been foreseen bv 
even the most prescient nr 
analysis a mere few weeks ago. 
It has come about rapidly with 
the defection from the ranks of 
Dr. Eric Williams’s Cabinet and 
of the PNM party of the former 
Minister of Works. Transport and 
Communications, Mr. Hector 
Me Clean. Ministers have not 
made a habit of resigning from 
the Cabinets headed by Dr. 
Williams in the 22 years he has 
been running successive PNV 
Governments. 

Only two have previously done 
so: Mr. Arthur 'Napoleon Ray- 
mond Robinson, Finance Mini- 
ster, quit Government and party 
in 1970 at' the height of the 
“black power” civil disturb- 
ance of that year and formed his 
own rival organisation, the Demo- 
cratic Action Congress (DAC): 
and Mr. Rarl Hudson-Philiips. a 
debonair Cambridge-trained law- 
yer, who was Dr. Williams’s 
Attorney General between I97i 
end 1973. 

Mr. Hudson-Philiips stayed on 
as a PNM member when he quit, 
but Mr. Me Clean, 3S, a lawyer, 
has followed Mr. Robinson's 
example and washed his hands 
of Cabinet post and party alle- 
giance on the grounds that the 
Prime Minister appeared to have 
lost confidence in him and was. 
whittling away the responsibili- 
ties he nad. 

Dr. Williams has made no 
bones about his feeling that 
members who cross the 
floor should be deprived of their 
their seats; he forced a reluctant 
party prior to the last election to 
insist that those selected to run 
on a PNM ticket should sign un- 
dated letters of resignation to be 
held by himself for submission 
to the Speaker of the House if 
any decided to cease supporting 
the party. 


The PNM emerged from the 
2976 election with tt lead of Z2 
seats' over the combined opposi- 
tion. which- meant that the l->ss 
of six members could deny it Its 
absolute' majority in the House. 


Mr: Me Clean's going has reduced 
its. lead to ll and revived the fear 
Of mdnal attrition of the PNM’s 
hold ; - oo power should bis 
example, be followed by a»y of 
the .-other Ministers or, -more 
likely, seven backbenchers whom 
the Prime Minister has described 
sarcastically as ** millstones.*’ He 
wotiJd have preferred candidates 
of a different calibre to represent 
the PNM at the election, but was 
overruled during the party’s 
seJpflrhm process. 

This -undated letter of resigna- 
tion' afight now be brought out 
to dispose of Mr. Me Clean. But 
strong doubt has been 'cast on 
the document's validity by the 
Speaker, Mr. Arnold Thomasos, 
who said publicly that he 
was “unaware ’’ of any undated 
letter? If one were sent to him, 
be Would almost -certainly con- 
tinue to regard Me Clean a duly 
nlected member of the House for 
his constituency of Arouca during 
the' rest -of the. Parliamentary 
term. 

Hence, the Bill that bas now 
been' -hurried before Parliament 
to axiiend-the Constitution of the 
Republic ot Trinidad and Tobago 
to zhake ft mandatory for an MP 
tb '“-vacate ttis seat- in the 
House " if he “ resigns from, or 
is^expeUed by. the party with 
whose-' support he was elected.” 
The Senate is nominated and not 
affected by the BilL 
- The amendment . was intro- ! 
duced by the Attorney-General, 
Mr. Salwyn Richardson, onlyi 
seven day® after Me dean’s 
defection and, since the section 
of the Constitution concerned is 
not a specially entrenched one, 
needs: only a simple majority to 
pass: both chambers. 

■ - Even if it did aeed opposition 
support; the chances are that .it 
would get it since Mr. Basdeb 
Pan day, who has Jnst. .been 
rc&stafed as Official Opposition 
United Labour Front (ULF) 
leader In Parliament; believes 
the' bill could help him to get 
rid of the four-man group which 

succeeded briefly in ousttog-hlm 
from . 'the party leadership 
between; August last year and 
April this year. 


Tbeaame. applies to one of fee : : 
two representatives in'the Hon** 
of- another' minority opposition 
group, the Democratic Act&Sh 
Congress (DAC). ' r -,, 

It is quite- possible that tST'-. 
MPs affected by the change 4i», ' 
the . law will challenge tjift . 
amendment in the courts, as th£ 
Republican Constitution entitled: 
them to' do. . In that case, the. 
voter* have clearly not heard the: : 
last of the events set- in train by. •• 
Mr. Me Clean’s, defection. ^ ■ 


'"S' 


MAPCO 

1977 

EARNINGS 

UPAGAIN. 

THAT’S 

fifiowm 


u In the past five years, : *g. : 
■ MAPCO earnings have J|; 

grown from 64c In _1 972 .X 
1 to $3.20. in 1977. it's a 

I story of continual '.'Jf 
growth. In fact, MAPCO j 
■ has grown every single Jr , 
year fot the past 18 . -J - 

| years.,. something very ~- 

■ few <iompanies‘can'say ; | . 

- . Interested ? VVnte for i 
I our latest raoort. I • 


| our latest report. ■ - 

V&noRtix 

I 10OO S. Baltimore Avft. 

. Tills*. OWWitwi* r-M.19 I, 
SYMBOL MDA* NYSE. » - 
■ • MWSEiPSE. .j 

I — 


PRODUCING OIL LEASES 






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day, end Holidays. U . 5 . mwerlinhm E0O on 


I (3i IteOrtiO 060.00 (air mail) per maiua.i 
I Second slut poKaae paid a New Vofk, N.Y, I 


m are offering- for sale 10096 “ interest ±. producing oil leases 
to Oklahoma and Kansas ; (tlJSA.), currently producing 
approjdmately 50 barrels per day. at as average, price per 
.^barrel "of $15. . Redd verable. -reserves are. to Excess of 250,00V.- 
parrels. ' Eagineering hnd production hfetories available oa. 
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i^Ck^ 


OVERSEAS NEWS 


S. Africa 


near 


Erica plans army base 
Mozambique border 


Somalia | Israel gives UN assurances on withdrawal 


■ -2»'‘ 
•- - ^ 




. t- j 


%w 

■ - J ‘J i' ,— • 


QUENTIN PEEL 

THE - Soiith : Afncfer defence 
force is to build a major new 
army 'base dose to the Mozam- 
bique and Rhodesian borders, 
confirming; .the continuing mili- 
tary build-up in. the area. The 
xmnte ..follows- a decision last 
year ‘to. site a new air. base in. 
the; area, of which the first 
phase will be finished this year. 

The latest announcement was 
made by Mr. P. W. . Botha, the 
Minister of Defence, introducing 
the vote on bis defence budget 
in ParliameifL. 

He also revealed U.S. aircraft 
had flown military supplies to 
South African-held bases in 
Angola during, .the. civil war 
there. 

On the base. he. announced 
that a large “ combat school " to 
provide' facilities for brigade 
manoeuvres will soon be estab- 
lished at Sishen in the Northern 
Cape. The school .will provide 
training in conventional warfare. 

.Mr. Botha saiji the new nrmy 
base would b&'at Phalaborwa. in 
north-east' Transvaal. SO kilo- 
metres . from' the Mozambique 
border and 150 kilometres from 
Rhodesia. The base should be 
ready next year. 

The new airbase is at Hoed- 
spruit, 40 .kilometres further 
south along .the edge of the 
Kruger game reserve. Mr. Botha 


said the first phase would be 
completed during 1978. 

It was confirmed at the week- 
end by Brigadier C. F; Zietsman, 
the bead of the security police, 
that guerillas belonging to the 
banned African National Con- 
gress had been - involved id 
. fighting with' • “ counter-insur- 
gency forces," and -at least two 
policemen had been wounded in 
a recent incident.:. Brigadier 
Zietsman -said . -.“numerous 
arrests " had been- made and 
quantities of arms, ammunition, 
hand-grenades and explosives 
had been seized.; 

Agreement - on mortgages for 
urban blacks .- has been 
reached between ( j£he South.. 
African Government . and the 
- building societies, Quentin 
Peel reports from Johannes- 
burg. Dr.' Connie Holder, 
minister of Karat Relations, 
said in Soweto yesterday that 
blacks would be allowed 99- 
year leases but no freehold 
rights. 

“We bave been operating in 
eastern Transvaal ' since about 
the middle of last year," Brig. 
Zietsman said. “We are also 
keeping a careful check on the 


Wide powers of detention 
introduced in Namibia 

by our own correspondent Johannesburg; April is.. 


- , '-.I./ 


SWEEPIN C emergency powers 
of detention were introduced 
to-night in Namibia (South West 
Africa) by Judge Marthlnus 
Steyn. the South African 
Administrator General, in a 
move which could prove fatal for 
hopes of a peaceful settieinent 
In the territory. 

The legislation, to prevent 
political violence and intimida- 
tion. follows the assassination of 
Chief Clemens Kapuuo, leafcr 
of the Herero' tribe, three weeks 
ago and inter-tribal unrest 
which has left more than 20 
people dead.' 

The emergency legislation pro- 
vides Judge Steyn with powers 
of indefinite detention of any per- 
son whose “ action^ promote 
violence or intimidation.” 

Hie move is seen as aimed 
primarily at the South West 


INDIA’S ECONOMY 


flie vaults, and that if more 


than- it knows what to do with. 


-Stic .projections of remit-: more reserves .than it can cope 
Xes afe made India will he with, and more slack in its econ- 
urfc with more reserves than it oray than n needs. Prices are 
n cope with. . That can- be steady, unemployment high- and 
' ,. n ed into an argument for yet It will- not -spend. As one 
the reserves. now.- . diplomat stresses, it is not so 

Government policy on the re-, much an opportunity missed, as 
eras j s in fact ve'ry couserva-an opportunity half-grasped. 


JOHANNESBURG. April IS- 

Botswana border with South 
Africa." He said the ANC 
appeared to be operating a 
double strategy to involve as 
many security force units as pos- 
sible in rural areas, while send- 
ing small groups to the cities as 
well. 

Giving Further details ot his 
defence budget, which was 
actually cut from R1.78bn. to 
RL53bxi. for the current year, 
Mr. Botha said the reduction 
vao accounted for by the can- 
cellation of contracts for ihe 
delivery of corvettes and sub- 
marines from France in the 
wake of November's UN arms 
embargo and by the fact that 
Armscor — the Armaments Pro- 
duction Corporation — was plan- 
ning to enter the capital market 
this year. He predicted South 
Africa's defence budget would 
top R2bn. (£1.25 bn.) in the near 
future. 

On Angola, be criticised the 
U.S. Administration bitterly for 
supporting the UN arms 
embargo, which was based on 
allegations of South African 
aggression- there. 

“We are - condemned because 
we went into Angola on a limited 
scale.” he said. “There was a 
time when American aircraft off- 
loaded arms at military positions 
and military bases in Angola 
held by South African soldiers. 

I was there myself and 1 saw 
how the arms were offloaded.” 

He said earlier South Africa 
had entered Angola with the 
knowledge and approval of the 
U.S.. “and they recklessly left 
us in the lurch." 


signs pact 
with China 

By Our Own Correspondent 

PEKING. April 18. 
THE Somali President, Moham- 
med Siad Bane, left Peking 
to-day after a cordial five-day 
visit during which his country 
signed an economic and technical 
co-operation agreement with 
China. 

He was treated to a high- 
powered Chinese Farewell with 
bands, bunting and bouquets — 
and a line-up of officials from 
the best pages of China's Who's 
Who. 

President Barre’s treatment 
throughout the visit has been 
more than comradely. On Sunday 
he met chairman Hua Kuo-feng, 
who assured tbe Somali leader 
of strengthening mutual under- 
standing and friendship. 

At other meetings with Chinese 
leaders the dispute between 
Somalia and Ethiopia was aired 
vigorously. At an official wel- 
coming banquet. President Barre 
attacked tbe Soviet Union's 
“wanton interference” in the 
Horn of Africa. 

Chinese Vice-Chairman Li 
Hsien-nien said much the same 
thing, although in characteristi- 
cally muted language. His mean- 
ing was clear, however, and 
diplomats from the Soviet Union, 
together with several Eastern 
European countries, walked out 
of the banquet as be spoke. 

President Barre ‘s visit was, as 
is always the case in China, very 
carefully arranged. And tbe 
message, writ-large for all the 
world to see, was that China and 
Somalia were special friends and 
intend to stav that wav. 

SihIhcu Momma Herald 


BY DAVID LENNON 

ISRAEL'S leaders to-day assured 
Dr. Kurt Waldheim, the UN 
Secretary-General. • that it win 
withdraw its troops from 
southern Lebanon, but left the 
timing of the pull-out to be dis- 
cussed between the commanders 
of tbe UN and Israeli forces. 

Dr. Waldheim pressed his 
demand for a speedier Israeli 
withdrawal during his meetings 
to-day with the Prime Minister, 
Mr. Menachem Begin, and Mr. 
Moshe Dayan, the Foreign 
Minister. 

The Secretary-General said he 
had discussed the implementa- 
tion of the Security Council reso- 
lution last month calling for 
immediate withdrawal of the 
troops occupying south Lebanon. 


Japan’s rail 
services hit 
by strikes 

TOKYO, April IS. 
SEVERAL Japanese rail services 
were virtually paralysed to-day 
when left-wing railway unionists 
launched a 4S-hour strike after 
rejecting an offer to increase 
their average wages by 3.8 per 
cent 

Some freight handling opera- 
tions at major ports, including 
Tokyo, Yokohama and Kobe, 
where 112 ships are affected, 
were also halted by a separate 
two-day walk-out. 

Japan National Railways (JNR) 
said the rail strike affected the 
northern island of Hokkaido 
and Sea of Japan coastal areas 
to-day. forcing an estimated 
450,000 people to stay, at home. 
Reuter 


After the meetings, he said he 
hoped there will be further with- 
drawals now that the UN interim 
force in Lebanon (UNIFIL) had 
deployed the bulk of its troops 
in the occupied zone. 

Mr. Dayan said he felt that 
“full agreement and co-ordina- 
tion between the UN and Israel 
is really within reach." Mr. 
Begin said Israel's main concern 
was to prevent the creation of 
a vacuum into which Palestinian 
forces could enter. 

Dr. Waldheim said the Prime 
Minister and Foreign Minister 
had given him the necessary 
assurances that Israel would 
withdraw. “What is necessary 
is to work out the timetable," 
he said. 


The UN official said he had 
discussed increasing the size of 
the UNIFIL force with his 
generals, “and it may be neces- 
sary to increase our force. The 
area is rather big to control so 
it is quite possible we wiil bave 
to ask for more forces.” be said. 

Dr. Waldheim to-day visited 
UNIFIL troops on both sides of 
the ceasefire line in south 
Lebanon. He said additional 
troops from Nigeria and Senegal 
would be arriving within a few 
days. 

Questioned if Israel bad 
objected to tbe presence of troops 
from these countries which bave 
severed diplomatic relations with 
Jerusalem, Dr. Waldheim said 
the issue was not raised by Mr. 


Sadat in top policy talks 


BY ROGER MATTHEWS 

PRESIDENT Anwar Sadat of 
Egypt is to call a meeting of 
his top-level policy review body, 
tbe National Security Council, 
within the next few days. Tbe 
President’s decision reflects the 
i changing emphasis in Middle 
East politics brought about by 
the failure of efforts to achieve 
any understanding with Israel 
and the invasion and occupation 
by that country of southern 
Lebanon. 

The agenda for the meeting, 
according to the Government 
newspaper Misr, will be a report 
by Genera] Mohammed Abdul 
Ghany el-Ga massy, the War 
Minister, on his talks with Mr. 
Ezer Weizman, the Israeli 
Defence Minister, together with 
an overall review of the military 


CAIRO, April 18 

situation; a discussion on efforts 
to * convene an Arab summit 
meeting aimed at restoring 
unity; and an “assessment of 
U.S.-Israeli relations with refer- 
ence to the opposition by the 
American public to the policies 
of Mr. Menahem Begin, Israel's 
Prime Minister." 

The last item on the agenda is 
clearly the one on which Mr. 
Sadat will be arguing most 
forcibly. He urgently needs firm 
U.S. action to break the dead- 
locked peace initiative, a topic 
that was discussed by Mr. Cyrus 
Vance, the U.S. Secretary of 
State, and Mr. Mohammed Ibra- 
him Kamel, Egypt’s Foreign 
Minister, when they met briefly 
at Cairo airport early this 
morning. 


TEL AVIV, April 18. 

Begin during their meeting this 
morning. 

LL-Geoeral Raphael Eitan, the 
new Israeli chief of staff, and Lt.- 
General Ensio Siilasvuo, the 
chief coordinator of the UN 
peace-keeping missions in the 
Middle East, were due to meet 
ibis afternoon to discuss further 
Israeli withdrawals. 

A message from Egyptian 
President Anwar Sadat was pre- 
sented to Mr. Begin to-day by a 
group of evangelical leaders from 
America. In his message. Presi- 
dent Sadat said there has to be a 
solution to the Palestinian 
problem before there can be a 
lasting peace. The Egyptian 
leader also expressed concern 
over Israeli settlements in Sinai. 


Assad may seek 
Indian 
nuclear help 

By Ihsan Hijazi 

BEIRUT. April IS. 
SYRIAN President Hafez Assad’s 
visit to India to-day has been 
given special attention by Middle 
East analysis because of specula- 
tions that the Syrian government 
may seek Indian assistance in 
the development of nuclear 
weapons. 

The visit was due to have taken 
place last month but had to be 
postponed because of the Israeli 
invasion of soutbem Lebanon. 

President Assad recently went 
on record as declaring t o 
reporters in Damascus that if it 
were proven Israel possessed 
atomic weapons Syria would 
seek to have Lhera too. 


Africa- People's Organisation 
(SWAPO), which has been con- 
sistently blamed by Judge Steyn 
and the police for violence and 
intimidation in the territory. 

The move comes' at s time 
when the five Weeterp,. members 
of the UN Security Council are 
making final efforts to achieve 
.agreement on proposals: for a 
peaceful settlement in the terri- 
tory. Observers believe Mr. Pik 
Botha, the South African Foreign 
Minister, was close to announc- 
ing his acceptance of the plan, 
ft The first power from the 
Ruacana hydro-electric scheme 
on the border of Angola and 
Namibia was generated in. “ wet 
testing" at the. weekend, Mr. 
J. P. Brand, general manager of 
the South !West African Water 
and Electricity Supply Commis-. 
_sion, said to-day. . 


. .. *• t" 


about reserves 

llOA BY CHRIS SHER^fELL,'. RECENTLY IN NEWjOELHI £ 

MJv THE Indian Government's over- tive. The Government believes 
cautious policy on its large pool India should hold large reserves 
of foreign exchange reserves is because it claims* India lacks 
provoking worries that a good “secondary line reserves" (swap 
opportunity is being lost for the lines, access to Eurodollar bor- 
.. . country temporarily _to spend its rowing) and because of fears 
. way to a growth rate -higher than about the harvests and variations 

• ; -its ambitious economic plan in world' prints of essential im- 
al ready proposes. Ports* * ^ 

• The reserves will top S5bn. The government accepts that 
this year — equivalent to about reserves Should be used for 
ten months' 1 imports— having imports, -but if ‘won t allow them 
. never risen much above 8Ibn. used at/the expense of domestic 
.. before 1975. While three good - ** tbe nanoiml 
-..monsoons and a turnround of in t®5 est » - * •_ 

the trade balance have helped. The relaxation apparent in the 
■the boost has come principally recent measures hberalasing 
" 1 from the large increase of the imports is less bold than it first 
•’'..-number of Indian contract appears. Major increases will be 
workers- remitting their earnings u* power plants, fertilisers and 
' from the Middle East other goods where Indian mdus- 

.The origin, of the worries is try cannot meet current levels 

-"the future of these remittances, of demand. Thescope obviously 

A slow-down of tbe Gulf econo- exists for a further relaxation 
mies would leave them on a though -the recent measure is a 
plateau. In the judgment of the sign. • 

labour, and-indijstries ministries,. The government stiffly resists 
- — ^business organisations and di'plo- th®.- idea that -lai^e ^reserves 
I eff I® cnatic and international agency allow- more . growth than tne 
T - historically high' rates it is 

7 — -r-r-rr-i ; — already, planning, it speaks of 

i « a Of f) Stone-throwing supporters o£ a “rupee -resources problem" a 
ryWrW Mrs. Indira Gandhi-and her sou, lack of resources to invest, and 
4*77 Sanjay, caused disturbances these mtmt come either 

she ..ppeare? ^sterday ’VeaS. 

C A ON!®?' 0 "' ^ e ' CUef ' which taltevdew of 
h^niwjpwnlt'ovsr two complaints many highlights the most 
T 13 k/^ARigainst -her by the. Shah Com- important barrier that the 
Ur yrttgs- our “New Delhi government’s conservatism has 

I fifR-’orrespondent She pleaded not erected agatast a quick “go for 
TflA ^ chargeS-and opted growth’’ P 0 ^- r»t To 

S 52 ? ILm Sn lnS,U?i grounds 

O/iV™ of her refusal, to take, an — ^ v j ew the. pro-growth people 
. >ath and answer _ questions Accept — -but secondly cannot 

>eforc the Commission. - ' escape its economic orthodoxy 

to make tbe more pjtent policy 
. ? ' of deficit 'financing politically 

*. ualysts in -.New Delhi; that is acceptable. 

ikely to happen. - ' Deficit "financing is highly con- 

• .India's- Planning Commissi on. tentious within and outside the 
„.iowever^ is predicting . a very cabinet and party. A minor 

Barp plunge. It reckons that storm was caused by the small 
: -gmittancesr will total -$2.4bn. deficit proposed in the budget 
.ver tbe- coming five years, - but,, presented in February. Since 
-"..•Ito that. they will continue at u, e - n the Prime Minister himself 

• he present rate for some two to has had -to answer questions in 
. ... hree years. As the present parliament and : offer vague 

rraual level is reliably put at indications that no deficit may 
' 'ell over Slbn., a drastic decline bfr ran. 

'fluid occur around 1981.- . Government is thus un- 

-Finanee, Ministry qfficfels seem able -or unwilling to respond to 
- rtfc back the Com mission forecast., the -urgings from prominent busi- 

t ffifl/fl’raking the judgment that some ness men that it stimulate the 
orkers will “be .returning and economy. It-, feels investment is 
I f 1 iat many who. stay, in the Gulf, pi ckin g -up anyway and that a 
w rea will remit smaller propor- fjjj. Dreakthrough must wait per- 

., ons of their* incomes than in haps, three years when the 
le past Qn the other band, the pooped investment- in agricul- 
• anistry's ; ecogoniic ..survey .says ■ tant rCVal industries and 
jere are no signs tear tne infrastructure has raised in- 
-serves will stop growing in the comes jn areas that have not , 

felt the benefits of India's past 
- The conclusion drawo from the ^ 

tier fowc^t- is igf: The view of those- outside' gov- 

ng eminent is- that this does not 

'five years, (by “'“’“la ■ 


^ 1 have a shortterm effect. As 

C 'a dent on the amount actually ' they 


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'Financial -Times "Wednesday - Apitt'IS 4978 


^rh 



N.Z., Australia gloomy 
over NAFTA outlook 


BY KENNETH RANDALL 


CANBERRA,. April IS. 


Soviet team 
discusses 
Austria joint 

ventures 


U.K., Dutch companies step up ". German 


\ 


fight for Japan aircraft order 


- . ovomn- noted that tf the scheduled to come ituo effect k 

SENIOR AL SpiALIAN and Nc" Mh > « e r n first ^ months of from July 1. • t 

Zealand numbers me to-da> for e conlinued ihroug h to the They were told that some. - 
their annual review of the opera l » f«o.wnv trade changes in rates of duly and; 


Bjr Paul Ltndvai 


BY YOKO SH1BATA ’ ’ TOKYO. April IS. 

WITH THE establishment of the formance equal to', that of the ..Group . of Briti5 ^ 

"New Aircraft Introduction Com- YS-11. low noise levels, . and low . visited Japan on Matrn 

Kn.'prvA rinm&crin hir. uaf bilnmatre costs ncAntisHw .with TDA OU ptucu* 


i Aerospace. 
March 27 to 


callfor 
more Japan 
imports 

* TOKYO, April IS. 


“ w I ifiK* 'GSZSZ "c£ 5 b3TE;«& um*. fo. ^ 

tndrai mittee" by TOA Domestic Air- seat kilometre costs. ■ — nekocatt with TDA on procure- wi^ST GERMANS P Dr 

VIENNA, April la. . Q nes . t he competition between Because of the strong approach njent of the One r Eleven. Mmisterfqr Economic Ati « 

' nmwRAT ' Chancel- wo European aircraft, namely made by tie .EEC to buy A, the name time the Dut^ ^7 critictMd. recent Japanese 


their annual review of the^pe a- ^ ^ Jan& total two-way trade changes in rales of . ^ ty ai j5 : p r ^ s to-day after the weekly . Eleven and the Dui 
uons oi me No* h e ;*een the two countries would margins of . preference w ®*|® Cab j oet meeting that the Soviet as replacements [or 

Australia Free Trade '.*55 *haL etched SAlbn. in a year for the being made m Australia s favour , deleg | tion that visited is expected to b 

(NAFTAl. but condudcc I that Th[ , same officials; group has ■ "SiJTwJk expressed in- Severe, 

there was iM le scope for .ign a v;ilh an eye l0 their con- been asked for a priority report ; A n , 0lnt in the TDA announced 

cant Development while en!a ai home, the ministers on the prospect for further ; JJJJ” industry, particularly the company has 

economies of bmh <-ou _ - Lir-ted out. for New Zealand’s rationalising the automotive in- ; i orry y manufacturing, former two study c 

remained m Uicir P re - cm lha , xew Zealand exports dustries of the two countries, j ' rj B f bl years. wide-bodied jets a 

troughs. . Aere showing the higher rate ol both of which are severely de- ** The j dea f 0 Uows the failure , placements into t, 

In fact, the ministers on ootn „ rovrtbi For Australia's benefit, pressed. ! of similar negotiations with the craft Introduction I 

side* were under heavy pressure ’ po j n t ed out simultaneously The ministers agreed Uiat prev iWesl (j ermal i Porsche company The new Comm 

from industry lobbies to seek |har in lh(? first half of this se nt quota and market access , abQUl set|J . up aQ Austrian ear of completely ni 


come more is inclined to buy European air- Minister or External roqomv would not .tike, to see 

craft. Mr. Isamu Tanaka, preSi- ■“Affairs'; . - Mrl Van Green asked c erma ny ai the. next country to 
to-day that dent of TDA. commented: “In .for .Mr. Usbiba’s support curb exports, so .1 

merged its . • . ' Tie Dutch efforts W» »' Japan to do A Dr- "SfT 

it- Si Tnnlr.no at tfi> 1 k.iaRnoc fin the X 1 tSO ttnVnuwfilpr HlM 3 . VTeSS COLUer* 1 


Boeing Till aeei. uur.uwo roRKer-vr w — . ieu t — he said, 

sides were under heavy pressure - pointed out simultaneously The ministers agreea ^ st 6ermal f PorsC he company The new uonmuuee ~ Correspondent report «*«* ■ : w«k POn Ference Mr. S«Wfnrl^5showed Japanese 

from industry lobbies to ihat te the first hair or this sent quota and market , “Sf? : about setting up an Austrian car of completely new suoibn New DelhL The type: rasr 'At:; a Press cOnferenW j i ^ goods 

more protection against imports. financ j a ; -.ear. Australian exports arrangements for their clothing, . produce 50.000 cars a with its main stress an the tech- three Rolls-Royce engines. The Mass Lanccen. m . 0 f ega a head of popula- 

Rcoorts from Um meeting fi nish ed manufactured goods textiles and footwear exports to , ^ under lScr raainlv for nical side. The first meeting European Airbus is also being' ger of the Pacific Dtinsion or we re a gea^ v v* 

Site that they have been able "V^Senrded a very substantial each other would be extended wil, be held in this, month .for considere tL " -tl.fttttt emphasised _ The je* twj L "HSiJ? Jaffa W est 

“resist most ,uch pressures, a compared with the l0 mi d-1980 and: that the trade - expon in. the selection of_ three wnde- .version .0 ! *e F-28 wa* ' 

. u . bainn hut that 11111 j _r toTc.** 7 •_ ...lu. wnutd he re-i 1 “ lhS a .^zr . j r<:„, v n j;. j i»ic sm«i several YS-11 u 4 du- rrf the -nresent srtiiatiQTU a allv desiEDOd as a ih-il repiai^s Germany. 


indicate that they nave oeen .. • d recorde d a very suostanuai ea ch other wouia ue wicnucu - . win oe neia in uua «*«««■ constaerea. 

to resist most .-*uch pressures, at in ' crL . asc ■■ compared with the l0 mid-1980 and that the trade' P^ Jk ' s are gaid tQ bp a j so . in the selection of three w de- - — — - ‘ 

least for the time being, but that correS p on din3 period of 1976-. i. i n white goods would be re-i proaress witb cairysler and Fiat, bodied jets and several YS-11 view of the - pre sent 
<cverai thorny problems Lookin- at Schedule A of viewed before the end of 11118 , coxn pa&v about component plants replacements. European aircran is 

10 be resolved before this year i~ which details the goods year. , .ij n Austria. Renault has con- The target time of t he int™” to replace the YS-ll. 

out. . . * Australia and New Zoalaad : A^ma ena^ > ^ Mef.rtamvvM _ Mr. Tanaka added 


his month for considered. ." '. . . .i -. 2okker emphasiseo tion, cmvy**- ™ ^‘Vest 

three wide- — tttt version of the F-2S l was specif Ubite d Stetes;and 8624 in west 

several YS-11 view of the -present situation, ■'« 'ally designed as a YS-llrepiare' Germany. 

European aircraft is most likely merit, having been .unproved an» Reuter “ 

to replace the YS-11.” " stretched to order to increase the ^ Japan’s 




the Minister for Trade ana w . ou , d be Unrea u s ri c to expert whether the nrotor inou province of Styria. 

Resources. Mr D°us Anthon , ■ subslailt i a i extension of the two countries sho P ' Austria has hali 


Mr. Tanaka added further on /number of -seats from « o m balance or 
March SSe “If we could borrow As: a result, the seat ktiometee m ight fail utfiscaJ 1978 to a u 
one BAC One-Eleven for the test,:, eost will decre^e. ^hile ftain- jsbip. after, the record S14.13bn. 
TDA is uritiina to use it” Mr.'. tabling : the aifcrafVs original surplus in fiscal 1B77, actmrains 
Tanaka's comment was widely characteristics of low commun ID' to Toshiwo ® 0 ^?\.P reS T anaDCSe 
in tens re ted to mean that the noise.” , - the Keldanren, the_ J P 

«ha TMftst Tmvnia. ■ &i«M>rrUne to ■ the Fofcfer federation of economic org ■ 


were ine , ,4i,inri<v 

Trade. Mr. Brian Talboys, and Auslra i ian ministers ex- indusb: 

the Minister fo T r J rad ! d ‘JJg. pressed serious concern at some tries to 
Industry - . Mr. Lance Adams P™>* implicaUO ns of the re- would 
Schneider. Zealand tariff, market 

The official communique issued viseo 


Inter-Comecon business to rise by 12 % 

JL1A«>V& wiBCAiv Anri I IS. 


i,ae ^;h-n B nr V»i.kv'« Visit to- Fokker F-2S. and modified DC-9). In order to make doubly sure. emphasis on *« jow ^uoiw 
JeS tta’/UI ttwe Claimed to be able of the deal. Mr. John Ferguson, characteristics, ^wbidi 
„f r i«in industrial to meet three requirements of Smith, of the Commercial Air- particular importance for Osaka 
ventures ^ and^ SSL * oriel a So ff and landing per- craft Division of the Aircraft habitants in view of that citys 
purchases in Austria were dis- 


discussed. Evidently the car 
project constitutes one of the 
subjects the Chancellor raised in; 
Moscow. . . . 


unlikely 


uu ;iw ,w ” - — . .• h • 

’Importance for Osaka SMMT urges 

view of that citys 

is week Of free trade 

By Terry Dodsworth 

TURIN. April IS. 
POST-WAR POLICIES of intfcr- 
At the same ^ tune. free trade must be 


BY CHRISTOPHER BOBINSJO , : nlen^SU P plies ^ha^of ’ ^ l^is 'thought highly doubtful BY MICHAEL DONNE, AEROSPACE CORRESPONDENT POST-WAR POLICIES ^ inter- 

THE SLOWDOWN .n ewest «-»-»*■ “J W " . .T IS con.Werrt c.TWtn ib-t th. Th. JSSSl T^usTTo^ll S 

trade and the .hpVoiiiecon “ Romanian trade by 16 per cent. Trade . agreements where the car even partly produced in the 86 nations meeting m .lontrea p £Jb over th e vears ahead, mission has not been given the Qa _ din * their exports behind 
a tr fartor°tha r ^^ C 7 .ech-Easl German trade, on soviet. Union U Swrtwd jee a - So vlet Union. to try to decide on i ne w land- 10 Emth^meetingwas^ town Sme degree of. techni^l gj™* Mr. Barrie 

Growth in trade 6 between Gome- ibe olher nand. is to srow at dynamic growth rate of deliveries . . ing aid for airliners will adjourn - disarray [ate on Monday when evaluation as the onginal ^RSB Heall ^ a vice-president of the 

Jmtmrio/ofanned for 197S. 9.5 per cent. , .• t of Soviet raw materials althouah later this week with no agree- deI ega t ion sharply and Doppler ^sterns, some ■ f Molor Manufacturers 

Th?i conclusion is drawn by Trade turnover is planned to that is “ ^^^^ machi^en - ’ Tanzania £4ttl. aid meat on the rival systems on ^ ange U d course aod, in addition delegations are declining even * J Traders, said yesterday 

the Polish tiade paper Foreien exceed founts agreed the growth rate of raachmen . i unzania s-*twu aiu | offer . w 0 | e ring TRSB, also offered, to consider it. i n a reference to the East 

Markets in :.n article on the protocois signed for the 18/ supplies. '•?^me aid gn^to Tanranfa. The meeting, under the with the support of Australia, ^ iQ f er cnce drawn from ^ European trading bloc and the 

^ .tr.- rr-iH« nrntfliink Denod. b ulOse were aeen a.9 Tt,, nprrpntaie irortll 01 in*; gramme am gnuii id . c ,h. Tntamatinnnl Wort Cormunn snd thp S5nvlet .v.t I* imp fhp Up Upsth said com- 


HQ IHUEta, 

In a reference to the East 


the Polish traoe paper roreian -re’ imusn P' . — nrn „w| n o B F4m nro- 0 “ ei - - to opermg ituu, aiau uucreu, w uwuww — ^ . In a reference io uh* 

Markets in :.n article on the protocois signed for the 18/ applies- ' eraSme aPd gr^n? to tSj'iS . The meeting, under the with the support of Australia, ^ iQ f er ence drawn from the Europe an trading bloc and the 

ssraM sri! ^ i s, G s,t,tr is *» jasar^r-fes ss « 

^ sonotiL rs r^a^nSssr. Jrsst « sssss sstffi.-T ful 


Slrtht. iff linmn- boliev 10p.r «« «■». » iwhp ^owth of ov.r.ll trad,. ; jo MMMH RffiTb^TE ' ATirtaS wlnrtili." ‘ j f^off f E" l.'SSS S.'TWSW »y their owe 

of integration within Comecon. pe ", 0 , d the iS-ade' anreements for Thus growth of equipraenl ^ll ^ RaiIwa .^ landing-aid. called Time Refer- The effect, according to report fo stave affadefeat Dy ^ pyo ducers could not expect fuiL 

lnter-.:omecon 1 bilateral trade Ali u-ade s^Mmen« t ^ ^ by Po , an d to the Soviet i»ni J f . East ence Scanning Beam (TRSB), from Honireal. has been o bg an titeraauve »«ew ™ watfflenL 

acreemenrs for 19<S foresee an th e! ^lanned national Union in 1978 over the previous | after the re p lh g and a British system, called cause chaos m. Ihe raeetiAg.wiJh o^d the PrmP “Europe cannot sit back and 

average V2 per cent, arowth over f ,uh " ‘ th L the conn trie« vear will be 27 per cent, while | -VncM Railway. Jt * Doppler, for recommended world- many delegates no longer sure TR5B £ ut * a * H ™f apeT 1 p] S y at free trade with stacked- 

the previous year. aUbouitJ ^ thm^ alf foresee trade turnover qrowth will be * 1 wide use in the. 1980s and beyond, just, what Is beta* proposed by countries to adop P ecS he said. 

Polish-Romaman trade and invoitea. aim itue> an ro.»^ oer cent. ; zaqia RaJ]wi y»- 1 — — — w H*. a th sneakine on 


Pn i i sh^Sort et 1 tra d e wij) grow" by a quicker growth of machinery 17 per cent 


: zania Railways. 






many delegates no longer sure TR$B but was Reaper for some j^Xeelrede with stacked- 
just what Is betn^ proposed by countries to adopL P y - n e said. 

_ — rt — — - — — — « — - But Mr. Heath, speaking on 

Norway shipyard row • sSSSHHs 

BY PAUL TAYLOR. INDUSTRIAL STAFF C ° mm, “ 

arsa 5ss- jrass^w.ifi as 


months. 

In January ; 
sion composed 


within the next** -*hiDbu tiding. future, ** -pwwaoe: :. we 

witnin me n» ... y ^ ^ the Comm isswn-Vpnv inrp orts 

a- a Royal Commte-^pofialfi were being^Studjed.brvthe Protectionist-trade 

id of Governmeh^Mhi istry of.. Industry and^:» only lead .tola -fgwering pt.Itwi 
!f_i^ M «- ronr«cpnta^ decision would he leached . this standards in the Westi he.^a^L; 


ShS the nresent 8 levS 1 X *20.000. guarantee’, institute fat ships and -prices' of Datam 
to ?4 000 uSTvSSlB of the Srimng rigs, but said - tiiere, Were ti 
GnmSmn sifted* an even no -P^s -to -_ ? ouqt. further cent- or 


Si5SS£ ■UK5l?!n even no -plans - to - mount further cent- or S265.fr om 

i Sc SSo -to only •‘rescue” scheme^. -.-.,. ^ the ye®, appreciation 

more drasuc reuucuou j [n his- Opening reraarkA.at the do | Jarr . Reiriet ... reporf^. Jpom 

Speaking before the opening exhibit!^ tohyQ-^ 7’v,. IHi ^ ^imi 

of P the "fourday Norwegian happy “to share JVith. all - -It^wiU/.be'thh 

Sr W iJ. nSr Krhihition in Lod- ested parties" the nation.s: skttis 4 n the - . D.S. srnx^ .iast^tcferimog- 


af the four-day Norwegian happy to «are jui - -It . wlti, be; tne . 

Marine Gear Exhibition in Lod- ested partie?: th*^Jion.S : sktiis 4n ^e U-S-kuwAlaat^^ng- 
don y^^ Mr. Hallvard apd engineering pfodnete.- jjj- the tote] ! 


don yesterday. Mr. uauvara . gJ^™ L V5i wHgiia.- 

U.S -Brazil container row gSS 

BY DIANA SMITH ' RIO. DE. JANEIRO, April IS. 1977, it Said. • 

RRA7M1AN AND United States also. He pointed out That by- re- , . ' 

BKAZlLLftiN awu « u, r “ Z 4^,*ir,= tvan^hloment via Puerto «r«.._v w 


»r - • 

S:V-. 

£-r.-. . 


Overseas Containers Limited was formed by four 
famous British shipping lines to concentrate centuries of 
experience in maritime trading into a modern system of 

ca rg°|ransportation^rs ^ operations started and well over 

a million container loads later. OCL has invested over £500 

million in a fleet of purpose-built containerehips, containers, 

terminals, hardware and equipment and, most of all, P e0 P^- 
With a route network now linking four continents, UOL 
has become Europe's biggest container transport operator 


BRAZILLAN AND United States also. H« pointed oui Toai ey- re- • . . 


isheTpVnato Ihape the 

Serving over 40 major ports, the OCL Group, its 
subsidiaries and agents, provide rapid; effiaent and total 
transportation of containerised export and im P°rt goods, 
door-to-door, between virtually any orations throughout 
Western Europe and Australia, New Zealand, the l-ar tasi, 
South East Asia and South Africa. 

And that is only the beginning. 


battle by the U.S conteiner line 

Sea-Land, to operate its 35-foot sovereigmy. . . . . febtuaty from pSBV** 

containers iq Brazilian ports. such attitude*-. the U5. side cent in Jauuar5r compareSiwi 111 
• Brazilian law. based on spect- ma de; dear. . «W Howo future net cehL ln E^iaty : Iast 
ficatioos of the International shipping relations. . • i vear Renter Teports : : frortf Paris. 





The InternationaLTradeMark 


. -tr. 


■k Inrifri 






Standardisation Organisation 
(ISO), stipulates that only 10, — 
20. 30 or 40-foot containers may 
be operated here. Sea-Land has. 
35-foot containers only. There- 
fore the Brazilian maritime 
authority. Sunanian, says that 
unless international specifica- 
tions are altered. Sea-Land will 
not be granted access here; 

Secondly, since 1973 a cargo 
pool of three Brazilian and 
three American shipping lines 
has covered the north-south and 
south-north rouies from the 1 
East and West Coasts of the • 
U.S. and the Gulf of Mexico. The 
American lines involved are - 
lloore McCormack (East Coast), 
Delta (Gulf of Mexico) aod Pru- . 
dential (West Coast). Delta is 
negotiating to buy Prudential. 

Sea-Land, which operates in . 
56 countries apparently prepared 
to waive [SO specifications, has ; 
challenged the pool as a restraint 
on trade, by filing a suit in the : 
court or Philadelphia against „ 
the U S. Federal Maritime Com- :. 
mission. 

The commission recently gave . 

■»_ 1 _l 4V,n 



mmn 


1 


The Stock Marke t 




m. 


CBl glocan anU Glaxo \ I 

toomnekka equities \ j Morgan Edwards 


5f fS v 


■ 

. jiW. 


s 






f" " "■ ■ ■ft'- v I 


S.y.X dtae 


Slfe®v 






’■/ , ■ ■ ■" \ v; ; v " ‘I, ■:» ■* a ^ 1 


■: ' -‘.j -■■•j-v-.V 




"*5«! 


Wth 




S 2 - * VtvS 




fit’, ini*-*-'- ■'•s'' : 1 ; «vVl , .' v 






s? Meanwhile the U.S. -Brazilian . 
•" V' •’;( Equal Access Agreement of 1971 \ 

'» .*v i s bein S strained by' the. Sea- .’■■ 

Land dispute. 

i :• * • S The strains have emerged . 
iV .A -. v aR v ’ because Sea-Land’s main base of ; 
r' 4 :’ ..y ' : -j f Y-. v' v vH |[' J . n, ierations is Puerto Rico: U.S. 

■ v H h rritory. Brazil vetoed trans- i: 
K.’,' :T : ’•’ Mb**, shipment of cargo laden in 

'. pbUadelpliia. San Diego or New 
P: J'r Oreleans via Puerto Rico and ; 

r.-V.- ‘ - ® insists that, as the importing ; 

•* " country, it is entitled to stipulate 

which vessels and which ports ' 
handle its .cargo. Sea-Land re- 1 
-iects that ’attitude and the US ■ 
•SfSdkr^^iMEgac Government views it with deep . 

IvV* -vvii^jR \'4 -j -concern. • 
toiss ra.Uu2 H& Questions of sovereignty are 
Involved. Those were pointed out , 
-by Mr. Robert BlackwelV U^. . 
.isslstant secretary for maritime 
-affairs, to his opposite- o umbers 
at Sunaman- In recent official 
^ -*3lks undertaken because SCa- 

3S5;*. Land railed to. get the Brazilians ; 

k'^V^r.3H^.Vv ro chance their minds. . 
■f::.*? Mr. Blackwell was anxious to 

maintain ?ood relations 

developed under the access 
Hgreemeot. - and - tried . to show 


Carpets 


4f vtiuknowlwttarf nviaBt'-^’.r j 
' merits than ilieae, no ’ 1-^ <■. 
do ilbt youe rR i nto tjwm r ; ; 

if not; you may appreciate; fj? i 
a little investment j 

from the^xpa rtsof tfio;-; aT.-^ j 
A nerto-Petriish C^pet,.?,’ y. -£j 


.Antiqw ' 

.1973 Today 
* SlBcKashen £V400 Cfi.000 


Company.-Lbndon's"'-' f 
oldest : BStebiisto0o^ n *^ • 


soine of the Worfd>i 


, <*7KA fa 500 ' tseautifu) carpets f 
Caucasian ' C760 ] 

..ContoffiporarY^, v ... - . r0 yaitV a ntHroya i houses,^; 

■■■; ; . . ■■• 1972 '. Today;; ;. . wfth-tMrn to oen^atibhsij:- 

- Nala € 3^200 • . Anglo-Persia n'v^H 


iLjitiiia' ".;r 

J sHk Qjioorn - , 0 W> £3,8^Q 


Vf.V 1 CS...*,':;'- 


.. *>v 


L0XD01S|>S.LEAP1N^ 
1 SlPECIAtlSTS SINCE" 
1)910. RIGHT IN.THE ; 
HEART OFSOUTH 
KENSINeTOiSI. 


-you to chops* the ritfhtrp 
ca ipetef ormyestmanb ijga 


K$f: 






m: 




i"-'- ■ ■ ' ; ■ , nocDTAi.ni ARRnn aareemeot. - and • tried . to show 

Overseas Containers Limited. Beagle Hous e ,B:^am Street London EI^P 7 ™25 5 Swansea (OCL Agent) 0792 53926 SSSfiS 

24922 ‘ NeWCaS ‘ ,e 0632 810261 ‘ Birmin9ham ° 21 ’ 356 6933 C0!,tai ” erS Brari ‘ ^ d ° 50 




•mm 

mm 




V -G 

311 {, 




somethmgtohelp. • 

QurP3 radial was «fagned$pedaIIyto 'make your 
money goas far aspossibJe. 

By combining.tvvosteel beltswth an additional belt 
bf nylon, weVe created atyre thatgives high mileage and 
superbwetgrip..So youhaVefewectyre changes on your 
fleetwlth savings both on tym cbsisand maintenance. 

In faction an AA super^ed Round Britain Drive 
TBinga-Gortmaon ordinary roa*fewith ateam of ordinary 
^driveis^a setof P3 7 s-dbcked up45i000 miles in seven 
vreejb. Amazingly, atthe.end thet^es still had thousands 
■ of mitesof lifein them. 


spedalconstruction andtheTetnamix tread compound. 
-As weilasg'lYingagreat^ potential 


savings on insurance, the precise handifngand greater economy and reliability. 

. comfort also gives a high level of driver satisfaction and lfyou would like to] 

reducesfatigue. . below. Whether you run 

Pirelli’s advanced technology haspnoduceda high National Beets Sales Divi 

quality, highly reliable tyre with unifonmityand even can help you run them mi 

wear characteristics that can reduce downtime for wheel And with 3,000-distJ 

balanclngand repositioning with ail the resulting savings • supplying our tyres, servi 
on maintenance. And the special belt construction also Put P3s on yourfleel 

gives a lower rolling resistancewhich helps to reduce fuel pennies, and the pounds. 

- consumption. , You can count on it. 

Car manufacturers have been quick to recpgnisethe 
advantages of P3. It is alreadyfitted as 

original equipment on a vast range of cars in ^ 

Britain and throughout Europe. As the P3 HE H 13 B 

canbe specified on virtually any fleet car at j H ■ BK 1^5 LLB 
■ no additional cost, many fleet operators M | A inpl 113 
have already turned to P3 forgrea ter W 1 IV 1 mJ 1 U 


economy and reliability. 

lfyou would like to join them,send us the coupon 
below. Whether you run a fleet of cars, trucks orvans, our 
National Beets Sales Division will tell you how Pirelli 
can help you run them more efficiently. 

And with 3,000-distributors throughout the country 
supplying our tyres, servicing afleet is never a problem. 

Put P3s on yourfleet and Pirelli will lookafter the 


STEEL+MYLON 





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Financial Times Wednesday April 19 \L978 



Fee scale 
solution 
sought by: 
architects 


Go ahead likely for 
oil fields expansion 


BY RAY DAFTER, ENERGY CORRESPONDENT 


„ . , more t*iM £2‘30., win provide a Proven Probable Possible TOTAL the HASLEMERfi' group, a* * : .**•*■ *■» •' V • -•/ • •• 

ARCHITECTS ARE to consider boost to offshore suppliers and current estimates 1 4oc re -t tm Third World action-research '■ . ^ ~ = 

replacing their mandatory mini- platform builders in particular. * ’ - ' ttoud claims that British p#»t BY RAT DAFTEH, ENERGY CORJtrjpn hmrhJT • 05? "~l 

mum fee syiteoi with a recom- ^ A 3ew report on bffshofe oil 1W7 estimates 1,380 * 920 900' 3.200 sroup, claims that British Pet- kat uai-i ck, bwoiOT coiwpONDeiT. , r 1 Q 

mended scaie of fees following. an d 535 activity shows that Swree.- o*« at Energy ro eum s South African sub-. * •**.:. •••.*'*, .. * W..;. . Ciliiiumrih ^ 

discussions with the Office of negotiations involving sis oil stdiary is continuing to breach THE NEW international ftrbujj *e •i'laid i*r September. ' adding • . nHnPlirgn 

Fair Trading- fields have reached a stage at — — — — — — ..... . . — - ■ - — sanctions by supplying Rhodesia 1 thatil : to take over the operation ft&tKBL would not * oecessajrily _ ; ' 

The talks, which ended yester- which their development could with oil. ’ ftedpath Donnas .Long's oil bid, Tor* contracts in conjunction* : 

day. followed last November *s, begin m tbc ne3r future. Energy- Mr. Anthony Wedgwood Bern), place for gas reservoirs, Britain's The al legation which is said to 2, , f5uM rm c-» on6 ^ uc ?i m • at ^fe.tte : Prehcb group.. ; * •" *.v- 

report from the Monopolies Com- 'Ministers pointed out that a num- Energy Secretary, described 1977 proven reserves of natural g3S be snnoorled bv sources within ■ ~ u * should- provide a j.^«terdays 

mission, which called for changes j her of other development pro- as the year when oil production has fallen from St&bn. cubic the A *1*™ on ?“iJ*i£5*SL5 

in architect?* and surveyors pay- jects were under consideration, made its first strong and positive metres to 744bn. cab c metres, w as he e n rejected by BP Tlie * T s •' orKfo, ^e araTthe USC hop® more on the joint venture ... ^ contracts 

ment methods. 1 Several of these were likely impact on the U.K. economy. Tbe drop is primarily the result co ipany {3fcbi,'« p« cent. 055110 ? • su P DUes JOdustiy-; m-ptf-De Groot. T^ merger. was Fe^rf any cu 

The recommendations brought, to be sanctioned this year: these Tne value of North Sea oil of last year’s production which. Government owned, savs ,t be- . '."fedgned to expand- bqtjt com- B hhavi*been set u p to but id 

immediate opposition from both {might include British Petro- production in terms of exports valued at oil prices, was worth [jeves its South African sub* Following a couple of lean Patties’. share of the market for eQn< , M ._ 0 i a tforms however. Oil 
sectors but the Royal institute . leum's SlS&tn. Magnus field de- 2nd imports saved was more some £2bn. sidiary is “in no way" Involved ; fo £ Platf™ orders when offsffiore drilling and production ^ claim that concrete 

of British Architects, said yesler- velopment; Shell/Esso’s Fulmer than £2bn. which, for the first The Brown Book also shows w ilh supplying oil to Rhodesia suffered as much as . any Platforms and associated North _ tni ctnres are too costly and 

day that some progress towards project: Mesa Petroleum's time, exceeded the cost of that since U.K. offshore explore- * e . ; U.K. company with steel fabric*- Saa, .construction work, British s t huiW * 

reaching a possible compromise Beatrice Field development— imported goods and services ti on began in 1964, operating ere . first . u on experience, the prospects. far Steel said. - . This^ news for the 

had been made. ! now being re-evaluated— and the neeoed for the exploration and groups have made 50 oil d is- accused BP of brnUQEi new contracts now look much ; 4 ;The merger is described as nlatrSyaids: Ardyne 

5 aerial general meetings are exploitation of two Hutton fields development programmes. covenes and 30 other finds »«► . >«. r ' bnghier. RDL — as British -Steel .^rawRie,". for apart .from. the SSST iUcAIntne * Sea Tank), 

to be held next month by tbe operated bv Amoco and Conoco. The Government’s view about volvlng gas deposits. However. a u<? »t_ has now. repeated the-; corporation subsidiary — clearly UK/Dutch. interests, the new Sm&eaton '••flormerlv' licensed 

RIBA and architects’ bodies in The^e fields should help to the total amount of oil reserves, exploration and appraisal drik;^ 111 J “ a *etter sent to MPsjfeels that It -has a better chan«!:R©^paHi • De Groot .Caledonian uv ^dnev Loch^ Kishorn 

Scotland and Ulster to seek en sure that the U.K. remains which might be available under line activity is still significantly ( and trade union leaders yester- j 0 f winning some of these pros- company will also include two yw nwarrf norisl and tbe vacant 

approval for a system of recom- 5e [f. S uffic!ent throughout the tf- K - waters has not changed at down on the peak of 2975. 00|“ a y- , [pective contracts as Part of a Scottish- Interests: the Scottish portavadle site But it brings 

mended scale ree? which would iqso s 3 uhuu^h the Department t0 ‘*-5bn. The higher figure the other hand development, in April last year Dr. David: wider, international sroup. Development Agency and North significant encouragement to the 
be determined by an indepen- nf E ne r:y's report fthe so-called allows for future discoveries In activity has increased with Sd.Owen. Foreign Secretary, set up It is joining forces with the Sea Assets. remaining steel Fabricators: 

dent committee representing Brown Booki takes a cautious areas yet to be designated and wells drilled last year as against.an inquiry into alleged sanction- ; Dutch offshore group. De Groot, RDL will have a 48-per cent. Mete it (RDL) Ardersier (McDer- 

riints and the professions. view about how much oil will be licensed, however. 54 In 197fl. [breaking by BP and Shell. The;in a company to be called Red- stake in the RGC group. De mott > anf! png B Bay (Highland 

In calling for abolition of the i e f t f or ne i exports. There has been only a modest There was a slight improve- 1 inquiry is being conducted by. path De Groot Caledonian. It.iy Groot’s interest will be 43 per w a ij Nestors) 

mandatory fee system, the Mono- Production during the mid and adjustment to the amount of ment rn last year's accident -Mr. Thoman Bingham, QC.who'a measure of De Groot’s ex- cenL, leaving North Sea Assets Metbil is involved in only tbe 
polios Commission claimed the j ate igso s is expected tn be in proven, probable and possible record: a total of 16 people are , has finished taking evidence and 7 perience that it has built some 46 with a 5 per-cent, stake and the Tartan part-order: Nigg Bay is 

system maintained fees at ani^e ran^e of 100m. ro 150m. reserves in currently licensed known to have died while work-- i s expected to report to Dr. Owen platforms to date. Most of these Scottish Development Agency huildina a platform for Chevron's 

unnecessarily high level. tonnes a vear. At the lower level “ re ^ M P rls . e of lust _r 0 .? 1, lonnes ing on offshore 5as and oi? : soon. have been small structures by with 4 per cenL Ninian Field: and Ardersier has 

The Commission said that a B r j 1am C oti!d just remain self- -i ^-on tonnes. Esf /mates of installations as aeainst 1» in - i e .* er Haslemere ^■’ nrtil Sea standards, the time of North Sea Assets Is a Scottish three contracts — one for Conoco'* 

recommended fee structure , in P™"" ".‘onuK to 1 dSn mine? J ; eroup euils tor lL Su™ a m sh3 '' 0 ;'- Pldtforms installed teSem eompony S pecial£.i.g fiSbison Field in the North 

would not be against the public. Although the department is ^ ?£ cl . dei l t Q s _’ n lSn compared report to be Dublished in full as ,In ft^ ! r a!n8s ° uUie Jl! y In North Sea development in- Sea, one for Petrobras of Brazil 

£r stevaawwws mkisk 2®- % sn. su's^ssurs; I'SlSSr: 

d h te e rS ned l ^ th ?^ a i- ,r 4 60 ^’ 70m - Wth ,WIe espl0ratl0n takine Kingdom t97$: SO - M 1 wr thf ForolSf Office'Tro^i? ! ^ JSagJiPS SSSSgl’bSS to™ SSS TeSideflSSuSced'on 

IhaTitt strong 0 opposition to any JESS* Ser and^Sical FORECAST PRODUCTION FROM U.K. CONTINENTAL SHELF 1 in ?^ ,ed & ^ 19 ^‘ Ifmfany. “ 22g V* fK seeking new 

’2? Fak n Tradi?“ fopmenT p^imuS %r. ^ The Foreign fl Office said yester- tion work. 1 “tSndtaf'eoSS. ^ po S ^“ d f woA “S ft™ ‘SiSSSSi 

In its talks with the Office, the Oil production in 1977 amounted 1978 1979 1980 1981 1982 day that the findings of the m-; for production modules and a 2? po J?°° h °LJJ ' ’ re! ‘ ated ' w0 ■ short of 

RIBA emphasised that the to 3Sm. tonnes as against the „ „„ „ oc __ ___ tnn ,, n Ruuy would not necessarily be $leck structure, bat these were w 011 b F the 8TO up - tt k mi SL™ 

current recession in the construe- forecast in last year’s Brown Current forecast 55-5* 80-95 90-110 100-120 105-125 published at alL Publication insufficient to, prevent a serious. ' Unemployment has been par- Orders. HoweveivU.K_ on ^opera 

tion sector and its associated pro- Book of 40m. to 45m. tonnes. -1977 f orccast $0.70 80-95 90-110 100-120 — wou ld be a matter for Dr. Owen* cut in jobs. By last year the ticularly bad in the Levenmouth tors have given tne uovernmeiic 


Possible 
1,190 . 
900 : 


Ml VlllvWVU OIL COMPANIES expect tQ — — ' — 

. lr „ ESTIMATED 'RESERVES IN U.l^ LICENSED AREA 

By Michael Cassell, -North Sea 'fields this year. The . («.- tonnes) 

Building Correspondent resulting work, probably worth . - 

more than £2bn., will provide a Proven Probable Possible TOTAL 

ARCHITECTS ARE to consider v, oosl 10 offshore suppliers and current «timat« i«trc non vv-m 

replacing their mandatory mini- platform builders in particular. . Current estimates l.«S , *25 1,190 . 3220 

mum fee system with a recom- ^ aew re port on offshore oil 1977 estimates 1,380 920 900' 3J00 

mended scaie of fees following , ant j 333 ac tivitj' shows that , ■ , _ j^r.. Energy 

discussions with the Office negotiations involving six oil 

Fair Trading- fields have reached a stage al — — — — — — - ■ ■ • ' ' . - 

The talks, which ended yester- : which their development could 

day. followed last November’s .begin in the near future. Energy Mr. Anthony Wedgwood Benn, place for gas reservoirs, Britain's 
report from the Monopolies Com-! Ministers pointed out that a num- Energy Secretary, described 1977 proven reserves of natural g3S 
mission, which called for changes |i>er of other development pro- as the year when oil production has faUeo from St&bn. cubic 
in architects' and surveyors' pay- jects were under consideration, made its first strong and positive metres to 744bn. cubic metres, 
ment methods. ' Several of these were likely impact on the U.K. economy. Tbe drop is primarily the result 

The recommendations brought; to be sanctioned this year, these The value of North Sea oil of last year’s production which. 


Sanction 
breaking 
by BP 
alleged 


NEWS ANALYSIS-OIL PLATFORM BUILDING 


a new 


to 


the 




- BY SUE CAMERON 


f - ■ 

DttCdee^ 




Edinburgh 


reaching a possible compromise Beatrice Field developraeal— imported goods aud services tion began in 1964, operating toe tiasiemere group urn tion experience, the prospects. fir Steel said. tm«ir AMiVfsir 

had heen made. ! now being re-evaluated— and the needed for the exploration and groups have made 50 oil dis-! accused BP of new- contracts now look much - The merger is described as pnnSete'olatfdrm 

S aerial general meetings are lexploiia tion of two Hutton fields development programmes. covenes and 30 other finds in - , s ®^ cUpD \ Fe J jrua p >^. r > brighter. RDL — as British ~Steel .“^unique,’' . for apart .from, the cAIuine 

mnntVi hw ihp 1 a mnxn rnnnAn Thfi Government’s view ahnur vnhrlne eae rfenncit« Wrtu«»vpr .and it has now. repeated tne -1 Cornoration snbsidiarv — efpariv interests, the new ,, 


determined to avoid the; to 55m.-65m. tonnes. 

emergence of uncontrolled price The report says the . more - — ■ — — 

competition and the RIBA said cautious view takes account of 
that its strong opposition to any further weather and technical FORECAST f 
such moves had been indicated problems which frustrated deve- 
to the Office of Fair Trading. lopment programmes last year. 

In its talks with the Office, the Oil production in 1977 amounted 
RIBA emphasised that the to 3Sm. tonnes as against the 
current recession in the construe- forecast in last year’s Brown Current forecast 
tion sector and its associated pro- Book of 40m. to 45m. tonnes. ■» m f orccast 


FORECAST PRODUCTION FROM U.K. CONTINENTAL SHELF 
(m. tonnes) 


tion sector and ns associated pro- book or ‘ttna. to eom. tonnes. 1977 forecast 60-70 80-95 90-110 100-120 . *uub wiiwio im wi w jns. »v ■ ?' ear me ncntariy oaa m Lwmnwttw will 

fessions highlighted the potential RovaJtles from oil and sas roreca5t zL . _ fW to decide. Both Shell and BP ! payroll at Methll had fallen to area of Fife and RDL’s near- an undertaking that f they wiU 

dangers of widespread fee- production reached £228m. last 5 Deoc. at merp, say they have ctw ,p eT - a ted fully J less than inf), compared with a -demise last year was a major give British yards a fair^oppor- 

cuttins. vear as against £44.2 m. in 1976 ' with Mr. Bingham's inquiry. -'.peak of 1.450 in the summer. of. blow, tn November Dr.- Dickson tiimty to compete tor araers. 


The businessman’s guide 

. ; • «l 11^* .1 



Areas for Expansion 


Below is a brief guide-to the investment incentives 
available in the Areas. They apply to companies moving into, 
or already in, the Areas for Expansion. 

Are you planning your company's future now? 


Before you do anything, it could pay you to get 
in touch first with your nearest Industrial Expansion Team, 
On tick the box(es) below for the information you want 
and send in the complete coupon. 


Greater benefits are available in Northern Ireland. 




I Capital grants 


Shoe industry’s aid 
starts with £4im. 



Attractive finance 


Rent-free factories 


Manufacturers can obtain capital 
grants of 20% or 22% for new buildings; 
also for new plant and machinery in 
manyAreas. 


Interest-relief grants, or 
favourable-term loans. 
Fixed-interestloansfrom European 
Community funds. 


Up to 2 years rent-free (exceptionally, 
5 years). 

Options to purchase on long lease. 
Wide range of new factories available. 


G rants for office rents for up to 7 years. 
Grants for new jobs created within 
5 years. 

G rants for staff moved . ■ ' 


Bryant is 
cleared of 
conspiracy 



Tick here 



BY ARTHUR SMITHi MIDLANDS CORRESPONDENT MR. CHRISTOPHER BRYANT, 

chairman of the Bryant constrnc- 

DETAILS of the long-awaited both are represented on the tion group, Birmingham, was 
package to aid the troubled foot- Industry’s /Little Neddy estab- found not guilty at the Old 
wear industry were announced lished. recently. Bailey yesterday on two. counts 

in the Commons yesterday. .. _ of conspiracy , to .portvgfc- 

An initial £4.5m. is allocated The aid scheme provides for:- 
to promote modernisation and • Employment by small and StoSSSt * 

^sm^“srs ffiA a S$gS S&S 

73 00° «rke« are on ehort Ume » MM ' J™*® “• W charge^ will .b^SS 


to promote modernisation and 
raise productivity in an industry 
where about 8 per cent, of the 
73.000 workers are on short time. 

Mr. Alan Williams; Minister of . iu-u»v«u«... 

State, Department of Industry, 50 per cent, of approved con- Earlier/- -the jury',- had-' heard 

said the scheme would “play a suitancy tees. judge'jsiay. that admissions of 

significant part in assisting the # inyestmW ^n elosing-rooro Strtlt - SODO.e of Mr: Bryant's 
industry to remedy a number of niiSjneay ior sewing bn shoe colleagties should notbe.v^Ighed 

its major internal weaknesses npners. A capital ' grant of agains t hlm. ^in any jSha^ or 

and to ensure its long-term 25 war - ^ cehi of net eligible form," and that- thtf-&3&4&E*dfe 

future. caataf '. ' >' _ . ride: whether he hbcamfer8%tiarty 

- . <5 • . .. .. - ' to the kxhdjjrconsjrfrscjr #eged 

Retail margins ' # 8 a BbSaUsation of a. company’s during - the' ti-IM; 5 - ■/- 

ppepotiona ' ami. where, appro- •, Mr>. Bryant,- -53;. of , Sam«3ury. 

More significant reeommenda- pnate/ improvements in the near^ "Broadwajc 'Worcsi, had de- 

tions may be in the report industry’s structure. Interest nted conspiriiig -het^eeif '.lS63 

expected this month from the ' relief grants or, in' exceptional and^ ^1973 to*^ makeshifts coxDiipiJy 

Price Commission, which has case&.;U>ans for bvojfecta costing to officers, and ^members- of {local 

been investigating retail margins radre than flO.OOp- . ' authorities as. inducemfiafe to 

in tbe industry, MfchflW FieWen,’ di recto* ^vour td.lus : mmb.pwy- # 

Imbalance of market strength general 'of the British Fooiweir tie: also .deo.iea. conspiring w 

■ m . ?.- > _ , r .i ■ . ■> ■ * % _ mft Iro * iNrtiinAiviAn'W en«i 


to-iorrow?. 


more' than flu.OtJp." ;V antborities as.'-inducements 

Mc Mfcbael FieWea,’ director ^ ^ vou ^ 


Tici.tiere 



Tirl: here 


London tel: 01-211 6486 

2 -Mi our answer-servme f$r ttoofclet 
anquirie-.onl/: 01*834 2026 


study by management,, unions tion^ .the Government’s commit- •Ce r Pd»ti<ihf-^h-,'wea,-;j^^d on 
and civil servants; ment to;4Jie- inefesfry, - fhe' l '* to 

This, on which the measures '£oitfdfe^Ce-wasf dependent- on beJSn Sh^tinit was 

announced by Mr. Williams were measur^^tb' .^curb Jow-oost _ no- a - “prominent - and 'highly-- respec- 
; based, found that with notable ports: Ssles from South Korea t*)- cltiieo'of ■BinDinsham.''^ He 
exceptions too many distributors alohe':: .this ye?r . -increased by invited -them to assume that de- 
took advantage of their size and 25Q perceat • • s *. tails of golfing trips *7 mast not 
the buyers’ market to, squeeze introdnees a syatem say orgies " — on which Bryant 

manufacturers margins. of'-.'shthraatic .. import licensing directors took Mr. Maudsley to 

To establish a dialogue be- frcim lllEiy ^ for all Shoes from 1J. Ireland had somehow escaped 
tween "producers and retailers, mafef -^^jPSPM^nlg/'teBnurtxies- . the defendants’ attention. 

Paintings rtialise £296,560 



less than ino, compared with a -demise last year was a major give onuau j«ua 4 
■ peak of 1.450 in the summer. of. blow, tn November Dr.- Dickson tunity to compete for orders. 
197R -Mahon. Minister of State for means in essence that so 

The workforce has now been Energy, said that the Tartan j 0fl g as LUC. fabricators have 
built nn to over 600 largely on contract had given the yard .a specified delivery dates, prices 
the strength' of a contract; for last chance to prove its viability. atu j technical content as attrac- 
nart of the Tartan Field plat- Waterstone— who now be- tive as overseas bidders there is 

form fonstructinn. The order. was comes ^airman 0 f the new RGC little chance of oil companies 

placed by Texaco afier fierce company— said then that the e»p : being allowed to place contracts 
competition from overseas yanK-pjoyaes knew that the. yard was outside of Britain. This provides 
in the event Texaco decided- being given a second chance and a clue to De Groot's involve- 
fo share the contract between there would not he a third. ment in the new RGC company. 

an ? Dnion Industitelle.,: n owever the formation of .t a«t week HonevwelL the US- 
d Enterprise of France, each R<;c ha£ . t0 a major .extent Sterns' 

company destined to earo weB jin^erwritten that 'secbiid Si-d TriaS! 

SS5SS p " rt 01 watertton. „W gj«%- ‘SSJJEK 


charge of the Corporation’s ma y have been taking a cautious Jems that : might arise for a 
North Sea developments, s»d be - • -■’ . \ -foreign company seeking busi« 

saw that contract — 1 iw&rded n appears that following the ness . m the North S®®- 
some six months ago -j as a recent lean yearg there could But another attraction of tbe 
“great new start.” / be a spate of orders for produo- deal to De Groot is that it has 

The joint venture with UIE tion units over i' the. perft.'l2 been seeking ? eirperience and 
opened up opportunities for more months or- so; perhaps as. many a? fabrication' facilities ' to take it 
orders both in the North Sea a dozen according to stockbrokers into the deep water platform 
and in French offshore waters. Wood. Mackenzie. market. 






Scotland. 

Glasgow, 

id; 041-248 2655 

Wales. 

TelrCardrff62l31 

iSTD code 0222) 
Northern Region. 
Tei; Newcastle 
upon Tyne 24722 
TSTD code 0632/ 
NorthWest. 

Manchester, 

£d: 061-23621 71 

Liverpool, 

td.- 051-236 5756 
Yorkshire & 
■Hwmbcrside- 
Td; Leeds 443171 
1STD code 0532) 

East Midlands. 

Tel; Notvnjham 

56181 (STD code 06021 


West Midlands. 
Birmingham, 
tel; 021-632 4111 
Southwest. 

Td; Plymouth 
21891 (STD code 
0752) or 
Bristol 291071 
ISTD code 0272) 
London & South 
East. 

London, 
tab 01-603 2060 
E*t221 ' 

Eastern Region. 
London, 
td; 01-603 2070 
Ext. 359/360 
Northern Ireland. 
Tel: Belfast 34*88 
(STD code 0232) 
or London 
01-4930601 


0 



lo: The Industrial Expansion Team, Department of Industry, 
Millbank Tower, London 5W1P 4QU. 

Please send me full details of the benefits available 
in the Areas for Expansion, as [have indicated above, 


NAME. 


POSITION IN COMRANY- 

. COMPANY 

ADDRESS 






SSSSs' 


Areas for Expansion 

-iUtC 6 r ThC DtP^Rff-iti U oFINQUSI Rl o.j^o.-mNd.. vviU. tfi« St-jrj,r.*tsijrsni(c PUnr.'n*Do»'tmcr,; 4 ,„, w ,‘r:nhOU<e. BS 



FT 17/4 G 


A GOOD SALE of Victorian 
paintings at Sotheby's Belgravia, 
yesterday totalled £396.560, with 
just 6-6 per cent bought in. A 
U.S. buyer, l. Vosko, was an 
active participant, paying £9.500, 
plus the 20 per cent, premium, 
for Bal de la ViUe de Paris pour 
les Blesses by William Parrott. 
It was an auction record for the 
artist. Another new high was the 
£8,300 which acquired Procris 
and Cephalus by John Spencer 
Stanhope. 

Vosko also bought- Amo Te. 
Amo Me by Sir Lawrence 
Alma-Tadema for £7,500. rather 
below forecast and Colnaghi 
secured a portrait of Mrs. James 
Guthrie by Frederic. Lord 
Leighton, for £7.000. Yotttip Lad# 
Bounli/itl by Richard Redgrave 
sold to Vosko for £6,800. 

Sotheby's in Bond Street bad 
3 minor auction, of oriental 
ceramics which made £28,927, 
while at Sotheby's Bearn e in 


Torquay an Edward VII shell 
pattern’ .table service of 163 
pieces .sold for £2,909 in a silver 
auction which- -totalled £44,245. 

Prince Liechtenstein paid 
£6,500 at Christie's yesterday for 
a cbflactioa. of Iconography, and 


SALEROOM 

BY ANTONY THpRNCROFT 


other portraits, after and bySfr 
Anthony vain Dyck by various 
engravers. There were about. X80 
plates. He also, paid £7.5 rfor an 
engraving of -Jupiter and Mer- 
cur^-lh the. House of Philemon 
and Baris by Hebdrlk Groudt, 
after A. ■ Elsheimm*. -. Both -ipts 
were from- a sale of Old-Master 
engravings, etdMngs^ndjvood* 
cuts which totalled £82,973. J - 
Eleven lots; ; the property • of. 


Col. William* Stirling and re- 
moved from Keir House. Dun- 
. blane, .Scotland, realised X1-L595- 
They .included the day’s second 
highest lot at £5,000, of a wood- 
cut of an- Allegory on. Com* 
■mere?, by Jost Amman after «?■ 
Neudorfer. 

In otiier lots Mulder, tbe Lon* 
don dealer^ paid £4,000 for a set 
of "38. plates, of engravings after 
Canaletto by Visentlne. A simi- 
lar set last sold at Christie's in 
December, . 1973. for LS00 
guineas. .An engraving of Tbe 
.Virgin -and Child with the Pear 
by - Albrecht Durere. went to 
Craddock and Brown. 1 the London 
dealers, at £3/300. 

Also at Christie's there was 


•TTT-i'TTsr’.Jr in *vr,«.n.v 


weights* which brought - in 
£S4^71. Sheppard, the London 
-.dealer, 'bought a large German 
.engraved goblet of around 1735 
for £3.200, add Spink a Baccarat 
nnnn 










For expanding companies, both big and 
small, the best Way of turning good business 
ideas into profitable reality is often a 
medium term loan from Midland Bank.. 

Such finance is available to creditworthy 
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normally repayable overfrom three to 
seven years. . . 

This is how teamwork- you and Midland 
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You may need capital to expand manu- 
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mamed 


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Where very large companies are con- 
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ensure the best possible use of Midland 
Bank Groups wide range of services. 

And all these services are as accessible 
to your business team as a call to your local 
Midland Bank. 


id 






i /.' 4 


m \ - 


« . 








r. . • 


Midland Bank 


Midland Book Limited 







in 


Financial Tim6s Wednesday April 19 197S 



Metric 

switch 



sought 

By Our Consumer Affairs 

Correspondent 

THE GOVERNMENT called on 
trade and consumer organisa- 
tions yesterday to reaffirm Ihelr 
support for an order iy transition 
to metric measures. 

In an open Jetler to over 100 
groups which in the past have 
supported the Government's 
timetable for introduction of 
metrication. Mr. JJoJhn Fraser. 
Minister of State for Prices and 
Consumer Protection, asked the 
organisations to make their 
present position clear in the 
wake of recent attacks on the 
metrication programme. 

The success of the metrication 
programme, he said, depended 
on co-operation on all sides, and 
it was clearly impossible for the 
Government to proceed against 
a background of hostility. 

He therefore asked the groups 
urgently to let him know if they 
still supported the programme, 
with cur-off date orders for use 
of imperial measures based on 
the agreed timetable: or if they 
preferred no such legislation at 
present. 

The choice facing Parliament, 
he said, was if the imperial units 
should be left to "wither away 
in the shops “ over a long period 
or whether the process should 
follow a definite and prescribed 
timetable and be brought to an 
orderiv conclusion by the early 
19S0s. ' 

Britain is irretrievably com- 
mitted to going metric. What is 
at issue is the use of statutory 
cut-off dates for use of imperial 
measures. 

Two Government Orders have 
recently been hogged down >n 
committee. Mr. Fraser said this 
resistance had led the Govern- 
ment in ask whether it could 
still claim to have universal 
support for metrication. 

It bad been virtually unani- 
mously accepted that Govern- 
ment had to shoulder responsi- 
bility for giving statutory back- 
ing to agreed • timetables for 
phasing-out of imperial units in 
the sectors involved. 

But in the light of recent 
developments he considered il 
necessary to give all concerned 
an opportunity to rconsider and 
restate their positions. 


Electronic circuits 
output ‘must double 9 

BY MAX WILKINSON • 

FURTHER EFFORTS must be equipment manufacturers and this is is noa-cost-conipetitirej 
made to improve the competitive- electronic components industry plant, 
ness of electronic integrated work together closely to exploit » -j^e 

airmtit M 4 inf 90 *iiM iti Rriiuin J'rtivw nnnnrtunilip<L" . 

changin' 


circuit manufacture in Britain, these opportunities. 
1 an Industrial Strategy 
[published to-day says. 


need to 
patterns 


respond to 
of demaud 


Report The sector ai present employs £' uc *““ £ 

about 130.000 people, a figure means ^ some of ttls capaelts 


Receiving Whitehall worry 
order 

against 

Stem 



as more 
forces oyer pay 

BY MICHAEL DONNE, DEFENCE CORRESPONDENT 


The report from the Electronic 


which will be reduced. unless the “ijg 1 incIl ^ w ni nSd to i BT ******* WD 


~U S e 4Sal £££ Ua a il? f to C SseVtJut £ riStt share that im-i 

SlSnSnSS iSH the trend towards automation. _Ports are taking of the L.K-; 


Development Council says the 
sector needs to double output by 
19S0. 

This is in order to create 


Britain's share of 


= CONCERN IS being expressed m is agreed that whatever award is 
j Whitehall at the increaring.diade, it will have to be generous 
number of men leaving . the? to : ensure not only that the 
A RECEIVING order was made anned forces because of di*;*yesent rising tide of resigns tlons 
exnorts market and to increase the level in the London Bankruptcy satisfaction over pay. ■ .-"te officers is stemmed, bat : ^Uo 

anioniToECD “countries remained of exports. Court yesterday against Mr. Coupled with difficulties, in teat recruitment is encouraged, 

about finer rent between 1970 “in ' William Stem, the former recruiting adequate numbers tif- Together with other ranks, -the 

Ibis is »n order to create a an( j jg75 P but the report warns- vniw!? 11115 U s. ■ ^ P r °P ert y tycoon whose private- men of the calibre needed to; total of Anny personnel seeking 

balance of trade surplus of Britain held or i&m ww h Uc _?!. increasing oar capacity to business empire collapsed .n maintain manpower levels in tie ?; to .quit is expected to reaehmwe 
£270m. compared with the - h 3 OECD wiSm in the ^- or 1974 with debts of weU over; technical arms of the forces, than 5,000 for toe full, 1977-78 

presnt deficit of ElTOm. markets whirt grew at or 0100 prodtIcts in **>* L K - ; flOOm. , these resignations are likely to .financial year. 

If this happened, import nene- below the world average rate. Further efforts Deeded to be; The petitioning creditor was resuIt ^ sections of the - to the JtAF. by March L a 
tration would fall to about 25 oer «in the six markets which made to establish quality and - Keyser UHmann* the merchant a f my - aad “J force being Aotalof. 450 officers. were wait; 
cent. grew more rapidly than the reliability standards throughout} bank, which claimed £20.5m. sbori of personnel for some tiB^ i^ to leave — ttAr 

The working uarty says. how- world average. Britain's share of the UN. components industry. :and which, last December, won ]°. iMpteg to £»“ 

ever, that tihs objective is orob- exports of active components The main recommendations, a High Court action against Mr. takes to train replayment f -. - .- .those -in bighly specialist fggffS 
ab.'v over-ambitious. fell.- are that the Industrv Depart-' Stem, who was ordered to repar Reports in Whitehall sugge^ who will be difficult to replace 

A series of studies has there- ment should extend its suDoort I £1.56m. ’ That the problem is particularly quickly. . . .. 

fndu -trv 6 Department took 1 to Contrast for toe components industry and | Keyser UIlmamTs petition ' JgJ £ to it ^ short affiS? of 

detail at toe prospects of each contrast the working party f n P c 7 0[ JniS^St.SL ,mport ' ! jjjgj* wl " near 1 - 000 * P ° f wSrtLtoe. calibre needed to fill many 

product range in the industry W' s - Japans share of world an ®® , January 24 of a bankruptcy about 470 have applied within the technical posts, especially in the 

Although the working nartv trade for the major products in In considenng future policies , order and was partly based on ■ pj^t four mouths. general duties branch which, in- 

had not ret formulated 5 itsde- this sector grew 4 from 9.8 per Jwarts taxation Md remunera- , the earlier Court judgment. ; ^rhl full effect of these mvSeJBET. aircrew. . - ‘ 

tailed views on all these product cent, in 1970 to 16 per cent in Government should 0 ive When the judgment was made .tions have not yet been felt,' , The recent introduction of new 

areas, “it will wish to support l 974 . special consideration to the need . agaiDSt Mr. Stern in December, . because most officers - are. sbertntervlce commissions is 

stronsiv the views of the Electro- Fujitsu, with 36.000 employees to attract ana retain toe right. Mr. Derek Wilde, chairman required to give six months. intended to fill this gap. 

nir e Research Council and the and 7.000 research and develop- calibre of employees in the > Keyser Ullmann. said that “as notice. • ...- But one of the KAF*s biggest 

l nd!i=tr\- Department that micro- ment engineers, mostly working manufacturing industry if the a large sum of money is in-i The impending drain of officers. problems is that only a small 
pj P ,- ironies is one oF the key on advanced micro-electronics, is industrial Strategy is to succeed ; reived, we feel an obligation to comes at a time when the Cabinet percentage of the recruits coming 
tech nnlncir* for the future. receiving an average £30m. a “This involves providing pro- ; shareholders to make abso- [ is considering the report of the forward are of the capacity 
li ha« heen estimated that in year in government subsidy. per incentives at all levels- lutely sure that any money Mr. 'Armed Forces Pay Review Body., .required to fill some of the jobs 

the 1980s electronics will account In toe U.K„ it i.s estimated that through measures that harness Stern has is made available to! This is believed to recommend —for example, as pilots of the 

For a significant amount of the the components industry has a the talents of all employees.’' i repay these loans." 'pay rises within the Govern- modern supersonic jet fighters, 

value of a car. 30-40 per rent, surplus rapacity. XEDO Books. 1, Steel House. U.l Legal steps which could lead ment s guidelines, but coupled; It costs about £500.000 to train 

'■It is thus essential that the but the report says: “Much of TotfiiU Street London, S.W'.t. to a bankruptcy petition against a series' of adjustments in a fighter pilot, and takes several 
-Mr. Stem were also taken last special rates for particular trades years. 

” - i vear bv the Crown Agents to ' tbat w* 11 help to redress the im- • Leaked figures which show a 


Builders criticise land policies 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


whom there is some £40 m. ovring balance between present forces?, heavy drain of men frep^tje 

from Stern comoanies. pay and the salaries obtainable to armed forces because of dissatzs- 

__ _ . civilian lire. faction over Ifivels of pay were 

Tnc effect of yesterdays The Government's decisions probably correct, Mr. James 
receiving order is to freeze Mr. 0T1 forces' pay were originally Callaghan, the Prime Minister 
Sterns assets. There will now be expected to be published this said in tbe Commons yesterday, 
an^intensive investigation by the week, but it is understood that Pressed by Mrs. Margaret 

^ in view of the difficulties in- Thatcher, opposition leader, to 

volved in finding solutions: that , give tbe Services a pay settle- 

auire*' houses the nallon ^ Mr^She^he^rd^concedede that : American-born Mr. Stem, who resulte^oMtoe m>y P vwwd\^ S3elines. V |e ?5d: - rshall not 
&pherdsaid that because the conation ffdX had ani said in the recent Fay -Con, * be Refereed . until «« ^ek- . be i pushed on ttta i matter any 



which are “committed to anti- offices and 
growth,'" according to hte House- requires. 

Builders" Federation. Mr. SlK,.... .... , _ 

Mr. Colin Shepherd, president structure plans were regarded as interest in a healthy building ;> nutees report on the Crown 
of the federation, said in London beinc no more than 4echnical programme but said that “a nega- Agents to have given personal 
yes’erday that he believed that land-use planning documents, tive anti-growth attitude" was 1 guarantees totalling over £100m^ 
policies now being incorporated people responsible for the indus- now emerging in relation to [ w *s not present at yesterday’s 
into structure plans represented trial strategy at the highest level many sectors which have exper- i private hearing before Mr. ' 
“an insidious menace'* to the were apparently unaware of the icneed the fastest growth over- Registrar Par burr at the London , 
nation’s economic welfare. damage being done by them. the past 20 years. - Bankruptcy CourL 

He said: “In area after area. “We have a series of planning "These policies are being pre- 
structure Plans either have been policies which are committed to pared by planners, encouraged ; 
submitted or are being prepared anti-growth, anti-expression and and stimulated by a thoroughly 
which reflect the outcome of which are pro-conservation as an misguided minority of conserva 


public participation exercises and end in itself rather than as an tionists. who seem to see their; 

the wish fo people to have less intelligent part of total strategy, role in life as being to turn back i 

growth of all kinds in their It is those planning policies the tide of 200- years of indus- 1 

area. The total combined which will actually determine irialism.” 


Grocery 
shop sales 



This mail aims to invest 
T50Q000 in anew production 
line far his company 

Wti aim to give him all the 
help he needs 



There comes a point when every successful and expanding 1 
company needs finance. It may be for a new* production J ine. 
^factory or apiece of machinery that can t be financed out of 
cashflow* or capital. You need a decision, and you need it quickly. 

And ihat^ when von need Coutts. 

Just because Coutts isn't one of the big banks does not mean 
it isn't one of the most profess iona l . 

In fact our size gives ns very definite advantages, flexibility 
in adjusting services to meet customer needs. Speed in giving- 
decisions on credit arrangements. Efficient supervision or the 
dav-lo-dav service. And they’re backed by a 285-y ear- tradition of 
giving a highly personal service. 

So why not contact John Acheson at Coutts now, and find 
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can help your company. - . 


f5r* 



Corporate sendee based on agreat persoi ial tradition 

1 Suffolk hlicctjLofldoa 5lVlY4tl±. JefepUoac: Ql-6J(i Jti'l. 


Througout the armed forces* it more than any other." 

- ■ - — — — ■ ■■ ;n . '■■■ ■ — 

Warning on public 
sector 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

A WARNING that the publir - “They have done this beeause 
n . .sector borrowing requirement there is In any case a normal 

ftVPr 10hn 'might overeboot this year. >lfr. J2S e thi tl 2oriSli 

U V ti X-i. U UI1« • stead of undershooting as in the Sta'mMf 

! recent past, comes to-day frema ^ *" cWr‘ 

former senior Govenimeot *«**.«? “Ter TgiS-ra hM S 


By Our Marketing Editor 

TOTAL sales in Britain's grocers , mi^tl ^ , 

last vear tQDoed the flObn mark . ^exaggerated in the Official fore- 

lasi . ear topped me -iudd. mark i rjew comes m stock- because the initial shock of 

brokers J. and A. Scrimgeour's cas b limits has worn off and 
quarterly economic reviep. from spending authorities will be 


for tbe first time, according to 

A. C. Nielsen, the market re- 

search company. The total , Mr. Michael Posner, a/ former allowing* their agents to ho much 
£l0.0?Sbn., showed a 16.1 per « deputy chief economic rfmser at nearer ceilings than they have 
cent, gam on 1976, when sales j tbe Treasury and Bowjteader in done for; the last year or two” 
were £5.6S3bn • economics at Cambridge. Mr. Posner atso referred to 

Ficures are’ based nn total ex- He says that the official Forfr the large.^ommitment of the 
Pcndilurc on all items suoniied 1 casters have knocked about £2bn. contingency reserve at this stage 
5 gmio to trendk inioff the public expenditure plans although he doubted whether 
ScSed emeries whYch have i “ and therefore the borrowing any overshoot of the. borrowing 
provided the basis for recent pub- i ? { t x * i ™ l " ent — b * for t e drawIn S U P ^ wouId he large— perhaps 
licity accorded grocery ttode ^ Bud « et estimates. £lhn. 

movements over the past 121 - 


Silverware 

demand 


Jubilee 


AFTER the boost itt cottunepjora- 
tfve iilver- warts -during Jhbilee 
year demaad ior silver fell hack 
in the flrst quarter of UuSiy^ar- 
But demand for gold hallmarked 
articles • regained . -buoyant 
reports _ the Joint -Committee J of 
the Assay/ Offices of. Crdat 
Britan. .. . *: 

. The ntouber of silver , arficles 
sent . for assay in the first three 
months of this year, at^nL.ltems, 
was 3;3. ' per cehLv less than hi 
the first three -mdaths of last 
year and -the weight fell ‘ even 
more sharply by 32 per cent to 
31 tonnesi 

However. nearly . 415m.. -jgold 
articles were hallmarked,: 222. 
per cent, more.- than .in the. saiq e 
period a. year ago.- ^ ■ 

Helicopter deal 

British Airways has ordered two 
of the new XJS Sikorsky. S^TS ’ 12- 
sea ter helicopters, worth about 
£2m 7 bringing to' £16nr. ^the 
investment in new. aircraft' over 
the past year by British Airways 
; Htiicopters. _ . 

Engine record ~ ■ 

Rolls-Royce Dart engine..- yester- 
day completed its 25th . year in 
airline ^service, the world's fifst 
gas-turbine aero-engihe to" do so. 
In that - time, more tb ari&JBQQ 
Darts have been, sold, worth more 
than £300in. The 1 original -TtR. 
Government investment -to Di^t 
development has already beeo 
repaid q early twice over throogb 
levies on' tbe sale of engines and 
spares, said Rolls-Royce.' • - : - - 

Skoda change • 

Skoda Is to introduce modified 
versions of its Estelle iu' the 
U.K. to-day. After criticism , of 
the suspension by tbe Auto- 
mobile Association, and.’, J&e 
Department of Industry. 

1976, the company har 
major changes to toe Suspense 
.and . is 1 buying Britisl "" 
wheels and' tyres. 

..Merger vote v 

Members of . toe Hastings. ^ 
Thanet Building Society/ > 
overwhelmingly in favour 
merger with toe Anglia! Bit*' 
Society at their annual. 
yesterday. 

More jobs call 

The East Midlands Ecdt 
Planning Council. ; to a 
with one of the lowest 
ment totals hi the country, 
yesterday for more 
approaches to tackling the,,' 

Jem. It wanted tax 'cuts, 
retirement,, longer hoUdas 
a shorter working week. 

Price row J 

The Electricity Council!?! 
again criticised toe; Brit 
Corporation for chargtog. lt 
tomers too Uttie for 
Mr. Ray Orson, a member, ot 
Electricity Council, said*. .. 
day that British Gas was paying 
less than the market price for^ 
its gas supplies, and selling it at 
much less than the market price. 


BBC and ITV join in research 


BY ARTHUR SANDLES 


months as a result of the High ■ 

Street price war initiated . in ' 

June by Tesco. 

In the wake of Tesco's deci- 
sion lo sever its relationship 
with Green Shield trading stamps 

and the drastic price-cutting - 

throughout the trade that fol- ■ AFTER YEARS of argument the audience. areas do not always coincide 

lowed, last year saw a further : BMC and ITV are going to get At the moment. ITV figures are with ITV franchise territories. A ! 
substantial improvement in '.he I together for audience research, gathered '"by Audit of Great joint! Board is being set up by 
share of total grocery sales en-!The two networks have been Britain which is under contract tbe BBC and ITV to discuss fund- . 

joyed by the multiples. Their j criticised often for producing to hte Joint Industrial Committee ing and management of toe sep ! 

sales improved by 20.2 per cent, widely disparate figures for for . Television Audience vices. 

to give them 51.2 per cent, of audience sizes and were urged Research, a television franchise • The former controller of BBC 


the total market. 

The co-operatives almost held 
their own with a market share 
of 13.8 per cent and a sales gain 
of 14.5 per cent. 


[by the recent Annan report on company co-operative. Audit is 1, Mr- Bryan Cowgili, yesterday 
the future of broadcasting to under a one-year rolling con- denied "that Thames . Television 
settle their differences. tract which is next due for review was hi-jacldng staff from the BBC 

From July of next year tbe this summer. There seems no by tempting them with offers of 
BBC will do all radio research reason why the present arrange- huge salaries. 


But tho independents suffered. ; and also the qualitative work for meat should not continue hut tbe His denial followed last weeks! 


Their sales improved by only 
11.1 per cent, and their share of 
the market fell by 1.6 per cent, 
to 35 per cent. 


television — assessing audience Audit- company task may be claims by Mr. Tan Trethowan, 
appreciation. ITV will carry out changed a tittle. director-general of the BBC. that 

the quantitative research — The main changes will be geo- stars and bebindTthe-camera staff 
measuring tbe actual size of graphic .since the BBC service were being poached by fTV. 


REPORT OF COMMITTEE ON POLICY OPTIMISATION 

Open economic analysis urged 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE TREASURY should be 
more open in its economic 
analysis with increased public 
disclosure of both research 
work and alternative courses of 
action under discussion, says a 
report published yesterday. 

It says “ a strong and 
“ permanent ” research unit 
should be established within the 
Treasury with an independent 
advisory council to oversee Its 
programme. 

These proposals have been 
suggested by the Committee on 
Policy Optimisation chaired by 
Professor Jim Ball of the Lon- 
don Business School and con- 
sisting of seven other academic 
economists and researchers- 

The committee was set up two 
years ago hy the Treasury to 
consider the feasibility and value 
of applying optimal control 
techniques to economic policy- 
making. These techniques are 
concerned with reconciling cer- 
tain specified goals given a limi- 
tation of resources which forces 
a choice of trade-offs between 
the goals. 

On this specific point the 
committee concludes that the 
application of optimal control to 
the analysis of economic policy 
is feasible and is likely io be of 
value at a working level as a 
means of testing the properties 
of economic models. 

“We are not. however, able 
to sav that tins is the single most 
important priority in the develop- 
ment of modelling and forecast- 
ing practice.” 

The report ranges far wider 
than its original terms or refer- 
ence and discusses the whole 
ba-us of Treasury forecasting and 
uconmmc policy-making. 


Commenting at a Press confer- 
ence yesterday. Professor Ball 
said that tbe forecasts which 
emerged from the Treasury 
model team were inviolate and 
there was no evidence that on 
any occasion they have been 
referred back even though minis- 
ters and senior officials might 
disagree. 

He also said it was wrong to 
believe the Treasury was mono- 
lithic. There was a divergence 
of viewpoint within Just as much 
as outside, while in recent years 
there was in toe Treasury, as 
externally, greater uncertainty 
and a wider stretching of 
argument 

Forecasts 

Professor Ball said it was diffi- 
cult to distinguish tbe contribu- 
tion of Ministers and officials. 
There was a convergence of view 
rather than any superimposition 
of a Treasury position upon 
Ministers. 

The report presents the first 
detailed recent description of 
bow short-term forecasts are 
prepared in tbe Treasury. 

The forecasting round— major 
exercises in January and the 
early autumn, and usually 
another in June or July — fol- 
lows a Fairly rigid six-week time- 
table. This involves the major 
time of nearly 30 people. 

The Treasury's computerised 
forecasting model of the 
economy involves about 20 
people and has operating and 
research costs of some £600.000 
a >ear. 

Professor Ball noled that the 
Treasury bad only initiated the 


construction of a model of the 
economy in 1089 (though it 15 
now on a largo. scale with 583 
equations)- He rejected the view 
that problems were caused by. 
a shortage of economic data, 
wbleh were just as good. If . not 
better, to the U.K. than else- 
where- 

.'The report contains a com- 
parative discussion of forepasts 
and concludes that the Trea- 
sury's performance has not been 
demonstrably worse than that of 
other. tf-R. forecasters and 
where forecasts bave been poor, 
u to 1975 and 1976, they have 
tended to be. generally poor. Tbe 
Treasury ifio&el is more closely 
related to toe forecasting and 
policy-makings process than any 
model to . the U-S. 

' do tbe specific issue of optima) 
control.- the report notes toe diffi- 
culty of defining the preferences 
of policy-makers. Some witnesses 
suggested that this was - an in- 
superable problem, while others, 
said optimal control theory- made 
it possible to Identify a deviation 
from a desired path and penalise 
such a.- departure. 

. Professor Bail said one of the 
advantages of this framework 
would be to force a re-exam ioa- 
tftjn of planning horizons since 
one. of tbe major weaknesses of 
policymaking! has been to look 
at too short a planning horizon. 

He distinguished between the. 
direct benefits of the optimal con- 
trol ' approach . in , conjunction 

toth Ministerial and official de- 
rision making, about which the 
committee was sceptical ; and toe 
indirect .help at a technical level 
as a useful tool, for those build- 
ing, statistical ntodels- 

■ Professor Bali said yeslerdsF 


slaered why it wgs established at 
all and -suggested thgt rather 
than setting up ad hoc commit- 
tees on technical questions it 
woiifd be better if the Treasury 
contained within itself, but open 
to the outside world, a capability 
to assess new ideas such a: 
optimal control. He said the 
committee was unhappy aboui 
toe present position on researet 
and policy analysis. 

Encourage 

-Consequently, the report cilli 
for the creation of a researd 
unit headed by an Under-Secre 
tary working in parallel ■wio 
the forecasting and polic: 
analysis divisions, and for to 
creation of an advisory counci 
with an independent chairing 
and a majority of member 
drawn from outside th 
Treasury to monitor the rerearc 
programme generally. 

“The committee also cot 
riders it important that any ir 
creased capability for generstin 
alternative policy scenario 
should be shared with to 
general public. Our wish is 1 
encourage developments to? 
will aid the policy-making pf 
■cess: but- the results will t 
to some extent wasted if ti 
opportunity is not taken to reve 
to tiie public the trade-offs at 
constraints with which Ministc 
are faced. ~ 

. " The British approach 
budgetary policy and its prere 
latinn is a closed system, until 
th' more open debate that necu 
in the U.S. _ * •- 

Committee on Policy Optima 
lion, C trend 7148, Sttttionc. 
Office, price. £1.85. 


iaSftag . 








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SATiON 

urged 


One of Peter Darvill’s standard models. 


In a world of increasing unifonnitxIterDarvill 
stands for individual creativity. 

He works with cars, giving them stripes, flames 
and any number of exotic patterns, making each car look 
like something out oPStarWusS 

But while Peter provides distinctive-looking 
vehicles for a minority of enthusiasts, most people are 
concerned with the comfort; safety and efficiency of 
their cars. 

And it is chemical companies like Bayer that 
help provide the automotive industry with the means to 
produce better cars. 

Bayer was first to introduce versatile poly- 
urethanes, providing both die materials and technology 
for impact-absorbing bumpers, focias and fi tments, as 
well as more comfortable seating. 

Engineering plastics and synthetic rubbers 
contribute to more reliable components and trim, while 
textile fibres and dyestufis give the colour texture 
and style. 

Man-made materials like these also provide a 
valuable bonus: being lighter than traditional materials 
they save precious energy now a very high priority the 
world oven 

In automotive engineering, and in many other 
fields too, partnership in innovation is the keynote of 
Bayer’s approach. 

Whether it is helping formers increase crop yields 
with more effective pesticides and insecticides, 
providing architects and builders with more durable and 
colourful materials, or in helping to fight and control 
disease and Alness. 

Or whether it is producing the pigments for paint 
on which many people, including Peter DarviLL, rely 


( A \ 
BAYER] 


Bayer think of tomorrow-today. 

By spending over £200 million on research 
every year By making over 6,000 products. Employing 
over 170,000 people world-wide and selling to almost 
every country in the world, contributing to their 
economic well-being. 

If you’d like to know more about Bayer and 
the work we do, please write to the address below for 
our free booklet 

BAYER UK LJWTED, BAYER HOUSE, fQCHIIOtffi, SURREY TW9 1£J. 

DMSWNS AGR0CHEM CROP PROTECTION £ VETERINARY, DYESTUFFS TBSS M0RGANJCS. ORGANICS. 
PHARMACEUT CAL'ftfAittAACEUTCALS, DENTAL & CORSIASR PRQQUCT S PLASTCS&5LKF ACE CQATNGS. 

FOBMEIHNC. RUBBER 


<f' : A 





12 


$$!£ PRICE^OMMISSION report on the banks 


Financial Times Wednesday Aprfl-l?/ 1378 







BY MICHAEL BLANDEN 


P1 ,ctnmers The interest un currem iwuuuu -■ — «■ — report follows a detailed w provides* 23 per cent of their 

charges made J? 'L GS _r*er its hv varying the scale of the customers. examination of the charges made “S! T iaraes f money trans- money transmission revenues 

«SSISt?on of the money trans- allowance made by the nanta The Coramiss i on says: M We do by the banks for their money sSrt<*s 9 form I small after taking account of mrtHraal 

Prices o/Wbanks that against charges m relation to nol ag^e; we think that the pro- transmission services — the proportloil ^ the totaJ mcQine 0 f allowances, one . customs’s 
fhp 'rhaS^ tfcy make are not funds held in an account vision of notes to the public at handling of cash, cheques and „ d h particular of the account may subsidise another^' 

the charges y . — •--* * — recomroenda- - - four major London clearing To some extent this is attnbig- 

. j. banks, increases in such charges able to the necessary simpuftn? 

There should be greater flexibility with regard cannot be relied on alone to tien introduced by standard? 

to opening hours so that retail banking-services 

can be available to the public whenever there is 

a commercially justifiable demand. 5 


excessive, "and 'recognises that Another major 


SES taS-Sra.toiPti tion is that the Jante should ^ 
their real return on capital over t0 achieve greater ^ 

recent years which meant that their opening hours, where theiv 
nrofits have not been adequate r00 m for manoeuvre has been 
to maintain their free capital restricted by labour agreement^ 
ratios The Commission said that the 

These conclusions will be wd- committee of London Clearing 
come to the banks, which have Bankers occasionally gives the 
made a strong case in support of impression of “ behaving like a 
their charging system- They can ca rtel" and should open up full 
now be expected to put forward membership to all substantial j ar?e should 
proposals for rises in certain reta jj hanking operations. expense, as 

areas, including charges to per- the safne are;L the CO mmis- use notes are 
sonal customers. ,no _ . 


restore hank profits. The. major tariffs. This simplification has ^ 
burden must inevitably fall 'on certam advantages. Customs^ 
lending, international activities can more e asily and qpiciuy ^esti- 
and ancillary services which are ™ ate toe 7 

beyond the scope of this study, to Pay and to compare tariffs 
The case for raising the between banks, 
general level of charges for 

transmission services j^gyipgS ~ 


. . ‘ money transmission services 

aid be a national other forms of payment — m me on iy be properly sustained if 

5 '' many of those who context of the overall activates it j* jinked to the expectation of n .. f ^ otheP 1 ™,* -tan*—* 

. lT1 5am p area. u ,«s wiuuw - are not themselves of the 17 banks covered. The low short-term sterling interest rnncSfrom thenenSSll 

sonal' customers, where toe cion findstoat the Bankers' Clear- customers of the banks.” analysis has bera basri largely rate& While London inter-bai* ^connt customer the truetastbP 

present levels do not corer the ■ House which operates the on the four major London clear- offered rate (LIBOK) was high, the service with which he is being . 

costs incurred by the banks. ci p aT i ns system for cheques is TmnrnvpmPTlt ing *J lch account for /9 asm 19TO Md 1976, fte costs of provided We do not find the-- 

The commission says 1 pflicient: but it argues that more XIIiprOVCIIlvIlL per cent, of current account these^ services ^vere amply degree of cross-subsidisation he - 1 

will hear in mind these conclu- - ^ don e t0 aV oid the th Trustee deposits. rovered by imputed income from tween personal account ero- 
sions “when assessing future couia^ cau ] d be used „ Commenting on the Trustee T he examination was an- deposits. At the time of writing, tomers roused by the sifflplififed 

price increases notified to it by b st jrt competition from new- Sayings Banks, ser nonneed last September, and with LIBOR around 63 per cent persona] tariffs is objectionable 

the four majnr banks, or applied to restrici cu p recula- process of developing new ser- ^ commission’s conclusions are the result for the banks rarraot j£ ve ^ one respect 

hy other banks exempt from nou- '?™ e £' ad “ S wd a?biSation vices as a lih-ird force m bank- „ followi . be T better than neutraL Should ' 

fication." , !iio«,iion of costs should Ins. the commission finds that pWE conclude that . the LIBOR decline further a deficit 1 

they need to improve their con- faa for money transmission will open up. ^ 5 Sfi>.t Tb^S 

stitutional arrangements to fit in services raade by ^ banks M b. S ettttSt a SSaer iSvefS 

with the -needs of modern com- ject t0 our examination are not ' 5 £ee hbo^^tteminimum^ 

mercial banking. - excessive. After taking account ncgUUdlc subsidises the charge madeT to 

The National Giro, tends ..to of imputed income from _the Having f orTne d the view that btimr customers hy the value jif 

mani . balances which these services mone transmission charges are, the funds in question for which . 

banking sector and though its attract and sustain, the surplus taken y as a whole, notSesivS he is not reimbursed. 
notion existence has been a major from the money transmission have* considered wheth£ We condnde that in‘ftatai^'l|- 
incurincareymg oux “'^‘“ nct catalyst in bringing about an im- activity has declined. cbarges a „ fair aS betwee n dif- net mSeftSisSsrion iSSue 

0 , distri^itlng cash around ® provemen t in the services of the i t i s impossible to identify fe rent classes of customer. is to ta increased.- - chantes 

country. The costs could 1 be ^, Mr|n2 _ it has fai]cd as preciS eiy the capita! empJoyed in 


While accepting the genera! on the . a ”°^J. on b they need to improve their con- char ’;^ s fo r money transmission will 
-guments of the banks, hov. ever. J stitutional arrange me n‘ ..... 


arguments 01 me »«““■ r.ni.ni 

the commission has also put For- England, 
ward a number of other sugges- 
tions and recommendations 
acting charges and other 
aspects of the banks' operations, 
same of which will be highly 
sensitive. 


Interest The National Giro, tends to of imputed income Having formed the view that o^er^eustomers by the value 

j lack the professional skill of the balances which these services .* ... ^ — j_ u — * *»-v 

An important comment is niade ban ]-j nw sector and though its attract and sustain, the surplus 
on the costs which the 


. ,, of a * smo, iiL" s fl ‘3ri ‘ho provement in the services 01 me j s impossible to idenuiy fe rent classes of customer. is ’ to' be increased.- - charges 

Allowance CO i ! nt Iu' , m San suii-ests clearing banks, it has failed as prec i S eiy the capital employed in So far as corporate customers should reflect more :close5Mhe 

/XUUrv au redac^. the commission suggests, yel tQ acblieve the success ra its t he provision of money trans mis- are concerned we find that larger MS t of the service provided and 

They include, as expected, the hy rationalism*, me uisinuuuui own rigbt ^iiat was hoped for. s i on services, since the same businesses can negotiate with fuller credit should be given for 

proposal that the banks should networks . nwMpr 1hp The Giro will require “ continued capital is used to protect the the banks to ensure that their the income that arises -tir the 

be required to disclose their At the same ume ■. nowever. ui« raanageinei , t attention and Gov- depositor, for whom the services charges reflect the services pro- hanks fromJnvestmg the" deposit 
general provisions for bad and report argues that tne cost or cmment support- before it can are performed and whose vided and the value of funds de- The lat ter could be achiirtediin' 

doubtful debts, an area where holding cash should not dc reach the effectiveness of its con- deposits provide funds for lend- posited. Smaller corporate cu* ^ -v^V- 

the banks have so far maintained earned b> tne nanxs ax au. tinentai eouivaleots ina. and to support a loan port- tomerx may not be able to . .. n .. . ■ 

strict secrecy by stating theis average *° tal _£ f n ^ n'i^^tion 1 The commission found that the folio at an acceptable level of negotiate so successfully and to • w^recwmtee'SSS’ 

^S-essta w. 0 ,, On .Ms SSMBSBttS?* 



Terry JCU 

Mr. Charles Williams, Commission cha irm an, introducing the 
report yesterday. - 


now exceed £1000 million. 


April 197a Assets exceed £740 million. 


April 1974. Assets exceed £530 million. 



cant _r. 

money, transmission charges for 
particular classes of customer, 
and that such a change would ^ n vtain comueii- There are two further matten 

benefit those with Iarge ronitlt to wWch attention should he 

account balances af the expense tw® J*li 0 “5!53 iS which we given: these require further 

of those with miTumal balance., “jjjj® to be^inMmpaSwe with study and consultation:— 
Furthermore, customers with r ° D J ted # \v e acknowledge that the 

larger balances would have' to 3 °^5 eB ??5i2I2i Committee of London Clearing 

pay tax on the interest /.tie* • Tie Bank :ol Endsffld l «*>«*£ aSte^has in genera! taken > 
would receive, . while .customers powers «L,n^ta-rPsnonsThle line in representing 

with smaller balances .might pte- land Act 1 ^ 46 ’ retffl banking but any tendency 

fer not to use the hanking system, conditions of membership of the *h P direction of a cartel would 
at all which would reduce money Banker’s Clearing. House and the in.lhe dirertion^of a rarim w™ 
transmission volnmes anfl ln- aHocation ot coats between be moderated 

to all substantial retail banking: 
institutions. 

• The cash distribution arrange* 
ments in England and Wales are 
capable of rationalisation in two 
respects— -unification of the disv 

trihution networks and xeductura: 
in the cost of holding the stow 
of notes and coin. The banks 
longer have to bear 


ST aT8 ” 2e 0 “ former gMrtVdit- of the cash ia 

• The scale .of ahatipent f ef -hhould be pnbUshed m the_same toe distribution from? 

charges could he jbked ; to way . - as tanfEs for Pe»° nal {Je Bank of England to the 
broad movements inyshort-term. custoxpers;-- public. This change together 

interest rates as wel/as to aver- #/ Consultations should _take y, e rationalisation of da-;. 

age balances. Abateqjents are not place between the>. Department *jj bU M 0d . networks, could lead'; to' 
subject to tax and this arrange- # Trade=and toe tanks -with- a ionificant savings ia the eostflf- 
ment would, therefore, have no view to. requiring disclosure of ^, 0 ^^ transmission. Any savings 
disadvantageous tax effects for general- provisions for bad .and achieved should be applied in 
higher income earners, although doubtful debts and . movements money transmission 

it would have fewer visible in. those provisions. - Sarees 

attractions for low-rate tax- # The Trustee Savings Banks Commission will bear in 

pavers. . constitutional' mind -toe- conclusions it has 

There is no reason here to shouId he ■ reviewed by the in examination, 

choose betwen the two methods. Treasury, to allow closer, links when Ass^ihTfuture price it 
Indeed it is part of competitive betweeEL the banks and hence a creates notified -to it by tbetonr 
hanking that more effective presence in retail Sff c5S« ta& Sr ■?!#• 

adopt one method _„*nd one banking. _ ___ ntW^habks' -'exbmDt from 


Thankyou. 

■> Just four years ago in 1974, recorded 
assets of the Britannia Builcfing Society 
stood at a commendable £530m. 

Today the figure stands at a remarkable 

£ 1000 mpius. 

An outstanding achievement by any 
standards, for which the credit must 
obviously go to you, our investors. 

And at the same time, an achievement 
that sets the standards for the future 
development of the Society 

That’s where financial strength such as 

this is vitally important 

Not only in maintaining the current nign 
standards of service and security available 
to our many investors, but equally in the 
development and expansion of the Society 

into new areas. 

Financial strength that guarantees 
future growth. 

'■ Here's to the next SlOOOm. 



Britannia 

Building Society 

Always there to help. 

Chief Office: Nevrton House, 

Cheadle Road, Leek, Staffs. Tel: Q53&-3S513L 


6 Charges should reflect more closely the cost of 
the service provided . and. the revenue arising 
from deposits made hy customers. 9 • • . 


i -i 


adopt one ™ n0(1 banting. _ _ . . by other - banks *exbmpt from 

another or a mixture of both The # There should be greater flexi- • 1 5 

aim of any system should be to biutjswith regard to opening : . - - • ■ V > „ — 

allow the customer to identify bour s so that retarl banking ser- Banks: ■■ Charges jot }- 

and ultimately relate to costs the ^ be available to, tbe rrgwwreiwftm j- S#mc & £ .■•: rrv x 

charges fbr services that a bank pub ji C whenever there is . a Commission: Bouse 

Is rendering to him ( m oney eonim preiaU y j ustifi able dem and. Paper. 337; .SO, - : 52 pagef/£iJQ- : ; 

rransmissionl and to be rewarded -■ '■ . ' ■ ■' *—■ 

. .. — =- — • " 

GROWT-BASB 


For the service he is rendering., 
to the bank (depositing money!. 

In this connection we note that 
the practice of tbe Trustee Sav- 
inss Banks hy which trans- .Tear ■••••.- - 

mission charges on interest- % 

hearing deposit accounts are Deposits wttn new issues % 

higher than charges on current J? 

accounts does not provide a Deposits ^ U ** 

narallel. The cross-subridisation AddfticW Capital Raised 
In the TSRs charging policy exists (hiring to*-y«r 
tn wean their customers from the- Kferus 

expensive pass-book system of 
recording entries on deposit 
accounts and is designed to im- 
prove operating efficiency. - ^ 

"We note that competition in . . 
the provision of money trans- - " 

mission services has increased . r r - 
since the report of the National - 
Board for Prices and Incomes in : 

but it Is still imperfect. " 

We are satisfied that in most ; 
rpsoects money transmission ser- '■ - 

vices offered by the banks mm- “W* 
nare favourably in efficiency with- ... 
their counterparts 'in other . 
countries. 


RATIO OF FREE CAPITAL TO DEPOSlTSvVlfl 
NEW EQUITY AND LOAN STOCK ISSUES— O I 

<4 major London Clearers> .s. 

1972 1973 1974 1975^1976 




" 25. - 


3.1 

3.1 

1A 


U 

15 

£m. 38 

192 

100 

154 

400 



1972 


.1973 

*A% 


(4 major London Oearers j . 

1974 1975 1976 1WJ 

r-13% -4.7%. b 3J1% l*% 

Source: Price Cofnmlnlon SflrwT 


TARIFFS FOR P BISON AL ACCOUNTS 
Charge 


Competitive 


Uoyds- 


. .Midbnd - 
National Westminster 

In order to promote enmpeti. Bank of Scotland 
tion between the banks and Clydv^ale - _ 

further operating efficiency, we Royjri Bank of scotiana 
v»ig'»« i st th3t: Alliwl lrW • - 

9 All agreements relating to Britan ^uranenes 

iomtly negotiated tariffs and Nthn. ^nsb Branches 
joint working arrangements Bank ot. Ireland 
•houid be brought before the .British Brwicries 
Restrictive Practices Court as. ,'Nthn. Insn Branaies- 

soon as possible in order that the Northern 

nubile interest may be tested. Ulster 
B Tbe exemption from registra- Cotftts • 
tion of the cartel agreements of • > 

the Irish Banks should be- Williams & Glyn's ..- 
removed in relation to their Yorkshire .. 
operations in tbe United co-operatrt« . 
Kingdom. ' -rustee Sawngs Banks 


Minimum 
balance 
for *f ree’ 
tanking - 
£100 

minimum or 
£200 
average 
£150 
average 
£50 
£50 •• 
--£50 
Nil.. 

- £50 

Nil 

£50 

£100 
£50 
£50 ' 
£50 
£500 
average . 
£50 . 
£50 

Nil 
£50 


per debit 
if balance 
below 
minimum 
lDp 


Notional 

interest 

5% 


9p 

9p 
. top 
8p 

7p 

8p 

■ lOp 
5p 

7p • 

Sp - 

Sp 

Sp 

£30 per year 


9p 

■9p 

2}p 


4% 

5% 

5% 


Minimum 
charges 
waived (p® 
half year); 
15p 


25P 

25p 

25p 

30p 

25p 

25p 

SOP 

50p 


50p 

50p 

50p 


20p 

25p 

25p 


w The Treasury should satisfy - VvmS. and Glyn’s «P for automated transactions and 1 

Usplf that Government depart- otherwise* 
merits are complying with the—- ■ 


Source; Plies. Ctmmialon 'Surttf 


FOR SALE 

Monthly Comuraer Magazine. «rtc pub. 
lithwl mid-1974. »ol4 through all majer 
recall outlets. Ewelltn ftroweH poten. 
lial. co*en mp«iH*ing leiaure Reid. 

Co, ODD. Principal* on'V M: 

Bex <J.l7d6, Flrntnciul Time*, 

10. Cannon Street, EC4P 4gy. 

VILLA FOR SALE ' ' j 

.. . . .. IN SPAIN . 

1 hour's drive from AlieiRw i 

i S&5 srRifpaJsa ! 

•Sf^SetK. TmmedttWlv ava<ume. f J 

|" ! ^rt«ioorfc char*" *f°2!!R!r 

j^ad, Hoveton, Nr. Norwich. Norfolk.. 

IBM ELECTRIC 

typewriters 

Factory raeendiuonod and guaranteed 
b y IBM. Bur- **»■ “P “ 40 P- c - 
L*«t * r* ar ' f pom 70 w «kly. 
Rem from £29 P«r month. 

| Phone: 01-641 2365 

BOaNESSOPPORTUNrnr 
^MipWwin «kJ ineu'wer hi r 
opwaban. Cap'll iwltihlt. ^ 
gxswriulKld ..in property. &****. i 

* cuitancy. _tn«l. maricedl»g. - »cena».-, . 
jWlled .udmlnlitrator. _ Full o»«. ( 
{unities' in .NonlnRluim. *• .- _ j 

Write Borf } 

fo,- Cannon _5trert* K4P 4®“* , _ 1 


DEVELOPMENT 
FINANCE REQUIRED 

£4fn. 1 Vequifed towards develop 
'Went '.cost of large Centra 
'.London: Office Block. Amp» 
tecuriry. available. Write 
-GJ736. ^Financial Times, «. 


PUBLISHING BUSINESS 1 

fiaic jro*hr( family 

'owning - ofticiaJlr iFwiorcd wonW 

Book. Cur/imr ninwrur-C 180 . 000 ^ *» 
McpwOlwWofitiWy* .Tl»-bv»in«« 
•offMW' fer Wk » 

-pfoprietar' oB cWK*nt«w on 
lowilin*'' 

Writ- Sin* G.irn . 7'gndtf 
. TO. Cannon Street. EC4P 










Fiijan.dalrTiines Wednesday April. 19 1978 


^ ss 





‘if*-?- 






?sl 


To flourish profitably, industry needs the right industrial climate 
Room to breathe, space to develop, incentive to grow. 

In Scotland, the Scottish Development Agency provides that 
environment With a budget of up to £300 million, we can offer 


: The SDA has 3 million square feet of factory space ready to 
house expanding companies. And we’re just as excited about small 
businesses with big ideas as we are about large industrial complexes 
Many internationally known companies have already established 
roots in Scotland. Names like General Motors, Polaroid, IBM, 
Ciba-Geigy, Michelin, Nestles, Rolls Royce, Philips and IQ. And we’d 
like to add your company to the list 

James Gorie, our Head of Information, would be 
pleased to tell you more about the industrial 
opportunities Scotland can offer. 

Get in touch — we’d be happy 
to cultivate an interest in 
your company’s future 


\ 


* 




% 





SHF 1 






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^ ...iT"" 








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f| 



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PARLIAMENT AND POLITICS 


^Financial Tin*es.-W«inesday April ,19 19?S 



NEWS 



Owen warns Patriotic Front over election outcome Thatcher 

Rhodesia poll boycott ‘would pressed 

not deter U.K. acceptance’ 


on onions 
report 


Court action threatened 
by London newsagents 


BY MAX WILKINSON 


LONDON ■ NEWSAGENTS attempt to restore, normal v f . 

were deprived oL xmHiobs fifTSfflSplies. • ' ' Mr.’S&oiTQcIitflid’the meeting 

copies of national ‘ newspapers'- Mr, John Shorrock, prudent of. 'that -a ' court -action against 
because of. the recent' delivery~the National Federation of Retail Av.hplosaera rragnt oelp to lift 
-workers’ dfcpate intend to taka -Newsagents; ttrii > meetlftg tiTThe 4id. " off the malpracoces in 
High Court action if regular - -London 'yesterdij that the.wceat ; ffie *smsbc$. 
supplies are again disrupted. -Acf • an injunction:' againfct ? oiir / ! “ T believe :tb at we nave a 
may cnawengea mra. Margaret The newsa-enlsYeartoat there #ien<k the' wholesalers ’Vbad degree of «n«tgr m the print 
Thatcher to publish a secret reluctantly. But the world which could be very, -very 

report prepared for the Tory curoiies oJfsundav iTtata ^federation believed it had no senous for the future- Some- 
leader on the handling of any SSE®? 2J2K? ShmSiS Alternative because SOGAT, the how it must come into the open," 


BY IVOR OWEN. PARLIAMENTARY STAFF 


Secretary, in the Commons yes- ing the activities of the military able to the people of Rhodesia fighting. 


By Philip Rawstome . 


lerda v* that if they boycott fair and police fore*. as a whole — had been met. and Dr. Owen contended that most *° lviB 6 newspaper wholesalere^^^Y® becatJ^SUUAC, the nowitmnst come imo uie open, 

and free elections. Britain wilt There was also more under- there was a transfer of power people in the . Patriotic Front jgjjr tS?SSK!SiJ antf Society of GraphieaLand-SSl P f v » A?un official strike bv machine 

j _ i r..« ...antinn ctinriim It, SalisHrmr that I X ittH an inrlenanrlaniva Annctitii. Wanted a fair" and anoantahlp future Tory Government and the aiii^i above the law • and lhuntlhc • All unofficial StTlKe oy uraculne 


not be deterred from accepting standing in Salisbury that LN and an independence constitu- wanted a fair and acceptable Auiy tapvenuneni anu me Anted Trades fail to produce : mmmne workers ^ preveS pt5£ 

the result should it reflect ap- involvement gave an assurance tion and a new government, a settlement A statement by Mr. un ^“- permanent solution to the le f a i f actf t oa ' Mr nSrinn °nf SvSlle P this week— 

proral b: the people of Rhodesia that sanctions would be lifted difficult decision would have to Robert Mugabe that be would Publication could avoid “ any pule, over payments for late\_^? e toX the third time in nine weeks that 

U a wiiole, for the internal prior to independence. be made. ^ to see Rhodesia become a sinister implications being shifts. ‘ ■ lt ft* ftSkW mstSer £3 nn5 

settlement. Secondly. all would probably But the Foreign Secretary be- one-party Marxist state was “ex- drawn,' 1 the Prime Minister said Newsagents' representatives mdomSl * P ? 1 

He admitted that elections now agree to a council with wide lieved that the House would tremely m advised.- in the Commons. yesterday sent a tetter to S'S£S£ h B ^Sn?SuSrity to ^SveUle. which has. a. weekly 

... . . - • ^ nvoninrA onrl fooidaTivA nnwprc h.ivA tn trtip fn thp fifth Rut arfvnnQmr nf Anii.n 4 »tv Ttio wrnnrf i/vmnm hi* ** Dw m ^ i DU a . .1 ^ *.1. . _ r a c**, c,. 


without the participation of the executive and legislative powers have to remain true to the fifth But advocacy of a one-party The report, driiwn up by a Prime Minister asking him to create a situation whereby the circulation oF over 0.5m., is pub- 

Pairiotic Front especially if fight- whose members would hold Min- principle to which it nad held Marxist state should not of it- group of party advisers under help end the “ anarchy " wfcttb^whoJe industry is put in lished by Mirror Group News- 

ins were taking place, would in- isterial portfolios. through thick and thin. self be a barrier to free and fair Lord Carrington, was submitted they, said, threatened the nwa&ieopardy papers. The Mirror group said 

volve Britain in a difficult judg- The Patriotic Front had staled The difficulties involved in such elections, since anybody who to Mrs. Thatcher alter an 18- paper industry! They are ab&-"*W6 ask you, the Prime the strike-^by 23 machine room 

ment But to hold that it was that provided their other de- a judgment were underlined by campaigned on that basis would month examination of the Heath planning a demonstration mardfMlnister to use your influence in workers belonging , to the 

impossible to submit #he SaJis- mands fsome of which were jjr. Andrew Fanlds (Lab. War- h * T ® ,Jttl e support from either Governments conflict with the through Fleet. Street if supplied order that the freedom of the National Graphical Association— 
bury agreement to an accept- unacceptable* to Britain) were i e? e.>. who asked how the “ e k . or w ^ te population miners in 1974. . - are again disrupted. /- ; V'Press and the uninterrupted followed the company’s .rejection 

abijitv test in such circumstances met. they would accept a council Foreign Secretary would be able , It is understood to advise the • Legal action would be - fcaSerr supply of newspapers may con- of a claim- for new technology 

would be to give the Patriotic presided over by a resident com- to defend the outcome of any „*“■ , * I *“* “?? ley (La , b Tory leader that a future Torv assunst the wholesale employed ; tinue without hindrance in payments. 

Front a power of veto. missioner holding reserve execu- election in Rhodesia in which all asked: , ‘Wbat are the Government could not win a full- • ■ - . ••••.. 

Dr. Owen, reporting to MPs tire powers over defence and the African poUtical patties bad MSS?* ■ S etUn S nd of gcje i, attle ^ ^ ‘ • 

soon after returning from law and order. not campaigned. TwT'rw could not use the Army to break , — . ' 

Rhodesia, claimed that despite Dr. Owen spelled out his Dr. Owen agreed that an h Pi-C™en Not, at major strikes. - - AT UT »l/ nn 'T/hll1*nQ91cix^ 

the major differences between warning to the PatnoUc Front extremely difficult judgment ***« moment, veiy high. Its general message- was that /V’U XL VV JOlirndllalh 

the Patriotic Front leaders and of the dangers of an election would be Involved. But he had While acknowledging that Mr. ^onfrtSation should be avoided X ■*“ - * P”m 1# vMH V/fcJ - - : 

Mr. Ian Smith and the African boycott in reply to Mr. Reginald always believed that if a veto Smith accepted that he would -but that greater nrioritv should ■■ m ' *" _ nOfilT TtlAVAC 

leaders associated with the Salis- 31anlding (C., Chipping Barnet), were given to any one of the. lose power when fair and free be given to the nreuaratioTt of Am kJMAlr/i U1U V Co 

bury agreemenL there were some former shadow Foreign Secre- parties in the Rhodesian dispute, elections were held, the Foreign contineencv ulans deaiioe lls B. *l¥l ^^¥■■'*14. fr* a 

hopeful signs. tary, who called for an assurance a peaceful settlement could Secretary added: "1 have no- ^th dvil emereencies’ 81108 vAv. f A'r nhlX7 

These, he suggested, could that should fair and free elec- never be achieved. doubt that if, during the trait- + . a _• * c •* ^ 1 . 1U1' JLICtv 

widen the areas of agreement lions produce a result which con- Britain and the U.S. were seek- sitionaJ period, he were to cease n ,vLry T k v > BY OUR LA® 008 CORRESPONDENT ' 

in two important ways, both firmed the Salisbury agreement ing to secure a neutral a dm ini- to be Premter-ralthough he is trrt. NT' Sr. 11 . ^ , , , ^AAnnAlAfTV 

crucial to the establishment of a the British Government would stration which could hold fair part of the four-man council, that . s ^ Bs ^ er ,. tba * Tories A DECISION an support, far^ie industrial problems of Leylabd. IcLflllUlUil V 

neutral administration for a uphold it “come hell or high and free elections without armed is how he is still described in be devoting their efforts work^ra at Ley land's SpeSj*, Men at LeylancPs Horspath. 

transitional period which would water.” conflict, .so that the test of Rhodesia — and if he were to s ?*^ al ul “ t ^Oxfordshire, servifte and parts ngrEG ATES- f ro/n the National 

be capable of bolding fair and Dr. Owen replied: "The short acceptability could take place in leave public life, it would ^*5. amons “ d ^i yeslerday wrtbd^w pro- Uq1o journalists yester£y 

free e^tions. ” answer is yes.” the best possible conditions. certainty lessen a lot of suspicion ? to? T^Std Swtoaf toe cotSSanThas^ S? “a quaSi?aneaTfoT 

In the first place, the Patriotic He added that if fair and free But to say that it was impos- and hostility that exists to SteS of ^^JSeJS^ESSU £Si2 a i SZTiSE newspaper industry’s' computer- 


AUEW postpones 
decision on Speke 


*K* Bl I a ."! BY OUR LABOUR CORRESPONDENT 


Journalists 
back moves 
for new 
technology 


Front was now closer to accept- elections produced 


result sible to hold the accept! biiity Africa." 


MP claims Civil Service head 
sided with Heath over miners 


BY RUPERT CORNWELL, LOBBY STAFF 


THE WORSENING relations Cabinet Minister responsible for “was anything more political Cabinet was in the dark. 11 uu w 

between Parliament and the Civil the Civil Service, Sir lan than this?” he asked. A case in point was the tiny Mr ^nik Heate? Chan«»llnr 

Service were dramatically Bancroft head of the Home Civil He then criticised Sir Anthony group which decided to allow Vwhi>mrt>r ’ a}*n <m.ii 

illustrated last night as back- Service, and Sir Anthony Part and Sir Peter Carey, top sterling to float last autumn. matin nuhiie 

bench MPs clashed repeatedly Rawllnson, Second Permanent civil servants at the Industry De- "Wasn’t that cabal politics?" he 1 . T ul" 

with a Cabinet Minister and top Secretary at the Treasury, on the partment when Mr. Benn was demanded. CarrinPtrm annmred 

officials over toe Government's Government’s cool reply to its Secretary of State there after Lord Peart would not comment ^ha trvinV - to ni^nr^ 
Labour had returned to office, on toe specific instance, but t0 bave txen to or S amse 


not Imow whether their attitude Dnfon of Engineering .Wori^Es”. -pended a decision to dismiss Mr. newspaper industry s computer- 
is sinister or naive. 1 do know executive yesterday. . John Power, a leading AOEW based new technology, 

they do not understand the The exwuihm «>fi *h°P steward. . - They rejected a move which 

unions.” DOsitionnestTuSav— S Sv FoUowing day-long talks on caUed on journalists to oppose 

Amid laughter, Mr. Norman before ail unions^ttoennrf^rt Monday, the company announced opera ting the new technology 

TebMt (C. Chingford) suggested eratio^n ’o™ sSpbuilto?^ ^ F*^? wc - r ’ whQ *** ^ and to hand it to the print unions, 

that the Prime Minister might Engineering Unions rtSW to P lssed f 0110 *™ 1 ? M The 350 delegates at the NUJ*s 

share some of the expertise he to determine a conS® SaS tat0 expense claims, woul d be annual conference in Whitley 

had acquired in using troops to on ' the Speke Ssue. ■,vw y - suspended on full pay pending Bay backed a wide-ranging 

break the. firemen’s strike. arrintr ^ outcome .of an appeal, the mot ion from the Manchester 

Mr. Callaghan retorted that he appeal hearing is expected to branch which was based on a 

would be happy to hold a. J^wS^SShSSiLSiHSi 1 ®? n ^ mue Xam ^Sf m * c rw. ir report by the unions' technology 
seminar. “The Conservative * Rovc F production at SohhuII cornmiuee. 

Party tends, in dealing with the la pr0Vld6 mformation..-,- was seriously disrupted jester- jt gave the union its first tuU 

unions, to be aggressive when it Another factor was the absence- day because of a dispute over a p 0 ypy on the new methods, 

should be accommodating, and of several executive members in- new working system by 350 j t the NUJ was not 

to be timid when it should be eluding Sir. Hugh Scanloi-^he foremen, members of the Assocl- seeiong ^ extend jouroalistic 

hold,” he said. union’s president, who' has-fieen ation of Scientific. Technical and work into toe field of production 


Mr. • Denis Healey, . Chancellor closely . involved in toe recent Managerial Staffs. 


apparent refusal to. embark on recommendations. 


TUC to press Chancellor 


major reform of the Whitehall Mr. Brian Sedgemore. Parlia- The charges were coldly re- rejected any suggestion of a ripfpat 

machine. raentary private secretary to Mr. jected by Sir ian. who insisted “conspiracy" theory. miners "he said 6 631 ° y ^ 

The disputes came at an explo- Anthony Wedgwood Bean, he would never advise a Prime The mood of confrontation Mi-Moss Evani eenerai mm. 

sive session of the Commons Energy Secretary, specifically Minister on political matters. He dominated toe hearing, ironically f the Transnort Worker^" 

Expenditure Committee, which accused the then head of the strongly deprecated the charges the first-ever Select Committee sa j j vesterdav that the Conserva- 

iast year issued a wide-ranging Civil Service of siding with Mr. levelled at bis colleagues, and session to be recorded under the HvesaoDeared to' bp adtmfiro “a 

report on the Civil Service. Edward Heath and his Conserva- dismissed the allegation that new provision for radio broad- np o a tive annrnach " to °the 

The hearing was highlighted tive administration during the Whitehall’s Permanent Secre- casting of Parliament The MPs un | oas 

by an astonishing attack by a miners' crisis in 1973-74. taries “took their tone" from attacked the Government for its Mrs Thatcher said vesterdav 

leading Left-wing member of Mr. Sedgemore said that Lord the bead of toe Civil Service, dismissal of proposals to modify [. was un iikelv that toe 


at present covered by other 
unions. But its local office 
branches would be able to 
negotiate about journalists 
absorbing work traditionally 
carried out. by another print ._ 
union. ■■ ■ ; - : 

That, however, wtmLd -only be — .... 


for boost to economy ^ 

:.Tr:. abandon -toe werkiT-"- XZC 

BY RWYS DAVID - v. • -■ ■ : . Min Katie Doyle,- njprlng the r- ; - ■ 


? nmrepapermen; . through, the; use 


The committee, chaired by Mr, the. timing of the February, 1874 ciple of “open government" and Whitehall system as " perpe 

Michael English, MP, was election. Civil servants were of holding key meetings where, ing a mandarin class . . 

examining Lord Peart, toe supposed to be apolitical. But on occasion, even most of the turning Qxbridge historians 

Crown Princes.” 


Pressure for Wales Bill vote 


BY IVOR OWEN 


key figure in the plans emerging A TORY proposal to write into “if he has other items, such V Even at Timet like ttriji *e So^-yon ^ibufd not w- to --- - 
THE GOVERNMENT came Fears were expressed from engaged in a procedural con- to strengthen scrutiny of depart- the Transport Bill now going as pay, to discuss, then fair have to look to the future and concentrate err 'Lnhv^iiar ■ ' ■ 
under mnuntin" nressnre in the both sides of toe House that the spiracy to prevent the 40 per mental spending. through Parliament new enough. The problem facing us create, the trained labour, force T yping ^ : . . — . ; pujrsiu “ 

° p e •— »• — — — -»•***•- — • - k-.— w The Government, fn its reply, penalties for bus passengers is a complex one and we know we. shall need when the upturn ^ - 


backbench amendment embody- cent issue being considered was 


Miss' .Doyle ' referred to the 


dition that 40 per cent of toe mi^it not be debated as a result promised that the Government ; ; ' , ' , ■ • - . •• tty, we demand it is safe before • 3W5< 

Welsh electorate must vote of the operation of the guillotine, would give careful consideration n r« • , 1 •! 1 it is PUt on the market” sbe'-r'- . 

” Yes ” in the devolution referent 2SL“iii€ Ministers rescue child . Perkins urses^rkers' ■■■ |^iiSr£5?5'2'*-' 

dum before a Welsh Assembly is Ahse (Lab.. Pontypool) that menis to ensure that a vole could I TB*11 ^ *k A I1 3 UX ^ VdYv Vf A JVVl.^ ejnployew jirowek.wfflnotcaw» 

established in Cardiff. Welsh Nationalist MPs were take place on toe amendment. 0-1*110 01*51 TMIV Kill a a • a • j ' 9 long-term damage.”- - 

urn fft VOlG - Among :«her tmUcj points 

, m m _ * BY RICHARD EVANS. LOBBY EDITOR * “VrCV A^uUIAt Ul - adopted hy .delegates were: Inter- 

3-lSC Child tax Claims Si gnifi cant THE BELL designed to tighten opposition to the move aadtfae BY OUR OWN CORRESPONDENT:; Slogy v ->; 

*»v**«»- up the law against child porno- Bill sponsored by Mr. Cyril t through. natural wastage, a share 

PM e f .-t A iue fnr rhiM lflX wollld contfnup tn hn to mnrrHni* cprtifiratp^ suhTO- is t0 be rescued by the Townsend. Conservative MP for THE MANAGEMENT of the yesterday: **We are committed in the economic" benefits 

ALSE CLAIMS for child lax oui coaunue to be subject to marriase ertifira es Government in the Commons to- Bexley heath, is expected to go Perkins Diesel Engine Company to give higher awards whenever joiirtralists- and a cut in hours. 

allowances for children overseas by the . 11x1111,3 ni 6ht following its procedural through “on toe nod” aod to at Peterborough yesterdav urced possible and a. further -substan- Delegates also decided that a 

are continuing at a “significant 4 . __ . “^esngaiea, inoicares inai raise obstruction last Friday by Mr. be amended, if necessary, in the their 7,000 production workers to trn cash offer cannot he made." full-time - officer" of toe union...'-' -' 

level." Mr. Robert Sheldon. r i5JS£ SnnSi5 1I L A ?hJ U ?? SSani It l Ian Mikardo ’ the Labour Left- Lords. ■ . ,, turn up at a meeting called for ^hop atewards say that the in- should have respohability: for.- : .'.> 

Finanriai cprrMirv thp reported on the in- significant level, although at a winEer . The Bill was blocked by Mr. Friday morning and vote against duatrfei ' action . wiU Ro ahead technology.. - rTT.. - N.; • 

tinancial Secreiaiy to the land Revenue surrey of claims lower level than was shown by After discussions between Mikardo, following alleged fili- industrial action. unless toe offer is improved, but - . >_■; 

Treasury, tola the Commons in for _ personal allowances by the 196S report Ministers and MPs to decide on bustering by Conservative MPs Shop stewards wfill be calling there Are sighs ’that the vote will ■ • “ — 

a written answer last night immigrants from toe Indian sub- In the last two years around the best means of saving toe on a Bill to extend trade union For the start of an indefinite sit-in net get unanimous support. . rin- c.-j. ■ r . ... r 

Mr. Sheldon said toe special' continent, which suggested that one-third of certificates in sup- child Protection BiiL which has powers, brought in by Mr. Ted in support .of their claim for an' : - The company has also an- 1 0011*00111 1H6I1 

rate of rhil d lax allowance for 0,,rer 0 P?-half of those claims port of claims for children living all-party support, the Govern- Fletcher, another Left-winger, extra £12 a week towards pay nouneed. that L200 workers face 

.L „ 0 - ant - nF .hi<M-ar, were fake. No further survey abroad. which had been ment tabled an order for debate In a statement last night Mr. parity with croup workers at the a- four-day lay-off during May n I<in nntn^nt'/TM - - 7_ 

the parents of certain children had been undertaken since then, examined by the Inland Revenue to-night containing the remain- liltkardo announced that he fully Massey Ferguson plant In because of recession in engines Ml rail C2 

living abroad would continue for “But toe Inland Revenue’s have been found to be unaccept- ing stages of the Bill. supported the Government move Coventry. for agricnltural machinery. The prrtrr * wniwimm 

toe time being, and claims experience of the birth and able," Mr. Sheldon said. There is unlikely to be any on the Child Protection Bill. The company has offered layoff- had nothing to do with 1 ?■ ” ,urr 

between £S.61 and £7.12 a week toe -pay dispute; toe company SgKSgJJ. : 

and a newsletter to the men said • ■' 

LAMBETH CENTRAL BY-ELECTION •: j backed by- ind'wtriai ^cjion?^- 

_ _ _ ■ School w ork-to-rule soon aTtfe heaa^fs vS . 

Jobs and homes count more than colour 

^ v • NEARLY 150 schools on Teachers annonneed yesterday Shop 'stewards ■ represedtiE-> - 

Humberside will be affected by th3t 2,(XJ0 of its S.OOp members in the: toolroom ^roen ■ ern^oyed i -T, • 
BY RUPERT CORNWELL a work to rule from Monday hnndreds of plants ln.^to.';^--. 

IT IS half past ten in the morn- loss of homes and jobs, that is will have to make do with second sonal tribute to his immense hour, and some party strategists because the local education -bsent fo? mor^than mie US ?o S, am-ee W on ^^la^o^actioi ' 7 ^' .- 

ing aod the politics of jay arrive at the heart of the by-election place— but probably close enough popularity. A local sfluire, he wonder if Blunthas been pro- authority has refused to withhold- or to teach classes' of more than Most Of the men haff ahoi - *- 

in Strathleven Road. S.WJ2. Like campaign to find a successor to behind to make it clear to the has been called, who could periy projected. On the doorstep, cuts i n teacher employment and SO pupils in secondary schools, reception from their employes: t 

a high decibel ice cream van, the the late Marcus Lipton. Labour Government that an early elec- appeal beyond the normal too, there is evidence of the 1S/4 Qt h er sc h 0o ls expenditure. 32 in priaiaries I -o'r 27. v«ry yoiiiig on a request to noen neeotiati«Ylis,> 

Conservative campaign minibus B4P for Lambeth Central since tion is not on. bounds of his party- Then there Liberal becoming a 1978 Coo- The, National Union of chUdretL. ... ‘ for a pay rise. 

sweeps around the corner. It 1945- ■ His campaign has gathered are the five far-Left candidates semtive. , - - -y.. <■*. 

stops and the music Eives way. Off Strathleven Road, the weight noticeably since a rather among the record U contenders, 'Die greatest mystery is what — — 1 ..T ~ 7^ 


False child tax claims ‘significant’ 


BY RICHARD EVANS, LOBBY EDITOR 
THE BILL designed to tighten opposition to the move and the 
up the law against child porno- Bill, sponsored by Mr. Cyril 


Perkins urges Workers 
to vote against sit-in 


BY OUR OWN CORRESPONDENT 


FALSE CLAIMS for child lax would continue to be subject 
allowances for children overseas verification by the Inla 
are continuing at a “significant 

level." Mr. Robert Sheldon. 255“®***“ 




-in not get unanimous support. ■ np- c.-|. f 

an' -The company has also an- 1 OQirOOlTi TTIPfl •' ■<:. 

iay nooneed.toat L200 workers face 

plan campaign 

ea SS&ffiSlSffm -St EiwVTHpnsAND' ^r-.:-,. 

Wages campaign which may 


Jobs and homes count more than colour 


BY RUPERT CORNWELL 




to the traditional voiceover: point is graphically Illustrated, hesitant start a fortnight ago— ail of whom will nibble away —if anything— the 25 or 30 per 

"Meet Jerrv ' Hanley, Lambeth It is the ultimate Brixton non- even if he has lost some (a stone. Labour voles, . “ nt r of Brixton voters who are 

Central;* next MP. A big man place- Great gaps have been torn to be precise) during toe Unend- ^ . . DUgh ^ 5atls f y black decide to do to-morrow, 

for a big job. In toe once-tidy terraces of mg gallop. He is the 3a.year-old eV eo toe most iaded revoiu- if 1 ™ Hanley insists, that half of 

And there he is. the star of toe hou*s and someone has even tioQar y il»ti? and ^two of ftenu 

show, all 6 feet 4 inches of him, ripped down -the street name Inn Md B-movie Tflfly y B p 0gli6s of tUe Socialist iav pVmSftii bridgehead to the 

want. But Hiata are a few out- with the !>ftle old ladies, that rvnnn npH. nave a useful Dnageneaa in ine 


boundiiiR down the street, meet signs. But there are a tew out- Ilk th WU. ; old ladles ^ ,hnt ft" • «|“ gjggg ‘ n wb ^ 

toe anyone who can be found, posts of human life in the ex- sort of connection pays. I m a „f staee. screen and , f 

It often takes' too long for the p.anse of crumbling brick, sympathetic soul, says Hanley the ” Workers Revolutionary Labour hopes that old- loyalties 

well-drilled support team, smashed panes and corrugated with- disarming immodesty, and p comfortably ahead in WI, J prevail. More likely Is that 

“Where’s Jerry got to now?" iron, and toe irrepressible Mr. father helps. the nosier wTr ° Aoart from last ™ 0S u ^ 


Union seeks support in effor 
to put pressure on Claridge’» 


asks an anxious lady helper, only Hanley tracks them down. father I sound like tom ; and Saturd .- s Yumoil - and 
to smile with relief as he A pensioner wanly comes to people feel good about me. And alTests rflfl (Variona j Fro 
emerges from one of his would- his door, but is soon unburden- indeed, they seem to. 
be constituent’s front rooms. ' jng his mind. “I spent 30 years None of this has been lost on 


my lauicr ucips. i iuu* n«vc uij t ». p n __ tftr ,...V «mrt from last 

father, 1 sound like him, and SlJSSJT 'Jj, 5 at b ? me - At tfae ast general 


BY NICK GARNETT, LABOUR STAFF v ; - 1 ’ 

THE general secretary of ' Jadortn^ pibved^ Into flu? ;3®to 


de constituent s front rooms. .^ s ms oium. t spent ov years XT" , larly unobtrusive campaign saw ** s,rr 

It could hardly be more of a on London Transport-. 1 ve been John Tilley, it jJto third ulace in last year's said t0 have moved 

contrast with the almost tin- Labour all my life, but when date, who on any Greater London Council poll, ~ 

relieved grimness of the place, you’ve seen this happen ..." and assessment will be taking hw ahpad Q who are OCTOBER 1974 ELECTION 

even on a rare sunny day. But he gestures at the derelict house seat to the Commons next week. «»-..p rni inivi ♦« anenre that the m Untnn fiahi ts-tsi 

if Jerry HatoeyseJms to draw opposite. His campaign has been low key. t0 Ho S^rt happen ^ { %) 

extra enthusiasm from the Almost certainly, this resent- in keeping with the man. but no J , does PP n. Ly e tf (Con.) 

squalor on every side, then well ment will not be enough to pro- less assiduous for that, and the b u - p. Easton (Lib.) 

he. might. For it is discontent duce a Tory win- For Labour to procession of Cabinet heavy- The party has mounted a mg , WDP . 

with the appalling state into lose one of its inner city strong- weights, wheeled into the consh- effort to hang on to the 1-5 per sma twKPj 

which much or Brixton has been bolds woultj be preposterous, and tuency shows Labours concern cent, of the vote it wpn in P. Bratton 

allowed to drift, with Labour at if it did. --Mr. Callaghan would to do well and keep up the October. 1974. Its organisation (Marx-Len#) 

the helm locally for 38 of the be wishing he could delay the momentum of Garacadden. But is good, and the candidate. Labour majority 8,< 

Iasi 41 years, that offers him Sfferel election until the year toe danger signs are there. David Blunt, impressive aod M 

hope. Much more than toe bally- 2000. LLke toe late Hubert Hum- No one knows just how much bolstered by the backing ot some electorate * 

booed immigration issue, it Is Pbrey, to the u.S.. the original of the hdndsome $.677 majority West Indian group*- Bur this is_ Tufl wutjLd p 

this urban decay, and with it the. Happy Warrior, Jerry Hanley bequeathed by Lipton was a per- not Liberalisms's most m 


register 


Labour majority 8,677 (33.9%) 
Electorate 48.722 
Turnout 52.4 per cent. 


appealed yesterday to the TUC 
_ _ _ for maximum union, pressure 
c, cmnw against toe London hoteL 

Hr. David Basnet* also has 
s^ai loujJTbj sent letters to unions whose 
6,704 ( 26.2%) members deal with Clftrfdge's 
3211 f T2_s*SC3 and the Savoy group. lc which 
\ivo0v belongs, asking them 

not .to ctoss official picket lines. 
Mr. Basaett said in a state- 
88 (0J%) ment that Claridge’s had exbi- 
&77 (33 9%1 blted “the most primitive attl- 

' 70 ' fades towards industrial rela- 

«- ra tions. 

er cent. “ It is high time employers 


toe hoiel and catering --.Setvice.- 


=xhe dispute is offer toe 
dismissal or Mr. Riefiant 
Elvldge, -• trainee dief, for. 
alleged , incompetence as ' wo?, 
■a* toe issue of recognition for/ 
toe union- . . . 

The hotel -expects Ur. 
Ktvfdge's case to be beard' 
iHorily by an . industrial 
tribunaL The,, first stages' of 
the -recognition, claim .under 
section 11 of toe Employment- 
Protection An are -betog^pro-' 

cessed by the Adrisoxy.Tkjpr , 

cHXs&od and. Arbitration. 


• <3arjdg6’s sa J5 l 12 stag m/'. V ~ 
On strike. ; - Soipe deliveries;^ /.' '/ 

‘ fhel' anH' supplies lave' 
tamed back by pickets bat to://*- // 
- hotel said yesterday that it ha V/-./* I 
enough fuel for toe foreseeah - 
future- Menus bad been on 
fdlgbUy-- restricted and mo> 
tlmn three-quarters ol toe sta 
; were working normally. 

The betel, is fully booked tr 
is, n'ok offering its normal rani 
of floor gervires. ■ . 

. .Oarldge's said yesterday th 
"' lir;: Basnetfs statement w 
.’.’Strange', and unratisfactor. 
became of devetopmmis wl 
toe, -Industrial. ' tribunal ai 
ACAS.' 






WEfiamONeir-F Company believes weare about 
to enter anewbuE market that will beledby. small to • 
" mediumrstaed growth companies. So we feel now is 
the time to begin buying to take maximum advantage 
of the coming phase. ; - '■■■ 


firing arestSTpesspd^/ra cptid ' 

.mistic about fcdirect3Qn^tenieii& ; 

But back on December s, 1976, -v^ien virtually all 
economists, Washington officials and the majority, of 
investment£nnsV7ere positive and optimistic about 
the market we werequoted ina major article in 
Business Week as being bearish, and sugc^Sting the 
sale of basic industry andseriior growth stocks. 

The events of the last year have proved us to be 
correct. And we feel confident that the events of the 
coining year will prove our current calculations to be 
equally correct ' : 

There are a number of reasonsfar our bullish 
outlook. ’ > / 

Looking back at the Crashof'29, 

To begin with, the stock market holocaust cf 
1973-74 was more severe than generally recognized 
While the Dow Jones coirected-from 1067 to 570, foe 
vast cross-section of the market’ experienced huge 
losses averaging 70% to 80% as measured by broad, 
unweighted market indexes. . 

We believe this magnitude of decline most closely 
resembled the; 1929-32 collapse which was 89%. 
When we look at this earlier disfocafion, we. see that 
economic andmatiket recoveries mademmediately 
afterwards were slow and short-lived, followed by a 
downward correction of less serious magnitude in 
1934; That wasbecause the serious damage had 
already .occurred.and there were no longer the excess 
demands in'the economyorfoemarket Rampant 
snecuktive consumer soendina and business over- 


The market is currently undervalued. 

Another factor that supports our stand on a new 
bull market is that stocks are currently cheap and, 
for the most part undervalued 

As an example, in 1961 IBM sold for 80 times its 
■ annual earnings, and paid a dividend yield of less than 
H of 1%. Today, you can buy itfor 12 times earnings, 
and pet a 4.7% dividend to boot 

Furthermore, the priceeamings ratio of the Dow 
Industrials today is 8 times. The yield is approximately 
6%. And the Dow sells below book value. These 
value levels have only been achieved at a few points 
in .the. last 30 years. 

' -Finally, cash rich corporations are taking 
advantage of the values with large numbers of tender 
' offers for companies. 

i 

Sources of demand in the new bull market. 

. We believe that there is a large potential demand 
for common stocks that are currently undervalued. 
The current conservative trend among many institu- 
tions has resisted in size^te cash reserves which. 

. represent major potential, buying power: 


"was then followed by a steady upward recovery: 

Looking ai the current situation, we followed foe 
1973-1974 collapse with a short recovery period in 
1975-1976. Then, as we predicted in Business Week, 
there followed a cfowdvrard correcfionin 1977 that 
has extended untit-the present But as in the recovery 

rrrarket to-be milder than the§ieto 1973-74, and to 


market to -be milder than the one in 1973-74, and to 
endthisyear ,. r - - 

How high will the market go? 

William O'Neal + Co. believes the Dow Jones 
Industrials could hit 1300 over the next 36 months. 




rt m 
Clank 


their towpcxrrts: On foisbasB,.aJdW foisyear any- 
where in the 700-736 area would yield aDow of 
1300. And from aDow level of approximately 750, 
we believe therisk/rewardraiiojs7 to Imfavor-of 


ihemaxirnum probable downside risk is 675 (—10%), 
fr rH -m*-yfTrn:nTi parfoab^ is 1300 

:(+550DMpointsarovea:70%).. 


.areas tnai represent anotner large source or iuture 
1 demand, once interest rates decline. 

• Finally, foreign investors are an area of demand 
we expect to see in the future because the U.S. ’is still 
the strongest democratic country, and represents 
one of foe world's soundest investment markets. 

How to know when we reach the bottom. 

There is still the question of when we will reach the 
bottom of the current bear market, and how it can be 
recognized. It has been foe thesis of William O'Neil +■ 

' Go. as expounded irl a series of investment confe-' 

. rences given last September in New "fork, Boston, 
Chicago and San Franasco that the market would_ 
not bottom out until there was moneiear. This fear . 
would produce foe necessary technical shakeout 
and additional pessimism. 

> " We fed that fear has now occurred 

One index of it is the price of gold, whidiatnear 
$200 has became a highly speculative and risky 
commodify. - 

•*' Earlier this year foe non-reappointment of Arthur 
Bums reamoroed concern for the American dollar 
and our balance of payments deficit in fight of our 
dependence on foreign oil supplies. We feel foe new 
chairman/G. William Miller, will prove to be strong, 
sound and innovative. And we expect to see an 
energy pr o gr a m implemented to ease fears about 
our.Salance of payments deficit. Furthermore, we 
think a tax cut this year is inevitable. If this cut is tied 
. directly to an immediate reduction in price and wage 
increases andto reducing interest rates, it will help - - 
arrest our inflationary spiral. And this wiE help reaffirm 
confidence in the American dollar. 

. We fed foatcnce confidence in foe dollar is 
regained, it wiE shake Ioosefoepotential sources of 


demand for stocks among institutions, foreagn 
investors and eventually individual investors, particu- 
larly once the marketpasses 1 100 on the Dow. 

Why we say small to medium-sized 
growth firms will lead the next phase. 

Many experts believe the bear market won't be 
over until secondly stocks break down We believe 
this stand is similar "to the one technicians took in 
1976 when they predicted a third leg up to a 1200 
Dow that never occurred. 

We believe good secondary companies with 
continual increases in earnings are not going to break 
down, but will hold up and actually become leaders 
in foe new bull market. We can look back to 1960 as 
a recent example of a recessionary year in which 
secondary stocks failed to break down, and subse- 
quently provided market leadership. 

We feel this will be true again in the next cycle, 
because in the past few cycles major institutions have 
concentratedheavily in the same high-priced, large 
capitalization, senior growth stocks that fulfilled 
"approved list" requirements. Today many of these 
■companies are showing maturing or poor growth in 
earnings. At the same time, hundreds of smaller and 
medium-sized companies with innovative new pro- 
ducts are showing outstanding growth records, and 
are selling at cheaper prices. 

We believe that in the future more organizations, 
under pressure from ERISA to cover the "actuarial" 
requirements of their funds, will look for wider diver- 
sification and non-index stocks because these stocks, 
will probably continue to outperform the indexes. . 


■when foe S & P 500 is stronger than the Dow Jones 
Average. Tbe-NYSE Composite is stronger than the 
S & R And foetotal market itself is stronger than the 
NYSE Composite. We can also see that the Transpor- 
tation Index is stronger than the Industrials. And foe 
OTC stocks are performing very well. The American 
Stock Exchange, overlooked the past few cycles, is 


London Stock-Exchange has displayed unusual . 
siren gfo, providing an advancednint that our stock 
market’s next major cycle will be up. 

Which categorids will be the leaders. 

We expect to see many companies that have been 
overlooked since the 1973-74 credit crunch become 
prominent again because of their outstanding earn- 
ings records. We believe the leaders in the new bull 
market will be found among hospital and medical 
stocks, aerospace, airlines and airfreight, hotel stocks, 
computer peripheral companies, publishing, food 
franchisers, insurance companies, pollufcion-cpntrd 
companies, drug companies with new products, 
contact lens companies, Japanese stocks traded on 
our market, Canadian Csl companies, private aircraft 
and dozens of specially companies with unique 
products. 


Looking back at 1954-68. 

If we look back at foe bull market cycles horn 1954’ 
to 1968, we see that they were led by small to medium- 
sized companies that, at the time, had exciting new 
products to market 

1 954; Reynolds arid other aluminum companies with 
new fight-weaght metals. North American Avia- 
tion andtb$ aerospace group with I.CBM, 1 

missiles.- 

1 955: Sobering Plough with new drugs. 

1956; IBM (4 million shares then outstanding) with 
the computer age. 

1958: MMM with scotch tape products. Polaroid with 
instant pictures. RexaE with tupperware. 

Thiokol and General Tire with rocket propel- 
lants. Texas Instruments and Fairchild Camera, 
with transistors. Crown Cork & Seal with aero- 
sol cans,"American Photocopy with photocopy 
machines. AMF and Brunswick with automatic 
. pinspotters for bowling. 

1961: Great Western Financial and SSL's with higher 
interest for savers. Mead Johnson with Metrecal' 
1963: Kresgewifo discount stores. Delta andNorfh- 
west Airlines with jet travel. Xerox with dry 
office copiers. Syntex with birth control pills. 
1965: Baxter Labs with new hospital lab and test 
equipment Simmonds Precisian with space 
computers and electronics. Xtra with freight 
containerization. Motorola and Magnavox with, 
color TV's. 

1967: Duplanwifo double knit fabrics. McDonalds 

. wifo'fast food franchising Digital Equipment 
with mini-computers. Hilton, Holiday Inns and 
Loews with follow on effect of increased jet 
travel cr eating-demand for more hotels. 

1968: Champion Home Builders and Skyline with 
mobile homes for low cost housing. 

Taking a stand on the new bull market. 

At William O'Neil + Co. we believe strongly 
enough in foe coming bull market to remove 50 
companies fromour Sell List And our Research 
Analysts have in foe last 60 days visited 40 new com- 
panies which are included in foe 150 names in foe 
buy section of ouri"New Stock Market-Ideas, and 
Past Leaders to As/okL' 

On top of that we recently purchased our third 
seat on the NYSE. 


coming bull market So if we're wrong we stand to 
lose more than just money. 

We stiE expect econqmic news to continue to be 
poor in the near future. We could continue to see 
disappointing autnmobilfi sales, housina slowinrr. pJr 


people were optimistic, andit wiE start back up when 
most people are pessimistic . The market wiE discount 
and look ahead 8 to 9 months. By foe time economists 
decade whether or not we are in a recession, foe new 


U William O’Neil + Co, Inc. 

Publishers of Dafagraphs InstMiaiial Research, Member New York Stock Exchange. 
119I5LaGrangeAvenue,LosAngdes,CaMorxna 90025, (213) 820-7011 ■ 

TefefeLSA 69-6130 - 


irom any Duiimarset are usually made py mosewno 
reoognize itfiist So those who teE to grab the bull by 
the horns wELwindupan foe tail end. 



16 


SifcaBcial Times Wednesday AprilflS 1978 



n 



■ Iff 


HHIED BY ARTHUR BENMEITAND TED SCHOEIHB 


0 SAFETY 

Oxygen set for nse 
in mine emergencies 



• POLLUTION 

Wraps from Electronic coin change unit Restruction 

turntable ■ DELIVERIES of a custom- the IffOS circuit the price of the the coin is good. The - cola AT THYlM PTII ' 

“ designed integrated circuit tre selection. Additionally, the cir- validation mechanism is self- x* UWlvlll 

THE OPENING of a new factory being made by AMI Microsystems cu jt credits and accumulates the calibrating. : : * 

in Hayes, north west London, to Mars Money Systems for in- C ° I ? S deposited, compares this The sensing stations consist of TKtoCrP 
coincides with Inpac Autama- corP oration in what is believed. "“h The. Price set for the selected .***& *&&*.. WoMv . . 

tion*s introduction of its COLT . ^ P a item, , and signals the vending embedded in the cola paasajge«fey 4 

shrink wrap machine. 10 be 0181 llaiTersal an_ cycle when the appropriate valls-^otient4n^tiie^£^C(fflB ASSIGNED the DaTY-Powergas[ 

Handling loads up to 2,500 electronic coin changing system deposits are made. differentia tiie colaV &k&zifiS8 company's patents ^ on suidjbed. . - . * . . 

kilos in weight, two metres high for vending machines. . If the coin jetton tubes to and - embossing depth, diametar jmawrrati^ inoffensive exhanst- gaa- to tun 

and 1-5 metres square, the This circuit was designed by make the necessary change are and composition can be detected- ^ €riIe Disposal Plant ^ — ; a ' " 

machine operates on the spiral AMI in conjunction with empty, as indicated by a sensor As ihe coin passes in. front of -gg -Outtoals i ior : 

wrap principle which allows any engineers from Mare, which has connected to the circuit the logic the sensor a. frequency' shiS Eiajor EEC chemical companies for: materials rtit'hS' 

sire and shape of pallet load to been working on electronics in will calculate whether the correct occurs proportional ®. Prove tire abUhy .of th* SDP iv 

be secured, and allows several vending units for several years, change can be produced with shape and size.. The AXI circuit Circulating fluidised bed to. cope lb, , 

wraps to be applied to areas of Containing thousands of available coins. If not the sale receives, tins frequency .-shift with some of the most difficult m 

the load requiring extra stability, transistors, the AMI 40-pin' MOS is not made, coins are returned, mfozmation, . which \ . usually h^nstnal wastes. -Many of these pane oerng tne_inmc^iea "*«£?■ 
Fitted with a round turntable. Circuit incorporates its own and an “Exact Change" indicator ranges' from 10 to MO-EH* «q»- have; not been subjected to tier- • - a. V ■ 

the machine can be installed microprocessor to keep track of Is lit. pares' it - with stored tolerances '*»*.. destruction before. Kp thermallv destroyed includes 

Audi to the floor for hand pallet the money calculations and a The coin mechanism will have and determines validity.. =•:!/ > : As its name suggests, the SPD unfer 

truck loading. programmable ROM which virtually no moving parts and Although other companies hstvfc bed subjects the materials being “T, 15 * ^rrylonitriie - waste. 

The new factory will also be allows adaptation of the unit to will completely el im i nat e the -already introduced coin changes^ fed in to. an intense . rotary -^iiide^earing -wastes S 

the venue for the production and any monetary system. rails, fingers, switches, deflectors, in which the coin counting -and action; apart' from the constant V ari DUS process stre ams -Haft 

demonstration of the company's The system adapts to multi- motors, cams, flippers, and mag- coin- return portions are eleo- aetation. imposed by the current tetra _etfayl lead sludge a m ong 

Pa II etm aster range of pallet price machines and the circuit nets used in conventional vend- ironic, the Mare Money Systems itt fluidising air wWefc keep the others 

stretch wrapping machin es and can be programmed in the fac- ing machine coin changers. all-electronic system represents bed in suspension. It follows pjarJt has been demonstrated, 
provides ample room for prospec- tory for any combination of up The changer has electronic an Important step in when tight materials, such j a operation on lowgrade edti 

tive customers to bring lorry to 63 prices. coin validation, employing a machine industry. - • - *s* the paper and plastics norm- and -colliery wastes, as-weli.^ 

loads of their products for wrap- When the customer makes a unique set of three sensing More from AMI Microsystems, ^Dy making up part of munid- Bewage. The pilot plant was 

ping. selection, a binary-coded signal stations wired to the AMI circuit, 108A, Commercial Road, Swin- 1»1 wastes, are f fed into the bed, established at Aycliffe. - Durham 

More from them at Uxbridge ^ generated which indicates to which determines whether or not don, Wilts. 0793 31345. they do not become entrained ^ 1972, followed .by a larger 




SAFETY in coal mining opera- 
tions will be considerably 
enhanced through the National 
Coal Board's decision to add to 
its existing emergency equip- 
ment a new mine escape unit 
designed by AGA Spiro in con- 
junction with its Swedish asso- 
ciate. 

Escape apparatus already in 
use caters for ail kinds of 
emergencies, but has proved 
unsuitable in a situation where 
there is a deficiency of oxygen 
and where men may have to run 
at maximum speed to escape 
from an unbreathabie atmo- 
sphere. 

The Mines Rescue Sen-ice of 
tbe NCB decided to instal at 
strategic rescue stations appara- 
tus which, in the event of an 
emergency, would enable the 
wearer to move from an irre- 
spirable atmosphere to one oF 
safety with maximum speed and 
a minimum of personal risk 
attributable to increased respira- 
tory demands. 

To provide apparatus which 
would meet new standards in 
terms of size and performance, 
the Mines Rescue Service con- 
ducted a feasibility’ study involv- 
ing a number of companies. 
Desirable parameters of the new 
apparatus were to include light- 
ness and simplicity of design, the 
latter requirement being of 
crucial importance to facilitate 
use of the equipment with a mini* 
mum of training. The overriding 
prerequisite, however, was that 
the equipment had to be of tbe 
self-contained type capable of pro- 
viding sufficient oxygen at ail 
times and at an acceptable level 
of inspired air temperature. Tbe 
apparatus would also have to pass 
the rigid endurance requirements 
specified by the Health and 
Safety Executive. 


Fast design 


Within six months, AGA Spiro 
submitted a prototype mine 
escape set for the appraisal of the 
National Coal Board. A series of 
proving trials subsequently took 
place at the Mines Rescue 
Station in Doncaster to deter- 
mine whether or not the appara- 
tus would pass the Health and 
Safety Executive’s endurance 
tests. It was shown that the bigh- 
performance demand valve en- 
sured the automatic release of 
oxygen in the event of increased 
respiratory activity, supplement- 
ing the constant flow of oxygen 


from the regulator. The wearer 
can draw very high flows of oxy- 
gen immediately the cylinder 
valve is opened and still get 
the 30 minutes duration required. 

Wearer trials have taken 
dace at Cynheidre, South Wales, 
to assess both performance of the 
escape set and the attitudes of 
miners wearing the equipment in 
a simulated working environment. 

Men were subjected to peak 
work load characteristics and 
then requested to run at maxi- 
mum speed to an assumed place 
of safety. They were then given 
an intensive medical check-up to 
determine respiratory effects and 
to locate any physical or other 
abnormality as a result of wear- 
ing the set. Having reconciled 
these results with the wearer's 
observations on comfort and 
ease of breathing, it remained 
only for minor modifications to be 
made to meet the exceptionally 
high standards of safety 
demanded by the National Coal 
Board and to implement delivery 
of an initial 450 mine escape sets. 

Lightweight 

With lightness and simplicity 
of use as major design charac- 
teristics, the AGA Spiro mine 
escape set. with, the oxygen 
cylinder fully charged, weighs 
only 6.5 kg. Haring a protective 
case assembly of anti-static glass 
fibre-reinforced plastic, the over- 
all dimensions of the set are 
430 rum in length, 360 mm in 
width and 110 mm in depth. 

The breathing circuit functions 
through a mouthpiece which 
holds inhalation and exhalation 
ncm-return valves. Exhaled gas 
passes through the breathing 
tube into the exhalation bag. It 
is then drawn by inhalation 
through a soda lime filter media 
into the inhalation bag and 
delivered cooled to the mouth- 
piece. The constant flow of 
oxygen is directed into the 
demand valve which is connected 
to the exhalation bag at which 
point demand supply is also 
available. The relief valve is 
placed low down on the breath- 
ing bag to enable tbe apparatus 
to be used under water. Tbe 
oxygen cylinder is placed below 
the breathing bag and fitted with 
a. cylinder valve incorporating a 
pressure gauge. 

Aga Spiro. Divator House, 
Horton Close, West Drayton, 
Middlesex UB7 8EB. West Dray- 
ton 47771. ■ 


Road, Southall, Middx. 
3673. 


• ELECTRONICS 


• materials Small items counted accurately 

FTllf ITlPfclfc ACCURATE counting of com- solution to the problem of count- Although aimed at the efec- wSK Intematio^L 

XlVlL UivldlS ponents is an essential operation ing batches of components based tronic component field . tite burned are interposed be- on behalf of SDP. at 5 - Beech 
OAQf<M I - —y electronic production ontoeure^.an nltra^tive be jn^as of a noSSric and Grove, Hanowgate 9 

LUilll/Q processes. This machine rapidly senses accurate counting. 'of batches of . V 

Elite Engineering, maker of the unit weight of the com- small items is required. . - INSTRUMENTS 

ANTI -CORROSION coatings component preforming machines ponents to be counted and dis- Elite Engineering, Salterns 
which can be applied directly on and printed circuit board plays a numerical count of the Lane, Fareham, Hants.. _ 0329 4Ti 

to hot metal exteriors of plant assembly machines, has found a batch size. 231435. .. \NfkJ1Cffl vA Shf*51rdffGl r . 

while it is still in operation are v rrVV 1 " 31 ' 1 ' 1 T ^ •; ' : :y 

to.be Introduced into the U.K. bnu/cb ' ' ‘ INTENDED for the detection of field caused by the presence 

by the Dampney Company, W rUntK unexploded ammunition, pipe- ferromagnetic objects, it ^in- 

Everett, Massachusetts, U.S. ' -^V lines, cable junction boxes and dicates a “find" by meter read 

Tbe heat-resistant coatings — jE M -i n4<vv/lwT /vf A11/T * r shipwrecks, the Ferex 4.021 ing or loudspea ker ^earpiece, ^ad 

the Tbermalox 260 series— are Vk|l|(Tv^ flT Pl|» FvV KOlll |*P„V search instrument from Weils has an output for a recorder^. 

claimed to proride pin-hole free ^ -R-WJ VI. vJI/Wwl T VffA vll vA q J HM. Krautkramer will -operate -under* The search probe- can be 

films when sprayed on surfaces ’ • . ■' " water to a depth of. 100 metres, assembled as an. in tegr al part of 

as hot as 300 degrees F. The THREE SOLAR energy tech- most promise of all by the year benefits only by wind, among the , According to the company.it the' hand-held, increment; _ or 
coatings can be applied to sur- noloeies which promise the 2020. technologies considered.- This can be mounted on the front of used with a comecting _cwie-for 

faces at ambient as well as i.jphpct henpfltQ tn QrwiPtv The SRI report, prepared for technology is attractive primarily a miniature submarine to follow remote operation or under watfep. 
elevated temperatures, curing as _ nuj .. the solar working group of DOE because of its .economics, the run of a pipeline or buried Able to .detect a tennis-ball siz^ 

fVto AAiutimont Kpcrinc nr rociimPc DGtWC€D HOW &DQ UlG JWT 2000 a ; n Haniriino cnlnr r.fAotacfr timhI in TiMr fa w i mhlo A ■null rations TTliffht tlifiCC Of Sted it ab(Hlt 006 QCtTGi 


with the combustion gases before unit -at Wingate, Durham "Ihe 
.they rcari be burned. yfear after.' * 

■ - The SPD bed does not contain Licences have been granted by 
beat extraction pipework — beat SPD to Itob and Co. and Ebara 
is recovered from the flue gases Manufacturing -or Japan, and tp 
in the second step of the process. Svenska - . . Masktoverkem _${ 
Thereafter a number of gas Sweden. •;* r . .-^o 
sernbbers with chemical dosing More from Technical: Design 


ANTI -CORROSION 


INSTRUMENTS 


Sensitive searcher 


• POWER 


Major study of energy sources 


INTENDED for the detection of field caused by the presetiee^bf 
unexploded ammunition, pipe- ferromagnetic objects, it -;in- 
-T. lines, cable junction boxes and dicates a “find* by meter -read 
r - • shipwrecks, the Ferex 4.021 ing or loudspeaker^earpiece.-aad 

L T Mil irCPv ! search instrument from "Weils has an output for a recorder,. . 

7 kJVR * * J VVlJ Kfautkramer will operate 4inder- The search probe- can -.be 

water to a depth of. 100 metres, assembled as ap. integral .part of 
benefits only by wind, among tire , ' According to the company, it the ' hand-held . instrument; ^ or 
technologies considered.-- -This can be mounted on the front of used with a connecting cable -fdr 

...1 I. 1 ^ • j>. . ■ . . J. u mniirfa nn»„tinn nrnjflllll 1 WifU' 


as an aid in deci 


the equipment begins or resumes betwe€ ° D0V f *“ d ^ ea , r 200 ? as an aid in deciding how solar Greatest need in the near term cable. Applications might also mece of steel at about one mette, 

operation and passes through the are solar heating, wind and energy research funds should be is to promote public acceptance, arise after an avalanche, earth- the umt w el ghs^o kg. . • ^ - 

curing temperature range 270 biomass, according to a com- allocated, made projections for The most serious research -need quake or flooding. More from Biacxnoree Koa<t 

degrees F to 300 degrees F. parison study of seven solar the near term (1985), inter- is for reflating the installed cort Operation by pin-pointing dia- Dtichwaroy Herts 5u« lay 

When applied at ambient tern- energy technologies conducted mediate (2000), and the long of coRectocs. Solar cooling- is tnrbances of the earth s magnetic two-b 

pera hires they air-dry to touch - by SRI International for the term (2020). ' 1 stiH a long way irom oanmitis .-' .. -'V/' 

within a few hours and can with- U.S. Department of Energy Hie relative merits of the caalisation. - > U A Mn TffWlLR .*• ' 

stand normal contact of person- (DOE). seven technologies were judged Conversion of such residues' © IJJWtil* .*.Wk9-.- 


stand normal contact of person- (DOE). seven technologies were judged Conversion of such residaes' ® iti«bv[sw n ■ . 

nel and equipment indefinitely After tire turn of the century, not only on the amount of energy as those from crops, forests, and Vn . •_«.** ;.|| '■« - -a . 

until hedt-curing takes place. a fourth system, photovoltaics, they might produce, but also on farming has. high benefite-in. the W/vyjvgyg nUlinlAn "• 

The coatings are stated to be could become one of the leaders environmental qualities, con- near term because of its pptan- k-FV-A Tv O' IfuUlUyU 

based on a co-polymerised sili- the report indicated. ■ servation of oil and gas, potential $al energy contribution.' How- VARIABLE speed control, direc- assembly and installation. :flf ' ‘ 

cone resin, contain a high level Three other technologies — contribution under adverse con- ever, total contribution will be tion reversal and preselectable electrical terminals. It Is. attffi- : . 
of inhibitive pigment and to be thermal (solar) power, agriciil- ditions of energy supply and limited by the quantities V avafl- S p t tin«»s are combined in ciently light for single-handed - 

self-priming and highly resistant tural and industrial process heat, price, potential for significant able and competing demands an electric 'screwdriver called- use (I-35kg.) and is particiflarly' L ~ 

to creeping under-film corrosion and ocean thermal energy con- research and development break- for other purposes. . . ^ DMS1 Electrodriver— from suitable for those operation z ' 

with an unusual property reten- version— were judged to have th roughs, potential for small- Derices that convert ' light W | OT Mt Electricals Sheerness, where fast repetitive insertion v u 

tion of gloss and colour to 500 less promise. However, because scale decentralised systems, and directly to electricity, are «ur- Kent ME12 3AB (07956 3322) - and removal o£ screws ir-’fe ~ 

degrees F. tbese systems are in early stages prospects for export. rentiy very expensive, but; have ■ Suggested for production line quired. • - V. . 

U.K. agent and distributor is of development, future research la the near and intermediate promise over the long run in • v 


Timeguard Engineering, 3 Church findings could enhance their term, highest benefits are from .providing peak and inter- . 
H'ill Avenue, Mansfield Wood- promise. solar heating and cooling of mediate power. They are likely 


CONTRACTS AND TENDERS 

Intervention Board for Agricultural Produce 
FOOD AID 

Tenders are Invited for the supply and delivery CTF from any 
EEC port of 7,200 tonnes wheatflour bagged in new or good 
quality secondhand double jute bags. Each outer bag shall 
be marked “Food Aid Gift of the United Kingdom.” The 
Wheatflour is destined as United Kingdom National Food Aid 
to Sri Lanka and. delivery to Colombo must be completed by 
31 July 1978. 

The allowance for the supply and transportation costs of the 
wheatflour will be determined on examination of the tenders. 
Delivery terms embodied in tbe Notice of Inritation to Tender 
together with, tendering forms may be obtained from Branch 
B (Cereals), Internal Market Division, Intervention Board 
for Agricultural Produce, 2 West Mall, Reading. (Tel: Reading 
583626). 

Tenders must be supplied by 12 noon on 28 April 1978 to: 
Home Grown Cereals Authority 
Hamlyn House 

HIghgate Hill, London NI9 5PB 

Intervention Board for Agricultural Produce 
FOOD AID 

Tenders are in invited for the immediate supply and delivery 
CIF, from any EEC port of 10,000 tonnes of common wheat 
to he supplied in bulk as United Kingdom Food Aid to the 
Government of Mozambique. The wheat is to be loaded in one 
ship and delivered to the port of Beira. 

The allowance for the supply and transportation costs of the 
grain will be determined on examination of the tenders. 
Delivery terms embodied in a Notice of Invitation to Tender 
together with tendering forms may be obtained from Branch 
B (Cereals), Internal Market Division, Intervention Board 
for Agricultural Produce, 2 West Mail, Reading (Tel: Reading 
553626). 

Tenders must be supplied by 12 noon on 28th April 1978 toe 
Home Grown Cereals Authority 
Hamlyn House 

High gate Hill, London N19 5PB 


house. Notts. NG19 9JU (0623 
640898). 


LEGAL NOTICES 


No. 001118 of 1978 

In the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. Ia Ok 
M iner of HERBERT A. H. BEHRENS 
1 U.K.) LIMITED and In the Matter Of 
Tbe Companies Act. IMS. 

NOTICE IS HEREBY GIVEN that a 
Petition for the wlading-np of the above, 
named Company by tbe High Conn or 
Justice was. on the 11 lb day of Apoi 
1978. presented to the said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of King's Beam House, 
38-U., Marie Lane. London EC3R THE. 
and that the said Petition is directed 
to be heard before the Court sitting at 
the Royal Coons of Justice. Strand. 
London WCA ILL. on the 8th day of 
May 1978. and any creditor or contributory 
of tbe said Company desirous to support 
or oppose the making of an Order on 
the sold Pel Won may appear at tbe 
time of hearing in person or by fats 
Counsel for that purpose; and a copy 
of the Petition wW be furnished br the 
undersigned to any creditor or contribu- 
tory of the sold Company requiring such 
copy on payment of tbe regulated charge 
for the some- 

G. P. CLOAK. 

King's Beam Boose, 

38-41, Mark Lane. 

London BOR THE. 

Sottcftor to the Petitioners. 

NOTE/— Any person who intends to 
appear on the hearing of the said Petition 
most serve on or send by post to. the 
above-named notice in writing of bis 
intention so to do. The notice most state 
the name and address of the person, or, 
if a finn. tbo name and addrass of the 
firm, and most be signed by tbe person 
or Bra, or his or their Solicitor (if any), 
and most be served, or. if posted, mus# 
be sent by post in sufficient time to 
reach tin above-named not laier than 
four O'clock in the afternoon of the 
Ml day of May 1878, 

NO. 001100 of 1973 

Jn the HIGH COURT OP JUSTICE 
Chancery Division Companies Court. In 
tbe Matter Of WEIRGATE LIMITED 
and in the Matter of The Companies 
Act, IMS 

NOTICE IS HEREBY GIVEN that a 
Petition for the windlng-up of the above- 
named Company by the High Court of 
Justice was, on the 10th day of April 
1978. presented to the said Court br 
TEE COMMISSIONERS OF CUSTOMS 
AND. EXCISE of Ring's Beam House. 


Wind, considered an indirect buildings. In the long term, to be dispersed on roof-tops and 
solar energy source, showed the solar heating is surpassed in connected to a central electrical^ 

grid. Tie most important . 


HEATING 


"EiWarm rays : 
m from above 


INSTITUTIONAL 
INVESTMENT SALES 

Winum O'KeH 4- Co.. Iflctjrporar«J 
Creators of tbe Datagrapbs Institu- 
tional Investment Research Product 
Line l s introducing a number of new 
fundamental, economic and technical 
services and would like in expand Its 
Institutional marketing into tbe United 
Kingdom and Europe. If you have 
an established Institutional clientele 
or have Institutional experience and 
contacts and would be willing 10 
relocate to oor Los Angeles offices, 
send resume to Mrs. Mazy Storms. 
Vice-President. 

WILLIAM O’NEIL & CO., 
INCORPORATED. 

Member New York, Stock Exchange. 

1181a La Grange Avenue. 

Los Angeles. California 90035 U-S.A- 


APPOINTMENTS 

WANTED 

FINANCIAL AGCOUNTANT 

seeks appointment 
with international company 

age 40, fluenc lealian. English. Fiunch, 
experiences In variance aualys**, 
reporting, budgeting, planning, invert* 
me nr control. Write Box F.T006. 
Financial Times, 10 Canaan Street, 
€C*P 46Y. 


PUBLIC NOTICES 


BATH CITY COUNCIL 


LANCASHIRE 
COUNTY COUNCIL 

BANKING 

ARRANGEMENTS 

Bankers are invited to quote 
terms for the operation of the 
County .Council’s bank accounts 
from | April 1979. 

Particulars of the nature and 
approximate volume of the busi- 
ness to be transacted, together 
with other relevant information, 
may be obtained from the 
County Treasurer, P.O. Box 100. 
County HaJI, Preston, PR) OLD. 
All enquiries will be dealt with 
in strict confidence. 


CLUBS 


eve, tag. Reseat Stneetjra* DS37. Ala 
Cart* or AK-in Menu. Three Su«#acTjt»r 
HOW Shows touts. 1&4S -and T.45 and 
. music of Johnny Hmksswortb A Friend*. 


SWL. Max* Lane. Ixtndon EC3R Tro! 'WAB& 

and that the. said Petition is dlrerted Urn. Total outstanding £J 75 .DOO. 


8IM that tl« »ald Petition is dlracted £j m . Total outstanding £375.000. 

to be beard before the Court sitting at — 

the Royal Courts of Justice, Strand, metropolitan borough OF 
London WC2A 2LL. on tbe 3th day td WOLVERHAMPTON - 

Mur 1078. and any creditor or contributory 

of tiie said. Company desirous to support i‘|ya ed ,. 19 i 5 5 wSie 5 riii^ 

a™*** of an Orfler on ol? JX. Xlluc^ioA t^a^OAasS. 

the said Petition may appear at -the Total outstanding £4.500.000. 

time of hearing In person or by his — ■ 

Counsel for that purpose; and a copy CITY OF Dundee district counlil 
of tbe Petition will be tarnished by the ; — M 


CITY OF OUNDEE DISTRICT COUNCIL 


to ™ rib£ A/3&3S; awflaM* 

>m-o> nf Mia mmnanv mmrfHnc kdi 4 i I r* 19 . 7 . 78 . Total inpimMWB . .. th _ q^l, terra iiimn I 


■ . ■ " — f research needs are in new* • * * - 

— from above 

APPOINTMENTS BOND DRAWINGS a ceiling*)™ ™iiao« 

- heat to electricity wduld make heater developed hi Norway and 

— — , significant contributions only put on the Scandinavian market 

state m^n^the kingdo under conffitions of high conven- a yearrago is offered- in the-UjJK. 

7 ,. D . lhlQW sterling ti0lial energy costs. Prospects are by Kanaranffi 34, Hanhnry Street; 

"* bow bs 7 1924 not considered for major Ijondon, Ef-:6QR- {01^47 7©7); 

notice is hereby given teat ■ cost reduction in thermal power Basic features : of the' heater 
oS« ln on 0 ii B th n< AiJrii f t978 bo *8itwico w h? processes. r - are -aluminiuto t heatlng panels 

Mr. Keith Fry nets Ooft Baiter, of die Ocean thermal energy conver- radiating low-frequency heating 
S.«n° , the7o"kS Sion uses the temperature varia- waves, resulting in a short warm- 

?3S2S “ tion between wann surface ing up time-.-and high efficiency 

from which date ait interest thereon will waters and cold deep waters to even" at considerable d i s tan ce. 

“■"i bonds OF £1 ooo nominal generate electric power. Its rank- Highest level of -installation oO 

bonds of £1 .ooo nominal ^ mDye5 up in the intermediate far, for example, js 40 feet from 

and long term because, under the floor with, claims the com- 

bi,, conditions- of high non-solar pany. excellent results. 

1 5Z390 energy prices, it could become a Energy saving., qualities are 

I 6 p<SStaF ?£ru°° SSHSHH 1 " large source of energy. It is achieved because the heat is 

unique among the options radiated down and warms up the 

examined in its ability to provide occupational zone. • before any 

baseJoad electricity. Develop- convection brings the air to 

menr is made difficult hy the hi^i higher levels, and a given level 

initial cost of large heat of comfort can be achieved at 

exchangers and by uncertain a lower air temperature- as ■ a 

reHabiiity in toe marine environ- result of the radiant effect, than 

meet. would be the case in convection 

7 48 7 4 bonds vnoanting to £11.600 SRI International, 333 Ravens- heating, 
nominal capital. wood Avenue, Menlo Park. Cal. 

WHiwk K. F. C. Baker. Notary Public iume tic ^ 

Each of the above bonds when presented ’ . ~ II - 

at trie office Ot N. M. Rothschild & Sons - 

&££**& wvrj O MACHINE TOOLS iMBI H ill 

semient eounens. otherwise the. amount of . - WflHH 

the missing coupons WfU he OceJucted from V |H __ ■HB 

the principal to be repaid. Special listing HKisM'lBIH 

*?n^^r?onallv SlY W9VS • RSuMH U ■ ■ 

and cannot be accepted through the post- 

.The usual Interval of tour dear days UH|kJ| 

will be required tor examination. _ __ _ _ Mf 

NOTICE is hereby given uat the i|T (ini'P ■¥ 

& %SSS? ^“R. ^nSSSktt w INTENDED to meet demand for . W : - M - :' - - ■ ^ ' 

2 output, low cost, fully ■ * New leasehold facto 

coupt^m^ be hand^ to* p«on,iiy numerically controlled machine, ■ .. . are ready NOW. 

and eannot be accepted through the post, a SiX-Spindle turret Unit With H ’’ 

wiiTbe Wir^t£?'^nii% r on! l “ r ^ fodexing from - tape gives _ ■ ★ Government grants; 

ttSESr. une automatic machining . ■ substantial rent com 

London. ec 4 p 4 du. cycles, thus enabling one H , 

i»h April we. operator to look after several H • ^ New motorways, fas 

such machines. SpeedTrainsand mo 

- SimpUcity of design ensures . H With aUyoursuppliei 

COMPANY • quick, uncomplicated tape pro- ■ - . .. - ' . . ' 

IrUffirAlU gramming and low cost main- I • * New Town housing a 

NOTICES tenance. Standard equipment in- B 

- — - eludes automatic central lubri- ' B- ■ OwmTa*am<meofBritalj 

- cation stideways. . flood coolant H lndnstttaldavOlopmants- 

PROV,D o? T i.o l i5«N^?D ,AT,ON system, electrical equipment for ■ : JSSSSSSiSSJIl 

machine — 200. 3S0 or 415V, and ' B " ' * r t ftocgi from Bumlg 

"A" AND "B" ORDINARY SHARES for NC control — 240/1/50 CVdps ■ B ' ' CWBwMIlWlBlqDmentO 
notice is hereby given that th* _ ' ™ B » " trail t and lst more than II 

Ofrcctors . hare reepm^nded a Ff«f DM- VlllOU* Optional NC extras a TO -B. . 


STATE LOAN OF THE KINGDOM 
OF HUNGARY 

7';% iNorr 1.1 -2.75 1i,» STERLING 
BONDSm* 

NOTICE 15 HEREBY GIVEN that ■ 
Drawing of Bondi of the above loan took 
place on 11 th April 1978. attendee by 
i Mr, Keith French Croft Baker, of . die 


2 BONDS OF £1.000 NOMINAL 
CAPITAL EACH. Numbers: 


66 BONDS OF £100' NOMINAL 
CAPITAL EACH. Number*: 
54182 54419 S4654 S4BB7 

55630 '6178 56447 56837 

57301 58048 58329 5867S 

59106 59425 59837 60253 

6T05T . 61446 61861 621 SI 

63203 63630 64013 54482 

65286 65694 66024 66407 

66883 67037- 67205 67472 

6B27 4 68536 688 12 69124 

69734 69962 70144 70406 7 

70966 71145 71478 71626 7 

72254 72533 72747 72994 7 

73338 73656 73884 74104 7< 

74878 

74 BONDS amounting to £11.600 
nominal capital. 


P-CS 



r 7 



NILFISK 



-the wodtfslaigest manufacturer 
1 of lndustrial Suction Charters 
Bury St Edmunds. Sirffblk 0284 €316 



New Court. 

St Swittiin'f Lane. 
London. EC4P 4 DU. 
19th April 1978. 


COMPANY 

NOTICES 


PROVIDENT LIH6 ASSOCIATION 
OF LONDON LTD 


"A” AND "B" ORDINARY SHARES 
NOTICE IS HEREBY GIVEN that the 


MOTOR CARS 


FDR SALE. SAAB 9B. 1973. Beef. 45.000 
miles. One owner. Resularir aenfieetf. 
New clutch. Pitted tew bar and lights. 
£1.050. 01-876 5331. 


toty o* toe said Company reoutrins sucb JfcjBnL Totrt^ imttLndiop £1 Jm. 
copy on payment of tbe resulnied efiante to™ outsmndw 

for tbe same. grimsby borough council 

G. F. CLOAK. — 

King's Beam House. S500.000 bills issued 19-A7B « 

33-tl. Mark Lane. S 8 19.7.78. Total jg* 

h«Sm EC5R7HE. £43m. Total outstandIPB £500. 

^SoUcttor to the Petitioners. mid BEDFORDSHIRE 

NOTE. — Any person who intends to district council bill! 


mSST va* drilUug centre 

grimsby borough council SSSft' 1 ' a fK ^ aT ^’ U?™®? developed by Grimston has a cast 

_ m , m 1 . .. B.ieap per share. This compares vtch iron 'base sunnnrtl no n two-aric 

£500.000 bills Issued 19-*-? 8 i »»' of 7.37SP per share lor the year ^ "3* 15 


WUU.VUU urns iau« i : i* 

to mature 19.7.78. Total applications | lg7B- 
£4 3m. Total outstanding £500.000. , 


MID BEDFORDSHIRE 
DISTRICT COUNCIL BILLS 


appear on toe bearing of tne fiam reuann . . the dose of btatoesa 

most serve on or aenfl by post to. toe Ezao.ooo Bins issued ig.Apdl 197» due 1g7B . ' 

! ahOW-n«n«! notice la writiOS d bis 9Mr 197B * Share Htenwoi 

i intention so lo do. Tbe notice must Mate sil'iI^u^urxtiS: T^e cwwawb. 

, tbo name and address of toe person, or. " — of the a bore dividend 

If a Sim. tbe name and address of tbe Walsall metropolitan b?S?i«IS u *o,2S , 

firm, and must be stitned by toe pmw* borough council h B iVr k «.h' " lIS 

or Ann, or his or their solicitor (If any i 


Jaw. 1 or ™ nrB ”“ table with scraped slideways. Two 

Registered Shareholder* CTOUDd veiilcal CDlnmns 

Re?.to^ ,d UA^ %££ mounted at the rear, of tbeS 
t^ttosJTofVi^^V'IsSrW!: carf y. a Burgmaster 6 spindle 


The dividend will be payable to the 


CLASSIFIED ADVERTISEMENT RATES 


1978. ^ ' turret head and slide- (Model 

The re*»« 2cp j- ^ tezd can be manually I 

Tn? coupow to m presenioa in rtsoect . «» ■ ■ ^ . .... * \ 

of the above dividend are numbered 188. adjusted OH tllfc COlUmnS tO SUlCTW 


ir New leasehold fectorJes andsemcedsitBS . 
are ready MOW. , : 

* Government grantsare available and * • 
substantia) rent concessions may apply. . , 
•ir New motorways, fast trunk roads. High 
Speed Trains and modem docks link you , 
with aiiyoursuppliefsand markets. 
it New Town housing availability. . 

• OwmbraaSaoiidofBrltafn’BinostBiicoessftil ■ 
indnstriaJ flaTelopmaata - little inora tbau 21i outs 
ilrim Londaaby Mi or 1) hours by B3£h SpeAxili&Ia 
_ andl) hods from Bjrmlne^iAiii fcyr&ll ormotcaTRay. 

. ■ Cwmbran Develoi>rnexti;Corp«»bI<jn5iaaAlreaay 
. tnzll t and lot; more than 130 a«tor!6s, smI thB 

current building programme prpyldoa a iritie dnicft 
ofmodem, leaselwia industrial premises iiil£TC8. 

-. . Puny serviced, leasdioldBiteBAZDJdbD-avsflAlflBL 
Woiava 4S.OOO people, ezcellaHt bncslfi^, scbrKda 
and jurijarilUna. thriving lndn^ry,andaBplitodid. 
aboppin? centre - a magnetibr a ^regfon. ' 

-Qefc tie facts kbopj Industrial Ogypoxtoiiltlgs. . 

■. and GoyerimiaafegrMitB oiciyxabtaii. Hwiayiiill 
•..•bepnoviara tarsll wbitarein new Industry, anti. 

■ ‘IJie key nienW^oomfl. with youtnuaally win ba-. ' ; 
haasedijnias^isbely. — '■■■,■ ■ - - 

vxttc, vhons orupethe coupon TODA Y. -. 


tm: 



7 %, 


|B?J?i a «'“BjS5 umited.^ci^offS! 0 "?" for various component heights.! 

“ lwt The three axis of the machine 


or firm, or bis or their solicitor Ui ansi : &nr n 197 B P rlttr “ 

spzfx *2^. ■sjurSioTS japi&Aasa * rr i. ajs?. 


be sew. by wwt in sufficient tine ■m T uoa.ooo i 6Bi-64tiG«£Tite£3Jioo J M0 
reach toe above-named not later _ than j ~ u Rji r «._ AoslSatioBs totutetf 


Commercial and Industrial Property 4.50 

Residential Property ■ 2.00 

Appointments _ 4 - 50 

Eustness & Investment Opportunities, 

Corporation Loans, Production Capacity, 

Businesses for Sale/Wanted 525 

Education, Motors, Contracts & Tenders, 

Personal, Gardening 4-5 

Hotels and Travel 2.75 

Book Publishers — 

Premium positions available 
{ Minimum SiZC 40 Column tunc. ) 

£140 per single column cm. extra 
For further details unite to: 

Classifi ed Advertisement Manager, 
Financial 


single 

column 

cm. 

£ 

14.00 

8.00 

14.00 


reach toe above-named not later than ~ u 

Awr o’clock la toe afternoon of tbo £33.300.060. 

5 th day o£ May 1978. outstanding. 


TheSfS 1 ® JTBS "533=^ ■ is conttoued by the tape, and 

outstanding. „ A™ . actuated by the spmdle motor. 

- - 18th Apfl1 ' 197B ' A . Fosidata three-axis NC.'w 

provident life AssooAnoN tem' (Model S003 incremental 

B of lonpon ltd type, open loop system) controls 

9 ~ (tomofir 5% grws) the machine operation. 

cumulative p r e f e r|n c¥shaR es Standard 2, X- and Y - axis 

mall art GALi»i» Tbe M*n. s.w.1. NOTICE , s given that tne movement is 200, 610 and 305 mm. 

BSK»raiB»g ,ttr8M s*uz j ‘r.SSp'SPtJS-WSS 

UTMtFY FAVPii Ft 7fi • Davies al- W.l . any tax deduction, will be paid on tbe being aVaU&DlQ. bpisme UDSe tO 

499 suss, tissot— Forty ettbimc. drr- is* July, tvr®. table top distance is adjustable 

points and mezeotlnK.- Until 21, April. lU^Mcred ShareboMore totWAMt 2fll2Dd fiBl BB Tta 

j. P. L. FINE ART. 24^- jjfe, *•!; The dividend will be parable to U» aSJjT 

01-493 2650- tEGERrr Drew/su* «M Registered Stisrrtoldore whose names table measures 90S by. SOS T^ pi 
Gouaches 1910-1953. U**“ *8 April, appear In ttie RegBtcr of M ambers at , n a <.hmot ilanfli mm T 7 ._i 

Weekdays I Q-6. ■ the close ol business on tbe ‘1st June, and iflTOat «eptir IS £!* ttUU. t e^d 

covent careen GAuiny ltd. 'Tbe 1B7a - . . rates range 1WOOO mm/mln. with 

™ p 1. 32£ ^4f" Br VfcX^wS The rispna 3000 mm /mfo rapid traverse of 

Aioca. West indiM.. »LS**. V* S?jgBL2 8 ^ each axis. Positioning accuracy 

ir^Thers 0 ^ 20 r B^ii sf: Barciavs Bank Lifted. citv oBice. i70 along each asis is 0.035 mm per 

” 3 Vr -B555mar S?SS h " stroke of 31S mm. and repetitive 

i ^^e 1 ' secretary ^ _ , 

^?s ,r wm HMSOI! FnnLt-s. Lowjr. Prov „,^ H ' F ' 57 Gnmston Machine. Tools. 

SSw n «n r *r!Si a S!ij®to? £|?Jr^®? 26 L 0 SS? ,, r?Si5' ion Brunswick Road, Ashford, Kent 

fgSF&m s . Ham>a * te - inth^ ,97 B TN23 IRZ. 0233 22187. 


'tonowi By ortor at the Board. are driven by ballscrews and 

MB provident ho!L A - F ‘ T " 6 **"*■* ?teppi^ «at^ Turret indeting 


•I \ 


ntauWMUtW wBflte rt i wtMtu ft iri gg^K8«rt. 


ART GALLERIES 


266 BHhotisgate. 

London EC2M 40 P. 

IBUi April. 197B. - 

! — 

PROVIDENT UFE ASSOCIATION 
OF LONDON LTD 

CUMUU^lVE^PRe^El^NC^^LAftES 
OF £5 EACH 



COLNAGH|'..J4. ..OJd. BwW., St 


FIELD BOURNE GALLERIES. .Sjf" 1 
prove. N.W4. ART IN RELIGION. 



electrical wire &cable? 


Gouachns 1910-1953. U** 11 M April. 

Weekdays IQ-6, • 

COVENT GARDEN GALLERY LTD. ‘ 'Tbe 

Tropig Bird." Visionary Watenwtonrs 

W. J, ClumbwiayM. Vte**, p* 


i^iniL r^I 85 6 -~~ ^ 3 ^ if«rr rrillHlTlPri ' nvc cl **r days "prior to payment 
| PROOFS KIR imrgsTMjWEWlBnm Bv Crder ^ T h« Board. 

Laf^e 5iloctiDn pi LimfStd Mitten Proofs d a c OSTIME Sc 

by sfr Win. Russell Flint. L- 5. Lowry. D5TIMt ' * 


LONDONOfr^SGi Sf18 ABER0CEW(te2^323 


V'JS-.-. . 


hWS ■Sdby a, SS” W hp IMS Am. 

Now on new and lor %le ff BmoIr ,ne 

Galleries. Crescent Road. Hanogate. London EC2M 40F. 

Daily 9 to 5. Sunday 2 to 5. 18tk April, 1978. 










[w » 1 1 fycii n 



EDITED BY CHRISTOPHER LORENZ 



'V^O .^Hrrcs that 
-Rtr^'ent^preaBur 
Jt» frraen.by the British 
sssdimate, abhuldtaik to. . 
Leonard,- rtratyagfxrg direc- 
t^^rareHlarival^e.yolmg j»m- 

called Eurotherm 'which 
j flgrus to go .-public later: this 


novel way to spawn new ventures 


BY MAX WILKINSON 


Tcher 


5 led easilv 


The idea that -you. - cannot 
srstt tip a successful 'business 
' in : the: UK- is ' rubbish. - We 
r have done it; and it -is open to 
others to do the same," he says, 
v Thirteen. .years- ago Dr. 
'. Leonard was- the ^employee of 
sua Amen can owned company 
selling , temperature control 
units' for. industrial processes in 
Britain Now. he is running his 
own company, -which . has 

become -the -world leader in. this 
somewhat . specialist field .and 
has beaten his . former 
’employers Into - second place, 
r. Eurofbenn. started in May 
1965 in a converted stable near 
Woking, with a. capital of 
£L6,0OO and-., four clever 
engineers- Last year it achieved 
a profit-' of £2m. bn' a turnover 
of. £12 dl; with 855 employees 
and • 14 subsidiaries throughout 
the world: About .70 per cent 
of its sales come from exports. 

' One reason for :the decision to 
go . public is that the chairman, 
Mr. Jim 'Hartnett, one ol the 
four founders of the company 
apd - who pul up much of the 
Original capital, isr nearing re- 
tSreE&efit, andjvrould therefore 
Ske to' realise same of Ids in- 
vestment. Of - the 56 share- 
holders in tiie company about 
half- are employees thanks to 
tiie policy of issuing shares to 
senior executives, so as: to re- 
inforce their romsnitment. Mr. 
Hartnett now holds just over 30 
per cent of. the issued share 
capital: 

Eurotherm's decision to go 
public comes at a key' stage in 
its development — from a small 
company into medium size, with 


■■ ■ ' ONE OF : the ■ perennial prob* 
"1 -r “• Terns' of the -EEC .has been how 
“ r.l'-? to reconcile' the increasingly 
-*•' remote a^pdratfions towards 
closer political and ■> economic 
ties with the day-to-day work 
on harmonisation of detailed 
policies on such matters 
I Cl iV ** ^AT or insurance regula- 
loilt tions. Nowhere . has this. 

\ dilemma been riearer than. :in 
■ ~r the debate over Economic and 
Monetary Union (EMU). 

.:t EMU has been proposed and’ 
• - discussed, for bveir 7a decade.'. 

' Hopes of ... achieving the.' goal 
- appeared to .have been -post- 
poned Indefinitely as a result 

of the sharply differing ' 

' economic performances- of the 

— 3 past few years* -arid : of the 

^widely varying rates vo£ infla- 


all the attendant management 
risks winch growth involves. 

Since it- -cannot expand in- 
definitely, with a narrow product 
range (the world- market for 
temperature control units is 
only £ 150m.); it has been forced 
to .divefsify-^a process which 
inevitably couldhaye threatened 
the informality of. its manage- 
ment style, which 'is considered 
within the' company to have 
been one of its main strengths 
so far. 

It has solved the problem in 
an original way hynBowing new 
product companies to break off 
from the parent group and seek 
their own fortunes, almost in 
the same way as 'the original 
group did when'-'it- 1 established 
Eurotherm. 

Dr. Leonard says .the new 
offshoots have been .largely 
taken on by groups of engineers 
who thought up a new product 
or group .of products. They 
have been made almost entirely 
responsible for their own. manu- 
facturing, purchasing and mar- 
keting, although the main Board 
authorises each, venture and 
retains ultimate control 

Three -new’ - companies have 
been formed. As -if to empha- 
sise their independence, they 
have ail been called ; after the 
name, of their founders. Thev 
are: Chessell Ltd., which makes 
temperature recprders,-TurnbuJl 
Control Systems, Which makes 
instrumentation systems, and 
Shackelton Systems Drives, 
which makes speed crimxollers 
for electric motors. *-! . 




sasb^ 



Freddie UamfyM 

Some of the brains behind the products that have made Euro therm a success — from left to right— G. Wltherington, 
J. Shackelton, J. H. Hartnett (chairman), B. Chessell, Dr. G. Turnbull and Dr. G. Roberts. 


All these new companies are 
under the financial control of a 
holding ' company, Eurotherm 
International, but the control is 
exercised very loosely. For 
e xamp le, the group ■ has no 
formal central purchasing ar- 
rangement, although the com- 
panies co-operate in a -family 
spirit.” 

Similarly no attempt has been 
made to share salesmen, so that 
each company is responsible for 
employing its own people. This 
strategy follows directly from 
Dr. Leonard's belief that the 
best way to sell this kind of 
product is to employ high- 
quality engineers as salesmen, 
who can build up an intimate 
knowledge of the processes of 
potential customers. He should 
act as a sort of consultant to 


advise the customer how their 
process could be made more 
efficient- with the use of tem- 
perature control equipment 

Dr. Leonard says: “All our 
salesmen are autonomous. They 
have their own list prices and 
they are free to make their 
own decisions on selling with- 
out referring to head office. 
Often it is only by getting into 
a conversation about general 
engineering that they can make 
a sale.” 

As with most new companies 
of this type, Eurotherm grew 
out of a good technical idea. 
Back in 1965, Dr. Leonard and 
three colleagues, including Mr. 
Jim Hartnett, Eurotherm's 
present chairman, were working 
for West Instruments of the 


U.S., when they realised the 
potential use of the transistor 
in temperature control equip- 
ment 

Up_to that time, most tem- 
perature control units worked 
mechanically, with combinations 
of springs and levers to switch 
off power when an oven or 
furness had reached the desired 
temperature. It became evident 
that electronic controls would 
be more efficient and more 
reliable, but West Instruments 
was apparently reluctant to 
allow Dr. Leonard and his col- 
leagues to do the development 
work in the U.K. So they deci- 
ded to break away and start up 
a new company of their own. 

At first they employed just 
one girl, who made only a slow 
trickle of devices. Since some 


of the customers they were aim- 
ing at were big companies tike 
Tarmac and ICI, it looked like 
a risky undertaking. But 
apparently they had few mis- 
givings. 

“ We knew from the start that 
we would succeed,” Dr. Leonard 
says. “We knew the business. 
We knew the market. We knew 
that we had a good product and 
we were very enthusiastic.” 

From an early stage, the com- 
pany was self financing. Since 
manufacture of this type of 
device is an assembly operation, 
no large capital equipment was 
needed. All the components 
were bought in, so that most of 
the initial capital cost was for 
test equipment and jigs for 
mouldings. 

For this reason. Dr. Leonard 


says, the company very quickly 
became profitable. Sales built 
up slowly to the first million 
in 1970, but then increased 
rapidly. Last year’s turnover of 
£ 12 m. represented an increase 
of 50 per cent, on the previous 
- year’s figure and was almost 
equal to the whole of the in- 
crease in sales during the first 
10 years. 

During this build-up, great 
attention was paid to hiring: the 
light sort of people. Dr. Leonard 
and bos colleagues are engin- 
eers who tike others to il taik the 
same language.” Consequently 
the company has a high propor- 
tion of graduates on its payroll, 
and a strong bias towards 
independent-minded people- who 
want to make their own way. 

The first new company to spin 
off from the main enterprise 
was Chessell, founded by Mr. 
Brian Chessell in 1972. It set 
out to make temperature chart 
recorders starting with a rela- 
tively- simple but successful 
instrument, which offered three 
recording pens in place of the 
one of their competitors. 
Recently the company moved 
up-market with a more sophisti- 
cated machine. After five years, 
Chessell has reached a turnover' 
of £3m. on much the same 
pattern as Eurotherm, but at a 
faster rate. 

The reason for setting up 
Chessell as an almost inde- 
pendent company was, in Dr. 
Leonard's words that “ We saw 
that Eurotherm was successful, 
and we decided <to do the same 
again. We wanted to get a 


mull group of enthusiastic 
people together, who would 
have the responsibility for the 
the whole thing.'' 

The starting cost of about 
£50,000 was met by a loan from 
the parent company,- Che main 
part of which was paying the 
salaries of four people for about 
six months at the planning 
stage. After that, sales built up 
to cover the costs. 

The next company to be 
formed was ShaekJeton, which 
is now approaching aits first flan, 
sales. The newest company of 
all is Turnbull Control Systems 
which is in its early stages, with 
a staff of 93. This company is 
entering the more ambitious 
field of supplying fully integ- 
rated turn-key systems of Instru- 
mentation. In the second year 
of operation it achieved a turn- 
over of £2m., 70 per cent of it 
earned overseas, and is pJanaring 
on £2Qm. turnover in ten years' 
time. 

The autonomy given to the 
U.K. subsidiaries is matched by 
that given to overseas com- 
panies in Germany, France, the 
U.S., Switzerland, Italy,- Hong 
Kong, Japan and Guernsey. For 
example, the -U.S. managing 
director may choose whether he 
wishes to manufacture for him- 
self or to import from the U-K. 

Clearly the success of. these 
independent units requires 
close co-operation with the 
centre. If the company con- 
tinues to grow towards £100m. 
turnover, this may be more 
difficult. 

With this milestone still some 
way off, for the time being 
Eurotherm is J-ikeiy to continue 
to exploit the successful for- 
mula of hiring good engineers 
and giving them the maximum 
possible freedom to do their 
own thing. 



EMU— searching for a great leap forward 


BRUSSELS 


tion and targe fluctuations in 
tie - currencies of' : member 
countries. : : Indeed, only 18 
months ago -EEC leaders -finally 
abandoned as unrealistic, their 
1980 deadline for attaining 
EMU " _ ' ^ - 

However, EMU has again be- 
come one of the -major*- issues 
within the Common Market 


following a campaign launched 
last October by Roy Jenkins, the 
President of the Commission. 
His drive to win acceptance for 
the idea of EMU initially re- 
ceived a reception ranging from 
coo), from some of his fellow 
Commissioners, to hostile from 
certain finance ministers, not- 
ably Denis Healey, the Chan- 
cellor of Ihe Exchequer. Mr. 
Jenkins has made a series of 
almost weekly speeches, and his 
views appeared to be making 
some headway at the summit of 
EEC beads of government in 
Copenhagen earlieT this month. 


After Roy Jenkins’ speech on Monday, Peter Riddell takes 
a fresh look at the debate on Economic Monetary Union 


Chancellor Schmidt of West 
Germany made a series cf 
proposals there about stabilis- 
ing currencies within the com- 
munity. Mr. Jenkins has taken 
this initiative as a chance to 
press his case, as he showed in 
a major speech in London on 
Monday. 

In brief, Mr. Jenkins argued 
that the currency instability and 
inflation problems of individual 
countries made it more rather 







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Also in’ the (Sty-Lime Street Branch — Show starts 


than less necessary to achieve 
EMU. He said this would in- 
volve a new central European 
authority to manage the pro- 
posed common exchange rate 
of the EEC. external reserves 
and the main lines of internal 
monetary policy, together with 
a more redistributive budget 
within the regions of the Com- 
munity. He recognised that 
better co-ordination was import- 
ant but argued that a leap for- 
ward to EMU was a necessary 
condition for- an improvement 
in economy performance: this 
could not be achieved through 
the conventional economic 
policies of individual member 
governments. 

In practice this drive has in- 
volved a two tier exercise — 
reconciling the fundamentalist 
debate with advances on 
specific points, which has 
become known in the jargon so 
beloved in Brussels as tunnel- 
ing forward and tunnelling 
back. 

At one level, there has been 
Mr. Jenkins' personal campaign 
throughout the Community, 
which is intended to prepare 


BUSINESS PROBLEMS 

By our legal staff 


The quest for 
a fair rent 

I am a tenant farmer an a 
County Council smallholding and 
have received notice of a rent 
increase by 93 per cent Is so 
large an increase permissible? 
X have to sign the rent agree- 
ment in the near future, or go 
to arbitration. Could you say 
what the procedure is for arbi- 
tration and whether this would 
cost me anything? 

Section 45 of the Agriculture 
Act 1970 requires the County 
Council as smallholdings author- 
ity, to determine your rent as on 
an agricultural holding. The rent 
should thus be fixed as under 
Section S of the Agricultural 
Holdings Act 1948. Arbitration 
would be by the Agricultural 
Lands Tribunal. While you would 
probably not have- to pay the 
costs of the County Council even 
if you were wholly unsuccessful 
you would need to incur costs on 
your own behalf,, far example 
the fees of an expert valuer. The 
criterion is the market rent 
(with statutory deductions).. so 
that an increase over the pre- 
vious' rent of 93 per cent, is not 
necessarily incorrect. (You do 
not state when the previous rent 
was fixed.) It would not be worth 
your while going to arbitration 
if the rent now asked is a rea- 
sonable rent for a. newly let 
smallholding. ^ 

No lego! rcsponrifcj/Jtjr can be 
accepted by the Financial Times 
for the answers given in these 
columns. Ail inquiries will be 
answered by post as soon as 
possible. 


and persuade public and politi- 
cal opinion. The supporters of 
EMU recognise that its achieve- 
ment involves' a considerable 
leap of imagination for politi- 
cians and officials in member 
States, but they argue that 
pressing the case now will 
reduce the credibility gap. 

At another level, Mr. Jenkins’ 
campaign, is linked with broad- 
ening the base of common action 
on a number of monetary and 
economic fronts, in order to 
make the eventual leap— both in 
the -imagination and in action- 
less prodigious. ’ This involves 
operating on several time 
horizons and making the specific 
current problems relevant to the 
longer-term goal. 


The immediate moves — the 
tunnelling forward — are con- 
centrated in five areas. 

1 — Co-ordination of demand 
management, as reflected in 
efforts to agree on joint action 
to boost growth rates. 

2 — Internal moves to reduce 
fluctuations of member States' 
currencies. 

3— Co-ordination of the EEC 
approaches with the rest of the 
world on demand management, 
foreign exchange market co- 
operation with the U.S., and 
trade relations with Japan and 
developing countries. 

' 4 — Co-ordination of public 
finance strategies involving in- 
creased loan facilities and 
regional aid. 

5 — Industrial policy, for ex- 
ample, on the rationalisation of 
the steel industry. 


Progress in all these areas is 
seen by Commission officials as 
establishing the right base for a 
bigger leap at the appropriate 
time. Member states place 
emphasis on differing points — 
the U.K.. for example, believes 
that coordination of growth 
policies is most important and 
that efforts to stabilise cur- 
rencies purely in an EEC con- 
text are misplaced, when what 
matters most is the position of 
the dollar. 

Nevertheless, the drive 
-towards EMU has been given 
impetus by Chancellor Schmidt’s 
sympathetic attitude towards 
calls for a wider zone of cur- 
rency stability within Europe, 
involving a partial pooling of 
reserves. 

There is still, of course, a long 
way to go before agreement is 
reached on even these sug- 
gestions. which are in them- 
selves some way short of EMU. 
But they are a test of member 
states’, notably the U.K.'s, will- 
ingness to move the EEC 
forward. 


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18 

LOMBARD 


Financial Times Wednesday 


The wrong kind 
of control 


BY COLIN JONES 


THE RECENT White Paper on from becoming involved, 
the nationalised industries has The banc flaw m Morrisons 
been overshadowed hy other arms 

events including not least the assumption that the nationalised 
Budget But it is unlikely to pass boards— which initially were set 
into oblivion for the simple up as non-profit-makmg bodies 
season that It heralded a funda- —would know, what the public 
mental change in approach to the interest flight be without hay- 
control of these industries and t0 b« promoted. As Sir 
the alternative it outlined seems 

likely to have as disastrous con- his official history of the 1945-51 
sSn ws as before. nationalisation Programme. 

^ ‘ , never entered the heads __ 

The idea that governments ministers and their supporters 
should stand back from these m- the consumer might be in 
dustries and operate an “ arms nee d of some protection from " 
length relationship "-^wbich was ^j e nev boards . - nor did it 

first promulgated by Herbert occur to Ministers that the 
Morrison and has ever since been Boards “ would be subject to 
honoured in the breach rather the temptations of monopolies 
than the observance — has been throughout the ages" 
formally interred. Instead, re la- „ . . ^ 

tions between the two are to , ^ vSf S 1 

become even closer. The White been the fact that Ministers do 
Paper recognises the central mtervene but the teck of con- 
problem as always being that of !?£££ 

reconciling Ministerial involve jLiSrSS. 

ment with the maximum possible 

freedom for the boards to manage ^ 

their industries, and proposes 

mein ways of receiving it JSlWTd 

First, new procedures are to operate. The other is that when 
be evolved for discussing the Ministers become involved in an 
industries’ corporate plans with issue, the outcome is as likely 
a view to making them the focal to be decided by political con- 
point ol the relationship be- siderations as by the real needs 
tween each board and its spon- of an industry, 
soring department and the basis 
for agreeing longer-rertn objec- . 

lives. If a Minister should sub- | hniPP 
sequent! y want the board to do 

something else— such as order »n, e instinct for job preserva- 
an unnecessary’ power station— tion ^ich underlay the Beswick 
and the board chooses not to sree j works closure review just 
co-operate, then he would have wheQ steel industry was slid- 
to issue a specific direction j ng t nt0 the worst recession in 
which would mean going to a generation is a classic example. 
Parliament and publishing an So ° were the Heath Government's 
estimate of what the mterven- pr ^ ee restraint policies, and the 
tion coaid cost over-ordering of power stations 

Secondly, as much information jn the 1360’s (to match an impos- 
as is commercially prudent about sibly ambitious national 
the boards' plans and objec- economic growth target) and the 
tives, their financial and per- ensuing debilitation of the elec- 
formance targets, including any irical plant makers in the 1970s. 

S P b?-oT.4?'?i ’&$!?&£ c a ould ra gf“oSr^th Ch the e whi te 
Sterat rtouds S V5 Paper, accept that Ministerial 
pfi£Ss and consumers. in the intervention is unavoidable, and 
formulation of policies, either P ut *JP ^prisfnn ^^Vne 

by board membership (which 

might also be extended to civil the Government's concerted 
servants) or by improved con- solution would involve. Alter 
sultative arrangements. natively, we 

the need— and the opportunity — 

_ . for intervention by progressively 

Kacjp tltiWC re-introducing into the nations- 

uayra lised Mctor market 

This approach can at least be disciplines which operate in the 
said to have the merit of being private sector. By dispersing 
logical. The nationalised indus- power, the “BP solution 
tries’ role in the economy is too would not only promote choice 
sensitive, their market power as and freedom: it would also limit 
suppliers, employers, or custo- the consequences of the mistakes 
mers and their appetite for that are. inevitable in any orgarn- 
capital finance is loo consider- satton. Centralising decisions 
able, and the absence of the dis- does not reduce the risk of error: 
dplines which operate in the it • merely ensures that the 
private sector is too fundameu- blunders, and their consequences, 
tal to expect Ministers to refrain will be very much larger. 


The problems of a return to the wild 

IF YOU want to see a wild right in England if it came from them all, by doing it on quite a ing their parents'." Robinson;' at-' Ste Wilson’s style is. now the 'He keeps ^ retarntag to fht 
garden nowadays, you would be the sort of South American different scale. He left his mark first had mentioned JRfcoaoden- style" of the best modem wild easy virtues of Salomons seal,, 
drawn, first of all, to a garden setting where snakes and savages with Lilies, a point I would urge drons only once, as a shrub gardens. They nse foreign the -spring blue flowers of the 
on add soil, to the Savill Gardens swung menacingly from trees? on you too. In his first edition, loved by rabbits. Wilson had plants freely. They . mass nine Brunners, Uu'«m 

In Windsor’ Park, to the valley While the public were sending Robinson never mentioned the stems of the American Swamp Azalea£ especially, and keep an, forget-me-not* Virginia 

and terraces at Bodnant, or to this plea for natural gardening Lily seriously. Lily. Liteiro Svperbum, which .evergreen bank to them * remarks, has been- 

WaJwhursr, home of such superb through ten editions in 20 years. While he sang the praises of were 21 feet high. His choice ofSkinmias, Camellias and Ifce creeper,, no . . 


— . - . _ . „ , were JU ieei ot rtgrmmnm, - - T .~ 1 L .m T >tTvrrm pfi tftfc 

autumn colour. Yet the fashion other men had been going about sheets of the bine Apennine lilies for clearings In light shade best big-leaved Rhododendrons, seen to ioo* 
for wild gardening began hy a their business from quite another Anemone,. Mr. G. F. Wilson, fine could not be bettered ‘by -From time to time, botanists put touches ora weeping uwg. 
different route. Its classic text, source.. Plant collectors bad though anemones are, was gardeners’ on arid - Home Conn- in-pleas for "natural gardras " wr ms * Tn ® 

bv the William Robinson whom I widened men’s awareness of the settling down, to a woodland ties’ soil: Martagons, Tiger of. English wild flowers, for. 


mentioned last week had almost flora of America and the far 
nothing to say In 1870, about East There began that happy 
azaleas or camellias, Pieris and conjunction of new plants and 
fine Lilies. It is an intriguing lavish patronage by new rich 
example of a taste being over- businessmen. Between them, they 
taken by a wider market, opened laid the bones of many of the 
and exploited quite indepen* wild gardens to which our 
dently. National ■Trust now draws the _ _ • • • - . 

Robinson’s first sort -of Wild crowds. 

Garden was largely a wild garden When ! watch tbeimp act of a garden in which "lilies could be Lilies, FardaZntum 


-■Cletnato 

“’iKlngcups, 


gardens who .ever- tries this nowadays^. 
There are Primroses,- after 
VKaJba. primroses, many more -forms til/ mo^r 
■Whitebeani and orange ihlossom dhag-^ gien bp 


' "STflaa, «£ ^ ahetter sto^VJburinn^ 

GARDENS TO-DAY ' 


BY ROBIN LANE FOX 


Tines, nothing more .'to tearii u»?W'i<--tt*;Wr^Wfapred; 

STsoiL I think.that it shrub -roses - Che .doubles, -he- 
-ouS 1 reminds ns -of a principle woul d h ave 
■wim* it easllv forgotten. Con* “unatural . ).‘ I tow ^ 

'■'SSf tta^SSnSS: toy to lise .fflldeto «g£ 

. niant in Kvmoathy withthem; do used the many posable 


Soot. nlant in sympathy w*u*.w«»i*, «v ■<«» -rrr- 
ltoe-not ^overdo your dumps of fcuffiS-tfae 
think, . nrigenta Rhododendrons, but tty, aj& the purple Mefli- 

uuux, nragenw garden temmean GlwhoU. k ... ■ 

xojveep j L . 5 — On ail tins, Robinson- still has 


names. Clematis became the wbat adventurous FT readers rayed Lily of Japan. One feels, Henryi and Wilmottiae, two ei- lookjng wild. It is this principle . — ~ miwt arirtnvi. 

— — - 1 — -- s — *- — * — j — _* ^ — *- - — - * — -- — - ' ” — - - - — *« - — - - - broken by, say, the more to say-man mwsi auinon 


Maiden’s Bower; Aubretia was may have in store for gardening at. times, that he ought to have ceflent bulbs which will multiply which was 

Blue Rock Cress. The first correspondents of the future. For written the book himself. and live for years, in a dryish, planters or iuwuuuwmu™- . — - ~-j* - a__ 1o . b 

edition was well received as a the picture of a wild garden had He had chosen blue and white soil, when they can - be staked over (she natural Georgian land- wantto it a are 

plea for nature’s unspoilt flowers, to change rather sharply as the willow Gentians (G. Astdepiadea) and left alone. For lilies are scape garden of Stouxhead m all very well anoscm^nesjto 
They were to be gathered .in men of affairs sent the author and massed them by the not just temperamental plants Wiltshire. • ‘ w 

countries of known civilisations, word of their results. hundred: owners of banks, bare for pots or for gaps between " On time soil; Robinson still has become too_ ramauaai » 

Europe, .Greece, Britain and Mr. G. F. Wilson had made a slopes beside a drive or clearings beds of paeonies. We are - all something to say- -Here, we .tend keep a garoens^Mr. 01 iwng 

Canada. There were hints of million pounds in candles, in a woodland walk are still too too anrious about some of them, to feel that wild gardening w a 

other sub-continents, but these Clearly, he burnt his own at both stay of 

were dark and exotic places, ends, for he took up gardening flower. 


L avuic \n uitsm, lu jtfsGl uai.-wuu o — -- j, Mil 9 lifiT, 

e very- easy and ‘poor second best. But he writes 

were aare. aua .rauac piace», cuu», iu» ua wok up garaeuiug uunu. Auuuiiueukuwu grew pmeir «.u buwu in light shade, so wisely of clumps of Lily of-_tobejLi^tfn^ y gp ..y - 

dangerously Third World. How in the familiar mood of a man so freely that-he planted an acre where Mr. Wilson rightly, put the Valley for dry shade around repts^u jraurang wit“tne 
could a Monkey Puzzle ever look who thought he would soon show with seedlings which were crowd- them. tww « ■ rrom w 01 * 111 11 B 


this fine late summer The easy ones are 
Rhododendrons “ grew prefer to stand 


Spring in Deepsea to keep 
the fillies in front 

WITH SEVEN opting out of the Spring in Deepsea, an attractive cut victory over Skyllner, who 
Tote free handicap at the final brown filly by Captain’s Gig out runs in preference to three other 
declaration stage, just 12 are of the Yorkshire Oaks third Ryan Price-trained entries: 
due to line- up for this seven- Arawak made no mistake at the Wahed, Caven Hill and Nelbi. 
furlong prize in which Spring last meeting here. Forging into Willie Carson, who was 
in Deepsea will be trying to the lead a quarter of a mile from orginaUy booked for Spring in 
become the second filly to win home in the transferred Ascot Deepsea but who now partners 
in two years. 1,000 Guineas trial Spring id Heir Presumptive in the Tote 

Twelve months ago the sub- Deepsea raced away from the race, could have better luck half 
sequent 1,000 Guineas heroine, opposition to put 12 lengths an hour later when he partners 

between herself and her pur- that remarkable aid eight-year- 

suers who were headed by Miss old Boldboy in - the Ladbroke- 
Kildare and Nesting. sponsored Abernant Stakes. 

Although it is doubtful Tins specialist sprinter bids for 
whether the two placed Allies in his fifth victory over this six- 
that event are better than furlong course and distance this 
second-class ban di cappers, the afternoon, 
manner of Spring in Deepsea's 


RACING 

BY DOMINIC WIGAN 


5^*" -^ rd . y ’ c ^ US *i^+ e ifL success suggests that she can be 
favouritism at 8-1 and this after- litt3 ^ iBytMag. behind the 
noon Spring in Deepsea, one of {,est of her am* and sex over 
three Luca Cumani 1.000 Guineas ,’?!*“ "* r 

KES "JSiS H thl. i. the case, she surely 

shorter odds than the northern take a gr^t deal of beating 

here off 8st lib. 

The winner of a maiden event 1 take her .to underline her 
at Newbury last September on young trainer’s strong hand in 
the disqualification of Salacia, the LOO 0 Guineas with a clear- 


NEWMAKKET 

2.00 — Truly Best 

2 JO — Hill's Yankee* 

3.00 — Spring in Deepsea* 
3.30— Boldboy** 

4.05 — Gunner B 
435— Probable 


Stately homes marketing drive 

“VIGOROUS and concerted tish stately home owners to be can be used to preserve Scot- 
action is needed if Scotland's held at Battleby, near Perth, to- land's historic houses and the 
historic houses are to survive in raorrow ’ u .JSJ 

a form that does justice to them The conference will discuss the ^S^aSfie^d^dded 

and Scotland,” the Earl of Mans- gj™ Njb “S^scJfflSi ftSSt *£*. 

field, owner of Scone Palace, JJJue toSSeh the5 0Qe of the sponsors, said that 

Perthshire, said yesterday gj 1 £2i.h^« actian which might be discussed 

Lord Mansfield, chairman of SSrilm notem/al ^ Scotland included joint marketing 
the Historic Houses’ Association p schemes by owners and shops 

for Scotland, was speaking on “We shall be looking at ways and craft centres at historic 
the eve of a conference of Scot- in which income from tourism properties. 


TwRadio 


t Indicates programme in 
black and white. 


cept London. 335 Play School 
(as BBC 2 11.00 ajn.). 4-20 
Bailey’s Comets. 4 AO The Canal 
Children. 5A5 John Craven's 
Newsround. SJ0 Think of a 


BBC 1 

8.40-735 a.m- Open University. Number. 

938 For Schools, CoDeges. 10.45 5-40 News. 

5-55 Nationwide 


730 Sportsnight Special: Eng 
land v. Brazil from Wem 
bley 

935 News. 

10.00 The Hong Kong Beat 
1030 Sportsnight (part 2) 


LONDON 


Newsroom. 1X30 Reflectio n . 
Awlitnce witb Jasper Carrott. 


XUS An 


You and Me. 11.00 For Schools, 
Colleges. 12.45 p.m. News. 1.00 
Pebble Mill. 145 Bagpuss. 2.01 
For Schools, Colleges 3.53 
Regional News for England (ex- 


( London 

South-East only),. 
630 Nationwide. 

630 Tom and Jerry. 

7.00 The Liver Birds. 


and 


Amateur Boring Associa- ™”- 
tion Championships. 

1L15 Tonight 

1L55 Weather /Regional News. 


930 ajn. Schools Programmes. GRANADA 

12.00 Here Comes Mumfie. ua p.m. nu* is Yow Right, son 
22.10 p.m. Rainbow. 1230 Sounds wnar’s nmt. sis CrmsmaAs- lob 
oF Britain. 1.00 News plus FT gWM*jnw««. wo Mr. and Mrs. 


L20 Help* 

Court 2.00 After Noon. 235 
Racing from Newmarket 330 
Paint Along With Nancy. 430 
How. 445 A Bunch of Fives. SJ5 


1 jTSnii GlbbwiI18 - 


F.T. CROSSWORD PUZZLE No. 3,646 



ACROSS 

1 Salad ordained' by old king 
(4, 4) 

5 Way to the top one would 
consider sUiy (6) 

9 Game for revolutionaries (8) 


6 Citizen soldiers instruct musi- 
cians (5. 4) 

7 Men helping sheriff in dis- 
possession case (5) 

-8 Remove hair from ape I'd let 
wander (S> 


10 Forgo going to dad’s to eat in ll One offer Id the -same place 
the evening (4. 2) according to footnote (41 

12 Leaves container to dub IS Want very much, to gasp when 

porter we hear. .(5) - . it’s all over (4, 51 

13 Cad from Latin America 17 Sweet producing plant (5, 4) 

raised' part, of shoe (5,4) 18 I'd -like to consider -blind 

14 Some French place for a request (3, 2, 3) 

tyrant (6) 26 Dress turns up in York (4) 

16 Departed before party made 21 One bird got its teeth into 
determined onslaught (4, 3) another (7) 

19 Special quality of German 22 Victor used to raise other 
city church (7) ' people’s game (6) 

21 Chap for instance taking on 24 Be a candidate for witness 
a wine shop (6) box (5) 

23 Disorder -concerning fool -25 Flood conies to head in the 
(4, 5) south (5) 

25 Suitable material with rush- Solution to Puzzle No. 3,645 


ing sound (5) 

26 Won’t youth leader buBd a 
hut? (6) 

27 Dying for some years before 
National Trust appeared (S) 

26 Last objective on river (6) 

29 Speculator wearing singlet 
gets nothing right (3) 

DOWN 

1 Copper takes on lively junior, 
ministerial appointment (6) 

2 Washer the French strip (Of 

3 Cunning to insert notice with 
sorrow (5) . 

4 Foolish day to go to bed with 
fruit (7). 


SgSBBHHBBEGG 

n a m m m e s e 

a § 53 H H 0 B a 
gaaEn SBBnsEKE 
a a a a a 3 n 
aaaagganna qshb 
a a s a e 
3QGS snsssan hse 
as a a B'B'D 
aECCES 
e a a s g m a n 
sngaccaa nRaaRsn 
y a g Q'3 gels 
Sayp5BQQQEiElM?Z3 


5.45 News. 

635 Crossroads. 

7.00 This Is Your Life. 
730 Coronation Street. 

8.00 Looks Familiar. 
830 Fhilby, Burgess 

MacClean. 

1030 News. 

1030 The Sweeney. 

1130 World Snooker. 


All .Regions as BBC l except at Emmerdale Farm. 

the following times: 

Wales — 5-10-5.40 pjn. Bilido wear. 

535-630 Wales To-day. *30 
Heddiw. 735-730 Cartoons. 1135 
News and Weather for Wales. 

Scotland— 535-&1S pan. Report- 
S Scotland. 6.15-030 The Scot- 
ib Trades Union Congress 
(report). 630 Join BBC 1 London 
for Nationwide. U35 News and 
Weather for Scotland. 

Northern Ireland — 333-335 pan. 

Northern Ireland News. 53-030 
Scene Around Six 10.00-1030 

Spotlight on Northern Ireland 

affairs. 1155 News and Weather, except at the following times; 
for Northern Ireland. 

England— 535-630 pan. Look 
(Norwich); Look North 
(Leeds. Manchester, Newcastle); 

Midlands To-day (Birmingham): 

Points West (Bristol): South To- 
day (Southampton); Spotlight 
South West (Plymouth). 


find 


HTV 

L2D p.m. Report West Budtines. US 
Report Wales Headlines. ZOO House- 
party. sjs Betty Booft. 530 Crossroads. 
6-00 Report West. 6J5 Report Wales. 
630 Havoc. JUI. Sian and Woman. 1ZN 
The Practice. 

HTV CymraiWatas—Aa HTV General 
Service except: U0-US pan. Petuwdaa 
Newyddlon y Dydd. AJO MW Mavr. 
4J0-4.4S UD Tro. 6iWHU5 Y Dydd. 1BJ0- 
1L30 Yn Ddec Oed. 

HTV West— As HTV General Sendee 
except: U0O3Q pjn- Report West Head- 
lines. 6bOG-&30 Report West 

SCOTTISH 

U5 p.m. News and Road Report 
Women only. 3-50 Mr. and Mrs. 


ZOO 

505 


1230 The Andy Wffiiams Show. ESS p s^cteoads. 6m 


1235 aon. Close: Robert Rietti. ScoUand Today." 6J0 Report- ul» Rush, 
reads a prayer for the u_» tatc Call, azus Pro-Celebrity 
Passover. Snodwr. 

AD IBA Regions as London SOUTHERN 

US pjn. SoDtbem News. ZOO Hoose- 
* XI r- r T . party. 5J5 Betty Boop. 538 Crasomads. 

ftl'vJ LIA uo Day by Day: Wednesday Extra. 

US P.m. AngJia News. Z« House- IL30 Southern News Extra. JU 8 The 

party. 5-15 Mr. and Mrs. WB 0 About Botlln’B Grand Masters Darts Cbamplon- 

AnaUa. 1130 Celebrity Concert— Paul ship iATVi. 12 J 0 aua. Tbe Majesty of 
WUlianu. 1230 a.m. T bo Biz Question. Henry Moore. 

A TV TYNE TEES 

s^£ m -s£Zr ££ 55 a M£. toU M 

Today. 1030 Lad.es nSEw-U IWve-ln. ig 

BORDER North Eeast News and Lootnnmxid. ZOO 

TUB PJn- Border News- 230 Hooas- 
party. 5JL5 Mr. and Mrs. W» Loot- ULSTER 

♦wo? 1 . ^ m ? r E lt,svme ■ UO P.m. Lunchtime. flJO Ulster News 

tlZ25 a-m. Border News Summary. Headlines. 505 Solo One. 6.00 Ulster 

m a »vmJT7T Television News. 635 Crossroads. 630 

LtlAI>inLL Reports. 1130 Horses In Our Blood. 

101 pjn. Channel Lunchtime News and njg Bedtime. 

Wtai’a On Where. Ctannel Nows. 

600 Report at Six SpedaWThe Chanel WESTWARD 

Islands and the Labour Party., jus -y>yi q u Boneybm's Birthdays. 

_. , H ISbannel Late News.: U4» WesWde ug Westward News Head I loos. 6 JU 

930 Midweek Cinema: High, Medical. 1Z3 a-m. News and weather westwvd Diary. 1031 Westward Late 

’ Wide and Handsome " star- ^ vronch followed ny. apUoavo. . . Newa. ujo westside MedicaL 1Z25 un. 
ring Irene Dunne. fiR A JbfWFAJV Fu0x For 

UJO Late News on 2. utvtiririrtit VODYCHfTDF 

ll ^° Sn Grampbm'News^catS^ 3L58 0srt of 130 pjn. Calendar News. 535 Kr. and 

Proressjonai Snooker Cham- Town. UW Grampian Today tncludlne Mrs. UID Calendar (Smley Moor and 
pionship. ST UC Conference Rtsmrt. 6 J 0 Police Behntmt editions). 1130 Dam. 


BBC 2 

640-735 aon. Open University. 
1035 Gharbar. 

1L00 Play School. 

435 Open University. 

7.00 News on 2 headlines. 

7.05 Mr. Smith Propagates 
Hants, 

730 Newsday. 

8 JO Brass Tacks. ' 

930 Call My Bluff. 


njnrrt 1 247m ewnpoacr.- Rarri is>. W5 Sliwte for Weather, programme news. KW News. 

U1U 1 . . Organ tsi. Uj«i scholar Trio, nart l: 630 Quote ■ . . Unouota <S). 7.89 News. 

(SI Sweopbtntc broadcast Doverooy, McCabo (SI. H3fl Interval 7JB The Arch era. UO Pile on 4. SJD 

5.00 «JM- As Radio . 2. 7JC Noel Reading. 1.1 ic (Mncert. pan 2: Arrows of Time. 93o Science Now. 030 

Edmonds. .930 Simon Bates. 1131 Paul Mendelssohn, Two New Kaleidoscope. 9-» Woaiber. izao TSb 

Bumott Including EJO pm. Newstwaf Names iSi. ujo NnrS. IBS Concert World Tonight 1039 FraoK. Mntr Goes 

ZOO Tony BlaeJtbnm. <L3i Kid Jensen aal ] jg,. Knclisti- SlnfoalA, part l into . ... The Visual Arts. 1U0 A Book 

including. 530 NewMteat. 7Jq Lstcn to lSK 3-M , n shan tia ao. - US English at Bedtime. 1U5 The Financial World 
the Band (S» (joins VHF». 1 BMt John slnfOD j a , par1 2 ,sv 5^Si Haydn String ; Tonight. U30 Today In Parliarntmt. 
Pcd fSi. 12 JHK 2.02 un, Afl Radio .. diuhpis iS». 5 JS Balidinx I LJbrtfy 12JOO News. 

VHF Radios 1 and 2 : 540 ajn. With jsxs Homeward Bound. J645 News. O-U nnp n n j* T nndnn 

Radio 9, Jpclndlng >133 P.m. Good Usteiv Homeward Bound i coo tinned tbJO BBC KflfllO LOUflOD 

tag. 739 Llaten to the Band i S>. 115 ufellnej: Language and CoowfHiiicatiotL 206m and 943 VHF 

Semprini Serenade i Si. I« Portrait of 73 a william Barnes <■ study by C H. ^ ^ Radio 2. 630 RlSb Hour, 

W „«■“ ebc syna*w ?«*««■ s5S». %3o laSSn w* 


(, IZOdZOZ a-m. Wttft Radio * 


5!?“L “» « S iTr^n: 

2I» Showcase. 


JZ83 pjn. C«n In. 
433 Home RtOL 


233 

6J0 


RADIO 2 . 1300 m and VHF ffl 

SJJ0 tun. News Samnufry. 532 Ray Srnmda interesfine tS >.■ 1L25 News. UJ»- ^ - w 

Moore vith The Early Show (SI tiJCftitHng lUSTornghrs Scbuherx Saw. Nwbr London. 1230 Ab Radio Z U35 ajn. 

0.15 Pause for Thonsht. TJ* TyiH 3 VNF onlyjd» 730 - ui. ana time from the Hou« of 

Wegan (St i"» to»<iing 837 Raring Bulletin 535-730 p.m. Open UnlTeiSlty- — ----- 

and S.4S Panfie for Thought. ML® JimmS nirijn a 
Vonn* (St. p-m. Waggoners Wnlfc. KAJLIIU 4 

1230 Pete M array’s Open Hmsc CS> 434tn. 330 m, 285m asd VHF 

incimfidfl! 1.45 Sports Desk. 230 Darid ate - Fanning Today. 

a HM1 SP * t ^ ° D y“-e au n^m-^cnnrtniwd) ^sporL^reyiews 

’SSL «S£ S ggp f 

447 John Dtpm ‘SLjPSbsflM iff News. >30 Today. ^35 Yoterday ta 3 o’clodk sjn After S— with Ian 

Desk. 445 Snorts fleris. W Stag Some* Parluuniuu. 530 NMI. 935 Tbc Living j-udiriKt ' a no Nlnhillne t tin -5 no a.m_ 

X simple (St. 730 Ngonetf* World. »ft«. C N ft 

England v. Brazil. 730 Join VHP. WB wj# g n[aio prow. U3 Datiy *‘ sai _ 

spom Desk. i«g ™ JZFr Servlce - Momias,^ ^ Capital Radio 

That Again, id-?. Hubert Cress sms News. U35 Bestseller. and 194m and 9 S B VHF 

Thanks tor the Memory. JLOZ Bran _• pj eamds. 1230 News, iram am* vm * nr 

hS* tmSdmwTRfltWd MMniBfiL ^ 1Z27 The 630 ajw. Graham Dene's Breakfast 

including 12.M News. ZOO-43 a.m. News Rgdiaotlnz World of 3““* «*• bracket. Show (Si. J-M Michael frroa 

Summary. Weather Mtaramme newe, 130 Enrnpe 1 In Paris (St. XZOO Dave Cash 

. ‘ __ , aj miiip The Work! at aa* ISO The Archers. (Si. 330 pjn. Roger Scott (S)« 730 

RADIO 3 484 m, Stereo & VHF . Woman^s Hom kSwttra 230-232 London Today (S». 730 AdrUtj Love's 
Weather. 736 Nmra. 735 News. 2M ‘^“n wfth Motor. 3« o«a Um. Z* )W Mf| wwgt 

. j * 1 /si, >30 Nows. 335 Aftonnxm Theatre. 330 Lika it with Nicky Horne (S', lua 

^u^irnn^^idweek Oioice. part Qtoral Evemujns * ** rime. 53 0 Tony jiyatt'a Late Shaw (S'. 230 »jbj 
Suva** M SJ5 Duncan Johnsm’s Night Ftight (S>. 


Look. Stop. Listen. 730 in Town (u 
ll.n a.m.i. 8 Jff la Concert 2 0JB Late 


Commons. t_D0 — Oose; As Radio Z 

London Broadcasting 

261m and 97.3 VHF 
530 ajn. Morning Music. 030 A.M.: 


ENTERTAINMENT 

GUIDE 

CC — These theatres accept certain credit 
cards by telcphwi* or at the box ' Wttt*- 

OPERA & BALLET ' 
COLISEUM, credit Cards. 01-240 SZSO. 
Reservations. 01-036 
ENGLISH NATIONAL _ 

Tonight 7 JO JULIETTA. 

’‘Hunting atmosphere." E. 

SorerOtir * nreetiy tortured. ' tall ot 
penSe. accessible melody. D. ' MaU 
... a dream ... a moat oDovtil 
A memorable operatic evening.'' Yorks. 
Pott. Tomor. & Sat. 7J0 La Tmtata. 
FrL A Ton. next 7.00 Carmen. 104- Bel. 
cony sorts always nu. day at pert. 


3161. 


COVENT GARDEN 240 1066 

iGartfencfrzrw credit cards 03 6 boos) 
THE ROYAL OPERA ' ■ 

Tonight A Mon. 7X« pjn. OteUo. Tamar. 

A Toes. 7.30 o.m. Der Freisdiutz. 

THE ROYAL BALLET 

Scul 2JI pjn. & 7.30 p.m. Romeo and 
Juliet. 65 Amah;* scare for all pals, oa 
Hie tram TO ajn. oa day of. nett. - 

SADLER'S WELLS THEATRE, ftoseMry 
Ave.. ECl. 837 167Z UntH Muv IS 
Eras. 7 JO Sat. Mare. 2 JO sadcfr-s 
WELLS ROYAL BALLET. Tonight Tomor 
& Toes, next Las - SyfpMdas, Las . Her- 
manns. La- Boutique FantaHoa. . Frl_ Sat, 

& Mon. next SummarUda. Tfaa Two 
PISDOnv 

theatres'- - 

AD EL PH1_ THEATRE. _CC. - 01406 7*11. 
Eras. 7 JO- Mats. Ttnm. 3.0, Stax. 44J. 
IRENE 

THE BEST MUSICAL 
• Of 1976. 1977 and 19781 

IRENE. 

“LONDON'S BEST NIGHT flUT.''- 
. Sunday People.' • - . ■; • 
ALREADY. SEEN BY NEARLY ONE 
MILLION ■ HAPPY THEATREGOERS. 

CREDIT CARD BOOKINGS 83877817, 

ALSERY. 836 3878. Party Rates Credit 
card Wees. 83R 1071-2 <from-9 amw to 

G p-nO, Mena.. Tom. Wed. .and -Fit. 
7.45 o.m: Thun, and Sat. 4.3a and 8.00. 
-A IHOUSAMg, ^^WELCOME , S 

MIRACULOUS MUSIC^-** Huan. Times. 

With ROY HU DO and** JOAN TURNER. 
"CONSIDER YOURSELF LUCKY. TO BE . 
ABLE TO SEE IT AGAIN." DaOy Mhror 

ALDWYCH. 836 6404. Info 83^-5332. 
ROYAL SHAKESPEARE COMPANY •in. 
repertoire. Today 2.00 HENRY VL part 
L -Full or Increasingly rich. ' rewards." 
Dally Mall. Tonight, tomor 700. HENRY 

V (Hid out). With: HENRY VI (Part 1 
(fri). Part 2 (Sat ZOO) Part 3 (Sat. 
7.30). HSC also at THE WAREHOUSE 
(see under Wi and at the PfcadtHV Theatre ' 
In Peter Nichols'* PRIVATES - OH 
PARADE. r 

ALMOST FREE US 6224. Limited SCason 
OnWl Well Mankowltes SAMSON AND 
DEULAH. N.B_ Niphtiy. at JB p.m. ted. 
Sons. No show Friday- T Remarkable 
visual and c mot lonal climax • Times. 

AMBASSADORS. CC. J 836 1171. 

Eras. 8.00. Mats. Tues. 3.00. Sat. 5.00. 

A Rock Rent 

LET THE GOOD STONES ROLL , , 

" Louis Eelwyn gyrates.- hrlllwmtly as Mk* 
japw." D. TeT. ” Audience cheered." 

S. Td. End April Z2mL 

AMBASSADORS. 01-836 1171-3212. 

Opens April 25 for 2 weeks only. 
Evenings at B.O. Mat. Sits. 341. 
BERIOSOVA. GEILGUD 

KELLY. SLEEP 

STEPS, NOTES AND SQUEAKS 

APOLLO. 01-437 2663. Evenings 8.D0. 
Mats. Thurs- 3-00. Sat S.00 and 8.00. 
DONALD SINDEN 

Actor ol the Year. E. Std. 

IS SUPERB " N ji.w. 

SHUT YOUR EYES AND 

THINK OF ENGLAND 
•- "WICKEDLY FUNNY." Times. 

ARTS THEATRE. 01-B36 2132. 

TOM STOPPARD S 

DIRTY LINEN 

“ Hilarious ... see it" Sunday Tlmaai 
Monday to Thursday 830. Friday and 
Saturday at 7.00 and 9-15. 

ASTORIA THEATRE. Charing Cross Road. 
01-734 4291. Nearest Tube. Tottenham 
Court Road, Mon-Thun. 9 00 p.m. 
Friday and Saturday 6.00 >nd 8.45. 
ELVIS 

Instant Credit Card Reservations. Eat in 
our fufhMlcensad Restaurant and Buffet 
Bar lunchtime and before or after show 
— bookable In advance. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. B36 6056. Mon. to Thur. 
B.O, Frl.. 5at. at S.45 and 8-30. 

IPI TOMBI 

Exciting Black African Musical 
" It's • foot-ste mping. oulsating. action- 
packed musical. News of the World: . 
THIRD GREAT YEAR 

Dinner end top-price seat £8.25 Inc. 

COMEDY. 01.930 £578. 

Evening 8.0. Thun. 3.0 5au 5.30. 8.30. 

MOIRA LISTER. TONY BRITTON 
Maragaret COURTENAY. Dermot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
" Blackmail, armed lobtoerv. double Muff 
and murder. r Times. " A good deal of 
fun," Evening News. 

CRITERION. CC 930 3216. 

Evening B.O. Sats. 5.30. S-30'. Thur. 3JL 
LESLIE PHILLIPS 

*' Impeccable ... a master." sun Times. 

In SEXTET 

SECOND " HILARIOUS '*• YEARI 

DRURY LANE. , 01-836 8108. Every 

night 8.00. Matinee Wed. and Sat. 3.00. 

A CHORUS LINE 

“A rare devastating. Iqyqo-j. astonishing 
KwiPier.’’ Sunday rimes. 

DUCHESS. B3B 8243. Mon. to Thurs. 
Evgs. 8.0 Frl. SaL 6.1s and g.o. 

_ ONI CALCUTTA! 

'• The Nudity Is stunn'ng." Oadv ret 

8th SENSATIONAL YEAR. 

DUKE OF YORK’S. 01-836 5122. 

Era. 8-0. Mat Wed. and Sat. at SJM. 

JOHN GIELGUD - 

In Julian MHcheiri 

HALF LIFE 

A NATIONAL THEATRE PRODUCTION 
'■Brilliantly witty ... no one should, 
miss ft." Harold Hobson tprama). instant 
credit card reservation. Dinner and top-, 
price seat £7.00. 

FORTUNE. 836 2238. Eras. 8. Thurs. 3. 
tat- S .00 and Q.OO. 

MUTte. 

GARRICK THEATRE. 01-836 460T, 

Eras, 8.0. Wed. Mat. 3.0. Sat. 5.15. 8 JO 
- JILL MARTIN. JULTA SUTTON 

ERIC FLYNN and ROBIN RAY 
hi the • 

'■ BRILLIANT MUSICAL 1 

• ENTERTAINMENT." People. ' 

GARRICK THEATRE. . - - - O7-036 .480), 
Oomie May 1st at 7.0. sub. bji. 

Sat. 5.30 8.30. Mat. Wed. 3J). 

M, sa G w oNEs 

Ip HAROLD PINTER'S 
- THE HOMECOMING 

close theatre. . 01-437 1592 , 

Evps. 8.15. Wed.- 3.0. SaL 6. b 
PAUL EDDINGTON. JULIA Mck£n 2JE. 
BENJAMIN WHITROW In" ... 
ALAN AYCKBOUftN'S New Comedy. 
TEN TIMES TABLE 

'Hills muK be the haeslest laughter maker, 
in London." D. Tal. "An Irresistibly 
enjoyable eventofl.” Sunday Times. 

GREENWICH THEATRE. E»DS. 7.30. 

Mat. Sat 2.30 A RMS AND THE MAN. 
A Comedy by Barnard Shaw. 

"A deUgM.** Gdn. 

HA YMARKTT. 01-930 9832. Evgs, 8.80. 
Mats, weds. MO. Sats. 4.30 and 8.00. 
INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

waters of"thb moon 

**. IirsrW Beromau BialwB the stage radiate 
— unassa liable , charisma,” . Dally. Malti 
" Wendv Hlllcf «S s»owO.“ Suit. MIitw. 


LONDON PALLADIUM. GC. 01-4317 7373. 
, ToPWrt. Frt. and tat. 

11 ES: S 


THEATRES 
KUKPJ ROAD THEATRE. M2 74 B®- 
Mdn. ta ® ,S0 * 

idiSm rnTsaT^MNcIr&kR 

THE GREAT ROCK 'N' ‘ROLL MUSICAL 


01-437 20S5. 


•3*W aj0 .- 

■nd^ATRIC^A^HAYTS In 
FILUMENA 

fay Eduardo FHIppo . ... 
Directed ■ by PRAMTO ZEP MRE LL1' . 

. “TOTAL TRIUMPH. - 'D. Mlrrq r. 

: a‘Jy EV , E T~ T fTS.T?I^S%i C D ™S%- 

HUNDRED YEARS- tandey Ttmea. 


lajafv irtfcW 

ttORDON A h e a S5c^«3r 

BENJAMIN FRANKLIN 

tnr Stew J.'Speara. ■ ■ ■ . 

-A compassionate. -.i^9 r 55! 1 ir 1 

efaeuent play." Mn.„“^H{irlous. 
r* Wickedly anraslns. fc News. SpeU-f 
blndlno." DM. • t 


4ERMAID. • • '.JAB 785® 

Restaurant 24B ?03S» - - 

Alec McGowe nj / ' 

ST. MARK'S . 

■■Shnolr not t« be misred .br." 
with ears, a mind or a soul.’S s. Times. 
uJSl April 23. Topfpht' EW». 

8 .is end then a««ry tan. until Jv*e 1 »■ 
■iMh 7.50. 

Returns April ■ Z4 ■ 

WHOSE LIFE IT 15 ANYWAYT 


NATIONAL THEATRE. 

OLIVIER 10 pen staoei: T ont. 7 .30. Tom q r. 
tAS A 7.30 THE. CHERRY . ORCHARD^ 
by -Chekhov trails fay Michael Frayn 

LYTTELTON, _ (far cMBUlpnt rt 

.7.45 PLENTY a new p ft? tit 
Tomor. 7.45 The tartWR,- ,;u 
COTTESLOE (small a ndKofHtwrt; . J jroor 
-3 A B LARK RISE WflttHs by Kritn Dew- 
horst from Flora Thompson's book (prom 
peris.) Fri. 8 Don JbKIn : Comes tack 

From The War, • . ' : t ■ . ' 

Many excellent <*ieapjMls«ir-$ theatre* 

- day of perf. Car park- *Rfcst»arairt B2B 
2033. Credit Card blew. 028 3053. 


MM April 2 D%MW ^20 starts 

onlfWW ° W Vfc ' 

[ » n. ia.r— I. n-m. mu, , JMi. <11 


SZff 7B16 


S 5vprit2# 


, Prevfaws Uhl 
matniee priqtc. _ . 

Eileen 'Pidrtna Nt^friy.'aoiwiY-*- 
. returns May 3wfc y ; ‘ - 


PALACE, credit cadis:- ai-437^m§4± 
Mon.-Thurs. to, Frt.TSet-a.o and 830.' 
JESUS CHRIST SUPERSTAR. . » 


PHOENIX. 04 -ASS .2294, Ereeins *.*5. 
. Friday and Saturday 6.0 A 8.40. 
“TH4 BROOKE TAYLOR, .GRAEME 
GARDEN metre -os Jeiah," - D. M aW-te 
THE UNVARNISHED; TROTH 
A Ngm. Comedr bv ROYCE- RYTON 
1 THOUGHT .1 .WOULD 


Tl Nil Otis LAUGHPeR," Times. 


PICCADILLY. 437 4506. Credit card bkgA 
H36 1 071-2. 9 a-m.“6 pjn. Ew. 8. 

Set MS, •«! B.1L WM. Mat 3.00. 

BEST COMEDY OF THE YEAR 
EYB. Standard Award arel SWET Award 
_ Royal Shafcespnara Company Ip , 
PRIVATES ON'PARADE 
hv Peter .• Ntpioia .• - 

(Not suitable lor children) 
"HUGELY ENTERTAINING ' 
Extravaganza.'- s. Times. 

RSC .aleo at Aldwych Theatre. 


PRINCE E DWA RD. CC. (Formerly Casino) 
01-437 6*77. Previews from June U. 
Opening June 21. ROTA. 


HER MAJESTY’S.. CC. , 01-030 6606. 

Erempgs «. uo: 

In LESLIE BRICUSSE and 
ANTHONY NEWLCVS 
TRAVELLING MUSIC SNOW 


with Derek Grims« 

Directed bv SORT SHEVELOVE 
ft l» pariwd to bursting point with the 
alley and- shear energy of Brace, 

ir.“ Sen, Express. ■ ** Thr audleK&T 

cheered." Sunday Tetaarwh. 


PRINCE OF WALK. CC. 01-830 S681. 
. Monday to Friday at 8 PJHl 
S at, S-SO and 8 AS. Mat. Thur. 3.QO. 

“ HILARIOUS COMEDY- MUSICAL." 

- The Sun. 

• - • ROBIN A5KWITM 

• I LOVE MY~ WIFE ‘ 
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CREDIT CARD BOOKINGS 93 O 08 46. 


QUEEN'S THEATRE, CC. 01-734 1168. 
Etenlngs 8-0. tat S.0 and BJ50. 

- ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
.. variety Club of GB Award 
THE OLD COUNTRY 
-A New Play bv- ALAN BENNETT 
DfrtKJgd by CLIFFORD WILLIAMS 
■ BEST PLAY OF THE YEAR 
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RAYMOND BEVUEBAR. ee 07-734 1593 
AC 7 p -m~ 9 p.m.. 11 p.n>. /Open suns.) 
- PAUL RAYMOND Prescott 
‘ • THE FESTIVAL OF 
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.- - Fb/fy Afr CdncWtioned.- - You may 
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RIVERSIDE STUDIOS. (748 S354J ToeS- 
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ZD and 8.30 tun. 

■ TadesaMM theatre Co. In 
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ROYAL COURT. • 730 ■ 1745. 

Eras. 8. Sat. S and 8 JO. ' . 
CLASS ENEMY - 

^®.rvr 


“■‘“"Sfth^ . .... 

See also Theatre 


and forces." Gdn, 
~ itre Ui 


Imes.. "Bla 
' »dn. • 
In. 


ROYALTY, creett cards. 01-403 8004. 
Mondan-Tfaundav Erenlnga 8.00. Friday 
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London critics vote ■ 

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Bookings mooted. Major credit cards. 


SAVOY. , ' „ ' 01-838 B88Z 

Mlghtiv at. 8.00. Mat. wed. 2.30. 

•- ■ . Sat. BJ)0 and B/)0- 

FATbTCX. CARGILL, and TONY ANHOLT 

■ . . SLEUTH 

The World-famous Thriller 
by ANTHONY SNAPPER 

-"Srolno »b» Flay euln la, in fact an 

•- . ^ u t tc r and BotaTjov.f Puhchr 

-ri tt W ran- and- run- ■aaaln.'' ■ Sun- TeF.‘ 
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AraL WcP 


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^■KUMEf 


,838 8598. 
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diknEr m 


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STRATFORD-UPON-AVW. Royal 

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22 (met. A wJ prertevrt. RecdnHi 
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MADBUNE BELL 


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. ..'.Tueadai-Sunday 7JO . 

• - X. ‘ SHARED EXPERIENCE • • 


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- Dinah SHERIDAN. pufOr GRAY." . 


BMaoor - SUMMERP1ELD. Jafises • C9n00T 
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■ dfanlt hlt. Agatha ■ Christie -b stqkbg 
-the. West JsndVvet- - asafn wMl anotto 
-Of her- ftcridlshly- inganioui omnwr 
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VKTORIA PALAC B- .. : , T5tt 

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•.r * A NEW -MUSICAL - •• 


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DANCE gm. 

,AWWyqj« - V ... : ) v;- 

•VWSTNHNSTEft. J- "iji-SMOaM. 

'SENTEkCED TO. UR 
hy-Mafco tm MuoM«da. A*lm Th^l#. 
. FTcvteresF-fFohn May 9. . /Opera Mar 37. 


WHITEHAUa- ' . 01-930 96M-Slfc 
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' JtauF ; R*wiOnd presents the tan 
- •- . taXJBeyue of the Centary 

- ’• »-.• • 'DEER THROAT . . 

Dud .10 oyerwheunlng- mrtlHo 
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WINDMILL THEATRE. CC 437 016 
Twice Nightly 8 dOO and 10.00. 

- OPEN SUNDAYS 8-00 and MO. 

■ ' , PAUL RAYMOND prEsetds , 

.THE EROTIt: EXPERIENCE OP THE 
MODERN ERA V 

“Tataa to un prec edented rtmlta wM 8 
jeratiflW on ' W utabes.” 

- Yoo may drlnle and smoke In the •• 
auditorium. 


WYNDHAMV. 838 3028. Credit mi 
Ok OS. 936 urn- 2 from 9 a.a -2 ML 
Morv-Ttogrs. 8. Frl. A Sat, 5-15 8 EM- 
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VERY FUNNY.” Evenings New^.. 
Mary O’Malley's smash-bit Cmpfdr.. 
'■■■ - ONCE A CATHOLIC . 

” taareirte comedy on sex and refleha. 

Dally Telegraph. 

- - ** MAKES. YOU SHAKE WTTH 

LAUGHTER," Guardian. 


YOUNG vu: (near Old Vic). 928 63*3 
Tonight 7 AS. Tomor. 2.0 A 7 A S. Ron 
Shakespeare company to MAOeul 
(This week sold out. any ret u r n s on. door 


* CINEMAS 

ABC 1 a 2 SHAFTESBURY AVE. TB 
8861. - Sep. Peris. ALL SEATS HlUr- 

1. THE 12 TASKS OF A5TER1X ft 
Wk- * Sun. 2.30. 3.30. 8.30. WW » 

2, THE GOODBYE GIRL (A). Wt 
Sun. 2.00. 5.10- 8.10. 


CAMDEN PLAZA, (OPP. Carodro TP 
Tube). 485 2443. Melville's dm 
RwHrtance thriller THE ARMY 1H Tl 
SHADOWS (AAL 3;10. 5A5. 82S. 


CLASSIC 'T, 2. 3. 4/ Oxford ~ Sl 
T ottenham Court Rd. Tube). 635 0? 
1. Bertbluccn 1900 Part 1 iXJ. Pn* 
2.15. S.15, 8.16. 

Z. THE_H1DING PLACE CA). Sep. P« 

zoo, sura, 8 . 00 . 

S- Final day. George Segal. Jane FM 
FUN WITH DICK ANDlANe tAJ.J. 
5.45^510. Nell Slrnonl MURDn 
DEATH CA). 4.00, 7.28. 

4. BertohKclH 1900 Pari 2 CX). PB 
2.30. 5.20. 0.1S. 


CURZON. Cumin Street W.l. 499 37 
PARDON MON .AFFAIRE (XI. (BY 
sab- title*.} " a tparlcUnn New Fre 
Comedy. Directed with iness* far 3 
Robert." Sunday Express. Frees 
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UI^TER SQUARE THEATRE IBOS 
Sfitrifay Mao. line. Anne Bancroft. Mfr 
harvahhlko* in a Herbert - Rom r 

T H os. T ISo. H a G io7 ,NT fA, ‘ ^ 


ODEON (UYMARKET (930 2735rtT 
Jane Fonda. Vanaua Redgraw to V 
Ztonemann him. JULIA <A). Sen. Pp 
DIV. 2J0 E.45, B. 45. Feature Dl^.2 
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ODEON. LEICESTER SQUARE (930 fl 
CLOSE ENCOUNTERS OF THE TW 
KIND (A). Sen- prog. Oly. Door* 0 
00-00. not San.). 1.05. 4.13. 7 
Late peril Tu«s..San. DocrJj 
11.15 P-m. All teats may be W 
except 10 am prog. 


ODEON. MARBLE ARCH <TZ3 201» 
STAR WARS fU). Doors open Kr.\ 
4JS. r^o. All seats bfcble. earept 1 


PRINCE CHARLES. Lelc. 50- 437 >1 

- - SWEPT AWAY OO . - 

Sep, Pena. DW. One. Sun.)., 2-10- ? 
BAQ. Late. Show Fri. and Sat. 11- 
Seate Bkble. Uc'd. Bar. - 


SCENE 1 A a. Lelc. Sc. (Wsrdeiir ■ 
439 4470. ?. 

1- Woody. All en's EVERYTHING I J 
ALWAYS WANTED TO KNOW A** 
SEX (X 1- 2.30. S.QO. 9.15. BAKA* 
(AA). 1.7S. 4.25. 7.40. Late Show 
and Sati 10.55. 

2. THE PINK PANTHER STRIKES 
(U). SUfl.-Thta. UO, 5JS. W5. F H 
Sat. 12A0. 4jtS, 8.45. 12.45., - 
RETURN OF THtf PINK PANTHER 
Sun— Thur. 3.23. TSO. Fri. A SC. 2 
8j4Q. .HL4Q. ..(*• -. - 


Oxford an*t? 
1 . ANOTHER MAN. ANOTHER, WO* 


5TUDIA. 1. 2. X, 4, 
•3300. ' - 


<AAL From. 2.35. MO, Z10. un si 
Sri. 1030. ■ 

-a. ' THE' G OODBYE GtRL IAIJ 
IZAS. ZJtS. 5.25. 8.05, Late $6oK.- 
‘10 i45i •* 7" * ■ 

4 A. SPECIAL ■ DAY (AA). l-fg. -* 
■835, -BEDROOM MHAZURKA 00*3 
7.tB.- Late Show -tat fO.SO. - • ^ 

4. Wooav AlleniDiana Keaton DooN" 
SMEFBR (A). 2J5, E.0.-94IS. -M 

AND DEATH (A). 1.00. 4.1 S» 

. Ufe Show Sat. 10*0.. 



Edited by Denys Sutton. . 

The World’s leading magazine of 
. Arts and- Antiques 

Pubfislierf- Monthly price QJ& Annual SAseripdWn £ 2 S. 0 fl (inton J) 
Oversea* Sibs'eriftipn 08 . 00 ., USA & CznEda Air Assisted 556 
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ii 


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nr/ 


^i^c^v^lM’^ednesd^y ■ April. ttKl978 • 

Royal Opera, Stockholm 




ITelevision 


V' ■ I 

"1 -i. J. . •- 


s**- . "■ 


Macabre 




Let the cameras in 


■ “ ■■ * Until last -week we- 

- j£ / 

. . ., Ji ?.">o4 :}. “the few living coxnpon 


.by DOMINIC GILL 


by CHRIS DUNKLEV- 


Two major conclusions arise 


-*£?&■ !*' ** H? a * u * e ~rdy of ™» than from the telWision coverage of 
uytH^T-ilgeti .-« ^.-af-rtusi^ -its. quxkndss .W&preci- 100 instruments between them. Mr. Healey's 13th budget. The 


i> 7A « • 5 - ^ ajWyot. wusic, ; its. qnwaaidss.qnff preei- 100 instruments between them. (Mr. Healey's 13th budget. The 

wwnposerg Of note Sion, .And rarefied- qualify— and But the instrumental effects are first and the most important is 
■'sa ;" r 7 t-.fJj, ^ put&rd£j3ieexperimetital 'avaht the'most recent piece we never crude: even the most that Parliament is going to have 

'■ * j 5* J*. garde - (Boulez is. another- rare had-neard at the. time. Clocks comic fa squawking prelude, for to allow television cameras into 
' ;:■** iJfcepbonJ apparently never to- an “ Clouds for 12 voices And example to the first and second the House sooner rather than 

naverbeen tempted to -try his orchestra, the lyricaA. deftness scenes by an ensemble of 12 car later.. The second is that the 
. * ’ ^h*nda.t composing .■an.opfera. Pec- ""tne texture, & -delicious con- horns) are made with finesse; BBC is suffering more and more 

*.'**» irt.^if-2 I *P 8 "’ w fe"cao -.still ‘say: with .some faction, all bubble; 1 , sweetness and elsewhere the links and set- noticeably from P.O. in its 
j.'r CPhfidQD cethat Boulez is Ho. more JW. • tight.. . "Since, then, in. the pieces make a shifting -pattern of coverage of events such as the 
■*; j'j-t v< Ttkely than John Cage to write^™^ major -works : si nce . C locks exceptionally subtle cbmbina- budget, and the time has come 

w tte: opera house. Bnt in .g™ CItnucfe. the orchestral San tlons— the duet of Clitoria and for its best friends to say so. 

S:<.-^'i*!U8*!tis.case it: seems we were Frajictaco. Polg ptot y -and. Monn- Spermando from their tomb of After the month of ex perimen- 
k- : 5s .v: - wrqpg.. ..Asjong ago as'lflSS, soon T^t' Setbstportrad ^.Bewegung love, the first scene’s finale, its tal radio broadcasts from 

after..' completing the “anti- two >lanos,. we. nave noted whirring introduction softened Parliament in 1975 it was always 

r,:’;* ’■:»£) operas "f -Adxjentures and Noiu a ®J “creaBrng preoccupation suddenly to languorous accom- dear that when a sound signal 
- Aclmbmt, Ligeti had , ™ theatrical,' as well as paniment as the voices sink finally became regularly avail- 

\ ’* * -AT . ' accepted, a -proposal put- fo hiin lynca3 »‘ gesture-rfo- The strongly deeper, and the instruments soar able it would not be limited to 
. L -^3^i hv the late GBraiilGehtekL . still contrasting sections and .broad upwards to disappear at their use on radio. Even during that 

then .director: of the. Swedish ltn .gs of Pot?/phony,_andjn the highest point; the prelude to the experiment both BBC and I TV 


.hrehensiWe. purely emotive text..„SnS ™ r } ous H 111610111 th ® D1US1 . C t0 banned by our nervous politi- 

ijrovistonally eitiitledHpltoirid (a Nekrotzar s death, a mirror- cians from use in light enter- 

aplace." Stockholm »st v'P eK - canon of diminished fifths; the tainment or satire programmes) 

sof -daydreams and priv^te niytho- beautiful- land of interlude between the third and jt seemed obvious that radio 

-^dgy). The piore. the dotlofl de- BreogheUand, .. Mekrotzar,' the last scenes, dark, vibrant tones coverage of Parliament would 
velope«L iMweveTk--* .the' 'more Sreat macabre, rises 0raeula-Uke and cavernous echoes, all passion constitute at the very least a 
“\Lrgeti' realised “tfiat .the world- f ron ’ l a grave to announce the spent base camp for tele vision's hilher- 

of-Anenturea had come-to an end. tnxmutent destruction - too It Is a difficult, fast-moving to very slow move into the 
that I should not repeat myself, world. He is heard with different score, punctuated by spoken Palace of ■Westminster, and at 
„ and that. a story is- 1 essential For degrees of incredulity ;by Piet routines (of which I understood best a halfway house. 

evening .of ■music-theatre." -von Yat, a jolly drunk; by Astra- little in this performance, done Now that regular radio broad- 

rifeeti-Todked at first to Alfred damora, the court flstrologist and in Swedish, but which looked casting has started, however, it 


■: . 5 ’ and dramatist Blichel de Secret Political PdHce;" a colo- balance. Elgar Howarth's emerge wielding, like all respect- 

\ , r uA : .l ‘h'GbeMerode " ^ (1^8-1962) which ratura soprano dressed as a scrupulous preparation was able big game hunters these 

..j Mi- v, =:/> -exactly gulted Ms musical- drama - gorgeous bird on ' roller-skates, clearly a fine achievement, which days, not guns but cameras. 

i ^~;i S .Jr.! l 'tiR;eonception--r ,J a play about a The twb lovers, CJitona and drew playing and singing on the In the debate between broad- 
^^'V^^^wo^ dlsa^er. which -after all Spermando, ignore ■■;Pfdkrbtzar first night of ‘ remarkable casters and worried politicians 
::': z }*'yiaey er happens,' with: Death as Its entirely. They find the grave— accuracy, clarity and conviction, during and after the 1975 ex per i- 
>. hero, who himself, plays, after all but none, they sayi db there He was helped by a strong cast: i mem a lot oE virtuous claims 

* -• ijberhaps only asm ail- jester’s part, embrace? — an jdeal, r private place the coloratura soprano of Britt- were heard about the way that 

decaying-- -but ~ good- for. love-making, and spend - - the Marie Aruhn. somewhat shaky jn Radio 4's Yesterdaw in Pariia- 
w ‘«tL»^ htx?Dl dnredly.. .lush-^and vihoriSh major part ef the: opera.. there, her roller-skates, but thriilingly merit could and would be just 
'-toi,' - : --^L^worid of an imaginary Breughel- unseen, unscathed,' - emetging' ia bright and sure in her high as impartial detached and digni- 
■..'..‘5 the final scene to round the music melismas; the Astrodamus and fied. as the best Parliamentary 

reporting in the quality Press. 
No doubt it is. 

Yet even on an unusually good 
day Yesterday in Parliament is 
heard by only 2.5m. Jisteners 
whereas two thirds of the adult 
population see one of the tele- 
vision news programmes every- 
day— about 25m. viewer/electors. 
And even though Yesterday in 
Parliament and Today in Parlia- 
ment may devote 55 solid 
minutes every day to Parliamen- 
tary news (not to mention any- 
thing done by the local radio 
stations, both BBC and commer- 
cial) while the Parliamentary 
content oF television news varies 
from nothing to perhaps three 

Cottesloe 



or four minutes, it is still - tele- 
vision news which is going-to be 
of most Interest to a lot of 
politicians. 

And the. radio-on-TV hybrid 
that they see there and in the 
‘'specials” which television has 
already started to mount on the 
occasions of important debates, 
is hardly likely lo please them 
very much. It certainly does not 
please me -very much. In fact 
it displeases me to the point 
where I start to wonder by what 
right in 1978 in this supposedly 
open democracy I am prevented 
from seeing on my television set 
just what happens on the floor 
and iir the committee rooms of 
the House of Commons where 
our elected- representatives now 
order so -much of our lives and 
spend so much of our money. 

England is supposed to be the 
mother of parliaments. British 
broadcasting is supposed to be 
the best, in the world — onr 
politicians are. forever telling us 
60 . Yet here we .ire 48 years 
after the introduction of radio 
into the Danish parliament, and 
25 years after the introduction of 
television into the West German 
parliament, failing about with a 
system that produces on millions 
of sitting-room screens a 
bastardised thing which is 
Deither a good television pro- 
gramme nor a good radio report. 

For Mr. Healey’s budget speech 
the BBC had a camera trained 
on the outside of the Houses of 
Parliament so that we could, first, 
confirm from Big Ben the rather 
panicky, observation made by 
presenter Sue Lawley that “the 
Chancellor is now about two 
minutes late in standing up.” 
Then, as he began to speak, we 
heard the radio relay of his voice, 
but continued to watch the traffic' 
in Parliament Square, and the 
utter absurdity of the position 
started - to- became clear. 

We are allowed to hear the 
Chancellor speak live, and we 
are allowed to watch pictures of 
the outside of the huilding while 
he is speaking. We are allowed 
to hear instant comment on his 
pronouncements from television 
pundits interrupting his speech. 
We are allowed, a handful at a 
time, to sit in the public gallery 
and watch him deliver it. We are 
allowed to caricature and 
ridicule him in cartoons. We 
are allowed to pillory bis policies 
in print in sound and id pictures 
—still and moving. 

But we Are not allowed to see 
him give his budget speech on 


television ; neither live nor in a 
recording. . 

For their budget' “special" 
ITN used as a screen filler over 
which to broadcast the speech a 
composite reminiscent of a 
Victorian “Illustrated London 
News” cover, with Mr. Healey's 
face beaming out of an oval 




ledge of the budget Sure enough 
she was barracked, and it was at 
that moment that the radio-on-TV 
system could be seen as the worst 
of an possible worlds. 

A newspaper could report her 
speech without the noise, or 
could mention the noise and 
explain it A television' pro- 





Sue Lawley and Alastair Burnet 


frame flanked by pictures of 
Parliament. Occasionally they cut 
away to a three-dimensional 
representation of the interior of 
the House, seemingly built in a 
shoe box, with a little model man 
standing at the little model 
despatch box to represent the 
Chancellor. Again the truly ludi- 
crous nature of this elaborate 
British compromise became dear 
as the voice seemed to emanate 
from the plasticine manikin. 

However the "system reached 
its nadir with Mrs. Thatcher’s 
response to the budget speech. 
Knowing the Commons as she 
does, -she must have been aware 
of inviting odium when she 
talked first of ” this radio broad- 
cast 1 ’ instead of the Chancellor’s 
speech, and then seemingly 
aimed an appeal for sympathy 
directly at the national audience 
by explaining what all MPs know 
perfectly well — that her response 
bad to be without advance know- 



gramme could convey whether 
the speaker was really being 
threateded nastily (as sound 
alone suggested) or whether the 
bark of the old Commons pack 
made the mood seem — as usual 
— a lot more serious than the 
expressions on faces would sug- 
gest. A live sound transmission 
without pictures simple left the 
broadcasters helpless to do any- 
thing but communicate a funda- 
mentally misleading impression. 

It is time the cameras went 
inside. And just in case anyone 
is still under the old fashioned 
impression that this means arc 
lights and -cables all over the 
holy of holies it must be made 
clear that for some years 
cameras have been available 
which could be operated 
remotely while slung beneath the 
Commons galleries and could 
work quite successfully in the 
10 to 15-foot candlepower with 
which the chamber is already 
lit 

[Elizabeth Hall 


Decades hence wheD cameras 
in tbe House seem as humdrum 
as the reporters In tbe Press 
gallery seem to-day students of 
the British constitution will no 
doubt be as Incredulous over the 
present obscurantism of so many 
politicians in preventing electors 
watching the public business of 
government via television as we 
are over the way that newspaper, 
men were sent to The Tower, 
right up to the end of the 18th 
century, for daring to report- 
parliament. 

Any politician still in doubt 
about the wisdom of having the - 
cameras in need only go back 
to a videotape recording of that 
BBC budget programme in order 
to be convinced. He will find 
that the BBC’s P.O. that I- men- 
tioned at the beginning — Pundit 
Overload — is so pronounced on 
programmes such as these that 
for long periods nobody manages 
to say anything at all. 

In a typical sequence of ring- 
a-roses Mr. Healey's speech 
would be interrupted by Sue 
Lawley who would re-read his 
last remark off a monitor for 
mis-read it, as in “Employment 
is too high”). She would then 
“go over” to Robin Day. who. 
after another completely point- 
less interlocution, would invite 
the opinion of Hugh Scanlon 
and then, almost before tbe man 
had bad time to open his mouth. 

“ hand us back ” to the live 
sound relay. 

It would have made far better 
sense for the highly articulate 
economist Peter Oppenheimer, 
one of two pundits sitting at Sue 
Lawley's desk, to have handled 
the whole - thing on his own. 
With his background in drama 
(Cassius in Julius Caesar) and 
in revue (Acute Angles) and his 
ea£y command of radio and tele- 
vision demonstrated more 
recently it is pretty clear that he 
would have had no difficulty in 
handling the presentation as 
well as the expert commentary. 

On ITN Alastair Bnrneti 
former editor of The Economist 
did just that, summarising the 
speech as it progressed and add- 
ing the occasional quick explana- 
tion or comment. Even then ITN 
was still too cluttered, what with 
Peter Snow and Sissons and trips 
to the City and to a factory, hut 
it was not made virtually un- 
watchable by P.O. as Nationwide 
was. 

Cameras in Parliament and at 
most two commentators in the 
studio should be the aim for 
the spring budget next year. 


Don Juan Comes Back From The War Academy of Ancient 

by ANTHONY CURTIS Music 


- *n»mi 


Sven ErficYfkstrfim, Elisabeth S6de retrain And Kerstin Meyer 


The National Theatre intro- 
‘ duced us to 1116 work of 
:3 [Austro-Hungarian playwright 
lOdon von Horvath in January 
I last year with Christopher Harap- 
I ton’s English version of his Tales 
| Jrom the Vienna Woods. That 
;was a crowded and cumbersome 


V. iF/fiiert and Stockhausen, in, the a part? J bass-baritone, commanding :n j n g on a scale where his work 

' 'jjVeccromc music “ .studio in Ligeti fills out^this elaborate ambiguous role: the baby may be happily contained by tbe 
• i---ilogne. such as .Appantions nomie .scripfrrjmch he has P™® t fP' Go .”“ nt ' J ®r l ““ e_ smaller yet adaptable Cottesloe 

and A/7Fipspheres (1961) adapted himselrin collaboration d ?„ ll *®red with a nice com- Th ea tre. Mr. Hampton is once 

rs=wi r foH orchestra.' were brilliant th&’ iipera’s producer bination of humour ana pathos. a g a j n responsible for the 

^.says in ■ KU^mtenJtomposir ^ c fcael Meschke. directly from and notably the two lovers, taken eminently speakable text - and 

, i ■ .-_r Zl-jn: massive webs of sound, con- Gbelderodfermdting only a few by-Elizabeth Soderstrom ana (as Stewart Trotter is in charge of 

— . : shifting, within tb^r ewn ^jgor narrative alterations — a tTav F ly role) Kerstin Meyer, the direction. 

: Hits, characterise by -clusters w^h a- richly elaborate comic •^i v ,SS WRt I The period is slightly earlier 

notes played against .a. baek- score - of- ' two . acts and four vo iS®' - mtertwmed .. ^ ^j- e 

fw-"* J - 1 -’‘.-Vmrnd of “micWHpol^hoiiy.!:- scene 5 together lasting a little C 5 nu ht I p « tighten tice has only just been signed, 

-. - : = ‘I*; climax trf ■ this fcpore of devel- over two hours- The - manner is Meschhf will dau^tieM tighten bero stiJ1 J ] - n S0 ]Sier’s 

— r.nient and .perhaps . thfr most wholly individual: a brilliant. “P ** 0“ , per ^ o rj ,a "” uniform, determined to seek out 

»• . - deTy known, is . Reautem exotic music-box of medleys, set- By the first night one or tw°i fjj e gjr j be left behind him. In 

scored for . -20-Dart nim-'pc wmwm motifs, auota- ensembles still moved stiffly, and - . . . jj_j 


ing on a scale where his work 


in g with graveside penitence 
in driving snow that might have 
come straight out of The Bells, 
but the stage-picture is always 
arresting and the string of cameo 
performances with which it is 
graced/are a constant delight, i 
am sure i shall get into a muddle 
over Susan Littler and Susan 
Fleetwood but luckily they are 
both excellent - as nurses, batik 
artists, street walkers, jealous 
daughters eL al. and so is Janet 
Whiteside as an ageing soubrette 
and an angry mother, and 
Elspeth March as an even angrier 
grandmother and- Judy Bowker 
as a liberated slavey and Irene 


Gorst as a second woman in the 
food queue . . . but stop! Enough, 
or there will be no space to 
praise the Don himself. 

That really would be -a pity 
because Daniel Massey holds 
the whole thing together with 
great authority and charm. As 
an ex-soldier he starts re- 
generated through having sur- 
vived the war but he ends com- 
pletely abased and humiliated, a 
victim of the social pressures of 
the vicious peace. Mr. Massey 
puts this across with subtlety and 
style. His face registers blow by 
blow the failure of tbe romantic 
ideal. 


by ARTHUR JACOBS 


1963-65 scored for 20- part pieces, recurrent motifs, quota 


fact she has died of remorse at 


: V* ivty. Kubrick in the soundtrack There ana obvious quota- Wtat* ! tWs and he becomes diverted 


1 vinMCJieo oi ■**<***> Oirecr pasacne. insicau. s«»ai#e were both imaginative *« u i,i,h — 

- "V >;.ixus (the two A oentures ; md. weaves a web that is very much njce] l sustained The ! w? f£» e i-thai^ nn«t 

for 109 own,. setting small parts of H desiehlr 'ttiute Meczies offered v?,? et ^ al - post ' war 

.'..^-^.tronomes}, there has. been a only, as .it were, in quotation ward roKf costuSS ' eP ’ d ’ . ' ' 

but perceptible- shift ■ roa jfc B : sometimes a whole sec- Ihe^Jentral scenes! We have the piquant spectacle 

l ay r from massive- web-forms, rion,. like the .lovely. “Bourree fuoerbTv deT»i 1P riB r eu 2 hellesaue 1 of a P la ^ containing only one' 
; . : .rfTvaids a simpler,. and , more perpetuelle;' a reminiscence, of male- part but 35 female ones 

_ , »•“*"* i-^Ucately nuancedjmusic,- whose an . unknown Haydn stnne ■rSco'e naUcS I ! which “* doubled and trebled 

’ . ' ; -:Ven*?aving lines; .are more. quartet, transformed b.y Bartok hv h e r choice of b F dozeD Rented ladies 

■ . ;.\Y'?arate and distinct,‘and whose and . filtered, -by Ligeti, which . s f d ,J{ scenes whora National Theatre has 

- .^i^Sordal structure is imre clearly makes .its appearance at two B . mustered for the event Among- 

- : termined — as for example in crucial Points in the second and . ® | .this dazzling display of quick- 

; • “motet ” -for -16-part choir third scenes: and sometimes tiie . ^ d h ™ . p - . ■ , change artistry pity the reviewer, 

- -^ r Aetema (1966) . '.tive . second briefest encounter, a fleeting * reminder mavbe of harsh tryinfi t0 identif y actress con- 
T- _ quartet '(IMS) and.nof ably vision, half-heard, half recoa- re wuder maybe oi naran The scenes m short 

. ' . . - » r \ tMelodien for orchestra a971Lnteed-the curl or set of a re^^ose colour ana “pending with blackouts during 
? *■' J: V-five years ago, after an EBUJ phrase, a .detail of instrument a- w|ea out only in lanrnsj which ^ set may be rapidly 

- 1 ■^■tcert of ■Ligeti’smusic relayed t ion. summon we an echo, sa v. of changed to suggest tbe hospital, 

Vienna on the occasion of Brittens Serenadeor Bartok s \ . lodging-house, ice-rink, box at the 

; 50th birthday,! wrote appro- Concerto for orch^a. They are October j***™* opera. cafA cemetery. or 

.... tively of this newle^ency— certainly not direct quotations: itwillbe wherever else his fatal attrao- 

r/oeciaUy as ' exemphfiqtt . by perhaps , nor even conscious tion . for women leads our 



Janet Whiteside and Daniel Massey 


! The sight as well as the sound 
r i is unfamiliar. Though the pre- 
. sence of an odd lute, harpsichord, 

, or baroque oboe on the concert 
■ platform hardly excites remark 
. these days, a full baroque band of 
. 33 players is a rarity indeed. With 
. necessary exceptions such as the 
cellists (who grab their instru- 
ment between the legs, disdaining 
the modern spike), tbe members 
of the Academy of Ancient Music 
stand while playing. In such 
ways Christopher Hogwood, 
the Academy’s founder-director, 
attempts to re-create the 18th- 
century model. But he reason- 
ably allowed himself on Monday 
to quit tbe harpsichord and to 
direct most of Handel's Water 
Music with a modem conductor's 
gestures. 

The blend of historical insight 
and performers' flair has already 
won its public. In a justly 
praised series of recordings the 
Academy has ranged from Pur- 
cell to Geminiani, and now a 
virtually full house greeted a 
programme, in which only the 
Water Music could exert the pull 
of familiarity. Here the graceful 
lilt and well-turned phrasing 
were to be relished, especially in 
those movements . demanding 
French-style rhythmic inequali- 
ties. L only wondered why. in 
one celebrated Air, an appoflpta- 
tura bad been imposed on the 
opening phrase but not on its 
companion. 

Rather naughtily (considering 
that even an SO^piece symphony 
orchestra lists its members) the 
programme failed to name the 
individual participants. The 
string section . was wholly, 
admirable, from - the distinctive 
tone of the gut-strung violins >o 
the astonishingly, nimble articu- 
lation of the single .viola ne 
(equivalent to double-bass). A 
few blobs and bubbles from the 
valveless horns have probably to 1 
be suffered, but the Academy 
should be able to find' a first 
oboe with more of a virtuoso’s 
temperament and' not such an 
inclination to misplace musical 
accents. 

A member of the Academy and 


a star in his own right is. 
Stephen Preston, the Galway of 
the 18th-century wooden flute, 
who played an agreeable concerto 
in D by Quantz — accompanied, 
as would certainly be considered 
legitimate in those days, by a 
string quintet and harpsichord 
rather than a full band. Quant's 
royal master. Frederick the 
Great, was represented by a cap- 
able symphony (no. 3 in D) and 
C. P. E. Bach by another. 1 do 
not doubt that the sheer novelty 
of instrumental tone-colour dis- 
tracts us to-day from a certain 
dullness in his musical reper- 
tory and a lack of contrast be- 
tween Joud and soft in the pei^ 
formance. Abundance may 
sate us. But for the present, 
London music has no more valu- 
able constituent than Mr. Hog- 
wood's Academy. 

‘The Jewels of the 
Madonna’ at Clifton 

The Bristol Opera Company’s 
1978 production of The Jewel* of 
the Madonna opens this evening, 
Wednesday, at the Victoria 
Rooms Theatre, Clifton, and 
runs for four consecutive even- 
ings. starting at 7.3d. This year’s 
choice, by Wolf-Ferrari, is not a 
Venetian comedy like several 
of t h is composer's works, but a 
crime story set in Naples in the 
early years of this century. . 

The opera, a great favourite 
before and’ after the First World 
War. was notably associated at 
Covent Garden and at the 
Metropolitan, New York, with 
the famous soprano Maria 
Jeritza. 

New chairman for 
National Book League. 

Simon Hornby, retail director 
of the W. H. Smith organisation, 
has been appointed chairman of 
the National Book League. He 
succeeds Michael Holroyd the 
biographer. 

Margaret Drabble, the novelist, 
nas been elected deputy chair- 
man. 


■ s 


THE CLAN 


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TEN'fEAfi 


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pOlWTOUriHESETHNSS 




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r Ask your broker or insurance adviser about T 
- Scottish Provident, or fill in this coupon: * 

B To: Scottish Provident Institution, Freepost, ■ 
| Edinburgh EH20DH. I 

| • Name 1 1 ; [ 

_ Address—^ J 

■I. ' ' ■ ’ /• ' '. C.F. | - 

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w' ill's , S^h / 

A DRINK ANP PKQJS5 IT. WHATU-YU HAVE? MX J 1 



\bu call it canny, we call it Provident j 


A x 


• -t Financial Times Wednesday April. 19 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EG*P 4BY 
Telegrams: Flaantimo, London PS4. Telex: 886341/2, 88389? 
Telephone: OX-248 8000 

Wednesday April 19 1978 

Keep talking 
on Rhodesia 


itain tom between U.S. a 
the European connection 


DR. DAVID OWEN, the British 
Foreign Secretary and Mr. 
Cyrus Vance, the U.S. Secretary 
of State, have returned from 
southern Africa almost empty 
handed. The original object Of 
their mission is unachieved. 
They wanted to hold an all- 
party conference on Rhodesia, 
which, it was suggested only 
two weeks ago, should convene 
on April 25. But their talks 
with the nationalist Patriotic 
Front and with the black and 
white leaders of the interim gov- 
ernment in Salisbury have 
shown just bow far apart the 
warring sides still are. Equally 
they have been unable to draw 
much comfort from their discus- 
sions with South Africa and 
with representatives of the 
frontline African states, which 
respectively are best placed to 
bring pressure on the Rhodesian 
parties to negotiate. 

Flexible 

When the two ministers left 
for Africa, they were given the 
impression by the frontline 
States that the stand of the 
Patriotic Front on the Anglo- 
American proposals was now- 
more flexible, and in a sense it 
■was. The Front has apparently 
now agreed that Lord Carver, 
the British resident commis- 
sioner designate, should have 
full control of security during 
an Interim stage leading to 
majority rule elections, while it 
has also accepted that there 
should be a UN force in 
Rhodesia during that time. But 
this change is less, significant 
when put against the PFs new 
demands that it should supply 
men for an interim police force 
— a completely new suggestion 
which is well outside the Anglo- 
American plan: or when set 
against the apparent determina- 
tion of the interim government 
in Salisbury to stick by its 
"internal settlement ” which, of 
course, is anathema to the 
Patriotic Front. 

The gap between the two 
sides, even though neither has 
rejected the idea of some future 
conference, has therefore not 
been narrowed at all as a result 
of the Owen-Vance mission. 
Indeed, though it cannot be said 
to be the fault of the Foreign 
Ministers, the gap has actually 
widened, or at least become 
significantly more dangerous, in 
the past few weeks. Bishop 
Muza re wa and the Rev. Sithole, 
the two most prominent black 
nationalists in the new interim 
government are now allied with 
Mr. Ian Smith, and the army 
which previously fought for the 
white government alone is now 


also fighting for Bishop 
Muzorewa and Rev. Sithole. 
What has long been a political 
struggle for power between 
rival black nationalists has thus 
now turned into a military con- 
test. There is In the words of 
Mr. Andrew Young, the UB. 
Ambassador to the UN. 
an imminent danger of a 
‘black on blade” civil war. 

But even that does not fully 
describe the gravity of the pro- 
blem. Though the war — com- 
bined with the effects of the 
continuing world recession — 
is taking a particularly heavy 
toll of the Rhodesian economy, 
and thus on Rhodesia's ability 
to fight, there is an effective 
stalemate between the forces of 
the two sides. The Patriotic 
Front may be able to call on 
20.000 men in the field, but 
there is no sign that they are 
winning, or can soon win. the 
war against the greater 
efficiency of the Rhodesian 
forces. 

As things stand currently, 
neither side is winning and 
therefore both sides could well 
soon be tempted to call on ex- 
ternal allies to help them win. 
The South Africans are far from 
willing to send troops to 
Rhodesia, and the black mem- 
bers of the Government there 
might well be loth to ask for 
them. 

Open door 

The real intentions of the 
Cubans and Russians in 
southern Africa are not known, 
but both the Rhodesian guerilla 
organisations and the frontline 
States who harbour them have 
publicly said they do not want 
foreign troops -to enter the war. 
Yet if one side or the other did 
feel impelled to seek help, there 
can be little doubt that what is 
now a localised if increasingly 
bitter war could quickly become 
internationalised. 

It is to try to avert these 
dangers that both Dr. Owen and 
Mr. Vance insist that the door 
to negotiations must be left 
open, even if the -prospects of 
a successful all-party conference 
now seem remote. It may well 
be that in the present circum- 
stances. Bid) op Muzorewa and 
the Rev. Sithole would have 
more popular support were all 
Rhodesians able to go freely to 
the polls. But the key to a 
Rhodesian solution is that the 
warring sides must talk if the; 
fighting is to stop. For this 
reason alone Dr. Owen and Mr. 
Vance are right to try to keep 
file talking going. 


Bank charges 
to rise 


T HE CONTROVERSY now 
developing over Britain's 
future civil aerospace poli- 
cies is likely to become one of 
the most bitterly contested 
aviation arguments for man)' 
years, and one which is likely to 
pose a major dilemma for the 
Government How it Is settled 
could influence, for the rest of 
this century, not only the pur- 
chasing policies of British Air- 
ways. but also the long-term 
manufacturing programmes of 
British Aerospace (the national- 
ised aircraft group), and the 
long-term future of Rolls-Royce, 
and especially its RB-211 engine. 

Behind the controversy lies 
the need for two decisions over 
the nest few weeks. Although 
they can be taken separately in 
terms of time-scale, they are 
linked because each will affect 
long-term civil aviation in 
Britain. 

Larger type 
of jet 

Tbe first issue is the desire of 
British Airways to buy 19 
Boeing 737 short-haul jet air- 
liners. seating about 120 pas- 
sengers. to replace ageing 
Trident Ones and Twos by 1980. 
Eventually by the mid-1980s, 
British Airways will need to buy 
another new, but larger type of 
short-range jet seating 160-180 
passengers, to replace Trident 
Threes as well as to meet grow- 
ing traffic. BA is not yet com- 
mitted to anything in the latter 
case, but believes that one of 
the new family of jets proposed 
by Boeing, the twin-engined 
757, would be most suitable. 

By seeking the 737, BA is 
accused of rejecting the modi- 
fied version of the British One- 
Eleven, the Series 600. Also, 
by leaning towards the 757. the 
airline is accused of striking a 
body blow at the possibility of 
British participation in the 
development of a rival European 
aircraft, the Joint European 
Transport-- or JET. which will 
use a Franco-American engine. 
Against this, the airline can 
point to the fact that Boeing has 
offered Britain a substantial 
partnership in development and 
manufacture of the 757. which 
would make the aircraft a major 
Anglo-American aeroplane, com- 
plete with Rolls-Royce engines. 

British Airways’ case for 
wanting to use more American- 
built aircraft -is based simply 
upon its belief that they are 
best It is supported in this by 
the fact that the Boeing 737 is 
now one of the world’s highest- 
selling jets, with 554 sold to 71 
customers world-wide. The 
monthly production of three at 
Boeidg’s Renton plant in Seattle 
is to be raised to four in July, 
then to five in November, and 
seven, next April. The 737 will 
be built through the 1980s, and 
Boeing says the jet is capable 
of' meeting the increasingly 
stringent international noise 
rules already being prepared 
for 1986. 


By MICHAEL DONNE, Aerospace Correspondent - 

British Airways wants it be- tween 230-163, or whether it market for 3,000. aircraft worth ux should join it in a risk- Europeans .on the JEIL -British . 
cause it will seat up to 128 pas- accepts an offer from Boeing of over £37bm One Js the twin- tearim? sub-contractor role — Aerospace admits, that it has a 
seugeis, and will be more collaboration on the rival 757, engined, .short-haul 757, seating S coital “gentleman’s agreement” with 

profitable than tbe One-Eleven which is the aircraft British up to IS), which will suppl ement “*** P 1 * 11311 * * * the- Europeans not to. open 

which, at best. Can only seat 109. Airways really wants eventually and eventually replace- the. best- worK Bntaurgets, negotiations" with others. -while 
BA says tbi?t while a fleet of 19 to replace its Trident Threes, selling 727 jet The 757 will vise 8114 taking a chance on the ulti- JET is stffl evolving. - ■ 

7S~s will cost £l40iu., against So far, comparatively l ittle many parts of the 727, imtcotdd mate success of tile venture. T%isappeara to .tmacate that 
£129xn. for a comparable fleet has been said about the JET use two of the new RoBs-Royce Theresult, in effect, would be British Aerospace has no mien- 
of One-Elevens, the 737 's programme, because it is still “cropped fan " versions of the. an - Anglo-American aircraft tkm of. even dis mi ssi ng tile 
operating profits will be £l0m. evolving. A joint marketing RB-211 engine, the- Bash 535 of .'Boeing would make all the parts matter further, unless and until 
higher per year for the fleet, or team from the major companies 32,000 lbs thrust Next is the derived from the existing 727— the JET talks break d owb. Kris 
£140m. over a 14-year life. involved, including British Aero- bigger, 200-seat er twin-engined it makes them already so there attitude -surprises Boeing, which 
British Aerospace has not yet space, Aerospatiale and Messer- 767, which would, hive jhe is no point in changing to a new says .it is- malting, a genuine 
responded to these arguments schmitt-BolKaw-Blohm, has been higher-thrust engines, such asmanufacturer — but Britain offer, on a strictly business 
in detail but there is no doubt sounding the views of over 30 the Rolls-Royce RB-211 Dash-22 would get detailed tiesngn. basas.' ’ Boeing ateo' Says that it 
that the One-Eleven is a very airlines world-wide in recent of 42,000 lbs. The third, member development and production of casajot hold oazits offer tndefi- 
slow seller compared with the weeks, and gauging the poten- of the family is five 777, a*tri-jet, all the new parts. This means ^ aaf tinless ’it gets 

737, with total sales so far of tial level of interest. On the also a 200-seater, but with tong the wings, landing gear, fuselage sonm * indication -soon of at 
220. British Aerospace says, results of this study, the Euro- range, and using “cropped fan ""extension, and nacelles, leagt a . willingness -to talk, a 

• - .. - . ; - - 4 ' will have to look elsewhere. The 

rdason is the time-scale for the 
aircraft’s development. Boeing : 
wants to start fche 767 first; then . 
the 777. and then the 757- — but 
aU of them over -the mart nine 
m onths or so. This means that 
detailed . discussions with sub- • 
contractors . and risk-daring ; 
partners must start written/ the ; 
next few months. - • 

Ur. E. H. Bonfldofm, president. ’ 
of Boeing’s Goamuercaal Air- 
plane Company, says that if be 
hodds anbeyond abaut mid-Way, 
be Would be hurttfnghis-own . 
company’s tong-term plaiis. He 
also points out that there are ; 

, ^ ^ ^ some bag roanofactoxers ih the, r 

1968 ZQ3B Z7U0 ^4580 j US. — Rockwell, General : 

mow Range in Nautical Mile: j ' Dynamics, Rohr Industries and - 

— ■■■ — — — ■ ■ ■— — — — — — — — * others — who woold be only roo - 

The chart shows the relationship between the various members of Boeing’s proposed new family of jets, in terms of payload wailing to get wto th^3|57' pro- - 
and range capability* The two engined, short-range Boeing 757 is shown. in model form on the right, beneath an artist’s gramme on the same baste now -j: 

impression of the rival Joint European Transport (JET) project • " • . ■ offered to Britain. ^ AU'bf ear - 

sub-contractors have ' made ; ; 

however, that it is negotiating pean partners, will have to engines like the Dash 535: There equivalent to about 40 per cent * 

sales in Romania and Japan, decide whether or not to go will be variants of all these of the airframe. ■*** iSS wwaS r 


Mired Etess 
Passengers 

203 r 


767-200 

Twin 


777- 100 LB 
Tri 


767-100 

Twin 


757-100 

Twfo 


90 Ml- 


777-100 m 
Tri 





BOEINGS 

HEW JET 
FAMILY 






noney,” says Mr.. Boadoua, 
'and some of diem" have made 


salts in nuuiauiii aua uvl uc w *u uwae »«• —*■ — . • • ____ Hhon uu bm Whnt ^ 

and that there is a possibility *[« a !; types to ^ different ririmes’ H S Britain . money 

of production under licence in ^ needs. Total antidpatedjnv^st r are induded, _the XJJK. ^ share * 


of production unaer licence n *e ^ of »***■ mmcipaien^^ * thT work would rise toorer nAwwk 

both countries, which would ^ venture, and the work in- 55 P er c * nt * while Boeing is also 

keep One-Eleven production volved. will be shared between S1 * 5bn * ready to negotiate final assembly \%J n 

going for many years to come, the participants, and in parti cu- P an ® , . is "and flight testing in the — '■ WG 

The company fears that a iar the question of who gets the “If * rcH ^^T e whidi would raise the share 

British Airways 737 purchase design leadership and the final on3ei f (from umted-iand {urther to pr0 bably well over 70 


would damage these sales pros- assembly, 
pects. ' One suggestion is that if the 

It Is because of nsiog demand worfc is undertaken at all, it 
for the 737 and the need to plan should be under the aegis of 
now for the production Airbus Industrie, tbe group 
schedules of 1980, that Boeing which is already Franco-German 


American) 

summer. 


Boeing is determined to:make 


per cent Boeing would retain 
overall control, and the market-.' 


Weighing the - 
facts 

What Che- Government most <,vf 

kau <1 liMMtatnw • Jiao • iMwifiie* -lit' 




BV1ICUU160 «1 iwv, U.OI ««c.u S Whichis already iTantxKierman ”r— ”7: K ”r on Boeing’s reputation -mat ment and what nrofits arelikely - 

would like some indication dominated and is building the e ^f een ” g initial sales wiU be made:- ■ r -- 

•r. »■.,»** : , AI ” a y existing A^OO Airbus. But % Boeing stresses tbe Whuleveu- 

n««ed uuSt British Aerospace sap ft is tod- ti^lSitS Tf tore is open to uegotiatiou. The ^mroe or X Boeing TO , 

the P contractual details being l° S ltdlfficult t0 ® et from ^ Italy for help on the 767, and investment would be about Either way British Aerospari 

TerneT ^later Tto “’uofff & *£??“!. also si£ up with jipS » of which the British gets hefting. The £33 t: 

ultimatum by Boeing, merely tn Jtf tS But primarily, it wants to do thfcrgiare would be upwards of ^ which is besL It mo^ vreaA cri 

pru dentarranging^^mSuf a c- &TSSSmSrVTjS bu * °* ■** 767 Soteg 

turing schedules. If demand for ^ «2S^whave bwm far Md 15 extending itebffi Jumbo work rtnaWL : Boemg ^Jun^fi, there is -no future a 

the 737 continues to increase. ^ ** factory at Everet ? &r i 

Boeing may have to raise the Qver se tt]in£ the work and cost SeatU€ ' to 001)6 the P 1 ? - o>nld be a big future! jj-.- 

production rate further before s^ing Moreover. the tMT will XSer^ would. P be over 

The second issue is whether cFM-56 engine, M°that everTif lyin ^. iv 0ll ^ icl6 the U - S *"" confldenc^Tn tts own ***** ^ British • . 

or not British Airways buys the British Aero so ace went ahead in m Europe— where it for its. owsa ammnadid 

for the mid- «S»' M«es . 

1980s. Ills a much more signi- nr'r b.ii. 0 ^.. JiL - L - so It is looking to .. _ • . , .. . ic h hn.*h /in. 7?7ii ■ «rv? ~ ' -' 1 


Boeing 757 for the mid- pa Se r ship ^th Eumpe on the so i7 is lookiu ™to reasons.' ’.believes the Boetaf f: 

2* ““■» no Brit^for help'. 1 lo»as" ^itiSb Aero^ee 

bi^sSe STSe U^dril'lr’ ,„ By “ m P* ri ®“- oiitMl^'in the’Tnef.StTorm, time, tt must else 

ior uie rest ot uus cratuiy. ine far cost that company over nffpHn _ TTK a hi® «;harp of Boeing admits that, so far, it out to meet growing demand tor. : 

^toFiSire h Ld e West Germany 5200m - t0 prepare * ^ more fiie 757,^ can not only limit "has not been able to get to tbe the Airbus and to. 'press 

to to helT“e“1o^%ie ^ ^ engineers working on ^mpetition from the JKT, but negotiating table, but says this with their plans to. bteld.a-;.-- 

enginedTsbort-range Joint Euro- them - Boeing is planning a new also help ensure the success of is because British Aerospace analler 20£eeat . ; 

pean Transport (or JET), in family of three jets for the its own aircraft . declines to discuss the matter B-10, usmg u.S, General Electnc o 

various versions, seating ’.be- 1980s, to meet an estimated Boeing is suggesting that the while still negotiating with the engines. ' [- .. -j: ; 


THE LONDON clearing banks, 
and the other banks whose 
activities have been under 
review by the Price Commis- 
sion, need have only minor 
reservations about its report. 
The inquiry was ostensibly into 
the charges they make for 
money transmission services. 
The Commission has not con- 
fined itself entirely to this field, 
since it found that it was im- 
practicable to isolate one 
sphere of banking activity 
from another, 

So far as money transmission 
as sucb is concerned, however, 
it reaches two conclusions that 
fully justify the banks in their 
wish to raise charges. The first 
is that, in most respects, money 
transmission services in this 
country compare favourably in 
efficiency with those available 
abroad, and that the charges 
made for them are not in 
general excessive. The second 
is that the profitability of bank 
operations as a whole is low. 
especially in terms of inflation 
accounting, and that it is only 
by raising money through new 
issues that they have been 
able roughly to maintain the 
ratio of free capital to deposits 
over the past few years. 

Closer Jit 

The case for raising the 
general level of charges, how- 
ever, depends very much on 
the level of interest rates. As 
a condition of approving a 
rise, therefore, the Commission 
suggests that individual charges 
for personal (and smaller 
corporate) customers should be 
related more closely to the 
individual cost of handling their 
current accounts. Whether this 
should be done by paying 
interest on current accounts or 
relating the abatement scale to 
the changing level of Interest 
rates is a matter that the Com- 
mission leaves for the banks to 
decide for themselves on the 
basis of competition: there is a 
difference of advantage here 
between the customer who 
would have to pay tax on 
interest and the lower-income 
customer who would probably 
have to pay more in any case. 
Tbe relative simplicity of the 
current charging system, which 


enables potential customers to 
compare one bank’s terms 
easily with those of its com- 
petitors. will go, but there is 
logic in the Commission’s case. 

Some of its other suggestions 
may be less popular with the 
banks. The most commonly 
discussed, that the banks should 
aim at disclosing their general 
provisions for bad and doubt- 
ful debts, does not seem likely 
to come up against quite as 
much resistance as seemed, 
likely. But the idea that the 
Bank of England should regu- 
late membership of the Clear- 
ing House and the allocation 
of costs between members is 
only more controversial than 
the suggestion that full mem- 
bership of the Committee of 
London Clearing Bankers, 
should be open to all substan- 
tial retail banks. 

Free capital 

The case for more flexible 
opening hours is one that the 
bank managements would - 
themselves accept to some 
extent, pleading that it is the 
unions and staff associations 
which oppose reversing the; 
changes made some lime ago. 
The big ciearers, unless they 
can solve this problem,- will 
have to invest heavily in 
alternative outlets if they are 
to stand up to .the new. com- 
petition of bodies like the 1 
Co-op and the Trustee Savings, 
Banks. 

Beyond the individual recom- 
mendations of the Price Com- 
mission, however, there are two; 
general points which the banks 
will have very much in mind. 
The first is that all their joint 
working arrangements will i 
sooner or later be investigated 
by the Restrictive Practices 
Court from the point of view 
of the public interest: they are 
not over their last hurdle yet 
by any means. The second Is 
that current account charges 
make up so small a part of 
their total income that in- 
creases in these alone will do 
little to increase their profits 
and augment their free capital. 
For this, as the Price Commis- 
sion points out, they must look 
more to their lending business 
and their ancillary activities. 


MEN AND MAHERS 


Slightly below 
the belt 

The Middle East storm that has 
been blowing up about some un- 
fortunately decorated under- 
pants has finally produced an 
abject apology from Marks and 
Speocer. Perhaps the threat 
from as far away as Kuwait to 
mount a campaign to prevent 
Arab tourists from coming to 
.London has driven M and S to 
issue a statement regretting 
that it has “ unwittingly 
offended religious convictions." 
It also points out that the under- 
pants were withdrawn from sale 
in all branches last month. 

The offending garments were 
designed in Paris and the motif 
on the hip was thought by 
buyers to be just a piece of 
abstract art. In fact, it was a 
13 th-century Kufic script saying 
“ There is no God but Allah ..." 
This oddity was not noticed, as 
far as Is known, by any of the 
myriad Middle East shoppers in 
Oxford Street, but by a distin- 
guished British scholar of 
Arabic. Soon, the painful truth 
found its way into print. 

In the Middle East, reaction 
has been hectic, with predict- 
able accusations that M and S 
were engaging in calculated 
Zionist insults. A long editorial 
in the Egyptian Gazette, 
entitled “ Scraping the Bottom " 
contrived to bring in Hitler, 
punk rock, and the Ku Mux 
Klan. To make things possibly 
still more emotive, the under- 
pants were translated into 
knickers. Yesterday's M and S 
apology lacked any MBs and its 
spokesmen were terse on the 
topic; so I have not discovered 
who was the erring Gallic 
desigoer- 


Change needed 

Peter Rost, MP and stockbroker, 
explained to me yesterday why 
he is harassing the Treasury, 
and Prices Minister Roy Hat- 


HI 






teraley, about what he calls 
“ Britain's only ■ growth in- 
dustry.” Rost is referring to 
tourism and 'his ' particular 
anxiety is over the activities of 
some less reputable bureaux de 
change. . 

Yesterday he had eight ques- 
tions on the Order Paper for the 
Treasury on this subject; he 
expects answers on Thursday. 
He says that a written reply 
from Hattersley earlier this 
week was '70081 unsatisfactory." 

Accompanying an American 
girl student who was doing re- 
search for him on energy, 
Rost made a round of 
bureaux in London. He says: 
"We are in danger of becoming 
viewed as a nation of racketeers. 
It may even damage. our whole 
export drive. He says that 
rates offered for major Euro- 
pean currencies vary far too 
widely and commissions go up 
to 4 per cent— or even 6 per 
cent after market hours. 

Rost maintains the Director 
of Fair Trading should make 
regular inspections of the 
bureaux. “I also think the 
British Tourist Authority has 
a big responsibility ” he says 


Jobs before 
history 

Merseyside’s mounting unem- 
ployment may be a key factor 
in to-day’s vote by Liverpool 
City Council about the fate of 
the historic Lyceum Club. 
There are plans to demolish 
the dub, built in 1802, and 
Viking Development want to 
erect shops instead,. Conserva- 
tionists are putting up a last- 
ditch battle, but the planning 
committee has passed, by one 
vote, the demolition scheme. 

I gather that Labour coun- 
cillors are swayed by the 
thought that the scheme will 
give 122 building jobs for 22 
months. The Liberals, second 
largest party in Liverpool, are 
backing an alternative idea 
that would save the dub’s 'neo- 
classic frontage. But with local 
elections only three weeks 
away, the developers' plan for 
being on site by July may 
carry the day. 


Crumbs of hope 

While Frank Pye was talking 
to me yesterday afternoon from 
a baker's shop in Ipswich, the 
manageress was in tears beside 
him. Tbe shop is part of the 
Matthd chain, bought up by 
Spillers five years ago and due 
to shut on Saturday following 
the recent decision by Spillers 
to get out of baking. Pye, an 
area manager in Norfolk and 
Suffolk for the group, was 
taking final orders for tbe 
shop. *’ All tbe 300 people who 
face being made redundant are 
terribly upset” be told me. 
“So are the customers. Yester- 
day in Saxmundbam an old lady 
came up to me and tried to 
hand over £200 in notes to help 
save the local shop. I could not 
take it, of course.” 

Pye is leading the campaign 
to try to keep some of tbe shops 


going under tbe Control of their 
existing staffs. “ There are eight 
leasehold Matthe shops * we 
might be able to find the money 
for, but tbe other 25 or so 
would be too expensive for us.” 
Pye said only about six of the 
300 people involved belonged to 
trade unions. “ There is nothing 
political at all about our 
efforts,” be said. When I told 
him that the Bakers Union was 
threatening an overtime ban 
because of the Spillers 1 shut- 
down, he. said It seemed a poor 
idea. 

The Matthd' bakeries have 
been in existence since 1898 
ana some employees have half, 
a century’s service behind 
them. “ We know the shops are 
profitable,” says Pye, who has 1 
himself been with tbe group 
for 26 years. “If we can save 
some of the shops,' we shall 
buy .bread from independent 
bakeries. But time is so short" 

A petition from employees 
was sent by Keith Stainton, 
Tory MP for Sudbury and 
Woodbridge, to Spillers chair- 
man Michael Vernon on Mon- 
day. Yesterday afternoon, 
Stainton called to see Vernon 
at the company's head office in 
the City. Afterwards, Vernon 
told me: “I think Mr. Stainton' 
was well satisfied with our dis- 
cussions: We are keenly aware 
of the problem and I hope that 
more than half of the shops 
will stay open. A variety of. 
negotiations are in progress to 
sell some of them. I shall be 
delighted if the manageresses 
of the leasehold shops can 
arrange to take them over" 


Slightly cracked 

A friend in Cardiff tells me he 
has just bought some cups and 
saucers stamped with the 
baffling inscription. “Cornish 
Masterpiece — Made in Ireland. 11 
At least they are all Celts. . . . 




- *,■ 


:*&• '#r?£.7 - 



’safe 1 


.Ist’&j?*''- 1 









13 


and doit the cheaper wajt 

IfyonVcalvraysthou^r^tatissingtheAdanlicontfjcivozJffff 
most laxurions ship. Queen. Elizabeth. 2, was a Ktde extravagant* ift tune 
to think again. ’ • - 

, tofac^aossmgtmC^cmacmallyvroikomdtoptttiiaaiq^te 


Tkereasqnisanewspedalaii/fira^hyCunaidsmdBffiishAbwtjS 
winch allows you toaail out on QEZ v and fly home all far £395. Q& ifSpn 
psefegyon can fly outand call home for the same lowpiice. /. : 

. Here isa comparison between these new ftresand normal airfares tpv 
JTew'&ikfixnn Londons- •> •- ■* • 




2v. 


. v . Bear in mind too that onbecn boardQ^viitaally the ordytfungs 


fet^ailmgonthBT^ndafnisi^iiamarvdioiisoppoifemityforyWi^ 
cn^&e^Kdayofafifbtime together- • t ^ C . 

, QE2 crosses theAtknfic no less than 30 tines betwcenApril adtf 
November Many of hervoyages ait made over weekends so ycrarrrttttn 
journey tnold easily take the form of a long weekend aWa ji 
JJeimncdtiioi^ once youhavettiwlciosang the 
QE2 vrayrit could easilytum into a rqpda r h a hfc 
: for ail the details of this remarkable offer. . /; . 
contort Canard or askyonr travel agent abogfiC; 

Cnnard, 8 Berkeley Street, London WL' v?-. 

Tet® 049 L 3 ? 3 fli : l;!. 'V 


r r 










*4 




fefizbsrial T^nes Wean'esday April Iff 1978 


on 


sorting out a foreign dilemma 


St 


By JOHN MOORE 

**** to *>;- " Th6re ” *”■- 50mg correction in premium business that may be by-passing nerttal market (wdth thepoeaibte »ih<?teMtiaUy an 1974, -when 
iSmberTof tSTSSmittle X V* v*** 1 ™^ ***e 00 “ rates - .»«* Pe°P*e Have short Lloyd’s.” ^ exception of Brussels) and is rapid inflation, a collapsing 

Lloyd's of London, the adminis- ^ Lo ? Mlwl market there memories, and markets have Since then capacity has in- still Increasing; In the past stock market and disastrous 


- •’• l!: 3 it?. 

■ 

- ~ ■ ; V • 

7-V 

S ■’-.*•"• v/i.y 

- • ■ " 

• '■• TV '•+ 


t^MWTuss wiiBtner tney are ore- *wo , , ■ — — - ~ — — _ — . — „ — — — ****“— ^ iocai u u& mesi. iw«6»i m u^j. jiuuna. • m ,» 

pared to- accept the princapirof frf-', l7 ^,, business — some of dt very un- »«e pre-Darwin. period premium income has insurers are also fighting for sequence there was a shortage 

foreign ownership . of . a major ^Tr® ™ mere sound from overseas markets” The trading situation has risen at a similar rate to around that local business, and as a of underwriting capacity. The 

Lloyd’s broker. °® ™ u<ai . • amons Other top Lloyd’s under- worsened at Lloyd's to the £2bn. a year. result premium rates are be com- demand which cnuM not be met 

The. issue arises from last , memtogrs over waietaier the writers are now speaking out extent that in some syndicates it j S this access to a member- ing keener, much to Che incredu- by the local VS. market found 
week's announcement of a bid faa * ed I**yds exclusiveness openly about the conditions, the number of members being ship that is prepared to accept lity of Lloyd’s who cannot Us way to Lloyd’s, 
by. Frank fi. '.Hsll... tha thimi introduced may well have to- jinhmited linhiiitv nc waM ns nn^aM4,n>i iimu ./mvnafMnn Tim ea.mih now hurinosc 


by Frank B. - Hall. , the third 
largest 'quoted U.S. insurance 
broker, for Lloyd’s broker 


AMir Droiter ■* Aufue MfETBJi DCDeu im aam . r — ~ uujbs sucn a unique 

Leslie and Godwin; and from “~®YD^«0 WEWIBtRSHIff* AND SYNDICATES hi . feed new members with market and gives it its much 


introd uced may well have to- unlimited liability, as well as understand how the competition The search for new business 
be restricted because it is attractive tax advantages, that 
becoming increasingly difficult makes Lloyd’s such a unique 


: 

... . " - tj, 


, . I 




1 -J: - ; r. 


-the. more closely guarded bid 
tails currently underway be- 
tween Marsh . and McLennan, 
. the number one U.S. broker, 
with Wigham Poland. 

The. latest' 1 moves by the 
Americans are' a logical con- 
sequence of the extensive net- 
work of U.S. and Lloyd's brokers 
links that have built up over the 
last few years. American 
brokers have forged links with 
Lloyd’s brokers in two .ways; 
fiTst, by potting large volumes 
of business with Lloyd’s through 


MEMBERSHIP 


SYNDICATES 




Ltr* 

H Biot- 

Molina 

'AvIoU on 

No*., 

. Marine 

Total 

2985 - 

- $828: 

6 

29 

146 

26 

82 

289 

1966 

6*062 

7 

31 

148 

26 

80 

292 

1967 

6,079 

7 

32 

138 

26 

76 

279 

1968 


7 

31 

131 

30 

72 

271 

1969 

- 6,042 

7 

31 

122 

30 

73 

263 

1970 

5,999 

7 

31 

119 

31 

73 

261 

1971 

6,020 

S 

31 

114 

30 

75 

258 

1972 

6^57 

8 

33 

115 

32 

7R 

266 

1973 : 

7#& 

9 

34 

112 

34 

87 

276 

1974 

‘ 7^62 

11 

34 

116 

34 

94 

289 


profitable business. envied flexibility. 

But the structure of the The normal means require- 
Lloyd’s market militates against meat is £75.000 in readily 
any kind of discipline over rates realisable assets. although 
being imposed. Mr. Ian Findlay, there is a special provision for 
who has just completed his first accepting “mini-names” showing 
100 days as Chairman of as little as £37,500. And under 
Lloyd's explained: “ The whole the rules of Lloyd's each mem- 
concept of Lloyd's rests upon in- her is liable for his share of the 
dividualism. It not only com- risks accepted. If necessary his 
petes -with other markets, it entire personal assets must be 
competes amongst itself.” realised to pay the claim. 

In fact there are 330 under- s °F e 5° ntro ! <** 
writing syndicates each compel- on th ® J flo ' wr °f nam es brou^rt 
ing with each other, as well as forward to the market _ by 


UPS. AND DOWNS OF LLOYD’S 




(£m.) 




PREMIUMS 

CLAIMS 

BALANCE 




(after other 

(as% 




credits and 

of net 




debits) 

premiums) 

1965 

461.4 

50L6 

- 37.9 

- &21 

1966 

53L3 

547.7 

- 18.6 

- SJ50 

1967 

60L7 

605.0 

- L6 

— 0JS7 

1968 

668.2 

644^ 

35.6 

5J3 

1969 

693.7 

658.8 

52.1 

7.51 

1970 

786.8 

■ 732 J9 

65.0 

8J26 

1971 

87L3 

795.1 

77.4 

8.89 

1972 

957.4 

879.5 

92.0 

9.61 

1973 

1.190.9 

1,128.9 

109.7 

9^1 

1974 

1^38.9 

L516.2 

8L6 

&30 


- 3: ■ ~ 


17. \ 


Uoyd’s brokers, and secondly should be - breached or main- Mr. John Oliver, a marine with outside insurance markets, noderwritnng agents but little 1973 L19J.9 - 1,128.9 109.7 9^1 

' by often taking large sharehold- tained. - . specialist, said “the recession in Syndicates are composed 0 f ^ te d ° ne ab ° u ? tih® premium 1974 L538^ L516J 8L6 5*30 

^ angs ; - in - . Lloyd's brokers. This debate is .being con- shipping is more serious than several hundred underwriting rates. One chairman of the 1977 premium income has been estimated at £2bn. 

^though until now without a ducted £t a time when Lloyd’s ever. With not as much cargo members (or names as they are *J )ur mai B undenvrrting 

fuJL controlling, stake. . is under pressure probably as being shipped around the world called) or m some instances “°®f aai<i: 11 5 a continual 

»«? e *K America ^f J jloy f s oeiver before ^as- international there is not anything 1 like only a handful, and can ~J2S«2Lrf P J >e ° I if- ln f° me keeps in business. Its comneti- can however bring problems. 

■thelr^MsimS S? 1 L 1 L liaD >1 dleS «Hripet«iOn: bftes -deep into its enough new vessels being built specialise in one class of risk, ^ are offering low^pre- The best interests of the Lloyd’s 

- ^ traditional' markctsand public for us to insure. The competition although most cover a broad andyou have very httie yAuie their market may not always be 

.iton ed AS? 2? sss-srr-#?* Uoyd-s th “ we CT " 5S5US S 

--made hetween 1 themceiireJ ar^ ™™» *ol*. , •• - ■ experienced. But whatever short-term res- ra Hnes there would he an nut. Lloyd’s. that produce the business, 

Lloyd’s brokers. 65 r^yd’s itself ftldicated earlier On the aviation side Mr. Neill trictions might have to be cry from our members ” One explanation offered by whose first loy^ty anyway is 

U&dv MO Uoyid’s broking m far from ^ “^ er * w Mr. FindJay Stoforeed the th? aviati^ aSd £ ; insured rather fte 

tans will be awaiting the out- t m ^ n " Hon ^ lder ^ ritl ° € T 1 ^’^ erS seeking point. “It is not the function marine markets is that perhaps in ^ er " . 

come of to-day's mStiS with ber«f-«ie CosnmiWBp of Lloyd’s, ^on said, the insurance mar- admission to Lloyd s, new mem- ^ ^ CommiMee of Lj 0 y d . s t0 the foreign competitor -is This is a growing worry. 

Sh S wamed UutWJKXWSi 1975, 1976. Has grown faster than the bets will always be needed. The o^e^nltmte cwrit ^ ro «i° buttressed by a Sir orono“ AHeiHy this year there has 
some aimefly, and w good Dr rfraMv \wh would be oro- demands of the airlines. When Crwner Report, commissioned unoerwmer to m nuttressen oy a greater Propor begn ^ unusual degree of pub- 

15 fttoMe yearf at' Lloyd’s, “there that happens you are hound to by Lloyd’s in 1968 and com- *JS L*?f l»city about what Uoyd’s would 
placedwtth I4oyd s has to come natumUy crown up in the get weakness in the premium pleted in 1970, concluded that ???- * r , ^* at J J ° ydS t0 t S ?? e ^ t regard as “embarrassing” 

tiireugb an approved Uoyd’s seSf rates - Competition has kept the >• although a small select spread * e ^ nght f 1 ^®' to P enetrate traditional Uoyda dajmSr 

bnrfrer- admtaed at the discre- rates down even though the of risks may seem safe, in the “ w01 ^f be t •*«? f ^ r * e «“»*« m vigorous faduon. while markets Temain M 

ton or the Committee subject A ^ values of the risks are going long run Uoyd’s will lose if the Committee to take a more inter- But the general feelang is that competitive there is pressure 

to the broker’s totegrity/experi- up.” insured or their agents believe veotaomst role. Lloyd’s would many overseas insurers are over- on ^ uoyd's syndicates to take 

once and financial standing ™! “ “ In other markets' Mr. Murray that Lloyd’s has not the capa- 001 be Lloyd’s if it dad.” extending themselves. • whatever business is going, 

proving satisfactory. So if dr-me «uwm oosasier oi Lawrence, chairman of the city or the will to underwrite But the competition continues To some extent Lloyd's has whatever its quality. The result 

foreign ownership of Lloyd’s is 1974 * - Lloyd’s Non-Marine Undeiv large scale risks or that the t° grow. The proportion of been helped in recent years by i s that the trend towards poor 

agreed in principle the volnme The policy, be expLaaoed, had writers Asotiation, said “after rates are too high. Steps should foreign insurance companies the conditions in the UJS. quality underwriting of poor 

of business handled by the UJu been one of “get the money in." 1974 and the horrors of the be taken to increase the capa- represented in London is market. America’s importance risks could increase rather than 

brokers in this way couid shrink. It did not matter if rates had to Darwin obliteration there was city of Lloyd’s and to attract greater than in any other conti- as a Uoyd’s market increased decrease in the future. 


Letters to the Editor 


es me. is how to 
sleeping partners 


^ eishinst 
facts 


• _~-7- • n . ■ i.ne..arocie couciuuus mui uic uuvrmi, uau«»gruuuu wutrrc uc u iu a uiumm quieu 

- ^ miration' following .statement: “The up- is safely stored in large quanti- Gordon D. J. Lamb. 

~ . ■_ surge of protectionism, particu- ties. The methods of pumping 57, West HUl Road. 

‘ ' r f, 07 ^ n r ‘ vk.. KutHerJora 011(1 lariy the U^. trigger prices, LPG in and out of such facilities Luton. 

. - - Mr. r. b. s. -jpy* g» which mean the American have been refined to ensure that . . — 

u majors can arrange prices more damage to the surface, even to 

' a L^!I^^S2Ef55^jS5S ' Aaib)y &an EEC members, has a substantial depth, will cause c PorP t nf 

.. . for lemmings. Apnl 4) cont ains ma de matters worse,” • no damage to the stored product, Xllt? MiU cl Ul 

'. a number of substantial ' and ^ the UJS. Government the depth of which is usually L-il _ 4. 

. da m nin g critiosms ( °f official- most directly invtfived in ‘ over 100 metres below the THC DHiiOL 
' -- J accounting^ professions the ^implementation of, yotir surface. ir*wm Mr ir v Tm,i/vr 

- :• zl 'espouse to the problems .of trigger price 1 mechanism-*' for • While Mr. Flshlock’s quotation Fr ^ m , jV ' F ' 

' ; : I for - imported’ steel mill products, 1 is probably true, the failure of **•?!?%,. *“ «Ji itSSS 

pelieve, however,- that : n^pcwt- ^ ^ .statement both surpri®- the IleaMi and Safety Com- 2*“ 

. idg to dug anomaly which, results «*«»• anti ■ disaDpointinc Jor its Ynfc'iinn tn make anv reference ooJd a general election. I 

- tTiy: rom Hyde’s arithmetic, Profes- SSr rf . iSdeK£5|’ Of the S ,SdeSr^d “orafe Sen f^ould be grateful if you could 

: -v:v nr Baxter has paired Hs punch. S. LSf s“e metoods of weight to an attempt 

He considers the .case where The. TPM is solely- a device storing hazardous materials like J® obtain a genuinely secret 
... iaventoiy prices.- rise but then for. the U.S. Treasury to deter- lpG is a surprising omission. baUoL | 

........ fall during a single accounting mine whether it wfil make in- b. G. Homfray-Davies, . At each of the last three elec-, 

period, leaving prices at .the end quixy. about stem shipments Director i* 0115 * have complained to the 

of the period at the same level as priced below ,our “trigger Geostore. local officials that the number 

. = prevailed at the beginning. He prices.” It is aiot a minim u m 43 Mooroate, E.CJ?. against my name in the register 

— •: i' demonstrates that in -this case, import price jrfan; it does not ' is entered on the counterfoil of, 

the Hyde proposals will produce (cojartrioy to pe European Com- y , 1 _ my ballot paper. It is thus pos- 

r - a credit to the profit and loss 'mnfiity*s “ basic price ” system) JuCI SlCCplDft slble for my vote to be checked 

account, arising from adjustments prim a facierestablish a basis for “ 0 against my name at a later date, 

to the historical cost 'of sales. He impoflfngjffven provisional anti- TiartllGrS 116 I have heard all the assurances 

r ^ : argues that, becattse the change dumpin^ftnties; it does not deny F****" that “ of course the counterfoils 

.-: 1 r in the historical" ^cost' value of to any Company abroad or in From MrOortioTi are kept sealed and so are the 

'1 .... stock between the beginning and the TJ,S. any rights that pre- Sir,— With regard to your ^ s ^ haye 

end of the period is entirely due victasly existed under our Anti- report in to-da> s paper that j>e e n counted, and destroved 


GENERAL 

Central Treaty Organisation 
Foreign Ministers meet, Lancaster 
House, W.l. 

Mr. Albert Booth, Employment 
Secretary, speaks at Scottish TUC 
conference. Aberdeen. 

CBI Council meets. 

Mr. Malcolm Fraser, Australian 
Prime Minister, begins two-day 
economic talks in Tokyo with Mr. 
Takeo Fukuda, Japanese Premier. 

Mr. Harold Lever, Chancellor, 
Duchy of Lancaster, speaks at 
Small Business Association lunch, 
Waldorf Hotel, W.C.2. 

Mr. Peter Shore, Environment 
[ Secretary, speaks at National 
Council for Building Material Pro- 
ducer^ lunch. Savoy Hotel, W.G2. 


To-day’s Events 


PARLIAMENTARY BUSINESS 
House of Commons: Wales BD1, 
committee. , * 

House of Lords: Scotland Bill, 
committee. Import of Uve Fish 
Bill, report stage. Aviation 
Security Fund Regulations 1978. 

Select Committees: Nationalised 
Industries (sub-committee B). 
Subject: Electricity supply indus- 
try (re-organisation). Witnesses: 
Electricity Council (10.45 am.. 
Room 8). Expenditure (Social Ser- 
vices and Employment sub-com- 
mittee). Subject: Employment and 
training in the new unemploy- 
ment situation. Witness: Mr. 


Edward Heath MP, chairman, All- 
Party Lobby on Youth Affairs (3 
pm.. Room 8). Public Accounts. 
Subject: Appropriation Accounts. 
Witnesses: Department of Energy; 
Scottish Development Department 
14 pm.. Room 16). Expenditure 
(Environment sub-committee). 
Subject: Planning procedures. 
Witness: Mr. Reginald Free son. 
Housing Minister (4 p.m., Room 
5). European Legislation. Subjett: 
Oil Stocks. Witness: Mr. Anthony 
Wedgwood Benn, Energy Secre- 
tary (4.15 pm. Room J5)' Over- 
seas Development Subject: Re- 
negotiation of Lome Convention. 


The attitude of the Commit- 
tee of Lloyd's to this is typically 
phlegmatic. It accepts that in 
any large market there are 
always people who will not con- 
form with accepted standards, 
and it stresses that the bigger 
anything grows then the more 
difficult it is to control the 
excesses. 

When abuses of its' market do 
occur Lloyd’s acts swiftly. But 
the Lloyd’s attitude of cure 
rather than prevention is cold 
comfort to those members wbo 
have come forward and provided 
the vital Lloyd’s capacity. As one 
underwriter explained, “Our 
security is now no longer pro- 
vided by really wealthy people. 
So it is now much more a part 
of our job to make a profit for 
them than it is to cany large 
risks. For whether they are 
wealthy or not they still stick 
their necks out for their collec- 
tive wealth." 

Whatever happens to other 
markets Lloyd's- says that it will 
survive best. Lloyd’s experience 
has shown that as new insurance 
markets open up, the competi- 
tion increases, insurers write 
their underwriting accounts into 
a loss; and then a sudden 
deterioration in the markets 
leads the newcomers to pull 
out There is then a shortage of 
markets and rates go up again. 

Of course, Lloyd's has 
weathered many such cycles. 
But with each successive down- 
turn Lloyd’s takes fresh 
knocks. Lloyd’s of London is not 
quite the league of amateur 
gentlemen that it used to be 
and claims that it has acquired 
a wholly professional image. 

But it is experiencing some of 
the classic problems of growth, 
at a time when it is trying to 
preserve uncontrolled entre- 
preneurs! traditions laid down 
over 300 years ago. It is a 
market over which there has 
been little control, and this 
tradition, although perhaps lack- 
ing any modern-day relevance, 
is still jealously guarded. 


Witnesses: European Investment 
Bank (4:30 pm., Room 6). Race 
Relations and Immigration. Sub- 
ject: Effects on EEC membership 
of race relations and immigration. 
Witnesses: Home Office officials 
(4.30 pm.. Room 14). 

OFFICIAL STATISTICS 
Basic rates of wages and nor- 
mal weekly hours (March). 
Monthly index of average earn- 
ings (February). Cyclical Indica- 
tors for the UJK. economy 
(March). 

COMPANY RESULTS 
Burrnah Oil (full year). Delta 
Metal (full year). Sun Life Assur- 
ance Society 1 full year). 
COMPANY MEETINGS 
See page 23. 


Let sleeping 
partners lie 


local officials that the number 
against my name in the register 
Is entered on the counterfoil of 
my ballot paper. It is thus pos- 
sible for my vote to be checked 
against my name at a later date. 

I have heard all the assurances 
that “of course the counterfoils 
are kept sealed and so are the 


to changes in the- volume of dumping^ Art., Of course that Parliament is to be askedhy subsequently.” But I am not so 

inventory held, such a “correc- law did and continues to permit Robert. Aldye. Tory MP. to nalve as l0 believe that extreme 

tion" to profit is “absurd.” the imposition of pnee-equahs- approve research to prevent ^ flht or Left-wing factions in 

- We believe thatthe adjustment ing. anti-diimping duties to res- snoring, as lossof sleep for *. wQuld hesltate l0 

is, on its own terms, perfectly tore imported steel to its fair snoreris partners threatened hap- P f ° lt r suI £ d their purpose *o 

proper. The Hyde cost tff sales value ’’—its j established by the piness and work. cfa ec k on the way Individuals 

Adjustment setyds tyw> purposes: foreign jproduceris home market Even .partners of _ early man . , 

li) 1+ providesFa : measure ■ of prices, provided those at least were, faced with this problem, . . ~ - o 

operating profit! which reflects cover -his, costs -of production, especially when marauding WtiJ the P^ent Prime 

current costs. (25 It .provides a - TteS mtiial point is that tte tribes or wild animals could the tLt^n 



especially 


The R-range from Redifon 

“Sets new standards in data entry and 
distributed data processing systems” 


means nf mainfeining physical pricer of - the “ILS. majors . easier locate them at nigbL Their P S2 Shi» *iin! 

S£?I. - ; r * y have, .nothing to do with the problem was solved by ensuring the next general election our 

■’-However, the. ^hysteal. capital level of olir ‘trigger prices." 'The that each individual slept face 7 r ot ^ t w ^li )e n ^“ de secret - 
Which is maintainei-by the :ost triggers are. set at the costs of downwards with the head sup- J* not, why not. 


: *-.~i ,v ' * 



i ^capital. f ‘.V " have .nothing to 00 witn tne problem was solved by ensuring 

I -■■-However, the. thysteal. capital level of olir ‘trigger prices." 'The that each individual slept face ??***. *5. 
Which - is" maintained- by the :ost triggers are. set at the costs of downwards with the head sup- Jf not, why not 
of salesadjustmehtifbrany trans- production Of the worlds most ported by the chin. This kept M. F. Taylor, 
.action ^ not the caiutal at the-effldeht industry to help lmple- the mouth shut tight and peace '‘Robmjfl, 

, -hegiimihg of thi^acteounting ment.an existing law. The U.S. prevailed. Modern man must of Woodsfde Vi ay, 
(./period, hufTather^heiapital that producers 4m; indeed,. be more course dispense with a pillow. Penn, Bucks. 


Definitions of design 

SSISS W-rSfS He,™ ssws - sSS! 


vice and I feel sure that the 


; r“ ) ^ . wi ctuuuuuus cBiuiaiuauuu »»«** nnrted -nroducts. -together witn sir reier uareys woum De ciaasmea m curreoi 

1 - ,1'raVfllE be , n,e ^P° gJe ^«_^, Peter D. Ehrenhaft . remarks reported on March 14 mythology as “Engineering” I 

1x1 ^ cas ^ ^ rofea * or Baxter rjeDUtv Assistant Secretary are illustrative not only oF tho would also take issue with the 

'-rf Cites, average .stock k volume JJf^eSScSnSi; dichotomy of design in the statement that products having 

< rortpftt? during -the period of falling /TariffAffaiiS) country, but also the contribu- “high engineering complexity ” 

• ,5 i-Hf'iilA 1 1 prices will bd higher than when hevartntent af'lhe Treasury, tions to this dichotomy brought have a “relatively low aesthetic 

IV A prices were rising. Hence anet W adiinaUm D C about by the increasing emphasis significance." This is mislead in e 

--- credit to operating profit will be • Jr - ■ 1 being placed nationally on so as aesthetic appeal is always 

_.: r - necessary, to correct the over- £ - - • - called “Industrial Design.” significant whether the product 

u statement as n result, of usmg xdtp StOr2l2G Efforts continue to reconcile the is a toothbrush or a nuclear 

,. .-r> historical costs in the period of ^ ® unreconcilaBle since “industrial power station, since whatever 

falling prices,: which ii -greater T : iJfZ, design” as ft seems to be under- the 'product the customer sees 

(because of the higher stock stood In the UJC. has and is being it first, and thereafter has to live 

. . volume) then. .the corresponding From. Mr. D. G. Homfrvy-Daries. developed as a separate design withitsperformaneeandanpear- 

- '' understatement from ihe earlier Sir,— In ..David Fishlbck's entity to such an extent that the ance. In my opinion the 

• - period. It is Improper (given article oh alternative sources of Design Council has had recourse aesthetics of any product are no 

. tbe terms on which the Hyde cost energy in. your issue of April 14. to produce separate definitions more or less important than, say, 
of sales adjustment is calculated) he refers 1 to The report by the for “Ihdusrtial Designers ” and the stress analysis applied to the 
to exainine the effect this has .on Health anfl. Safety Commission “ Engineering Designers" product during the design stage 

opening .capitaL H opening on the Hazards of Conventional. (Engineering, February 1978). and which enable it to perform 

- > capital is to be maintained - a Sources ^ ■*. of Energy. In par- “The Industrial Designer is a ? r ^ ch° 1ce of production route 

^-separate adjustment must .he ticular. he- (motes from para, person who isrompetent himself for lts IDanTlfacture - 1 

.>^--made. ’ ^ j- . 58 J™ toe effert that storage ^ design products having small We must get down to clearer 

* w, ~ . If our explanation Is. correct, systems - for: chlorine cannot me dinm engineering com- thinking, understanding and 

r.,lhe result obtained, oy “rofessor ije ^iioastrueted, commercially plenty but high aesthetic sisni- practice In respect of "Design" 

' .-.-Baxter will herviewed as aosiira, feasibly, ■ to. withstand aircratt finance and to collaborate with as an all-embracing activity 
*. not only by. those wha share, his impact, 1 . convention al bombs and engineering designers on the having many facets not least of 

view that the 1 “reliable adjust- nuclear. attack. The actual sen- technical aspects of more- com- whicb is_ aesthetic appeal, while 


of continuous capitalisation will 
be meaningless. ~ . 

In the case Professor Baxter 
cites, average stock, volume 
during -the period of falling 


aesthetic appeal. 
Speaking as a 


designer who 


- together with “Sir Peter Carey's would be classified in current 
remarks reported on March 14 mythology as “Engineering" I 
are illustrative not only of tho would also take issue with the 
dichotomy of design in the statement that products having 
country: but also the contribu- “high engineering complexity” 
tions to this dichotomy brought have a “relatively low aesthetic 
about by the increasing emphasis significance." This is misleadine 
being placed nationally on so as aesthetic appeal is always 
called Industrial Design.” significant whether the product 
Efforts continue to reconcile the is a toothbnisb or a nuclear 
unreconcilaBle since “industrial power station, since whatever 
design " as ft seems to be under- the 'product the customer sees 
stood In the UJC has and is being it first, and thereafter has to live 


R-range consists of six computer 
hardware families and seven systems 
software products. Mix hardware with 
software and you have a tailored 
solution to data entry and distributed 
data processing requirements. 

Asyour requirements change,you 

■ can change the mix 
without conversion 
problems. Hardware and 
software are compatible. 


-j ■ . i* 


yj" X 

fmms^ 


. ments of CPP would Be far tense ppeo£ with a highly sigrn- plex products. The Engineering recognising that a design may 
better” than a current, value ficant phrase which Mr. Fishlock Designer is a person who is com- only be considered successful if 
adSustment.but alsq.by those vtoo did , not (jqote, perhaps because, petent .himself t„ design pro- it meets a market need or creates 
accept a physical capital mam- it was n« relevant to his point ducts having ‘medium to high a market of its own. I would also 
< ■ ten ance approach, but prefer to —or perhaps because lie did not enginering complexity, but whose make the distinction between 
maintain opening capitaL believe it, as I . do not. The par- aesthetic significance Is relatively successful . engineering and 

: B. A. Ratherford, ticular. sentence, opens: “As with low. and to collaborate with in- successful design since a product 

.. p. a E- Boys, LPG Systems. .... .” Nowhere dustrial designers where the which satisfies the latter must 

Faculty of Social Sciences, . else In the report Is there any aesthetic significance is high." also satisfy the former, the con- 
. Eliot College. . . discussion of alternative LPG with due humility I would verse is not necessarily true and 

’■ The University, Canterbury. storage systems, although there suggest that the statement in there are many examples around 

—7* : . .. . •. have bean Several catastrophes respect of the Industrial Designer us which prove this point. 

Tvifmorc Ckfin and ..public opinion has been relating to “small to. medium Well done Mrs. Robinson; let 
• ■* X riw&vl 3 <U1U . undfitotandably alarmed. engineering complexity" is ex- u$ attempt to keep the design/ 

^ =Not. only' is it quite com- tremely dangerous since in my market. interface in the forefront 

StCCl pro uli CIS merhially -feasible to construct experience even the simplest pro- of thinking, without lapsing into 
, , fr pJLn Ehrenhaft LPG storage systems so as to duets require engineering skills particularised . artificial argu- 
A through London withstand aircraft impact, con- 0 f a high order and design skills ments designed to support 

V attmding the venlional bombs and probably of the highest calibre in order to anomalous situations. 

V • recently , . UJM-* ^7™,.® « niMta,. 4H«nir hut ench Inst alls- nnulnm safa i-iMnnatiffoa nm. Rtiiort Piirt 






ten ance approach, but, prefer to 
maintain opening capitaL 
B. A. Rutherford, 

P. G. E- Boys, 

Faculty of Social Sciences, 

Eliot College. . ; . 

The Univer sity, Cante rbury. 

Triggers and 
Steel products 

From Mr. Peter D. Ehrenhaft 




R-range provides a logical, cost 
eftective path from simple data 
entry to versatile distributed data 
processing. A range which is simple 
to understand and practical to use. 

The feature content of the 
R-range reads like a wish list. The 
last wish is always reliability. The 
hardware and software have been 
operationally tested for 12 months 
with complete success. 

To get the full story, complete 
j the coupon. We will arrange 
I demonstrations, send you 
[ literature or arrange for a 
I representative to visit you, 

| whichever you prefer: 

I D Please send me the R-mnge information file. 

' D Please ask voot representative to call me and 
arrange an appointment. 

□ Please arrange a demonstration. 

M.imff . . 

Position 

Company 

Address ... 




■afcw; 


Telephone 



with you all the way 


REDIFON 


COMPUTERS LIMITED 

’Redifon, Computers Limited, Kelvin Way, Crawley, Sussex; 
Telephone; (0293) 3321LTelex: 877369. 




EDOnjM£ 




BSG reaches £7.7m. and pays 2.13p. 


ON TURNOVER up from £16 lm. 
to £205.7m.. pre-tax profits of BSG 
International jumped from £3.S9m. 
to £7.74m. for 1077 with £321 m., 
against £1.39m., coming in the 
first half. 

Basie full year earning are 
shown at lO.tlp i3.6Gp) per lOp 
share on capital increased by last 
May's one-for-four rights issue and 


INDEX TO COMPANY HIGHLIGHTS 


fully diluted at 9J 


The final 


dividend is U323p with Treasury 
permission for a 2.1 323 p (l.G2api 
total. 


1977 1976 

£1)00 £000 

Turnover 58.?.?W 

T radios profit H)-®|* ' 5?,' 

Share assoc - ••• -•* 

Int-nrtT 2'SS 

Profit before tax 7.TM 

Tax - • • .. t.>a 

\<*t profit — WJ 

To outside - • ■*?< 

Extraortl. credits* . 

AtinUutabk ~ • - fjf 

Ordinary dividends L-Jp 

Retained "•92° , -’* n 

“Corapnv profif on syJe of properurs 
i'.ci.ooo '1167.0001. profit on sale of trade 
investment £207.000 <112.000 lossi. 

reirsanisotion and closure expenses 
£261,000 '£403.000 ■: loss nn -sale Of subM- 
d 1 ants £2.003 <CI3.0«» profit*, es<*an se 
losses not deal' wilt ihroujtb reserves 
£33.non ifSO.noa profit ■. ’Debit. 

The accounting policy regarding 
the translation of overseas assets 
and liabilities has been changed 
to conform with ED21 and the lax 
charge takes account of ED 19. 
Comparatives have been restated 
following this change. It has not 
been considered necessary to pro- 
vide for deferred tax this year, 
and the deferred tax balance at 
the end of 1976 has been released 
to reserves. At the year end 
reserves stood at £20.4m. 
(£21.S2m.L 

Mr. H. G. Cressman, the chair- 
man, says the continued economic 
strength and consumer demand 
within Western Europe and the 
lower interest charges in the U.K. 
have enabled the group to achieve 
the unproved results. 

Throughout the year, the retaii 
motor trade in the U.K was strong 
in all areas. Although the group 

Turnover and pre-inlerest profit 
were split as to vehicle distribu- 
tion I13S-2m. (£105.Sm-> and £a.lm. 
i£3.3m.) and manufacturing 
'£®?.5m. - (£j55m.) and £6.1(0. 
(X4.5m.). 

Of trading profit 24 per cent, 
was earned by the European com- 
panies, compared with 26 per cent, 
in 1976. 

• The current year has started 
on a high note, members are 
told. U.K. car sales for 1978 are 
running at an annua] rate in 
excess of 1.6m.. which is compar- 
able to the record years of 1972 
and 1973, This trend, together 
with the additional spending 
power resulting from the Budget, 


Company 

Appleyard •_ 

BSG I nternational 
Beradjn R ubber 

British Enkal on 

Brothe rhood (P.) 
Com pton (J.) Webb 

Cosalt ■ 

Cradiey Print i ng 
Dowdi ng & Wills 
E state! & General 
Farmer (S. W.) 
Francis teds. 

Hawker Siddeley 


Page Col. 
23 1 


Company 
Helene of London 
Higgs & Hill 
Home Charm 
Mflier(F.) 

No rth (M. F.) 

OCL 

Provident Life 

Scottish Widows 
Supra Group- 

Tern-Co n sulate 
T illing (f hos.) 
Walker & Homer 
Winding-up Orders 


Page Col. 


will be beneficial to both vehicle 
dealerships and U.K -motor com- 
ponent manufacturing companies. 
On the Continent, vehicle, produc- 
tion is higher than last year. 

The industrial fastener and 
brjsht drawn steel companies 
continue to improve. 

BSG has started 1978 in a 
*• highly satisfactory manner " 
and the directors confidently 
look forward to presenting an 
even stronger group this time 
nest year. 

• comment - . 

BSG has doubled pre-tax profits to 
£7.7m. m line with market expec- 
tations on turnover which is up 
28 per cent. In vehicle distribu- 
tion, which now accounts for 
about 43 per cent, of pre-interest 
profits, the profit contribution is 
up over 50 per cent, at £5.1m. 
This reflects a 15 per cent- growth 
in new vehicle sales by BSG. and 
an overall S per cent improve- 
ment in the number of all cars dis- 
tributed. The group admits that 
figures here have been helped by 
the increased demand for vehicles 
on lease, with this form of finance 
now accounting for 10 per cent, of 
car sales against maybe only 3 per 
cent, the previous year. 

On the manufacturing side the 
picture is mixed, with vehicle com- 
ponent sales at record levels, fur- 
niture making losses, and the 
engineering and aircraft seating 
businesses just about ticking aver. 
Nevertheless the prospects for 
1978 look good with new car sales 
currently running 26 per cent, 
ahead, and Ford doing better than 
average. So prospective pre-tax 
profits muld be in the region of 
iiOIra. The current yield is 7.S per 
cent. 


M. F. North 
expands to 
£0.58m. 

TAXABLE PROFIT for 1977 of 
M. F. North, hotel proprietor, 
expanded from £443,936 to a peak 
£382,453, on turnover of £3 -54m. 
against 1255m. 

At halfway, when reporting 
profit of £113,500 (£39500), the 
directors emphasised that the 
second half profit increase, per- 
cemage-wisc, could not approach 
that of the first period. 

This was due to the fact that 
normally for a substantial part of 
the second half many of the com- 
pany's hotels were substantially 
full, so that there was little or no 
room for increased occupancy, 
they said. 


Turnover 3.543.181 2.W3.930 

Hotel f radius 3Jfl!.rS7 2.7*1.73: 

Housing development 251 .83* 54.199 

Trading profit .. . . 382.M7 415.75 

Quoted Invest, income 1.964 1.757 

Net interest payable ... l.SIS t.094 
Profit before tax ...... 5BZ«J «S.«6 

Tax- 266.479 168. tt* 

Net profit 315.974 376,812 

Extraord. debit S74 144.156 

From capital reserve . 874 144.156 

Available 315.974 376.612 

Dividends 112330 101.400 

Lea rl/?c 203.434 175 312 

* Includes prior year's credit of E6SS 
i£4.575> ♦ Credit. I To capital reserve. 

Yearly earnings are given as 
2.95p (2-5tip) per lOp share and 
the dividend total is the maximum 
permitted 0.907p (0JS125p> net. 
with a 0.662p final. A one-for-one 
scrip issue is proposed. 

The hotel properties of the 


company were independently re- 
valued as at June 30, 2877. from 
which there was a surplus of 
£1,034,093 that has been credited 
to capital reserve. 

Setback 
at Peter 
Brotherhood 

AFTER A first half downturn 
from £0.49 rn. to JEOJRm., Peter 
Brotherhood, the machinery and 
power plant manufacturing con- 
cern, estimates pre-tax profits of 
£0.73m. for the year to March 31. 
197S, compared with £l.39m. for 
1978-77. 

The interim dividend is lifted 
from 1.82ap to LS15p net per 50p 
share and if the profit estimate 
is attained or exceeded the direc- 
tors intend recommending a final 
payment of 4Ja375p (4i5p). 

IBfi-Wt I976-S7 
H100 SW0 

Turnover 10,700 10-553 

TradinB profit &50 1,616 

Inh-mz payable ... 120 22S 

Profit before (ax 130 1^58 

Tax 3S0 477 

Net profit ' 330 9U 

Write ofi — ls2 

Lea vim? 350 72) 

r Estimate. 

Peak £0.6m. 
for Supra 


Current 

payment 

Aberdeen Trust int. l.75t 

Beradbi Estates 1- . 

Peter Brotherhood int 1J32 

BSGIhtL l_43f 

Collett, Dickenson' L71 

Compton Sons & Webb ... 1.47 

Cosalt ...... L7&T 

Dowding 1 & Mills ..... jnt 0.35 

Estates & General 0.7 . 

Francis Indi. ui 

Hawker Siddeley 2 2 

Helene of London ......... 0.67 

Higgs and Hill 1.47 

Home Ghann :... 233 

F. Mfiler Textiles.. 0.73 ■ 

XL F. North 0.88 

Provident Ufe : ... 4.47 

Supra Group 0.54 

Tern-Consulate IJ23 

Walker & Homer — JnL 0.45 


ANN 

Date Corre- Total Total 
of spending for last 

payment div. year year 

June 23 U35 — ' 4J65 ■ 

May 30 -2.01 S . im 

May 23 2.83 — ' 5.78 

July -3 L14 ■ 2.13f L63 

June 12 1.53 3.27 2^3 

J uly 3 ■ 13 LSI - L69 : 

— - 3_55 3JD8) . : 2-7d 

. June 1 0-5' 1® ' 


% anria1 Times Wedaesday/ Apiil 19 ■ 


ISSUE NEWS 



• ' 1 • 


0.7 



03 

■ 1.0- 

08 I. 

L91 

— 

LBS 

337 

233 

12 

— 

1-97 

4.09 

8.69- 

0.67 

— 

0.61 

0^7- 

0.61 

1.47 


LSI 

3.43 

3.09 

133 

June 2 

2.0B 

3JB2 - 

328 

0.73 - 

June 23 

0.65'- 

L4S 

; ia* 

0.88 

June 21 

0.56 

0.91 

om 

4.47 

June 9 

4.01 

8.17- 

• 788 • 

0.54 

July 3 

0,48' 

' 0.S5 

0.7B* 

153 

— ■ 

0.63' 

L65 

0.63' 


May 31 


Dividends shown pence per share net except where otherwise 
* Equivalent after allowing for scrip issue . fOn 
increased by rights and/or acquisition issues. . f Increased to 
disparity with final. Final not less than 3J5p. anticipated. 


Higgs and Hill 37.5% 
higher at £3.1m. 


o* ; 
stated, 
capital 
reduce 


Group 


266.479 16S.K4 

315 974 276.612 

S74 144.156 

874 144.136 

315.974 276.612 

112350 101.400 

203.434 175 213 


Home Charm 30% growth 


IN LINE with the forecast of 
**3 healthy increase,” pre-tax 
profit of Home Charm, the do- 
it-yourself stores group, rbse by 
3U per cent, from £1.02m. to a 
record £t.32m. for 1977. 

. Earnings per lOp share are 
shown to be up from lOp to 
-ti6p and the final dividend is 
2.3S44p; lifting the net total from 
3.2772.P to 3.B244p costing £83.652 
I £76.599 1. The final dividend qd 
L 683,382 H.775^82) shares has 
been waived. 

Turnover in the year excluding 
VAT increased by 28 per cent, 
from £17.44m. to £22. 33m. Trading 
profit, including the share oF 
profit of the U.K. associated com- 
pany of £90.954 (£54,208). rose 
from £1.021X1. to £lJt2m. and was 
arrived at after charging a U.S. 
lo?s of £44.601 (£80,054). 

As reported in the interim 
statement the two remaining 
stores in the U.S. have now been 
closed. 

After tax, Including deferred 
tax up from £612.425 to £732.442, 
net profit improved from £403,986 
to £585,921. 

A surplus on the sale of lease- 
hold properties net of deferred 
tax totals £834 compared with 
£2SJ2SS but attributable profit 
advanced from £416,661 to £586,755. 

The directors say they have 
continued to make full provision 


in the profit and loss account for 
corporation rax deferred to the 
interim scheme for stock relief. 

However, following the assur- 
ance given in the Budget that the 
relief obtained in the first two 
years of operation of the stock 
relief scheme would in ali prob- 
ability be written off. £303.374 
representing the relief received 
for those two years has been 
transferred rrora deferred tax to 
retained profits as a prior year 
adjustment . 

• comment 

Profits 30 per cent, higher at 
Homecfuirm after a first baJf 
gain of only IS per cent topped 
most market estimates and fol- 
lowing the indication that sales 
so far this year are running 40 
per cent, higher, the shares put 
on 8p at 128p. Kitchen furniture 
has been a particularly strong 
product line — slock turn is about 
8 times—and this now represents 
over a quarter of sales. Higher 
margin, own brand products, 
which doubled to 20 per cent, of 
sales, -have made a big impact 
and these should be further 
boosted this year following the 
introduction of three lines rf 
kitchen furniture. Expansion in 
overall selling area is likely to 
be in the region of the 16 per 
cent, seen in 1977 so the shares 
are well supported on a p/e of 


The Board of Directors of 

Sun Hung Kai Securities Limited 

have pleasure in announcing the appointment of Mr. J. B. 
Selwyn as Adviser to the Group. ' 

The Board feel that his wide knowledge and experience in 
various fields of business in which the Group is active will' be 
of considerable value. 

He will operate from London and will be primarily associated 
with the Group’s activities outside. Hong Kong. 

Mr. Selwyn was the Commissioner .for .Securities in Hong Kpng 
from 1972-1977 and prior to that he-was Adviser to the Bank 
of England. 


S.4 and a yield of 4.4 per cent, 
(covered 4 times). 

Dowding 
& Mills 

SALES FOB the h3lf year to end 
1977 of Dowding and . Mills 
expanded from £4.59m. to £5.33m. 
and profits advanced from £715,733 
to £809,307, subject to tax of 
£435.000 compared with £3S6.Q00. 

The interim dividend i it raised 
Tram 0.495p to 0.54&p net per 3p 
share. Last year's total was 1.075p 
and pre-tax profits came to £1.43m. 

The group’s interests include 
the repair and reconditioning or 
all kinds or .Industrial electrical 
machinery, mechanical repairs, 
and 'electrical installation work. 

S. W. Farmer 
turns in 
£0.89m. 

COMPARED WITH a prospectus 
forecast of not less than fO-SSm., 
S. W. Farmer Group achieved pre- 
tax profits of XO.SPm. for 1977 
against £0.7m„ on turnover ahead 
from £9J38m. to £lQJ32m. 

The group, which designs, 
fabricates and erects structural 
steelwork, refinery furnaces and 
offshore structures, came to the 
stockmarket in November 1977 by 
way of a placing. 

Earnings are shown at 18J£p 
( 13.38p ) per 25p share and as 
promised the dividend is 5.05p net 

payable do June 2 . 

Mr. Brian Farmer, the chairman, 
says that 1977 was a difficult 
trading year .with a severe econo- 
mic recession at home and ex- 
tremely competitive trading condi- 
tions abroad. With Its well 
| established exporting ' expertise 
the. group was able to baild up 
orders to acceptable levels during 
(the second half. 


ON TURNOVER ahead from £A2m. 
to £3 25m. taxable profit of Supra 
Group climbed £170,255 to a record 
£607.468 for the year to November 
39. 1977. after halfway predictions 
of profits in excess of £0.5m. 

A one-for-eight rights issue at 
30p is also proposed, and directors 
intend lifting the dividend total to 
1.5S4p in the current year. A 
0.53 SSp final dividend for 1976-77 
takes the total to 0.8513p net per 
lOp share (0.76227 adjusted for a 
one-for-ten scrip . issue!. The 
directors are subscribing for 
171358 of the new shares, with the 
remaining S38.S09 shares under- 
written by James Cape! and 
Company. 

The directors say turnover for 
the first four months of 1977-7S 
has been substantially ahead of 
the same period last year. 

The full year profit was after 
depreciation of £104,431 (172.2991 
and subject to tax of £324.570 
(£223.290). After extraordinary 
items, the attributable profit is 
shown at £27$, 477 (£228.285). Last 
vear's figures are adjusted for 
SSAP 9. 

Earnings per share of the manu- 
facturer and distributor of motor 
components, noise control pro- 
ducts and paints, are given at S.43p 
(2.6p). . 

• comment 

The dividend boosting rights Issue 
will be barely enough to cover the 
Supra Group’s debt of over 
£220,000. But that should not 
worry the shareholders who can 
look forward to an 86 per cent, 
increase in the net dividend m the 
current year. Part of the cash 
proceeds will be earmarked For 
development and tooling up of the 
new nylon steering joint factory 
in Wales which looks set to double 
its output in the current year. At 
the trading level most of the 
improvement has come from 
motor vehicle components while 
the group's other activities from 
sound deadening materials and 
sealing compounds to protective 
and decorative paint have been 
more pedestrian performers. 
Otherwise a 52 per cent- increase 
in exports to £740.000 contributed 
to the overall advance. The shares 
nn an ex-rights price of 42.4p yield 
a prospective 5.7 per cent. They 
stand on an historic p/e oS 12 A 

Improvement 
for Estates 
& General 

On higher turnover of £2.45m. 
against £1.1 Im.. pre-tax profit for 
1977 of Estates and General In- 
vestment improved from £250.604 
to £331,590, with £90ft00 against 
£75,000 coming in the first half. 

A final dividend of 0.7p raises 
the total from O.Sp to lp net, from 
staled earnings of 1.2p (L04p) per 
20 p share. 

Tax for the year takes £205.502 
(£140.876) and attributable profit 
emerged up from £10.590 to 
£125.837. after minorities and an 
extra-ordinary debit of £155.693 
(nil), met by a similar ■ transfer 
from reserves. 


PRE-TAX profits for 2077 of Higgs 
and HJH advanced by 375 per cent, 
from £2 .28m. to £3J3m. on turn- 
over £4m. higher at £106m. 

In September, reporting first- 
half profits ahead from £0.76 m. to 
£L5$nL, the directors forecast 
second-half profits no less than 
those for the first 

After tax oh the EDlfl basis of 
£1.6m. (£14 8m.) and minorities of 
£8,000 (£6,000) the full year 
attributable balance is up . from 
£l-12m. to £L53m. Deferred tax 
has not been provided in 1977 to 
the extent of £125,000. 

The final dividend. is' 1.4$62p net 
for a maximum permitted total of 
3.432294P (3.09380BP- including a 
supplementary 0.020206p paid with 
the 1977 interim). 

The group operates as building 
and civil engineering contractors 
and has. property Interests.. 

J3K7 1976 

_ £Q0Q £000 

Turnover — 106,000 te.Wfl 

Trading: profit a jsq 2.71a 

FT'orton*! provision — — 500 

PraKt before tag 3 X 30 . 1275 

!•* 1.595 1,158 

profit ... ] J 35 v «7 

Tq nunortttes 3 6 

Attributable 1,527 i . Wa 

Preference cavUends 12 12 

T-'t-rim Ordinary 150 lt- 

BecommeiHM final m m 

Extraordinary credit — 7 

To reserves i.ru 337 

• comment 

Although Higgs and Hill’s 38 per 
cent growth at the pre-tax level 
came as no great surprise to the 
market since It was well in line 
with the group's mid-year expecta- 
tions, it nonetheless represents 
creditable progress against 
.generally hard times for the L'.K. 
construction industry last year. 

With overseas contracts account- 
ing for only 6 per cent, of turn- 
over, the results Indicate that the 
group's main construction division 
held its own at home. Good 
returns were also made by hs 
property division, which had 

welcome contributions from its 
French operations, and its grow- 
ing housebuilding division. Both 
these divisions are expected to 
give better performances this 
year. While tile group remains 
hopeful of an upturn in the UJL 
construction industry, it dearly 
sees an increase in overseas con- 
tracts, as a useful boost to profit- 
ability; the proportion of overseas 
turnover is expected to rise to 
some 20 per cent this year. The 
shares at 79p yesterday yield 6.7 
per cent on a p/e of 4. 

134% jump 
by Tern 


Consulate 


AFTER RISING from £38.001 to 
£65,762 in the first half, pre-tax 
profits of Tern Consulate, the 
shirts and ties manufacturing 
group, finished 1977 134 per cent 
higher at E202&93 against £86.725. 
Turnover increased- by 23 per 
cent, to £4.llm. with exports up 
120 per cent, to £0-S4m. 

Full year earnings are shown at 
12.59p (6.14p) per 25p share and 
subject to Treasury approval the 
dividend total is hoisted by 164 
per cent, from 0.825p to 1.65p net 
with a final of IJZdp. 

Net current assets stand at 
£973,774 an improvement of 88 
per cent., and the return on 
average capital employed was 22.7 
per cent. (14.7 per cent.). 

Current predictions are that an 
increase in consumer spending 
will take place in 1978 and order 
books support this trend. 

The group is now beginning to 
feel real benefit from its re- 
organisation programme. Last year 
it managed to produce a 13 per 
cenL increase In volume because 
of its improved production. 
systems. 

In the balance sheet net current I 
assets have risen from £579.000 to 
£973,000, and short term borrow- 
ings reduced from £243.627 to- 
£75.000. 

On present trends the group 


coaid show an increase of over 
30 per cent, in pre-tax profits for 
the current year. 

Francis 
Industries 
up £0.3m. 

SALES FOR 1977 of. Frauds 
Industries, -the engineering groups 
fell slightly from £26J56m, (which" 
included £4£E9m. from the recently 
sold United Lift Co.) to £2§5m. 
but pre-tax profits advanced from' 
£L33m. to a record. £L61m. after 
£0.69 m. <£0.47m.) for the first half. 

With tax on the EJDI9 basis of ' 
£0.4m. (£0.fi2m.) full year earnings 
are shown at 17J3Sp (12.04p) -per. 
25p share and, as forecast, .the 
dividend total- is lifted from 
2-53378p to 327p net with -a final 
of 1.91p. 

The company now consists of 
just five trading subsidiaries. Each v 
is a substantial competitor in its 
own field with at least one product 
line which is a UJK- market leader. 
The group operates from six fac- . 
tones in the UiL and one in 
France. 

Given an improving economy, 
they are confident- of the long- 
term growth prospects of -the 
'group. 

The directors say the balance-, 
sheet will show shareholders!* 
equity and reserves at £7JJSm, - 
Debt is less than 25 per cent of 
total capital employed .. and 
ordinary shareholders’ net worth 
is 97p per ordinary share. ~ . . ; • 
Further action has been taken 
during tiie year to consolidate 
group operations with the decision - 
to concentrate entirely on two 
principal activities — the manufac- 
ture of packaging and industrial, 
products. The United Lift Com- 
pany has been sold on very satis- 
factory terms, with sale proceeds 
of £850,000 and loan repayment 
totalling £L2m. 

F. Miller 
Textiles / 
tops £l.Tm. 

SALES FOR the year to February 
13. 1978. at F. Mflier (Textiles) 
rose from £4JL2m. to £5J4m. and 
pre-tax profits increased from 
£0-96 m. to a record £U4m. with 
£0.48m. (£0.43m.) coming in the 
first halt 

Full-year earnings are shown 
to be up from 4J048p to 52796p 
per lOp share and the dividend 
total is effectively lifted from 
lj30O6p to the maximum per- 
mitted l.4526p net with a final 
of Q.7263p. 

The company continued to en- 
counter difficult trading condi- 
tions during the year but margins 
were maintained, say the direc- 
tors. The increase in profit bos 
arisen due to growth In turn- 
over, which has allowed the com- 
pany to maintain its price policy 
of minimising the effects of In- 
flation on customers. 

During the year the company 
acquired by allotment at par, the 
capital of £1.000 of FremD in- 
vestments which had not pre- 
viously carried on any business 
The prrry? purpose of this 
acquisition was to make better 
■use of part of the parent com- 
pany’s cash resources. . On 
December 9. 1977. the subsidiary 
entered into a fullv guaranteed 
leasing agreement. The directors 
consider the results to be most 
satisfactory. 


. ■ Baxter. Travenot the i guQ ° r 
-hospital medical SUPP^^ 

Vrtth UX manufacturing, interests 
and HtetfcK-d, xs apply- 
ing to tte Stock Exchange for_ a 
sb3r& Bating.. . Dealings m oie- 
shares-, are expected' to. start 

.tewnorrow. . • 

ttrV'WHHam B. Graham, chair- 
man and chief executive ofBaxtec, 
w bo -m meet City *n*titoW» 
to-day, said that the groups 
British - interests contributed- 
ar«md 0 per cent. -of total pre-tax 

piflfifs— which last, year roBe^Zo 
per cent, to a record JLOSm. 

^^? I Graham said that a listing: 
wntia. help the group tor -nte 
. finance in the U-fC- — should this 
heroine necessary because 01 
exchange controls— bat there were 

xk> tnuoAdixte plans to raise such 
finance. 


. He said that the groap’s shares., 
publicly quoted on , the New York - 
exchange, were currently on a p/e 
of 17 ^ reflecting a .cMBpound 
growth rate fo earning? per snare . 
of 21 per cent, over the past 23 
yeare. The group is also' thought 
to be poised to apply for ajistins;: 
on the Swiss bourse. ; *•* 

The: group is a world leader, pi .. 
the man ufacture of Intr aven ous ; 
solutions, blood collection systems . ; 
and kidney d^ysia equipment In. 
the .' first quarter of..- the cucreut 
year” sales rose 17 per cent- lo.. 
S228m. while pre-tax profite : 
increased .20 per cent, to S29m- : . 

The group said that .based on" 

recent prices in New Yprk tt had 
a market capitalisation, ot. more. , 
than ?l.3im. . , r : 

The group s financial - advisers * 
are Klenwort Bensotr -WWle^ 
London' brokers are Cazehov^^ ; 


Yearlings rise to 9% 


The coupon rate on this week’s: 
batch of local authority yearling 
bo&ds-has risen from'SJTper cent; 
taU. per cent at par. The bonds 
are 'due on April 25. 1079. 

-:^hfs week’s Issues are: Cmw 
Dqsbarth Dwyfor ffO-Zain-L 
mitehire District Council Wto), 
Derwent District Councif ffO-ZSm;. 
:Cfty- of Swansea (£lm.), Blackpool 
Bornuxb Council (£05m,), Oats- 
wold District Council-- (£OA»m.). 
Hartlepool Borough Councfl 
. (F0.7pm.>. Borough of Rushmoor 
(ItoSni,), Salisbury District Coun- 
cils (fO.SmA. Shrewsbury and 
Alcham Borough Couucit fHfcffm.). 
Woodspring District Cotmcil 
nto25m.), Warrington Borough 
Council (£0.5m.l, Caistie Morpeth 
DivtriCf Council f£ft55m:), Merrion-. 
pudd County - Council - (£05m,j, 
Lancaster City Council CfO-TSm.), 
Unlesford District Council 
■fHk5ra.), Borough Council of 
Gateshead (£0^5m). Preseli Dfe 
trict Council <m25m.>, Cumber- 
nauld and Kilsyth District Council 
(£055m.) and Grampian Regional 
Council (Bin.). ; . . 

/A two-year bond carrying. a "cou- 
■poo rate of 10* per cent, dated 
April 16. 1980. at par. Is issued by 
Afendlp District Council (£0.5ro.)^ 
■while Kyle and Carrick District 
Councfl is issuing £0.5m. -10J. per 
:cenL three-year bonds at par. pay- 
ahle on April 15. I98L • 

- Five-year variable rate bonds, 
doe on April 13. 1983, are. being 
issued at par by Whnborne District 
Council (£0.25m.). . Nottingham 
County Council (£L5m.). Central 
Regional Council (£0-75xn.), 
London Borough of . Harrow 


f£&5zn-') and London Borough- of. 
Newham (£0JS5m-). • . ■ '.■ .■ 


Further ialL 5 
at CoffijAoh 
Webb ; 

SECOND-HALF .-PROFITS .v Oft' 
J: Compton Sons and. Webb <ftbid- 
Ings) have fallen from "£13Snu-tb: 
£952,000, , to leave the .figure fotc 


The -company, manufacture^ and; ■ 
distributes uniforms and' civllian 
do thing, etc FirstrhaK profit had' 
fallen from £Llm. to £864.000; 
which the directors attributed to, 
shorter order books and - disrupt 
lion in long-term production plan- .’ 
ning. caused by riackness in the 
home' market .and', cutbacks in 
Government and local ■'authority, 
spending. ' Exports; however, bad 
shown: a significant improvement. 

- After tax £915.000 (£1,1193/100), 
net profit- came out .at £901.080 ' 
(£L19i,000> for earning*' of *23p 
(6Mpy net -per 20p. share, j As 
promised the final.- dividend tv. 
not . less than ?ast-year--jn . fact 
it is pushed up to l_«75p > .fipr a, 
maximum, permitted total ’ ■ of- 
L8668P net .. j. ” ." : 


[ 


hairman^ 0|X 


Prints from the Reviewofthe Cfi 
-Mr: Thomas Kenny, FCA, 


Pre-tax prof It for 1977 increase d 1 5%/lb ’ 

. . :,.£0.85nn. from sales of £31 m. - '? 1 

# Earnings per share, rose to 4.50p (3,42p). 

^ .Final dividend of 1.55p, making a totafof 
' Z25p (2,04p) - maxim um periTiitted. . 

# Itis possible that 1 978 will yiejd the 

• : biggest- profits we have ever experfenced - 
! Ido not promise it but I expect it. 


Copies of the Report end Accounts ere aveiJab/e from the 
' Secretary. 


Ruberoid Limited _ 

1 New Oxford Sreet, London \%\\ 1PE 


paper and.plastics group, 


. . •; 



Ifs crysloi clear 

why Crown House are BrilaWs leading 

■ quafity glass suppliers. 




wrbYnkmlWM&ab 


PREUMlflAW STAtEiy^NTFORi977 : 


DIVIDEND AND SCRIP iSSlfe Maximum ; allowabIa diyidend^ 4.9 times 
covered. One-for-two Issue proposedi present intention to maintain dividend 
on new capital if legislationpbrrriits.- • . ' ; : • ; ' .7 ; ■ - - 

Ships Chandlery: SirengSi of overseas fr^rkets and .expaindiRg 7 ; 




® Our name, Crown House, is one rarely associated with 

||| glassware. Yet our Group includes Britain’s most 

Wide-spread table glass suppliers, with factories and 
p warehouses in four locations in the United Kingdom, 

g Far better known in the glass world is the name of our 

ef glassware division, Denia Glass, through the manufacturing 

f offull lead-erystal branded as ‘‘Thos.Webb” and “Edinburgh” 

and the world-wide distribution of over 100 million machine 
made glasses each year. - " . 

Dema Glass did well for Crown : House and for Britain last year, 
by increasing their ex ports ; to over half their output. 

To find out more about the achievements of Dema Glass and the 
rest of our group, contact our Chairman, Patrick Edge-Partington 
-at 2 Lygon Place, London SW1W OJT. 

Telephone 01-730 92S7. 

s, Crown House (1/ 

** You may not see us, but we’re there. 


Caravans: Market share and:Pro^ 

conditions. \ -i ‘ x- ~ ^ • >: • : ' 7 >, l ! -i ,l ' 

Refrigeration and 

PROSPECTS: Another good; year‘ e)^ecfed r wl^ m 

- l . L .Ji, AnA'AAinmn nn tiVairn’ • ' v. -' 









tin § h 

av enol 


e to S<s- 

F urtherf, 

a * Comp t 
^ ebb 



r r %nDIW 


■'•r " -Jv T' ■«. . 




cfr: ■; f 




Hits. 


IVI 


telO$ 




f?ffimclal 'Times Wednesday Aprfl'19 1978 




Tilling well placed 
for profitable growth 


«?S ^ ^jSSStffrS^ S® ROBERT TAYLOR, the chair- — ■■ j 

tt’££5ff£Sld? a: SSSr^SR M board meetings 

j^s*- iSssi^, T^Li ‘stiJS ^ ps-ss:^-; 


Midway,. -When , -profinr stood at enable toe dfv&iair m extend anrt rurtoer - “*“•« . The umi anwia bare xutiaed 

fl-gffm. apni iMtf flwffi n Hjo XS..: ^.r—, 300 activities on a sound and profit- Swra of Board meetings to the Stack 

Sh-TnVn- /**”" _ 7 u .J°H ™B develop still further the range able basis. Erchanae. Such meetings are usually 

■*■ “Ore ava>3able i . both -*t home .and. over- in w* statement with accounts heW for ** purp0 * e °* considering divi- 

than j£L9m.. T - •*■.-. seas.....’ furfiuSfc . -progress : is h J - irif^ISSfcf 0 ^? £ d * !ntis - °® dal »®“mu«s *ro not awii- 

Cta capital jneredsed' by last emwted “ rJ®* , ^ to em barks on Its able whether dividends' concerned are 

June’s one-tfonitwo' rfehts issue TWtTfriimrnKnn nruT further phases of international interims or finals and die subdivisions 

w wowft l have every confidence in £- “ * “ “ 

SJrtmrtrt! 5T2 ?— TO ™"5 •«* 113m. wmurn 

w? net^rafiS !£££ SEL 2 £cSSSin 7 ft sl“h? 2 =s rtLsAff *flLJE 2 Jap«a , B 3 SB 


£204^50 against £90,700, esnnngs 
per 5p toaxe are shown to have 
risen from 2.48p to 5.5pp. 

Sharp fall 
at Walker 


iTTfetan cmtimhir. . e 0n '^tositiOQS and so far this Low. M.TJD. ruangulai Wade Potteries. Q TT — 

iv^on mjeononuing to year has spent a further £18m., BcstobeU. BradvalJ (PJIA.) Alt |— f nmAr 

” to ad o rderly fashion and the largest two of the com- Rubber B*«A B recta Grow, Bonnet iX llUlllvl 


control then: In force. 


guts' daadteg y ~ ., 

Bgfrlg. god ah- cozxL ._,. 

Caravans 

O fliers : 

Profit ^ — 

GWps*; chandlery ' L». 

Ztefrtk-' and air 6 buL 
Caravans . — ■„ — — S — ■.'. 

Others (toss) 

tteb., Mu, and bank tat.- 
Pre-tax prefh — „ 


To minorities 

Extxaord. credit 

Attributable ■ ......... ; ... 

Pref. dhrUends -:- ---- 

Onttrury dividends .-. 

Leaving 


a rmTTK. ^ ♦ ,„ r> • • - .•_■■ • . . . wind down in. an orderly fashion and the largest two of the enm- Rubber Ematn, Breda Groun, Barmab Uv A X\J 1 1 i Cl ' 

A one-for-two scxqj ifigae is aifio and related borrowings have been Vvf oruie com- ou Ceor8e m. caUeader. Drib MowL 

proposed nod the directors intend reduced' frnxn -ci-zv-m - a * «,•_ Ran ~ e ?, flCQtored are expected to canatr Scotbiair. Antony cibbs. Eoittn RESULTING from n inwsr i mP i ' 
to mairitato the dividend total tti w t T n « toe contribute profits to excess- of Midlands, boshos and Horton. Kuala *KrrfS l t.f5, 01 l a ! ower J™ 

tjifr increasert cardtal ? e ®? W T 1 €j 0f - a _P res ®“t £4m, litis year. SeJansor Robber, John Meases, Moor- of demand in the furniture trade' 

fcn trarihw^eiS level of below £800,000 The new Tilling aSo has an understand- h0DS0 Brook. Royco. securities Trust and With- severe pressure on 

£ company, Air has made a in« to ac^uirT Si woridwWe of ScoUa nd. OaHed. Carri ers . Vfldag margins, taxable profit of Walker 

wuiiui iuoi ui^ itsJCatdaff^neseb nWe m May. Eaton Corporation of toe U.S., and SSSS?®* 

-r . ... • •, moo bm The- associate^ D. K. Aviation, directors sav further notential Baltey iBeui Consxrnction Apr. at £22 1. 681 to £48,542 for the half] 

ri aus tiw* — 3^07 jj.TSfl which owns 25 JW cent, of Air acquisitions are at an advanced Davenports' Brewery May ij year to January 31, 1978. 

8U»’ dnitav_ tsa Wales, has fecSpy sold two stare. advanced ualnead .James. — ’With trading continuing to re- 

H^mdatrcaofi..^ W« 1418 Boemg TOTVInja- National airline i^t year TSHing raised £S23raL ^ ^ =7 ™«to depressed, tarnover fefl 

o fliers ..........i!!..;,.™™ 637 ■' *622 m the. Jfiddie East. . through a rights issue and the u-o. Textiles — —..a or. a from £8.64m. to £2^2m. and the 

Profit ;i s.w- i,m --AH to aCi the dtoectors expect end W77 balanS-sheM shew its Utoer Tdcvisiqn Mar s directors say at present, there 

^s- ebimdiMT ^ . *«4 CpMlt to. have awtfthir good year bank balances and cash up from aiSK” apt 28 dt ^i J*? 1 appear t0 be W 

^ 4 ZL « m- 1S7S. • IJ^ to^frmr^rbvertmeSu 

£ n £ • comment MM t ' a 5r s tt£ 0 ”vS l »° “i 7, S olti ^ 

NS urtxst .- L» m the fishing and v caravan indus- and stocks. • siemssen Humor Mr.s “-~P =u tne 

TD nSSSides ..: ^ tries.. Cosalf s' rfsanlis are Par- From the directors report, it Thomson T-Line Ceravmw Apr- “ »oo IS? 1 5“^£-. 1< ^SS? 

ExtraartL credtt >. IB tn tictOarly good the company’s year- appears Tilling expects all divi- w 

MOib^Uj. .— — . ifin « end forecast has been, beaten by sions to improve profits in the diSSdtmm xuSauta ElS 

' am- ' jm SP 2 **- profits M.im more cujTent year * ‘ Meeting, 21, Tolhffl Street, S.W., JgS* “ J|f“ “tSt £25250 

iX than tw^i«ls::Wpt . ■ The On the > buiMcre* merifiatmg May n at noon. - SSSSoor Sd m amSSy 

TnrtaOng exports SEfitaL <£5.i2za.j. valuable Inshore fishing industry side Graham Building Services nThit of £13 non fV.ni ^ 

tPjf *?**■ “ " has. been largely 'unaffected Vy expects improved trading in the m rommpn t Se SrortliT ( S’ ^iSfted 

The tax charge will all be the re-zoning of national fishing U.K., Eire and France. Together • Comment toe Provision for ^timatM 

deferred (£380,000).- Part of the rights. Also exports 'have been with toe healthy flow of export Thomas Tilling* five yearplan. closure costs of the Bolton factory, 

deferred tax reserves, relating to buoyant and good-demand from enquiries from- U.K contractors calls.fpr something likeXlOOm. ot 

Stack -Belief for* 1975 and prior the offshore oil industry boosted working overseas, tbe year should acquisitions .in the current nnan- »T 1 

years, amounting to £L17m. is to the 'ships’ chandlery division's yield further growth, the directors dal year, of which £60m. will go Hplpnp 

be added back to the Ordinary sales by '40 per .-cent - Caravan say. in the U.S. (including the pro- llV-lV/Ut 

aharphokJers' fimds, increasing sales are 28 jpec higher— Wlto construction materials and posed Yale purchase) and arouna ' 


. uiv uiwu . sunrauui ucvcju|«ucih, ui uio, — : , , ... n :r hii|i: m 

strength of Cosalt’s, overseas months in advance of delivery — William R. Sehvood plans to to roughly £40m. Even if Tfiung 

markets (exports up over 64 -per and second-half- profits are lower, expand home and overseas opera- hits these targets, rtwiu suii ne f/\-nri JL I «%*•» 

cent to JESJ2m.\ an expanding Efforts to make a greater impact tions, and at Tilling Construction short of ita medium tenn IuUiJ oUXULle 

demand from the off-shore Oil on export markets have, been sue- Services overseas investments and ob J e £^V e ’ whic“ 15 to. “^around 

Industry (sales u> over 23$ per cessfut, - with '•■ sales- one-third new ventures, should ‘ iner«* >“ ,“‘!ii l . ov *S!T.' A ! . ris !.. f 5f7 1 “S?- 1 !?.' 0 

cent to £2xel) and toe successful higher. ; The shares rose 3p to their contributions and produce and its debt /equity ratio will ne £729,599 in second half profit, 
development and .-acquisition of 77p for a p/e of-4J6;ahd a yield a good year. much Jess than the 1:1 which it Helene of London, the fashion 

new. branches (in Plymouth, Scar- of 62- per cent: Ineyitably, the The electrical wholesaling: con- considers to be entirely aaiept- leisure wear and textile merchant- 
borongh and Felixstowe during DTI investigatidh^toto toe Orbit cern plans to extend its UJC able. At the n ut ;_? tog group, finished 1077 ahead by 

the past, year) catering for home banking subsitoary. which * coverage in 1978 and 4s confident «£j£ " SST J?2L 

water fishing and general -chand- being. run down, puts « dampener expanding sales and profits. overseas, whfle f tt y * £*459ffi prejtax, compared with 

lery, enabled toe ctentoery divt on toe rattogs. Meanwhile, tong- OntoT&ineering side. DCE ^sue | b d a substantal taanrfer £810254 last time, 
shm to achieve record results. tenn, .there: are bright prospects firoim expects to resume ^ rom deferred tax, net debt onJ^. Sales advanced by 84.9 per cent. 

-Hie caravan side substantially for ^the associate’s interest in Air profit ‘ - gro ^ in P SS.- Gascoigne ^ffhETrtoHtooidera’ flm£ r So « i 9iS? L A ^ ter o£ ftSS’ff? 
improved its position within a Wales— every -ye«' there are an Gush and Dent is looking for w jSS£ds to 1 profit was £558 « 856 

hioWv AmtuMitifTfta rnAuth-v nrrtc. MtimatPH so.nftD businessmen pas- Ir.rri _ & whether or not Tilling succeed s m (£375254). 



to good start 


- w.wm^, . 0.6097p to the maximum permitted 

The furtiiture, insurance, ft.K707n dal mihr £71517 

medial suppKes, publishing and. (£84.125) ^ S 

printing, textiles, tHea and pottery Pprorlin PSHTIC ivn im 

and webicle distribution companies Dvl dll III Cat JLKy i c 

similarly expect growth in 1978. • ■* - Sxle* — — . — . ii.s50.SM s.ssi^a 

A current cost statement shows and pays more :: ^ 

XSTlJEt S Wito pre-tax profit, for toe c^^. = ng -- 


*Bie latest year -has liegun^wdl' ouflook .'-tor..-. «ricaltertf f” "utfifiST to oftlOO. BaSdta a 

for Appleyaid Group of’ Com- machinery is reasonably toght, tion of A6m. ' [£S*m.h a cost of Estates is paytoe a final « 

panlesL with Britito Leyland ■ Car although. bad weather and fierce sales adjustment of £14.1ro. Knooer E^t« is pajnng a nnai ^ 

^rarlsing each montoand' tot competition ihave.reaifited in a (£16. 7m.) and a net nMetary di^^ net raisii^, the 

"recently acquired Ford . diffiSdt first quarter. working capital adjustment of total for the- year from LOlOBp to „ 

main dealerships making a useful Its fuel ofl distribution business £0.8m. in-tan.), offset by a »P- - sntto “ 

S'* MMmJ ' BtarmE ^ CHANGE WARES 

says' ^?, u £. h 

He isays*. 9m -ta be diffi- . T »p •. _ ac 

m Provident Life increases s 

to record £433,757 s 

further strengthen links with 1526m, While' fixed assets m- m, V'V'W-g. w* " . . *. • ca 

Ford and to spread the group’s creased from £5 .46m. to £52Sm. ■ AFTER TAX and transfer fromtoe to £S3m. and . the investment re- — 
activities to the , south of- Eng- - Industrial and Commercial investment reserve, profit of Pro- serve jumped from 10.8m. to 
land. Also, direct access to the Finance Corporation own£ 7.75p vident Life Association of London £4.9m. ;■ ■ 

London fleet sales has ' been-' pbr.cenh; of shares, and Ifr. K. R. increased from £401246 to a record On the general insurance bust- 
gained, be says. Broadley. a director, is interested £433.757 in 1977. ness side premium income m- 

On the commercial vehicles as Trustee in 628 pey' cent of The profit consists of £S9,104 creased to £4-2m. (£3.9m.). Under- 


ures and fitonzs. 


Rolitico 

Interim Report 
March 1978 


Holinco^ one of Europe’s largest 
investment trusts, comments on the 
world-wide investment climate in 
its latest Interim Report. It also 
lists its portfolio and its principal 
purchases and sales and explains 
the reasoning behind these moves. 




-’prevtousiy rsportedi 


Provident Life increases 
to record £433,757 


The turnover of ELBltn. 
achieved by Change Wares in the 
half year ended December 1977 
was after taking into account toe 
sale of certain subsidiaries. On a 
comparable basis, the figure for 
the corresponding period' of 1076 
came to £3.44m.' - 


Copies of the Interim Report and 
an explanatory booklet 
are available from 
the Company:- 


^Rolincoj 


.DEFT. 7011 P.0. BOX 973 ROTTERDAM HOLLAND. 


side, prospects z continue to be- shares. „ 


(£88215) from shareholders’ funds, writing losses were £518,000 
a £190.416 (£159.721) share of (£297.000). arising mainly from 
divisible profits from long term reinsurance treaty business, which 
insurance business, and £175.000 it ceased to write after 1976, and 
(£350.000) of non-di visible profits: from adverse experience under 
Last year there was also a £25,000 household contents business, 
from the capital redemption fund. These were offset by profits 
The .general insurance business transferred from the investment 
contributed a £20.763 (£22288) loss reserve of £200,000 on the sale of 


investments during the year; and! 




■ 


Good results are anticipated on r ; Last year there was also a £25,000 household contents business. 

tJ» service and parts snto follow- Cfl Uffl3R V • from the capital redemption fund. These were offset by profits 

lug the reorganisation of the - w - The .general insurance business transferred from the investment 

Leyland wholesaling network, and mOAfuifTC ■ contributed a £20,763 (£22288) loss reserve of £200,000 on the sale of 

the group’s world-wide concession UlvvlJGUgo . • from subsidiary companies. investments donng the year; ana 

tor replacement pits for .pre- Rimn UA - to long term business, new pre- investment income-^Tbis resulted 

1940 Holls-Itoyce sehide hay been it' minin' income was £2.Sm. with 45 in a pretax p rofit of £17,000 

extended to include r SH models per cent of this in respect of with (£167,000 loss). Overse as taxation 

up to the SI in 1955. ’ S*S™L2S w ifuS profits policies, compared with 32 and j the final writin g down, of 

The improving profit trend of Doroiogter Jtota, ll. Msuiand cent. Jbst year and 25 per goodwiJl-were covered by an addi- 

the credit finanee anst is expected • Ba^.-Chwtwed itosurance in^- cent. ,to lS75. Directors say this tional tranrfer from investment 

to continue, with gdod suppUes « , . «»acnBai»Ary, £UC., H. reflects their efforts to replace reserve of £60,000. - 

of cars now available and 10,-Ghjriieiiiouse Square, without profits whole, life busi- The total carried forward by 

London office producing new E£.. 12. HatattiQa Holdings, ness.' the subsidiary In its profit and 

business. -■■ • C b di dh i ffl l Hbdse, E.C^ 12. Rea The overall gross interest rate toss account was £17,000 (1976 

The fleets of hire cars at itt Brothers, Winchester House, E.CX, earned .during the year rose from £10,000) and after making the 
Scottish car rental operation are 12. Steetley, Connaught Rooms, 7.05 per cent to 7.64 per cent transfers referred to above, the 
being greatly increased, and the WXL, 12,-.. , *. Long term funds rose from £77.Sm. investment reserve at theendof 

— ; ■ ■ - i n . ■■■■ . ■ ~ . r . L- ■ ■ I the year was £200,000 (£105,000). 

A final dividend of 4.46Sp net 
per 25p share takes the total to 
8368p (7275p), the maxJnmm per- 

a ^ - mi tied. 

Brighter 
outlook for 
Brit. Enkalon 

Better results in 1978 — provided 
costs, inflation and cheap imports 
can be contained — are forecast by 
Mr. J. Martin Ritchie, chairman 
of British Enkalon, in his state- 
ment accompanying the' annual 
report 

The company, which has 
accumulated - tosses of fllm. in 
the past three years, reported a 
loss before tax in 1977 of £2.148m. 
(1976 =£3.1 57m.). as already an- 
nounced, but the second half 
sbowed a significant improvement, 
with toe deficit cut to £651,000, 
compared with £22m. The Im- 
provement contrasts , Mr. Ritchie 
points out, with the worsening 
results a- number of .competitors 
reported during - 1977. • 

A major part -of the improve; 
ment came from higher sales of 
polyester yarn. 

AKZO holds 72. .per' cenL ; of 
the company. • ‘ . 

First half 
advance for 
Cradley . 

Pre-tax profit of Cradley Print- 
ing Company- advanced from 
£70299 to £90278 for the half 
year to December 31. 1977,' on 
external- sales of £866.850 against 
£514264. 

The directors say. they expect 
foil-year results to show a further 
improvement on those of 1976-77, 
when a record £156200 taxable 
profit was earned and a single 
(L99p net dividend paid. . 

The increased -‘work-load 
acquired during the second half 
of 1978-77 continued into the 
current year state the directors, 
and in anticipation of a further 
increased turnover, their ex- 
penditure on new plant has 
already wen exceeded toe full- 
year budget of £100,000, as 
mentioned m the last anrm^T 
statement • , 

First-half profit included In- 
vestment income iff £5200 
(£5,367). but was before tax of 
£43,700 (£36,567).- -r 





JT*?* ..-V / 






For a 

describing all our progierifisarvicas, 

- write to-C.N . ( >. . \rding ,’S. 
Richard Fllis. G4.Cbrnhill,- 
London EC3V3PS. Tel: 0L233.30W) 





<?■ a 




24 




a ; •' § s 


^Thomas Tilling Limited 

Highlights from 1977 Annual Report 

Profit before tax up by 29% to record £54 million. 

Total dividend of 4.31 5p per share -an increase of 24%. 

' 

£28m. invested in capital equipment — mainly in the UK. 

£1 3m. spent on acquisitions at home and overseas with a 
further £18m. to date in 1978. 

Balance sheet gearing was further strengthened and the Group 
is well placed for further international expansion. 



1977 

1976 


Emillion 

£m 

Sales 

811 

671. 

Profit before interest and tax 

63 

52- 

Profit before tax 

' 54 

42 

Per Ordinary Share 

Earnings 

18.3p 

16.4p 

Dividend 

4.31 5p 

3.485p 

Net tangible assets 

102.5p 

95.2p 


Principal Companies of the Group 


BUILDERS' MERCHANTING 
Graham Building Services 

CONSTRUCTION MATERIALS AND SERVICES 

Palmers Scaffolding 

William R. Selwood 

Tilling Construction Services 

ELECTRICAL WHOLESALING 
Newey & Eyre 

ENGINEERING 
Clarkson Industries (USA) 

DCE Vokes 

Gascoigne Gush & Dent 

Hansen Transmissions International 

Hobourn 

FURNITURE 
Rest Assured 


INSURANCE 
Comhil! Insurance 

MEDICALSUPPLIES 

International Medical Supplies & Services 

PUBLISHING AND PRINTING 
Heinemann Publishers 
Cox & Wyman 

TEXTILES 
Pretty Polly 

TILES AND POTTERY 
Pilkington's Tiles 

VEHICLE DISTRIBUTION 
Stratstone 


OCL still hit 
by disputes 


P&andal T^nes Wednesday April 19 X97S 


FROM TURNOVER of £389J5m. 
compared with £220 j 68 sl. 

Profit of Overseas Containers 
climbed from £43Jjom. to a peak 
£4S.74m. in the year to November 
30, 2577. . 

And profit weald have been 
£7m. higher but for the increase 
in the value of sterling, -and .a 
further £3m ahead but for dis- 
putes at its new container termi- 
nals at Tilbury and Southampton. 

After tax of B&lSm. (£2Z4m.), 
and minority interests of £L88m. 
f£L32m.) attributable profit was 
£20.73 m. (£l&82m.). Dividends 
totalling £19.SSra. (H0.51m.) win 
be paid. Ocean Transport and 
Trading, Peninsular and Oriental 
Steam Navigation and Furness 
Withy own some 92 per cent of 
the shares. 

1 OCL is in dispute with the 
Inland Revenue as to the allow- 
ability of exchange losses on 
foreign currency loans of a wholly, 
owned subsidiary. Because of its 
legal advice £ has made no pro- 
vision for the additional Elgin, of 
tax which would be payable if it 
loses the dispute. The -easting 
tax provision could be reduced 
by £5Bm. if OCL . wins. 

Mr. R. O. C. S wayne. the chair- 
man, says that the profitabflity of 
the group continues to be affected 
by the container terminal dis- 
putes. Overall profits for 1978 are 
expected to be slightly lower than 
in 1977 owing to currency changes, 
competition and the South African 
trade position. 

He says the prolonged delay in 
the revival of world trade seems 
likely to continue through the 
year and will affect its services. 
In particular the low level of 
imports into South Africa will 
mean partly full ships and losses 
oil its Coherence service to that 
country. 

Competition from the Trans* 
Siberia Railway seems certain to 
continue It now carries almost 


one quarter of 'Western Europe* .EXCLUDING THE four tnonfes 
Japan trade, and Mr. Swayne says fradoK of its-fonner U&'aero- 
it «mld develop into a mope space subsidiaries—^ nationalised 
serious threat to the overseas n&Anrir 28, 1977— Hawtexr'-SMde- 
transport system than government ley Group improved pre-tax profits 
subsidised, liner shipping. from £72S8m. to £9436m- In 1977. 

Eastern Bloc dripping and a When fee aerospace contribution 
developing surplus of cellular; andof.f83m, fbrthe four months- 
roli-on, rolhoff tonnage in eomnte a&m&S&k&n. for Hie-. -last full 
skm or on order could tbreatn, year. 5d included Hien- the profit 
but should not yet serioadT; corner through at £Uff.6flm. edm- 
a “*«* e stabihty and Profit- ipared with S&JSSm. At midway 
** ^ trades, t&erfmprovement was from 334.7m. 
In 2977 the opening of the to'£45jSn. 

South Africa container - Con- ‘ v ■ . ■ 

ference was one of the major Mriil n g s P|T25p 

developments, but competition ?&g*ale& at 26Jp (253p) and the 
from outside im** opera ting rfiin* ^rideud Is .lifted from 3L6884p to- 
converted to carry containers a final payment of 

forced it to begin trade from. the jj®*- . , ■ ., .... 

Mediterranean, the OK and ■-."tact exports from the UJv. 
Northern Europe ahead of the year accounted for 

schedule in July, with whatever P8X cent (43.7 per cent.) Of 
drips were available. sales, and £ 29 &n, (£ 2 &$hl>. 

**' Wife the dispute at Stanbamp*. Efebtrmal engineering gave 
ton, a much depressed southbound £8&Jha>- (£27 An.) to profits and 
trade, and pressure on rates from mechanical fftgine effing £543m> 
competition, it was an inauspicious a.). 

beginning and fee financial result At December 31. net cafe in - 
was disappointing, Mr, Swayne was £98,9m. (£148 ul) -L oans 

“oCL is still urine fMdtt ships ZjS&W? 

to the continent for S South ^S^lS^/^asra^ns^^h 

SsSSSr*®* SSSSfSSn 

«»c the fnchrsion of Npw Zp&Tamf 06 nrors appropriately wail 

^Tjssss£srjssi ^ 

service. non* for .fee snares. 

Sir. Swayne is also concerned Negotiations have riot yet com- 
about the pressure to reduce mericed- with the Government on. 
imports of New Zealand lamb. - Hie 'amount of compensation to 
As veH as increasing fee UJK. be received for the valne o f -fee 
price of Iamb and spelling disaster shares. R is expected that ram- 
for NZ agriculture, it would place pensatio© wHl exceed the book 
at risk to large specialised invest- anawmL A payment on account or 
mezrt by OCL and ACT(A) m fee fSJm. has been received in 1978. 
carriage of refrigerated products Interest wtU be paid on the com- 
from NZ. pensatLo n from the date of vesting. 

_ ••• V : EssdacUng fee fonnex aerospace 

E. ELLIOTT ootnpaiHes, the profit before tax 

E. Elliott has been advised, on of' the group adjusted for infl a t io n 
all indications available, feat, it-is; given at £B0m. 
is no longer a “close” company.- Again excluding fee tenner 


aerospace compsrias, . 4fe .tax 
charge a£tex;. , aopls£ng EDL9 wtnriii 
Wrefeice&^o SRAm**' 

In . t sri m p agy. fee c ’ historic 
attributable baiahoe of £46Jm. 
after -application of: ED19 and 
adjusting' fqr minorities would be 
increased' 'to- Ste&sL, And^oust- 
tng also far . feeeffectrif itifiatfon 
after >mnari(y aatez®s£^ would 
.then reduce to 5%2Jm. 

The balance sdteet a£ Decscriber 
31, ' 1977 '(escltHjitig aerospace 
snbsdiaries) shows Fixed assets 
at £UL85m. (£L37A5ot), current 

assets at £486£m. (£37Lfim.) arid 
current liahifitles at £261Ao. 
(£226Jflt.>. > . 

vm: iar» 
sns aw 

Sate* 913,000174*00 

former UJw - 

aerm/aoo kttbt. 838.009 73LM0 

. Funner oatasHcs subn. - 
—4 tnatAa itBTfk PflQ 

. . jeart — : SXSDO 2djm 

EXCLUDING FORMER . 

AEROSPACE - - — 

SUBSIDIARIES^ , . ■ 

Trading profit ; •Sl.tHB TS.3M 

Interest received _ — J^SR H,«l 

Pre-tax profit — 4*3 72,10 

UJC. tax ^ 84,7*5 55 

Overseas tax — »;t» u^s 

profit .'48^08S - 37,464 

Mlnorlcy profits : — 2534 5,778 

FORMER OJO ■ 

AEROSPACE- ' - : 

SUBSIDIARIES: 

4 MONTES ‘ '• 

I.are FULL YEAS) 

TrsdiflS profit' tlQJ&S ■ 24X38. 
Interest paid — LB30- 4J)38 

Pretax prott MW 2MB. 

Txx :: 5A220 9LMB 

Net. profit - — ~ <^18.23,74 

TOTAL . PRE-TAX PROFIT U&ttl' B37I 
Total- attributable — r 90^18 48,435 
Extra or dinary debttd) 10.N7- 18AM 
pKfrfenoo. dividends 283 2» 

Ordinary dlvldenda 8,870 6^71 

Retained — ...... J&3W «^B5 

* After - ‘ depredatiao of - Q2.Ro. 
4 £ULMd.)s t Paid. 3 After depredation 
of £L44oir- (£3.43m.)'. fi Aftfit .MfiBla 
release of provision no looser required/ 

5 Credits. !|Due to differences aristas on 
the translation Into sterling of. overseas 
net . assets for. the purpose of -die cwwoli- 
da ted acrounrs. • . - . 


Winding-up orders 


Scottish Widows bonus 


Forgeopyofth* 1 977 Anaotlfftporl phase mitt to: Tbs SieratBiyfSL Thomas Tilling l td. r Crewe Home, Cerne Street London W1Y8AX, 7eIephoee:B1-439f151 - 


Orders for the compulsory wind- 
ing up of 66 companies have been 
made by Mr. Justice Oliver in the 
High Court They were: 

J. W. Maxwell and Sons (New- 
castle), Kerry and Hilton, Spavin- 
toso, Marshwood Properties, Sabre- 
point, Liminster Investments. Star- 
cross Securities, Omera Company, 
Northboume Golf Club (Bourne- 
mouth); Forty Park Street Proper- 
ties. 

St Katharine Security, The 
Alexandra Mantle Manufacturing 
Company (Liverpool), Jandel 
Fashions, Superior Daily Office and 
Window Cleaning Company. 
Hatchmead Builders. Keswick 
(Fancy Goods). Mo r (Jake Direct 
Mail Fibrenca, Scherzo Invest- 
ments. 

Furber Deeis, Novissimo, John 
Henry Morgan, GofFs Haulage. 
Burnham Laminates. Horizon 
Windows. Nicoll and Hastings 
Investments, Associated Magazine 
Distributors, Scheduled Steels, 
Roocrort (Fencers). Point Freight 
Murphy and Dunkley. ’ 

Greys tore. Associated Develop- 
ment Holdings (Finance 1 , Anthony 
Harris. J. R. Brown (Records). 
Barrie Long (Electrical Con- 
tractors), Aegis Bulk Foods, 
Eversholt Printing Works, Grange 
Electrical (Contracting >. Bre-An 


Precision Engineering, Harry Lynn ' Scottish Widows? Fnndand Life 
and Sons, KeQing Park HoteL . Assurance Society, fee Edinburgh- 
Leonard Desmond and Co* based mutual which does most of 
Israel Financial Trust, Soundquest, its: business in -the North, of Eng- 
Pom niimic a t i o ns Software, Steel- land, has declared a . record 
fixers (Concrete Reinforcements), reversionary . bonus of 4.7 - per 
Thames Valley (Plumbing and .cent, on existing sums, assured 
Building) Supplies, Basil N. King -and vested bonuses for ordinary 
(Haulage). Ardeco (Plastics). Math-profits policies, and SJ5. per 
Allenby Security (Holdings). 7 - cent, on wife-profifa policies in 
Townsends* Tobacconists (WaDa- .the pension fund, for the three 
sey), Railton Electronics, Adam year period 1975-77. 

Oate^ Car Hire (Bloomfield Gratifying though it is to have 
Bros.), Lighting and Sound Equip- been able to declare such bonuses, 
ment. Above Packaging, C. J.-i,o W ever .neither Scottish Widows* 
Cohen and Sons, Aquaterra. •• / chairman, Mr. A. L Mackenzie, 

Mead choice, Superways Con- nor its general manager. Mr. 
tractors, M. T. Coyle. P. H. and^H. q ^ iGngsnorth, is making any 
(Joinery). Kelt Construction, promises about the future level' 
Whitefields Properties, B. J. Cou- 0 f . bonus rates. . That wilL they 
noUy and Co. say depend principally on- in- 

A compulsory winding up order -vestment conditions and the rate 
made against Barking Marina 'and of inflation, "neither of which it 
Engineering Company on AptSMO* js possible to forecast ” 
has been rescinded. By consentL 

the petition was dismissed. • • By dint of holding down the 
A compulsory winding up order rate of growth , in new business, 
made against Willesden Plant Hire however, . they hope that ' fee 
on April 10 was recalled, fee eom- benefits to existing policyholders 
Dan y already having been struck need not be diluted,- even- if- in- 
off in 1976. Leave was given to vestment returns do dimini sh: 
amend the petition and restore it Apart from anything else.- Scot- 
in ^1 days. tife Widows has extremely 

A compulsory order made strung reserres£207m. as against 
against Masaka on March 10- has total . insurance funds of £933m. 
been rescinded and the petition at the end of 1977 — the returns on 
dismissed by consent. / . ' which will help to put off .fee 


moment at which any cut in the 
bonuses might become necessary. 

in. addition to the bonuses dot 
dared on wife-profits contracts 
in fee life assurance and .general 
annuity funds, and in fee pen- 
sion fond, fee society has de- 
clared a bonus of l£k per cent, 
on all with-profits group pension 
contracts In -ferce at tiuT'lieflmi- 
nlng of this year, for each year 
or part of a year feat fee contract 
has been in force; and a rebate 
of 5 per csxit. on aB- -permanent 
health insurance contracts in 
force at fee beginning of this 
year. 

The. revaluation reflects, fee- 
success of fee groups investment ' 
policies/ which have, over fee past 
three years, tended to concentrate 
on investment ip .government- 
securities rather .than equities. 
This poBcy changed during- 1977. 
and -by the final, quarter of the 
year the society was putting more 
into equities than into fixed 
interest stocks.. Its officers de- 
cline. to comment on its preseat 
Investment policy,', however, until 
the end of fee year. The balance 
sheet shows, feat, of total invest* 
merits of £Ubn-, British Govern- 
ment securities accounted for 
£495 ul, equities for £443 hl, and 
mortgages and loans for £98m. 




Report of the Chairman of the Soatd to the Shareholders (extract) 


puvaic jm«ue4u ^iccuicau mui;jnaau nenn. 

Fenner Sc &nith Incorporated, providing for the ifflue ef up to 
US$ 29 naffimt of 2 5 year scriJ notes. As of 17th March, 
1978. a total of USS lfi miBioa had been completed. 

"Farther; daring 1977, our subsidiary. Republic New York 
Corporation, fee. parent .of Republic National Bank; . 
successfelhr issued US$50 million of pte&nedstofeWl ' 


USS 35 muKcfli df twenty-Sveyear debcutorcs t&ian^i 
Salomon. Brothers jand hfctrill . 

Combine d li'gh T^ait^l wmingt'm a continued. -,- 

amservatrve approach to provisions and reserves, these issues 
ensure feat die Group is well placed to support further '- •“ 
crowfe frqm a strong capital base. 

Your Board has anzszstnndy given priority to liquidity aqd to 
feveraficAon. of credit risk, and it is gratifying to report thtas; 
the banks oftne Group were able to sustain fee policy despite 
the market am d irirms jpievaiHng in the lagt twelve. n p n fes. >'■; 

to-onr'evex mawing ^mher of cKeS > ^c'^ 
fhtyhavfc ptocedin us and to all fee employees of fee Group ' 
in. our offices fexoaghuuc fee worid, whose eQTurts have made 
pon^lerize exeeHttit resales achieved dozing fee yean 
204.ibfarih. i97B ..*•/' ' EDMOND J. SAFBUL 

* ■ rimnwan’ .' 


realize the fill recovery anriapated late m 1976. _ 

At 31st December, 1977, the Group’s total conso li da ted assets 
am ounted to USS 4,168.4 roilHcn against USS 3|2S22 tnifiiou 
the previous year. Deposits increased by 27-8% to 
tISS 3.498.4- nrilKon aeainst USS 2.73K4 million, while 


capital and loan finds employed ^including minority interests- - 
at the year*end readied USS 433.4 million , against 
US$ 317.4 million at fee end of 1976. Net earni n g after taxes, 
minority interests, transfer to inner reserves and provisions 
to cover risk of losses amounted to USS 28-6 mill ion or 
USS L74 per share, compared wife USS 231 mill i on ox 
USS 141 per share in 19/6. 

While it is too early to forecast wife any degree of accuracy 
the results for fee coming year; the first quarter of 1978 has 

starred satisfactorily. 

The Board of Directors has derided, to recommend at fee 
Annual General Meeting the distribution of an unchanged 
dividend of USS 0-55'per share, free of withholding tax, 
payable on 31st May, 1978. 

In view of fee continued expansion oF our banking subsidiaries 
the Board decided to augment again the Group’s capital 
funds. In feat connection, we signed in November 1977, a 


Assets 

Cafe in band and balarireg 
wife banks 

Bank certificates of deposit 
Precious metals 
Financial paper 
Government and municipal 
bonds (USA and UK) 

Other bonds 

Current acconnts.and advances 
to customers 

Inves tm ents 
Raced assets 
Other assets 


31st December 
1977 1976 . 

(USS 000's) 

MMbSM 689377 
324*525 460525 

113,781* 65223* 

390,864 341,482 

307,775 279387 

311314 244,095 

1377*755 1,067357 
5,886 4570 

42,642 36,623 

88361 61,107 


Inabilities 

Deposits, balances due to 
.customers and inner xesaves 

Other liabilities . 


31st December l 
1977 1976 

(USS OOCTs) ' 


3,498342 

236369 

3,735,011 


33835S 

196,485 


. ‘ SrilrTfig fad D feentags 2 0 01 1 
Sorting Fuad Debentures 2002 

Oxaverribfe Subordinated 

v C^iol notes doe 1997 • 
Ofeerloans 

‘- MiilpuLy m 

l nqhAgacy companies- * 


Rfeerves - V -- 

*p«-i1 feagiaMefa fundi- 


[4468,407 3352346 


god USS 65397,000 *1976. 


OntfiqgentSalaBties g 
: Irfitayofcadgand^ 


For die year 31st December 


50.000 - 5Q300 .- 

35.000 , 

12490 32304 , 

46.000 38308 

96376 4132®.- 

24,605 Jh605- . 

168J92S1 15Q,66L ; 

19^530 175366 

433396 317^36 
.4,168,407 3252246 . 


l6Si«l 1 158412 


ana tzans&r to inner xeseeves 
(US$ nriflions) 

Warnings perdiare 


US$174- 


16403300 


OtherafiSharesand^Scssin: o , ,. f v , 

ftaAfin t. L ondon, Lnxegjbogr&MericoCa^MonteiidwLKasnmftBa^ 












*ne nt 

ker 


«* ■, 
•*S\ m ^5 . 

v. 

... .-■ ■■ '.•».■ *■*)'•< 


■Be - . ;- 

’ 1 '* . 1 


v s bonus 


- n-V 


r 


V. :.iSA I 




. -C- .-'I_ - i _ 


Fuand^l Times Wednesday April 19 197g 


Annud Meeting of the Scottish Widows* Fund and Life Assurance Society will be held otl5 Dalkeith Road 
Edinburgh at 2.30 pm on Tuesday 9tiiMay 1978- ' 

ThefoUowirig are extracts from the Statement by the Chairman, Mr A I Mackenzie, CA, published in advance of the Meeting 


= ; ^ffiWBlBB'CSS.The restrictions imposed^ by Government 
.V-‘ policy on pay Increases and, until August, on the 
; • • - introduction of pension schemes ondimpravementsto 


business. A further advereefeature for theSoaefywas the 
. Joss of substantia I business from the Federated Super- 

•’ - anroation System for.Univereities (FSSUJ to which Lreferred 
c ■... last yeoitltis fherefoceparticularly pleasing Irvthese 
circumstances to report thatfche new annual premium 
: . _ income for.l977secured by the Society and. our subsidiary. 
Pensions Management ESWR Ltd, at over£225M 
constituted yet another record, being69i above the 
y . corresponding figure for 1976. If, for comparison purposes, 
4 ' the FSSU business isexdudedforl976, the increqsein new 



For the Society, ney/sums assured at over £580M were 6?o 
lower but on the other hand new annuities (mainly deferred 
...l qnnuities in. connection with pension schemes) increased 
p by 1236. r ; 

cr - . Anumberofjnsurancebrokersasked us to increase our 
4 rangeof equity linked polities and we were very pleased to 
E» able to meet this demand by introducing the lnvestor 
. PtanTen. contract. 

Investmentis in our high lysuccessfuHnvestor Policy Fund 
- v^thjhe option.ifthe policyholder so wishes, to switch . 

4 : Investments to and from the new Investor Policy Gash Fund 
in which the emphasis is on short-term fixed interest ' 
investments with security of copitot.The contract is basically 
for a term of 10 years with options atthe end of thejerm to 
extend the policy or to make periodic withdrawals to 
■ . providea regulartaxfree income. There has been an 
encouraging response to this new conftqct and we look . 
;V ferwardtobbtaining much good new business from 
:T. .source. 4 

•J Wewefcomedfhe removal atthe beginning of August of the 
v Govemmenfs restrictions onthe introduction of new • 

■ pension'sehemesand Improvements toexisting schemes.' 
While the removal of these restrictions had only asmafl _ 
impact bn new business for 1977, we Have alreacly received 
acceptances for new schemes starting in 1978 which exceed 
su bstantialiy the total for the whole of 1977. 

- SOCIAL SECURITY PENSIONS ACT TP75. The maioreffoiis 


- advising and assisting clients in deciding whether or not to 
can tract-out aflfie additional earnings-related'component ' 
of the new State scheme. The technical and administrative 


' the necessary documentation was iaitself a gargantuan'.. 
task,qnd additionally quotations were required forevery " 
.Croup pension scheme on ourbooks so that employers y 
could understand the implications of fheahernativecot/rtes 
available to fhem. !.* 


• ... While we realise that the Occupational Pensions Board -4 
. anclt he Superannuation Funds Officeof the Inland-Revenue - - 

i haveolsobeen sobjecf-to considerable pressure of worK' 

I we hope that steps will now be taken by these bodies to 

•. . reduce very considerably the time taken to approved 
standard forms of document. • ••■--- ‘f ■ - - • -■& ■ 

. ,■ 
INVESTMENT. Theyearwas remarkable for the ^tong 
recovery in confidence fn fhe prospectefor thehlnited 
; Kingdom based principally on the improvement in the 

• balance of payments as oil began to flowffam the North 

■' Sea.Thesebetterprpspedsbroughtstrengthtothe'pound 
and this is assisting in the reduction aftheinflatioa/ate as is 
. the latest phase of.Incomes policy which hasbeen more 

• successful than might have been expected. However, rates - 
, of pay settlement continue to bfrhlpherihan is compatible 

with a lowering pf the inflation rate into singlefiguxes for 
- more than a temporary period and much still remains to be 
done by govemmerrhJnanagements andiinipns.if the full 
benefits of North Seaoilare to be'reolised. ' 1 

j - In previous stt^ements when dealing v/fth the Society's 

funds excludirig par subsidiary. Pensions Management . .. 

1 ISWFl Ltd, I have reported that our commitment toBritish 

’« Govemmentsecurities tnpreference to equities ' 

strengthened duringl975 andWqs qlmost complete during 
j : 1976- This policy was continued during thefrcst quarter of 
1 7 1977 butastheyearproceededthe proportion .of new 
i j. money invented in equities wasincreased and by the final 
i ; twamonths investments equities .was at a higher rate than 
I ; inGovemmentsecurities.OurconcenfrationonGoyemment 
! • securities in the eighteen months or more to the end of the 
j firstquarterof 1977hasbeen amply justified by a capital 

performance similorto orbetter than that avallablefrom. 

: ordinary shores and, of course, a substantially greater 
•, income to dateandfonnanyy ears to come. 
i 

j ,Of a total of £98Mbecoming availablefor investment in 

j 1977, £57M was invested in British Government securities 

| and £31Min UKequities whiie£10M was retained m 

I short-ferm.deposits which were also iricreasedby£2M as 

| . a r^ultc^nBtsales of other dosses of security. 

j .The total sum held on deposit at the end of iheyearwas 

! • £26M, part of Which was heidagainstspeoficliabilities of 
1 a cash nature and partagainst a currency exchange 
arrangementfinaily completed in February 1978 under 
which we received US $10M m exchangefor sterling. Since 
the year end we Nave committed much of the balance to the 
UK gilt edged and equity markets on better terms than had 
! been available. V-V. . .. ...V. — • ' 

During the year prices of US common stocks fell to levels 
■ which seemed attractive orta long-term basis but with 
sterling strengthening against the dollar and the investment 
currency premium still high, if was feltihaf loans and. 
currency exchange arrangements were preferable to . .. 


REVENUE- ACCOUNTS AND BALANCE SHEETS. In the 
consolidated account, you will see that gnnual premiums 
exceed £J08M and total income exceeds E197M. 
investment "income has increased by £13M 120%) assisted by. 
the high yields on British Government securities and 
substantial increases in dividends on equities os well as 
increased rents on property investments. Expenses of 
management have increased by about £0.7M Id'-'o) 
reflecting mainly the small increases in salaries permitted 
under Phase 2 of the Governments Pay policy. With the 
partial relaxation under Phase 3 of the Pay policy the 
increase in expenses of management will be higher in 1978. 

Following the strong rise in security prices during fheyear, 
theSociety's investmenfsappreciafed by £213M. Th© 
Directors decided therefore to transfer £60M back to the life 
and annuity funds which now restores to- the fundsthe 
bcriance of the amounts transferred to the investment 
reserves to meet the depreciation on our investments at the 
end of 1973 ond 1974. The Directors also decided to transfer • 
the General Reserve of £0.5M, which has appeared in our 
Balance Sheets since 1938, to the investment reserves. After 
allowing for these transfers and otheradjustments, 
investment reserves at.3)st December 1977 stood at£2Q7M 
as stated in the Balance Sheet. 

BONUS DECLARATION. A full investigation of the Society's 
position and a distribution of surplus was made at the end 
of the trien nium 1975/77 and details are given on pages 4 
to 6 of the Report. This investigation enabled the Directors to 
declare a record reversionary bonus of 4.70% on existing 
sums assured and vested bonuses for ordinary with profits 
policies and 5.50% for with profits polities in our pension 
fund. The cash bonus on with profits Group Pension policies 
has been increased substantially to 1.5096 foreochyearor 
pan of a yeara policy has been in force during the 
trienniu.ro calculated on the average with profits Teserve 
over the period. 

The rates of interest used in the valuations of the various 
. classes of business are shown in the report on the triennial 
investigation. The average gross rate atunder6'?6 is 
substantially less than the gross interest rate of 10.123b earned 1 
on the Society’s funds and once again demonstrates the 
immense strength of the Society. Bonuses depend on a 
number of uncertain factors such as the rate of interest at 
which new money can be invested, the rate of inflation and 
not least the amount of new with profits business which a life 
office underwrites. It would be unwise to come to any 
decision on the rates or bonus to declare from the results of 
a valuation onasinglebasis.and consequently the - 
Directors had before them a series of valuations bn several 
different sets of assumptions concerning the level of future - 
interest rates, the future rate of inflation and the future 
• expansion of business. These valuations give a spectrum of 
future bonus rates on the various assumptions made, 

: shc-wing, for example, the effect of a significontfalh’a 
interest rates, and ills only atterconsidering the results of all 
■ these 'Valuations that the Directors decide the rates of bonus. - 

Whilewecan and do control the expansion k>©ur • 

with profits business, I cannot emphasiseioo strongly that ■ • • 
future bonus totes will depend primarily on investment 
conditions and the rare of inflation, neither of which is it 
possible to forecast.- 

t 

WILSON COMMITTEE. The Life Offices' Associations joined 
with other insurance associations in submitting evidence to 
the Wilson Committee set up by the Prime Minister to review 
the' functioning of financial institutions. We are pleased to 


for o five year period and a further$2M on a temporary 
basis pending the completion of the $10M currency - 
exchange referred to above. 

The Investor Policy Fund and the Investor Policy Gash Fund 
form part of the Society's long-term insurance fund and the 
investments -mainly in UK equities and US common stocks 
. in the case oftheinvestor PdicyFund-are Included in the 
Balance Sheet underthe appropriate heading. 

During the yearthe major part of ihe newinvesfmentln the 

Investor Pol icy Fund was concentrated ipUfC equities and at 


' submitted so far by otHer sources confirms the view of the 
insurance industry that the United Kingdom's poor 
investment record is not dueto deficiencies in ihesupply'of 
finance orto irresponsible management on ihe part of the 
financial institutions but has been the inevitable 
consequence of inf lotion, inadequate profits, a nd hence 
low returns on industrial investment, and of the high rates of 
interest on British Government secu rities. 

I would also stress the point made by theinsurance industry 
thafthe prime role of the industry is not investment but the 
.. provision of lifeand otherinsurance cover. TheSodety.wHl 
nothove money tor in vestment unless ou r network of • . ' . 
branches sells the Society s policies. I think that our results 
show how highly successful our sales force has been in -- 
thistask.' '• • V. . 

LEGISLATION. During the past few.years, there has been 
a plethora of legislation affecting the conduct of businesses 
in this country and the insurance industry has not been 
immune. A greatdedl of the time of senior management has 
been taken up with understanding the legislation and in 
taking the necessary steps to ensure compliance with if. This 
is non-productive work and i would make a special plea 
that Governments should reduce new legislation to a 
minimum forihe next few years to give managemenfihe 
breathing space to digestthe recent legislation and much 
mare important to get on with the job of running their 
■businessesprofitably. 

FUTURE OUTLCXMCAs ! said lastyear, with the ever ' 
increasing flaw of oil from the North Sea, there is no reason 
why the prospects for Britain, if only we do nqt squander the 
opportunity, should not be better now than they have been 
forthe whole-of this century- and the Society’s policyholders 
would shore in this prosperity. It is however still essential 
that the Government should continue to pursue policies 
which will lead to a further substantial reduction in the rate 
of inflation. 

The results o£the pastirfennium have demonstrated the 
success©? our investment policy and the quality of our 
managementduring a period of high inflation and of 
rapidly changing fortunesonlhe stock market. 

If is not particularly difficult forany lif e office to decltire 
comparatively high bonus rates at a time when interest rates 
"off n'ewi rivestmen ts are extremelyhigh.The Society's long 
and outstanding record has been achieved in oil kinds of 
drajmstances-Weare proud of it. ond we are confidentof 
our ability to continue to provide the best results for our 
policyholders. 


convertibles 87%, US common stocks ond other overseas 
equities 9%, ondnetcurrent assefc 4%. . 


44 ; ■ m ■ 

SCOTTISH WIDOWS 

A better iife assurance 




BIDS AND DEALS 


Atlantic Assets buys 29% 
of Ivory & Sime 


Co. Liverpool for £180.730 cash; 
and 645,000 scares o£ Yule Cattoi 
Thomas Bell is an export traded 
specialising in motor vehicle 
parts. Yule Catto intends to 
expand it at home and possibly 
overseas. 1 

Thomas Bell’s net assets at the 
latest balance sheet date were 
£373.436. : 


Tunnel’s 
£lm. deal 


— . - . - Tunnel Holdings, the cement 

Atlantic Assets, the £37 re. In- wholly owned subsidiary in two had indicated that their pur- E21fj_2|j5!5 ' ^ iJS 
vestment trust under the manage- -Zmieh. established - -earfier tins' rtmse was forinvestment purposes 

ment of Ivory and Sime. has year, and is partner in a firm of only. Jinked base, has strengthened its 

bought a 29 per cent, stake in investment managers in the U.S. interest in a new process of tone 

“mTSS-h., wnt **0 000 .UT.M-flUk-WU-tUui™..; ASSOCD. LEISURE y a £,m - 4 

on acquiring just over 27 00D a i wWch Ames Bank acquired its In a circular. Jo shareholders Tunnel has taken over Cross!- 
newly issued shares in the com- ■ years _ a ^°“ ha ? bee ° detail of -three recent ford POUii tiott Services, a private 

party at £20 each The D rin? is , Part by reference acquisitions, Lord Jessel. chairman company which owns the UJw 

the same as that paid bv Ames -° lTOry Shnes earnings, and of Associated Leisure, confirms his royalty rights to the "SealosafeT 

Bank, the London-based merchant- in P 31 * 1 ^ re l ereJice *9 . it! 5 ££+• .earlier, forecast that 1877/78 process. The company was pre- 

banking subsidiary of American '°? lce - more, to ^ter- .profits would be lt satisfactory.” vipusJy owned by the two inven- 

Express, when it acquired a 30 na ^ ona ^ ise company was <p|, e acquisitions were in line Iors of the process. Mr. D. Cope 

per cent, stake in IvoryaS Sime -n^tax*'nrofits°of ^40 QM^in^the with a polBy fiteSt *?* Mr* E BLAml. The • W 

two years ago. ** ^ In the hotel and holiday sectors. ®L d _ e ™? on 7 ; 700 ,n . c ^ h an ? 


As a result of the deal the L ^ A pro-forina balance sheet show- 27o,00n new B shares in Tuzinet 

Are ex stake will drop to just over ^ while Mr. Maasduk was not ^ ^ effects of the acquisitions Crossfords other asset was a 

23 per cent. M?. P &S3 g t W d J». B 5 £ h5 Se feSm 4.3 per cent., stake in 

Maasdiik. chief executive of Tvnrv ^ pronjs to. .oe . vivsio- and net- cuirent assets Interests, the .waste materials, 

and Sime said last nieht that lc * uw ^ 112 current year he . 7m chanced to net current builders inerfrhahLs and fuel con- 
vex had SS tSd a?1be toe o^re. t0 H^ e ™ ' firm which is a UJC. 


Sime was also considering asking 


over a year old. 


. „ Tunnel 'has now disposed of 

. one of the trusts" under 'Tts Atlantic Assets** chairman. Mr. ■** ' ' Cross ford’s .stake in Leigh; 49 

management to acquire a stake. John Sheffield, is to join the YIJLF CATTO Py r cent: or it has been pui> 

and had agreed that if the deal Board of Ivory and Sime. Another chased by Mr. Ross who thereby 

was done within a reasonable membe_r ..of. -Atlantic Assets' .. MOVES retains the stake in Leigh he 

time it should be at the' ‘Same Board. Mr: Jimmy GammeR. '■ v . c - rt ' Maiav- owne d previously through CrosS- 

price. already -a non-erecutive -director^ ■ {J!r« ^vT^n- for d. remainder has been 

Its two large shareholders apart of Ivory arid Sime. - - sian plantahons injo a " ei y ® placed in the market. The salt 

Ivory and Sime is owned by some *^*S*^*X22K raised X212.3B3 net for Tunnel. ■ 

M members of its directors and WESTON-EVANS JfSSoS taflS'fiSB 

st The money whfrh' ArianiTr ‘ ^ Graham FergusoR- Lacey'^tate -Economic ..Development Lf nrocess 8 The rivo comnaniej? 

Is^oStrine inf? ^ Mr. Cecil McBride were Corporation for SM12.6m. <£23ra.>. Sf™ p I°go5b intern? to ”a P toxic 

Stafu to PU hL‘”5^5. t0 ^’?S t “^ "VMM TOterdw ^ the pu r ; The fonnetion a t I this . toSSS 

buy the freehold of its head office t±ase ^ of ^ P" company with ■ Bundputra part- Tumjel works site in West 

alNos. 1 and 2. Charlotte Squa^ 10 . Weston-Bvans Group the new is in hoe wtth the economic Thurroc i k ' in .addition Tunnel 
in Edinburgh. The freeSld k engineering , concern, which has policy ot the Malayaan govern- is ^ ma jor partner in ttvo other. 

at present held by another of SSESS! J22SLS&? companies estabUshed to develop 

the trusts under Ivory and Sime’s fi” 1113- emer 5® d » °F partnership will enabje rt to ^ p TOCess both in the UJC. and 

management, British Assets cent holding in develop additional ' activities in abro ^ d 

Trust Yorkshire and LaiKfflshjre Invest- Malaysia, possibly downstream Jn its own right Leigh Lc man* 

Mr.. Van Maasdijk said Last ment Trust, sold at the same time operations m rubber and palm facturin g the polymer used to 
night that the freehold was to ° y T . Hep i 3 . un1, ha ‘LJ? e ^ I l 0I ^. . , . „ , - ^ contain the toxic wastes and has 

be bought at a price established bought by _ Ham aborne.^wbich^ is The net assets of Yule Catto j ust installed a second plant. Yes- 
by independent market valua- controDed by Ferguson Securities, piantaUons at October 1977 terday Leigh's managing direc- 
tion. But he was not prepared ? Private company jfcich Mr. were »M3to.9in. and its pre-tax tor j *r: Deasington. said 
to disclose what that price would I'ficey and Mr. McBride controL profits In the latest financial year ]as j year sealosafe accounted 
be.' Weston-Evans said that Man- were gMBAm. j OT a bout 3 per cenL of group 

He said that the rest of the Chester Nominees had acquired The proceeds will mostly be hirnover but with the new plant 
money would be used to help the' holding of L39m. of shares on used for further investment over- a ^Q^act for the process 
fund Ivory and Sime's mows to behalf of the Interests of Mr. seas, said Lord Catto. chairman in j apaili future sales and 
• establish itself in investment Lacey and Mr. McBride, both of of Yule Catto, yesterday. profitability would substantially 

management abroad,- At the whom had been invited to join Meanwhile the company has f mDrove ; 

moment the company has a the Board of Y/e^ton-Evans. The agreed to buy_Thomas B ell and 

' ‘ BOC/AIRCO t 

94p offer for Walker (U.K.) - '-sSffSws 

. . w * Common shares of Airco Inc. still 

The bid approach for Walker tinue to develop Walker's engin- ates a fleet of 1.000 vehicles, prin- L". jj® h tSSrd ' ^eres^wiU ' 
Sons and Co. UJC. the group with eering business in Sri Lanka which ctpafly medium vans and heavy joiaers. Ljzaro rxeres 
engineering interests in Sri Lanka, would complement the 30 per cent commercial vehicles, in the U.K. as B nc !£> offered to acquire any 
has now crystallised into a formal interest Angto recently ^acquired Hanger already runs a rare hire wteSnSw 3? par cent 

offer from Anglo-Indonesian, the in. agricultural tool makers. Eva and leasing busmess and has been con vmiblB sub ord i nated deberi- 
tea and rubber estates concern Industries in the UJC ooking for some tune toextend SlOOOprhicipte 

which has recently been dhrersi- Walker was one of the largest rts leasing and hire interests 2 orShSteres ' 

fying into agricultural engineer- commercial groups in Sri Lanka into trucks. . .. about ^ per 

ing. where Anglo last year bought Kr. Peter Adams, Hanger’s- fi f , n ,ai c h ar ^ oubrtandlS 

The offer is one share of Anglo Central Province Ceylon Tea Hold- chairman, said yesterday: '* The Exniration date of the offer is 
for every Walker share, valuing ings. previously owned by Mr. new company gives us the oppor- . 1 y *>« 

Walker's equity at £423.000 on Prior. The latter's knowledge -and tunity to enter this fast growing v 

yesterday's price for Anglo of 94p. experience in Sri Lanka provided market and clearly dovetails with MIT IV M ARSTFRS 
. Irrevocable acceptance has been a good basis for investing in. our existing businesses.” 

won from Peninsular and Oriental. Walker. Mr. Nightingale said. Hilleshog, the Swedish agricul- 

whicb owns 44 per cent, of Walker's Ordinary sharps were WACE GROUP tural seeds group, poised to make 

Walker’s shares, and from Mr. reinstated on the market follow- M d invest'menis ha* sold the a fuH 200 P a share bid f<Jr Mi1 ° 

Selwyn Prior, an Anglo director ing the announcement and rose 2 AS Mr ^rir sTake in Waee Masters has. agreed to purchase 

who holds 10 per cent of Walker: {r0 ® 34p to match .the Wd. The Group ^ which it acquired about { ^ r shares in the group- 

so the offer is a technical shutout Preference shares are still sus- tirree months subject to Exchange Controls—. 

with Anglo already controlling P^* d l JSm ” SHmtE? ^e purchas^of 29^5 per cent. !j»j***" its stake ' lo 

o4.96 per cent *? r an ° ffer for them are still con- -f-vp i n Wace nrintin^ nLite oI -4 per cent 

If the offer succeeds Anglow ill Anglo owns £25.000 of the manufacturers— by P B!ade°and its » TTC 

also get the rights to all past £144.000 preference stock. associate Energy Finance and BRAITHWAITE ; 

dividends, because of difficulties. ..dahm-e-d jmtvx: ' ' General Trust in - January, was - Braithwaite ^nd Co. .Engineers 
In repatrrttihg -funds from Sri nAffltrtK iJtilb ■ ■ - ■ ■ followed by the resignation of ihe 'fias acquired the private Company; 

Lanka, have been declared but not H«nget_Invegti 9 ents k Ihe Binn- Wace chairman, J\Ir. A. Lambert, Plastic Recycling of Worcester, at 
paid“stnce l971: __ Togefh^ with ingh am-based Ford main dealers, and the a'ppomtment of two new "a net cost' of some £8fTO0fl.- — 
the Preference share dividends, is to extend its truck distribution directors. Mr. R. G. Day and Mr. Consideration for the acquisi- 
tne total outstanding amounts to business into leasing with the J- D. Robertson. lion will be nil. but Braithwaite 

— ... — - - - . purc h ase of VH Self-Drive, .the— -Blade- Investments has now has agreed to guarantee the out- 

vn Y ?« erd ? y ’ b ? w . ever - Mr - Michael Stoke-on-Trent-b:tsed truck hire sold Its stake at 33p a share for standing liabilities of ' Piaster 

u’ fb a ¥™* D of. Anglo, company, for £1.95m. cash. I9L000. Last night Wace shares, amounting to £200.000 as at 

said tnat the dividend position was VH, which earned pre-tax which have been the subject of January 29, 197S. Plastic had 
not 4 . factor In the proposed profits of around £R20.000 in the takeover speculation in recent total assets after depreciation of 
acquisition. Anglo intended to con- year to February 28. 1978, oper- months, closed at 38p (up lp). £120,000. 


Its two large shareholders apart, of Ivory ariff Sime. - ' '' 

w’meSbeSTf V' dSStoJ.Td WESTON-EVANS 3 d ^?Si!t 

The money which- AtlarifTc 


94p offer for Walker (U.K.) 



prices 




Advertised rates for Royal MailParcels have • 

not changed since Jane 1977-and bow they are $ P 

tobefeozmagmn-atleasttmtiltheendofl978. & * 
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in this coupon and leam more about the 
national, regional, local and contract 
services we offen 

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J(duunic§biu^ 
Consolidated Investment 


Group 


(All companies mentioned are incorporated in thfl H^rniHc of Sooth Afriea) 


TUNING COMPANIES’ REPORTS FOR THE QUARTER ENDED 31st MARCH, 1978 
WITH COMPARATIVE FIGURES FOR THE PREVIOUS QUARTER 


KaJidfbntcm Estates 


The Kandfontein Estates Gold Mining Company, Witwatexsrand, Limited 

Issued Capital: RIO 327 106 

(Qiiidrd into 5 413 553 shares of R2 each, fully paid) 


OPERATING RESULTS 


Quarter ended 
31.3.7S 3J.iS.77 


Gold 

Ore milled — tons 

I'ldd produced — kilograms . . 
Yield — grams per ton ..... 
Total revenue — per ton milled . 
Working cost — per ton milled - 


307 000 
4 421 
14,40 
£6S,46 
R23.66 


310 000 
4 523 
14.60 
£70.50 
B22.SI 


Operating profit — per Ion milled 


B44.SQ 


FINANCIAL RESULTS (ROM’s) 


Revenue from gold . 
Working cost . . . 


Working profit . . . 
Tribute revenue . . 
Net sundrv revenue 


l^pernting pmfit . . 

Net interest payable 
Net loss on uranium 


Capital expenditure 
Dividend 


S20S71 

B21 67S 

7 364 

7009 

" 13 607 • 

~~1A 669 

6 

56 

141 

122 

13 754 

14 M7 

135 

172 

82 

— 

E13 537 

£14 675 

£15 610 

‘£32 231 

— 

■rio m 


Xo le: 

.4 provision for taxation is sot required os the company has an estimated loss for tax 
purposes. 


DEVELOPMENT 

A total of 7 728 metres was advanced during the quarter (7 456 metres) 

SAMPLING RESULTS: 

UEIA REEF 31 


Quarter ended 
31.3.78 31.12.77 


Sampled — metres 

Channel width — centimetres ...... 

Gold 

Av. value ■ — grams per ton 

— centimetre grams per ton . . 

Uranium 

Av. value — kilograms per ton. 

— centimetre kilograms per tan 


AREA RESULTS: 
UEIA BEEF 


31.3.78 


Quarter ended 


31.12.77 


Sampled — metres ....... 

Channel width — centimetres . 


Cooke 

Cooke 
No. 2 

Cooke 

Cooke 

No. 1 

No. 1 

No. 2 

{shaft 

Shaft 

Shaft 

Shaft 

645 

876 

666 

6S4 

168 

104 

166 

107 

17,1 

16,9 

12,5 

12,8 

2 873 

1758 

2 075 

1370 

0,210 

0,580 

.0,152 

0,470 

35,28 

60,32 

25,33 

50,29 


Gold 

Av. value — grams per ton .... 27,1 16,9 12,5 12,8 

■ — centimetre grams 

per ton ....... 2 873 1 758 2 075 1 370 

Uranium 

Av. value — kilograms per ton - • 0,210 0,580 . 0,152 0,470 

— centimetre kilograms 

per ton 35,28 60,32 25,23 50,29 

Note: 

In addition to the above, development at the Cooke No. 2 shaft on the ES reef gave the 
following results: 

Quarter ended 


Sampled — metres ....... 

Channel width — centimetres 


Gold 

Av. value — grams per ton 

— centimetre grams per ton . . 

Uranium 

Av. value — kilograms per ton 

— centimetre kilograms per ton. 


31.3.78 

31.12.77 

31. 

42 

169 

211 

1,34 

1.36" 

226 

287 

0,140 

0,181 

23,66 

33,19 


The values shown in the a hove tabulations are the actusdresults of sampling development 
work on reef. No allowance has been made for modifications which may be necessary 
when computing ore reserves. 


COOKE SECTION 

Construction work on the new recovery plant has been substantially completed and 
pro-op* rational testing and commissioning have commenced. 

The build-up of stoping operations at Cooke No. 2 shaft is continuing on schedule and a 
further 103 000 tons of broken ore was stockpiled during the quarter. 


KANDFONTEIN SECTION 


Dewa teri np operations have been affected by the abnormally heavy rains and are con- 
sequently slightly behind schedule. The inflow has returned to normal and 21 level has 


Sequently slightly behind schedule. The inflow has returned to normal and 21 level has 
now been exposed. Stop* re-equipping and mining operations are on schedule and a 
further 207 000 tons of broken ore was stockpiled during the quarter. 

The Millsite Uranium Plant treated 22S DOO tons of pulp during the quarter which 
represent* 70 per cent of its designed capacity. Uranium recovery to date has fallen far 
short of expectations, but is improving and every effort is being made to achieve planned 
efficiency. Under the circumstances the plant operated at a loss of BS200Q. 


CAPITAL EXPENDITURE 

Net expenditure on mining assets during the quarter amounted to B15 610 000 bringing 
the total net capital expenditure at 31 et March, 1978 to R240 9S0 000. . 

This total includes expenditure at Cooke Section amounting to £191 575 0001 
At 31st March, 197S there were capital commitments amounting to R14 000 000. 


Bor and on behalf of the board, 
_ •’ B. A. SMITH hen**** 
P. A. VON WIEI.LIGH •»*'**«* 


Elsbiu^ 


Elsborg- Gold alining Company Limited 
Issued Capital; RiJO 203 000 
t Divided into 30 203 000 units of stock of Rt each) 

RESULTS FOR THE QUARTER ENDED 31,3.78 . 

Stockholders are advised to study the operational results published by Western Areas 
Cold Mining Company Limited. 

Quarter ended 
31 3 78 31.12.77 

DIVIDENDS DECLARED (HOOO’s) ............ ' Nil "sS 52 


Western Areas 


Western Areas Gold Mining Company limited 
Issued Capitol: R40 306 950 


(Decided into 40 306 350 unite of stock of R1 each 


OPERATING RESULTS 


Ore milled — tons • 

Gold produced — kilograms . . 

Yield — grams per ton 

Total revenue — per ton milled . 
Working cost — per ton milled . 


Quarter ended 
31.3.78 31.12.77. 


Operating profit —per ton milled 


FINANCIAL RESULTS (ROOO’s) 

Revenue from gold ' 

Working cost 


Working profit ..... 
Sundry revenue . . . . 


Operating profit' . - . . 
Net interest receivable . 


Profit before taxation. 
Taxation. ...... 


Capital expenditure . . 

Loan lew 

Dividend dGcl&rcd • ■ • 


991000 

5648 

5,7 

£27,47 

£24,18 

1013 000 
5S73 
... SR 
£28.42 
£21,02 

£3,29 

£7,40 

£27001 
23 962 

£28 536 
21290 

3 039 
221 

7246 

251 

32B> 

217 

7497 

138 

3 477 

45 

7635 

399 

£3432 

R7236 

£1610 

£6 

£2 683 
S37 
£2 821 


DEVELOPMENT 


Advanced — metres 

Sampled — metres ............ 

Channel width — centimetres ...... 

Average value — grams per ton . . . . . 

— centimetre grams per ton. 


Quarter ended 
31.3.78 31.12.77 

8 914 10 598 

1506 1 596 

165 170 

7,6 7.4 

1254 1258 


SAMPLING RESULTS: INDIVIDUAL REEFS 


Quarter ended 
31.3.78 


Quarter ended 
31.12.77 


Sampled — metres . . 
Width — centimetres . 
Value — grams per ton 
— centimetre j 
grams per 


Total VratarsnEIslmrv Elotonrx 
All dorp Massive Indivh 

Reels Contact Beefs dual 
Beef ;■ . Reefs 

Total 

All 

Reeft 

Venters- JShburc 
dorp Massive 
Contact Httcfi 
Reef 

Rlsbnrv 

Indivi- 

dual 

1506 

99 

537 

S70 

1596 

63 

750 

763 

265 

. 106 

374 

365 

170 

77 

18S 

361 

7,6 

12,8 

6,6 

8,0 

* 7,4 

4.6 

6,9 

8,0 

1254 

1357 

1148 

1 320‘ 

3 258 

354 

3 297 

1 288 


The values shown in the tabulation are the actual results of sampling development work 
on re-of. No allowance has been made foe modifications which may be necessary when 
computing ore reserves. 


DEVELOPMENT TO S.V. 3 SHAFT 


Development is currently taking place in a much drier area and good progress is being 
made. An advance of 326 metres was achieved during the quarter, and progress in. ail 
ends now totals 2 189 metres. 


WORKING COSTS 


The abnormal increase in working costs was mainly due to the highinfluxofBlacklahour. 
increases in capitation fees and deferred pay levies, higher stores costs and increased 
Escom power unit rates and surcharges. 


PRODUCTION 

As a result of fewer workers coming forward from a certain section of underground 
employees, who are entitled to volunteer in terms of the conditions ruling under the 
eleven shift fortnight agreement, production, on the twelfth shift has deteriorated, 
resulting in a lower mill throughput for the quarter. • 

The beneficial effect on underground production of the seasonal influx bf Black labour 
only became apparent during the latter half af the quarter and the remaining surface 
stockpile of broken, ore was depleted. 


EXPLORATION 


Exploratory drilling from underground to ascertain the potential of the Middle Elaburg 
Reefs continued during the quarter with the following results: 


Borehole- Reef 


Channel 

Width 


Average Value _ 
Gold Uranium. 




centimetres 

p/t 

cm.g/t 

fcg/t 

cxaJkg’/t 

52 Level 

UELA 

105 

1.0 

105 

0,15 

15.75 

No. 1 

E9EC 

200 

Trace — 

1,02 

204,00 

55 Level 

UELY 

140 

1.2 

168 

0.23 

32,20 

No. 3 

E9EC 

240 

Trace — 

0.43 

103.21 


Development from the North Shaft towards the area delineated by this exploratory 
drilling continued on 48 and 50 levels and 5S0 metres were advanced during the quarter. 
Progress in all ends now totals 687 metres. 


CAPITAL EXPENDITURE 

Net expenditure on mining assets during the quarter amounted to R1 610 000 with other 
capital expenditure during the quarter amounting to R6 000 bringing the total net 
expenditure on capital account at 31st March, 1978 to R231 JL26 000. At 31st March, 1978 
there were capital commitments amounting to R839 000. 


For and on behalf of the board. 


P. A. VON WIELLIGH 

B. A. SMITH wrecum 


18th April, 1978 


Johannesburg' Consolidated Investment Company, Limited 
Consolidated Building, Pox and Harrison Streets, 
Johannesburg 2001 
P.0. Box 590, Johannesburg 2000 


.] Copies of the above reports ara obtainable from the Loadatt Secretaries: 


Tor and on behalf of tha board,, ;k‘ Brothers Limited. 

A. VON WTEt ^G H n. v- j -fl . j 99 Bisbopsgote, London EC2M3XK 
B. A, bMUB. - 


V x 



mmii 


M iTVTT 


BY KENNETH MARSTQN, MfNfiW* EDITOR 


PI THE continuing- story of thefactor, coupled with lower copper 
•March quarterly reports from the and zineprices, Is reflectetim the 
South African gold, producerv the -reduced net profit. ' ' ' . 

Angto-Vaal group’s Hartebeest has The latest quarterly net profits: 
achieved - a farther increase to after tax, hut before capital e* 
earnings thanks to a uranium peuditure, are compared in the 
profit of R5JSnM£3.27m.> -against following table, 
a small loss in the previous three' . 


months when there - were no , ANGLO-YAAL MordJ Dec 

uranium sales. . mr. . . qtr. <rr. 

This has outweighed a lower • w* 

profit on gold operations which ,Haiteb««tf(Mte!n 
reflected a slightly lower gcdd 7 ^ lc |. urc i 11 ^"'-' nss bsb 

price received of ¥173 per onm* SSg hj™ ™”..:" uso 3 .*b 398 

coupled with lower production and' "Bast Transvaal ... e® 479 aw 
higher costs. - . . ■ ■. ■ : ■ t alter receipt of Sul* aW. * x - 088 - 

The mine also announces that it V IOHNNIE5 ” 
has obtained another long-tertn - - • * March - Doc, Sept 

uranium contract which- carries & row 

loan to the company or RlLSm. WaRmiein usff i*-W5 u.«* 

Last month, Hartebeest reported- w^Jnf Areas ...... 3,*» txx xssa 

that it was to increase the uranium 

plant- capacity over the nett two - 

^ s ^fJ 5 a tons per ' m “° 01 Denison growth 

After having received an' except • 

tionaDy high price of S1S5 per COIHII1I1GS ' ’ T ' 
ounce for its gold in the December V . 

quarter, the marginal Loralne BOOSTED BY higher uranium de- 
mine 'has obtained an average of -liveries. Denison Mines, the second 
SI 79 in the past three months largest producer in Canada, has. 
while production has fallen in hap increased first quarter net profits 
with a reduced labour strength, by more than. 50 per cent. In con- 
Tbe resultant working loss has trast, Cotninco, another. Canadian 
been covered by*State assistance, mining major, more closely tied to ; 

In the Johannesburg Consoll- base metals, has suffered a sharp 
dated group Western Areas has setback. 

suffered from lower production In the first three months of this 
and increased costs while Rand' year. Denison’s net profits' were 
fontein has obtained a. slightly C$8.7m. (£4.0Sm.) compared! with 
lower gold price of 8169 against C$5.7m. in the same period of 
Sin last time. The letter's new 1977, earned on revenue of 
mOlsite uranium- plant operated C$50. 6m_ against C$38J.m. 
at a loss owing to below capacity Apart from uranium, Denison 
working and -below expected ^was helped by higher revenue 
uranium recoveries. But the re- from its developing oil and gas 
covery rate-is improving and every operations, while there were ex- 
effort is being, made to achieve change gains resulting from the 
olanned efficiency, it is stated: 'weakness of the Canadian doHar. 
by £5-Sm. if OCL wins. The effect is to allow Denison to 

Of the base-metal mines, Anglo- consolidate on the 83 per cent, in- 
VaaJ’s antimony-producing .Con- crease in net profits: at Cf27.9m. 
solidated Murchison has clireibed achieved in 19 u. 
out Of the red;' last quarter poor.- On- the oilier band. Cominqo 
ground conditions in the Athens Will have received scant comfort 


groups ® 

announced: 

.quarter pEoEtsThearing^tptedlc- 

tlohs at the annual; meeting that 
. “ at this rate . the company, cannot 
be 'expected to do. Impcb better 
than "break even:”;; '",: • - — - 

Ner earnings' ’were SAl?7m. 
C£1.05m.l for fiie three m&nthfi to 
March • against an ■'* ’'adjusted 
$£9.03m. in the sam& p*iod of 
197?. Ore shipments v?ere' down 
to - 627a: : tonnes Jrosfr V^Tta. 
tonnes. ■' • r ’ v '. '' ■ - 

The company. \a caught ;ta a 
- vicious, squeeze— in’ comm on. with 
other iron producera. Sales 
revenue ' dropped 15.3 per cent, 
from the 1977 first quarter! in* the 
face of reduced., demand from 
Japan and . Europe, .while costs 
have increased patfty- Wansfe of 
' inflation' and . parity because- of 
lower levels of production. j ; 

. Recovery is Clearly, linked to 
.the diminishing prospect- -of an 
international revival, in the steel 
industry.. Mr. RuS; Itodigatt.'lthe 
. chairman, has already noted, the 
worldwide pressure to reduce^ron 
ore prices and has -pointed tb'tha 
reduced requirements of - the 
Japanese steel .miDa v 

-Despite depressing tiewr'mini 
the. eompany-^.cluffitog.'strike8-T- 
the shares - have taken p art in- the 
■price revival of the'. 'Austrahah 
inimnK sector snd yeSterday were 
down 3p at !96p. : C : ' 


mining briefs 


KWTA -- KELIAS ' TIN. DREDCTSC— 
March qntpat tonnes CFeb-.Si ttmnesU 

aEOttOLYTIC ZINC— 

Prpduetlko Statement 

Four weeks fended 


AtnH S. March ft 
. 1878 . ' 1B7B ’ 
tFlas. to tonnes) 


Rlsdan Wwlcs- [ — ' 

zittc -hjol ..n^i 

West Coast Mtaefrr- 

ora milled - 4&SH 5540 

Lead enn central e • .— i.- • • U3H - -4J01 
Ztnc cflocentrato &B3S 

Capper coacentraie . S 1 * 7 *.- r.?- 2 ® 

' ‘ EAST ' RAND •CONSOt-tDATED— 
before • tax for -19T7 .1283.000 . X£3S8^00>. 
Tax £Uh,00O. (£1S0,«NU,. -. Profit after., tax 

MM nnn IHK.IIIVH 


4 B.S 2 S 5340 

uii - \un 

i teas jj.9ss 

tsri .= r 3«& 






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OIL IND GAS NEWS 


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MONEY MARKET 



Large assistance 


Bank of England Minim um . stoSk arid a. rise in the hots rir- 

91 * < culation. These more - than out 

Lending Hate 7i per cent -ig^ghed the number . of Treasury 

(since April 11,-1978) bills' maturing outside official 

Day to day credit was in short hands. . - ' '_ ' . ‘ 

supply in the London money mar- Conditions in the market . re- 
ket yesterday, and the aurthoriftes Tnatoed. nervous anti, busin era was 
gave help by buying a large ftt a generally low level, with ms- 
affiount of Treasury bills, all direct count., houses buying 5 ?tes for 


cent for secured call Joans at ^ 
start 'but rates'- soon • fell- to cm 
-at 2^3 per cent In the Jntertaa 
maritet overnight, loans • at": 
per cent and eased to 53-6 
cent at jwjoil While. steadsfcffS 

a rime at ,5-5i. pear cent. ratosJ® 

away "to’ 1-2 per cent before era, 
ing- around 3 per- cent 


ity bills. Total assistance was laree .-Tfc indicating a rise in MLR under end. of the market reft 
and appeared to be overdone. The the market related formula,' if ^re- . uncertainty sarroundiu 
market was faced with run down peated at Friday’s biU_ tender. Rates ; in the. table 1 
bank balances, sales of gilt-edged . Discount houses paid Mi . per .nomtnal ln some cases. 










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Fuiantial Times Wednesday April 19 .1978 



LEEDS & HOLBECK 

BUILDING 
SOCIETY 

. At the Annual General Meeting 
o/ tfce Society held, on 18th April, 
1S78 the President, - Sir Frank. 
Marshall, M./L, LLJ3-, maced the 
adoption of the -account* for the 
year ended 31st December* 1977 and 
the following are extracts from, his 
speech: 

We commenced the year with a paid-up share interest rate 
of 7J8% and a mortgage rate of 12.25%, perhaps the highest 
on record. Investment funds were not readily available during 
the early., months of 4he -year and yet the. position changed 
dramatically following a redaction in Minimum Lending Rate 
In the- month of May and foods commenced to flow back into 
building societies at a high rate which continued almost 
without abatement until the end of the year. The progressive 
reduction in Minimum Lending Rate throughout most of the 
year was a contributory factor in reducing the competition 
for funds with which we have been faced for so many 
years. 

ASSETS - , 

It is a great pleasure after so many years of famine to be 
able to report a year of comparative plenty, during which the 
Society’s assets Increased by almost £28,750,000 or 20.53%, to 
a total of £168,711,000 

Progress in terms of increased assets is. however, in itself 
nothing of great distinction but to achieve a commensurate 
level of surplus is another matter and we feel that the Society’s 
results- in this respect bear scrutiny. Consequently we were 
able to transfer a net surplus of £1,042,752 to the ‘General 
Reserve Fund which now stands at £5,961,869 or 3.53% of 
assets.... 

ADVANCES 

. .. -During the year advances to borrowers totalled over 
-£31,500,000,. an increase of some £4,000,000 over the previous 
year and -it is worthy of note that at the end of the year there 
: were: only sixteen cases in which mortgagors were upwards of 
twelve months in arrears with their payments to the 
Society.... 

If tflujs has been, as I hope you will agree,, a. relatively 
successful year it would be wise to guard against complacency. 
Building' societies, and indeed the country as a whole, continue 
to be faced with many great problems. ... 

HOUSE PRICES 

It is a matter of great concern that only last month the 
Government took the considered view that there must-be some 
reduction in the volume of building society funds available 
for house purchase in order -to avoid a substantial -escalation 
of bouse prices. This view cannot be ignored, although we 
must say that as a Movement we are equally concerned about 
the effects of reducing house purchase loans. So much remains 
to be done in the field of housing and Ibis cut back can only 
-delay the solving of some of the more pressing problems. This 
message must be put over, loud and clear, that honse prices 
. escalate because there are too many people requiring too few 
bouses, not enough houses are being built and one can ‘under- 
stand- the reluctance of builders to improve their record in 
this respect unless they can be assured of a reasonable- level 
pf profit . • - 

URBAN RENEWAL 

Housing costs in labour and materials continue,; to rise 
and there are experts who Suggest that the escalating cost of 
land is due in no small part to the Government's own restric- 
tive legislation. The need . for urban renewal becomes, more 
and more a matter of urgency and local authorities must be 
pressed to co-operate with builders in releasing a substantial 
part of the thousands of acres which within inner dty areas 
lie waste after the conclusion of clearance schemes, some 
many years ago. A senous reduction -in the- volume of finance 
available for house purchase can only,' in the long term, 
worsen a long standing problem and one can only hope that 
these restrictions wfll-be of short duration. . ... . . . . \ 

finally, ladies and gentlemen, i l wish te express -the 
appreciation of all members of the Board to the management 
aod staff of . the Society both at Head Office and branches for 
their bard work, efficiency arid not least of all their loyalty 
during a veiy busy year. Your Directors are conscious also of- 
the - part played iu th£ Society’s success by all its members, by-, 
all our professional -colleagues and by all the Society’s friends 
wherever they may be. To all these we are most profoundly 
grateful. ‘ -y 

-. .v 


Blagden & Noakes 

(Holdings) Limited 


1976 
£‘000 
37,272 
3,781 

6 . 028 p 

27.1 p 
statement 


197? 

£'060 Increase 
43,835 + 17.7% 
4358 + 18.4% 
12.0p + 99% 
‘29.4p + 8.5% 
by the Chairman , 


• Record Results 
Turnover 

Profit before taxation 
Dividends 
Earnings per share 

• Extracts from the __ 

Mr. J. K. Noakes , for the period to January 1 , 1978. 
- # W. W- Bail &.Sons acquired for growth and expan- 
sion in fielfrof plastics moulding. 

0 WHlamot Industrial Mouldings achieved a very 
substantial increase in profits and the erection of an 
additional 35,000 sq. ft. factory and warehouse will 
commence shortly. 

'9 The new drum manufacturing line at Bristol is ful- 
filling our highest expectations and further improve- 
ments, when complete should make the plant stand 
comparison with any in the world. 

Our reconditioning plqnt in Belgium continues to 
prosper. • - 

9 Martindale Protection increased turnover and profits 
and is now launching three new products which in 
.time should add considerable impetus to profitability. 

9 PROSPECTS 

Capital expenditure budget exceeds £3M, the largest 
in our history and we are confident of making marked 
progress in Plastics Moulding and Protective Equip- 
ment. .We anticipate an improvement in the profits of 
the Chemical Division. 


PETER BROTHERHOOD 
. LIMITED 

; , -r - ESTIMATE OF RESULTS'. . . 

Subject to audit, the Directors of Peter Brotherhood Ltd. 
expect the' results for the year ended 31st March, 1978 to be: — 


Turnover : - 

Trading profit- — .1 .... 

Interest payable - 

Profit before tax ....... 

Corporation tax (charge provision' 
ally estimated at 52% 

Profit after tax '- - - 

r Amount written off on sale of 
. investment - 

Profit after tax and extraordinary 

. item - 


Year ended. 
31st March. 
1978 

• (Subject 
to audit) 
£000 
10.700 

850 

120 

Year 
ended 
31st March 
1077 
£000 
13.555 

: L616 
228 , 

730 

1.3S8 

380 

477 

350 

911 

NIL 

1S2 

350 

729 


An Interim Dividend for the year ended 31st March, 1978 
of 1815 pence per share is now declared on the ordinary 
Shares, payable on 23rd May, 1978 to shareholders registered 
on 2nd May, 1978- This dividend, together with the related 
tax credit, is equivalent to a gross payment of 2.75 pence per 

share (1977—2,5 pence). J . 

If the forecast profit of £730,000 is attained or exceeded, 
it is the Directors’ present intention, subject to unforeseen 
circumstances/to recommend a final dividend of +5375 pence 
oer share which, with the related tax credit, is equivalent to a 

cross .payment of 6-875 pence per share (1977—8.25 pence). 

* Excluding tax, the cost of the above dividends is £57,1 <3 
and £142;B31 respectively. . „ 


J 


Vantona 

Group 

Limited 


Margins maintained in difficult 
year. 

Exports up by 33%. 

Healthy balance sheet. 

EARNINGS PER SHARE 
UP BY 8%. 


APPOINTMENTS 


P & O group executive changes 


YEAR ENDED 

2nd DECEMBER 

1977 1976 
£ Millions 

1975 

Turnover 

78.8 

75.5 

55.0 

Pre-Tax Profit 
Extraordinary Profit 

6.7 

6.4 

4.2 

(Net) 

Available for Ordinary 


1.3 

1 - - 

Shareholders 3.4 

Earnings per share 
(before Extraordinary 

4.5 

1.9 

Profit) 

22.1 p 

20.4p 

14.1p 

Dividend per share 

5.1 p 

4.6p 

4.2p 

Net Assets per share 

124.3p 107.4p 

82. 6p 


Product Brand Names 

Bevis, Chortex, Diana Cowpe, Epatra, 
Everwear, Ewart Liddell, Horrockses, 
Spirelfa, Vantona and Wardle 

Copies of Chairman's Statement 
and Accounts are available from: 

Bank House, Charlotte Street Manchester Ml 4ET 


The PENINSULAR & ORIENTAL 
STEAM NAVIGATION COMPANY 
has made the following senior 
changes on the Boards of group 
companies with effect from May 1. 

Mr. Alec K. Black will be 
managing director of P&O Strath 
Services, taking over from Mr. 
Alan Hatchett, who remains 
chairman of that company. Mr. 
Black has been acting head oF 
P&O Bulk Shipping and before 
that was in charge of P&O General 
General Holdings Division. 

Mr. Store Si. Carter fs to 
become managing director of P&O 
Bulk Shipping in place of Mr. 
Derek Hall, who continues as 
chairman of that concern. Mr. 
Carter was director, Oil and Bulk 
Trade, for P&O Bulk Shipping and 
will remain as executive director 
of Associated Bulk Carriers. 

* 

Mr. John Montgomery, a director 
of LLOYDS BANK, who is retiring 
as its chief general manager on 
April 30, has been appointed a 
vice-chairman of the bank from 
November 1. 

* * 

Mr. John Levy has resigned 
from the Board of MARKS AND 
SPENCER and will be leaving at 
the end of April. Mr. Levy joined 
the company in 1M9 and has been 
a director for the past 11 years. 

it 

Mr. T. W. Wright has become 
financial director of ATALANTA 
ENGINEERING. General managers 
appointed by the company are 
Sir. S. Bryson (packing), Mr. 
H. BL V. Chapman (pump). Mr. 
J. E. Harrison (buying) and Mr. 
SI. H.' Newman (generator). Mr. 
W. A. H. Bolt has been made 
manager (parts, service and in- 
spection). 

* 

Mr. WYl/Iam Fulton has been 
appointed managing director of 
SONY (UK.) in succession to 
Mr. HJro Okochi, who remains a 
director of that company and 
becomes chairman of the Sony 
Group in Europe. 

Mr. R. J- Leonard and Mr. T. M. 
Rogers have been admitted as 
partners of DIXON WILSON AND 
CO. 

★ 

Mr. John M. iVTseman is to 
take over the chairmanship of 
M. WISEMAN AND CO. 6n April 
21 in place of Mr. Frank Wise- 
man, who retires from the Board 
of that company but will remain 


a director of the parent concern, 
UKO International and will be 
a consultant to its ophthalmic 
group. 

★ 

Mr. A. G. Waller has been ap- 
pointed to the Board of ALVIN 
MORRIS, a member of the Hick- 
son and Welch (Holdings) group. 
* 

Mr. Robert D. L Lyle has been 
appointed to the Board of 
BRITISH INDUSTRIES AND 
GENERAL INVESTMENT TRUST, 
a company managed by Drayton 
Montagu Portfolio Management. 

★ 

Mr. Graham. Read has been 
appointed a director of BRITISH 
MARKET RESEARCH BUREAU. 

Mr. Bernard F. Combemalc bas 
been appointed managing director 
of SOC2ETE DES BAINS DE MER, 
the company controlling the 
Monte Carlo casino. Mr. Combe- 
male, who was born in Paris, bas 
spent most of his working life in 
French and U.S. banking and 
finance. - - 

* 

Mr. David Hawtin bas been 
appointed secretary of the 
BRITISH TOY AND HOBBY 
MANUFACTURERS ASSOCIA- 
TION, replacing Mr. Gordon 
Goude, who continues as director 
general 

* 

Hr. Con Dooley has been 
appointed chairman of WATER- 
FORD WUIDART. Mr. Roy Garner 
has become vice-chairman, Mr. 
Peter Wuidart, managing director, 
and Mrs. Zona WnUtart, a director. 
The changes follow the death of 
Mr. J. A. P.. Wold art, who was 
chairman and managing director. 

★ 

Mr. Ron Best, advertisement 
director of Agricultural Press, has 
joined the Board of BRITISH 
FARMER AND STOCKBREEDER 
PUBLICATIONS and takes charge 
of adverftisement sales for that 
company as an additional responsi- 
bility. 

★ 

Mr. J. D. Landells has become 
commercial director and Air. F. B. 
Hughes, director, sales and 
marketing, on the Board of 
WALKER MANAGEMENT 
SERVICES. 

★ 

Mr. H. L. Digby and HajUGen. 
R. L. T. Burges are retiring from 
GRIEVESON GRANT AND COM- 


PANY, stockbrokers, os May 1, 
and Mr. D. A- Clark, Mr. R. L. G- 
Lake, Mr. J. W. F. Newman, Mr. 
R. F. A. Balfour and Mr. J. Duckett 
are being taken Into partnership 
on that date. 

* 

Mr. Hans-Heuniug Erdmann, 
senior vice-president of WTJERT- 
TEMBERGISCHE XOMMUNALE 
LANDESBANK GIROZENTRALE, 
who is in charge of international 
loans, has been appointed repre- 
sentative of the bank's new 
London office. 

★ 

Two directors or FIBREGLASS 
have been appointed to newly- 
created posts, Air. J. F. Currie as 
general manager, insulation divi- 
sion and Mr. FL J. Gair as general 
manager, reinforcements- division. 

* 

Hr. F. J. Giate bas. been 
aoDointed to the Board of ABER- 
DEEN SERVICE COMPANY 
(NORTH SEA) as a non-executive 
director and consultant, following 
his retirement from Shell UK. 
Exploration and Production. 

* 

Mr. A- P. Propper. managing 
director of PACOL has become 
chairman and chief executive. 
Mr. F. W. Cromwell has 
relinquished the chairmanship but 
remains a director until June 30, 
when he wfii retire. The company 
is a member of the GUI and Duffus 
Group of which Mr. Propper is a 
director. 

★ 

Hr. Roy s. Payne has joined 
ALEXANDER AND ALEXANDER 
in- the newly-created post of inter- 
national employee benefits co- 
ordinator, Europe, at its London 
office. 

★ 

Mr. K. A. Smith has been 
admitted . into partnership with 
WOOD MACKENZIE AND CO-, 
stockbrokers. 

* 

GENERAL FOODS has appointed 
Mr. Douglas Lacy as financial 
director of GF France and GF 
Italy. Mr. Andrew Clarkson has 
become financial director of 
General Foods and Mr. Haydn 
Jones will be personnel director 
of that company from May 1. 

*■ 

Mr. J. A. Creagh has been 
appointed to the Board of 
ULSTER TELEVISION as assistant 
managing director and continues 
as head of Press, presentation 


and publicity. Mr. J. B. Waddell 
also joins the Board and becomes 
controller of local programmes in 
charge of production. Mr. K. 
Hamilton has been made Northern 

Ireland sales manager, Mr. D. 
Smyth, appointed financial con- 
troller and remains secretary and 
chief accountant, and Mr. E. Smith 
is now information officer. .1 
* 

Mr. David Long has been 
appointed commercial director of 
SYNTHETIC RESINS in place of 
Mr. Richard LapUioroe. who has 
moved to Paris as commercial 
director of Sheby S.A. 

* 

Mr. Roger F. Azar of Banque 
Arabe et Internationale dTnvestb- 
sement has been appointed to the 
Boards of HILL SAMUEL AND 
CO. and Hill Samuel Broking and 
Consulting Services. 

* 

Mr. Ian H. Karten has been 
appointed chairman of MULTI- 
TONE ELECTRIC COMPANY in 
place of Mr. Alexander Poliakoff, 
who has become president Mr. 
John M. Spiers takes over from 
Mr. Karten as managing director. 
★ 

Mr. Tony Nicholson, formerly 
financial controller of the Heath- 
row Hotel, has joined the Board 
of BOC DATASOLVE as financial 
director. 

HOME CONTRACTS 

MARCONI Communication 

Systems has won an order, worth 
nearly £250,000, for 100 data 
modems for the Post Office. Deli- 
very starts next month. Data 
modems are used by the PO for 
a range of data transmission and 
computer information transfer 
services via telephone circuits. 

★ 

The engineering services division 
of H. S. MARSH has won two 
contracts totalling more than 
£155,000. For Champlain Power 
Products A_G. of Zug (Switzer- 
land). Marsh will manufacture 
and erect part of Esso's new 
Climate Chamber at Abingdon, 
including a steel floor, air duct 
and vehicle exhaust system for 
the new facility. For the British 
Science Research Council's 
Rutherford Laboratory at Chilton, 
Marsh will fabricate steel cases 
for shielding blocks to be used in 
a long-term high energy particle 
physics experiment 



GROUP 


Mining companies' reports — Quarter ended 31 March 1973 


All companies mentioned are incorporated in the Republic of South Africa. 

All financial figures for the quarter and progressive figures for the current year 
to date are unaudited. 

Rate of exchange on 31 March1978R1 = £0,61, £1 =» Ri.63. 

Development results given are the actual sampling results. No allowance has been 
made for adjustments necessary in the valuation of the corresponding ore reserves. 
Shareholders requiring copies of these reports regularly each quarter, should write 
to the Secretaries, Anglo-Transvaal Trustees Limited, 295 Regent Street London. 
W1R8ST. 



Prieska Copper Mines 
(Proprietary) Ltd. 

Issued capital 54 000 000 shams of 50 cants each 


O pa rating results 

Ore milled . . . . 


.Concentrates produced 

Copper 

Zinc 


Concentrates despatched 

Copper . . 

Zinc 


Financial results 
Operating profit . . 
Non-mining income 


Interest paid and other expanses 
Net profit 


Loan repayments 
Capital expenditure , 


Quarter 
ended - 
31 March 
1978 
761 000 


34 921 
34 728 


27 991 
29 920 

ROOT 
2 065 
204 

2 269 
489 

1 780 

47 

632 

729 


Development 

Advanced . . . nt 


6 481 


Quarter 
ended 
31 Dec. 

1977 
760 000 


34 803 
38 796 


45 071 
31 989 

ROOT 
3 320 
212 

3.632 

593 

2 S39 

.1 343 
■ 718 

2 061 


7008 


9 months 
ended 
31 March 
1978 
2 304 000 


99 149 
10B 381 


94 506 
90 554 

• ROOT 
5 568 
572 


6 140 
1 784 


4 356 


1 437 

2 204 


3 641 


19 920 


Finances 

Despatches, which very from quarter to quarter, are brought to account at their 
estimated receivable value. Operating profit takes into account adjustments following 
final price determinations on despatches made dunng previous quarters. 

The Company has exercised the right, referred to in die previous quarterly report, to 
convert the loan instalments amounting to R1 464 261 due to United States Steel 
Overseas Capital Corporation and Anglo- Transvaal Consolidated Investment Company, 
Limited (“Angtovaar) on 31 December 1977 into 6 per cant notes repayable 1983/ 
1987. As a result, additional long-term finance amounting to R1 538 547 nas been 
advanced to the Company by AngSovaal and Middle Witwateisrand (Western. Areas) 
Umiled against the issue of similar notes. 

Taxation 

No taxation was payable as the Company has an assessed toss. 

Capital expenditure 

Outstanding commitments at 31 March 1978 are estimated at R 342 000 (31 December 
1977: R704 000). 


Eastern Transvaal 
Consolidated Mines, Ltd. 

Issued capital 4 31 6 678 shares of 50 cams each 
Planned operations for year ending 30 June 1978 

Ore mitted : 336 000 t 
Yield : 8.4 g/r 


Operating results 
Gold 
Ore mined 
Gold recovered 
Yield . . 

Revenue . 

Costs . . 

Profit . . 

Revenue „ 

Costs ... 

Profit . . 


. ... t 
. . . .kg 
. . - g/i 
.R/t milled 
. R/t mined 
.R/t milled 
. . ROOT 
. . ROOT 
. . ROOT 


Financial results 
Working profit — gold mining . 
Net non-mining income including 
forestry 


Prospecting . . - 

Profit before taxation 
Taxation 


Profit after taxation 

Capital expenditure 
Dividend 


State loan levy. 


Quarter 

Quarter 

9 months 

ended 

ended 

ended 

31 March 

31 Dec. 

31 March 

1978 

1977 

1978 

84 700 

83 500 

254 700 

61&12 

538.72 

1606.12 

6.1 

6* 

6,3 

31,00 

30.06 

28,55 

17,79 

17.70 

17,46 

13.21 

12.36 

11.09 

2 626 

2 510 

7 271 

1 507 

1 478 

- . 4446 

1 118 

1 032 

2 825 

ROM 

ROOT 

ROOT 

1 119 

1 032 

2 825 

80 

- 63 

179 

1 199 

1 0S5 

3004 

37 

47 

124 

1 162 

1 048 

2 860 

559 

569 

1 402 

603 

479 

1 478 

132 

101 

322 

— 

432 

432 

132 

_ 533 

7S * 

82 

74 

197 

1 260 

1 401 

4 026 

818 

766 

2452 

169 

162 

171 

8.1 

12.1 

188 

1 549 

1 978 

3205 


Development 

Advanced . m 

Sampling results : 

Sampled m 

Channel width ....... cm 

Channel value 9'** 

cm.g/i 

State assistance 

The Company remains classified as flfl '’assisted mine'' in twins of the Gold Mines 
Assistance Act,. 1368. 

Dividend 

Interim dividend No. 55 of 1 0 cents per share, declared in December 1877, was paid 
m February 1978. 

Capital expenditure 

Capital expenditure for the year ending 30 June 1978 Is estimated at R650 000. 
Outstanding. ccmmnmsrus & 31 March 1978 are estimated « R1 04 000 131 December 
1977; R30 000). 


Harteheestfohtein 
Gold Mining Co. Ltd. 

Issued capital 1 1 200 000 shares of R1 each 
Planned operations for year ending 30 June 7973 
Ore milled: 2 900 0001 
Yield : 11.0 g/t 


Operating results 
Bold 

Ora milled t 

Gold recovered kg 

Yield g/l 

Revenue R/t milled 

Costs R/t milled 

Profit R/r milled 

Revenue ROOT 

Cosu ROOT 

Profit ROW 

Uranium oxide 

Pulp treated . . ’ t 

Oxide produced Lg 

Yield kg/r 

Financial results 

Working profit — gold mining . . . 
Profit from sales of uranium oxide and 

pynte 

Non-mining income ....... 

Interest nard. .......... 

Profit before taxation and State's share 

of pram 

Taxation and State's share of profit . 

Profit after taxation end State's shore of 
profit 

Capital expenditure ........ 

Loan repayments ........ 

Dividend 


State loan levy. 

Development 

Advanced ■ ■ ........m 

Sampling results on Veal reel: 

SamakxJ • m 

Channel width ....... cm 

Channel value — gold g/l 

cm.g/t 

— uranium oxide . kg/t 
..... .cmJqj/t 

Dividend 

Interim dividend No. 44 of 76 cents per share, decterBd in December 1977 was paid 
in February 1978. 

Capital expenditure 

Capital expenditure for the year ending 30 June 1978 is estimated at RIB DOT 000. 
OutstandinpcommitniBmsaT31 March 197B are estimated «R5 579 000 (31 December 
1977: R7 515 000). 

Uranium sales 

The Company has concluded a long-term contract far the supply of uranium oxide, 
including a toon to the Company of R11.6 million. 

Taxation 

The provision for taxation and State's share of profit takas into account the reduction In 
surcharges announced gi the Budget on 29 March 1978. This reduction amounts to 
R434 000 for the nine months ended 31 March 1978- 


Quarter 

Quarter 

9 months 

ended 

ended 

ended 

31 March 

31 Dec. 

31 March 

197B 

1877 

1978 

678 000 

741 000 

2195 000 

7 729.83 

8225^23 

2449049 

11,4 

11,1 

11,2 

55.12 

54,64 

61.43 

34,87 

3096 

31,28 

20.25 

23,68 

20.15 

37 370 

40 487 

112 804 

23 639 

22 944 

68 655 

13 731 

17 543 

44 239 

693 000 

741 000 

2210000 

85 125 

99 520 

275 085 

0.12 

0.13 

0,12 

ROOT 

ROOT 

ROOT 

13 731 

17 543 

44 239 

5 249 

(163) 

7404 

1 007 

363 

2127 

19987 

17 743 

53 770 

126 

52 

193 

19 861 

17 891 

53 577 

8 065 

8 288 

24 341 

11 796 

9 403 

29 236 

4 070 

3535 

10067 

70 

69- 

206 

— 

8400 

8400 

4140 

12 004 

18 673 

1 485 

865 

3184 

10 258 

11 529 

33 271 

1 946 

2106 

5932 

44 

51 

49 

40,6 

31,5 

34.9 

1 772 

1 614 

1 702 

0.60 

047 

0.54 

2633 

24,16 

2030 


Consolidated Murchison Ltd. 

Issued capital 4 1 60 000 shares of 10 cents each 



Quarter 

ended 

0 

1! 

Financial 

year 

ended 

Operating results 

31 March 
1978 

31 Dec. 
1977 

31 Dec. 
1977 


145 300 

170 600 

671 900 

Antimony concentrates plus Cobbed ore 
produced t 

3 487 

4 420 

19 826 

Annmony concentrates plus cobbed ore 
sold ... ....... t 

3 776 

2 956 

16343 

Financial results 

ROOT 

ROOT 

ROOT 

Sales of antimony concentrates less 
realisation charges 

3 349 

2 544 

16 725 

Gotd end viver sale* 

139 

273 

612 

Sundry mining income ...... 

14 

23 

67 

- • 

3 501 

2840 

17 304 

Working costs .......... 

3250 

3.418 

14 2S6 


251 

(578) 

3008 

Interest received 

70 

38 

280 

Finance charges scheme rebate end 
sundry non-mining income ..... 

— 

— 

455 


321 

(540) 

3743 

Prospecting. Investigations and sundries 

8 

10 

161 

Profit before taxation 

313 

(650) 

3 592 


69 

(395) 

347 


254 

(156) 

3 245 


142 

224 

2003 


— 

416 

1 248 


142 

640 

3 251 


B 

(55) 

48 


Consolidated Murchison Ltd. — continued 

Financial 

The revenue from the sate of antimony concentrates brought into account each quarter 
Is based on actual shipments made, which can vary considerably from quarter to quarter. 

Operations 

Poor ground conditions on 23 Level Athens Shaft adversely affected ■doping in this 
area. This resulted in a decrease in both tonnage milled and head grade and therefore 
concentrates produced, ft e expected that normal production from this area will be 
resumed in the second quarter. 

Dividend 

Final dividend No. 86 of 10 cents p*r share, amounting to R416 000. for die year ended 
31 December 1977 was declared In Decamber 1977 and pad In February 1978. 

Capital expenditure 

Capital expenditure for the year ending 31 December 1978 Is estimated at R1 000000. 
Outstanding commitments at 31 Match 1978 are estimated at R3 000 (31 December 
1977: R75 000). 


Loraine Gold Mines, Ltd. 

Issued capital 1 6 36B 886 abates of R1 each 

Planned operations for year ending 30 September 1978 

Ora milled: 1 300 000 1 

Yield ; 8,0 g/t (previously 6.5 g/i) 


Operating rasuhte 
Gold 

Ora milled .......... t 

Gold recovered ....... .Vq 

Yield g/t 

Revenue R/t mined 

Costs R/t milled 

Loss R/t milled 

Revenue ......... ROOT 

Coste ROTO 

Loss ROTO 

Financial result* 

Working loss— .gold mining .... 
State assistance 

Profit from sales of uranium oxide and 

pyrt» 

Non-mining Income 


Profit 


Capital expenditure , 

Development 
Advanced . . . , 


m 


Sampling results: 

“B“ reef 

Sampled 

Channel width ....... cm 

Chennai value ........ g/t 

- - em.g/i 

Basal reef 

Sampled 

Channel width cm 

Channel value cut 

• - ern-g/t 

Elsburg reefs 

Sampled 

Channel width cm 

Channel value . g/t 

....... em.g/i 

Total — all reefs 

Sampled m 

Channel width ....... cm 

Channel value ........ g/t 

cnLg/t 


Taxation 

No taxation or State's share of profit was payable es the Company has assessed losses. 
Capital expenditure 

Met capital expenditure for tha year ending 30 September 1 978 ie estimated at RBOO 000 
(31 December 1977: R1 100 000). 

Outstanding cwrantmenta at 31 March 1978 are estimated at R299 000 (31 December 
1977:R60 000). 


Quarter 

Quarter 

6 months 

ended 

ended 

ended 

31 March 

31 Dec. 

31 March 

1378 

1977 

1978 

309 000 

319000 

628 000 

1 804.70 

1 841,42 

3 746.12 

5.8 

6.1 

6.0 

29.18 

31,45 

30,33 

33.75 

31.12 

to 

fj 

■te 

ro 

4,57 

(0.33) 

2.09 

9 016 

10 034 

19 050 

10 4SO 

9 928 

20 358 

1 414 

(106) 

1 308 

ROOT 

ROOT 

ROOT 

1 414 

(106) 

1 308 

1 520 

689 

£209 

166 

47 

203 

177 

98 

275 

439 

940 

1 379 

195 

(139) 

56 

3 336 

3 819 

7 IBS 

170 

134 

304 

35 

62 

47 

20.1 

24.4 

22.6 

694 

1 509 

1 053 

252 

328 

530 

13 

10 

11 

42.6 

79.1 

80.9 

537 

783 

676 

190 

290 

470 

130 

103 

113 

11.2 

13.6 

12.6 

1 457 

1 405 

1 425 

602 

762 

1 354 

54 

55 

54 

15.9 

20.9 ' 

18.7 

857 

1 152 

1 021 


These reports hero bent approved by the directors of the respective companies and in 
each cass have been signed on iheirbidteif by (wool the directors. 

IS April 1978 





28 


INTERNATIONAL FINANCLAL AND COMPANY NEWS 


Financial Times Wednesday. Apidi .05:1375 


NORTH AMERICAN NEWS 


Citicorp and Chase show 
moving ahead 


profits 


*Y STEWART FLEMING 


NEW YORK, April 18. 


vjw YORK'S two largest inter* particularly striking with interest expenses in New York in con- 
natranaJ banks, Citicorp and revenue rising by S35Sm. to nection with the development of 
Chase Manhattan to-day reported $1.5bn. in the first quarter. Net its consumer business. It has 
strobe earnings gains in the first interest revenue, after paying been spending heavily on auto- 
quarter of 1978. Their results interest to depositors and other mated equipment for servicing 
confirm the nationwide accelera- borrowed funds, rose S653m. retail customers at its branches, 
tlorr in the profits of commercial Citicorp also reported a sub- At Chase Manhattan the iu- 
banks in the first quarter. staniial gain in other operating crease in first quarter profits is 

According to M. A. Shapiro, revenues, particularly foreign even more striking with net in- 
the banking analysts, the first 100 exchange income where the bank come before securities transac- 
znajor U.S- banking companies reported a Si 5.6m. increase, and tions rising 50 per cent to 541m. 
to report their results for this trading account profits and com- (SL2Q a share) from S27.4m. 
period recorded a 24.4 per cent missions where the bank reported {S5 cents a share) in the first 
rise' in earnings, well ahead of a S9.5m. turnaround. quarter of 1877. 

last year's 13 9 per cent, increase. The net result of these trends Chase said that the factors 
and the biggest quarterly gain was that Citicorp's net income affecting its quarterly earnings 
since the final three months of before securities gains rose 15 improvement were higher net In- 
1976 when the first 100 hanks’ per cent, to S 106.3m. (S6 cents a terest income — which rose from 
earnings rose by 28 per cent share) compared with '392m. (74 S250m. to S300ra. — a decline of 
Whereas earnings improve- cenis a share) in the first 821.6m. in loan loss provisions, 
ments in the latter part oF 1976 quarter of 1977. and a rise of $9m. in other oper 

and early 1977 to a considerable f improved first-quarter ating income including fees, corn- 
extent stemmed from reductions resu jj s come after a disappoint- missions and foreign exchange 

ing fourth quarter of 1977 when trading income, 
earnings fell 17 per cent, against Commenting on the overall 
the trend of results from other trends Chase pointed out that so 
major banks. far 35 its domestic business was 

, . concerned interest income was 

bJk' S b ”in S S St 2noSs " es5entiaily flat " im ^ in S «“t 

in Australia and increased 


Securities 

slide 

hits Merrill 
Lynch 



World Airlines 


cats into opening deficit 


BY OUR OWN CORRESPONDENT 


NEW'YOKK, April IS. 


By John Wyl« 


in -provisions for possible loan 
losses as the general economic 
climate improved, there are clear 
signs in the reports now being 
issued of strong growth in 
interest income From the banks' 
lending operations. 

The figures from Citicorp are 


NEW YORK, April 18. 
THE PROFITS slide which hit 
the U-S. Securities industry 
last year showed no sign of 
levelling off in the first 
quarter judging by earnings 
figures published to-day by 
Merrill Lynch and Company, 
the country’s largest brok- 
erage firm. 


Republic Steel recovery 


REPUBLIC STEEL Corporation, 
whose earnings slipped 3S per 
cerit. in 1977, from S65.9m.. or 
S4.0.7 a share to S41m.. or 82.54 
a share, has made a better start 


CLEVELAND, April 18. 
den Mr. W. De Clancey stated. 

Tbe corporation's order intake 
indicates steel shipments will 
continue at a substantia) level 
throughout the second quarter. 


this year, despite the dock strike company 

and severe weather. First high rate of steel imports which 
quarter net earnings totalled j,it a record 22m. tons in Febru- 
S9.Sm., or 60 cents a share, com- aty if such penetration con- 
pared with a loss of 56.1m., or tinues, it will wipe out the 
38?enls a share last year. benefits to VS, steelmakers of 

Shipments in the first quarter any improvements in domestic 
amounted to 1.841,000 toDs, com- markets. Mr. De Clancey said. 


the gains reported stemmed 
from its overseas operations. It 
said that the increasing volume 
of domestic loans was offset by 
narrower interest rate spreads, 
a remark which tends to confirm 
analysts' contentions that Chase 
has been aggressively pricing its 
leading be low prime rate. 

The growing importance of its 
foreign business was indicated 
by a breakdown the bank pro- 
vided of its loan and loan- 
related business which showed 
that domestic offices bad out- 


the president added. But the 

was disturbed by the standings of 814.4bn. on average 
*“ ---■ , . g ur j n g t j, e fi rst quarter com- 


pared with 1,532,000 tons a year 
earlier, but the Ill-day coal 
strike and heavy snows severely 
penalised the company's opera- 
tions and prevented further im- 
pzpyements in earnings, prosi- 


The company cannot make a 
definitive judgment on the 
Government's trigger pricing 
mechanism until mid-year, after 
it is fully effective, he concluded. 
Reuter 


pared with S142bn. in the first 
quarter of 1977. 

In comparison the bank's over- 
seas offices had increased then- 
loans outstanding from $14.1bn. 
in the first quarter of 1977 to 
SlS.lbn. in the first quarter of 
1978. 


Merrill's earnings dropped 
97 per cent, on the same 
period a year ago when earn- 
ings were more than 80 per 
cent, down on the year before. 
This extreme financial pres- 
sure is the background to the 
series of mergers on Wall 
Street which was capped last 
Friday by Merrill Lynch’s pur- 
chase of the 83-year-old 
securities house. White Weld. 


j TRANS World Airlines, which international traffic rose by 13.4 Canteen Corporation suffered a 
traditionally reports a loss in the Per cent, in the first three '-slight drop in earnings from 
first quarter, to-day revealed that months of this year and if TWA’s .$£5m, to* j&Un. on -an 83 per 
in the opening period of this year results are a reliable -indicator, canilncreas& in revenues a 
I its deficit had been slashed by then the airlines will be off' ■ 

j some 23.6 per cent. an . excellent start . in their ' TWA’s real money spinner, its 

This is extremely significant !? e, L pt w match % industry's hotel chain Hilton international 
for the airlSe whoS^vSu aggregate profit of around -tamed in a 23.8 per cent tfse 

profits last year rose by more SS ?£?:, Iast *5“: _ S*e-tax profits to 68.1m. on 

I than 75 per cent, and also for TWAs net deficit for the a 215 per cent rise in .revenues 
I US. airline industry as * whole was SS8 - 7m - compared to to 320.6m. TWA said, its total 

! whose results are bein a close I v 111 8rst quarter of corporate debt had. been reduced 

serotinkSd last year. Revenues were 8422m: *y lisab. below the level of 
discount air fares ? higher at 8491.4m. and operating a year earlier and that its debt 

ui5couni air rares. expenses np 8.7 per cent' to efaity ratio had Improved from 

The industry's domestic and 8533.4m. TWA’s subsidiary 4S to 1 to 2.7 to 1. 


First Boston Corporation, a 
leading investment banker, 
reported a first-quarter loss of 
$685,086, while Paine Webber 
Jackson and Curtis aod 
Mitchell Hutchins disclosed 
a 73 per cent, drop iu profits 
from $2m. last year to $539,000. 


Gen. Telephone 
earnings rise 


While its total revenues 
were .up 1 8.2 per cent, to 
8281.8m., Merrill Lynch's fell 
63 per cent, to §90.6m. How- 
ever, this was more than offset 
by increases on principal 
transactions, interest income, 
investment banking and insur- 
ance. 

The company's employee 
expenses rose 16 per cent, to 
$U63m. and its interest 
expenses increased 58JS per 
cent to $88.7 m. Net earnings 
after tax were $247,000 com- 
pared with $&5m. in the first 
three months of last year. This 
was the equivalent of 1 cent 
a share compared with 24 cents 
a share. 


STAMFORD, April 18. 
GENERAL Telephone and Elec- 
tronics Corporation said earnings 
for the first quarter included a 

S in of 10 cents a share from 
reign currency translation com- 
pared with 12 cents in the year 
before. 

The company earlier reported 
; first quarter earnings of $1.12 
> against *95 cents a share. Net 
income, before preferred divi- 
dends, was S152, 329,000 compared 
with $125,345,000 in the year 
earlier period. 


Tyre trend hits Uniroyal 


BY OUR OWN CORRESPONDENT 


- - ; -‘-NEW YORK, April - 18. 

THE DEEPENING problems masked the underlying trend- of 
facing the U 3. tyre industry -sharply reduced growth of output 
were reflected in a preliminary hi the industry and consequent 
estimate of first quarter earnings "’over-capacity, partly as a result 
Issued to-day by Uniroya!, - the- -of the increasing proportion of 
thinHargest manufacturer after redial'' tyres being sold. UlS: 
Goodyear and Firestone. ' .^estimates suggest that whereas a 
Uniroyal’s president,^ - Mr. .car fitted with conventional bLas; 
Joseph Flannery, told the annua) o* Was belted tyres will need 
shareholders meeting that the ’tyre : changes every two years.- 
' com pan v had Incurred an estl- equipped with radials the chairge 
It said the earnings gain j mated loss of 82.7m. after allow- vWdll not be needed for four years, 
resulted from a strong growth in Hng for a foreign exchange loaf In- addition the - trend towards 
revenues and net income from j of Sim. in the first quarter. Th§ lighter. U-S. cars is' contributing 
telephone operations and con- j compared with a profit from,, to durability. - . ? ' . 

tinned improvement in the Operations of illfim. in the -first i Thus tyre prices generally 
operating results of the products (quarter of last year. : Jhave- been weak with intense 

Industry analysts have, been competition between . mannfac- 
predicting reduced earnings this, tnrers-exacerba ted by indications 
year for several of the major of increasing import sites.' '. 
companies in tiie industry. East Mr Flannery said that overall- 
year's earnings were generally the company’s business had 


group- 

Revenue Was S1.99bn. against 
S1.76bn. with- average shares of 
136333,000 against 131,586,000- 
(Net income figures are before 
a .preferred 
$8, 378,000 

$8,495.000m. in 1977). 

Reuter 


dividend payout of strong, in part because of thk-stren^thened in March and that 
in 1978 and recovery from the long rubber more normal results' Were'- ex- 


1 strike in 1976 which depleted pected in the-second quarter- 
But this once aod for all boost 



■:' r sr 





engine plant 


FORD MOTOR 'COMPANY tag 


announced . plans -for - '£• 

. - — 


expansion ’and renovation of its - 
engine plant at- '.Dearborn, to 
■build ^our-cylinder atito engines:- - 
AP-DJ reports. ' 

: Forff. said the expansion wffl .4 
add afioilt 277,000 square feet'pf 1 r . 
manufacturing space' to the plant; " - 
raising it.to about 18rm square 
feet. -It' will eyehtuadly employ : . 
1,800 extra workers to tig. .plant' 7 ' . 
which employs i^OO people. — . 

. Fourty tinder engine produi£‘:' 
Goa is scheduled to :stazt hr;; ‘ 
ApriL 1980- "Wheir the plants 
reaches jeak production by' : . 
December. 1980. it will Be hutid{T- . 
lag four-cylinder ehglnBk -at 
rate of .638,000 units* a year.' 


r.-lorr* 


Wylylbaa 

Wyty Corporation ' said k 
borrowed film. to. add.' to 'its :; 
working capital' from Careal AG,': 
the Swiss investment company 
that owns- about 50 pear cent of 
Wyly's common, reports AP-DJ 
from Dallas. ' t- 




JPIpe by , . . ; T 

TransCanadb Pipelines and Foot 
hills'- Pipelines, Yukon haver, 
been unable to agree on' 
“mutually- acceptable terms” 
Under which TransCanada would: 
acquire an interest. Eu FootinUSi - 
Yukon, or . say of its subsidiary! r 
companies, reports AP-DJ fro&) 
GUl^iry. : r-c*.- 


-iiiin- 


Economic appointment 

President Carter announced yes 1 -- 
terday the appointment of “think . - 
Hank” director Mr. Henry Owen*, 
as his special representative with: 
responsibilities -lor economic 1 . 

summits - and international eco^.- 
nomic policy, Reuter .reports from--' 
.Washington.. Mr; Owen, 57, af 
former- senior official at the State' . 
Department, has been- director of : 
foreign policy studies ' at the * 
Brookings Inrtitutton,' an Ipde^, - 
pendent organisation for ecc^- ■- 
nomic and political research. -J ; ' • 


AMERICAN QUARTERLIES 


ABITIBI PAPER 


First quarter 


Dollar fall hits St. Regis 


Revenue 

Net profits 

Net per share... 


1*78 

sc 

294.0m. 
15.0m. 
' 0.74 


1WI 

sc 

234.0m. 

3.0m. 

0.13 


foreign currency translation 
losses which rose to S3.24m. 
after taxes from 8664,000 a year 
earlier, the company stales. 


1V77 

S 


AMS TED 1NDS. 


Second Quarter 


Revenue 

Net profits 

Net per share... 


BELL CANADA 


First Q saner 


. NEW YORK, April IS. _ 

SXiBEGIS Paper's first quarter share, down from 66 cents a year AUJS-CHALMERS 
earnings comparisons were hurt earlier. Revenues were $521.1 m. 

by. several factors, including up from 8472.0m. s 

St. Regis expects improved Revenue 402.0m. 3S0.0m. j Revenue 

results from operations, since Net profits 19.0m. 17.0ra. ! Net_profits 

order volumes appear to be Net per share... 1.55 1.41 J Net per share... 

improving and higher prices are 
expected to be in effect on many AMERICAN CAN 

of the product lines that were 

weak in the- quarter. Fim Quarter M7* MT7 


vm 

5 

154.0m. 

8.0m. 

L47 


1977 

S 

123.0m. 

5.0m. 


1971 

sc 

926.0m. 

70.0m. 

1.43 


1977 

SC 

836.0m. 
63.0 m. 


§ L Regis said that in the first 
rter, damages 


i'rter, damages of S6m. were 
awarded to Murray Pacific as 
the. result of arbitration, the 
company incurred $1,163,000 in 
the cost of closing its Marshall, 
Michigan, folding carton plant 
end weather was poor. 

In addition the company said 
the year-ago earnings included 
a S3m. Inventory subsidy from 
the Swedish government 
The company reported first 


BUDD 


quarter earnings of 48 cents per Reuter 


The company said the weakest sran™ ranm 

first quarter operation was Kraft * 

Selling prices for LiaerboTrd, % 

both in the U.S. and Europe. Net per share... 0.98 0.90 

were at “very low levels due to — — - 

the competitive environment" AM. HOME PRODUCTS 
Excess world inventories of 5S Ivrir 

Kraft pulp, although gradually s s 

being worked off, continued to Revenue 811.0ra. 728.0m. 

hold down prices. Net profits S9.0m. 79.0m. 


First Quarter 


Net pen share... 0.56 


0.50 


Revenue 

Net profits 

Net per share... 


1V78- 

331.3m. 

lO.lra. 

1.28 


1977 

317.6m. 


| CROWTv CORK & SEAL 

First Quarter 

1978 

197T 


s 

S 

Revenue 

263.4m. 

22L7m. 

Net profits 

12.6m. 

10.6m. 

Net per share... 

0.81 

0.68 

• 

[EATON 

1 First Quarter 

1978 

1977 


S 

s 

1 Revenue 

583.0tn. 

494.0m. 

i Net profits 

31.0m. 

24.0m. ' 

}Net per share... 

1.76 

1.38 

GARDNER DENVER 

First Quarter 

. 1971 

1977 1 


s 

S 

Revenue 

143.0m. 

llLOm. 

Net profits 

11.0m. 

5.0m. 

! Net per share... 

0.55 

0^7 


PIONEER TEXAS 


Third Qi 


1978 
S 

Revenue 15J0'm, 

Net profits *14,000 

. “Loss. 


1977; 

• «• 


PUBLIC SERV. & ELECT. 


,i HONEYWELL INC- 


COPPER WELD 


First Quarter 


Revenue ....... 

Net profits .... 

Net per share. 


1971 

s ’ 
100.0m. 
3.0m. 
0.61 


1977 

S 

78.0m. 

2.0m. 

0.35 


First Qaarter 


Revenue 

Net profits 

Net per share... 


1978 

■ s 


1977 

S 


33.8m. 

1^58 


26.9m. 

1J2S 





Bonk Limited 

Balance Sheet as at 31st December, 1977 


ASSETS 


Cash, balances with banks, money at call and 

short notice 

Deposits with banks 

Debtors and other accounts 

Loans and advances (less provisions for 

doubtful loans) 

Fixed assets 


7977 

£ 


1976 

£ 


50,088,453 

20,385,586 

7,777,573 


40,545,130 

19,461,831 

6,821,812 


247,970,299 

146,803 


233,464,958 
’ 146,803 


Total Assets 

£326,368,714 

£300,440,534 

LIABILITIES 



Current and deposit accounts 

Taxation 

Creditors and accrued charges 

Dividend 

301,460,465 
. 66,242 
4,658,796 

277,402,164 

*.4,328 

3,530,930 

80,000 

Total Liabilities 

£306,1 854503 

£281,017,422 

EQUITY AND SUBORDINATED DEBT 

11,000,000 

3,236,419 

9,000,000 

3,723,929 

Subordinated loan ; 

14.236,419 

5,946,792 

12,723,929 

6,699,183 

Total Equity and Subordinated Debt 

20,1 83,21 1 

• 19,423,112 

Total Liabilities and Equity 

£326,368,714 

£300,440.534 


- . .Increase In Capital 

Eurobraz is increasing its share capita! to £12,650,000, by the capitalisation, on 15th March 1978, 
of £1,650,000 reserves and a bonus issue of 1,650,000 Ordinary Shares of £1 each. 


Dr. Karfos Rischbiefec Chairman 
President, Banco do Brasil S.A. 

Sir John B. Hall Bt, 

Director Bank of America International Limited 
Mr. Werner Blessing 

Assistant General Manager, Deutsche BankA,G. 
Mr. F.W Grol, Managing Director 


Directors 

. Mr. William H. Bolin, Deputy Chairman 
■ • Executive Vice President. Bank of America NT & SA 

Mr Guido Hanseimann, 

Executive Vice President..Union Bank of Switzerland 
Mr. Shojiro Nishikawa, 
Chairman.-TheDaHchi Kangyo Bank. Limited 
Mr. J. C. M. Serrano, Deputy Managing Director 


KNIGHT KIDDER NEWS 


Banco do Brasil S.A. . 

Member Banks 

■ Bank of America Group 

The Dai-lchi Kangyo Bank, Limited 

Deutsche Bank A.G: 

Union Bank of Switzerland 


Report and Accounts 

Copies of the Report and Accounts 1977 can be obtained from the Registered Office: 
Sucklersbury.House, 3 1 Walbrook, London-EC4N 8HP. Telephone: 01-236 1(X36,Tetex; 887012/3 


First Quarter 

1978 

1977 


5 

S 

Revenue 

196.0m. 

166.0m. 

Net profits 

14.0m. 

10.0m. 

Net per share... 

0.S6 

0.62 

MAYTAG 

Flm Quarter 

1978 

1977 


$ 

s . 

Revenue 

. 76.0m. 

81.0m. 

Net profits 

8.0m. 

9.0m. 

Net per share... 

0.57 

0.70 

| MEMOREX j 

Flm Quarter 

1978 ' 

1977 


S 

s 

Revenue 

13S.9m. 


Net profits 

9.4m. 

82m., 

Net per share... 

1.34 

121 

{MERCK 

First Quarter 

1978 

1977 


s 

s 

Revenue 

456.0m. 

415.0m. 

Net profits ...... 

74.0m. 

67.0m, 

Net per share... 

0.98 

0.89 

I MUNSINGWEAR } 

Flm Quarter . 

1978 

1977 


S 

s 

Revenue 

33.0m. 

30.3m. 

Net profits 

2.0m. 

1.8m. 

Net per share... 

1.47 

1.33 

{NATIONAL GYPSUM \ 

Flm Quarter 

1978 

1977 

Revenue 

182.0m. 

147.0m. 

Net profits 

9.0m. 

3.0m. 

Net per share— 

0.57 

0.16 

{ NORTHROP { 

FlWt Quarter 

1978 

1977 


S 

S 

Revenue 

434.0m. 

372.0m. 

Net profits 

19.0m. 

15.0m. 

Net per share... 

1.38 

1.11 

J NORTH AMERICAN COAL | 

First ■Quarter 

1978 

1977 


■ s 

S 

Revenue 

15.1m. 

65.Sra. 

Net profits 

*513.000 

1.7m. 

Net per share.. • 

— 

0.50 

\ "Loss. 


{NORTHWEST INDS. j 

First Quarter 

1978 

1977 


S 

S 


530.0m. 

425.0m. 

Net profits 

30.0m. 

25.0m. ' 

Net per share... 

L9Q 

1.61 

{OHIO EDISON j 

First Quarter 

1978 

1977 


S 

S 

Net profits 

23 J2m. 

30.6m. 

Net per share— 

0.34 

059 

[OLIN ( 

| First Quarter 

1978 

1977 

1 

SC 

SC 

Revenue 

346.0m. 

3S2.0m. 

Net profits 

4.0m. 

22.0m. 

[ Net per share... 

0.16 

0.91 

[ PACIFIC PETROLEUMS j 

First Quarter 

197H 

1977 


SC 

SC 

Revenue 

124.0m. 

107.0m. 

Net profits ...... 

25.0m. 

22.0m. 

Net per share... 

1.18 

1.01 

PENNWALT j 


first Quarter 

1978 

1*77 : 


s 

S . 

Revenue 

6025m. 

543.0m. 

; Net profits 

| Net per share... 

• 56.0m. 

.57.0m. 

0.74 

037 

SMITHKLINE 


- • , 

First Quarter 

3978 . 

1977 

5 

5 • 

Revenue 

245.0m. 

169.1m, 

Net profits 

34.1m. 

I7fnL 

Net per Share... 

- 1.14 / 0.du| 

TIMKEN 

. 

r 


First Quarter 

1978 

1977 


S , 

S 

Revenue 

257.4m. 

235.1m. 

Net profits 

163m. 

13u7m. 

Net per share... 

1.49 

132 

U.5. INDUSTRIES j 

First Quarter 

1918 

vm 

Revenue 

323.0m. 

337.0m. 

Net profits 

11.0m. 

10.0m. 

Net per share... 

036 

030 

UPJOHN | 

First Quarter 

1978 

1977 


•S 

S 

Revenue 

315.0m. 

264.0m. 

Net profits 

32.0m. 

24.0m. 

Net per share... 

1.09 

032 

WELLS FARGO | 

Hrat Quarter 

1978 

1977 


S 

s 

Revenue 

— 

•1— 

Net profits — — 

25.0m. 



1.14 




4.- 


Points 


- 

' r* 


- amounted to £1 04^03 and represented an increase of 46% on - 
thefigure of £71 ,390fbr1 376.Accoafmgly, a dnriderKlptdR5p 
par share (0.70p per share-for 1 976 ) is being recommended. • 



& 


The 1 976 revival of the Japanese rtock market petered out - 
early 1 977 and thrbughoiit the first nine months of the year, thel. 
bkyo Stock Exchange First Section fndexiradetfwithhta r ~* t: -■ • w 
narrow range of less than 1 0%- Jr^tbe lest quarter, the Index felt • 
^sharply as investors bechme increasingly concerned about the. 
effects of the strength of the Yen', both on expoitsand on the 
slowly recovering domestic: economy: In Decetjibefc foUowing a ' 
Cabinet reshuffle, corrective economic rrmasuraxwere r . ; 

mtroducedto i which investors responded and.atthe^nd qfth? 
’‘year^the Index hadrecoverfecf to withiri 5%of the| 976 year-efid 
level, ’ tifiT-.'.v -■ ' r -** 


.. _ The relativelystable performance of the Index masted \. 
wide fluctuations inthe performance of Individual st6cl».li»tfi« 


’* expOTt content performed particularfy badly with the result that, 
-despite a substantial movementtowards a more liquid portion, ; . 
the Company's net asset value par share rn Starling terms fell ' t 
dunng the yearby 24% from ISOpto’l 45p. Yoiir Directors, . • ' 

however.'took the yiewthat holdings of good qiiB|fty st6ck» '. 

. should be retained despftathe shorfrterm uncertainty. This vfaw 
. h» been justified by the recovery of the Japanese stocfcm&rket '• 
stnoa theend of 1 977; at 28th February the net asset va/tre per 
.- sbah was!58p. - - - - -r 


Copies of-ths Report and Accounts are available . 

from The -Secretary of the Company at 3 Lombard Street, ■" 
London EC3V9AQ - • ' : 


. -rzrc. 






First Qaarlor 


1978 1917 

S 5 

Revenue 219.5m. 2043m. 

Net profits 10.4m. 95m. 

Net per share..." ' 1.06 " C98 


... . T 




We are f leased to announce 
fie election of 


]■ 


t. 


Smith Barney, Harris Upham International 

' .inwnporated 


a • 


SeniorMce<Presldentj 'Director 
and member of the 
Executive Committee , 

" of '. 


Smith Barney, Harris Upham & Go. 

.. . Incorporated . 


1345 Avenue of theAmenca^lN^Yoi^ N;Y. 1001? 



Wi - -. m h «IW i 



M ' 


.•i 


j* '■ 
- 1 ; 




L 6*K‘r 


!r 


^ ilk 


- ^ith 


h 































_z_ 


\ 



Fin&atiaL; Times Wednesday April 19 1978 



29 



engi »e t L: 


VI ION M. FINANCIAL AND COMPANY NEWS 


DUTCH COMPANIES 


XjC Nickel 

Upsurge at Nationale Nederlanden slides into 

the red 


BY- CHARLES BATCHELOR 


4 V 






oan 


NATIONAIE-Nederlanden, the 
largest Dutch insurance company, 
reports arts per cent: increase' in 
net. profit- for- 1977 on 12 per 
cent, higher revenues. 

Net. profit, after allowing for 
profit participation ' by policy- 
holders., tax and outside share- 
holders interests. rose to 
FI&205.3m_ . (S94m.) from FIs. 
1784m. Total revenues rose to 
FU&3Sbn. - .. 

Compared with in- increase of 
o niy. ,' 8' pfer cent. in Holland, 
international' business, including 
newgroup'companies, rose 25 per 
cent, antutow accounts for. 36 per 
cent' of. all' revenue against 32 
per.'cent. in 1976... The company' 
therefore' proposes .raising its 
cash' dividend to.Fls.4.80 from 
F1&&20. The final dividend will 
be'FlsZTe.. 

Autonomous revenue growth — 
excluding new group companies, 
currency fluctuations . and inci- 
dental single premium life 
pollcies^wias 12.5 per cent com- 
pared, with 2D per cent in 1976. 
Total life, insurance business in 


AMSTERDAM, April IS. 


force rose- 23 per cent to 
FUs-S3£2bn 7 ' 

Life insurance accounted for 
Fl9.I32^xn. of the group’s profit 
(FlsJL24.7ra. in 1975) after allow- 
ing for policyholders’ participa- 
tion in the form of premium 
reductions and bonuses. The non- 
life result rose to Fls.49.5m. 
from Fls.SlJ m. The Improve- 
ment was due largely to the 
better outcome of marine and 
aviation insurance outside Hol- 
land. particularly in the fire, 
accident and sickness sectors. 


corded a substantia] increase in 
its capital last year while 
Rolinco. the share investment 
fund, had bought in some of its 
shares. 


Net profit per share rose to 
Fls.lCL53 from FlsJ.4.36 allowing 
for the 10 per cent; bonus distri- 
bution for 1970. Net assets were 
Fis.l.74bn. compared to FIs. 
1.5lbn. at the end of 1976. 


Rorento more than trebled its 
capital to Fls.945m. from 
Fls-.'295ra. in ‘ the 12 months 
ended February. This large in- 
crease was partly due to the 
strong demand for the fund's 
sbares from Holland. Net earn- 
ings per share rose tu FIs. 129 
from Fls.125 - and Rorento 
proposes raising its cash dividend 
to Fls.4.65 from Fls.4.50 as 
well as maintaining its 5 per 
cent, slock dividend. Net profit 
rose to Fls.l68m. from Fls.49m. 


Robeco group twist 


Sharply differing developments 
are reported by two members of 
the Robeco investment group. 
Rorento. Uie fund . htyestihg in 
fixed interest securities, re- 


However. Rorento points out 
lhai the favourable develop- 
ments in the first 31 years nf 
the fund's life would “not neces- 
sarily be continued in the 
future." Since Rorento started 
in 1974. imeresr rates have grad- 
ually declined and bond prices 
have risen. Taking into account 
forward currency hedging tran- 


sactions the fund had 37 per | 
cent, of its assets in Dm. on ! 
March 1 against 10 per cent, a ' 
year earlier. Yen holdings were 
S per cent, f nil ) while dollar: 
holdings were minus 1 per cent. 1 
(16 per cent. I. Guilder assets! 
were 51 per cent. (63 per ccnL). . 1 

In the six months ended March, i 
RohncO repurchased 1.43m. > 
shares. It saw its net assets fall j 
to Fls2i.lbn. from FIs.2.4bn. on. 
September 1. Allowing Tor the 5 I 
per cent, stuck dividend made in J 
December, the fund’s share price* 
fell 5.7 per cent, to Fls.U4.50. 

Rolinco switched into a num- 
ber of low-priced slocks In the 
U.S. slightly reducing its total I 
portfolio there and also took 1 
profits in Japan. Last autumn irj 
made forward transactions of ! 
222,000 ounces of gold worth I 
around S37m. More ihan half nf : 
these contracts have since been ; 
closed at a profit. j 

On balance JKohncn has in- r 
creased its cash position lifting 
this to 10 per cent, of assets. 




Court reverses 


Uuilever. ruling 

3jr. LeshVGolitt 


: -i 

' I iiv 


appoint 


i 


BERLIN, April 18. 

THE-" "WEST- Berlin Appeals 
Court has annulled a decision by 
th* r - Federal Cartel Office for- 
bidding West- Germany's largest 
producer of margarine from 
offering a quantity rebate to con- 
sumers. 

Union Deutsche Lebensmittel- 
werfce .GmbH, a Unilever com- 
pany, was. offering users of its 
leading brand of margarine 
(Rama) -DM3 if they bought 12 
500 -gm tubs within 12 weeks. 
The . Cartel Office ordered the 
offer to he stopped on .the 
grounds that it was an “abuse 
of & market-dominating position.". 

Now the Cartel Office says the 
Appeals Court annulment of its 
decision demonstrates the “ high 
degree _o£. evidence required in 
order to prove obstruction ary 
misuse - by -market-dominating 
companies.” 

It said the move did not repre- 
sent a genuine price reduction 
for the consumer. 


Mounting losses at Salzgitter 


BY OUR FINANCIAL STAFF 


DOUBLED LOSSES for the year 
ended last September. -and tbe 
prospect of a further ■ heavy 
deficit for the -opening- sis 
months of the current year were 
announced yesterday - by Salz- 
gitter the West- German steel, 
shipbuilding and energy com- 
pany. 

Net losses last year rose from 
DM50m. to DMSSm. (S48m.) and 
with the steel making arm of 
the company — -which bad its 
worst quarter ever " during 
October to Decern ber—runnlng 
at less than two-thirds of full 
capacity, another sharp setback 
is expected for the 'first half of 
1977-7S. 

Steelmaking conditions have 
improved modestly since Decem- 
ber. but Salzgitter is stiH. cut- 
ting . capital . spending 'back.. to 
around DM400m. (S200m.) on a 
group basis for 1877-7$ -whereas 
two years ago ' i.t pumped 
DM583m, into its operations. 

, Last year the company’s nnn- 
steel activities made an overall 


net profit of DM53m. with steel 
alone running DM 143m- into the 
red. The resultant net deficit is 
once again being written off 
against reserves. 

Last year's group net loss was 
after tax of DM93. 6m. compared 
to D!U85.2m.. - depreciation nf 
DM2S7.3m. (DM32B.hm.) and 

interest of DM200.6n>. 
<D.\llS7.2m.). 


to DM1.53hn.. while demand was 
up a full 16 per cent, compared 
with the industry's average of 
7 to S per cent. 

* ★ -k 


By David White 

PARIS. April IS. 
LE NICKEL-SLN. the French 
company which exploits nickel 
mines in New Caledonia; 
suffered a severe loss or 
Frs.65.8m. ($14.3m.) last year, 
more than twice the size of its 
1976 profit of FrClm. 

The company ran into 
difficult limes in the second 
half of last year which it said 
was “profoundly marked by a 
simultaneous drop in sales, the 
price of nickel and the value 
of the dollar." The loss fol- 
lowed a drop in sales to 
Frs.1 — OImi. for the year from 
Frs-L25bn. 

In a " fairly satisfactory ” 
flrsl half, fn which Uie previous 
year's Imp ro\cineni in market- 
ing conditions appeared to be 
continuing, the company 
showed a net profit of 
Frs.l4L2m. 

Le Nickel is owned half by 
the Rothschild - controlled 
metals group 1 metal and hair 

by (he Stale-controlled Elf- 

Aquitaine oil combine. 


Near 30% rise in profit 


for Oerlikon-Buehrle 


BY JOHN WICKS 


ZURICH. April IS.*, 


PROFITS higher by almost 30 
per cent, for.1977. are announced 
by Oerlikon-Buehrle Holding, the 
major Swiss industrial group 

Group turnover rose 15 per 
cent, to Sw.Frs.2.69bn. ($1.4bn.) 
last year from Sw.Frs.2.35bn. 
This rise, which had been anti- 
cipated by the group -as early as 
lost 1 spring, follows one of 20 
per cent', in 1976. Net profits 
showed another sharp expan- 
sion last year to reach 
Sw.Frs.204.6m. ($I07m.) com- 

pared to Sw.Frs.l 58.3m. 

At the coming annual general 
meeting, lo be held on June 14, 
the board will recommend an 
increase in the dividend from 


14 to 15 per cent, at tbe same 
time, shareholders will be asked 
to approve a merger with C. F. 
Bally AG. -the Zurich-based 
parent company of .the Bally 
group, some 9H.5 per cent, of 
whose capital is now held by 
Oerlikon-Buehrle. 

■* * * 

The past year has brought 
record results' for Deutsche 
Laenderbank. the Frankfurt- 
based merchant banking house 
owned jointly by Dresdner Bank 
<75 per cent.) and Union Bank 
of Switzerland (25 per cenLV. 
Total assets rose by 16.3 per 
rent, to DM3.?5bn.. which repre- 
sents the equivalent of DM51m. 


per employee of the bank. 

Operating as a clearing ban*, 
broker and discount house, 
Deutscbe Laenderbank works ai / 
an autonomous profit-centre venr*^ 
ture of the parent iostitutiojte,--. 
specialising in business witja.-j* 
large-scale clients throughout the- - 
world. 

Deposits rose from DM2.8b'n T ,— 
to DM3.36bn. last year, 
those by non-banks up 16 per 
cent, to DM867m. of this totAEj,. 
On the asset side of the balanhft,.^ 
sheet, loans and discounts roSe'.“ 
to DMl.TSbn. from DML66h>W- 
Frnm net profits of DM8.1m., the ,17 
bank is to pay an unctaannes^.' 

dividend of 38 per cep* 


Zurich Insurance rights issue 


BY OUR OWN CORRESPONDENT 


ZURICH. April IS. 


French stores 
seek even keel 


AN INCREASED dividend and 
a rights issue is proposed by 
Zurich Insurance Company, Swit- 
zerland's biggest insurance con- 
cern and one of the leading 
European groups in this sector. 






The Appieyard Group of Companies Limited t 
Year ended 31st December 1 977 1 976 


Group Wat Prpftt ^. C n-r- w .-- v 
BeforeTaxation - £1,469, 000 £1 ,369,000 ; 

After Taxation £701,000 £652,000 


Ordinary Dividend 
Rate ‘par annum 
Earnings per share 


-.S' 




4.9f4p/ 

I2.49p 


: 4Mp 

1 l/Op 


!j (after full provision . ^ 


for Deferred Taxation) 


:: Group Net Assets £11,531,000 £10.364,000 


Extract from Review by-tfie Chairman — 

Mr- Ian Appleyard '? 

"Over 55% of total. Group profit js now coming 
from Rolls-Royce, Ford, commercial vehicles, 
agricultural engineering. Budget Rent-a-Car, 
fuel oil distribution, credit finance, and 
contract hire. The balance is from the sale and 
service of B,L cars.'' . 


Copies of the Report and Accounts may b e obtai ned from the 
-SecretaiyrThe Apployard Group 
of Companies Limited, North / L*. J0*§ 

Street, Leeds LS7 IHD- _ . 






Grundig ahead 

Grundlg, the West German 
electrical group, to-day reported 
that its 1977-78 turnover went up 
hy 9 per cent., writes Guy 
Hawtin, from Frankfurt. Growth 
in the domestic market was well 
above the industry's average, 
hut overseas sales were rather 
less satisfactory with business 
hit by pressure on prices and 
currency fluctuation. 

Total sales lor the year, which 
ended March 31, amounted to 
DM2.75bn. (S1.34bn.) against the 
previous year’s DM2.51 bn. Group 
borne turnover rose 13 per cenL 


incoming orders of the Fried 
Krnpp group, including foreign 
subsidiaries in the first quarter 
of 1978 were 3 per cent, above 
the level of the same period last 
year. Kropp- managing Board 
meoiber Klaus Dyckerhoff said 
yesterday. Speaking at the 
Hanover Trade Fair, be told 
journalists all sectors except 
steel trading and plant construc- 
tion contributed to the improve- 
ment. with a particularly strong 
performance recorded in the 
engineering division. 

Incoming orders *ri the sleel 
production sector were around 
15 per cenL.uboye. the. year ago 
level on a tonnage basis, with 
March the most successful month. 

The rise in steel production 
was stimulated by. speculative 
purchases ahead of already 
announced price rises. 


Legrand raises dividend 


By Our Own Correspondent 
PARIS. April 18. 
THE 'BIG French department 
stores are still struggling to 
get. hack on an even keel. 
Gaieties Lafayette, one of the 
leading Paris stares, last year 
□arrowed its net loss from 
Frs.Mm. to Frs.9.5m. (82.1m.) 
in its third successive year in 
tbe red. 

Its sales increased hy 
only 6 per cent, to Frs.U24bn. 
(S270m.) compared with 
Frs.l.lTbn. in 1976. 

Brighter news came from 
the An Bon Marche group, 
which increased its net profit 
last year from Frs.9.4m. to 
Frs.12.5m. ($2.7 m.) and has 
decided to. resume dividend 
payments after a gap' of 
several- years. The dividend is 
sei at Frs.4. 


1 At the company’s annual 
I general meeting on May 10 the 
I Board is to recommend the pay- 
ment of a gross dividend of 
i Sw.Frs.220. against 'Sw.Frs.20ti 
j.per share previously from net 
profits of Sw.Frs.4S.73m. (825m.). 
[ against Sw.Frs.43.15ra. previ- 
1 ously. A proposed Sw.Frs.l Km. 
itSw.Frs.12m.) will be trans- 
' ferred to special reserves. 


I Shareholders will also be asked 
j to approve the creation of so- 
1 called participation certificates. 


a Swiss form of non-voting 
share. Subject to subsequent 
Federal approval, a total of 
200.000 bere certificates of this 
kind with a face value of 
Sw.Frs.50 each will be issued, 
adding a nominal Sw.Frs.10m. to 
total capital. . 

The new certificates will be 
entitled to dividend as from July 
1. Some 161,040 of them will be 
offered to existing shareholders 
and holders of convertible bonds 
in a rights issue and at a share 
price of Sw.Fr's.350 each. 

Each registered and bearer 
share will entitle stockholders to 
purchase one participation certi- 
ficate. The holders of convertible 
bonds will have a direct drawing 
right ownership of bonds valued 


at Sw.Frs.5.000 entitling bolder* -.-.I 
to subscription of one of the enw^jl 
certificates. 

The remaining 38,960 certifi^u 
cates will be reserved for enwv 
ployee participation and for such>.~i 
transactions as the financing bfi*. 
acquisitions. *71 

Zurich Insurance booked gross 
premium income' of 

Sw.Frs.2.6bn. in 1977, a rise of. 
2.2 per cent, over the previous 
year. The increase would hav% 
been of as much as 15.5 per cent 
but for the alteration in 
exchange rates last year, mue&'-t 
of Zurich's business coming--- 
from outside Switzerland. On the ;> 
earnings, both the underwriting'."; 
profit and capital income'; 
increased during 1976. 


EUROBONDS 


R>. J 
‘.£ 


Growth at 


Moulinex 


BY OUR OWN CORRESPONDENT 

PARIS. April IS- 

RAPID growth in exports pushed gains, parent company net profit ( 

the Limoges-based electrical rose hy 15 per cent, to Frs 42m. ’ 

sn-nuii -Legrand into France's 35 1,s turnover increased by ai 
group Le^rana into rrance s si£ui|ar in of 16 CenL 

billion-franc sales league last l0 fr rs .$62, n j 

year, with group turnover increas- Consolidated net profit, again | 

s? per Cenl " t0 irrs,1,03bn ‘ discounting exceptional gains ; 

l§224m.'): and provisions, was 29 per cent : 

•Legrand is raising its dividend up on 1976 at Frs.59.5m. Exports 

from Frs-21.30 to Frs.24.50. paid rose by just over a third to 

on capital increased by 20 per Frs.227m.. increasing their share 

cent, through a recent scrip nf overall turnover from 19 to 

issue. Discounting exceptional 22 per cent. 


MOULINEX, the French manu- 
facturer of electrical kitchen 
appliances, increased its non- 
ronsilidated net profit last year 
to .Frs.65.4m. (Sl4m.) from ao 
adjusted 1976 result of 
Fni.aSJm.. writes David While. 

The proposed dividend of 
Frs.2 net per share is the same 
as was paid out last year, but 
will be- dislribnted on 10 per 
cenl. higher capital in (hr wake 
of- a xcrip -issue made in 
January. 


Dollar sector moves up in active trading 


BY FRANCS GHILeS 


THE DOLLAR sector had another 
good day yesterday with prices 
moving up in many cases by l of 
a point in turnover which was 
heavier than -on Monday. Some 
dealers are hoping that a re- 
opening of the new issue market 
might follow but even the 
optimists are cautious. The float- 
ing rate note sector was also firm 
while tbe convertibles shed a 
point or two in profit taking, 
following .the "big increase in 
prices witnessed at the beginning 
of tbe week. 

A S30-35m. floating rate note 
for Handlowy w Warzawie Bank 
is expected next week, it is 
being arranged by Banque 
Nationale de- Paris and final 
terms have not yet been decided. 

The second Asian dollar float- 
ing rale certificate of deposit for 


Mitsui Bank in Singapore is 
expected in the market before 
the end of the month. The lead 
manager is Merrill Lynch Inter- 
national (Asia), the amount 
S20ro., and the interest rate is 
expected to be set at t per cent, 
over the Singapore interbank 
rate. 


“The sterling sector is a yoyo 
market " commented one dealer 
wryly as prices fell when tbe 
market opened, and recovered 
later to close at about the same 
levels as Monday night. 


In the Deutschetaark sector, a 
DMTOin. seven-year private place- 
ment has been arranged for 
Royal Dutch Airlines. KUI. hy 
Dresdner Bank. The bonds, 
which have an average life of 
four years, were priced at par 


The secondary market congee 
tinued to drift downwards yester-iil; 
day, with most prices shedding;-; - 
between half and one point. 

Placing new -issues appears 
hft_ rather, .more, difficult at the 
moment as Swiss and French 
investors in particular are muefr 
less kepn than they have beep 
in recent months to pick up QXt 
denominated paper. 

In the Swiss franc sector the,;. 
South East Zeeland Electric 7 
Supply Company is floating -a;; 
Sw.Frs.l 5m. ten-year bond with • 
a coupon of 41 per cent. The;! 
bonds, which have been priefct: ' 
at 99 to yield 4.63 per cent., havp; ; 
an average life of 7.3 years," 
Lead manager of this issup fs 
Banque Gutzwiller Kura, •" 
Bungener. '*//; 


0 Tokyo Pacific Holdings N.V. 

1 — 1 Tokyo Pacific Holdings (Seaboard) N.Y. 


The Annual Report as of 31st December 1977 has been 
published and may be obtained from: 


Ptanon, Heidrlng S Pierson NLV. 
Herengracbt 206-214, Amsterdam 


Sal. Oppenhelm Jr. &cle. 

Unter Sachsenhausen 4, 5 Koln 


National Westminster Bard; Limited 
Stock Office Services, 

41 Lothbury, London EC2 P2BP 


Trinkaus A Burfchsrdt 
KfinigsalJee 17, Diisseidorf 1 


ft HL Rothschild & Sans Limbed 
New Court SL Swfthin's Lane, 
London E.C.4 


Banque de Paris et desFays-Bas 
3 rue d’ An tin. Paris 2 
Boulevard Emile Jacqmaln 162, 
Bruxelles 


Banque Rothschild 
21 Rue LafflKe, Paris 9 


Merrill Lynch International Inc. 
all European offices 


Banque de Paris cl des Pays-Bae 
pour le Grand-Ducftf de Luxembourg 
10a Boulevard Royal, Luxembourg 


International Pacific Corporation 
Limited 

Royal Exchange Building 
56 Pftt Street, Sydney N.S.W. 2000 


This announcement appears as a matter of record only. 


.April 12,1978 


. „ - , V 


Allegheny Ludlum Industries, Inc 

• ~ - - - - has sold - 

True Temper Corporation 


to 


Wilkinson Match Limited 


for 6,200,000 Ordinary shares of WllkmsonMatch Limited 
and other considerations 


The undersigned assisted Allegheny Ludlum Industries. Inc. 
m the negotiation of this transaction. 


„ * O' 




Smith Barney Harris Upham & Co. 

Incorporated 


New Issue 
April 19,1978 


This advertisement appears 
as a matter of record only 


KINGDOM OF NORWAY 


DM 250,000.000 

4%% Deutsche Mark Bonds of 1978/1983 



Olfenng Price: 100*. 

imetnsi. 4^ P. a., psyablo on Apnll of each year 

Matunly April 1. 19B3 

L simg: .Frankfurt am Mam 


Deutsche Bank 

Aktion0O6ollschaft 


Bergen Bank 


Algemene Bank Nederland N.V. 

KredietbankSA Luxem bourgeois© 

Christiania Bank og Kredftkasse 


Ham bras Bank 

Lmned 


Union Bank of Switzerland (Securities) 

LimiMd 


Den norska Creditbank 


Menu Bank of Kuwait [kS.C.] 
Andresera Bank A/S 
Banca CommerciaJe Italians 


A. E Amos i Co. 
(.unfed 


Amsterdam -Rotterdam Bank N.V. 


AmholtfanH S. Blelchroeder, Inc. 


Atlantic Capital 

Cwparat-on 


Banca del Gottardo 


Bank of America Intematronal 

Lnp<-i)d 


Bank Julius Baer International 

LimlM 


Bank fDrGemeinwirtschaft 

MuongmUKhkli 


Bank Mees &Hope NV 


Banque Arabs et Internationale 
dlnvestbsement (BJLI.I.) 


Bank Leu International Ltd, 
Banque Bruxelles Lamberts. A - 


Banque Ijjranpaise du Commerce Extfaiaur 
Banque Internationale a Luxembourg SJL 
Banque Pop u la ire Suisse SA Luxembourg 


Bayerische Landesbank 

Giro central e 


Banque Generate du Luxembourg SA. 
Banque Nationale de Paris 
Banque Rothschild 
Bayerische Verainsbank 


Banque de I' Indochina et de Suaa 
Banque de Paris et des Pays-Bas 
Bayerische Hypotheken-und Wechsel-Bank 


Berliner Bank 

AkMegevUkSlull 


Berliner Handels- und Frankfurter Bank 
Citicorp International Group 


Caisse des DepMs et Consignations 


James Cap el ft Co. 


Commerzbank 

AHiengnaDuhofi 


Compagnie Rnanci'fere 
de la Deutsche Bank AG 


Credit anetalt-Bankverein 
Credit Lyonnais 


Credit Commercial de France 


Credit industrial et Commercial 


Credit Suisse White Weld 
LunilM 


Den Danske Bank 
41 lfl /1 Ai 


De lb ruck A Co. 


Deutsche Girozentrale 
- Deutsche Kommunalbarm - 


DG Bank 

Deunchii 


Dresdner Bank 

Ai-i-mcKMlIscfurti 


Goldman Sachs Internationa] Corp. 


Euromobiliare S.pA. ^ 

Groupement des Banqixers Privis Genevois 


European Banking Company 

Ldw«c 


Hill Samuel & Co. 

Liiwibi 


The Industrial Bonk of Kuwait K.S.C. 


Kidder, Peabody International 

lirpflhd 


Istituto Bancsrio San Paolo di Torino 
Kjobenhavns Handelsbank 


KansaHis-Osake-Pankki 


Kleinwort, Benson 

Lirriifm 


Kredietbank N.V. 


Kuhn Loeb Lehman Brothers International 


Kuwait Foreign Trading Contracting & 
Investment Co. (5.A.K.) 


Kuwait International investment Co. SAk. 


Landesbank Rheinland -Pfalz 
— Girozentrale - 


Lazard Brothers 2 Co., 
lunnra 


Lazard Fnhres et Cie 


Lazard. Frares & Co. 


. Manufacturers Hanover 


Merck. Rnck ft Co. 
Morgan Grenfell & Co. 

Lm-i.I«i 

Nordic Bank 


Merrill Lynch International & Co. 


B. Metzter seel. Sohn & Co. 


Morgan Stanley International 

Limnnd 


Nesbitt. Thomson 


L>m>mi 


Sal. Oppenheim jr, & Cie. 


Orion Bank 

LkpiIRC 


Pierson. Heldring & Pierson N.V. 


Privatbanken 

Salomon Brothers International 

L<fT»Wd 


PKbanken 

Rothschild Bank AG 


Postipankki 


N.M. Rothschild & Sons 


J. Henry Schroder Wbgg S Co. 

LimiiM 


Schrader, Munchmeyer, Henget & Co. 


Skandinaviska EnskHda Bankan 


Smith Barney, Harris Upham A Co. 

(•WATIMVtMd 


SocifStt Bancaire Barclays (Suissej S A 


Soc>^t4 Giniralo 


Swiss Bank Corporation (Overseas] 
Union Bank of Norway 


Soddte G6n4ntle do Banque SA 
Trinkaus & Burkhardt 


Sveraka Handelsbanken 
Union Bank of Finland Ltd. 


J. Vontobei ftCo. 


Verbs nrf Schweberischer Kantonafbankon 
M. M. Warbu rg -Brine km arm, Wirtr A Co. 


Westdeutscho Landesbank 
Girozentrale 


Vereins- und Weslbonk 

S. G. Warburg & Co. Ltd. 
Wood Gundy Limited 




"i * i 1 -r 
.. " 


J 


F 


4* A 




i fU* aViHViIwHlBPlliii 




TO GO HO 









In a life increasingly dominated 
by schedules, deadlines, traffic jams, 
parking restrictions and general bureau- 
cratic insanity, the Citroen CX brings a 
welcome release from the pressures of 
the day. 

Its seats are as inviting as your 
favourite armchair; hugging as if 
moulded to the very shape of your 
body. Their design gives excellent back 
and leg support. However long the 
journey, driver and passengers are com- 
fortable and arrive relaxed without 
feeling any need to stretch their legs or 
flex their muscles. 

SMOOTH. 

Whatever price you pay for a car 
you will not buy a suspension superior 
to Citroeris unique hydropneumatic 
system. It keeps the car perfectly level 
however much you load it. The ride in 
a CX remains delightfully smooth all 
the way home with the hydropneumatic 
suspension absorbing any unexpected 
road shocks. 

A bonus to all this is the comforting 
knowledge that if you had a blowout 
on the motorway Citroen’s hydropneu- 
matic suspension would automatically 
adjust to maintain directional stability 
and keep the car safely under control. 

Further reassurance is provided 
by Citroen’s VariPower steering. It pre- 
vents wheels being deflected by road 
surface irregularities and grows pro- 


Illustrated CX 2400 Pallas with optional sun roof. 

gressively finder with increasing speed 
so that the driver always remains in 
complete control. 

At low speeds and for parking, 
the steering is fingerlight, and power- 
returns to a straight line position 
immediately the steering wheel is., 
released. No other car has a steering 
which can match it. 

QUIET. 

Quietness is yet another feature 
of the CX, due principally to the aero- 
dynamic styling which reduces wind 
noise by allowing the wind to sweep 
over, under and around the car. A high 
level of sound insulation makes a fur- 
ther contribution to quietness in the 
CX by reducing road noise. 

It also bears mentioning that the 
wind cheating aerodynamic lines of 
the CX result in improved performance 
and reduced fuel consumption with the 
CX Pallas returning some pleasantly 
surprising mpg figures. A further bene- 
fit of aerodynamic design is demon- 
strated by the increased stability of 
the car at high speeds. 

As you’d expect, the fittings on 
such a car leave little to be desired. All 
considered, an extremely nice place to 
be. In a sea of chaos, an island of calm. 

CX comfort starts at £4636-71 


for the CX 2000. The range extendsnp 
to the luxurious, longer wheelbase 
CX Prestige Injection C-matic at 
.£8640-45 and offers a choice of en- 
gines (carburettor orfuel injection) and 
manual or C-ihatic transmission. All 


intervals of 10,000 miles and have a 12 
months’ guarantee. The suspension is 
guaranteed for 2 years (max: 65,000 
miles). ;!<■ > .' 

Prices include car tax, VAT and 
inertia reel seat belts but exclude num- . 
ber plates. Delivery charge £68; : 04 f 
(inc. VAT), Prices are correct at time of 
going to press. 

Please enquire about our Personal 
Export, HM. Forces and Diplomatic 
schemes and Preferential Finance: 
scheme. Check the Yellow Pages for 
the name and address of your nearest 
dealer. Citroen Cars Ltd., Mill Street, 
Slough SL2 5DE. Telephone: Slough 
23808. : — . . 

A selection of the 16 models in the CX range. 

Model ; . . Top speed. Rice: 

CX2000 109 mph £4636-71 

CX 2400 Super (5 speed) 112mph £5427-63 ... 

CX 2400 PaUasInjection(.C-matic3 112mph £6597-63 : 
CX 2400 GTi (5 speed, Injection) 118naph £6580-08-. 
CX 2400 Safari Estate 109mph £5575-05 ;. 

CX2400 Familiale 109mph £5678-01 

CX Prestige Injection (Cmadc) 112mph £8640-45 


OTRO0MACX.A 





CITROEN *CX 




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^ • 




Financial ; Times Wednesday April 19 19T? 


'i . - 


MEDIUM-TERM LOAMS 

Lower terms for Hungary 


BY FRANCIS GHBJ5 

HUNGARY has awarded a 
mandate to Continental Illinois 
to raise a loan of $300tn. for 
seven years on. a spread over 
the interbank rate of . I per cent, 
for the -first thfee years rising 
to l per cent, for the last four. 

These terms provide further 
evidence that., spreads are far 
from having bottomed out. Only 
two months ago, the National 
Bank of Hungary arranged a 
SlOOm. seven year credit through 
a group of Middle East banks 
os a spread of 1 per cent. 

The implications of sucb terms 
ars twofold. Firstly., they will 
encourage other East European 
borrowers to try even harder lo 
improve the terms they are get- 
ting. 

The second Implication of the 
terms obtained by Hungary is 
that neighbouring Austria, which 
traditionally obtains slightly 
better terms, will try and achieve 
a 4 per cent spread on its next 
loan, tbus putting the country 
into the top bracket of Euro- 
pean borrowers such as France 
and Norway. 

This development will also 
encourage sucb borrowers to try 


and Taiee larger *um* than 
hitherto on spreads of 4 per cent 
The Hungarians are. also con- 
firmed as the shrewdest of East 
European negotiators. However- 
a number of U.S. banks are un- 
happy about the terms obtained 
by Hungary and say they simply 
do not wish to lend at such low 
interest rates. 

Another East European bor- 
rower, Bank Handlowy w War- 
zawie has meanwhile, arranged 
a short-term loan syndicated ex- 
clusively among Middle East 
banks: S40m. for two years 
on a spread of 11 per cent, 
throughout Lead manager is 
UBAF. Poland is the one East 
European borrower which bas 
not succeeded in improving 
terms on winch it raises money 
in the West in recent months. 

A number of Middle Eastern 
and North African borrowers are 
currently completing loans. Gulf 
Air bas just signed aS40m. seven 
year loan which carries a spread 
of 1} per cent with a group of 
banks led by Gulf International 
Bank. This loan confirms that 
four banks based, in the Guir, 
Abu Dhabi Investment Company. 
National Bank of Abu Dhabi. 
Gulf International Bank and 
Kuwait International investment 


Company are fast carving out for 
themselves a strong position 
when it comes to leading 
medium-term syndicated loans 
raised in the international 
capital markets, for borrowers 
from this area. 

Some of these banks are now 
extending their activities lo 
North Africa. Abu Dhabi In- 
vestment Company is currently 
arranging a SlOOm. S-ycar loan 
for the Moroccan state phosphate 
company OCP. The loan carries 
a spread of 1 per cent., a marked 
improvement on the terms 
obtained by the Kingdom of 
Morocco for a 3325m. loan signed 
last December (a split rate of 
11-11 per cent, for seven years). 
This new loan will carry the 
guarantee of the Kingdom of 
Morocco. 

Tunisia meanwhile is raising 
SCOm. for seven years on a split 
spread of 1 per cent, for the first 
three years rising to 11 per cent. 
The borrower is Sociele Ttalo- 
Tunlsienne d ’Exploitation Petro- 
liere. a. joint Italian-Tunisian 
company. The loan, which marks 
no basic change in the conditions 
the last Tunisian borrower 
obtained in the market is guaran- 
teed by AGIP. a subsidiary of 
Italy's state oil company EN1. 
Citicorp is agent. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


pntAWHTS - 

Alan AnitrcH* Hoc lM set 

AMEV gpc UB7 .. >7 

Australia Sine IMS M| 

Australian SI. a 5. HPC V2 Mi 
Barclay* Bank Sine 1M3... M 

Bowataf 9|pe IMS ' ' H 

Can. N. Railway s*pc IMS Ml 
Credit National Slpc 1U».. B» 

mark 8 *dc UM 100} 

ECS Ope 19M • 981 

BIB Sine 1089 00 

EMI 9} pc IMS ... - PS* 

Ericsson »pc ISM : 97} 

Espe 5pe IMS Mow. 301* 

Gt- Lake* Paper Ripe IMA 99 

Xameraley »*pc 1909 10B< 

Hydro Quebec Ope UK — m 

ICt «*c 1087 . — VS 

iSg Canada »pc 1MC . 1M 
Macmillan Bloedel 9pc UK 08} 
Master Fercnaoj) 9)pe ■81 vs* 
Mtcbalin Bloc 1988 ... .. 392* 
Midland lot. Fin. 8!oc *92 Ml 
National' Coal Bd. Spc 1957 95 

National Wsnnitsrr. Opc *M lflt 
Newfoundland 9pc 19M . 1814 

Norm Korn. Bfc. Hpc U92 *71 

Kornipe 8)pc 1899 M 

Norsk Hrdro 8}pc UK ... 9fl| 

Oslo Opc IMS 103* 

Pom Anionotnt* Opc 1981 Mt 
Prav. Quebec 9pc 1W3 ... . 861 


Reed IntBnuitKmal Opc "87 

RUM 9 DC UK . ... 

Selection Tn. Sti— 19M ... 
Stand. EraKIMa 8pc 1591 .. 

5KF 8PC. 1887 

Sweden ■TCdoml «4pe 1987 
United Bttcults Opc 1998 ... 
Volvo Spc US7 March 


rss 

Atutra]L« 7 }pc tow . 9 ** 

BoD Caned* 7l*c U» .... *5) 

Br. Cnltnabla Hyd- JJnc "*3 ”4} 
Can. Fac. Hue l«*4 . - . 190 
Dow Ctinntcil. 8pe 1988 ... BA 

ECS 7tpc 1 993 ... 97 

ECS »pe I»» . flfi). 

ESC 7* pc' 1B85 *71 

EEC Tine 1084 — 0*4 

Emo GmaOit 9*pc 19M - 97* 

Gotaverken Tine t982 9*4 

Kockums SOT l*n 9*t 

MlrUritn Hot 10*3 . . Ml 

Montreal Urban 8|pc 1981 ms* 
New Brunswick gpc 19S4 074 

Nrw Bruns. Frav. f*pc 'fft Wfll 


New Zealand S*»e 19H-.. 
074 Nordic Ttiv. Bfc 71pc-19M 
971 Non* Hydro Tire IMS . ..» 

95* Nonray Tlpc-IHC .. 

09 Dtirario Hydro Spc 1887 

88* Sinner Hpc UK - 

Ml 1 S. of Scot. Elec. Slpe IMI 
n Sweden fK'domi 7}pc UK 
99 Sweditli State Ce. line U 

101* Telmex Oipc I9S4 

99} Tenncca 7Jpc 1987 May ... 
911 Vojkfwaaaa 7|*c 1887 ...... 

M STERLING BONDS 
182* Allied Breweries IDApc '99 

Ml Citicorp 5 Opc IBM 

101} Connaulds 9*pc IMS 

871 ECS 9ipc 19M 

881 EfB Hpc USB 

1041 EtB M9C UK 

07* Finance for lad. Otoe 1*8? 
971 Finance for Ud. lope I9U 

IK Finns 10*pc 19S7 — 

99) Gesietner *lpc UK 

85* IN A Hoc 18S8 ..... 

1821 Rowntm* IOJpc |9S8 

193 Sears iftlpc 1988 — 

Ml Total OH 8}pc UM - 


■19 

Offer 


■ Id 

at . 

m 

CrcDir Lyonnais WE 5pr .. 

Ml 

Ml 

Bi) 

DG Bank 1981 7 15 m pc .. 

1004 

9TI 

98) 

GZB 1M1 * 1 16 pc 

JW# 

MI 

87} 


Ml 

.*» 

871 

Lloyds 1883 7EDC 

1001 

ISO! 

1011 

LTCB 1983 gpc 

991 


ten 

Midland 1BR2 Spc 

ion 

n 

951 

Midland 1937 7UuDc ..... 

094 

98 

M| 

OKB 1953 7JDC 

100 

lM 

IMS 

SMCF 1985 Sipc 

994 

941 

95} 

Sid. arnd Ctitrd. *S4 Tlliew 

991 

K 

m 

14 nu. and Glnis *94 S' mpc 

997 


*S 

MI 



m 

97* ' 

DM BONDS 


1M* 

103 

BFCE 5IDC IKS - 

*94 

894 

190 

BNDE Mpc im -i 

901 

96) . 

97* 

CPE 6'PC 1*88 

861 

1004 

in 

Denmark Opc 1*34 .... 

im 

K* 

*5} 

ECS 34PC 1990 

m 

93} 

Mi 

ETB 5lpc 199© 

. a 

It 

97 

Electrobras BJpt- ifip 

97 

Mi 

IDO* 

Euratom Hpc 1N7 

994 

m . 

94} 

EnroOmt 5)pe 1938 

1004 

m 

m 

Finland Slpe 19H .......... 

MX 

n 

. 991 

Forgmarks 5tpe 1990 

9*4 

Ki 

94* 

Mexico Opc 1933 — 

- 85 


New Zealand »pc 1MB ... 

Norcem 5! pc .3088 

' Norn ar 4|pc IBM ... 

n PWhpptiws Mpc 1085 

M* Ranter Uukti atpc 1M8 ... 
03* Sweden Spc IMS ... . 

INI Tauernavtobabn 3* pc 1883 
Ml Tnndhetm Slpe 1988 .... 
97* Tvo Fowdr Co. Bpc 19S8 ... 

97. vsneznela doc 1988 

m World Sank Btnc JSflo 

*7* 

M FLOATING RATE NOTES 
99 Bank Of Tokyo 1094 7 15» pc 

BH BFCE 1814 MAC 

inn* bnp 1993 si M pe * ... 

U2 CCF 1BS3 Spe . -.. 

H CC.MF 1094 7lpc 

CrrOitanstali 1984 76w . . 


CONVERTIBLES 
American Express 4ipc '87 

Ashland Spc 1988 

Babcock A Wilcox 6Spc V7 
Beatrice Foods 4*pc 1992 
Roatnce Foods 4Jpc 19K 

Bcecltam 81 pc 1992 

Borden 9pc 1892 

Broadway Rale 4{pC 1087 

Carnation 4 pc )B«7 

riu-vron Spc 1988 .... 

nan 4:pr I9B7 

Las' man Kodak 4|pc 1988 
Eronnmic fjths. 4|pc 19*7 

Fireatnne ape 19SS 

Ford 5 dc 1888 

Genera] Electric -Hoc IBS7 

G incite 4tpr 1987 

Could 5pi- 1887 

Gnir and Western Spc 19S8 

Harris 3oc 1992 

Honeywell 6pc 1BS6 

?G1 b:oc 1M2 

TNA Doc 1997 

Inches pe Bine 1993 

TTT 4*oe f9P7 

Jimeo spc 1892 .... 

Komatsu 71 pc 1980 

.1. Bay McD»rmotr «pc '87 
MaisnsMta Bloc 1990 .. .. 

Mitsui 7ipc 1080 

J P. Moreau 4»pe 1097 ... 
Nabisco 3»pc 18M 
Owen} Illinois 44 tw 1IW7 ... 
.1 r. Petittey 4 »ijc 1887 ... 
Berlim Iftu* 1887 . .. 

RrmoMs Mowle .Mr 19W .. 
KauHrfc 8*ne 1W 
Bowrr R4nd 4ttr 1997 . .. 

SitulMi 4»nc 1IW 

Tejcaro ISpC low 

Ttshih* 81 pc 1P82 

Union Carbide 4!pr 1»K . 

Warner LamSen 4»pc 19=7 
Warner Lanab'ct 41 pc 18«s 
Nerot 3pe IW ..... 

Source: Kidder. Peabody 


Banking 
problems 
reduced 
in Japan 

TOKYO. April 18. 
THE number of Japanese com- 
panies suspended from bank 
transactions fell 16 Jt per cent. 
In March to 1.624. from 1,938 
In the same month last year, 
but was 42.6 per cent, higher 
than the 1,139 in February, 
according to the Federation of 
Bankers* Association reports 
AP-DJ. 

Liabilities incurred by the 
companies involved, capitalised 
at more than Ylm n totalled 
Y169.94bn„ or 24.6 per cent, 
more than the Y136.37bn. tbc 
previous March, and 1D8J! per 
cent above February's 
Y81.39bn. 

Tbc number of companies 
suspended From hank trans- 
actions in fiscal 1978. ended in 
March, reached a record 18.005, 
up 2.1 per cent, from 17,735 in 
the previous fiscal year. 

Liabilities totalled a record 
YL519bn. or 14.6 per cent, 
above the Y 1.325 bn. in 1976-77. 

Tokyo margin move 

The Tokyo Stock Exchange 
Securities Policy Committee 
. has asked the Exchange Board 
chairman to authorise a new 
rule Tor margin trading, 
enabling investors to buy- 
stocks by instalment, reports 
AP-DJ from Tokyo. 

In order to increase trading 
volume, the committee report 
said, the number of slocks 
allowed for margin transactions 
should be raised. Under the 
current rules, only 437 of the 
943 issues listed on Uip 
E xchange's first section arc 
allowed lo be bought on mar- 
gin. Exchange officials said. 

The new rules include 
measures to curb speculation, 
which is expected to grow with 
the rise jn margin transactions. 

A decision on the new rules 
will be made early next month. 

Dai-Ei advances 

Dai-EI. the Japanese chain 
store, increased its net profits 
for the year to February 28 by 
21 per cenL lo YSJIfibn. 
(827.3m.), from Y4.94bn. (he 
previous year, agencies report 
from Tokyo. 

Sales rose by 11.3 per cent, 
to Y876J27bn. ($lbn.), frdm 
Y788fi0bn. 

An unchanged dividend of 
Y15 has been declared. 

For the current year, the 
company forecasts a rise or 
8.6 per cent, in net profits lo 
Y6fibn~ on sales up 11.9 per 
cent, to Y98Ghn. 

Nichii gain 

Nichii Trading net profit in 
the year to February 28 rose 
19.2 per cent, to Y4.066bn. 
(918.5m.) from Y3.411bn.a year 
earlier, reports AP-DJ from 
Tokyo. Sales were up 10.7 per 
cent, to Y313.47bn. (Sl.4bn.) 
from Y2R3.067hn. 


Guthrie Bhd raises hopes 
of early return to profits 


GUTHRIE BHD reduced its 
group net loss in 1977 to 
SS5.74m. (SUS2.4m.) from 

8S6fi2ro. in 1976. Results for 
the first quarter of 1978. accord- 
ing to the company, encourage 
the hope of a return to profit in 
197S. 

Group turnover fell to 
SS23&20I- (5US90m.) Iasi year 
From SS230.34m. The parent 
i-ompany made a net loss of 
556.7Sm. against a profit of 
SSl.lSm. the previous year. The 
! dividend is unchanged at 1 cent. 

The company said that the bulk 
of its group operating loss arose 
in Malaysia, mainly in Guthrie 
Engineering. 

Substantial provisions for slow 
moving stocks and doubtful debts 
made in 1976 proved inadequate, 
and further provisions had to be 
made,. but Guthrie Kinia showed 


‘'significant'’ improvement and 
returned to profit. 

Mr. M. J. Gent, the group's 
chairman, says that the engineer- 
ing side continues to face prob- 
lems, and that the company will 
concentrate its efforts this year 
on meeting these problems. In 
order to prepare for future ex- 
pansion. 

The group had divested itself 
of a number of minor loss-mak- 
ing activities over the past year, 
he commented. 

Reuter 

Boustead takeover 

THE BOUSTEAD Group, a 
trading house established in 
Singapore and Malaysia has 
extended its operations to the 
Philippines through the acquisi- 
tion of the Manila commercial 


SINGAPORE, April IS. 

firm. Macondaray and Co., writes 
H. F. Lee from Singapore. The 
ecquisitioo was effected through 
Boustead (Hongkong) which pur- 
chased the entire share capital 
of Macondray for a considera- 
tion of Sin. pesos or $S2.6m. (just 
over SUSlm.) from a family 
group of American shareholders. 

Boustead (Hongkong), which 
is owned equally by Boustead 
Holdings of Malaysia and 
Bousteadco of Singapore will be 
raising its share capital to 
$HK5m. to effect the transaction. 

The purchase will be settled in 
four annual instalments over the 
next three years. 

Macondray was established in 
the Philippines in 1S98, and is 
to-day engaged in manufacturing, 
trading, engineering, shipping 
and insurance. 


Second-half setback for Ben 


BY H. F. LEE 

THE LATEST result from Ben 
and Co., a subsidiary of the 
Straits Steamship group, has 
again disappointed shareholders. 

Although the company re- 
ported an operating profit of 
SS139-000 ‘(SUS60.000) for the 
ten months lo December 31. 
against a loss nf S S3 1.000 for 
the previous full year. The 
result falls short of the operating 
profit of SS301.000 reqistered in 
the first six months of 1977. 

Ben has changed its. financial 
year-end to December 31 in line 
with other members of the 
Straits Steamship group. 
i Against the background of the 


high level of interest costs, the 
company's operating profit was 
turned into a pre-tax loss of 
SSI. 37m. The pre-tax loss for the 
full year previously was SSI. 54m. 

Group sales for the ten months 
totalled SS4S-2m. <SUS20.8m.). 
compared with SS49.66m. for (he 
whole of 1976. 

Slieil Refining dip 

Shell Refining Berhad. an 
associate of Shell International, 
reported a sharp fall in profits 
for last year owing to higher 
costs of crude nil Imports, writes 
Wong Sulong from Kuala Lum- 
pur. Pre-tax trading profit fell by 


SINGAPORE, April 18 

4fi per cent, to 12.1ra. ringgits 
($U_S.5.1m.), although sales 
recorded an increase of 21 per 
cent, to 610nt. ringgits. 

The company said the dual 
pricing system adopted by OPEC 
during the first half of the year 
resulted in lower selling prices 
obtained by the company 
relative lo higher import costs. 

A final dividend or 7.5 per 
cent, is declared, making the 
year's total 12.5 per cent. As 
the capilal has doubled through 
a one-for-one scrip issue last 
May. the dividend is equal to 
the 25 per cent, dividend given 
out last year. 


Two new banks for Jordan 


BY RAMI KHOUR1 

MOVES to develop more sophi- 
sticated financial institutions and 
attract investment capital from- 
private sources in the Arab oil- 
producing states have received a 
twin shot in the arm with the 
opening of two new banks in Jor- 
dan within a few weeks. 

The country's first merchant 
bank recently held a general 
meeting of shareholders to 
prepare for the start of 
business. The Arab-Jordanian 
Investment Bank, with a capital 
of 5m. Jordanian dinars, or 
S15m.. is authorised to accept 
deposits only of 12 months 
or longer and operates no 
retail banking services. ft 
will specialise to medium- and 
long-term hanking activity, start- 


ing in Jordan but gradually 
spreading into other Arab coun- 
tries. according to its chairman, 
Mr. Abdul Qader al Qadi, who is 
also director of financial affairs 
at the Ministry of Finance and 
Petroleum of Qatar. 

Mr. al Qadi said that the 
Arab-Jordanian Investment Bank 
will also underwrite new share 
issues syndicate loans, manage 
investment portfolios for clients 
and arrange new bond issues — 
services that have not been 
offered to. local clients by banks 
in Jordan to date. 

The Siam, capital of the new 
bank is held as tn 60 per cent, 
by Jordanian interests and 40 
per cent, by Arab interests in 
various Gulf states, including 


AMMAN, April IS. 

the Qatar National Bank, the 
Abu Dhabi Investment Auth- 
ority', the Saudi National Com- 
mercial Bank, the Riyadh-based 
Arab Investment Company and 
the Libyan Arab Foreign Bank. 

The other bank that opened 
here a few weeks ago is the 
Jordan-Gtrlf Bank, a commer- 
cial bank which also has a 
capilal of J.Dns.5m., or SI5m. 

Its shareholdings are also 
held as to 60 per cent. by- 
Jordanians and 40 per cent, hv 
Gulf interests, primarily lead- 
ing husinossmen in Kuwait and 
the United Arab Emirates. Its 
chairman is a promiment Jor- 
danian businessman. Mr. Moham- 
mad Nazzal Armouti. who is also 
acting general manager. 


Sadarat 
OBU for 
Manila 

By Leo Gonzaga 

MANILA. April 18. 
BANK SADARAT of Iran was 
recently authorised by the cen- 
tral bank to establish an offshore 
banking unit (OBU) here, though 
previous official statements had 
given the impression that no oew 
OBU would be allowed to be set 
up In the country until the mone- 
tary authorities were sure that 
expansion was justified by mar- 
ket conditions — or at least until 
the operations of the 16 existing 
units became profitable. 

Last year, 14 operating OBU's 
incurred an aggregate net loss nf 
about $Im„ but the overall per- 
formance was officially’ regarded 
as satisfactory. There has been 
an increase in offshore banking 
business since then, amid grow- 
ing indications that the OBU's 
would end this year in the black. 

The choice of Bank Sadarat. 
according in central bank 
officials quoted hy Metro Manila 
newspapers. is intended to 
diversify sources of offshore 
funds and to provide Ihe Philip- 
pines access to petro dollars 
of the 16 OBU's in the country, 
eight are American, two British, 
rwo French, one Canadian, one 
German, nne Japanese, and one 
is from Singapore. The latest 
entry will represent the Middle 
East*. 

Monetary authorities arc on 
record as saying that the offshore 
banking system of the Philipp 
pines should be representative of 
as many regions as possible. An- 
other factor which must have 
gone into Bank Sadarat's favour 
is Ihe fact that a substantial com- 
ponent of Ihe Filipino work-force 
in the Middle East is in various 
Iranian construction projects. 

Israel amends 
liquidity rules 

By L Daniel 

JERUSALEM. April 18. 
TWO amendments tn liquidity 
regulations were approved by the 
Israeli Inter-Ministerial Econo- 
mic Committee this week to meet 
the needs of those unable or un- 
willing to “freeze” funds for a 
period of a year or more. The 
first amendment permits the 
issue of transferable deposit 
certificates — tn Israeli pounds. 
These certificates may he issued 
for periods or from three to six 
.months or for six months tor 
longer), with the limiidity ratins 
(set at 2fi and 20 per cent. 
I respectively. 

I Furthermore, whereas the 
[shortest time deposit till now 
was three months, hanks may 
now accept deposits for between 
two to three months. wjj,h the 
ratio fixed at 25 per cent. These 
measures are mainlv intended tn 
assist those firms having funds 
available icmpnrariK- pending 
:the arrival nf equipment or raw 
i materials. 


THIS ANKOUNCKZMDEWy' APPEARS AS A MATTER OF RECORD ONLY 



Three major market 
indicators at-a-glance with the 
new edition of the financialtimes 

indices wall-chart 


KINGDOM OF MOROCCO 

U.S. $325,000,000 


ABU DHABI INVESTMENT COMPANY 
BANK OF MONTREAL 

COMMERZBANK AKTTENGESEELSCHAFT 
SECURITY PACIFIC BANK 


MEDIUM TERM LOAN 

MANAGED EY 

CITICORP INTERNATIONAL GROUP 

'JUT COMPANY BANK OF AMERICA NATIONAL 

TRUST AND SAVINGS ASSOCIATION 

CHASE MANHATTAN LIMITED 
twpvbtt t strw aft . NARINE MIDLAND BANK 


industrial 
ordinary 
share index 



p 9 *- 

_ "7 ' •' 


m 


■”'« ■ ii 

,z f •jli 


Af 


FT Actuaries 
-all share 




■ iff ^ 
».'Tii .?« 


UNION DE BANQ.UES ARABES 
ET FRANC AISES— U.B.A.F. 


Government 

Securities 


CO-MANAGED BY 


ASAS AFRICAN BANK 
B ANODE EUROPEENNE DE TOKYO 5-A. 
EUROPEAN ARAB BANK (BRUSSELS) S.A. 
KREDIETBANK N.V. 

NED ERL ANUS CHE MIDDENSTANDSB ANK N.V. 
UNITED CALIFORNIA BANK 


ARAB BANK LIMITED 

DG BANK DEUTSCHE GENOgSENSCHAFTSBANK 

GULF INTERNATIONAL BANK 

MIDLAND BANK LIMITED 

SOCIETE GENERALLY 

FRAB BANK INTERNATIONAL 




ANT) PKOVBJBD BY 


CXTIBAinCi N.A. 

ABU DHABI JKVSSTZOSNT COMPANY 
THE CHASE MANHATTAN BANK, N. A. 

MAKXNZ MIDLAND BANK 

BAKaUE EUROPESNKE DE TOKYO S.A, 

MIDLAND BANK LIMITED 

EUROPEAN ARAB BANK (BRUSSEL*) 5~A. 

XSEDIXTBANK N.V. 

UNITED CAMTOSNZA BANK 
BFG LUXEMBURG 
FRAB MEDZTERKANEX XJB3TTED 
INTERNATIONAL ENERGY BANK LlMm» 

the ran bank, xjcmited 

-WORLD BANKING CORPORATION — WbB^CO— 

S AN CLUE MAROCAXNE DU COMMERCE EXTESOECR — 
PARIS BRANCH 

THE MITStmzSHX BANK, LIMITED 
PIERSON, KEUIWWC AND PJCERSON 
(CURACAO) N.V. 

SOCIETE GENERALS DEB ANQDXSA, 

TEXAS COMMERCE BANK 

AS SOCIA TED JAPANESE BANK (INTERN ATI ON AL) 
f Tw/ rmzp 

BAXaUE B37ROPXXNNX DZ CREDIT (EEC) 

B ANODE INTERNATION AUS PQURL'ATKiaVX 
OCCIDENTALS (8JA.O.) 

SKANDINAVISKA ENSKUJ9 A B ANKEN 
Y. VAN LANSCHOT BANK3ERS 


BANK OF AMERICA NATIONAL 

TRUST AND SAVINGS ASSOCIATION! 

SECURITY PACIFIC BANK 
BANK OF MONTREAL 

COMMERZBANK AKT1ENGESELLSCKAFT 
ARAB BANK LIMITED 

SC BANK DEUTSCHE CENOSSENSCHAFTBBANK 
CAYMAN ISLANDS BRANCH 
ARAB AFRICAN BANK— CAIRO 
GULP INTERNATIONAL BANK B.S.C. 

NEDERLAND5CHE MIDDENSTANDSB ANK N.V. 

BAYEX1SCHE LANDESB ANK INTERNATIONAL SJL. 

CANADIAN IMPERIAL BANK OF COMMERCE 

(INTERNATIONAL) S. A.— PARIS 

SOCIETE GENEKALE 

IRVING TRUST COMPANY 

BANK OF SCOTLAND 

INTERBANK AXT1ENGESELLSCHAFT 

LLOYDS BANK INTERNATIONAL LIMITED 

NATIONAL BANK OF NORTH AMERICA 

PROVINCIAL BANK O F CANA DA 
(INTERNATIONAL) LIMITED 

STANDARD CHARTERED BANK LIMITED 
AL SAUDI BARQUE 

BANK OF LEBANON AND KUWAIT S.A.L. 

B ANQUE FRANC AISE DD COMMERCE EXTERZEUR 
IRAN OVERSEAS INVESTMENT BANK LIMITED 
UNION DE B ANODES ARABES ET EUROFEENNes— 1U . A.E. 
WELLS FARGO BANK. N-A. 


The 1978 updated Financial Times Indices Wall- 
Chan has been compiled as a limesaving, easy-to- 
inierprct and comprehensive portrait of Britain’s three 
major market indicators from iy49. All three indices 
arc shown in parallel with the Government of the day 
and any appropriate fiscal or monetary developments 
which may have affected their performance. 

To cover the next two years through to the end 


Overall size: 51cm x 76cm appro* 


ofl979. the chan has been extended so that you can 
maintain your own record. All the relevant monthly 
figures arc regularly published in the Financial Times 
and details of their extraction will be sent with each 
chart. To obtain your copy of this new wall-chart, 
which has been of great interest to senior busiitcs>men 
and financial executives in past yeursj please cmnplcic 
and return the coupon below. 


Please send me copy copies of the 'Finanr ial T imes Indices Wall-Chart' at £ 5.00 «?*■: 1 1 m-J. VAT 

(outside U.K. plus 50p postage). Cash/cheques with order only. 


Mr Mrs Miss (Block capitals) 

Organization 

Address 


Position 


UNION DE BANQUES ARABES ET FRANC AISES— U.B.A.F. 
AGENT 


Signed Da le 

To: Sales Department (Wall-Charl'i. Financial Times Business Publishing Division, Minster House Arthur Sfn?rt. London 
EC 4 R 9 AX. Please allow 28 days for 'delivery. 

Financial Times Limited Reg. Office: Bracken House 10 Cannon Slreet, London EC4P 4BY. Resijiervd in Ftmiuna Ho L275SI0 
Bank Account: Midland Bank, 5 Threadrieedle Street, London EC3 Account No 10957175. Pi inied m ihe U.K. 


DECEMBER 5, 1977 




financial Times.- Wednesday April 19 . 19.78 


' VV f 


MARBARCH BiSURANCE 
COMPANY 

(GIBRALTAR) LUUTEO 


FINANCIAL TIMES REPORT 


Wednesday April 19 1978 


A 


an A.T.V. GROUP COMPANY 


CAPTIVE INSURANCE MANAGEMENT 
RENT-A-CAPTIVE FACILITIES 


INTERNATIONAL INSURANCE & 
re-insurance 



fer f>jn details tontactl 
cur A;en« 





$ 1 1 


GIBRALTAR MANAGEMENT 
CORPORATION 


who also provide 


COMPANY FORMATION 
COMPREHENSIVE MANAGEMENT SERVICES 




The lingering dispute between Britain and Spain over sovereignty, of Gibraltar seems to have 
one beneficial side-effect — the creation of a sense of national identity among Gibraltarians. 
This new-found feeling will need to be recognised in any final solution to: the problem. 


PROFESSIONAL TRUST SERVICES 
EXPERT TAXATION ADVICE 


3 Lifrrai-y ■vqmp. Gibraltar 

T-iephon* • GTO-35C i Ol Telex. 2280 GK 
Member — Gibraltar Chair. bcr of Ccrtimerce 




CHARLES STANLEY & CO 


Looking 
for a 
lasting 
formula 


STOCKBROKERS 

GIBRALTAR OFFICE 


By Robert Graham 


P.O. Box 166 
1/3 IRISH PLACE 


Resident Partner A. R. Heaton 

Telephone 5181 


The Following services » r e available: — 


Share prices daily from London 


Portfolio valuations and management 


Advice on U.K. and international Stocks, 
Fixed Interest and Equities, and U.K. and 
Offshore Unit Trusts 


Financial Advice to members of H.M. Forces 
based overseas 


Placing of short- and long-term funds with 
U.K. Local Authorities, etc. 


CHARLES STANLEY & CO 


Head Office: 


18 FINSBURY CIRCUS 
LONDON EC2M 7BL 


Members of The Stock Exchange 


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Tel: 01-930 7213 - Telex: 263 966 ATS 

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EVERY DAY British soldiers 
open two sets of iron gates that 
separate Gibraltar's frontier 
with Spain. The gesture is 
purely symbolic because the 
adjacent Spanish gales remain 
closed and have dune so except 
on rare emergencies since the 
Franco Government unilaterally 
decided to shut off all physical 
Spanish contact with Gibraltar 
in .June. 1969. The populations 
on either side of the frontier 
have only been able to keep in 
contact through a dialogue of 
gestures and shouted conversa- 
tions across no man's land. 
Gibraltarians like to show visi- 
tors this, their little Berlin Wall, 
to bring home just how isolated 
they are. To reach the Spanish 
mainland requires a trip in a 
ferry to Tangier and then back 
either to Algeciras or Malaga— 
at its quickest three hours. 

The physical and psycho- 
logical conrraints of the Spanish 
blockade, enforced in pursuance 
of what Spain regards as its 
historic claim to the Rock ceded 
to the British crown hy the 
Treaty of Utrecht in 1713.' have 
largely been ignored by the out- 
side world. But for the. 
Gibraltarians forcing them to 
learn to Jive within the confines 
of 21 square miles of rocky 
Mediterranean headland, they 
are very real. 

Bur instead of persuading the 
populace of under 30.non 10 
accept that their future lay 
with Spain and under Spanish 
sovereignty, the restrictions 
have had the very opposite 
effect. The close affection for 
and identification with Spain 
felt by many of the inhabitants 
has evaporated in the face of 
Spain's unfeeling bully-hoy men- 
tality. The Spanish authorities 
hare lacked the imagination 
for any sort of "hearts and 
minds ” campaign that could 
capitalise nn these close per- 
sonal and cultural links. The 
sole contact that most Gibral- 
tarians have had with Spain in 
ten years is through Spanish 
television, hardly an edifying 
experience either under Franco 
nr now in the post-Francn era. 
Meanwhile, thnugli ruled by 
Britain, they have led stable, 
tranquil lives, a Me to express 
themselves freely and avoid the 
traumas of fascism and the 
potential instabilities of post- 
Franco Spain. 


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Suffered 


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Price £55,000 each 


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2/16. KING’S YARD LANE, 
GIBRALTAR. Tel: 27S9 


People suffered from th*» 
blockade hut not as disastrously 
as expected. The traders in 
Main Street lost the custom of 

800.000 day lourisLs who visited 
the Bock each year, bur the 
economy did not collapse. The 
withdrawal of the Spanish 
labour force. 30 per cent, of 
the total, was eased by their 
replacement by workers From 
Morocco. Continued British 
military spending, now running 
at £l2m. a year, the presence of 

4.000 Servicemen and their 
families plus important British 
grant aid has kept the economy 
ticking over, albeit at near 
stagnation level in some years. 

Everyone has had to make read- 


justments so that now. artificial 
though the Rock's existence 
might seem, there is a genuine 
community spirit and a sense uf 
identity and purpose. 

Until the restrictions were 
imposed in the 1960s. Gibral- 
tar was taken for granted as 
a British colony both by the 
British and the Gibraltarians 
themselves. Since then Britain's 
shrinking world rule has 
reduced Gibraltar's strategic 
significance as a fnrtres.- guard- 
ing the entrance to the western 
Mediterranean. Gibraltarian con- 
sciousness of this, coupled with 
the isolation resulting from the 
Spanish blockade, has resulted 
in the gradual emergence of a 
distinct Gibraltarian identity — 
something which did not exist 
in such obvious form ten years 
ago. 

Of course the emergence of 
such a sense of identity has 
been facilitated by the size uf 
the community. But against this 
the population has extraordi- 
narily heterogeneous roots 
derived from a mixture of Arab. 
British. Genoese. Indian. Portu- 
guese and Spanish ancestry. The 
polyglot nature of society is 
evidenced by the Roman 
Catholic headmaster of the 
Jewish school. Traditionally the 
local population have come 
below the colonial presence in 
the pecking order, with the im- 
ported labour force at the 
bottom of the scale. But with 
greater British emphasis on the 
Gibraltarian nature of Gibraltar, 
especially since the T- Q «»9 con- 
stitution, the overt colonial pre- 
sence has become less 
prominent. 

No matter whom you consult 
in Gibraltar today — the Chief 
Minister Sir Joshua Hast-an, the 
main opposition leader. Mr. 
Maurice Xiherras. who identifies 
with integration with Britain, 
the Gibraltar Autonomy Party 
that favours Spanish sover- 
eignty, or a newly formed 
Marxisl-Leninisl grouping that 
wants to see an end to the 
colonial British presence — all 
in varying forms say this about 
themselves: "We are nut 

British, we arc not Spanish but 
a mixture that is Gibraltarian." 
For instance the fact that Eng- 
lish has been cnsciously spon- 
sored as the official language 
although Spanish is the first 
spoken language is accepted by 
the majority as an instance of 
ihc peculiar nature of Gibral- 
tar. 

The differences in attitude 
are frequently magnified in 
such a small and highly voluble 
community. Essentially they 
centre round the degree to 
which people are prepared to 
accept the waiving of restric- 
tions agamsi a change in 
sovereignty, li is 11 years now 
since Gibraltarians voted 95.S 
per ernt. in favour of retaining 
British sovereignty. Still it 
seems that Hie majority would 
prefer in arrept continued 
British sovereignty and retain 
the restrictions than accept 
Spanish .sovereignty- The 
change now. une suspects, is 
that a lame proportion would 
secretly favour, if possible, 
some form nr internationally 
guaranteed autonomy. Not that 
Britain is considered unreliable 
— it is respected for being 
straightforward and upright in 
its continued support. The 
attitude is rather that con- 
tinued colonial status for the 
Rock is considered unrealistic 
in a changing Europe. 

The British Government view 
has been and remains that 
expressed in the Gibraltar Con- 
stitution Order of May. 1969, 
binding Britain never to enter 
into “arrangements under which 
the people of Gibraltar would 
pass under the sovereignly of 
another State against their 
freely and democratically 
expressed wishes." Whitehall 
has argued with Spain that 


no meaningful dialogue can 
begin on the Future of Gibraltar 
until the unilaterally imposed 
restrictions arc removed. From 
the Spanish point of view, the 
restrictions have always been 
considered the main bargaining 
counter — hence the diplomatic 
impasse. 

It is a measure of- the com- 
plexify of the problem that the 
two recent meetings in Paris 
anti Strasbourg that included 
the first fnrmaJ encounter 
between Spanish. British and 
Gibraltarian officials have been 
greeted with such caution. 
There is undoubtedly a new 
atmosphere between Madrid and 
London, created " in large 
measure by the advent of an 
elected Government In Spain 
anxious to participate fully in 
Europe. Although Gibraltar is 
still an emotive political issue in 
Spain, the Suarez Government is 
not bound by the same rigid 
chauvinistic considerations as 
was Franco. Furthemore, 
the Spanish Government seems 
aware that the sanctions applied 
to Gibraltar could prove em- 
barrassing if continued indefin- 
itely. since they are contrary 
to the European convention for 
the protection of human rights 
and also arguably against both 
the spirit and letter of the 
Helsinki accords. 




Arriving at the Rock from Tangier. 


Significant 


The positive developments 
when measured against the 
previous impasse are significant. 
In the past nine months some 
form of contact has been estab- 
lished with both Spanish officials 
and the Spanish -political parties 
that has . included visits to 
Gibraltar and reciprocal visits 
to Spain. Telephone (inks have 
been allowed tu remain open 
after the customary Christmas 
'•humanitarian” period (this 
docs not apply to telex com- 
munications!. The British 
Foreign Secretary. Dr. David 
Owen, in introducing Sir Joshua 
Hassan and Mr. Xiberras at the 
meetings in Strasbourg and 


Paris, told his Spanish coiunter- by three main . elements from 
part that these two merr were now on. First, the future , of 
the ones he had to convince and. Gibraltar will not be considered : 
what they agreed he would, jn isolation but in. the context 
advise Parliament to - accept, of Spain joining the European- 
Apparently the Spanish side Community and ' its- -possible 
accepted this. Agreement ’. has membership , of, or association 
been reached nn the establish- with, NATO. Controlling the. 
mem of three working com- -western approaches lo the 
mittees to study, among other Mediterranean, its . military 
things, telecommunications^ a value as a port, dry dock' and 
direct ferry link and paiymerit of fortress are less significant 
pensions to Spanish workers now, but its control 'as a_ 
formerly employed in Gibraltar, friendly centre for monitoring 
However, all parties con- the Soviet fleet is important to 
cemed recognise that this 'ifr'jfATO. Therefore NATO needs 
only scratching at the surface* be assured that . Gibraltar's, 
of the problem. The forking Ttiture' Status .is' stable "and 
parties are a cosmetic Arrange- friendly. Second,, the develops 
inent 10 smooth the ground for merit of Spain’s democratic 
more substantive/ issues, process^ especially the establish-. 
Sovereignty has not- even been meat of regional autonomy, will 
mentioned— or at least none of affect' Spanish attitudes .to 
the parties has admitted in Gibraltar. So- too will, the 
public to it being mentioned, evolution of the political situa*. 
The Gibraltarian representatives tion in Morocco and indirectly. 
hare also been careful 10 call the former Spanish Sahara,, 
the dialogue ** conversations,” with its possible repercussions 
not “ negotiations.'’ on the enclaves . of Ceuta and 

Progress will be determined Melilla (whose inhabitants 

incidentally send letters to 


Gibraltarian politicians impioi 
irig them' to reject SpaniS 
severe ightyV. 

The' final element is th. 
establishment of ' trust. Th, 
Gibraltarians do not trust Spair 
and it is going to.be hard fo 
a weak Spanish Government jt 
give them grounds for trns.' 

The offer of a vaguely autom 
raous Gibraltar tacked on f 
Andalusia, one of the poorel 
and most backward regions i 

Spain, is greeted unenthusiast 

rally by : aU Gibraltarians. Ink 
the same token if Britain waniprj 
Gibraltar to forego i,ts coloniM g 
statifer amFyf-ultimale British & 
sovereignty, a secret fear eg & 
many, then it must be seen IS g 
be doing this- not ia .the wi fe ij 
contexrbfsfabotfr 
relations, at the Gibraltariaml » * 
expense.-'* So Far this- trust- hfh 5 
been rtttfineff anfl ■ earIfer-tft||gB 
mont§ f Was reinforced . 
commitment 1 o prbvi de £ 

"aid over, the next. :three . yeijffigg 
in addition to its ' contiB^»w| 
expenditure on . the. 
presence on the. Rock- 


The senior 


statesman 


MED1TERR LVEM TRUST tORPORATIOS^ 
" LIMITED $tsS 




KEY CITY PROPERTIES LTD 

GROUP OF COMPANIES 

TRAFALGAR HOUSE PROJECT 


GIBRALTAR'S CHIEF Minister 
Sir Joshua Hassan must be the 
longest-serving elected leader 
in the Western World. His 
spectacular political career goes 
back tu World War II when, 
as a young lawyer, he was 
asked by a group of workers lo 
join them in forming an asso- 
ciation to defend workers’ 
rights and improve living con- 
ditions. In 1945. at the first 
post-war city council election, 
the Association for the 
Advancement nf Civil Rights 
won every scat. The young 
lawyer topped the poll — a feat 
he has since repeated at ail 
Gibraltar elections but one. 

Sir Joshua and the political 
emancipation of the Gibral- 
tarians go hand in hand. He 
was the first Mayor, the first 
Chief Minister. The Gibraltar 
Labour Party and AACR, as the 
party is now known, is 
intimately linked to its leader 
who is. in most people’s minds, 
the personification of the 
party. When Hassan retires, 
they say, the party will crumble. 
Ceriainiy, he is a heavyweight 
whose influence and popularity 
are without question. In an 
electoral system where each 
voter has the right to vote for 
up to eight candidates— and 
considering that by having 
eight candidates elected a party 
is assured of gaining power— 
there is little doubt that the 
Hassan influence helps to swell 
the votes obtained by other 
party candidates. This will be 
put to the test the day he finally 




Services. 




Suite 2 - 

Gibraltar Heights 
Main Street 
Gibraltar ... - 


: •' 

• - ’ x-zjyj 

T-. .£• 0 

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0 




' ' ' Gibraltar .. . . 

Tel: 5722/6171 (STD Code from London 010 350j^§** 
Telex: 2246' GK .; / ^ 

Cables: Trusthaven -^Gibraltar • • -UjSS 


w 



Gibraltar ’.x Chief MtTiister, 
Sir Joshua Hassan. 


To Banks, Financial Institutions, 
Insurance Companies and- . 
.International Organisations 


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* Area: 680/994 sq. ft. 

For further details and viewing contact: 
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4. Irish Pls«, Gibraltar. 

Telephone: 5521 
Cables: Gibkey 
Telex. Gibraltar GK 245 


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Donaldsons. 

125. Gloucester Road. 
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Telephone: 01-370 4500 
Telex: 917334 QLDSNS G ] 


Boyle & Co- 

168 Old Brompton Road. 

South Kensington. LONDON SW5 OBA 
Jjd.cphone: 01-370 33fr5^ ^ 




Sir Joshua works best when 
under pressure. His detailed 
knowledge of Gibraltar's affairs 
does not blur a wider vision of 
r»venls. He can be immersed 
in parochial politics one minute 
and in international matters the 
next. 

The Spanish problem is what, 
in effect, has provided him with 
l hr stature of a statesman. It 
has propelled him on lo a world 
plane. Working with as many 
as ten governors of Gibraltar, 
appearing at the United Nations 
a-> a Gibraltar petitioner, mcct- 
ma countless British Ministers 
and now mining fare lo face 
with a Spanish Foreign Minister 


have all moulded Sir Joshua 
into what he is to-day. The 
British like him, the Spaniards 
respect him. 

There is a Spanish saying 
that the British do nothing on 
Gibraltar without first consult- 
ing Sir Joshua; and in Gibraltar 
it is said that Sir Joshua does 
nothing without prior reference 
to Whitehall. He has - faced 
charges of being too British, 
and on the other hand of waqt- . 
ing a deal with Spain. But he ' 
continues unabated with his 
moderate and pragmatic poli- - 
tics, subscribing to the view 
that -time is a healer. Xt was oa 
return to a massive welcoming •• 
demonstration after a United .. 
Nations’ address that he coined . 
the phrase: " With Britain, but 
not under Britain.” Symbolic 1 
ally, at his spacious office in 
the Government secretariat, he 
sits next to a portrait of the 
Queen — and an unfurled- : 

Gibraltar flag. The present ■ 
series of talks with Spain, at 
which there is Gibraltarian par- 
ticipation For the first time ever, r 
was a Hassan initiative which ; 
gained unanimous support 

Before the last general _ elet ; 
tion Sir Joshua had decided to 
retire, but then Franco died and : 
ho opted to stay on with the • 
hope that change might help 
solve the Gibraltar problem. 
But this is likely to be his last ' 
term in office. To a politician 
who hit the limelight so early :• 
in hfc, being 62 must seem 


GIBRALTAR 

IMPORTANT FREEHOLD SITE for SALE 


Unique opportunity to acquire a. Freehold cleared sire 
of about 18,000 st|. ft. with a 4:1. plot ratio. A develop- 
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-Gibraltar - 7i257v v=telex '• .. 'gk Jim 





means;..:. 




terribly old. 


Joseph Garda 


SOLRAC at CO; tTD.; 3b Rosia^RcU .Gibraltar 
• ; •>. ; ‘ Tek 2622-^3495 ;• \ 




v • r ;. vTTTkj v ; a '■* J-vr.V": s/** -i 









Aid poses a difficult 
llenge for the economy 


The Rock Hotel 
Gibraltar 






c ilBRALTAR'S ECONOMIC Jig- global Government revenue and 

^ .. aw is dominated, by four key are already heavily taxed areas 

■*\ «eces: the final acceptance of when seen in the context of 

iarity of wages and salaries Gibraltar which fears- the 

jith UJC. rates; the 'prospect of erosion of its low-tariff repuja- 

tough Budget later this month; tion. 

n ambitious development pro- By -.way of local borrowing, 

ramme in the public sector; the authorities are thinking in 
nd the hope of expansion in terms of Introducing develop- 
" he private sector as relations ment bonds which can be. com- 
'Mth Spain begin to take a turn petitive with the U.K gilt and 
or the better. Forth e - moment, other markets which at present 
le public sector is responsible encourage a savings and invest- 
or an estimated 70 per cent, of ment drain from Gibraltar, 
re economy, with British de- Thought is also being given to 
;nce spending being a major working out a formula which is 
od vital source or income. The “ both equitable and reason- 
rivate sector, down to only 30 able,” as the Chief Minister puts 
er cent., is not having a par- it, that will require banks and 
cularly cheerful time. other authorised deposit-taking 

- As part of Britain's pilicy to: 

■ ■ ; ;.ipj*rt and . sustain Gibraltar » reasona ble pro por- 

' ■ 'jring its 'iir^senf ' difficulties !! on ot the funds deposited with 
_ .ith.-SpaIn. iHm. in British aid the ?' , B, . e ■ Gwwraj* »J«P 
-*.5f Being ’ inade available to needs to raise some £9m in the 
-tKe JFtockfs new three- 

- ^ar^rfmMfmnwnt acquisition of new 

■ water filing 

equipment 

laid plan was thfe' outcome of two y-i “ . . ■ 

f alk^la -GJ hrajtflr&a rlier JCiXGDlptl OD -'!~i ' 

CP~~ is .jmonth -between; :the UJC ■ : _ : ; *'"• 

3jf minister far Overseas'- Dievelgpi' . The. search for tibw - sources of 
ilffi ent. Mrs. Judith i Hart,’ and revenue Ted some years ago to 
briar’s Teadcu^ - . £Tfte major: the passing of tax - haven " 
■/SJeas£df JBtiri&r- assistance are legislation which grants certain 
SB. '.t! homing, ■ Odiijcatibja.-ajtd -port companies exemption from 
^RsypfeSfpmpnt. ■ income tax and estate dhtyTipon 

PSTfehig; Gibraltar Gwerhment, payment of an .annual tax. 
saett'Jf iW.-part,'fe Taced wlth the ot £225 or £200, depending on 


v.U r ~ UJf.11.1 


Spirts lrn 


AIRPORT 


V - 

“VuTTway” — - 


CsnwTwwW Mol* C 


/Easton^ 

Bnch 


S’ 

Harbour ! 


rflnwhi 

1 .IMI 


(Catalan Bay 


Gibraltar 


Wilt up uea 
0 Vl'la \ 


rupfFi^ - \ 


Sandy Bay 


The hard-hit hotel industry is 
facing increased costs and re- 
duced traffic, with tourist 
sleeper occupancy down to 33 
per cent, of last year’s figure. 
While advance bookings are 
promising, no real overall up- 
surge seems likely in a year 
which may well be dominated 
more by hopeful expectations 
than by concrete realisations. 

Thrown in for guod measure 
is a major confrontation between 
those who favour more air 
charters on the London route 
and those who say that this will 
risk the security of service pro- 
vided by the scheduled carriers, 
British Airways and Gibraltar 
Airways, the latter now carrying 
56 per cent, of the traffic — 
chartering — BA Tridents with 95 
per cent of the tourists coming 
from Britain. There is a constant 
cry about a lack of seats on the 
London route wbere the load 
factor last year, excepting 
January, was in excess of 70 per 
cent throughout the year, reach- 
ing 93 per cent in the peak 
month of July. 


Balance 


Cadiz 


S pa i h - Moiogo 


''o spec-f of haring to fund what eth e r tbe-company isordi- TANGIER T s .. pt 

lounts to half the programme nanly resident or not The com- / V 

iich is, at fltat, an exception- panies* registry does not dis- / Herocco N, mill K wmiu 

y high figure .for such a small tinguish between an “exempt" r v% > — r 

urn unity whose revenue-pro- company and one which is not. 
cing resources are so limited. bn * is known that, between 

■' ring the plan’s three-year 600 and 700 companies have flat rate of annual tax regard- plus a weekly £2 productivity 

.t riod, the Government expects already taken advantage of the less of profits. bonus. What will push wages 

• • - raise £lm. from an annual tax haven facility. Undoubtedly, the Govern- much higher is the final accep- 

jgetary . contribution "which Gibraltar’s tax baven role has meat's development programme tance by the official employers 
^ans. in effect that tough re- in fact been developed' with will help activate certain sectors (Gibraltar and the British Gov- 

„• . -iue*raising measures are little' publicity and remains, for of the economy, notably the eminent) of full parity, with 

■ ?ly to be a recurring feature, ibis reason in particular, rela- construction industry which has comparable U.K. . rates of local 

• ome tax "at £5.2 m, and tively unexploited. It is the been on a limb due to what the wages and salaries which at 

topis receipts at'£3.4nL, the only tax haven within. the srterl- opposition describe as a virtual Present bear .a 72 per cent 

- main sources of income, .re*, area and outside the British standstill in Government-spon- relativity. Parity with the U.K 
■ ' -'.sent nvnreojper cent of the Isle*. Capital Transfer Tax, for sored pro jects. The retail sector bas been the union's battle-cry 

—instance; does not apply to . it. h as ^ ^ en cut ting down on l974 - 

Certainly, the Rock's exempt stag and young people in par- However, the deal comes at a 
company legislation has beep titular have been experiencing time when the private sector can 

■ £ ppr 2. Ved ,* *** For ®®“ “.j: Problems m. securing jobs. But least afford it Although not 
^ramoiiwealth. ■ .??■ latest unemployment figure legally bound to accept the 

ultimately responsmle for GJvbf less than 200, while not low parity principle, the repercus-i 
raimrs fiscal affairs, and th^ ^ a cominun ity accustomed to sions will be hard-felt “We are 1 
authorities here are intent |n over-employment is not high by going to find ourselves in an ex- 
keeping such operations within wor j d standards and must in any tremely difficult position/' says 
the realms of respectabilit^and jj e V j ewe d within a situation Mr. Wilfred Garcia, President of 
responsibility. It is a question w hera foreign labour accounts the Chamber of Commerce. 


^POGIBRALTAR utaaiayj 

Mifilerraaiii f 

Ceuta V 

,ER r S.i ' 

Herocco Nv 


<^^EBmpaPt 

mm ef tnnuu 



Mr. Joe Gaggero, Chairman 
of the huge Bland Group, which 
controls Gibraltar Airways 
among other things, subscribes 
to the view that there must be 
a balance on the London route. 
His group bas been instrumen- 
tal in keeping air and sea links 
with Gibraltar open throughout 
the difficult years of problems 
with Spain, but the Tangier air 
connection is having a tough 
time and the passenger/car 
ferry service across the Strait 
is grossly under-ultilised with 
only four services a week while 
the Spanish port of Algeciras. 
five miles across Gibraltar Bay, 
has seen a dramatic upsurge in 
traffic. Now, with the prospect 
of maritime communications 
being 're-established with -the 
Spanish mainland, the company 
clearly feels that its Tangier 
service should be interlinked 
with Algeciras for as long as the 
land frontier is closed -and in- 
hibiting' vehicular, and other 


traffic from Tangier to Spain via 
Gibraltar. 

The developing view in 
Gibraltar is that a resumed 
ferry service between the Rock 
and the Spanish mainland must 
not be monopolised by a Spanish 
company as was the case. in the 
past and that a Gibraltar com- 
pany should be allowed to share 
the route. These are matters 
which will have to be discussed 
by the working parties agreed to 
at the Paris talks on Gibraltar 
last month. Preparatory work is 
now in progress in London, 
Madrid and Gibraltar in relation 
to the formation of these- work- 
ing groups which will also 
examine other points of pos- 
sible co-operation such as tele- 
communications and social 
security benefits for former 
Spanish workers on the Rock. 

Expectation' — indeed 
optimism — that the political 
talks will usher in greater 
co-operation between Gibraltar 
and its hinterland is already 
beginning to influence business- 
men on both sides of the fence. 
Even the opening of the border, 
sealed by the late Franco regime 
nine years ago, is the subject of 
discussion, albeit seemingly 
premature. The implications of 
an open frontier need to be care- 
fully studied, says the 
Chamber's President. We must 
resist any temptation to plunge 
ourselves into a situation that 
might bring benefits in the 
short term and jeopardise us in 
the future. There is also fear of 
Spanish capital taking over local 
concerns particularly if Spain 
joins the Common Market and 
trade barriers have to come 
down. 

Such considerations typify 
thinking in Gibraltar, which is 
that of a David in a Goliath 
scenario. Given that in any new 
situation there are bound to be : 
winners and losers, the final 
view is bound to be that a 
return to normality which is 
properly regulated and con- 
trolled should be to the benefit 
both of Spain and Gibraltar. 

Joseph Garcia 



Superbly situated- in 9-acre gardens on the sunny western 
side of the Rock, with views across to Spain and North 
Africa,this is one of the world's most famous hotels, with 
a legendary reputation for service and quality. Its modern 
amenities make it ideal for relaxing holidays all year 
round. Cadogan Travel offers inclusive holidays (half 
board), including travel by scheduled services of British 
Airways or Gibraltar Airways, for prices from as low as 
£151 for 7 nights. 

CADOGAN TRAVEL 

159 Sloane St., London SW1 (01-730 0721) 

The Rock Hotel with Cadogan Travel 

for people who appreciate the difference between an 
.: inclusive holiday. and a package tour. 


An International Bank in Gibraltar 

Banquedellndochine etde Suez 

INDOSUEZ 


206/210 Main Street - Gibraltar 

TeL 4675/6 Telex 216 INDOC AB CJE. TEL ADD INDOSUEZ 

HEAD OFFICE: 96, Boulevard Haussmann -75008 PARIS 
'LONDON OFFICE: 62/64Bishopsgate EC2N 4AR 

BRANCHES, AFFILIATED BANKS, SUBSIDIARIES 
AND REPRESENTATIVE OFFICES THROUGHOUT 
THE WORLD 

Established in 1920 in Gibraltar the Bank has 
a untie experience in the commercial and 
investment opportunities in the Territory 
at your disf^osal . for advising and assisting 
international companies to benefit from the 
Companies (Taxation and Concessions) 
Ordinance. 


O GIB 



l v: i T i \r\ :ht* 

s-r :*>cn^:r. 
OibrajRsr <>r-j •:■>.< -h-- 

V. tor.r 

•/.vr.idTM ";(« k“ .ff.-c- 
V«Mt U-7.1 •:!»:•;< C Jl 

: nt 

rr. -rr; - ..jn-.br. 

Gatu-irk ajy;-this year tor 

the Jitm t-rti. fv^t- ;Y>:n 
Mesneheo.-. r r>:» ur un:aue 
Gibraltar 

verv-*- 

90.anurhorf's *:>!• amt'io 
_ v ’ht)-->kvo'.!rS<*p!c:^br^ 
’Octoijcr.fiuiiddL.Sut burry 
' - w.vqui rr.ifvviaoiim 
/?;•? ' »day. 


OV I M I 

- *, • ; r -• '.v: '-:-- 


also of attracting thosejjbpera- for mer one ^uarter of the 

tions which bring reaLbenefits 19 000 wor kfnrce The main street traders com- 

to Gibraltar,.' according to ’ plain of reduced local spending 

Financial Secretary . TMr. Alan In the last five years the at a time when the tourist con- 
ColUngs. Using trie exempt weekly wage has more than trlbutlon Is erratic. Although ex- 
status philosophy, '"Gibraltar Is doubled but average earnings of curslon traffic from Morocco Is 
also developing J-'as a captive £43 include an element of over- one-third up, the need to arrest 
- insurance centre whereby cer- time. The basic pay for a trades- the general decline in tourism is 
tain insurance -companies pay a man is £31.75 for a 40-hour week seen as an absolute necessity. 

Opposition leader 
waits in the wings 


Business is a 



COSVIC 




AGENCY LTD. 

PORTERS & EXPORTERS 
OZEN & CHILLEp-BEEF, 
LAMB, VEAL, PORR & 

poultry 

*' Gardiners: Road, Gibraltar, 
Tel: 71537 _(2. lines) 

. Telex: 22$3 - . 

Cables: COSVIC 
SALES OFFICE IN 
HAMBURG..' 

Tel: 040-362786 - 
Telex 211777- . 

QUERIES 'WHXREGEIVE 
ypR01K > T^TTENTION. - 


JF SIR JOSHUA HAS SAN were 
not to congest the next general 
election in Gibraltar, which 
Weems'— -a . -safe • bet, Maurice 
Xiberras would be the most 
likely person, to be Chief 
Minister. At - present Leader of 
the Opposition, Mr. Xiberras 
obtained the second highest 
□umber nf- votes at the 1976 
election. 1 But his. chief handicap 
is that he lacks a cohesive power 
base from which to develop 
effectively a strategy for the 
future. 

His Integration with Britain 
Party . received a death blow 
from Mr.- Roy Hattersley, then 
a Foreign .Office minister, who 
did not mince his words in 
ruling out any idea of Gibraltar 
integrating with . Britain. With 
the... party.' moribund, Mr. 
Xiberras stood . as an indepen- 


dent candidate at the last 
general election. 

A young party which saw its 
births at. the height of the 
Spanish’ restrictions in the mid- 
1980s, it assumed enormous res- 
ponsibilities in 1969 when, in ' a 
post-election coalition, it found 
itself -in power at a time when 
the frontier had just closed and 
the Spanish workforce had 
been withdrawn. As Minister of 
Labour, Hr. Xiberras played a 
leading role in engineering new 
policies . and laying the founda- 
tions, with his colleagues, for 
an “island" economy. It was 
he who, years earlier, had 
drafted as part of the inte- 
gratiomst philosophy, a docu- 
ment seeking equality of stand- 
ards with the U.K But their 
seemingly radical policies 
frightened many people who 
would have otherwise supported 






m ■ w.-fi 


fffei 
J5KL J&b 


mm* 


& ^ r 


IS.- ' — Z — —J= -r — c — 

Ocean Heights, deacnbed'bydiscsmlng criticsasoae at rie finest 
>2 ^tedrtarraneanaaaiBacqijAingthBreputafiofl.lrfierna4iontfly:olareside«iBl- 
hr hdrfy- matang centre of unimpeacnabte charades AS residents have their _ 

1 shops supemiaf|cBt,reslaurantbanvSDp«bswiBvn^ 

AddTDttettWBChran^esoftax^.&Jg^tengt^.IflwandcuTOnc^ ■ 
piiicera weathen beaMJ beaches. hstoricaino^Tdin^ ■ ^ 

ngar^non-stopaiieriannwit. " ■ 


WMCaMNEHMStK 


JRA 


rJCM 


fHrt-Aiantk: Estates) Ly 
64 Cannon Street 


.London EC4N8AE 

tirasyuus -fetoi^eaiw 


eoburtm^mmii^atta ■ 
- EOR TOP PROPERTIES ■ 
IN GSRAIJAR CONSULT ■ 
THE MARKET LEADERS:- | 


their central policy of integra- 
tion with Britain. At a prema- 
ture election in 1972, the party 
was ousted from power, with Sir 
Joshua and his stalwarts riding 
in again. 

The first clash between the 
two men had come a decade 
before when, just back from 
university, Mr. Xiberras made 
has first public speech at an 
annual dinner of ex-gram- 
marians. One of the guests was 
Sir Joshua Hassan, who did not 
like what he heard. Mr. 
Xiberras was labelled an angry 
young man. 

Now considering himself a 
moderate of the Left, Mr. 
Xiberras is engaged with Sir 
Joshua in a series of explora- 
tory talks with the Spanish 
Foreign Minister, an unthink- 
able development just a few 
-years ago while General Franco 
was alive. Then, he was radic- 
ally opposed to any talks with 
Spain as he saw no chance of 
changing their minds. But now, 
as Spain takes a democratic 
course, human values stand a 
better chance of being 
expressed, and it is clear that 
Spain is affording greater recog- 
nition to the Gibraltarian 
people. 

While his diehard integra- 
tion ist supporters begin to 
question his apparent flirtation 
with Sir Joshua, Mr. Xiberras Is 
giving thought to forming a new 
political party which will appeal 
to his integraitioiiist followers 
and to those members of the 
House of Assembly who ait pre- 
sent, as a parliamentary group, 
provide him with the necessary 
support he needs to be Leader 
of the Opposition. Many aspects 
of the old inlegrslioaist philo- 
sophy he continues to see as 
very relevant to the internal 
and external future of 
Gibraltar. 


Tax Concessions 

LUnderthe Companies (Taxation and _ 
Concessions) Ordinance tax concessionfacililles are 
availableforintemational companies. 

Those registered in Gibraltar but operating 
abroad are granted exemption from income tax and 
estate duties, even if profits are received in Gibraltar; 

Registration under the Companies (Taxation 
and Concessions) Ordinance is, however; subject to 
certain conditions. Copies of the Ordinance and 
further inform a tion may be obtained from the 
Financial and Development Secretary Government 
Secretariat, Gibraltar: 

2. Gibraltar is in the Scheduled Territories and 
there are no exchange control restrictions on the 
investment of capital -either by residents of the UKor 
byresidente of other scheduled territories. 

3. Estate duty is payable at very modest rates 
■whidi range from 4% to 20% and there are 
concessions in respect of owner occupied properties 
passing on. death. 

4. There isno capital gains, capital transfer, 
corporation crrsurtax. 

Individuals ordinarily residentare charged 
income taxonascaleranging froml0% to 40% m. the 
-£. Non-residents are charged atthestandardrate of 
30%. Companies are also charged at the standard rate 
plus7%% Company Tax. ^ 

No DoubleTaxation agreements existwith any 
-other country butwhereincome is subjeettotaxboth. 
in the United Kingdom and in Gibraltar relief is given 
to residents of Gibraltarup to the limit of the lower of 
the two taxes. 

A person who takesup residence in the territory 
and is the owner-o<rupier(xpremises licensed under 
theDevelopmentAid Ordinance is granted 
exemptionfromtaxinrespectofthenationalrentof 
thepremiseshe occupies. 

The first £500 ot income received from abroad 
(if this isnotless than El ^00 in theyear) also qualifies 
for exemption from tax. 

Devdcvpment Opportunities . 

Gibraltar's potentialities and attractions as a 


The C^vennnentwouldwelcome participation 
in residential orhotel schemes andinvites enquiries 
frcmimteirestedpeisaris. 

ADevelqxmentBrochureis available on 
request from the Surveyor and Planning Seaetaiy; 
f^v emment Spcr ptariat. 

Port Advantages 

Umveisallypopular as aport of callfor cruises, 
Gibraltar is also af ocalpoint on the Near, Muddle and 
Far East trade routes for cargo transhipment and 
bunkering. 

Theportis equipped to supplylubricants (in 
bulk), provisions, stores and spares, and toprovideML 
fadli ties for rep airs and medical assistance. V^th 
six/seven flights a week to and from London 
(Heathrow), Gibraltaris also especially convenient 
for crew changes. 

In addition, although itis already the incidental 
servicing port withthe quickest despatch inthe 
Mediterranean, a development programme is under 
■way to provide full container and roll-on roll-off 
facilities. 

Ccmferencesand 
Incentive Holidays in the sun 

Conferee ce organisers have foundGibraltar an 
ideal centre form edium and small sized conferences. 
They are accommodated in hotel s withfarilities for ' 
up to 160 delegates butservedbv halls seating400 


excellent award forsuccessful salesmen and 
competifionprize winners. 

Doing the Holiday Rock 


resort 


whichis theresult of a combination of Mediterranean. 
gmshin p-warmfh he ne fi d al ly tempered by Atlantic 
influences. 

The Government spoil cy of encouragingall 
forms of sufiabledfivefopmentisbackedmavariety 
of ways. 


and Africa is onlyaday trip away So do the Holiday 
Rock— onbusmfessorpleasme. 

l^furtherinfoi^ 

applyfo: 

The Information Officer, Government 
Secretariat, Gibraltar Telephone : 4871. 

Telex: GK223. - “ 

The Gibraltar Tourist Office, London 
Information Centre, Arundel Great Court, 

179 The Strand, London WC2R1EH. 

Telephone: 01-836 0777.Telex: 266303. 

I 


esEmptsframincometaxprofitsohanypiDject 

forfhefirsttWBlTOmonaisafterocmpldioii. Kates 
thereafterareleviedonaslidinq scale so thatfull 



the sovekn ment rare? qf Gibraltar- 






34 


•Wall street + overseas markets 


Wednesday April 19 :1978 


+ FOREIGN EXCHA 


Profit-taking curtails sharp rally 


BY OUR WALL STREET CORRESPONDENT 


AFTER THE upsvrso of the pas* 
mo fradin^ sessions in recorc- 
-hrcakins ^haco volumes, Wall 
St reel yielded i° proDl-taWnc 10 ' 
day in "a reduced "out still heavy 
turnover. 

The Dow Jones Industrial A* er- 
ase. follow ins a three-day rally 
of 44 points, came back to 79$.--* 1 
before ending R.S5 easier on the 
day at fl0r.-27. Tlic NYSE All Com- 
mon Index surrendered 33 cents 
;ti S52.1G. while losses outpaced 
rises by i.UXi to 437. 

Tradmc volume, which soared 
'to a record 63.30m. shares yester- 
day. narrowed to 38.93m. today. 
The previous record was reached 
last Friday when 52.2Sm shares 
changed hand?. 

The market brushed aside the 
pood news of a 32 per cent, jump 
in March housing starts over the 
previous month's level, reported 
by the Commerce Department. 

The Government also reported 
that C.S. personal income grew by 
1.2 per cent, in March after a 
-0.3 per cent, rise in February. 

However, the Dow Industrial 


TUESDAY'S ACTIVE 5TOCKS 

CImtm-. 


index be^an improving in the 
iinal 13 minutes of trading and 
analysis do not 'rule out the pos- 
sibility of a firmer opening to- 
morrow. 

The market believes President 
Carter is taking a stronger role 
and being more decisive in lack* 
linq problems concerning the eco- 
nomy. especially inflation, an 
analj-T added. 

InstitutioDs did no) play as 
prominent a rote in to-day's trad- 
ing ae yeMerday. The total of big 
block* traded yesterday was a 
record S33. up from 7R2 on Fri- 
rlay. which had surpassed The prior 
record of 47S established last 
October s. 

But analysts said institutions are 
certain lo return in the near 
future, ns only a part of their cash 
reserves, accumulated over the 
months and normally earmarked 
for equity investments, have so 
far been sbem. 

Despite hizher net profits, Citi- 
corp. 323',, and Chase Manhattan. 
S30i. lost ; apiece. 

THE AMERICAN SE Market 
Value Index sustained a 
reaction Of 1.09 at 134. RR on 
volume of 4.31m. shares (fi.JSm.). 


retreated towards the .dose to 
finish lower on balance, investors 
becoming concerned over high 
share prices. The Nikkei-Dow 
Jones Average ended 9.S9 easier 
at 5,334.72 after volume of 430m. 
shares (3KUm.).. 

Matsushita Communications lost 
Yfin to VI .510. Grec Cross Y5G to 

YI. 710. Nippon flodo. Y40 to 

YJ. 240. Moehida Pharmaceutical 
also Y40 lo Y 1,050. and Alps 
Electric Y38 lo Y9S2. 

However, some Blue Chips 
closed higher despite profit-taking, 
with Sony Y70 up at Y 1.9 70 and 
Toyota Motor Yll (Irmer at YPTfl. 

GVN.IDA — Stacks turned lower in 
active trading, bringing to an end 
a week-ion™ rising trend. The 
Toronto Composite Index relin- 
quished 421 at 1,08721. while Oils 
and Gas retreated 12.7 to L454.1 
and Banks 2.26 to 257.45. Golds, 
in contrast, recovered 12.9 to 
1 .225.4 after recent weakness. 



Si ..rt . 

Cll-IIK 

•■J) 


iTjdi-d 

i,ri" 

0: r- 

l«:ari" 

S-Jfi.ftiin 

1^ 

- i 

Sear' R <jebwk 

479. DW 

34. 1 

- ; 

Citicnrji 

4.V.SU0 

T".i 

- I 

■raiermliar Trai.-n,r 

SW.90H 

+: 

- 4 4 

(.'eni-rai Ifut-jr, . 

.■■■rw.sn'i 

tf.f . 


Dw ninninl ... 

r.-,9 -jjo 

Jl, 

— , 

i;enor«l l-'.md- 

X7.70U 


— t 

Snnr-- 

L7-:.rJrtu 



Morrill Lyiitb 

r.;.|.Toi» 

j ; 

— ' 

Rrii:*-h I’eiri'l- uni 

■T.4.S0" 

H 

— 


OTHER MARKETS 


TOKYO— Stock prices, after a 
fresh initial advance on the over- 
night Wall Street strength and 
ihe dollar's better showing. 


PARIS — Following Monday's 
buoyancy, market dosed on an 
irregular note yesterday after a 
quiet trading session marked by 
adjustments of professional 
positions. 

BSN Gervais Danone moved 
ahead 13.3 more to Frs.463.0. 
while F-egrand rose 30 to Frs. 1.734. 
Michel In “B" 11 lo Frs.1.380, and 
Aquitaine 4.3 to Frs.422.5. In 
contrast. Moulinex receded 5.5 to 
Frs. 177.3. Pudain 11.5 to Frs.200. 
and Bouygucs S to Frs.640. 

BRUSSELS— -Bourse prices were 
inclined to make further progress 
in increased activity. 


EBES advanced 50 to B Jrsi 1 450, 
Yieille Montague DO to B.Frs. 1,630. 
and GCB U to B.Frs.950. but 
Petrofina " came back 50 to 
B.Frs.4^25. 

AMSTERDAM — Mixed move- 
ments were the order of the day. 
although Dutch Internationals, ex- 
cept for slightly higher Hoog- 
ovens. were aJl easier. 

Royal ■ Dutch weakened 2 to 
FLsJ29 on an announcement that 
currenev movements have nossibly 
cost the company £200m. to 
£3tKJm. in the first 19TS quarter. 

Shippings and Transports were 
lower, although KLM gained 
FIk.Q-SO more against the trend. 

State Loans fell, with Bourse 
sourres noting rumours of a new 
State Loan — which could carry a 
coupon rate below 7 per cenL 

GERMANY' — Stocks were agam 
widely lower in the absence cf 
buying interest. 

Among Motors, Mercedes de- 
clined DM1.S0 and Volkswagen 
DM1.30. while Chemicals lost up 
to DM1.20. as in the case of 
Jloechst. Elsewhere. Degussa fell 
DM.5, Siemens DM2. SO. and 
Deutsche Bank DM2.50. 

Public Authority Bonds con- 
tinued to weaker, ending up to 
50 pfennigs lower. The Regulat- 
ing Authorities bought DM34 .Sm. 
nominal of paper iDM27.7m.). 
Mark Foreign Loans shed further 
ground. 

'SWITZERLAND — Market moved 
irregularly with small gains and 
losses about evenly matched in 
calm trrding. 


NEW YORK, April 18. 


OerUhon-Euehrle shed 15- to 

SwJTs.2,165, the proposed divi- 
dend rise having been largely 
expected. Saurer ‘ Bearer were 
sharply lower after passing the 
dividend, while Nestle,, still read- 
ing to news of slightly- lower net 
profits, closed- 60 down at 
Sw.FnL3.IS0. 

MILAN — The new Account 
started yesterday 'with shares 
adopting a firmer stance in thin 
trading, although many leading 
stocks failed to hold the day’s 
best level ' 

Fiat finished 13 up at LL904 
and Olivetti Privileged 24 higher 
at LS49, but Snia Vlscosa declined 
18 more to L512. 


Indices 


N.Y-S-E. ALLU0MK0M 


NEW YORK -DOW JONES 


A fir. 

15 


\'t % r - 


197? 


Apr. 

u 


High 


Low 


52. IS 52.63 61.94 98.91 


Ac' - . .\>>-- Aiir, A|"» 

IS 11 ill 15 


An. Ayr. 
1 2 II 


MIRV L“>ni{ili«l ll 


92.69 
,17;4| ; 


48.5f 
ID -ti 


Rises and Falls 



.\j»r. IF A|*. 17 

Apr. R 


1.929 

1.941 

1.913 

lt*-w 

437 

1.045 

1.232 


1.109 

539 

356 

1 f| .+UR-,m( 

383 

357 

325 

N«i Hi«h« 

39 

261 

206 

Li-w- 

25 

17 

14 


HiyU 


Hi»l. 




MONTREAL 






603.27 

BIB. 12 

733.13 

773.21 

766.23 

.'70.18 

317.74 

742.12 

IQ51.70 







li 

.26.2. 

.11 1 73 

bS.aa 

83.56 

89.54 

89.21 

83.20 

33^0 

30.86 

83.20 

_ 







-Xli 

*12,4, 


215.16 

213.30 

213.77 

209.33 

207.44 

207.73 

218.30 

Idr.SI 

273.88 







■ lliAi 

i3.lt 

i7.'t3 

104.37 

105.72 

103.03 

103.99 

103.82 

103.32 

1 10.88 

' 102.84 

165.52 







■31. 

.282. 

.20i«.69' 


A Or. 
IS 




197c 


A pi- 

ll 




Utqli 


L-i« 


15.25 

■e-i.'dEi 

10.53 


Inlii-ln* 

t-.milur-' 


] 190.87 181.47 180.21 179.88 181.47 il7<4, 
' 187.21 187.95 186.54 186.10 187.95 iI7;4i 


1t>2.=U ilt^i 

170.62 -30.1i 


rOROKTO 10872! 1091.4 10B4.6 1083.0 1091.4 896.2 (50 1 


ivi'- > 33.930 63.500 32-290 31.380 

26.210 24.3G0 

— 

_ 

• Krf-i- iii<i.-x rbjij^en (null A'U'iM .'4 

A jir. U 

\pr. i 

.liar. 51 Year syu ia|dnvt.i 

5.36 

6.06 

6.26 

4.49 

STAN DAKU AND FOOKS 



ut/e 


W 17 14 15 

12 it 

Hteb Lm 

Ulftlli ljun 

; In'iu-triel* 102.97 104.13 102.33 100.09 

•1 ••uif-ili- 93.43 94.43 32.32 90.98 

99.02 93.27 

90.11 30.23 

104.13 85 A2 
.17,4. ' 61 m 
34.43 86.90 

i17;4i drift 

134.94 5-S2 

• Ll l/i.v .A'+'32f 
125.83 4 j40 

iM-U.-i -IdJiffi, 

V|i»sl 12 

A**i. n 

Mei. Ja Yrereau >epi>rn.\.i 

ln-l. .liv. *ip|.l % 1 5.36 

5.39 

5.46 

4.21 

Ind. P E IImiiu B-56 

8.48 

8.48 

10.41 


(CHANKEStiUHtj 

la, Ik 

III in iriia- 


184.5 1B7.9 195.8 197.6 
200.8 209.0 !> 202.0 . 208.0 


218.7 1 1,-2' 
214.< i4/lt 


184.5 ‘ISA) 

194. ilJCi 



Ami 

18 

I’wri ■ 

I«KI» 

Wit 

Hi®h 

IJlfi 

bin 

Australia'* > 

470. IS 

4+3^9 

u8.+f 

.+!. 

441.19 

"lil 

Belgium 

ioo. a 

99^1 

100 ja 

■ l8'4; 

•fc .44 
<12 1. 

'Denmark" 

9a.09 

84 Ju 

je.li 
.9 L'. 

84.lAi 
.*■ %. 

Trance -in 

**.* 

64.0 

.7 4, 

47/ 

r.'.Y' 

&ennanvm 

182.8 

ite.fC 

-Li.1 
/ lw-‘t 

7SZ.S 

1 J?.4> 

Holland 'iii 

W.4 

c0.6 

c^.l 

-lUTi 

d-A 
, i*,4i 

Hong Hon® 

« r «i 

44 1.16 

45423 

icl.61.XiA4 
■4.4i il3.li 

Italy ' ; > 

Wi.94 

09.44 

h5.3t- 

rt+*. 

■ lull 

Japan 

41o.8£ 

414.5a 


itteAP 

■*.l, 

ttixu 

■l-*' 

Singapore 

IA, 

500.58 

29934 

505-58 
, iW4, 


Atm, 

18 


* iMUf 


High 


Wie 

L»'*r 


Spain "O 93.94 
Sweden 371.44 


— “ r.=« 

ML ilia- 
Ofl-Ee a».:-'0 Ac.*-* 
>4-»- ■ .3.1 

Sum eri'd-c awn 232.4 a*.* .-ki.- 

. i j i» >• 


L-na H<>ii, I \i«-M 


8.34 


8.32 


8.25 


7.68 


liidn-va and base dales laii iuv* vjIik-* 
nn i'su'di NYSE vll Common — jo 
Standards and Poors — 10 and Toronto 
:vvi limn ihe Iasi named bawl an 1975 ■ 

•• ExcJudmc bonds ; 4in ln.lusinais 
: -mo mas . 4a Vtiltues. W Kmiitw and 
Transport. i'll Sydney All Orrt 
i.!> Belgian SE 31-12-Si i m > CapenlMiu-b 
SE |.-l n IT»I Pans Brans,.- I*M 
i.-ii CoranR’rzhanic Dec.. 193" if i Amster- 
dam. Industrial 1970 Hum; -Si-in: 

Hank 31-J-84 Milan 2 I 7T ,tf> Toicyo 
Xl-u SF. -M AS • ih> Straiis rimes 19S6- 
n- 1 Closed id i Madrid SF. W12 
i»-i Stockholm Industrial 1TW. ill Swiss 
Kank Torn ■ n» I.lnasai1ahl«- 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. atS2.60 to £—1131% (1161%) 
Effective jale (1^450) 522% (54«&> 


^NEW YORK 


3i»ik 


lhl.,.11 u»i* 
A'l-‘.nr!s”ur»|ili . 

Aedui Life & Cat* 
li. I'ri-lni is ... 

Ain-M 

A1'«n.\liJinmiiiiii 

\l>'*.. 

lilt", l.udlini'., 
lllxuiieii.l- P'Mfce 
llllx.1 1."lli.*llliiill. 
Allunl .-I, /ns- 
Mils l haluier.s . 
.AMAX 

Amerada Hess . 


Anicr. Airlmt-s. . 

Ann*r. . 

Aiiifi. 

\niei. Can 

.liner. L'yanainiil 
A lin r. Kltte. l'--n 
liiit-i. Ii:.|ni'- . 
Ainer.Huinel'nnl 
linei. Me-ll-*l. 
Inii’i. Muhin-.... 
luiei. Nki. Uis.. 
Imi-r. .siRU-lanJ. 
A/ner. dbufvs.. . 
liner. Tel. a Tel. 

AmeLc-k 

AME 

AMP 

Ampes 

\nrlior Hii'kiug. 
Inlwuv-r bn- li. 
Irrno) Slrtl. . .. 

. 1.N.A 

'Asaini-ra HU 


Al'ri; 

15 

April ! 
17 

57 -'i 

59 1* ■ 

18te 


37^j 

38 

27 

2BI, 

49ifl 

49sg 

26>a 

2610 

43 

43 

19 te 

19 'A 

181; 

18i a i 

40»; 1 

41ift 

23 Is 

231? 

281* 

28>u 

36 

36te ' 

27 

271* 1 

10te 

io*i i 

47 »* 

47 1 4 

4ji* 

«>a , 

39 

39 

261* 

264b 

as-. ? 

23-, . 

35S* 

36Sft : 

281$ 

2Ste 

23 

23 W 

4te 

44s ! 

42. b 

43 j 

3ui 2 

40U ' 


Awll April 
Slrx-k \lS 17 


(.•■ruing (ila»... 

I PE In I'd' lien* I 

, L'tane • 

Crocker Nat 

. Crovu Zdlfitudi 
Euniiiiini Kuxiur 
Curtiss WrigW .. 


501$ 
45 
29 U 
27 ig 
31 rj 
371* 
193$ 


507 8 
454 
29 4 

2749 

32jb 

384 

194 


Mwk 


April , Alfll 
IS 17 


Dana 

Llart Industrie?. 

Deere 

1 Del Houle 

, UeUcaa 

I Ue nlaply Inter - 
I Detruit EJif.ai 
i Dinawnitfliainrl 
1 niriapUooe...... 

j Di^ita Equip 

Wwierdlalti.. „ 

Ihircr Corfin 

■ Dow Cheuiwal.. 

, Dram 

. Lh-esser 

. Du Pnut 

" Dymu Imliu*ries| 

F idler... 

! Easl Airlines... 
i Eastman Kodak.. 

! EdlsUJ ... 


25 1» 
385* 
265* 
264 
9 J » 
I9($ 
164 
24>s 
14>s 
414 
364 
444 
255, 
294 
401, 
1124 

17lj 

19 

77* 

464 

361* 


257g 

405s 

275* 

254 

104 

19Je 

164 

25 
1470 

43 

364 

44 

26 
294 
41 

1124 

174 

195g 

84 

46 

374 


jnhu< llanvtlle.. 
Juliuasiu -H-liurun 
Jr-liD-sm C-iulivi. 
JnylUuutaetur'g 

J K. Mart Own* 

I KaiserAlumllll’ui 
Kaiser lu-lustrie* 
1 Kaiser-Sfeel 

• Kav 

■ Konnecun 

• Kerr 2i<i*e. 

I Ki'lde Waller 

i lvlm1lert>• Clerk.. 

’ K'.'|i|iers 

' Krall 

•' Kf'VIW l* 1 . — .... 

1 1«vi Snails,, 

! IJlll'V nw.KlNal..., 


305* 
08 l« • 
304 
a3 

264* | 
344 1 
1*» : 
315$ | 

io ! 

255$ . 
47 
30** 
434 
22 

4S4* ■ 
315* 
305a , 
28 <■ : 


31a, 
08 a* 
294* 
334 
87 l g 
324* 
14 
Sloe 
10a s 
255$ 
48 
3U3* 
44 
234 
4558 
314 
507i 
285s 


\san-u 

Aslilau'l «.iil. . .. 

Ail. Itirhl ii-lil. 

■A»U" Lkila l'n,.... 

I VI 

..»ntr 

A, i in Pn»lu'-I , ... 
Halt (in* Isle-1... 
Kank Ameii-a. .. 
Dankvis 1r. X.V. 

Rarlier Oil 

■ lUsler Traieih'l.. 
HeairP.-e Fiwl,. 
Bf-tuu Uli-keiiMei 
Hell \ H>« ell- .. 
ReaiLis 

8pu*u(>i Iwi* '}(- 
Retbli-heui -4teel. 
Btack 5 Ue- ker .. 
’Ihiclaa 

Bi ls.- C*u.f lr 

Hurtli-a, 

Sure Hamer . ... 

. R rami I lul 

Urn scan -A" 

Rrisiol llveis 

Dm. r«t. a hi: . 

Hrr«4 mr ( < fess ., 

Hnni'i i-k 
Bui-vru- Knv •• 

Hltokl 

Kuii*in "*M, . - 
. RiirliDK*"ii Nllin 

Runiiuehs 

i-Rinptiell s-nip... 
l.auailiau Trl-iIu 
LriihI l(aiulgl|ili.. 

( ■rlialli.n 

I arrjerA l.rlirnl 
( "arter Hanley 
I RlerpilUrTrai-i). 

CBS 

relauene C»rpn .. 

■ 'euiial A S.W 

( ertalnti.-m* 

AirrrRlI . 

I hose HanlMiao 
I 1 1 -in len I Bk.XY 
I iiCMjhrjjb Poml.. 
riioMeiv'teiu... 
(."liimii'i UrVige • 

i. brvnialit'V 

i-brviler 

( iueraiua 

< me. Jfilneiou... 

(. -1141-1X111 

i it ies Scn'k-e 

>.iiy Inieklltig.... 

( i pn Cola 

i algaiv 1‘xlin 

C'illin> Aikman- 

Culumhia In? ' 

i.uluiiiti'ui Pirl.... 
t "111.1 nsC-rtjtA in 

i •imlHiiUuiit Hug. 
(. nnitiusiiun K*|... 
i ’in'w'ili Hdis-n 
f ',inrn 'ill Oil lief 
('■ini m. pad'll it*-.. 

( i,iii|«ili-rA-ieitiv 

■ ■HID, Ijttf In-. . 

i unnii- 

i '-n. fc'.j ivn A.Y. 

i "Uml Finals ... 

1 ( nii'wl Nat. tie-.. 

( "iisumer f'-iwvr 

■ nnllueniRl lirp. 

C'liiiiiu-nrnlOil . 
i.'inilii'.iiifll Tell-. 

■ -mtn-l Dais .. 

l -SIJRT In- Ills...,,,. 


324 
61>, 
315* 
16.; 
234 
15 4 
2bi% 
214 
267* 
195* 
10 i» 
18 
304 
48 
285a 
94 
23 
5U 
25 
244 
364 

29 
39 
237* 
374 

lBJp 

374 

21, 

215a 

16'- 

375# 

28 

275* 

294 

114 

14i* 

31*6 

14 
304 

15 
19 
331s 

64 
30; a 
664 
317 4 
154 
114 
25 1# 
12 

174 

52 

514 

384 

164 

224 

44 

30 i* 
404 
24le 
314, 
50 r, 
194 
«'S 

24 
854, 
234 
50 
14Ss 
404 
314 
1128 
28! 3 
17 
18 '4 
374 
15S* 

27s a 

2t« 

3958 
1U4 
324 
214 
225* 
23is 
374 
28^ 
304 
26', 
154 
37 (s 
474 


325* 

624 

324 

17i z 

29 

13 
265* 
21ie 

27 
194 
104 
174 
304 
483* 
29 

91r 

234 

505e 

254 

244 

364 

2853 

395# 

24m 

374 
19 Ir 
58s8 
2*a 

IV 

377g 

274 

2B5a 

294 

1150 

1450 

33V Z 

14 
304 

15 4 
19 
334 

64 
39 
6658 
317 9 
154 
115* 
26 4 
11/8 
184 
535* 
514 
38 1 g 

16 
23'-* 
344 
314 
41 
237a 

3H a 

50r a 

1950 

134 

Z»S 

2658 

233* 

507 8 

14»* 

41 

214 

11 ** 

28 
16* 
184 
374 
164 
274 

24 

405s 

1050 

32 

22 

227$ 

23.# 

38 

225a 

31*1 

274 

154 

28 

484 


i K. t, . Jl G 

Kl Prmi Nat. Li a* 

1 Kilra - .. . 

! Kmeiaou Elevtii'* 
i BnicryAlrFrYgbl 


22 4 

151, 

31 

33 

414 


834 

154 

297s 

334 

42 


Koiliarr .... 

33 

351, 

K.ll.l 

2 if. 


Ln“vllurd... 

24U 

24S* 

E-mlU-t 

275, 

27/0 

Btliyl 

iss. 

201, 

Kxsun 

46 ift 

47 te 

Fnireiiild Canu-ra 

321* 

32U 

Fill. Ueid. Sftui*.".. 

37 is 

38<ft 

Final irtir Tine. .. 

14te 

J4te 

t»k Nnl. Bir-itm. 

SB 

28i a 

Flcsi tan 

21 

2H e 

Fliiuko<+ 

*3 

23te 

Fluriils Pnner.. . 

293a 

30U 

Fluor 

35ig 

3570 

r.MX 

231* 

23 

Fr.nl Jlntof' 

481c 

49U 

For+HHri* lli-k.. 

19 

18 r B 

PiixlKjm 

34 

34 

Franklin Mini. 

8 

8M 

Freeport Mineral 

23lc 

2Us 

FractiauT 

27 "a 

271ft 

Fsifiia ludv 

101* 

101* 


linger larvup 

Lilly ■ tali' 

Littou iu>lii?(. .. 
L'-khenlAm-r'ft 
i Lone Star I tid* . . 1 
I Lung 1-land Ltd.. 
i l^ni Liana LruiI.. 

L (ibrlMd 

Lucky Slw. ... 
L*ke Viin^M," “□ 

UacMilbu 

Mse.v U. R 

Utra. Hanwver... 

Ma|a-u 

Marat him Dll- .. 
Marine Midland. 
Marshall Field 


31 -fi j 
423* 
1758 
211 * 
185* 
19 
215* 
38i; ' 
137a : 

65a 

lisa 

404 

325* 

344 

4358 

lo4 

234 


3258 
43 .8 
1758 
2158 
19 1« 
194 
225# 
39 
141# 
64 
115* 
404 
334 
354 
434 

154 

2358 


I May Deft- 't'tn 

i MCA 

I Mellentmit 

[ Mi-Dmuiell Duu^. 

| MHiniw Hill 

I Helium-* 

Uni 

Merrill Lynrb 

I Mess iWndenni.. 

MUM 

i Mini] Mln>; A Mtg 

! M'dill Oorji 

■ Moumiii m.... 

| Morgan J.P 

Mcrvmla 

Mui-uLy nil 

i v>w.— 


1 .Nnbiacu.... 

: NaUa>(-he"iu-al... 
.National Cnn 


2358 

4358 

264. 

2758 

205a 

3550 

524 

18 

3Sit 

323* 

47 

63-4 

497ft 

464 

405a 

364 

4958 

314 

16 


254 

441* 

264 

281ft 

205* 
371# 
63 >* 
18*e 
364 
344 
474 
65 
504 
474 
394 
. 36s* 
49 &b 
32 
155, 


Stu* 


• A mil • April 

18 17 


M-a-k 


‘V 


Ap rv 


He v km 

Ite.vih.-U4 Metals. 

Ueyit'diis It. J 

llu.-U'iH.‘n Her roll.' 
Uuokwell Inter... | 
lt<4im A Hajts^...i 


4258 . 
304 : 
373* ( 
225, ; 
325$ s 
33 •£ | 


43 

313, 

585c 

23 

3258 

344 


I 

Wyl.v 

iXerax 


I'nyal Lhllrll 

KTK 

Unas L-n;»...^ 

Order Sndewi... 
Mmv stmt' .. 
M. Jue Mineral*. 
5>l. I’afer... 

.Sunn Fe bids 

Saul I n veai - 

.Sa\,m hui> 

iH-hlitarHren'Iiig.. 

•-Vhliuulieriter 

SCSI .- 

Smti Paper 

Aflvll Mrs-.. ; .... 
Jk.-udi' Ihn* Vest! 


585a - 

15 . 

124 . 
17«s 
41 ! 

864 i 
865, 
-353* 
6 bs , 

54 - 

lisa 

68 

164 . 

144 

214 

8 


687, 
16 lg 

121ft 

175ft 
414 
271* 
27 ia 
354 
64* 
54 

1158 

694 
17u 8 
144 
21 .’a 
7s« 


204 
44 
464 
153 1 
1538 , 

Cjj.Tnas*^ 1960 r»4.:j ; 
CS.rren-iiibrre 78158 
Cjj. 90 Day Lt]K 6.14-;. 


Zwpata 

Zenitl. Kh lb 


1938 

43e 

47*4 

lb 4 

15*s 

'94 

18158 

6.09*. 


CANADA 


Sea ionlaiuen..... 

Smgrai'1 

Sen 1 lettiM.i 

Srar-Kucbuck.. .- 

SHUCK 

Shell Oil 

Mlieli Transport... 

Sigiw.i 

Stgnode 

Si in | ili-ili l*Rt.... 

Silver 

SmllbKline....^.. 

Sulitwn 

Snilli-U.u'n 

Si.mtbei 11 Cal. Kil. 

•-iiutlierii Co 

Slim. .\ll.Ke>.... 
S'Killieni 1 ’ki-IIIi-. 
S, tut 1 10m Bai In rt 


28 ia 
224 
12 :« 
245ft 
32 
523s 
3b ia’ 
374 
344 
U4 
203* : 


384 

23 

13 <e 
253e 
33 
*2 3a 
39 

084 

344 

ia 4 

21 


AlriiibJ I'Rpei 

Agui-xi Ejigle 

AIcnnA 1 11 minluiii 

•It!'""* -'««:( 

A«hesi"? 

Unuk i,i Moutrenl 
Hank Nova t>utia 
Ba*ii- l.'tT-iunw- 
Uvl l Tvli-j Jk*do.... 
Bnw VRliovImi- 


125# 
4.50 
304 
16 'a 
385* 
W58 
20 
v4 
55 Sb 
255* 


1258 

4.6U 

30i$ 

29 

39 

20 

20 

653 

547 4 

26 


• l,_\.F 

1 tipnueti 

; lieu. Amer. Ini.. 

i u.A.YA 

j fj"cn. Cable 

1 rien-Dynanii'-- . 

' lien. Meet lie*.. . 
ilii-nital fn«h..,. 
! iieutnl Mills.. . 
i General Hutu!* . 
1 Gen. Puli. I til. . 

I lion. Signal 

• lieu. Tel. Kim ... 

lleii. Tyre . . . 

OwlKwrH 

; fretot'in l 1 RF'irt<' . 

■(.eiry Oil 


114 
394 
10 1 6 
261, 
13 I R 
49 r* 
49 

28.4 

274 

6538 

19*i 

274 

29i* 

244 

73b 

26<* 

164 


llSfl 

4258 

104 

264 

19 

507a 

495, 

284 

277$ 

66 

197# 

274 

304 

244 

7S„ 

364 

166 


; IrUJMIe. 

|liuwlrb-h U. F 

1 tivudyear Tin-... 

j Mould 

j fir*« W. |{ 

, Gt. Allan P*.-1 <■■ 
I (,'it- drill f mu.. 

lirtybonnil 

GnlC-A. "esri-i n. . 

Gulf Oil 

Baliburou 

Hwin Miuiiip.... 
I 0amiHelifener. .. 

; Barrie Citfpu 

1 Hdtwe H. J 

I Heubtelu 


267b 

2d 

174 

£84 

264 
84 
23 
133* 
1369 
243* 
574 
34 4 
16 
481$ 
35/8 
274 


271* 

21 *, 

175# 

283s 

271# 

83b 

234 

135q 

131* 

25 

584 

355s 

106 $ 

48% 

364 

273* 


; \at. Piaiilleix.. . 

! N‘ai. Senlt-e lud. 
J NatioHal Steel . . 

; .Nnrnuul-s 

. M il 

j .\p|miue Imp- . .. 
Xe,v England Kl. 
Veir Krigteiid TeJ 

Yiagnm Mohawk. 

Niagara iilarr. 

A. it. ImliMrlepy 

NurtnlfcA Wpalem 
North Nat. Irw... 
Mhn Si«ee P«r ; 
Mlioest Alrliuee 
.Vtliae-t Bath-igp 
N’urli'n Siumn, .... 
(bvideaul Petrol 
Ogiley Mai her... 
(Illin Ivliam...... 

min ■ 


234 

144* 
313$ 
34 ia 
484 j 
184 1 
2178 
34 

14 S# ' 
104 
174 ' 
264 
37i 8 


254 

237# 

197ft - 

234 

484 

184 

153s ■ 


234 

14.*. 

314 

354 

48.4 
185* 
22- 
33.8 
145, 
1038 
17 7« 
264 
484 
245ft 
25 >4 
244 
204 
23 
484 
18i* 
153* 


1 Hewlett LWkard. 

; Holiday Inna - 

1 flomwtake 

I Honey well 

[Hoover 

1 Hwp.Gorp.Amer.' 
Houston Net. (!$>' 

I HuatlPh.AlC-Um. 

, Hutton lE-F.) 

I.C. lodimrics... 

JXA 

Ingeraull Kand... ’ 

ID 1* tul Steel 

lasUtv 


704 

165, 

313* 

481* 

123, 

£94 

26ia 

114 

155s 

234 

39a# 

554 

384 

154 


70S, 
i .174 
52 

: Wt 
| 12 s * 
294 
I 274 

I 1«6 
* 164 
- 234 
; 401* 
' 555ft 
-.- 387a 
■ 137, 


» OveraeaaNbipa....- 
1 (ineiia L'siniin^" 

| Owens ] Hindi* ... 

I Paciiii: Uu 

I Parllir Lighrlnf . 

' Par. Pit. 3. U...‘ 
[ PauAuiWurldAlr 
I Parker Hannifin . 

i Peala»ly Int 

Pen. Pw. A Li..~ 

Penny 4. ('.. 

PennaiU 

Peoptea Uru{f ’ 

People* U*s I 

Pepeion ~.j 


Z27ft 
605* . 
204 
244 
193* 
214 
baa 
243* ■ 

2336 
214 ' 

39 ; 
284 | 
7s$ 
3658 ' 

283* | 


234 

614 

21 

241# 

194 

214 

SS, 

244 

24 

213, 

393* 

204 

7^8 

57 

29 


Imeivont Kuerr* ' 

IBM 

, lull. Flavour*. ..' 
j lull. Harvester..., 
• Inti. Min & Chew 
I lntl. MuHif'jadn..| 

j lflur 

loll. Paper 

1 I PG 

f Ini. lie. Ufif-r 

j Ini. Tel- k Tel....- 

: Intern 

I lone Beef. ' 

I it Inti-niftiionnl. 
jjim IValiw 


84 

2516s 

80S* 

as 

401, 

an# 

154 

39 

284 

224 

SOL? 

14 

504 

215s 

31 


8!* 
251 4 
213$ 
284 
401* 
214 
161 a 
394 
284 
114 
504 
14 
357# 
. 115* 
SlJe 


i P«rkin Elmer. 

! Pet 1 

Ffi I 

Phelpa Dodge.....! 
Phiiadelpbia Ele.] 

Philip Mprrti ; 

PhUipa Pdrol'm.’ 

! Pilsburv -....I 

Pitney Bu wee 

Pitt won... 

Plesarv Lid A DU 


IflJa ' 19 

35 354 

27s a i ‘281$ 
23«« f 23T S 
185s ; 18te 
613* 6358 

30ifl 3 14 

37 J 364* 
224 . 214 
224 I 224 
174 | 174 


Scuthlknd 

i Kan-bare*.: 

Sjieriy Uiil-.li 

Sienj- KsimI I 

Siliid' 

Slaielatsl UraihLs. 
»nl.ciilCalii»rnlii; 
Sul. MU IivIwim.. 

SuLUil Kin.. ! 

7-uufl Kbemical.) 
SlerRU^ Uni* 

'•iwlFbakrl 

•inn. fat. • 

•SiindM rami 

7>V>ite\ 

IVi'lirthsiliir. • 

Tekltviua 

Teiftlyiie 

Teles I 

Trnwi 


OBSft 

25 

94 

38 

784 

14 

30?g 


39 

854 

10 

084 

794 

■»»8 

31>*, 


BP Uim-Iii _■ 

UrRMSi li 

Hrtru-u 

Cnlk’rrt I’vaer....- 
Lamtl.in- Miue* .._ 
CMuaili Ceuieni-’ 
CriihiIr N IV Lan.., 
i. >ii I in I • llnkCsim 
CnUHila ludiu*. .. 


15.0 

16i{ 

t3.23 

37 

125* 

124 
27 *« 
tl94 

17*, 


16 

165ft 

13.2a 

37 

123* 

10 

12te 

<8 

195* 

173* 


43ft 

27t» 

25 

167ft 

2J$ 

284 

25te 

I67 8 

fan. l'ni-ilk- In*..: 
l*ll- t-iikt Oil—. 
•.'arllim 1 i'HccTv.. 
CaruOi .Mftfstus-..' 

1910 

60 

3.85 

07 a 

19ift 

61 

4.0a 

810 

*34 

034 

Cliii.-llmn 

191* 

ZL-te 

324 

33 

LVuiiumt. ........ 

27 

BB'.ft 

471? 

47is 

1 '«in> limlnint. .. 

27 

Be i 2 

244* 

25^, 

I. I'IIM 1 II KT liM.... 
'.'•m.-Lii lii-wumvr 

17te 

04 

171ft 

6te 

£6 te 

26^. 

t 

114 

107, 

19 

187ft 

11 mi.ii Lv-vlnii .. 

8 

77ft 

384 

36afl 

Di-i*ift»n Mines 

67ift 

67 4 

H+S, 

&4te 

Duin liliies 1 

734 

72 


241$ 

D"uur ivtreleum 1 

681* 

esift 

40 te 

40 15 

L>" 'in in I'M] Hriil^e 

Ida 

1251ft 

«81]i 

49 4 

Di'iniar 

I6sa 

17 

633, 

t4te 

L'llpMIlI 

tUte 

134 

41 4 

41H 

FMlvdii-nfe N'irtle.1 

204 

20 

141, 

144 

Inni M,4ur(au-. 

75 


3 35a 

40 

634 

41 

(iril+iir. 

26 13 

264 


Tes-mi Pet is.letmi 

Town .; _ 

l - rv*-s:iili ' 

Tows iusi.ni 

rwbiliu Ui«„ 

Trots l Idn (ev ... 

Tune lur ” 

Tiiiii-s Mins,r 

Tinifcirii 

Trane 

1 raiirmei liw 

Tranissi 

Tran* l'ni»n 

Iran-w-^v Intr'u 


I'm Us , h lil Air. 

Travellers 

Tri (.'nnl uimral .. 


95ft , 
264 
1«4 
724 
3258 
Hot a . 
42 
274 
4B3, 
535, ' 
141* 
184 1 
35l s ' 
241* ' 
17 

329, ' 
194 : 


94 
26,3 
16 4 
74 
413* 

au 
434 
28 
50 
as :* 

14,0 

187ft 

35'., 

244 

163* 

32*, 

194 


(i inni Yd'* knite 1 
Gull uu Caomia. 

Hanker Sid. I !ta. '■ 

Hidllii^er, 

liuine Kil -A' ... .; 

l/iid-nn Bgy KOff 
I1 ihLi.,ii Bay 

H uiImhi Oil A Gnaj 

I.A.C 

IllllM'l, — . 

1 iii1>ei-iit! IH1— — 

I ms. 


llte 

50 

6 I 
52i* 1 
434 
lt>4 
187ft . 
434 ! 
l/‘a 
50 

204 ' 

177g . 


107$ 

304 


52 

43i* 

le<* 

183ft 

444 
174 
304 
note 
18 te 


T. KAV 

AJtirCemiiry Fox. 

1- 

CAKWK 1 

Li.li.l ;. 

C.O-P ^ ■ 

L'sltever. J 

l- ni lever >V i 

Lnioa Bancurp. - . . 
I ntuu Culiide^ .‘ 
Lnluti Comincree! 
rninn Oil Calif.* 
1‘ntiHi! Paci be 


37 
27; B 
237 8 
239* 
201 # 
2U i B 
36J e 
Wte : 
148 # 
405* • 
81* 

4 8 aft 
471$ , 


375 b 

27oft 

239* 

34 

Sol, 

204 

3576 

547ft 

141* 

411, 

858 

484 

48’* 


Polaroid .* 

Poumiae Klee—..! 
PPli ludustriw.J 
ftw-tw UninMe... 
Pub Servo Rppt..i 

PuIlmRu 

Pure* 

Quaker Oats 

Itaplrt American.., 
Iteytliwrti ■ 

,r»cA 

| ilepuNir SI eel... ^ 



fnlwyai 

United Brand «... 
U6 Uamawp.. 

L'b'Gynauni 1 

US Sue 

UK Steel 

l\ TednMlngiet.. 
UY ludustneb.... 

Virginia lilpt.-. 
Walgiwn^... ......; 

Warner- Uoiuuu.i 
Warn ct- la u ihcrt -| 
Waste- Mao'mebt 

Wells-Eaigo ! 

Weatem Uaworyi 
Western N. Amer 
Hesrern Tiiiou... 
Wewtngbw Kiri, 


73* 

7b 8 

314 

'237 3 
267$ : 
265e 
597s 
2Ue 
14 
19J* 
575, 
285, 
22te ' 

274 ’ 
35 . 


164 ( 
i9i e •; 


7i* 

74 

315* 

253* 

264 
26 5* 
404 
21 

' 137ft 
20 M 
386, 

284 

2Zte 

’27»B 

35’, 

224 

1S1 3 

194 


(Vestara... ' 

Wererhaaiwr..... 

Whirlpool 

WMieCon. Ind...- 

WUIlwn V« 

Wineon^ln Kletr.i 


255* ; 35ag 
254 1 257, 
234 ' 24 
225* ■ 23 
17!* 1 17 'i 
Z7ia I 274 


1 util . 

luijtrt.i Aat. Gar.. 

I 1u*'|ir'y Pipe Lllie 
: k»l*-r lintlRV- 
IjuimTl FulC'dl* 

■ L-I-Ih" Cwii.'W.. 
; Me'iMHrnHtmiT. 

UaN-vv Feign*- 1 " 
Mi-liii’yre— ' 

■ JIku' *W|® 

: Nairnuila lllnrw... 

| X«r«Tii,KneW — 

. M hn.jTLMcnini. . 

[ 4 

J Kiika oud Peir’m. 
j P«.-lr1e Coppw 11- 

; I VA fie P« rulm iii 1 
! Han. Can. Pet'm. 

i Pktiiw " 

J Peufilci- Uept^ - 
Plfc-e Can li Oil- 1 
Ptef-erDevelupnili 
Power Corpora t'n| 

Prut- j 

; Qih-Iw Stoigeon, 

■ Hauler Oil 

: Read slaw. 

| Ki-i Algnu 

i Kuyal Bk.oM.ten-' 

Uuyal TrwM I 

Srt-l-lre R'sourres- 

ba^ianik, • 

tflii'll Canada 

Slierritt-G. Mines 
- Hi-fi ezw l>- 1'— .- 

s lni|r>MiK 

. Sied of Canada-.- 
i Steep Hock Iran -. 
Tcmcu Canada ... 

■ Tomato Dotn-Bk. 

] Tin iikCan Pipe Ln, 

Trans Mount Up* 

Tit'p 

Colon Gar 

1 Util. .SistueMme*; 

! Wauer Iliiarn- 

: W 


114 
lu>* . 

144 

141, 

8 

3.95 
194 
lute • 
fe34 • 
53J* 
«7 . 
171# 
294 . 
k74 
&4 . 
1.75 


11 
I Of, 
144 
144 

8 

3.95 

19Q 

125, 

23 

*4 

264 

171, 

30 

274 

3l* 

1.77 


40 a# • 
aS’i 
1D4 . 
4.00 
0.90 1 
224 ; 
125, 
137 R i 
1.20 i 
314 | 
9Yj ! 

ilh I 
293* . 
IB ! 


8te 
26 
lS’B 
4.BJ 
254 
5.25 
24 te 
2.45 
40te 
lbte 

144 

9te 

till? ■ 
lul, - 
74 - 
33m ■ 


391* 

06 

tlbU 

з. 9d 

и. B9 
211 * 
124 
13., 
1 . 1 s 
32te 
10 
314 
304 
1 B 4 

Bte 

264 

I 6 I, 

4.B0 

26te 

3.25 
S4i* 
3.4 5 
41U 
lBi* 
145* 
9 In 
*12 
101 " 
71* 
531, 




¥ or; Dir. fy.. 


Apr" IS 

lira. 

- ■ % % 

April IE 


HONG KONG — Shares picked up 
across the board in moderate 
trading, the Hang Seng Index 
rising 6£9 to 44L1S. 

Hong Kong Bank rose 20 cents 
to 9HK14B0. Hong K<mg Land 13 
cents to SHK7.35. and Jardfne 
Matheson 30 cents to SHK13.00. 
while Hutchison Whampoa and 
Whcclock Marden advanced 7-3Q 
cents each to SHK4JQ5 and 
SHKR30 respectively. Swire 
Pacific pul on 15 cents to SHK6.60. 

JOHANNESBURG — After losing 
further ground, Gold shares par- 
tially recovered towards the close 
with the aid of slightly higher 
Bullion indications. 

AUSTRALIA — After the recent 
strong showing, markets retained 
a firm bias although profit-taking 
caused some stocks to react 

RHP improved afresh to a new 
high for the year of .SA6.46 in 
early dealings, but later came back 
to SA6J36 for a loss of 4 cents on 
the day after a large turnover. 
CSR* in Sugars, receded 6 cents 
to SA2.74. 

Some Mining issues suffered re- 
verses. A sharp fall in the London 
price of gold brought sellers oat 
against stocks like Central Norse- 
man, 50 cents lower at SA7.5G. 

However, strong London demand 
kept Bougainville Copper on the 
rise, the shares adding 4 cents at 
SA1.17. Peko-WaUsend rose fi cents 
to SA5.10, while Oils met solid de- 
mand. 


NOTES : Overseas prices shown below 
•raclndc S premium. Belgian dividends 
an- after wiiMwMiru: lax. 

♦ DM 3o deaom unless ottierwtse stated. 
V Plus 500 'i«nom. unless otherwise staled. 
4> Hr 1« denom. unless otherwise stared 
■l> Frs. 500 iti-rais. and Bearer shares 
unless otherwise stated. ' Yen 50 deoam 
unless otherwise stated. 5 Price at time 
ut suspensttm. n Florins. h ScSQ lines. 
- Cents d Dividend alter pendins nstlrts 
and or scrip issue, e Per share. I Francs. 
•j Gross dlv ■„ |» Assumed dlvtUeod niter 
serin and or ncbis issue, k After local 
■axes, m *; tax free, n Francs: induding 
Uni lac div. p .Vom. 0 Share spin. .« Dtv. 
and 5>rM e.trludt- special payment, I ladl- 
'atert div. a Unoffinal trading r Minority 
holders on It. u Xlersfcr pendloc- ” Ashed. 
' Bid. > Traded, i Seller. ? Assumed. 
XT Ex ridlus. sit Ex dividend. xc Bx 
scrip nsne. xa Ex all. » Interim since 
increased. 




GOLD MARKET 


Sterling remained weak In the 
foreign esc^tange market yensr- 
daj, with the authoritiesJ-caD-.- 
tinuing to intervene in the spot 
and short-dated forward maAets, 
The pound opened at its lowest 
level of the day, at S134jLfe£8435; 
and climbed to a- high..; poaKot 
SLB4S5-15495 -by- mid -^teiwjbd. 
before closing at SL8445’tS455,'a 
faB of 53 points- on the day: 

Short-term EucosterUng-inteiesf - 
rates rose sharply. '■ probaMy 
reflecting Intervention- - by the 

Bank of England to protect the 
spot rate, by increasing; the coatof . 
going short of sterling. jQrwafcd 
discounts against the dollar 
-widened further, asaresnltnf -the 
intervention, with the threemoath 
pound closing, at 0.7* coot <jfe-- 
count, compared -with -0.65 cent 
previously. The twelve-moath dis- 
co unr touched JL20 cent; before 
finishing at 2.47 J cent, canqtared 
with 2.40 cent on 3Sosday.> 

Sterling's trade-weighted tnder, 
as calculated by the Bank of 
E n g l a n d, was unchanged through- - 
out at 6L7. ■ - 

Other major currencies - a&io : 
continued to dedirte against- the 
US. dollar, although several 
currencies finished around their 
best levels of the day. as the 
recent demand for the dollar 
showed signs of ' running- but of ’ 
steam. The-. U.S.. unit- t ouche d 
DM2.G5SQ in terms of the D-mark, 
before closing at D5Z2.0J82*.. com- 
pared with DM2.0430 previoody . 
while the ' Swiss franc touched 1 
SwJrsJJ200 T before ciosing at- 
Sw^rs. 15090, compared yritih- 
SwJ'rs.IB9624. The . - d^lac 
improved to Y222.70 against the. 
yen, and closed at Y22L324. ‘cam- 
pared with Y220^7f. Morgan * 


Guaranty's calculation of the 
floats trade-weigWed- depreda- 
tioni ama owed to -5.47 per cenL 
front .-5B9 per cent 
. Gold -fell H to $17SW74,- in 
neiyons trading on a moderate 
turnover. v - ' . 




April 18 


Gold Bol H ob.!- 
{ifin«6saM}< 
Ltort«._.„_r51734-174 


Openlnc j21734-L74, 
Moming&x'ciS 173^0 


■Vpttt 17 


iS174J343* rf : 


{(£95.949) 

•gw - -" 


|8176i*-17t 
18175.10 


3JterD'ofb'gl5173-5 i 
... 1(693.890) 


!917S:iO 
j (£94.649) 
'8174^J 
l(£94.367i 


S1793*4B 

(£97.98. 

85538.053* 

k£29-50j 

l$55VS7 

,({£294-501 



u.6;, 


Austria srb... - 
Belglsn fraoc. 
IteQiftb krone. 
HeaK90i]ezn.rk 
l/atcfa guilder 
Freodi franc.. 
IiRilulira — 
Japanese yen. 
S&my krone’ 


Svodii 

Swiss franc.. -- 


'SpeonkT 

Drawing 

Bights 

April 18 


0.666880 
1.22926 
1.40652 • 
18.1662 
39,2195 
6.93610 
2.62367 
£.69208 
5.66890 
1057.78 
£73.387 
6.61465 
98.4711 
6.65621 
8.35826 


April 18 


0.676279 

L24616 

1.42185 

18.3907' 

39.7267 

7.02628 

2^5630 

-2.72630 

6.73361’ 

1071^7 

27ff-84t 

6.70210'. 

99.7030 

.8.92843 

2.38427 


Lte&on w .. 

Oslo 

Pazit 

titockboku—l 

Tokyo 

Zorieh_;.-l 


K.1BS82.10B6t 

W.M-6BJM 

1B455*--HL4V 

.3-7EvSJ9i. 

, 7Bi6-77J» , 

1.680-1.590 
- ILSOlSJS., 

<■ 

M7-848'' 

. 406-rre 

e?.!0-2?.5S 

5J114A4* 


h 5SS 

ho-Mfeis 
*77*3-: 
7B.40J6 
W&-U 
1A87-1. 
fl. 821-8. 

8X7M.- 

W41- 

CT.1S4I 

.GJ524; 


4 Ruse fftaea'«re Ajroaavertfcta " 
Financial 


OTHERtftAltKETS . 


EXCHANGE CROSS-RATES . 

April 13 {Fr*nkftirt \ft«-Toekj -Paris | BmaS Ijwutnp jAmmt.*ri , m I ' 


PouMdurt — iOtS&iWad 4<«M6 I 3.780-790 

NcwYctk . «.H-77 i- — | 2L73-78 3.134595 LB43645' 

FarL ; [1M14-448 - B. 482-606 

Hw wk , • 1&£257 l 3L87-82 ' 6J3285 — i 68.74B9 

London.... 3.77i-78» !L84458M6 ) 68.7030 — 

Amsi'da m . 106 JKJ5-7C&2.1BS7- 181247AS6-PT6 L859&-S646U.0346O32C). — 

Zurith 33019237 X908030»flL6L4^74 ^^3869981)3 ^618-6266(87 385-631 


9A86P6 
46.75-81 ' 
2MUO80. 
1*j66430. 
4J02L431 


107J6-30 

62^036 

B40J3-T7 

-1R6MH 

■iJdzss 

(114-216-286 


Axgentlm. 

Ajnmlfa 

£raaii 

Finland.* 
Grtacei- 
Houri 
ir*a 
Kui 


i- MciwABte 
, T3S8-I572 AxOTBtbmJIZM 
it-BIOMAMaUwtrta^i. 2 S3 
3037-31-87 Bedrionu , Hr'. 
7.7MJ7588 B^xl ‘ft 


465|GteBu3ju.„ E.12J 


8-S2-ASS Daanrark^ 
1Z7-15B France™. S.«T 
.. . OAlBMIJnS Germany- 3-70 
iHOrarob'qt 68.7438^0 Gt^ect 68 

Ral^hdiu.|Ainte-4,403c ElteJy 1680 

K _ Ztenlaixill ^QOS-IAlbE Japan 4JK 

“ 31 R8M.42 yet&eri'nd A8E 

A294JB1 Norway.^. 9 J& 
I.B91B-UT7T Portugal > -78 
Spain: 146 > 


ULS.:... 


J 


UJ5.-6 in Toronta Hji. 5=114 JO-54 C«*»(lJBn' eents. : - 

'Canadian S lnCSew Yin*=275ateL«SMa. L'A 8 io HiUmSeO^MD. * ? * 

Sterling in UUan 1687.10-80- < 


Canada™.) ■ -B rite’ bun) A41 

csl . — [ -4u. s. Lw» 

U^L centaJ 87.4967.48 




EURO-CURRENCT INTEREST RATES* 


Kate -etven Tor Amentfaw is a tree ; 


April IE Sterling . 

CmniHgT 

Dollar 

CJ£DoUar 

Dutch 

Guilders 

6«1u : . 
frano’ 

W. German 
mark ' 

ISbtin term..' 25-30 

7 days nonce; 14-17 

Month dift-SA* 

Three montta 85$-87$ 
sta moot hi....; 8 Tb- 91 8 
One rear 9-91* 

''7.8- V 
. 7-8-.' 

«- 

. 6**-7 
8iJ-7 
8t$r7% 

: 7i8-7«e 

•7ia-7i* 

73 4 « 

44-41* 

44-44 

4te-45fl 

438-460 

44-4A* 

43*5 

58-4. -, 

H. . 

||l 


FORWARD RATES 


Buro-Frencb deposli rates Twoday SfSJ per cent.; seven-day SB-83 per cant:, 
one-month Si-81 pes cent.; ; tnrpamomh Sl-9 -per cent-; slx-munih St-64 per ceoL? 
one-year ID-iOi per e m. 

Lona-ierm EorodoQar dapaslhr- two yearn si]ft-83|, per cent: threa years 
S5ib-S3<fi per cent.; four years SStfi-Stwper cent-; Eve years 8?i*69u par cent. 

Th» roQnwina nominal ratas weft Quoted for London dollar certtffcaies of rtopoifttT 
one-monlb B35-7J5 per MBL* thrfie-iHonti) 7.18-7^0 per cent; sfx-momlt 1 7.4fe7J6 
percent.; one-year 7.78-7^fe per cenL 

■ Uates are nominal talUns raree. ; . 

Sion-term we* ere can for' krerilng, U.S. dollars and Canadian doUarsp. two 
days’ nerice (Or suilders and Srifis- francs. "• " ~ 


NeaJTotfe 

Aloutrwu . 

.Vmftt’dauj 

Brussels;.. 

Cop'nbgn. 

Frankfort 

Urtw 

KfadHii ■ ■ 
Mliaou._ 

Oslo 

Parts. . — 

Utfctbolm 

Vienna 

Zurich!,-. 


One month 


0.4WLS& ivpm 

0.300^0 c, p 

21*- TV* c. pm 

. 86-15 e. pm • 

, SLSorodls 
21* -Ii* pf pm 
50-180 c-dis 
20-100 c. dla 

4- 10 lire dia 

5- 7 ore die 
19, -3* c. dis 
*orepm-t4oredl& 

. 12-figTtjpm 
. 3-2 e- pm 


5&-46'« v 
13-16 ux£ 
6V41* oL 
500-800e. 
50-120 ts._ 
16-81 tit* 
13-1 3. cvft- 
lV»-J*c-p 
Ug-3 te «. 


' Six -mcanti forward dollar' 135-U3C 
12 -xnootn 3S5-aj*oc pm. 


GERMANY ♦ 




A mnr \ einit-h... 

tuiv 

*1I?F 

Bayer 

dine* Hvpo. 

ua\« \eieio«Wi 
Jdwlnl.>8>l.«ltr 
*.<<aiiiier/(*nk™. 

.uni -li unnii. ...... 

ORiin.er benr«._, 
iteriMR-....— .. 

umiHa 

llml'4-lie ttenk...- 
■IrrHiM Hn oil .... Z49.5BJ —1.5 
o\ vkei ril’d Xemi . 148 

-.iiiietiiiiTnuiiti — 

rftl«*: LiPiit 

H«ri«ner 

Hi euiirt 


87.1-0.3 
475 -5 
214 -1 
137.5-0.4 
139.0-0.8 
283 —8 
3t3-0—1.5 

175 — 

232 -3 
75.5 -1.2 
296.8 -0.2 
251 —5 
13B -2 
300.5 —2.5 


.18 
20 
' 17 
16 
. 18 
I 18 


13 
4.7 
6-2 1 


TOKYO t 


•Prices + or 

. Von , — 


Div Sid. 

3t|ti 


3^ 

2.9 


17 7.3 


diwL 

rl'irtfU.. 

1*11 uuri 

kir-iHili — ,.| 

NRiurim ' 

hJi.-kncr Inn lUU. 

KHO 



Liii-<*- 

l*>«i:liLrau 

fern ii.in-« ......... | 

MAN 

•iRiuiv- niann. 

MriHuue 1 

>1 mu benpi Ktiuk. 1 

.Vniwmann 

i'r«r>j--*M* UU I'A.. 
i>ii«:iii\Ve>i.b , iR'i. 
••hernia 

ii-mi-iii- , 

'u. i /.ui-kei 

I H\'*RTll 

' 

• hn* 

»i-t»-Ul. AU*rTtifc 
' ■ ill- » aeon • 


196.6 -0.5 ■ 
113-2 

285.0- 1.5 
132.3— L2 

44.3 -0.1 
126 ' 

189.0 — 1.2 
296 -3 
809^ +0.3 

90 -2 

175.5 -0.3 

96.1 

236 —3 
1.550 -10 

108.5- 0.5 

183.5 -3.0 

166.5 — 1.5 

300 

512 —B 

112.5 +0.5 

112.0 

185.1 -2.6 
238 +3 

876.5- 2.8 

240.5 -7.6 

124.6- 1.1 

172 -4 
104 -1 
2S6A 

199.5 —1.5 


19 

17 
14 

18 
18 

4 

12 

12 

9 

16 

4 

10 

9 

20 
20 


33 

3.4 

4.4 
3-0 
3-6 

1.5 

3.1 

5.3 

3.2 


4.5 
, 4.0 

■ 5.5 
; 3.3 

■ 4.8 


12 3.4 


16 

16 

7 

12 

14 

10 

18 


3.4 
10.6 
: 3.2 
’ 3.2 
4J2 ! 
2.3 
1.8 


V?«hi Gi*« 336 —5 

f«n<g> ,,, . , rrr ..i 505 —10 
600 440; 

UfauwB. — 1 — m.—: 374 +9 

Uai Nippon Prtm| 55B -H5 

Fuji Pbotu. | 620*7^5 

Hitachi 242 ,42 


s'-n 


Honda Moton. — ; 60 1 

House Food * 1.190 

... I lob 225 

lioYotaut" '1.340 


-30 
—3 
+ 10 


JaccaL. 


J.A.L , 


._ 616 .-5 
_ 2.730 +80 


23 i-2.fi} 
20 2*7 
.18 Lb 
15 L2 
12- ! 2.5 
is ; 

36 i 13 

12 I 2.7 
30 Ll 

13 1 Ll 


Kanrai Kieet. Rw. , 1,170' 
Komauu i 348 


—10 

r~3 


10 

18 


4.3 

2.6 


KuLula 287 

tiytAo-Cer* mi e . -.3.780 
Ibtaiiluu IraL- ^ -754 
UtlButMabi tiana..' 
UiibuCnahi Heavy; 
MiUotaebl Cmr.. 

MUeu> A Co. 


278 

138 

462 

354 

363 


! 


16 

20 

16 

17 
11 
14 
12 

18 

10 


4.3 
4.2 
2.9 
3.5 

4.4 
4.0 
5.7 

' 3.0 

2.5 


lliuutgtbi 

.VipixMi Ueauo L350 

N »| -pijo 5b in pan..) 677 
Mnauitioion.... 820 

Pioneer -.1,740 

xaiiyo 6/eeiric.... 253 
veLieul Preiah-.. 886 

?n»ci.io— 1.180 

aony— : 1.970 

taishu Mai int-...' 260 
lakertaL-bemieai.’ 389 

IL»K -I2.050 

i cji ii — ; H6 


i- 3 

+3 
+ 11 
-7 
;-30 
;-is 
|-7 
1-20 


+ 36 
i + 10 

nr 

—10 

10 


UjPlo Marine......: 537 


AMSTERDAM 


April 18 


“Price 

FK. 


+ or . Dtr.TId. 

— I « v 


Ai /*«t iFi .an 

Vho*Fu£)i 

\i!*em BnklK .liX. 

Alifc'l IM.IOI ; 

Amretiank iFl^Ci; 

dljenKuri ; 

aiaaU'i-Bi'iHie.U; 

iiiittiiiiiietwoi*' 

KlcncriFi.A'i....' 
Knnia X ,V . Bearei 
UuroComliiFi.Jti 
Uhl Hinca*«e»iFK> 
HeinckeuiF'^fV— 
ll'ioe" «■«!• i Fl ji?* . 
Huulct U.iFi.i r 
K.LII. (h .ftwi.. 
Ini MuUertlA'j.... 
'wnldi < K'.ICi.. 
NalNv liiii.iK-.K 
%e.i CmlliKi KlJ;i. 

s*»l .UuirnFi.rv 

*J*ti'I^Ui ..' 

l*ii nmnisw.... 
rial in "Fi^Ui... 
t'liinp* iFi.iiii.... 
lijucii liVei'Fi.i* 
|IuI«*miFI^U) 

lii.lllN-UlFl.^Jl.. 

iiureiiio iFi^Mi 

t(>*ailIiiirhiF.ja" 

’’.a%eriinns 

'IfiliiUri'll' .-C. 
(••fcVi'pRu.Hi.te.S 
L mwr IFiJff-i...’ 
' lliiiicHei-.ini (SI' 
UnllauMn. ban, 

t 


108.2 +-0.3 , *21 . 3.3 
26.2 —0.4 ' - ■ — 
357 +1.5 A23A 6.6 

82.0 +0.4 A-44 5.3 
163ti + 1 ■ 233 6.8 

84^ +2.8 1 23 ; 6.4 


lufcki bum Puw'i 1.110 
i iw.vti lanyi-.— . 331 
iukvoSbiriaur*.— 152 

i"rav l 131 

i«ciua U'Aih- 970 


f — 6 
—13 
—3 
■ +1 
: +I 
+ 11 


15 ; 2.6 
35 ; OJS 
20 • L3 
10 1.8 

12 f 4v3 

13 | 1.4 
14 . 2.0 
20 1.8 

16 I 0.6 

12 • 0.9 
16 ) 1.0 
48 ! L4 
IS i 2.4 
30 j L7 

20 I 0.8 

40 ! 1.0 
11 (2.1 
18 ' L9 
30 I 0.7 

10 A3 

11 | LO 
8 ' 3.6 

12 ' 1.8 
IO ' 3JS 
10 I 4.1 
20 , LO 


Source' Nikkn Securities- Tokyo 


BRUSSELS/LUXEMBOURG 


April 13 


Krnra 

Fra. 


! Divj 
+ ot ' hr*, new. 


— IXalt 


Fjuneer 

rte-kioi CcHtnan J 

htf..U. +ietgb. 


.+ 20 j 60 
1—5 112 

i+20 *100 


Arbe-J 2.150 

m*. Brs. Lamb.. ...1*570 

dekert **B” ..1,796 

*i. H JL CemeoU—.j 1,420 

■**+*"■ • 363 

KBbo 12.450 

K>«clrut«i >6.880 

rabnoubNat *2,445 

1.6. Inao-Uo^. 2.150 >+5 1150 

,,T* on. *7fi i fi i > * if raert 1,370 —10 | 85 

113.5-2.0 : 70 | 6.1 , Hu irteo '2.545 


■■+50 [177 
1+100430 
i 170 


68.0' +0.1 ■ 35 . 7.4: i,„ .._V ,r L 

282.5 -0.5 ! 27A 24J I ' ,,,wcw “ — -2-040 


137.6 + 1 i 32A 4.1 

62.5 -I 94.6 5.6 

35.1-0.6! 22 6.1 

99.7 +0.1 , 14 1 3.5 
27.0 +0.3 IB-W 7.7 

25.7 + t.t f ie ! 4.6 

135 +08= - = — 

43.4+0.4, 18 8.4 
56.5—0.5 ' 10 2.7 
110.5—0.7 ■ 46.2, 4.2 
S2.9al +0.6 i 21 8.0 
196 ,t! , 22 5.6 

150 +2 36 4.8 

129 —0.2 18 5.9 
39.5’+ l - 1 - 
25.5 -0.1- 17 
77 - 


+45 170 
+40 Jl42 
10 


33 

6i 

7.0 


7JS 

63 

7J0 

6-8 

63 

6.3 

73 


266 i 3,7 
S3t 
3.6 

64 


n red i feu ank 6,580 

La Krnaie Ufeipe^t&.BOO '305 

Han Hokbna 2.820 S2.25/ 

l*«:Ui4uai 4.225 1—50 ;174 

Iran dafluiM.. 3,085 1 + 30 '204 

w ten Oetekju'136 6«'+ 15 jl40 

»o»iii* '3.355 . i 215 

>m».v 2,500 

ttavtKin L ei-t_ 2.690 

LLb : 950 

Ln Min..MU-„J. 765 
’ iVine Mnntaanv 1.530 


;+is .vzoo 
; +S6 jl70’l 
+ 14 ! _ ; 

. — 16 i 60 1 
'+909.100 1 


7^ 

6.4 

8.0 

53 


73 

63 


SWITZERLAND 


122 ■ -0.2 ' — 
131.8+0.2 14 6.3 
129 — 2 58.75 8.3 

253 - 19 7.4 

135.0 

107.8-0.7' 30' 0.6 
119.3—0.2 42.8, 7.1 j 

38 +1 ; 20 1.2 

434.1 t4.1' 33 3.7 




* Price ; + or 1 Div.'tTJd, 

7.8 

April 18 

■ 1 - ! % \ %;■ 


Aluminium - .1.220 5 

IIUL'A'. L605 —5 

971 4.0 ( l fba GebytFr.iOull.170 


+ 10 


COPENHAGEN 4* 


April IS 


Price |+or I Uiv.|Yl-i. 
Kmnei — ; i i 


145lg +1, 

424 i 

125ls.-i* , 

rwxr ; 

1131c— 

333 : 

aii* +ii* 


Aii'ieiatnuikn : 

luiiifi'air H. a.*.. 

Ll*u>ki. uauh 

Khsi Aalali L.u... 
.'■uanstnnken^... 

For. Byageriej ... 

►or, Kiplr. 

UauileisLauli 127lft«fl 

«.».Vlh nH.tKriA'i 258 

■'uni Kabul 2531s — 1 

Ulictabnk 79ia— i* 

L'nvaibanh..^.... 1321ft 

Fioria»tanK :138l$ *d + 

-Soph. He re oil sea. 574J*-+1 b 
5uK«oe ■ 18112.' F >2 


7.5 


6 j .8.5 
10 343 
22 L9- 
28. 

22 \3A 
16 3:6 
10 < 6.0 
6 1,3,7, 


—15 


1+40 

!+13 


i:i 


is 
18 
12 
12 | - 
- ! B.3 


Uo. l*t_ I'Mr.' 860 j — | 

1*.. Keg ; 662 1-1 , 

1 . radii ~uw!'...... 1 2,t95xr! ' 

mecLi OKatL, 1,639 ! j 

Windier kiiectree).. 1 ■ 675 i — 6 i _ 
Uonmaii FiLert J 78. 500 j — 600,550 l'0-7 
Do. (dnraiU^.. '7.850 ,—75 i 95 1 0-7 
loierlnoii d ........ 13,375 -.+ 26 j 20 

ieinmlt (Fr.KWj 'l,445*d'— 5 21 |.i». 

.NwuaiFr.l0tt.J8,15O — 60 l«TOJ>r2»7 

Da Kes 2,289 -25 |rf6.7^ 33 

itenlkon 2.165 

FlraHiNlFlF-KOlf 280 
tendtni (Fr.2bQL.j3.5S0 
3.5) Do- iVn C+rle.j 463 

9.6 1 di-bui tlerCt»FlOCl 300 

: 7.5 1 roi*eeCto(f.lOOj| 352 

1 Ofli snitawr t'FJ6C^.( 818 . 

12 ■ 3.6!*»iraB«nl(ff.Wa 355 js|--2 | 

8 ; 9^i^wl»lHe.F.&WL.|4.375 [—2251 

8 . 6 1 Lnioa IhnLO. ..|2,fl60»l 

4 _ 2 ! Curl-ib Ins— 10,500 

4.7 i J- .. f 


115 ]174 


15,i 

26 

26 

12- 

14 

10 

10 

40 

, 80 

J 40 

4 * ; 


•54 

■Em 

«0 

4^0 

43- 

23- 

S3 

3X 

<1.7 


it I Eo* MILAN 
11 3.2- ; 


12 ' 6.6 


VIENNA 


Apnl 18 


Price +ur ' Div. Till. 



Price 4- or 


I Div. lYtd* 


AN 1C. ... i B4.B, — 5.0 1 . 1~'-j 

OaKQEl — ... 

Flat — 

Uo. Pm 1 — 
Fins Id or — ... 

Uaicwaegt 

IraWder 

iiedlCHtauca..,^.. 

Montedison 

Olivetti Pnv._.. 
pireiu A Co. ...~ 
Pirelli if* 

spR ViKon 

LS04 +18 
1.632 +15 
7SD-13 
10,400 + J50 
155 +4- 
31400: + 800 
127.25; + 1,25, 
049 1 + 84' 
2.018 

942 —7 
518 .—18 

. _ Jl,'- 

150 73 
J80..9JL 

aooi'Ls- 

1JW3.T 

iiijl &s ' 

80 . 93. 

( ' 4 


AUSTRALIA 


April 38 ! Sreoar Pg* 


U1MIL 

i®SSSSSttSB 


Am pot UxptoraeioQ- 

Lmpoi Hecroteam. * 


.Lstoc. Miner* la i 

AmoaFuip Paper SI 

aJw.Coo. lodotriaa. 
Am*. Faiienatteii-InvM— ' 
AJU. 


A ie H jb rtt . — - . 

Aurt. On ' 

WueMeuiirat 

MompabivlUeClopper— — — . 
Unfceo m« Fmpratuy — 
BH66uib ' 


Dutton Unitart tiranwy— 
J.Coc- 


Cana. Gold&aUJaAa*l 1 

uwdMina mu — .J 

Juurtoc KlnUaio— 

UcttUia AuunUa — J 

liuniapKnbhertSli.— f 

LiCOK— ^.1 — 1 

-Alter jftiali b_. — — — 

HZ. InduatrleaL — . , 

KeauHtOpei^v Treat—. — 

tiaineraiey^ — 4 

riuukqr. . 


f.iXl. AuaLraiia— — J 

taier- Copper . — ~i 

letuunftt Indusonea. 

Joni»(Da.vWi„ 


10.67 
J£K90; 
ja*4 
ti^o 
10.7B 
to. SO 
tL.10 
fL70 
WJ88 
1L39 
10.39 
^337 
tl.06 
tl-17 
t6.36 
tO. 82 
^1.82 
tl.97 
+2.74 
12-46 
12.20 
+2JB7 
tL30 
tl-37. 
;L07 
tL92 
12.22 
tl.47 
+2-05 
+0.57 
t2-05 
«3^6 
tl.15 



Leuaant CHl 

Jieodfl Itoploratloo^— 

.U1AI flpWJnc*. 

Aver braprrrinm. 


3 

-f 


...i 


AL-bote* Ituerutkinat 

.Veib Brbbea R'iingi ibt* 


Oil:'! 


iftter tfxuforatUm 

GWn-rete. 


'fooiblup.i -timing. 

aiau^oe Sxplaretlaa— J... 
reitfb ISi L ..— ........... — .. 

vFaitone 


Wettem Utnlnj* (EOasniu 

IfootircrCbf — — - 


. fl.14 
to^o 
10.16 
+1JJ6 
1L70 
12.25 
10^6 
t«0 
1L66 
10.08 
tO. 19 
tl.65 
+2.78 
. 10-65 
KU9 
JO. 19 
11.70 
fO.B3 
1L28 
11^5 


I— 0.01 




. Ape.; 18- - 

Crpa 

+ or jdtv. 


1.11 



2.S7 

1-15 

•mm 


.1.76 

5,07 

■°T3 

,} fetrobtaa PP_— 
1 WraUl UP. 

2-81 

2.50 

+oi^i3 

1 K ( n HI vPHMI 

7.00 



2.54 

+o.oaja.i3 


+OJ31 


-OJH 

+ 0.02 


-0.06 

-OU2 


J02 

M-OZ 


HM1 

fioja 

-0.02 


WLoa 


f+0.81 


PARIS 


’April IB 


Kfeuie 

unnimOriil'l' t 

AwWdDide 

Aquttaine._^ — 

jioimuea.— 

dJjCN- Gervaia — 

Oamecor — } 1.632 " i — 7 


CJ JL A taaiei.'_ 

Jle.Haninnn — — 

£lmi Hedher. 

Credli Com' Fr* « 
CUueKLotre;..— 

Uuojer : 

te-^Kauulee., — 

Sea VortrleaUL* 


J— i 

ilaKQw'Sdrel..^.. _ 

152 

_ — 615 

LeicraraC.— .... 'L734 
.Staboas :Plwni»..| L070 
Aidratla-fi’ 1 ,L389 


Price 

Pre. 




DRRK 

IP**." -* 


702 . 5 + 1.5 
3840 :— 1.5 
886.tr — 8.5 
4885+4*5 
431+1 
640 i -8 
.46351+ ISA' 


41$ CT.6 

12L1B! 5.6 

0 5.8 
65 
35 
4.9 
87 

.1514,6 
364.6-— L'4 880 75 
H70 j+5 58i 5.0 

3SB.5 +3.0 J 12 ) 35 
437 i—8 ilUSi 25 
123 1-2 I 12 9.7 

745= { — — 

745 1+10 7.5 .1.0 
.121 !— 1. jl Audi 1.6 
186.5 — 45 


J<6et-fleano*av:- 

jdCmti ne t^. 1 

'tvribea— 
PecbWQF....— -J-F 
FerOOft 



~| 430 j— 0.5 j 12. S 25 



iteVBeoiriaooen. 
Kadto Tectaatmir. 

tU»b9 PeuMOe- 



s4b-(CO*btKt»1 k— 1 


Sates 


J0too-4b Jfnuidi J 

Umitw-L.. — ■ 



—65 '3 j L7 
1353115 
+02 1 75195 
3.7 T5J25 
6 "3BJ-4.1 

— 11.5. . — — 
-2 ' i 485. 5.7 
c i 27i45 
- 9 ;12 j0 
1456102 
39 i 25 
2B5f 95 
265) 82 
IfcH 80 


STOCKHOLM 


jj. ApntiBv 


AGAAd 

S_it*UY*lHKr* r 
A ai84«r,Wfc_ 
AtteeCopwtfMb) 
BtBenid— - — 
finlore...-...- fe'- 
Dsnta— 


u *If (flOi! 

» OndbKj 


Price 

Krone 




189 

15T.L- — i 

86501+15 
115. ^3:. 

sos Uo j 

127 i+a 

19Blc-2 
245:. (+4 


,141 L 5 ' 

““ 1+1. ■■ 


OtUftSi (RW 
Haridd Spate* 

iftoUW. 


MlvUrAJt. 
s.tUf. ® Era— 1 


7: 


-138 

330 

no. K— - 

545I+L0 
306 nt ... 

J 2 t>ar ---1 

780j+aV 
232 t+2. . 

.75.6t- 

145^-1. 
865.—.:. 
86. 


Div. 

.Kft+ 


65- 

6 

,.5 

.'4 

10 

■10 

5.3 

'.>6 i 


Kl «. 

% 


35 

3.1 
55 
82 
4.4 
XI 
35 

4.1 
45 
*77 


i *fi 6 

I 16:155 
^a.re.7 
65 1 .95 
5.73}86 
45.135 
. 8+-B.5 
,3 [-85 


. TaL Cr.UUot. Shares SM to. ■ 

Source: Wo do Janeiro 'SB^ 


JOHANNESBURG 

MINES 

April IB 


Hand. . 


Anglo American Cornu. ... 
Charter- Consolidated 

East Drieftmieia ........ 

ElSbUTE - i — 

Harmony ' — 

Kinross 

Kloof ... 

Rdsenborc Hatimnn ... 

SL Helena ,.l 

SondivMl . 

Gold Fields SA 

■Union Corporation - — ; 

De-Beeck Deferred 

BlyvooroitacM 

East Rand 'Per. 

Free State GeduKJ 

President Brand - 

President Stem 

Sttifttoieto 

Wettum 


West Drieftmieta 

Western -HoUftqer , 
Western Deep 


588 

•SJ8'.- 1 
10-53 . . 
L5t ' 

' 470 
7 JO . 
LW / 
1135 - 
TAP ; 
IASS' 

S JSS- 
. 4-fiO ' 
4.70. 
J25A3 
1415 
I0A8' 
£53-' 
5.951 
3*88- 
35. f9' 
10.93 


INDUSTRIALS 


ABCJ. 


Anglo- Amer. Industrial ... . . 

Batioir Hand ' ....... &50 

Carrie Rzunoe — 0.W 

De. Beers mdnstriaJ t875 

Cvi-r Ready SA 1.B5 

Federate VoUsBbelegxtogs fLVT 
Guardian Assurance (SA1 . 1.15 

LTA\ I.flO 

McCarthy Rodway - 1&.7S 



NedBank’ 


.Premier .... 

Pretoria Canwrtt 

Protea HtiMbun 

■Rand .Mines Pjoptcrtlea ... 

Helen 

Sis* HohEnse 

sap pi. 

Sorec 




SA Breweries 

.Tiser .Oats .and jfati. J£l8 
Unisec — , 1 


; Securities Sand $U-Sj(L v 
" (Discount Of 355t%) 


SPAINW 
April 18 
Asland 


Baaeo- BtRnu 
Banco Adauico^nilin) 
Banco - OmtraJ 

Banco Exterior 

Banco Oeaeral 


Banco Granada CL00O) 

Banco Htepano — .; 

Banco 2nd. Cat. 039 w 

B.-lnd. Meditemheo... 

Banco Popular 

Banco Santander (2501 

Banco- Uronllo fLOOO)- 

Buco Vizcaya — 

Banco fiaipganno 



Rn jynfr -JmtoT npb 

Babcotit Wilcox' — 

ac 


Dragsdds. 


imnobaatf . 

E. L Aragnaesns - 

Espanola-'Zlnc 


ExpL - Rto- Tinto- 

Fecsa 

Feaosa (lJMOF 

Gal; Predadbs 

Grnpo VetaKoeCr (46 

Htdnrts 

lUerdcern n,..,u*n--„- 

Glana. — 

Papderar 'Rfetmidae ... 
Petrol Iher- .^T.-. 

Petrol aOs - 
Santo- Papalenr 

■SQiyce «nn«*«i« ■■■ ■ .« 

■SoroSsa-^ -~.L — 

Telefonica : - 

Torrax BoM ew a i-,— 

Tohacpx 

Qatim ‘ 


133 ' 
»- 

■m-- ‘ 

W4B- 

*A5B- 

TO 

its 

n 

7230 

95 

6i. 

122 

11259 

10 

. M -• 

120 


TO-SO « 

v.'W" * 


.■J- 


X 


















G <n.o 


8 MING AND RAW MATERIALS 


gr^ws to Falling demand 


' liUUUg UclllilllU 

:^. -OOOSt"; ' . v ' ° 

Simmentals hits COCOR 

' 1 - ■ • * — • • • ■ 

..... ’ . ^f.piir' Commodities Stoff . • .. , 

* BRITISH cattle 'breeders are to 

• v..ijftrs4rs-®ss:vg! futures prices 

• . ^‘g- 1 ; Sup mental, ■■ i- West European * 

»'“« d “°° net 

:-= faEwn ffrfe and batchers. . |FALLS- IN. U.K. and French ings figures faded, however, the 
The British SirmnentaJ Society i cocoa bean- demand figures for weakness of the pound came into 1 
’’-i.’-Si will donate more than JE8.000. in j the first quarter of v this year its own as a factor and prices 
;,T« , izdwiaonesr-:.at farming shows helped to depress futures values rallied quite strongly before 
i ijv.-ii i thja-ijeap to boost the winnings on the London terminal market slipping back near the close. 

dr fltose-itfEze' animals aired by in early dealings .yesterday. After Publication of U.K. grin din gs 
Siiiyaeptal bulls^.- slipping to £UB05 a tonDe- at one completes the April round of I 


prices 


i nmirimV nf J an ujury-Aiarch u.n-.snDUJUoS quarter grind was 2S£ per cenLi 

1 W'S5' Mr. W.-&. -Attan. president of .totalled 21,000 tonnes, 45 per down — » little lower than had' 
_ '• cent, down on the 22.000 tonnes been anticipated — white the' 

asSSw&F 

: . grtodygs ; totai_ was . The dlsa ppo intil ,g u.K. out- 

... -- ; \ 3f^£?*iS nne ^: turn completes a fairly neutral' 

V.&iweveSv demand for;; stock [figure to be unchanged or slightly underhine bullish market tone 
. ^m : eBflClfe'n^AAtAI]a higher than at the iune Ume last SJes n«seS to Sve beS 

markers immediate seriously undermined With the 
i. ^*1 action was bearish. uncertainties associated with 

a ZwflTJwarmmnfiiur ' publication of the grindings' 

• ’• ^ acon-.iiisappomtmg.- figures out of ^ way< t f e i 

> ^-r“8»Wver r now that these Wf Downward pressure was- also basically steady trend in prices! 
— i exerted bv renorts that Ghana appears to be intact. i 


tonne for May-July" -shipment, over consumption 


'***& MrAli^i claimed that there <rhe weakness of sterling and would seem to imply lower! 
are now 35.000 purfc and 24.000 Eastern European reselUng of prices. But many major crops.; 
-vV\^ cro657bredSi^n entals ^Britain! C0CQa failed to stemlhe early particularly in West Africa, are' 
vT* s,ii; hreri «n -from the LS91 im-iO*®™ 1 ®- expected to be late and ship- 


r?.-* Jill; fired -up -from the LS91 im-| Qecune * expected to oe late and ship-, 

. Ttr? ported frfimElirope In the past Announcement of a. 11-4 per men! problems are likely in the! 

yeaa&: •'.■■ cent cut in French first quarter interim. The unsettled African] 

’ <- ty. claigied riie breed’ is now ' grindings to 9500 tonnes was political situation raises further 


most popular beef breed in downward movement and industrial developments in 

■> ^b$-U.K. •'* •• ■• • • As the influence of the grind- Ghana. 

” ' " Vd^’ ' ■■■■ . ■ ■ ■ ■ — ■■ — ■ ■ ■ 1 . _ _ " ^ — " — 

\ m \ m i ■} j * m9 ■ ■ - 

;^||Experts meet to draft rubber pact 


;P¥tApj5 ' <7 BY OUR-KTWN CORRESPOMDENT 

. EXPERTS FIWM : the j Aisoeia-. and producer etmntries - in 
-- — tionrof Natural Rnhber -Produc- Geneva in September. - 
— ingltV) untries, will jaeet here to- —If accepted, the price stabilisa- 

’ ; i v~ : ;jBorfow -to draft the projiosed tion scheme is expected to be 
: 'tntfehiatiopal rubber agrepraenL operational by the end of the 
T;"- ■ ' ! 'Th^ fwir-diy meeting Is, under year. - - 

the -auspices ofUnctad-.as part Tengku Ngah, Secretary-General 
• !bf "Its effort to bring about- a of the Malaysian Ministry of 

• consensus between producer and Primary Industries, said the 

* consumer countries on its inte- ANRPC proposal eaUed . for a 
grated programme: forfeotpinodi- 400.000 ton. rubber buffer stock- 

.• tie's. . • pile, ‘ to be financed jointly by 

At the third preparatoiy meet-" producers and consumers, which 

■ !\ng- .on rubber in Geneva in would operate within a' price 

- -.ii-february. 'all the consuming range, acceptable, by : the two 
fountries agreed, to emer. ‘ into groups/’ :i 

jegotiatians for a natural rub- At present the ANKPC has its 

ler-Drice—stabinsatroH — agree- own— rubber —price -stabilisation 
: - oent. scheme, which would be termtn- 

_ The draft of the rubber agree- ated If the Unctad-spensored 
' : -front, prepared by the ANRPG.-agreement were accepted^ - 

- - vill be submitted to the nego- '- Tengku Ngah said .the ANRPC 
_ “Tioting conference-of consumer had -also -invited-representatives 


KUALA LUMPUR, April IS. 

from rubber consuming countries 
for a trip to the natural rubber 
producing countries -next month 
to give them a better under- 
standing of the industry, and the 
importance of price stability to 
the economies of producer 
nations. 

Malaysia, as the world's biggest 
producer, has been in the fore- 
front in seeking some form of 
.international co-operation to 
avoid sharp price fluctuations. 

The Malaysian Government 
sees the operations nf the Inter- 
national Tin Council, as a model 
which could be applied to rubber 
price stabilisation operations. 

Last year, Malaysia exported 
1.65m. tonnes of ruober. worth 
3L38bn. ringgits (£786m.). repre-: 
senting 22 per cent of total! 
Malaysian-exports. 


Sugar glut 
forecast 
for EEC 

By Our Commodities Staff 
BRUSSELS. April 18. 
THE COMMON MARKET 
could have a surplus of white 
sugar available for export of 
3-8m.-3.5m. tonnes in the 1978- 
1979 season starting next July. 
EEC Commission sources told 
Renter to-day. 

Current estimates of the 
crop from Commission experts 
vary according to the expected 
yield. The 2.8m. figure relates 
to the average over the past 
five years. The higher figure 
relates to the surplus possible 
if yields this season turn out 
to be as high as they were 
last year. 

The figures apply to sugar 
crops grown within the EEC's 
“A” and “B" quota system plus 
cane Imports from the African 
" Caribbean and Pacific coun- 
tries and compare with a sur- 
plus of 2.83m. tonnes of whites 
this season. 

The EEC said If 783,000 
tonnes of “C~ quota sugar 
were included, the 1977-78 
EEC sugar surplus for export 
would rise to over 3.6m. 
tonnes. 

The Commission, however, 
accepts no responsibility for 
"C~ quota sngar which pro- 
ducers have to sell at their 
own risk. - 

Officials said 591,000 tonnes 
of white sugar remained avail- 
able for export this season up 
to the end of June. It will be 
disposed or at export sales. 

Community farm price talks 
resume in Luxembourg next 
week. The Commission has 
proposed a small rise of 1.16 
per cent, in the support priee. 

Officials said the EEC will 
only be able to reconsider the 
question or its joining the 
International Sngar Agree- 
ment after political problems 
surrounding the fixing or Its 
interna! rarm prices were 
settled. 

They said around 1.7am. 
hectares should be sown to 
sngar beet In the EEC this year 
— 17,000 less t&an last season. 

They estimate production at 
between 105m. and 1 1.4m. 
tonnes or whites. The Com- 
mon Market imports 15m. 
tonnes of white sugar equiva- 
lent each year from African, 
Caribbean and Pacific countries 
nnder the terms of the Lome 
Convention trade and aid 
agreement with them. 

• On the London market 
world sugar prices fell mar- 
ginally yesterday in quiet con- 
ditions. August lost 90p a 
tonne on the dav. closing at 
£106.725. This reflected the 
reduction in the London daily 
price for raws which was mjI 
£1 a tonne lower at £101 in the 
morning. - - - 


Bacon curers squeezed again 


BY CHRISTOPHER PARKES 

THE BENEFITS lo the British 
bacon industry or the recent de- 
valuation of the “green pound” 
have ' evaporated. Common Mar- 
ket Import subsidies on ship- 
ments from Denmark 3 re now 
bigger than they were before the 
devaluation in January', the 
Bacon and Meat Manufacturers* 
Association complained yester- 
day; 

The Monetary Compensatory 
Amount (MCA! subsidies have 
risen to almost 13p a pound on 
Danish bacon. They were 10.7p 
a pound— 23 per cent, or the 
wholesale selling price — just be- 
fore . tbe devaluation of the 
“ green pound.” 

Adjustment of the value of 
this notion 3 1 EEC currency in 
which. -British Tarm prices are 
fixed, to line it up more accur- 
ately with the enfeebled pound 
proper, reduced the MCAs con- 
siderably. tut .since then the 
pound has continued to fall 
against other currencies, and the 
compensatory amounts have 
risen sharply. 

The not import subsidy paid in 
the form of the MCAs is now 
£2 SO a tonne on Danish bacon 
sides — £SS a tonne more than at 
the beginning of February. 

The BMMA appealed in a 


statement for action in the Coun- 
cil of Ministers to reduce these 
subsidies. The association noted 
that Commissioner Finn Gunde- 
lacb is expected to propose an 
adjustment in tbe MCA formula 
which would reduce the MCAs 
on bacon by £49 a tonne. 

“This is insufficient to place 
tbe U.K. industry' on a profitable 
rooting." the BMMA said. “The 
MCAs should be calculated as 
for poultry and eg 7s, which will 
halve them." 

The Association claimed that 
bacon imports will rise by 3 per 
cent, this year because of the 
failure of the Community to 
protect British pig farmers and 
bacon curers from the' unfair 
competition. 

Tbe Danes and the Dutch are 
expected to share 59 per cent, 
of the U.K. bacon market. “This 
erosion of our market will con- 
tinue inexorably if steps are not 
taken immediately to restore fair 
competitive conditions," the 
BMMA said. 

To add to the British meat in- 
dustry’s problems; the . Irish 
Government has now asked in 
Brussels for MCAs to be applied 
on the Republic's exports of 
canned slewed steak and corned 
beef into Britain. 


The BMMA estimated this 
would mean a subsidy of 12p a 
pound on high meat content 
canned goods from Ireland. 

“Eire's trade with the U.K. 
already benefits substantially 
from MCAs on fresh beef; Ex- 
tension lo canned .beef products 
cannot be justified in the light 
of the depressed state of the 
market and the . potential 
damage to our processors," tbe 
association claimed. 

A statement noted that sales 
of home-produced canned meats 
are worth £ll6zn. a year and 
.6,000 jobs in the canning in- 
dustry could be threatened by 
cheap. imports. 

The bacon industry, worth 
£270m. and employing 10, OCR) has 
already been badly hit The 
whole meat processing industry 
provides 45.000. jobs. 

Guy de Jonquieres. Common 
Market correspondent, adds from 
Brussels : The European . Com- 
mission yesterday formally 
denied recent suggestions that it 
was proposing either to limit 
imports of New Zealand lamb 
into Britain or to insist that all 
scamni and prawns consumed in 
the EEC be the same size. 

The EEC pointed out that, 
contrary to some Press reports. 


Copper strike suspended 


I BY OUR COMMODITIES STAFF 

| COPPER PRICES rose strongly 1 
ion the London Metal Exchange ' 
i yesterday following news that 1 
'the Southern Peru Cooper Cor- • 
poration had declared force 1 
majeure on deliveries of blister 1 
j copper from its llo smelter. But 1 
! it was later announced that the ' 
[strike which had led to the 
[declaration had been suspended 1 
{and prices fell. By the close cash < 
copper wirebars were quoted at < 
; £701.5. a tODne. unchanged on the 
! day. Work at Ho. which has 
been halted for three weeks, was 
expected to resume immediately. 

Even as the force majeure was 
being announced Minero Peru, 
which controls all the country's 
copper exports, unveiled a 
j S120m. project to double produc- 
{ tiori at Ilo refinery to 300.000 
’tonnes a year. The project, 

1 agreed with Mitsui Fukorawa of 
[Japan and Martz rtf Switzerland, 
only awaits formal approval by 
the Government of Peru. 

Announcement of this expan- 
sion comes at a time when other 
smelters are cutting production 
because of the current depres- 
sion in demand. Only this week 
the Kennecntt Refining Corpora- 
tion and Anaconda announced 
temporary closures euttins pro- 
duction by around 80,000 tonnes 
a year. 

London Metal Exchange j 


dealers said trading in copper 
was active. Apart- from the Uo 
news, rumours of, a strike at a 
Spanish smelter encouraged the 
early rise. But dealers also noted 
the presence of a heavy seller in 
the market even while prices 
were rising. 

In Geneva, meanwhile, repre- 
sentatives of leading copper 
exporting and importing 
countries began talks on tbe 


scope and structure of a planned 
intergovernmental body 
Late yesterday Southern Peru 
Corporation said in Zima that it 
had declared force majeure on 
blister shipments from its 
Cuajone mine. But Mr. Frank 
Archibald, chairman of the U.S. 
mining company said tbe situa- 
tion should be normalised 
rapidly following the settlement 
at the Ho smelter. 


‘Coffee price will fall’ 


DOUWE EGBERTS BV, the 
largest Dutch coffee roaster, said 
it expects a fall of 20 to 25 per 
cent, in the world market price 
of coffee in the next two years, 
barring frosts or hostilities in 
growing areas. 

Mr. L. Van Dongen. company 
chairman, said the retail price 
should also be cut. He said 
extremely high prices in 1976 
cut coffee consumption, and the 
strategy now must be to lure 
coffee drinkers hack with low 
prices. 

Douwe Egberts currently 
accounts for between 50 and 


ooMMOomr market reports and prices 

Pace lirTATC'^ "V "• riWJlo i close 00 the Kerb or/£5,M*. The close on ibe Kcrti ins 001.5. Tu 
jrjai l . Turnover 1,246 tonnes.^ ^ J over 7 .513 tanner. : 


COPPER— Steady • -on nahn'ev -on 'the ' + pr'~‘ivm7 it+nr 

ondon Meiil EschaiUJe aJUloash inert- - tDC- :i <iirtri*l wjl'nniri.-lii'.ff— 

IMW9 were erratic. The . PerjreUp, -farce » I : JL ^ — 

lajeure. a ttriKe In Spain atth-ranonn. «rafii» X'"' ' *r ‘ * s / X 
•: tonncoiplBK, force majeure 5950-5 -B2J 5980jSD— 4B 


... imm nervously m zue aaentuua. tar K - v 

j. -oseljn the Kerb : was £750.& ‘ • Tjurnowr. £?*!_*"* — . T__ 
.-"JJ04.topB.es. • -. T . • Moraine: Saadal 


«s”». frj-oawfir 


... -■ \ I. £ •: . £ 

- Tfe-J '*4.57' 701-2 

Mont-W, 788.6-8 +6 ; 71B..5 
nrrn’nt; 709:0 j+4 : — 

e,Kfaodes-| » ‘ i - 1 : . * - 

:_w uh- 8SB.5-7.J+a.5 :-89Va 


Xfw_Tniv -- I -501.-OD 

Moraine: SMaanL/cask £5-950. three 
.months £5.930, Si f5. Kerb: Standard, 
three . months £S.93i. 3S. 30. Afternoon: 
Standard- three naraths £3,893. Si SO. 15. 
t®. Kertjr Standard* threo roomlw £5.ate, 
05. £3JMHL 

LEAD ' L n » with the contango Tend- 
tox to widen.’ Forward metal was in- 
fluenced hy .copper and started at £323- 
£334 and the price fell to a low for the 
dap of £WBJ before fresh having injate 
trading' led to a close on the Kerb of 


The’ close on 'the Kcrti was £301.5. Tum- 

ovei T.5T 5 tPflner. • __ 

■ .m. .+ ,iff| ptin. .+ oi 

ZINC Offirta 1 — I L-noiUrisi 1 — 

: ■ ^|-^— 

fash • f ! I* • ' 

8978 — 6.B 293-5 -6.5 
£ month*.. 304.5-5.6 —5.5 0012 -6.2» 

S’meni * 298 —6.5.. - • 

rim, We»r " - ' 29 

• * Morning: Cash £29$. three months 1309. 
7.5. 7. 6., 5 Kerb*: Three mouth* £304. 
i Li Afternoon: Throe months. OOi 
4. I I 1, £300. 1. 1J. Kerb. Three 
- months- £382. 55 2. 

- Cents per pound. T On previous 
unofficial dose, t SM per picuL 


weat. New crop wheat found the largest 
hedge sellers and initial gams of 50 points 
were easily erased by the close. Aril 
reports. 


SILVER 


■ Sliver was fixed 2.85P ao ounce lower 
for spot delivery in ihc London ballon 
market yesterday ar 275.25p. U.S. cent 
eonlvhkBU. of the fixing levels wore: 
spot SB7.4C, down iTc; three-month 515 Jc. 
dowa--7Jm six-month 525.4c. down 8.1c: 
and U-mooth StiSc. dmro iSc- The metal 
opened at 27L3£7i*p. <30<M074c> .and 
closed at 3Zi2-27i2» i5l»509ic.. 


; , - ■ . . MiAU I umrix> — — 

— . Amalgamated Moral Trading -.reported « .• 1 

ju In tbe roornfnh three month* wire- t £ ■ £ v . £ • 

'. its traded at 1723. '35J. 22. 23. r-. h : - 3JiW '-iffl ‘ 30B-9 '—6 

. 22 J- .Cathodes,' three month* £713-i crtmnihi i s. ’ 3T5-6 -4 £7 

erb: wirebars. three months- £72i !2A .. TO * ~* K \ ™ 

■ . «.5. Afternpoiu Wire bars, three r ^ _ 

paths £713. Vf. Tr Sii 33. ^2.i ee_- t.w.9|*e -I - _ * I . * ‘.y. r 

, 8, a. 18. 17. TiS. 17; 1ST. 'Cathode*-; Menrtng: Cash £313, three months 
" ree months £708. Wlrdbafa. three. £31 i 3, 20. 19 j. Kerb: Three months 
pnthj EU re.s; 18. 19.5 Sfl. |0J- ; £319. 18, Afternoon: Cash 1311. three 

TW-tevtar tm nierriiaitt- soiimg caused ntotrths 5318. IT7S. W. 17, -li Iterb: 

■ dipappelnrlag phraleat. demand - for Three months 1315 1SM.U, 17-5. li 
4-ller. Intakes. despUe the weakness of- - .ZIHp-Leot » r «md whh f®* 1 *®* 
' t pound. The Eastern: prior showed upset b y n ews Hit AM ahd IS worida 01 
tie change overnight bnt was lower In follow EZs price Hae. The contango 
al terms because of. the movement of tended to widen. After '*''***£ 

- ' e sswlaysiep dollar.-, forward mere] DOB and £314 forward maa! fell away to 
dined through the day. with- the hack- El« and was farther deorem ted ro noo 
irdapon narrowing. .. from a .start of by selling from. , an jnflnenaai source. 


I 

SILVER j 

hu’rton j+ or^ L.ll.E; |+ oi 


■fixlne , — 1 4*loee 1 — 

nt>r ra. | 

1 pricing • _ 1 


dpot 1*75.85:, -2.65 -1.85 

Amonths— {'SbOA,- -2 4> iMl.tp —135 

rmuuth*.. f 2B6.V;. — 2.8 — 

•2 month*. 1 3 I.8-1 — 2J 

LME-jTirrnOver 223 t238i lots of 10.009 
ounces. Mnrntng- Cash 278: three m oaths 
298.2.-853. 80.4. 88.i 80.6. S9A 81. S0.9. 
8L Mi Kerb: Three mooihs 28L SOJ. 
Afterno on: Three months 283. 1.2. l.i 
1.4. L" KerhT Three ntOOLhs 26T. 80J. 


COCOA 


..... CLIVE INVESTMENTS LIMITED ‘ 

--,1 Royal Exchange Ave* London EC3V 3LU. Tel.: 01-283 1101. 
index Guide as at Uth ApriVISTS (Base^lOO at 14J-77-) 

- ;CIive Fixeff InterSit .CapitPi 1 - J 32.70 

- Clive Fixed ictefCst Jteqdrse 119.86 

INSURANCE BASE RATES 

t Property Growth, 

--If Vanbrugh Guaranteed — 7.75% 

t AtMreaa - shewn trader insurance and Property Band Table. 

!?:■ CORAL INDEX: Close -449-454 


The market was lower in most posdona. 
reports GUI and poffns. 

~ Younut », V*w bu>me»- 

COCOA | Cose — Done 

No. b CTtua'i 

tlay 2018.0- 29 J1 — 6SJ) 2847.0 20 10 
Julv-.-;.L..;i3n.» I4.J ,-HO 19SS.U-I.05- 

4epe.; j.iUt.B-55.D -58.0 .8 S.u-1950 

Ucc~^„;..if789.--88J — 17J t 28.0-1790 
U*rrti^.-..|1749.j-56 —8.0 i775>17M 

UaV-:~..:.JlS9o.^l720 •— 5-0 If50.0-1705 
July ..„,...-.;iajJM7BQ 4-1.0 - 


" Sales: 3,412 (l^SSi lots of 10 tonnes. 

Inttoutiwial Coco* Onwiisatian fU^. 
, cents pes pooadJ — Dally price April 17: 

; 153.77 <134.05 *. Indicator prices April 1£: 

I 15-day average 182.07 (iSLSSt: 22-day 
i average 1»JI 059.73;. 


Ve*Lerdav'*( + or IYe»renla\-.; . or 
M’nlh -bnw . — j be* ) — 

M.vl 94.80~~-Vb.75 82.80 '-rOJO 

a*fO. 1 5.7J —0.58 80 20 —0 J5 

Niiv. 88.15 -0.55 b2 6a .-0.10 

4itn. S0.75 —0.60 Bd 30 *0.45 

Mar. 93 15 _ 1-0.48 87.75 +0.40 

Business done— Wheat : ’ May 84J8-85. 15. 
Sept. SifiiSl.TD. Nov *.1588^0. Jan 
9090-91.75. March 93.30-B4.U. .Sales. 245 
1 01-.. Barley: May SJ.JO-SSJi Sept. WJO- 
91.0a. Nov. 82.85-83^0. Jan. 85 T5-8J.W. 
March SS.40 only Sales. 210 lots,; 

IMPORTED— Wheat: JWRS No. 1 
13! per cent. Apnt-Mar 95.75 seller 
Tilbury. U.S. Dark Northern Spring So. 
2 14 per cent. Apnl-May 88.50. May -Jane 
88.00 sellers transhipment East ' Coast. 
U5. Hard Winter ordinary unquoted. 
Australian wheat unquoted. EEC wheat 
unquoted. 

Main: U.S. French April untmated 
May 106.T5. Jape 106 50 sellers .tranship- 
ment East Coast. S. African Yellow late 
May-earls’ -June 77.00 quoted. 

Barley: unquoted. 

KGCA — Location ex-Tann spot prices, 
other milling wheat unquoted Feed 
wheat— Ham berslde 90.00. Gloucester 
80.00. Feed harlot— Humberside 79 JO. 
Gloucester <9 JO. 

The U.K. monetary coefficient for the 
wet-k begin Ding April 24 will remain 
unchanged. 

EEC DAILY IMPORT LEVIES— The 
fallowing EEC levies and premiums effec- 
tive for April 19 in unttn of account a 
tonne. In order current levy plus Mar. 
June and July premiums (with previous 
in brackets,. Common wheat — S5.fi?, nil. 
nil, nfl ,80.72. 0.16, 0.10. 0.4Si. Durum 
wheat— 13032. nil. nil. nil ' I30JL’. nil. 
ml. 6.23i. Rye— 81.37. ml. nQ. oil (80.T3, 
nil. oil. 9.84). Barley— 73.09. nil, oU. 
nil i7iG8. ml. nlL nil j. Oats— 70.77. nil. 
nil. nil ,76.77. nil- nil. nrtt. Maize (other 
than hybrid lor reeding) — 69.75. 1.29, 12G. 
2.56 169.75, lJM, L23. 321 1 . Buckwheat— 
AD ml iaD nll». Millet— 77.40. nil. ntl. 
nil (77.40. ml, nil. nlli. Gram sorghum — 
7S.M. nil. niL all. <78.04. 1^9. L29. 0.04). 

Floor levies: Wheat or mixed wheat 
and rye fluur— 122 J2 1 133-34). Rye 
Bout 125.84 il24.94i. 


EEC IMPORT LEVIES— The following 
import levies for while and raw sugar 
are effective for April 17 m units of 
accoDin per IDO kilos with (previous in 
hra-.V.**s> While sugar ■ dona' u red and 
^ion-denatured i 27.40 isamei. Raw sugar 

WOOL FUTURES 

LONDON— The market was doll and 
reautriess. reports Bache. 

> Pence per kilo> 

AuiantiiaiT |Ve«wi,1'ypf «r. Buiuies, ~ 
l,reu»v tf.,,1 li«m< j — i Isme 


Vlav 274.4.29.8 — fcS — 

Julv 227.1^2.0 —1.0 

«» fohrr 2- 5. >17.0 

Ueviniicr... «87.C-40.0 ' — 

llur.-h 238.11 41.4 [■ — 

liar—- 539.J-42.fl • 1 - 

Jii'v 240. j 42.8 ■ - 

Octnhei .. .. 245.U.47.0 I — 

Sales: 0 (0) lots of 1.500 loins. 

SYDNEY GREASY — CluK*: (In order 
bay or, seller, bosutess. sales) MICRON 
CONTRACT— May 341. 7-34!. 2: 343M42.0: 
IS. July .746.3-348.9; 347.5-347.0: fi. Oct. 
350.M50.0: SM .0-351.0: 10 Dec. 356. 0-358 J: 
3a.(M3S.O: 13. March 366 M86.8; 367.S- 
386.8; 22. M3y 376.M7U: 371.0-370.0: 17. 
July 272.7-373.0: oil: oiL Oct. 375.1-376.0: 
nil: olL Total sales: ISO lots 

SOYABEAN MEAL 

The market opened £2.30 lower foDow- 
ing the sharp drop in Chicago. But pnc*s 
gradually picked up on scattered buying 
and the finish showed losses of only 
E1.8B-JE.30. SNW repons. 


Belgian: Conference 0.10-0.12. Crapes — S. 
African: New Cross 5.80. Barhnka 3.80: 
Chilean: Thompson Seedless 5 kilos 4-20. 
Bananas— Jamaican: Per pound 8.15. 
Melons— Chilean: White 4.50. Green 5 30: 
Colombian: Green 3.00. Avocados — 
Kenyan : Enert«? 14 -24 s 4 .80-5.00: 5. 
African: Fume 4^0. Strawberries— 
Israeli: 0 45: Spanish: 0.454U0: Cali- 
fornian: 1.00. Lettuce— Dm Lh 24'S 2.80. 
Pineapples— Ivory Coast: 0.40-0.98 each. 
Onions— Dutch: Larne 2.00-3.40. medium 
1 .00-1. 20: Chilean: Bags approx. 50 lbs 
Ml <30: Italian: 2 80: Canary: 4.00. 
Capsicums— Kenyan: Per pound 0.40: 
Canary: 0.38. Celery— Spanish: 15V36*s 
0-50-6 ®0: American: !4*s 5.88. 

English produce: Potatnos— Per 56 lbs 
whites- Reds 1.90-2 30. Lettuce— Per 12's 
l.sn Beetroots— Per V lbs 1.28. Turnips 
—Per 28 lbs. 0.80. Carrots— Per baa 0.B0- 
100. Parsnips— Per !9 lbs 0.80-1.00. 
Brians— Par 58 lbs 1.00.2.00. Swedes— 
Per 28 lbs 0.30. Rhubarb— Per pound, out- 
door 0 0641.09 Cucumber— Per tray 13 Ifg 
1.60-2.20. Mnshrnams — Per ' pound 0.40- 
0.45. Apples— Per pound Bramley'a 0 17- 
0.18. Cox’s Orange pippins 0.180.20. 
Laxtons 0.08-0.12. Pears— Per pound Con- 
ference 0 11-0 13. Tomataes— Per pound 
English fi.40-0.49L Craws— Per crate. 
Kent 0.80. Cauliflowers — Per 12’s 2.88- 
3.60. 


UTRECHT. April 18. 

60 per cent, of the Dutch coffee 
market, the company claimed in 
its 1977 trading report 

Coffee still makes up about 
70 to 75 per cenL of its business, 
but Douwe' Egberts plans to 
diversify and reduce this 
dependence to around 50 per 
cent. 

Mr. Van Dongen said the 
reason for diversification was the 
sharp fluctuation to which coffee 
prices were subject. 

The company also accounts for 
25 per cent, of the coffee market 
in Belgium. 6 per cent in 
France, and smailer shares in 
other markets. 


PRICE CHANGES 


Prices per tonne unless otherwise 
naied. 


the Commission's new proposals 
for a common sheepmeat policy 
contained no provisions for 
restricting lamb imports beyond 
a customary EEC safeguard 
clause to protect against severe 
market disruption. 

Nor was the Commission pro- 
posing to set a minimum market 
price for sheepmeat. Prices 
would be permitted to find thefr 
own level and the “ base “ price 
system recommended in the 
policy would be used only to 
determine the point at which 
EEC private storage premiums 
would he paid. 

The EEC conceded that U.K. 
sheepmeat prices could well 
increase as a result of tbe policy. 
But the extent of the rise would 
. depend on how much sheepmeat 
the U.K. exported to France in 
response to the higher prices 
prevailing there. 

It was incorrect that the EEC 
wanted to harmonise the dimen- 
sions of scampi and prawns. The 
Commission had merely pro- 
posed. with strong British sup- 
port. that catches of prawns 
below a certain size be pro- 
hibited as part of a broader 
package of fishing conservation 
measures. 

China buys 
wheat 
from U.S. 

i By Our Commodities Staff 

'CHINA HAS made its second 
(purchase of wheat from the U.S. 
!this year. The U.S Department 
(of Agriculture reported a sale 
(of 400.000 tonnes which brings 
'the lutal lo lm tonnes. 

A quarter of the latest purchase 
is to be shipped by May 31 with 
the rest to go along with the 
600.000 tonnes bought last week 
during the 197R-79 marketing 
season which ends on May 31, 
1979. 

- The sales to China are the first 
since 1974 when China stopped 
importing from the U.S. allegedly 
because of a shipment sent 
which was infected with a grain 
disease. 

! Grain traders and wheat 
growers have been speculating 
I in recent weeks that China may 
be preparing to buy as much as 
6m. tonnes of wheat in the U.S. 
because its harvest has been poor 
land its usual suppliers cannot 
meet its extra needs. 

The USD A also reported that 
! 100.000 tonnes of grain sorghum 
: for shipment this season had been 
sold to Mexico. 


US. Markets 


A^ri I It +■ ru ] Jlr-Dtb 

I97r — ; *i!u 


Metal* ; 

Aluminium 't'680 

Kiw RMitei '.Ji-i, :980-9fi\. 
Cniilwr -A-h V. Hiu £701.5 . 

3 monrh- ,I>l ria |L‘718 25 , 

Ui-h Cut bode IK691.5 ., 

4 month- >1o. -la. JC708 h 

Gi»« 1 Tnif <v.(S <3.825' 

Lro iCt-h £308 5 - 

- 

Ni.-kei ! i .: 

Pro* Utrkei <af lbtjsl.93 • i 

1 8.03;.. 


L680 I 
. r* 0-69] 
..E652.5 
i £677.2* 

. C 43.5 

5 1 667.3 

5 177 375 1 
I tfoUl.6 I 
5 (.£06.25 : 

i >l * i 

■ -2-04 


l el i I il\ >ir . iiioino 

• I'luKO ! — I Hidif 


RUBBEK 


COFFEE 


STEADIER opening on tbe Loadnn 
physical -market- Good demand through- 
our the day. dosliig quietly steady. Lewie 
and Peat report that tbe Malaysia go- 
down price was 205 fsamei cents a kilo 

fbuyer. May*. 

Nr*. I [Yerientay i Previou, Hu-lnew 
K-i.a. '■ -Iom | ci«*> Hnne 


■ii. Index Limited 01-351 3466. October-Dfieember Bobber 52^5-53^0 
'Lazttont Road, London, SW10 OHS. - . 

y i. Tax-free trading on commodity futures. - 
j 2. The commodity futures market for the Smaller investor 


EUROPEAN OPTIONS EXCHANGE 


i. Kixtak 

i. Kw1«Jr. 

i. kodak. 
•HM 

BM - 
BM - 

»JI -- 
fll 

■Mtips ; 
SiiHpe.. 
!billp»;. 

D- Shqil, 
L p. 5 Sell 
L p. shell 
'nlleyee 
jj I lever 
DilffSt* 


"July 

|- ,Priw l tin* ’ Vol; 

'] S4D-1. 6%] lO~. 


J.&40 . J4V. |1 ; 
-saatv • 43 4 34 

■saet) tB 

: — . .. . .— 
560 ■ -6 - ■ 2D ; 

S70 is-.: 2 ; 

F2ST.CO '3.20 2: : 

T2B.DD 1.30 ' 18 - 

FZ7.50 — ■ . — . - 

F120 10.40: Ti: 
F150 . :3JSD : 116^ 
F140 '.4ff 8 

FI 10 1D.20 3 

FX80 — . . 

F13Q - . — 

|' 700 p f — 

790p ! 36 . — . 

| 8O0p| 18 — 

300p-i 44 - . — 

325p f 26 . ' . — 

• 350pt . If.. . - 

: 373p;'.14. ^ 

2J0p 54 -. 

: B25p I j 

• 250p | 18 r . — 
875 p; -14 : : r 


0«- • — ”. Jani 
Glow- Vpl. those _Toi. 


■ .Equity 
• [ •■hire 


■.*•■_■ — . s4Stg 

•■ -41a- 11 

1-;|. BO- . — — _ - 

£6^- -23 - - *25119 

8 — — r . 

: . 85* 16 — '.-re - . - 


‘ .BD 26 ^ — - .. 

TO. BO 87 - — ‘ P188.80 

4 . bt: . — - — • .. 

- 1.20 41 - ■ — — 

.10.50 1 ‘-r - F.llSJfi 

3-5Q 12.- — — 


Lradaa - ToOfiSed its o ve r nttfit -expecra- 
□ona opening lower "reports DSL. Per- 
asteqtTsnudl-sctie 'sefling enconraaed by 
a low«r New York market sradualty 
eroded values throngb (be afternoon and 
prices at tbe close showed losses of up 

to 123 nearby. 

~~ " 

unii j- cwre ; +f r | B, gy 

jilpertantw 

Uay 1495-1498 !— I9J3 1606 1480 

luly 1 1:64 i85 —22.0 ,585 li« 

repterolwr... . 1505 *317 —5.0 1515- <2M 
Vuvembcr.,.1 1^58- i.ES —l.0. 1263 1260 

Iuiuit { 1228 1245 - 2.3 . 1240 

Mwh >208 Ii2y .— 

Way— TI88-i215 -2-5 — 

SaJ6s: 968 : (6483. lots. Of 5 ton (MS. 

ICO . Imflcator prices .(or April 17 (05. 
.cents, per - pomuU? .Colombian Mild 
Arahtcas - 778.00- asameil oilier mild 
Ara&inas 1 MA 1 nB4.90): - nnwasbed 
-Arablcas . 1S3A4 isameti Babostas 14530 
tU6J9). Dally average ISIA? (lU-St. 

ARAB 1 CAS— AS other lacklustre perteT- 
nance- rasulUss to very Uttle change 
overall, reports DBL. Prices (to order 
buyer, eeller, «*ti»ng». business): April 
2Q3.m-7D.0fi. -T-BA5. nlD June 1S4A0-1S5.N, 
— 1.10; —185.66 onto: August 170.06-1T2A0. 
-2.0. id]: On. 157.00-155-56. -0.(5. nil: 
Dec. 140.W-14S.M. —1.80, nil: Keb 1S400- 
139.00. -UO. nil; April 138.00*148.80, 
+4.50. mL . Sales: 2 (13 lots of 17JI50 
kilns... 


U&r— . i 
June....; 
Jiy-Sep.l 
O.v-De ! 
Jan- Ur.l 
Ap— Jnej 
J Iv-Sep.! 
U *t- Ue ' 
Jan Mar 


50 45 50.5Q' 
51. la 5IJ15 
51.80-51 .50 
2 3i-c3 Off 
54.50*4 56 
55 8046.65 
a7' 25-37.48- 
58 70--8 95 
80 00-60 20 


43.75+9J0( 
«9J^5fl.bU 
61.3. Aiis 
t2.55w2Btf 
i4.0j- 4.1(i| 
-A.M-35.5fil 
b6.&-b7.D8 
•J4M.R 
8.B5-O8.70: 


60A0-6020 
51.4MUD 
Dl .80-61.76 
S3 JH 52.88 
MJ0-64JM 
BE 2S-S5.8S 
57.30 

59,10-58.75 

60^0 


Sales; 338 < 121 > fotc of 15 tonnes and 
20 ■ s > lots of 5 tonnes. . 

Physical dfe>iD£ prices ■ buyers ■ were: 
Spot SOp (4S.75»: May M.fip >505i; June 
Jlp <50. 73'. 


SUGAR 


LONDON DAILY PRICE for raw sugar 
iim.oo (£102.00, a tonne eir for AorU-May- 
Jonc shipment. While sugar dally priee 
was fixed a, D05.50 ( £105,00 1 
Prices dnlted In the morning as tom- 
misston-boase Ions Unuidatiotr found only 
scattered support scale-down, reports 
C. Czarnlkow. Tbe decline was accelerated 
later by easier New York prides, but day 
trade short-covering lifted final quotations 
some 50 points above the lows. 


aucar | 1 



Prof. lYerterrtay’*! 

Provioua 

Btuanesa 

Uocms. Close 

Coon, j j 

Ctoae 

Done 


l’ - Auinat 

Eovemher 1 

.90 


J19 ; - *770p 

« 


70 1 — , .. 

18 

- 

.44 j - 

.":67 

_ 

.72 — ;535iap 

: 38 

’ 

. -62 j ■ — 

. ia 



BO — . • .. 

16 




* — 

8 S ' — • 258p 

r. 4i- 

• _ 

58 : ' 

|_ 25 



34 - 

1 28 .. 

M ' ||H| ' 

85 , - ..’..j* 


GRAINS 


LONDON FUTURES (GAFTAW The 
market opened U0 higher on Kay barley 
bat there way a lade of Rlfera and values 
traded down to only £5 points higher, 
where good- c ommercial support lifted 
prices to the highs.- gut tfat-y eared In 
the afternoon session on a weaker fob 
I market. Did wheat saw only a.hghr rradr* 
i and closed- 13 higher after gains of 110 
points. New crops opened 73 Higher on 
| barley but found large-scale hedge selling 
: and despite a generally firm tone closed 


-£|ieri<4ine 

Alar...., IC2. 10-02.25 I0J.5O-83.5SITH. 60-01:7 
AiW_...‘106 78 G 75 lu7.11 B7.BiJ 198.00-08^5 

U-I 1108 75 09A0 IU.76-i0.BO.110.90.09.55 

113-60-15-40 1 14. uO 14.0a 1114^5-15.00 
March J 120 26 »,4D »2ff 7> 20 BJI12Q 75-18.76 
May. ... 124 08-24.10 U4.0C 24.75-124 .75 
Au k 1*7-00-200.1 <7 ,M 2a.7pj1M.ga . 

Sales: 1.685 ilJSSi lots t*f 30 tonnes. 

Tate and Lyle ex-re finery pnee for 
granulated basis white sugar was £212.40 
<same> a tonne lor home trade and E1CL00 
<□62.001 tor export.. 

Internationa! Susar Agreement: In- 
dicator prices <US cents per pound, fob 
and stowed Caribbean porti: Price* for 
April 17: Daily 7.6S >7.71), 15-day average 
T.ffl (7.87i. 


£i<eit«une.- 

April .158.00-68.0 +1J3 135.50 

June 128.6'J 28.0—1.86 1JJ.50-27.91 

Auuutt 128.50 28.7—1.70 13 .00 -.7.50 

(Jut-, hei ._... L5.IU-lt5.7— 1.65 i2G.8i.-26. fl 
December .. '120.50-^1.7—^.16 21^0-20 JO 
Pebru«TT~ - 1*2.5 -28.8 * 046 123.00*22.80 

April 122 5^-25.5+0^0: - 

Sales: 162 tim'lmi of' ios~ionDes. 

MEAT/VEGETABLES 

SMITHFIELD— I prices m pence per 
pound)— Beef: Scotch killed sides &3 to 
56-5. Ulster hindquarters as.D lo 70.0, 
Forequarters 38. u to 90.0, Eire hind- 
quarters tti.O lo 70.0. Forequarters S7.0 to 

39.0. 

Lamb: England Small New Season 
63.0 to 74.0. Imported f roses: N-Z. PL 
4&5 to 47.0. PM 45.0 to 45.5, PH 43.5 10 
44J). 

Pork: England, under 100 lbs 35.0 to 

43.0. 100*120 lbs 35.0 lo <2.0, 120-160 Hjs 
38 0 to 41.0. 

Cscaa: 

Following an initially weak London 
market prices remained static antU the 
opening of the New York market when 
values again came under pressure to 
dose near the day's loss lows, reports GIB 
and Duffus. 

Sales: 3.415 i i.83Si lots of 10 tonnes, 
inter national Cocoa Organisation OJ.S. 
cents per pound, —Daily price April 17; 
15X77 (164.051. indicator prices April 13: 
15-day average 162.07 *183.68): 22-da/ 

average 158.71 1 158.73). 

MEAT COMMISSION— Average fatstock 
prices at representative markets on April 
IS. GB— Cattle tf.Qfip per kg.l.w. 
1+0-331; U.K .—Sheep • 137 Jc Per 
bg.estjLc.ir. i - 1 .2 ■ GB— Pigs 623p por 
kg.l.w. 1+0.3). England and Wales— 
Cattle numbers down LS per cent., 
average price 67 SSp I+0.6D: Sheep num- 
bers down 7.1 per cent-. 135.9p (-2.8): 
Pig numbers up X4 **r cent. 52 Jp 
w-03). Scotland— Cattle number* down 
0.7 per cent.. «S.38p i+0.J»»:. Sheep nmn- 
bers down 31.2 per cam. 136 -3u * — oa>: 
Pig numbers np 23.9 per cenL, 6t5p 
t— 0.1). 

COVERT GARDEN (Prices in sterling 
per package eacept where otherwise 
stared i — Imported P reduce: Oranges — 
S panto: Bloods X2O-S S0: Cypriot: Valencia 
Laics 15 kilos X 40-3. 60: Jaffa: Shamoud 
3.75-4.05: Egyptian: Valencia Laws 2.0& 
Moroccan: 120-1M'. Texas: 3.40. Lemons 
—Italian: I00>120's 4.00-478: Cypriot: 2^0- 
3 j0: Scania: Small (ran 25/S0*s LOO: 
CaMoraJap: 3^0-4 Gr apaf i wB Cypriot: 
15 fcOos 2.58-2.80: 20 «H» X0DS.M: Jaffa: 
20 kilns 3.TO-3.73: G.S.: Ruby Red 15 kfioa 
4A0. OrtawlUMOf -IsmilrSn- G.254J6. 
Apples— French: GuWea Delia ons 20 a* 
S4’s 2.50-2.70. 72’S 2.70-3.00: 40 0)8 5.40- 
B.M. Golden Delicious. Jumble pack, per 
pound 012-0.13: Italian: Rome Beamy, 
per pound 0.13. Golden Delirious fl.I14l.12: 
U.5.: Red Oetlrinns 8.008.30: S. African: 
Duim’6 6d6. ■ Jonathan 6.80, Starting 
Delicious S^OS.36; ChUesn: Cranny 
Smith 7 O07.»: New . Zealand: Cox's 
Orange Pippins 163'SM 7.00-9.00; Danish: 
P+r pound Cox's D.1S. Spartaw 0.106.11. 
Pear* — S. African: Cartons. PacMunt'a 
Triumph d 907.40. Betirre Hardy 8407.00: 
Dun*: Conference per pound 0.14; 


U.S. demand 
for European 
aluminium 

INCREASED U.S. demand has 
boosted the order books of some 
major European aluminium roll- 
ing mills, numy of which suffered 
at the end of last year and in 
early 1978 from declining brders 
and weakening prices, the, Com- 
modities Research unit says in 
the April issue of its Metal 
Monitor on aluminium. 

Recent strikes in the U.S. have 
cut production capacity below 
the demand level and European 
mill s have consequently been 
receiving extra orders. . De- 
livery times have lengthened to 
about three months. 

An exception is the U.K^ 
where demand remains poor, 
while competition from overseas 
mills is strong and comparatively 
few orders have been received 
from tbe U.S. 

Coffee quota 
talk denied 

MEXICO CITY, April 18. 
MEXICAN COFFEE authorities 
have denied New York market 
suggestions -that Central Ameri- 
can eoffee producers will adopt 
a quota system on April 24. 

“It’s absolutely untrue," Sr. 
Daniel Morales, marketing direc- 
tor of the' Mexican Coffee Insti- 
tute (INMECAFE) said in 
Jalapa. 

“We are waiting to see bow the 
market’ prices evolve and what 
is tbe coffee demand, but the 
Central American coffee pro- 
ducers' marketing committee has 
not decided on the matter," be 
said. 

Central American Mild coffee 
producers recently decided to 
continue a sales . suspension 
started over a month ago because 
of low prices. 

The New York rumours sug- 
gested the coffee quota would be 

274.000 bags for El Salvador. 

145.000 for Mexico. 74,000 for 
Honduras, 50.000 for Guatemala 

21.000 for Nicaragua apd 35,000 
for Costa Rica. 

Sr. Morales- said: “This is abso- 
lutely false. I repeat there is no 
decision.” 

Reuter 


Platinum crorre.Jilll7 50'.. l114.5 

Fi-av Market IX112.B +0^5,1.113.2 

gw -kali var.Jflitu J-J30-35 -130 35 

Sluei !hiv<xe. '275 25 •— 2.B5‘s72.3).> 

o wwilha. . 280.5 - '— 2.45 'j 77 25p 

rin Gai-h ,*.5.923 — 40.0‘ .3.777J5 

.- mifitlia. ,*.'5 812 J r— 52.3. 5.7755 1 

lV,titrom£?jDi|t>.*ii a 140-45 -0.5 :>14a-K 

Z»n- n»h '££94 I— 6.5 C2C8.5 

f mnniha :L30 J.5 -6JS : CS72.5 

I*n>iu"*n> ; <5s0 

Oils ' 


Clwoui (Phi |j j.64 &f — 5.0 -675 

limurtalnt 15743 ‘ + 1B.0LS61 

LuimkI L'nirletn... S355 +23.0.-312 

Faun Malax nil : >610e ' + 2.0 s560 


Seeds '■ 

Copr* Philip. 1*420/ . ■ ; 5440 

6>^'ai«aa 1L.S.1 — ,~301c . 4.0 .6300 

OrauiB 

>iaiiq> KEL'. ; ; 

H»me h’utuie*-... £82-8 +0.8 £74.35 
31 iue. 

Kivnuii .'ul 4 Aiu L'ID6.7Ss .1 ClOl 

lVlimt. 

-Wl Kel Sptniu.)£95.75v.+0.2S l 90.25 

.N,)£ Hanlwiuiei, . ; ' • * 

toii*ii»h Uniins.-IClOOr : *.100 

Uuxa -hipnii/nt .:t'2.014 — 5B O £1.857 I 

Kutun: July *l1j 912^'— | S8.O.£l.b06.5 1 

Coffee Ku. iiit... * . 1 

July -1 C 1.1S4-5-— !2.0’£1 .401 .5 1 

Cottiin *A' Irxlev...! 69 8 •' 69ii 

KutM^r liiiu | 50 ■+ \25 48.25 [. 

■uear rtlawi ( viqj £96 

275 — —T ]H70n 

” Nominal. i Unquoted. v May-Jnne '< 
t Mas-Aug. aJuue. v AprtJ-June. v April- 1 
May. : May. r Per ton. 


FINANCIAL TIMES 

Apr. 18 A pa- IfUnoth ■4'iliJ Ysrr aip. 

240.72 1242^27 ■ 232. 92 1~ 275^7 

(Base: July 1. 1633-1801 

REUTER'S 

April 12'Apni 17 Mnnti- ■taoj Teuai^i 

1452.0 j 1451.0. 1404.2 |~174 0^ 

(Base: Sepiemher 18. issisiMt 


DOW JONES 


Dow 1 Aim> 
Jon* < 13 


Apr, | .tluiiuil leu 

17 ■ <ku [ *0. 


-put ....jfibl IS At 3 30 i55 53432 96 
Kuture»|352 IB 364.SO l A42.5 1 j4 11.67 
(Average 192S-25-&8 ~ ISO) 


MOODY’S 

w rs‘ rs 

i 


UunDn Ve*i 

wo 1 a*. 


ip/e Uurwmtii908.ia09 . 4i 8i7.6;^B 0 
(December JL I98i=iooi 


COTTON ! 

Uvp eel S p o t and strtprowt sales 
amounted to 37 tonnes, bringing the tou] 
for the week to SIB tonnes, reports F w 
TatiersaHs. Trading returned to rouii 
proportions as spfimers placed only 
necessary orders. New develo pmen ts 
were gdD lacking. 

* 

GRIMSBY FISH— Supply moderate, 
demand fair. Prices per stone at ship's J 
side (unprocessed!: Shelf cod ta.4Ma.sfl. ■ 
codUngs «: lame haddock £4.00-1 

£150. mcdlinn £3,80-£4.0e. small flifrUJO; ‘ 
mefiium plaice EI-W-E4.00, b+w small j 
‘.108-0.60: large skinned doefch lion 
medium £7.00: lemon soles £6.00, tuftbe 
fSJKS.NL 


Silver and 
gold rally: 

I cocoa weak 

1 

| NEIV YORK. April IS. 

! COCOA and cupper were both weaker 
following European (rends. Gold, silver 
! and platinum rallied alter Monday’s fall. 
Wheal was weak bqi soyabeans and soya- 
bean product:, were steady, our staff 
repons. 

Coco*— May 153 "0 OoO.fiai. July 147.70 

• 133.701. Sept. 148.46, Dec. IS7.03. March 
13 --!w- May U9.50, July 125.75 reiUi- 
nv*nth. Sales: 1.970. 

Coffep— *- C ” Contract: May 176.00- 
[176.50 1178.50,. JnU- 156^5-1 56,50 ,158.101. 

1 Sept. 1S8.W-13930. Dec. 120.00, March 
H7.W-119.00. July 112.5 0-114. 50. Sep. ua- 
quoled. Sales: Not available. 

Copper— April 80.10 ' 80.50,. May aa.rio 
1 60.70 1, June 60J0. July 81.40. Sept. 62.40. 
Dec. 6330. Jan. 61.40. March 05.40, May 

88.40. July 87.40. Sept. 6S.40. Dec. eo.eo. 
Jan 70.40 setllemenih. Sales: 4.100 Iulm. 

Cotton— So. J: May 57.5W7.65 ( 57.02,. 
July 58.S548.90 ijgJS). Oct. 80.75. Dec. 
ni. »>6i.5i March ui.ui). May t-3.10. July 
63.30-63.75. OcL C.T5-63.75. Sales: 
51)5.000 bales. 

“Geld— April 173.40 1 171.60), May 174.00 

• 172.301. June 174.60. Aug. 176.70. Del. 
17b.H0. Dec. 181J0, Feb. 153.30. April 

June 1S6J0. Aug. 191 jo. Oct. - 
104.30. Dec. 197.10. Fen. 200.00 senle- 
tnems. -Sales: 7.300 lots. 

tLard — ChJca^a louse 23.00 'saoiei. 
New Yurfc prime steam 24.M nom. <24.50 
traded). 

tMaize— May 260-2591 <260|,. July 2571- 
; 237: 12371, Sept. 258:-!56, Dec. 257-257*. 
March 263j, May 20a:. 

J Platinum— July JOT. 30-207.90 , 208.30, . 

(Hi. 211.30-211.40 1218.40*. Jan. 213.20- 

215.40. April 219.40-219.60. July 223.50- 
223.70. Sales: 1.360 lull*. 

• Silver— April 507.00 ■ 502.70 1. May 

508.00 ( 304.00*. June 31 UO. July 515.10. 
Sept. 522.30. Dec. 534.30. Jan. S3S.39. 
March 546.20. May 554.40. July 5EC.it). 
Sept. 571.10. Dec. 5S4.00. Jan. 3SS.20 

, sdtlctnenls. Sales: 33.OOO iot^ Handy 
and Harman spot bull I, m 505.00 i506^0i. 

Sey abeam — May 721-723 ( 721 *. July 713- 
717 <7177. Aug. TOO, Sepi. 6575^58. Nov. 
633- 0321. Jan. 8S3, March 04+645. May 
£48. _ 

['Soyabean Meal — May TS1 .00-181 .50 
(1S0.30*. July l&l .50-183.00 1 183.70 1. AUB. 

184.00. ScpL 174.60-173^0. On. ITUO- 

172.00, Dec. 171.00-171.50. Jan. 171.50- 
172.06. March 173.00- 176.00. May 175.30- 
17fiJQ. 

Soyabean OH— May 27.30*27.33 ( 28.071. 
July 26.65*26.55 <27.381. Aug. 25.90-25.85. 
Sept. 2«6. Oct. 23.55-23.50. Dec. 23.00. 
Jan. 22.75. March 22.73. May 22.33-22.30. 

Suaar— May 7.61-7.62 (7.72*. July 7.80- 
7.41 T.9*i. Sept. 8.59-5.62. Ocl. 8.13-S.16. 
Jan. 8.70*9.92. March S. 98-8. 99, May 8.18- 
0-0. July 0.30*0.42. Sept. 9.3B-9.a!. Sales: 
4.400 lots. 

Tin— 499.00-503.00 ashed <507.50 asked,. 
-Wheat- May 3244-:rt41 ,328}). July 

I 329! *328 !• iSSfiti. Sow. 03a, Dec. 3381-338!, 
March 342 May 3431. 

WINNIPEG. April IS. * ’Rye-May 

114.00 bid 1 114 JO bid*. July 111.00 (112.00 
asked). Ocl JIOJO bid. Nov. 112.00 asked. 

[ Dec. 112.10 nom. 

*Oali— May 83.40 1 83.30 bid). July' 79.50 
(79.30 asked). Ocl. 7SJ0 asked. Dec. 77.00 
bid. 

” Bar ley— May 81J0 (82.00 bldi. Julv 
SIJ» asked (81.00 bldi. On. 80.60 asked. 
Dec. 80.20 bid. 

HFl aamrad * M ay 250.50 bid 1254.50 Mdi. 
July 257.00 asked I254J0), On. 259.90 
bid. Nov. 267.50 asked. Dec. 258.00 asked. 

r ’"Wheal — SCWRS 13.5 per cept. pmeta 
content rif St. Lawrence 167.75 (187JS). 

All cents per pound et-warefaoose 
unless otherwise stated. *S'5 per trov 
ounce— IWMOU nee lots. ■» Chicago loose 
(% per 100 lbs — Dept, of Ayri culture prices 
prertons dar Frlmp steam fob CT 
bulk lank cars, l Cents per 56-lb bt«hH 
ex-warebouse. S.OOO-buslwl Jots { .»s per 
troy ounce for 50-ounce units of 19 9 
' per cent . purity delivered XV • Ornts 
per tror ounce ex-warehouse. 4 Sew •• R " 
romract in 3s a short ion for bull- Info 
of 100 short tons dc'tlvcred fob are 
Chicaeo Toledo. Si. Loins and Alton. 
-■ Ct-ms per 8Mb busbrl in store. 
** Cents per 24-lb bushel. Cents per 
I 4S-!b bnSbcl cx-u-arehuu.il . #; Cents per 
54- Ih bushel ex-warehouse. 1.0u04)a<hc] 
tois. '-'iC per lauoe. 



36 


STOCK EXCHANGE REPORT 


' Fmaccial/ Times 'We^n^sday At?nI “ 29 4978 - 


w- 


Good day in equities but volume of trade still small 

Share index up 6.8 at 453.5— British Funds steady 


FINANCIAL TIMES STOCK INDICES 

nnr ! t i,T'i A ^i 


Account Dealing Dates 
Option 

Declara- last Account 
■Dealings tions Dealings Day 
Apr. 3 Apr. 13 Apr. Id Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May 10 
Hay 2 May 11 May 12 May 23 

* " New «nw “ dealing IW taka P»*« 
Erwu 9 JO a-io. two bostoMS days earlier. 

Encouraged by the impressive 
overnight performance on Wall 
Street . equity markets staged a 
useful rally yesterday. British 
funds, however, failed to extend 
the previous day's recovery mow- 
menu. Nevertheless, the under- 
■ione in the latter sector was 
quietly steady in the absence of 
selling. 

A modest demand for the 
equity leaders, which found the 
market short of stock, was swiftly 
reflected in prices and by 1 pjn. 
the FT 30-share index recorded a 
gain of 10.4. A little stock came 
out at the enhanced levels and 
the rise In the index was reduced 
to 6 8 art: the dose of 453-5. Part 
of idie reaction was accounted for 
by the after-hours' fall in Hawker 
SUdetey which ended 2 down at 
l£8p, after I98p, on annual results 
below market expectations. 

Rises were widespread through- 
out secondary issues but as with 
the leaders, the level of business 
left much to be desired; official 
markings were only 4,608. Among 
-the sectors, U£.-orientated Invest- 
ment Trusts were particular 
beneficiaries from the overnight 
jump on Wall Street as reflected 
in a rise of 3.3 per cent, to 195.70 
in ■ the FT-Actuaries index for the 
subsection compared with a gain 
of 1.5 per cent, to 201-87 in the 
Ail-Share index. 

Renewed dullness in Gold shares 
was prompted by a fresh setback 
in the price of bullion. Some 
fairly persistent selling left the 
Gold Mines index down 4.4 more 
at 453.5. 

Gilts mark time 

Apart from short-dated issues, 
which recorded scattered frac- 
tional improvements. Gilt-edged 
securities closed without much 
alteration after a rather quiet 
trading session. The Chancellor’s 
repeated statement that it may be 
possible to consider further 
stimulus to the economy later in 
the year prompted a nervous start 
to dealings and prices, were 
lowered a shade, but sellehi held 
off and quotations reverted to 
overnight levels. Thereafter, tha 
tone held steady to firm. Cor- 
porations caught up with the 
previous day's recovery movement 
in the main Funds and closed with 
gains extending to J. 

Dealers in the investment cur- 
rency market experienced a hectic 
day's trade. A very heavy volume 
of business was better balanced 
than recently and the premium 
swung between extremes of 121 
per cent and 112} per cent, with 


the high -point being reached on 
further buying following Wall 
Street's recent good performance. 
Subsequent profit-taking took the 
premium down to 112} before the 
close of 115} per cent for a loss 
of one point against the previous 
two-day jump of 11). Business was 
almost all on institutional account. 
Yesterday’s conversion factor was 
0.6547 (0.6558). 

Clive Discount good 

Quotations of the major clear- 
ing banks starte dto drift lower 
from a firm start in front of the 
Price Commission's stale merit on 
bank charges, but picked up late 

10 finish only a couple of pence 
below the best following the re- 
port which found the charges 
made for money transmission ser- 
vices no! excessive. Barclay's 
finished 7 higher at 343p. after 
3l6p, while Midland closed 5 to the 
good at 353p, after 35tip. Clive be- 
came a firm and active counter 
among Discounts, rising 7 to 7Sp 
on buying ahead of tomorrow's 
preliminary results. Alexanders. 
234p, and Cater Ryder, 2S5p, rose 

11 and 10 respectively, while 
Union put on 5 to 300p and 
Gerrard and National 4 to 162p 
Investment currency influences 
gave a further boost to severai 
foreign issues. Algemene hard 
ened | to £133 and Copenhagen 
Handelsbank rose a point to £1S. 
while Wall Street advices addition- 
ally helped Bank of America, up : 
at £19}. and Wells Fargo 2 better 
at £23. 

A firm market of late on the 
good results. Hambro Life came to 
the fore again in Insurances, ris- 
ing 28 to .‘tOSp on demand in a 
market short d stock. Pearl added 
6 to 228 p and Legal and Genera! 
pul on 4 to 147p. Composites were 
inclined harder with London 
United up 3 more at 151p on fur- 
ther consideration of the doubled 
annua! profirs and the proposed 
300 per cenL scrip issue. Royals, 
on the annual report, touched 35Sp 
before closing 5 beter on balance 
at 353p, 

Breweries moved higher in light 
trading. Allied dosed II harder 
at S4p, while Whitbread “A” S9p. 
and A. G airiness, 173p, put on 2 
and 3 respectively. . Elsewhere, 
Distillers improved 3 to 175p. 

Building description.- Moved 
higher In an Improved trade. 
Marvhwiel put on 10 to 2S2n. 
Tunnel B rose 6 to 238p follow- 
ing the acquisition of Gnossford 
Pollution Services which extends 
the company's interests in toxic 
waste disposal. Richard Co stain, 
244p, and Taylor Woodrow 334 p, 
both firmed 4 as did BPB 218p. 
Bryant Holdings rose 2j to 
55} p on the announcement that 
the chairman and managing direc- 
tor, Xlr. A. C. Bryant, had been 
cleared of corruption charges at 
Birmingham Crown Court 
NewarthiD, 263p, and Rugby 
Portland Cement, 74p. added 3 
and 4 respectively in further res- 
ponse to preliminary results. 


while Brown and Jackson firmed 
3 more to GSp after renewed 
interest. AT Cement dosed 7 
dearer a! 227p, after 22 9p. 

In a reasonable trade, XCI 
touched 337p before closing 3 
better on balance at 335p. Small 
buying lifted Allied CoQoids 4} 
to 66}p. 

Stores up again 

Evidence that retail spending 
is now on a clearly rising trend 
helped the leading Stores to take 
the previous day's firmness a 
stage further. Technical in- 
fluences played a major part in 
bringing about the gains but 


were featured by a jump of 6 to 
61p in Francis Industries on the 
better-than-expected results, while 
demand in a thin market left 
Bollough 9 up at 123p and the new 
nil-paid 10 dearer at 73p premium. 
Further consideration of the 
results and proposed 50 per cent 
scrip-issue helped Blackwood 
Hodge improve 2} more to SS*p- 
Peter Brotherhood, firm of late on 
bid hopes, declined 4 to 156p, after 
I55p, on disappointment with the 

sharp setback in annual earnings. 

Foods had their share of firm 
vpots. J. Bibby picked up 4 more 
at 223p, while gains of 7 were 
seen in Associated Dairies, 217p, 


220r p e f <E- 


HAWKER SIDDELEY 


■ 

1 

A 

A 

r 


r 


1977 \ 



i 


Aug Sep . Oct . Nov. Dec JcmS'.FeS Mar Apr 


British name, ISOp, Gussies A. 
27<ip. and Ma there are. 15Sp. all 
closed 4 higher, while W. A. Smith 
A put on 3 to 145p. Marks and 
Spencer ended only a penny 
harder at 142p. after 144p. Else- 
where. Home Charm gained S to 
126p following the annual figures, 
while Currys gained 5 to 184p 
after comment on the second- 
half upturn in profits. Allied 
Retailers put on 7 to 212p in a 
thin market and Improvements of 
l and S respectively were seen in 
UFI, 76p, and Freemans, 300 p. 

Electricals had a fairly unevent- 
ful session, but Racal Electronics 
rose 6 to fllflp, while renewed 
speculative interest lifted BSR 5 
to 95p and United Scientific 10 to 
2:>Sp. Do tiding and Mills hardened 
a penny to 24 pon the interim 
report and Sony, still reflecting 
currency influences, improved 35 
more to 730p. 

A good day in the Engineering 
leaders was soured in the late 
trade by Hawker which fell sharply 
on disappointment with the pre- 
liminary profits; standing at 198p 
in front of them, the shares fell 
away o n the announcement to 
finish 2 off at the day’s lowest of 
ISSp. Elsewhere, stock shortage 
helped to a gain of 14 in GKN, 
269p, while Tubes improved 8 to 
360p, after 362p, and John Brown 
rose 5 to 303 p. Secondary issues 


and Rown tree Mackintosh. 397 p. 
Batleys of Yorkshire rallied 3 to 
51 p as did Geo. Bassett, to 143p. 
Biscuit Manufacturers had United 
3 better at 150p and Associated 5 
higher at S4p. Awaiting fresh 
developments in the bid situation. 
Wheatsheaf Distribution rose 11 
to 196p in sympathy with an 
improvement of 12 to UOp in 
bidders Linfood. Other firm 
Retailers included J. Sainsbuiy, 5 
better at 172p, and Cullen's Stores, 
6 to the good at lOOp. 

ML F. North hardened 2 to 39p 
on the increased earnings, while 
small buying in anticipation of 
tomorrow's results left City 
Hotels 3 better at 109p. 

Misc. leaders better 

Miscellaneous Industrial leaders 
staged a useful technical rally. 
Marked higher at the outset on 
the back of a buoyant Wall Street 
prices improved further on the 
appearance of buyers and, with 
stock in short supply, some good 
improvements were recorded by 
the close. U.S. influences pro- 
vided Rank Organisation with a 
gain of 8 to 239p. while Glaxo 
closed a similar amount dearer 
at 525p, after 530p. Metal Box 
added 0 at 29Sp, Bowafer 5 to 
18Sp, and Recldtt and Cohn an a 
similar amount to 433p. Beecham, 
however, failed . to hold an 


initially firm level of. 627p and 
ran back to finish a penny easier 
on balance at S22p-. Elsewhere, 
persistent bid speculation helped 
Letraset put on 6 to 168p and 
buying in front of to-day’s re- 
sults left Horizon Midlands up S 
at 93p. Cosalt moved up 3 to 
77p in response to the higher 
annual profits and proposed 50 
per cent scrip-issue. and 
Pteasurama were marked up a 
penny to 74p on an investment 
recommendation. Hawtin came 
in for good support ahead of 
forthcoming results and rose 2* 
to 13iP, while improvements of 
6 and 8 respectively were seen 
in Booker McConnell, 226p, and 
ICL, 240p. By way of contrast, 
Walker and Homer relinquished 
a penny to 13 Ip following the 
first-half profits setback. 

Motors and Distributors were 
better in places. Sharply increased 
earning s lifted BSG. International 
1} to 40fp, while Supra Group 
dosed 5 up at a 1973 peak of 44p 
foBowing news of fee proposed 
rights issue which accompanied 
substantially Increased profits. 
Lucas Industries dosed. .4 up at 
27Sp, after 2Slp. Gains of 5 were 
recorded 4n York Trailer, B6p, and 
Colmore Investments, 41p, while 
Rolls-Royce ended 2 harder at Sip, 
after S2p. Dunlop, however, eased 
2 to SOp In front of tomorrow's 
results. 

Newspapers and kindred trades 
moved higher in thin trading. 
Collett Dickenson Pearce ended 
5 better at 63p following the 
higher profits winch outweighed 
the accompanying announcement 
that the Inland Revenue is to 
institute criminal proceedings. 
Elsewhere, fresh speculative sup- 
port lifted Mills and Allen a 
further 5 to 17Qp and Ftalas ended 
a like amount dearer at 112p. 
tV ace Group hardened a penny to 
3Bp; Blade Investments yesterday 
disposed of 275,000 shares in .the 
company at 33p per share. 

Properties took a distinct turn 
for the better on small buying, 
but generally closed below the 
best of the day. Laud Securities 
closed 2 better at 193p after 195p, 
and British Land a penny up at 
SOp after 31p. MEPC, 109p, and 
Haslemere, 2l0p, both held gains 
of 3. Fan-view Estates were helped 
by reports of a continued rise in 
house prices and finished 9 to the 
good at the day's best of 107p. 
c ian fi eld Securities were an 
exception to the general trend, 
easing 8 to 267p after 265p, while 
Clarke Nfckolls shed 4 more to 
74p on further consideration of 
the results. 

Oils firm again 

Wall Street buoyancy again 
influenced Oils where British 
Petroleum firmed 10 to 768p after 
772p, and Shell 5 to 520p after 
523p_ Oil Exploration rose 14 to' 
210p in a reasonable trade, and 
Burnish added a penny to 47p 


la front of ta^Jay’sreBuitiC Ifeefcx . 
Natural Resources, SapatlSQn 
again reflected the Australian 
market 

. J- E. Saugennoved up a to.30p 
on revived speculative interest ol 
O verseas Traders, where, anas, 
demand raised -GIB and Duffus-4 
to 2zflp and S. and. W. BukfoHl 
8 to U4p. Following news of 
the hid from Anglo-Indonesian, 
dealings were resumed: krWaBsefc 
Sons which opened and dosed sit 

S6p, compared with -the . pre- sus- 
pension price of. 34p. AIP finished 
unchanged at 94p. - ■ 

Investment Trusts took Monday's 
re-rating- on the recent- strong per-" 
formanee of Wall Streets good 
. stage further and -dosed-- wife wide-' 
spread gains. G(y and -Foreign 
vestment put on 6to 72p, .wMBe 
rises of 5 j were sees is Fbrdg& 
and Colonial, I47jp, and North 
American, 92 jp.. Investment Tntgt 
Corporation: attracted support 
and akt-aaeved 8 to USp. 'SmHar 
rises were semi in -Jersey General, 
Z3Sp and Duahcst .Capital.- nwp, 
while Montagu Boston picked im 
81 more at B3p. In Financials, s. 
Pbazsou gained 4 to IBOp-'iwmim 
Friday’s preKroinary figures.' YMe 
Catto, however, lost a pke amwfcit 
at 78p foUmring news of the- com- 
pany’s reorganisation o£'-'L3is 
Malayan, plantation interests. r ': : s/ 
Shippings took- a. tomfqr ‘ft® 
better. Furness Withy, a doll, mar- 
ket of latsv-rcsnvei^-lfl.torTIK. 
whffe gains of -4 .were seem' in 
P & O Deferred, 85p~'and- British 
and Commonwealth, 267p: ' 
in Textiles,' F„ Miller closed 
2 op at 40p and Tem-Consutete 
4J- better at 34|p following: their 
preliminary statements. 

Abe r com Invesfmenfcs retumed 
to favour in. South AfrfcSBriindhs-' 
trials, rising 12 tb- a iSTS -peak of 

112p. f ’ \ . 

Rubbers made good progress 
Malakoff rose 5 to B2p,'-wbflte f raiwr 
of around 4 were seen in- High- 
lands, S2p. and Tvuala Xuiqipdr 
Keuong. 58p. McLeod T a 
dull market of late, advanced j2 
to 205p in -otiierwiSe - Rttie- 
changed Teas. - _ • - -\_ 

South African' Gold shares: dune 
under persistent selling -pressure 
for the fifth consecutive trading 
day following the fresh ^atLjh the 
bullion price, which- wasf finally 
75 cents down at $173.62£ per 
ounce. , V 

The lower bullion ce foUoweii 
a sharp doimturn in overnight 
U.S. markets in the light of - the 
continuing buoyancy of ^ .TLS. 
equities. .. 

Gold share prices were marked 
down sharply at the- outset; of 
trading and tended to drift- easier 
until the after-hours’ business 
when modest U.S. “ cheap ^-buying 
enabled them to harden ;a 'shade; 

Nevertheless,' the GOld ^S&M» 
index dropped 4.4 more-rto :33ff& 
bringing the faD over 
trading days to- 14.4. - ‘ 

Among heavyweig^its, Randfbn- 
teln gave up £li lo fSSj-in’frcint 
of the reduced quarterly profits. 


71.75 71.73 _71^0 7tiN 

Find iBUsestU ^ 7«1 7<m .73.13 73,33 

;iaduablal XMiasxy. 453.5 . 445.7 447A .458,5 

: OiM , 137.9 142.3 147.5 150 J 

Otfl. D It. .yield. "D54 ■ 6.02 6.01 : 5,95 

>«nlng»rw»wnn 17A4 17.69 17.69 17^58 

&fl Baste 7^3 7^0 -7.80-7^4 

DeeUngtr marked - 4,606 .4,482 4.930 5,620 

: • K<ptHymmipar £m^. ■ — • •69^1 -7-1.43 -90.4-7 

-.BqtftV bewuoa tottL. — . 14,696 14,4651 14,786 

•” . 18 a_m. 4S2JL 11 aJ3i'45W.’' »wn’ 45iS* 

2 pan. 456.7, 3 pjn. AMkO.- 
Latest index BL2M 8024. - : 

- - r - * Basofl oa-22 per cent, corporatism ua. 

Baste 100 Govt- Secs. 15/1Q/3&- Fixed lot. U0&, 
-Mines 12/2/35. SB ActWIT JtU»-l>cc, 7 lM3L 

HIGHS AMD. LOWS - 

1978 . - Since CckapiWjidF 

_ High I Lw ■ Slgb I bow 


70.76 73.6C 
[ 76.^ 77.02 
.460.2 . 470.1 
15 L4 isa J 
5«7 5.7i 

17J4 -1B.8C 
8.05 .. 8 JB 
5.180 4^ 
' 78.71 . 43.lt 
14A25|lO;Blt 
z tuh.'43r^r 


67^7: 

69.02 

408.1- 

113.1. 

5.58. 

17.05 

-5^363 

43lS9 

12,463 


T NS ^=7.86. ■ • L ' 
puL Old- I/7/W. Gold. 


-ACtlVKPT' 




T 


Fixed 81.27 

IncL Old 497.5 

. Gold . Mines. 168.6 


. 71-50 187.4 49.18 

(MM), (9/1/3^ (3 1106). 
74^4 150.4 . -30-53 

am J3S/U^7) 0/1/75) 

455.4 849J0 ’ 49.4 
(2/3) (MlB/TJ) (28J6/4C) 

130 .5 442^ 45.5 

mi . asfcnstwswm.) 


GUt-EdRed - 

lodiurtnes 

ypeuutesiTe-. 

TVjtel*. :. 

5-dayAVt*gt 
GUt-Sd^ed.. 
ladusirujla .. 
-SpeaiffttlrB— 
iwtrii-.:..— 


./!? • K 


while Vaal Reefs declined i to 
£12 }, ' Lower-priced Jssues showed 
Ubanbn 31 down at 45Sp and 
Western Areas 6 easier at 166p; 
the letter’s sharply - reduced 
quarterly profits were announced: 
after market hours. In the mar-. 
ghtiris . Durban Deep dropped :16 
more for a two-day fall- of 39 to 
a 1978 low of 140p- 

South African Financials became 
erratic reflecting the fluctuations 
in ' the investment . currency 
premium. De Beers dosed 2 better 
on balance at 335p, after 340p, 
-while. UC Investments; gave -up 
4-to 216p. ‘ • . .. 

London-registered Financials 
were featured by RTK which 
attracted, a good demand- to : close. 
9 firmer at 205p. Selection. Iriist 
put on 4 more to 408p in frorit of 
Ip-morrow’s results. • • - •- 
- An. undecided trend in. overnight 


Sydney and Melbourne marked 
coupled'.with fee sharp fiuettzatior - 
in the premium left Australiai- 
mixed. 

Hopes of -an early start upri/ j- ; 
the Ranger .utankmi -mine helpe ’ 
Peko-Wallsend add 10 more, at *' 
1978 high of 480p and KZ IndnsMt 1 '• 
5 at r 2l5p; ' Among base-met ( ? 
miners. ' Bougaixrvflle gatht , 
another- & to a 1B7& high at U3 . j 
On the other hand, the mo> * ' 
speculative Tasminex met prof 
taking and dropped 15 to 80p. . ' . 

Coppers webe untested but Tb." 1 -* . l . 
responded; toi tha-eariy firmne* ' 
of the premium which induct ■< 
arbitrage ; buying. ' Malayan' T ' , 
dosed IS higher at S05p, Southe/-*., 
Ktuta 10 firmer at 150p and Trouc;'. - 
the same, amoimt better at 185.' „ 

Elsewhere, Murchison advano 1 
35 to 265p.jn front of the retunt . 
profitability ia the last, quarter.. »' 


NEW HIGHS AND LOWS FOR 197a 

Slned new Highs and Laws tor 1978. Martin-Blade Scoteras • 


NEW HH?HS (214) i eiitontr.) ^ 

LOANS (i; Mountylew 

aright^ 1 

BANKS (IS) . - . . • . , ■ 

buildings CD. 1 • ■ Trmtevesttnc. 

CHEMICALS (1/ — 

DRAPER V ANDSTORES Oil ; _ ' BPancPfef. 

ELECTRICALS (3) 

ENGINEERING OD> ' 

FOODS fS> e GmotuLtl 

HOTELS (IF _ DoorfttontHn 

INDUSTRIAL n9> ...... . VtntWlPOSt 

INSURANCE a) ' , 

- « RISES 

TO o^.g w - YES 

“nssw * ; . ; -U-, .. 

MINES ai) MU, Fandt 

NEW LOWS. (23) Cirpflh DW 

CORPORATION LOANS nj' . ' “O* 1 

UC.C. BW1 977-81 ! lwhmtriUs ~-. 

BUILDINGS- a> r *--• • Financial and. 

Bentord Concrete -Francis (G.B.) Oils - 

CHEMICALS tl> Plantation - 

J.C.I. SIjbcW. . ' ■ ~ - . . Mines. . — :_T< 

DRAPERY- AND. STORES TTY . - Recent Issues 

Chinch 

ELECTRICALS U1 T - 

Lee ReWseranon . Totals 


^"'SM’Estate, 
Warner Estates 
TEXTILES tl> 


TRUSTS m 

Triplevest Inc. r/* 

OILS' tIJ 

BPSKPrer. 

MINES an J |- 

Durban Deep F. S. Surplus-”* - ■ 

GraotvW • Hamonv 

DoorntontHn Loral ne . i 

Vtnterspost U nisei * •'* 


RISES AND FALLS 
YESTERDAY - n 


UbOwnifc • 

SrhUh Ponds — J* 1. V » 

CorpniLa Dorl aed -. _ 

Foretan Bowls M 

Industrials — L • 

Financial inl .prm m ; 

Oils - .25 -2 •' 

Plantation - 19 l- 'l' 


«. SX: X r 

s • ■' 

u» m u - 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 

Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East These are: 

AUSTRALIA, NEW ZEALAND, INDONESIA, 

THE PHILIPPINES, THAILAND, MALAYSIA, 
SINGAPORE, HONG KONG, JAPAN and 
SOUTH KOREA 

Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks; the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near • banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets, and a summary of 
all short, medium and long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN O 902998 17 X 
Price £26.00 in the U.K. $52.00 outside the U.K. 

Your order to: 

THE BANKER RESEARCH UNIT 
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For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

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Telex 12171 Tel: 340 555 
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Tel: S38510 

Dublin: 8 FfizwilUaiu -Square. 

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OPTIONS 

DEALING DATES 
First Last Last For 
Deal- Deal- Declara- Settle- 
ings ings tlon meat 
Apr. 11 Apr. 24 July 6 July 18 
Apr. 25 May 9 July 20 Aug. 1 
May 10 May 22 Aug. 3 Aug. 17 
For rate indicaitf7ns see end of 
Share Information Service 
Money was given for the call 
in Premier Consolidated Oil, 
Town and City Properties, Bur- 
raab Oil, Brilannia Arrow. Ven- 

terspost. Duple International, 


TRADED 

Crescent Japan Warrants, Dun- 
lop, Brent Walker, Siebens Oil 
(UJM, Queens Moath oases, 
Comben, KCA Inlernational, 
Wade Potteries, Adda Interna- 
tional. .Bishops gate - Platinums, 
Western Mining, Mims, 
Ulframar, Gittspnr, lYUllam 
Press, Renwick and Consoli- 
dated Gold Fields. Puts were 
taken out in Charterhouse, 
Cullen';; Stores “ A ” and J. B. 
Eastwood, while a double was 
arranged in Blshopsgate Plati- 
nums. 


FI— ACTU ABIES SHARE INDICBS 

These inffices we fhfi jotnt anfipilatiwi of the Financial ISines, the Institute of Act n a riwir - . 

andtheFacnltyofActoaries 


ACTIVE STOCKS 

No. 


Dennmina- 

of 

Closing 

Change 

1978 

1978 

Stock 

tion 

marks price (p) 

on day 

htgb 

low 

BP 

ri 

13 

7<i8 

+ 10 

864 

720 

Shell Transport... 

2.i p 

12 

520 

+ 5 - 

533 

484 

De Beers Defd. ... 

R0.05 

in 

3-Jo 

+ 2 

354 

283 

ICI 

JEt 

10 

383 

+ 3 

365 

328 

Boots 

25p 

8 

203 

+ 3 ' 

231 

184 

Ultramar 

25p 

9 

231 

+ 9. 

234 

,1M 

Commercial Union 

25p 

8 

143 

+ 1 

156 

138 

Marks A Spencer 

23p 

S 

142 

+ 1 

160 

136 

P A 0 Defd 

£1 

S 

95 

+ 4 

118 

91 

RTZ 

25p 

S 

205 

+ 9 

205 

164 

English Property 

5Dp 

7 

29 

+ 1 

47} 

27 

European perries 

25p 

7 

110 

+ 4 

116 

99 

GUS A 

25p 

7 

276 

+ 4 

312 

256 

Rank Org. 

25p 

7 

239 

+ 8 

265 

226 

Royal Insurance 

25p 

7 

353 

+ 5 

425 

346 


RECENT ISSUES 


EQUITIES 


EQUITY GROUPS 

groups & smmmoss 

tgora in parentbe*t» *fcow number o 
stocks p«r section 


1 CAPITAL G001Wn7f) L 

2 ; 

3 Cantracflng. Construction (26)—^ 

4 Electricals jig - - — — 

5 Englneeriaj Contmctma (14), 

6 Mechanical Engineering (71) - 

8 Metals and Metal Forming QT) - 

CONSUMER GOODS 

11 GH1BABLQCSS 1 

12 LtHectroaijes,BafloTVC15J 

13 Household Goods (UQ.~'. 

14 Motors and Distributers (2g) 

CONSUMER GOODS 

21 (NON-DCKARLEICW® 

22 Breweries (14>-- ■ .. . 

23 Wines aad Spirits® : — 

24 Ectertainmrait, Catering (17) — 

32 Newsp^ers, Publishing (13) — 

33 Packagmg; aad Paper 

34 Stores (39) - — — 

35 Texffles(35»;— — 1 , 

36 Tobaccos®.. 

37 Tbys an d Games® — 

41 oanatGBommn — . 

42 Giemkalsfia) — ?... 

43 Phannaceatical Prodncterz ^- 

44 Office Equipment® ' ----- 

45 Shipping (10) — . — _ — '■ ' 

49 pgaaanmG«)PP(499 l 

51 Oils® 


is; im 

Mon. 

Aut'. 

17 

FrL 

Tbtxr*. 

Wad. 

*5- 

cwm/ 

Gross. 

Kv. 

Est- 

P/E 

• 





Yield* 

Ratio 

Index. 

Index 

Index 


brie . 

(ACT 
at 34%) 

UOTp- 

No. 

-No. 

Na 

No. 

N* ± j 

+* . 

. ■< . 

5.96 

785 

39539 

19564 

19697 

28084 

359J+ ; a 

664 

7J82 

174.74 

17636 

177.90 

18288 

336i^5^ 

*2* 

7.97 

38320 

30298 

304.43 

31236 

233j ". v 

«7 

8L57 

-433.91 

40954 

41363 

417.49 

383v^ . 

7jQ0 

783 

28369 

28536 

287.46 

289J7 


6-52 

7.03 

157.83: 

15689. 

15739 

16104 


8-62 

8.49 

15632 

25921 

16020 

16384 


508 

7.77 

18026 

18031 

18230 

18161 

wt : .* 

3.98 

8 M 

m. 93 

Z2BM 

22212 

21780 

ItfS - • 

6.83 

BJJ3 

16360 

163-68 1 

16647 

168.93 

m- - ■* 

6.60 


11483 

114.75 

11638 

n787. 

-9J.J; 

&04 

831 

18956 

18985 

19139. 

19436 

.156 a- :: v - 

6.09 

1033 

21469 

Z1637 

31695 

22127 

Ws ' ■. 

5.83 

9.27 

24337 

2033 

244.77. 

24809 

vni. 

6.91 

1039 

20.97 

24135 

24481 

24622 

in-;. - -- 

5.78 

637 

1*427 

185.96 

18622 

18614 

166;: 

A87 

9.97 

1*576 

18622 

18650 

19086 

MS*.-.. 

24& ' 

3^7 

3236 

32821 

32812 

32806 

33687 

9.44 

636 

123.28 

22416 

22603- 

72683 


. A50 

3332 

33560 

17530 

37883 

18178 


T.90 

5j68. 

16639 

16672 

168-72 

-17171 

is 1 5 • 

8 J 3 

4.95 

2Z769 

22610 

2Z7J9 

23025 

20*^-? 

634 

-646 

r 9575 

9567 

9686 

9830 

8?.. 

6J7 

733 

17836 

37851 

18026 

18381 

36f . ■; ; 

7.09 

6.63 

24219 

80 26 

244.74 

.24907 

2b:_v : 

A23 

3034 

23933 

24082 

.24119 

242.44 


4.90 

636 

123.67 

12356 

12408 

.02638 

” ‘ 

736: 

4.95 

39834 

40586 

41186- 

419.82 

4 « • 

653 

7.66 

3*7.98 

18871 

19016 

133.44 

is.; 

5.99 

7.90 

19388 


19585 

19987 

■ 

-4.43 

6.74 

44221 


43402 

43693 

cN*. 

5.76 

7.70 

21437 


21584 

21922 

1M 




KenimctaUon date usnaltr last day for dealing free or stamp dots, o Figures 
baaed oo prospectus estimate, a Assumed dividend and yield- u Forecast dtvnfcnd: ; 
cover based an prevtoas sear's ea minus r Dividend and view based po pros pea us 
or other official estimates lor I9T9 a Gross i h'lgurefl assumed, t Cover allows 
for cooverdop oi sJuks oat amt ranking for dividend or ntlOTag only far resinned 
dividends, i Piac-ms price to public, pi Pence unloss otherwise mdttaied- 1 Issued 
to tender. |j Offered to Holden? of Ordinary shares as a "nghte" *“ Rlgnu 
to wav of capitaltsaaon it Miannum tender price SS> fteintruduced. n Issued 

hi conn«cTlon vtth reorcamsation mcrecr or take-over, till IntpoducOOn n issued 
to farmer Preference holders. ■ Allotment tetters (or fully-paid). • Provisional 
partly-paid guptmem ten era. * With warrants- 









































Rnkuclal j&mts Wefla6$day April 19 1978 




BONDS 



.'''vi/;- : '■ 




4tfwtf M g; Cjfc Xtft . General Portfolio late Ins. C. Ud.y NPf Pensions Management -Lid. 



■ .n • tt^ammX-jPteHIlolWwCt. WMUjMlI O'OBKi msn 4A CnctrhunHi St.,SC3PlHH; ' 01-533 4200 


__J3*stez 


at April la 


W-vam 

SJ r 3 

J 134.6 
m 
116.4 
iJ5> 






Matured Fund'., i'nw *- --lSUi \! . J ~ 
f'Tiees April 3. Next deabnc Mar 1 


— Gresham Idfe -Ass. Ssc. UA. . New Zealand Ins. Co. <VXJ Ltd.? 

— 2 Prim Ot Wale* RtL. BliMlttl. (002. 787855 Ualtland Bovni. Southend SSI Z1S OKSSMB 

Kh»! Key lnv. PUa.1132.4 13651-131 — 



Small co-s Fd ___ 1003 

TechrailoCTFtl Jfl*2 

Extra InoFd 97.4 

American Fa... 97« 

mu 1 Bait Fd. __ UML3 


iiww 
50pj 




— Growth JtSeftUfe AteTSoc. Ltd.* g&E£»d ££^ ^1^,.. S3 
C~ WeirBaaKtowThw^BaiilJt. TW.3CM - • 

— t2j^Si££S55”"' | .' S3F--;1“1'Z , Nor^M$_Uni«ni lasq&uioe- Group: 

normally Tana. T^nUbanh SoL AcahlTJ .138-91 —"1 -— '' WBoxa.Sforadch'Nlu 3&G. OMXH^aoo 

t ir. a ' - - - - ' 0.*Sftip*rW.— | SURT -J — 4 — . Managed Fund..-,.. (2017 Z12JH +V — 

Albany Ufe Assurance Ca Ltd. .. ... .... :• K^in‘Pnty^.^^.,Bxifca- -jssd + 4?9 — 

ji,<sdBariia*toost.wi - oMgTsegz Gnanfian Royal Ex ch a nge SS^&bl-. JS g* -jau *....-,. — 

— — . •*"* SSaSsESg®. Si .= 

— {170.9 17UI ....J — ; An.t^UJlB'iU^rivWiTn ..71 — 

Hambn» Ufa Asuttnce limited V yitoenfcr Assurance o*. ; Ltd. ' 

7 Old Part Laaa.loadoo.Wl „ 01 -tea 0031 *5, R3ngWQ]ludSt.ECCP4BR. 014089878 



— Royal 


Ufa Amnsee Ltd* 
.SnSLMptt. Bafotea 40901. 





Anew Life' Asstuanon 
jo.lbfaHdfsBOSft OH 

ttSMfflCs' " 

FHLMcd.Fa.Eq._i 

Barclays Lite Assur. Co. JM. 



Wraith As. 

Ebr. 

Zb*. 


Co.f ■ 
01*48808 

1%IE 


prop. Equity ft Life Ass. Co.f 

110. Crawford Street, W1HZA&. 01*4880037 

Flu* Money BtL | 148.5 


iCapJ 

1 . 

Fn-BSAce. fem* _ It 

Pua. DA?. c*» V m r 

Faa.DAjr.Acc 


Property Growth Ass or. Co. LtftV 
l^onHosisa. Croydon. CB81LU 01-8800608 


— -J — Property Fund 


01*7480112 Howrta of Oak Bcneflt ^cha^ 


WHHIBHKFiixHju 

Agric. 

AgeJ-MaLFundH 

Abbur Nat, Fa. CA1.I 
invectmont Fund-J 
fovestmeftt Fa.(AlJ 



ORRoatfonlStL.&.T. ^ 





\-m 


U-tt.TBcbtoek Flaca. WCXBBSK 0P8W5JBO 
HMxtsofOak .(56* _ 3t* -...-I - jpd&ISSSui— 

HIH Sanmel Life Ajmox. UftV '■■ 
NlATwrl,Addiacombe:Bd,Cr«y- 01-W64855 *" ‘ 

lfofts—Wy - — 


Maaaaod Sarbai C- UJ 
— Money Units II9R-*. 

™ = .tessacer 
Wlw- ?SffiSfc=:SK 

assa=»r 



r—WSSES j 



ttwW it Aamffles lid. 
Ail_mh*r Ac. Utj.ll2M-.; 13691’. 


, ... -ltnSwAccnBL-K.'l 
BaMtUl. - - 1=75 

■*«..■: SttMWIB 

i^fflaar^-Ties _ 

- TT 5 *'*: -Current ante yah*» Ai*fl 10 

’ Beehive Life Asror. Co. Ud-V _ M ... 

- •Vn.Uantata R.BC3. <04081388 

: • BXk SocMAfc. M~| 1Z1M j -__J _ Khnawdfttnd7 
Canada Life Assurance Co. • * bS^STfo: 

..' - ItAHU h St. PWier* Pat. B«ta, PAar 3U22 Equity Fund — 

; TSSSSSffSSSfl M ird z S^^4r^'°^ ui - 

.0 



— ' MulFhisL 


CW. Pns. o^. "6tf 


— Imperial life Ass. Ce. of Cttftfta 
Inq>malHot2a«.Oall<iftinlr -• ' i 7HS 
Orowtt FO.Apr. M.JfcM^ - ' : 7Mf — | — 




- PriJpJBuiLCSapi^lts. 

Bdeg-Soc.Pen.Ot 
Bds.SteCajv.43Li. 

w ^ • “ If 

Provincial -Life Asntnaice- Cia..Iid. 
ES.Bwh19eeMeHS.CA.. ■ 014478B38I 

M."-' 

GiU Fund an. 


,.". .-Ckaon Asoanutee Ltd*f 

.. l,Ohonj»cWf, WamWOTHAOaKB 014020070 

- Fn 9 .liDd.cte'. 


BJtoe^Chl^Apc.l^ 


. "" *■* * eiy11y t Iwftii. 



Propr-cp.wli'Ebec 

tt.1 

JWosft Bond <170.1 


lND L0 *S FORiSfcE! 


todFrapcEty- 


a. as 


i{K^3 - 

9M J1 


mumtaxa prudential Pensions Limited ^ 

— Helbom Ban, EC1N 2NH. 014030832, 

^■1 = HUUrsde=U' : 

King A Shaxson Ltd. " . Prop F. Apr. 19 

SLCornhillyBCS. ' 014BSM33 Reliance Mutual 

Bond FO. Exempts DOfcJO 307.77} . — I — Tunbridge Wells. KenL 080222271 

"b - “■'"p-w.—t i« 1 ..--j. - 

Rothschild Asset Management 

014384330 

— 4 - 


... _ PmwJAte. 

. jkT 1 *— «■*—-» »-- 
■‘find 
.. '~-nd 

-* J! ■ nd 

AESXF. 

.*BAU. , 

■ Currant aalitB April 1‘ 

Capital life Amsmiecf 


Man Fttpl2 nS\ _ J — r 


Legal ft General (Unit AtturJ Ltd. 

Shgnfood - Bdoh^ map iaML 


'> S” 


- Hotua, 

y&scT^ 

cmh . 

Do. Aoenm. 

. . nn . s 
DoiA cffiim . ..... . 1. m e t P 

Fixed Initial-, 


Royal Insurance Group 

Now RaU Place. Liverpool. 0512374422 

Royal Shield Fd.— P301 . 137JJ r 2J3 — 


raiaton Route ChapaJ AahVTtan 0002383111 
*" ' ' — *i — ■nTiiZ. 




«U2 

18622 


~ej invest FvL- I 

BtenakerlnvPd..] 

harterbonse Magna Gp.f 
Chequers Sq. Cxbridfa UBSlNE 
irtltMiKncrCT T55A 


!.=} = 


[UM"$ AND {rxrihse.Mgney_iet2 ' 


tSTERIl^S 


whie, Maa&eed..n7A ^ „ 

nthre. Bqulry 042 34.8} - 

asna BliT Ste 124A 

153.7 


Ea anwtQwhlidt^ ggJ 

5- j, -—4 — Kxampt Sijly . Inlt— 1*7.7 
__J — DoTAcctte- ..W85 


— axatnpt Fixed lnftuB4*7 

, — Do.Accraa DOU 

— J — ExHupt Mngd. IAlLhfl77: 

Da. Aeemn. |iwi 


-Uy,oC Westminster Asour. Co. Ltd. 5 ; 

.. ■. Legal ft General Prop. Fd, Mgra- Ltd 


uu 

XBJ . 

mi ■ 
ltn 4 

™ si^a = 

~TM\ iww f] riian Tail . 

Property InlllaJ ter 1002 

Do. Aeatpia. pfr3 : ' -10L4 

Le*al A Ccacwfl (Unit Pawkwl lid. 




1143 

MV 

.mi 

- U4J 
. 100J 
101* 


Save ft Prosper Gronpf 1 

4. GLSLHelen'S. Indn.. BC3P SEP. 01-0M 8888 

ii«p®k=E8§f = 

Denosit POf— / uatj+ai 




„ Diw.Fd 1171.9 1813j 4-32] 

Prop Ferns. FdL- p9J 22LU 

GiU Pens. Fd tel -*0jJ 

DepoB.PcntFd.t-- tel lip? 

Prices on '•April 11. 

- - tWettly iUalingi. 


Abbey Unit Tst. Mgrs. Ltd. (at izi 

724®. Catchovue Rd.. Aylcchurr. 03S6SH1 

Abbey Capitol DOS 3UI +8.n 4 83 

.\liht-y Income B7.1 395j ■■.-% 7] 567 

Mitw.Tlnv.T-4. Fd.. 03.9 js!u t 1 0| 437 

AtfbvyLHaLDU..— teA 4£7] 4313 


Cart more Fund Managers V fai(g) 

2. St. Mary Axe. W.1U8UI*. 


Perpetual Unit Trust MugmLV (a) 


Si 

w. 


Allied IXambro Group (aKglp 

llatnhiw Bw, llulion. Drentn-cod, Essex 
101-588 2851 or Brearimod lOZ77i 211459 * 

Balaam! Fundi - 

AlliodlM-.. 16X1 

BnLInds Fund — Ml 

Crth.A Inc. — 335 

Meet b lad. Dev. 305- 

A I lied Capital U.l 

llambit) Fond ....995 
llantbro Arc .Fd.... l»a 


liiAmencenTve. — 
Britlidi Tst.iA*'' * -- 
ranttiMvdlh'^MP. t,,. 
tri Far tart. 1Yu«l_[3J 1 
llijih InmmeTil — J552 
Income 6"nn A — , 

Isv^ Awmcws-r 
InlU hjempt FH 


inlltU.TSt- lAcr-*- 130.S 


67 4 
,12 98 
te7 


01-3R33S3) 48 Hart SL. Henlrp on Thanni 049128838, 

2*51+051 850 Fpouiarup.cab PAS «Lfl | 35* 

iS U*} 3 28 Piccadilly Unit T. Mgra. LltLV (aHbl 
3344 4«4| OH WanUTte Hi«e.SBo London Wall KC2 era 0601 

32.01 +021 

4 iS +45( 

5SV+0S 
«2| *021 


3ZB\ 


.BIJI 


+1.21 


9.02 

715 


Kim«Iiun<ue._ 
Small s'e'sKd... 


In • 23. fflontfldd st. EC2M TNI. 

S-iL ... » a.' 38? 


Income FDsda 
fllph Meld Fd..’.— 


Ibjjh+nt-wnc ... 


£q. Inc 

Internal kwal Faadc 
Internals on al . 

Sees, of America 

Pacific Fond 
iSpeetallsi Fond* 
Smaller Co."* Fd ... 
-2nd Smlr. Cor* Pd. _ 

ReeovurySilh. 

MoLMIn.ACdiy... 
Oveneas Earnings. 
Expt Smlr. Co's—.' 



Gibbs- (Antony) Unit Tst. Mgs. Ltd. 


.{299 

371 CapiulKundl! W2 

H-li+lSl lnLEms.if AsErti. 95J 

private Fond (3500 


155 


fiiJUJ.Jncmse'r- 
iai AG. GrMrthrr 
ta+A G. Far East * 

■ Deal 1 dr •Tun, 




Ter hnulocy Fund. 5S2 
015884111 S S 

>40 American 7 , 'and.^|245 


a.9B 

0J0 


f +0.5 
+03 

■3J 


4.40 

3-36 


350 


250 


01-! 


Govett (JobnHf 
77 London WalL >1C2. 

g.“5E^Js.p:,BUI Sta-d 

Next dealing day April 21. 
Grimttn Maufcnwat Co. Ild. 
30GreshaaiSt.EC3Pms. 

Bar'etn. April 12 — 1198 8 

rA*cuin.¥Wt* , ;s~-|?32 1 


Z29 

259 


Anderson Unit Trust Managers UtL 

ISSFencbuxch SL KCSMdAA 0239231 

Andonqn U.T.._.|46.2 . 492af ..-4 4 78 


Anducher Unit Mgmt. Co. Ltd. 

1 Noble 5L. eCSV 7JA. 01-0238378. 

Inc. Monthly Fond. |U0 170.0] ( 8.9 


Ariratlmot Securities Ltd. (iHc) 

37, Queen BL London EC4RLBY 01-2303281 


Practical InvesL Co. Ltd.F (yNc) 

44. Bloomsbury Sq.WCl A SEA - 01-8C388B3 

SSUBS^K W SS 

Provincial Life Inv. Co. LttLV 

SSS.BitfopaSUe. ECS. 01-3*7*533. 

Prolific Units P5.9 ’ 81. 

High Income (IMS 21 

PntdL Portfolio Mngrs. LttLTfaMbXO 

air Holb0rnBan.E3ClN2.NH 01-4039222 

7 W PrudemUl tlU5 123501 +25] 452 

iu Quilt er Management Co. Ltd.9 

1J4 The SDc- Evcfaangg. EC=N IHP. 01-8004177 

Quadrant Gen- FA. B0O5 10S7M I 4.4D 

2g Quadrant Income— |H92 122-91 1 

z» ReUance Unit Mjgra. lULf- 

Guardian Royal Ex. Unit Mgrs. Ltd. Reliance H^TanbndeeWell*.ia. 0008S37I 
RojmiEwlwniie-EraPanN. . 01-0288011 9EE5S!?T y ,^7'SSS ” IS 

tap GuardhOITM- 1835 885] +-15| 469 Sekforde T. Inc. jlzjS'4 '«So-sfll5j 554 

Henderson Admin iteration fa) (c) (g) <f nidcefield Hanaffement Ud. 

Premier OT Adtnin-5Rflilcich Road. Hotian. nn an ifranri,, n iinnri.nrtn- 

Bmimaod, Essex. OBTT-an 338 TOBw4ift3Ma Kennedy SL-Manehorter 

Ridgefldd Int.IT .gJ! 


31 \i 1 sesa«fc 

^ ». -SBSSS 


Ln.OBnls. Apr.l^-&? 


(Accura U«u Hi 


hM5 

pi 

fe 4 

it 


173 8 


3SI-2I 

22341 

mil 

204.3 

10573+4.^ 
ltO] +4 3 

90.?j 

74 .« 

TIZ 


8JB 


Hieh Ine. Fond 395 

HAoeum. ihriut— . sz.o 
WdrwUJUt.) 525 
Preference FuniL- 2S5- 

fAccum. Units) 37.0 

Capital Fund. - 172 


Commodi ty ft ina.. [52-2 


(AccumUMH 
1 10% Wdrvl.D J, 
FinAPropiFU.m 


736 
•7.x; 

Gfiijti Fund B-7 

f Accura- Unftej 915 

CmeBi Fmi J...: — 507 
lAcoutn. Units) ___. 36JL ' 

Smaller Co's Fd. 24 9 - 

Eastern ic tnlL Fd . 22J 
f9% Wdrw-i.OU.)— 174 

ForelunFO....— 799 

NJtmer. li laL Fd 285 



UJC. Funds . 

Inronie t Asset*. — (30 D 
High Fund* 

Hieh income 

Cabot Extra rnc. — p32 
Sector Rah 


Financial A ITU. — jg3 


Oil b Nat Rea 

iitannlnii 
Cabot-. 


Iniematiai«r~ — 

Wrld Wide APT- I 
O v er seas Ftauds , 

Austral 1 as- — j|15 

Enropnan (So 2 


SE«S=B| 

157 OaSKmApTU " tell 



RidgeQold In 




6.47 Rothschild Asset Management (g) 
72-00. Gatehooac Rd- Aylesbury. 02B05MX 
N. C. EgaLty Fund,. [158.9 uilhd +3JJ 2.94 
VjC. fiuor.Res.TK. 1065 llSB +39 253 

N.C.lBcamp Fnnd _ 143.0 +25 658 

Ns'. IntL Fd. One.) 171 .92.7] +35 151 

N C tall. Fd. rAce-i 87 I 92.71 +35 151 

N.C. SmJIr Coys FUp935 1523j +15| 454 

Rothschild ft Lowndes Mgmt. (a) 

457 SLSvrilbiiuLane.Ldn.EC4. 01-8354350 
... New (TL Exempt — 10329 11901-301 377 

£-3* Price on March 17. Next dealinc May li 


76 Jj -tJ 158 -Rowan Unit Trust Mngt. LttLV (a) 
lS3 +1 “ ill dty-Ga» Zhe^ Flnabiuy Sq, EC2. 01-806 1088 


Rnw^^.lO. 


Roa-anAm. Apr. J3. 


Archway Unit Tst. Mgs. LttLV (a)(e) 
317. High Holham. WC1V7NU 01-831 6233. 
Archway Fun* ... r J785 •_ 612 


Prices at April li Next Mb. < 


April 26. 


Barclays Unicorn Ltd. W(g)¥(c) 

Unicmn gp-252 Ronrforri Rd. E7. 01-3MS544 



110 

453 


757 

757 


454 

4.M 


Unicom America— (325 
Do. AnsLAcc— _|U5 
Do. AnKlac..- 
Do. Capital 


Du Exempt ibt ape* 

Do. Emu Income ..{ 


»5 ■ 

Do. Financial .... S7.4 

Do. 300 705 

Do. General ... 28.9 

Do. Growth Act...— 38 0 

Da In cn mo Till. 77.4 

Do. M. A'na. Tst .. 1341 


g-s. 



Prices at March al. Next auh. day A 

Da Recovery. .06.9 42.0 +0J 

Do. TruKee Fund .- uB7 0 114.7 +2.) 

Do. VTIdwide Ttuk|475 SL4 +1. 

RIsUn.FdJac— Zfot.7 625 +1 

DaAccunL (67.0 696 +1 



I 252 

Hin Samuel Unit Tst. Mgra.t (al 

45 Beech SL. EC2P2L.V OI5B880I1 % Am 1 . 13. 

tbj British TreK.^. M3 9 15418 +27 S/W ‘ , ^ u Ifc“ , V“ , 7S- 

reint'iTraK 359 38 [3 +1.1 3K 

iSDpU*tTiubi — n7 *1(3 i2_t in (Accura Units) 

ib> Capital Trust ... 28 0 30.i +ffl.5 47 6 Koval Tst. Can. Fd. Mere, Ltd. 

(h) Flnaactsj Trust- M.9 9? s i +2.0 4 B3 V~ ’ . ^rim.rr™ 

tb) Income' Trust-- 2f>-l 28.OT+0J '7 78 54. Jenura Street, S.W.7. 01-8208252 

MBMMdn rfa HSssai==dH «=d« 

InteLP (aKg> Prices at Apr. 14. Next dealing Apr. 28 

is. Christopher Street. ECi 01-5(77243 "Save ft Prosper Group 

Intel In v. Fund— » - 183 2 98. DJ +15j 790 4. Groat SL Heleag. London EC8P SEP 

Key Fund Managers Ltd. lakg) OFQSi'lSeS'inr 

25. Milk SL. ECSV SJK 07 6067070. ■>**»«•»•««« 


732 

66.4 
144 9 

80.4 
63.3 
9L0 




3.B5 
UJ 
665 
857 
1257 
7 01 


Save ft Prosper Securities LULV 

luteraatloopl Fuads 

Capital.—. — .050 


SSSS?i(ii».-i«i 

♦Key Exempt Fd -P36J 

Key Income Fund.. [755 80.4 +0.1, . 

Key Fixed Ini. Fd...)59 5 63.3] +D.2] 1257 Uahi.Cmctb |M5 

Key Small Co sFd..(BS 910] .. .4 7 01 i DCrea siaK laomae Fuad 

Klein wort Benson Unit Managers? High- Yield ]50,9 

20. Fcncfaureh SL. E C 3. 01 IC3B000 High incase Funds 

KR. Unit nine. -.08 3 S5.1J ....] 5.18 High Return 1620 

4KB. UndFdAC — N7S 1065^ ( 518 Income Ra5 

KB. Fd. lav. Tata .-(49.5 54.l| j 452 UK. c— dt 

L ft C Unit Trust Management Lld.9 UK Equity (405 

The Stoek Echaage. EC3N /HP. 01-588 2800 Overseas Fuadsttl 

lACinc-Fd --I132Q 1361] J 7.83 Europe- - h 

LAC la tl A Geo Fd. HO 5 935| .....| 255 Jfg™ ft®°> 

Lawson Secs. Ltd. Vfalicl iZZZZZ 

Btthu ps g nta progressive Mgmt Co.p eac«»r»sSt.EdJuburi<bEH23iG.03i . 22 a soil commodity— 


375J +09| 
245m +0.71 
699a) +15] 


2.99 


415 

219 


55Jbd( +0.7] 716 


66 61 +0.M 
43BI+04 


846 

8.85 


Baring Broth era ft Co. Ltd.V (*)(*» 

88 , Lcadcuhall fit, EC 3. 01*588 28M 

Stratton TsL 1163 It 17DJS — .1 359 

DaAccum. -■ prn? 2118} | 359 LACIatlA Ces Fd 

Neat sub. day April 26. 


43^ +05] 551 


Hal i 


0. Blfihopsgote. E.C2. 

B-galtfr.-Apr.l 1-tt 
Act Util** Apr. U— n0&9 
B’satoIoL Apr. 18.QMB 

(AccwalApr. 18 pB73 199Jj+M 

Next sufa. day *34*y S. “April 


01-5888280 


1344 


2.06 

256 


Bridge Fund fifuagergf (aXc) ' 

KS uc William SL.EC4R 9AB 01-8234051 



Btercy- 


Ftnaocial Seca— f 
meh-aOuimuix nnda 

BataelfutnraaL 1244.0 

Select Income—. JMA 


Bridge Inc.' 


Schroder Life Group? 

Enterprise House, Portsmouth. ' 


|Sri§'aSpr. 1 H'ZrJ»L 0 2MA no, 


070577733 


Etpdty3Ai>r- nL-1US5'. 


lint. Apr. 1 



. Fund 

. fFin£_: 

f Fond fc_ 

JFimd.. .| 
r Fund-—, 

.... 

_ -rtAFUnd— 
BB.Mnad.CapL 
• US. Mngd. Ace, -. 
“~aa Money Cap.— 
_ -ts. Money Aar, - 
«. Equity Cap.— 
m. Equity Act— 


XKE INDIE 



jnt.3Am^j-h g3 




M77 

1L Queen Victoria St,-EC4N*TP : - 0b$489B78 KASScAjS.>li-„ jaajf 
IftgPtpJHApR IB9J- -. 10L71 J - »g‘-5feAWi 1 V- ig? 
. Next out. day Mayl- ~v 


_ life Amu Co. ofFeBaobuia 




Money AtoU ID&S 

Money 3 Apr. 11' 1163 

3P-42 New Bond St, W17 DBQ. ~0MM8S85 Fw^raffc?iiZ Su 

LACOP Units. pnoa USD] -7] — T*rop«ty3Apr-ll- 1489 

BSFn.Cn. Apr. U._ 1193 

-BS Pn. AM Apr. 1L. 1385 

nijmiaa Mh.Pn.Cp. Apr. 11. W13 2015} 

-T?^ Mh ftuA«:A^ai_e2S5 237M 


xM * ::: 

1*5 ’ 

1564 

1314 

1301 

13U 

1M4 ™. 
147.4 
U2I — . 
1224 

118.7 

159l2 — ... 

156.7 


form Units . 

ly of Westndnsler Assnr. Sac. Ltd. Am nrance 

‘ r^fWjwvnT Cbftoa SL.EOA4MX 

-14MI I — Btt.Gth.Apr.6 1 157848 

,iw«_i« ^J:d= oSSSKiSS: S3 g 

,. mmercud Union Grotq> . . SI- 8 

T- — LZill’lti listen'* LUnrieraltAlt. BC3t (B-MINO OttSDoflSliai t?nfi 127 
' ‘ ' AnAcTJLAnr.15 1 " * 1 * 

ASSlBRjf Utfs^s-u 


(id 3 

nf^eration Life Insurance Ce. 
"HHsacBy Imt, WC3A IRK 


Lloyds Bit. Unit Tst. Mngrs. LUt 
TLLenmtd OLEGS. 

te-2 M2*d-^r-TJr 

gcotti^h Widows' Group 
~'/I^>Soicfl0B.Bdld0ursfaEB18SBU, 0348558000 
Y InY-Pfr-Serfee 1_— 197.4 97.4t -.. 

--j-f I nv.PfeSeriet 2.-020 969|-„. 

inv. Cash Apr. H.—197.0 102’ 

£T Kx.UtTr.AprilB— 1130 140. 

S^d-Pfoi Ap ri l V2..B955 - 350. 

■■~W- ‘ 


Soter Life Aasunucc limited 


■■-SSSpfead 

rional Pen. Fd— . 
.1^ Pea Fund ..... 
sd Int Pea PU.I 
"ug»d IVn. Fd. _| 

sssrs^ 


OMMioan 


ilW B lWIW UIUKU 

L8BdunXzidailllHyftGuLIllfl.Gb.Ltd. umQyRaoa London KC4NSTT. 0UK22903 
18-30, ThoFarbniy, Beading 583S11, 
lul.tM.7 32*4 


aa- j - 


209 9 
wLo 
3722 
3295 
*HL9 


.73-71 


Solar KanagedS ... 

= s^f+oji - ISsIsfeE 

“ The LmftM ft Manchofllrr Ass. Gp.f 


— Cteo. QwthFund- 


nhSU Insurance Co. lift 
JomTriH.KC2 
Feb Mar. 15—i 






Q74R88428 lav. Trnri Fund 

— 1 J — Property Fund — J 

fiuLd H . M. ft G GroUpf 



NHH 

■ % 

WM( 

MU 


+M69 


. 3234 


7' BU 



SalirBimzrJ 
SolsrFxdJhtP. 
Solar Cosh P-H 
SalartiriS. P j 


S3 

993 

98.6 

124.4 

1102 

BSS- 

993 

1985. 


15U +0.7 — 
"336J T... — 
1623 +LS — 

120J — 

1052 — 

1044 +15 — 
13U +0.7 — 

1163 — 

1615 +13 — 
1M5 +04 — 

U5J - 

• 1049 +15 — 


Sun AUUncef Fund MaugmL Ltd. 

Sub Alliance House, Horahsm. . 040364141 


“^r-jdif+t Commerce Insurance 

■ ' -Roecot St, Lontdon W1R3PE. 01-4307081 

• 'MflgtLFi (1229 332H — J — 

■ :i: [ 'wdlLife Assurance Co. Ltd.* fSteSS 
--•» >1 LtfeBbo. Woking. cite new 048825038- catBond^ 


Tbra* Qasya, Tbow EE3 ECtE ®Q OlAaB 4588 
PasaPtaulott*^— J 


a&t££d« 

- • 'iMTd.Itllt BA. 

•••r +WFU-ACC 959 

• ' ty 1-d. Inon__- 15.9 

WFUlnit: — W9 
^ortyJU Ate— 959- 

— .. -ertyFfl. Incm.. 93.0 

!:-3S5 MErB. 

' _ -->c Fd.Incm.- 959 


-'W.minlt— B5-0 
llntKd. Ace.. (BO 




. IMA 
MW +05] 
MM 

ggs -5 

10U 

M0J — 

:m ± 

100.1 

UU — 

5aa a 

UU 
1009 
10W 
1009 

; 100 J 

* 9W 4471 



1- — 

S?n Affiance Linked Life -Xus. Ltd. 

Sun Aniancenause. Horsham 0408M41 


MRna^ftd fid— -—Sat 


PreswriplSradx-^ 


InteowUmB Ft i-UOfol 


Amariiwi M.Bd.*.S7J 


-tpu; 

UaoafodFud 




aa = 


BM I 

Wtt.4 


+14 — 
+04 


Sun Life of Cmudii (UJL) Lid. 

2,3.4.CQdmpurfit,SWlYSBH 019305400 




8J2 


FAAte 

_ , '-BiUxm. ...... 

- 'yFd. Ace. 

% -*2 Fd, Inctn—^teJl 

•j • -Pd tccm. .MILS 

- ; >- -nBrt.lnv.‘A'— [1503 

> '.j;- 'sader Ixunrance Cp. Ltd.' 

li-" ;"rial Bom, XovmPL, ECa OMOUOSI 

i^tOftApril 4—]7L7 •- 7*3] ) — 

; “ -Jj: -.e Star lasiir/9lidUiid:AK. 

’I. •^.eitttaindteSL.ECa. - ' > 01-188123* JW«atAMWB.-| 

■ - - :.«M ; una»4.i483 ■ “sui+asi m jgfe *£Sg 

■ - J Law UfeVAss. See. Uftf Neloc Gth lac Ate - (479 

V-c MM3SWI Nert^riy Apitt 


Japan PU.Bd.«~~R9 54.71 -...I _ s.3.4.w>dBPurw,5WlY5Bfi 

Prices OB “April ih. -“April 13. ““April 14. Maple IAGitb__-l| . M34 

UnpleU.MiuiKd.-l 1ZB3 
Merchant Investors Assurance* 1 *52£ 

tJ^WShStravLCroydcin. OI40B9VD rwmLPaMj—l ,- 

— Target .Life Astprauce Ce. Ltd. 

- as h “» 

— MaaTtadlne— .«53 1H9| | — 

= Stia&E^r'B -M-4- 

— Prop. Fd. Acc. 1 :.. .- 1 

— fSedDt^F&nSt SS5 5»J 

Deo Fd-ABcn*^ 979 303 J 

ai -® 1 

Ret^anJfaoAae^ U93 1263 

SS 

GUtPen-Cap. ,,.-. ,]l263 335.* 



X 

— 

Si 

‘■rr 


•— 

SB 


sa 



NELPentfamt Ltd. 
KUhm Court, XMridng, Sorrey. 
NetaxEq,CBP. 


+*ri _ 


UL71 ..—I 



Nel Mxd. FtL Csp— WJ 
NS MmL Fd-ACC— K7J 




Far Now Carat Property see u nde r 


Transfutenaattonai life Ins. Co. Ltd. 
2 Bream BHg»^faC4lNV. . . 01*4090487 

Mnn. Pea Fd. . S&! 

MaaPaaW.Acc.4S6J. 122 


(Hill Sanmel 8 6i<Z 


BASE LENDING RATES 

S ;b.n. Baiik ;‘.6i% 

>lred Irish Banks' Ltd. ■ B$% 

:r-j raeriean Exprefir Bk. 6 i%‘ 

:*s '* ; nio Bunlr 

:%'s :P Bank Ltd. 


61% 

B}% 

6i% 

6i% 

ell 

6i% 
Gj% 
7 % 
6*% 
81%- 
74% 
6W6 
71% 
6i% 
Si% 


'.-nry Ansbacher 
T; 'mlco de Bilbao.; —... 

-.5 ;jik ef Credit ft Cmce. 

\"r. 11 k of Cyprus - 

-;:-i Ink NS.Wr 

I,* ; riifi«e Beige Ltd..:.— 

j'.j ?nque dn Rhone 

■^'.‘relays Bank 

lett Christie Ltd.... 
sxpar Holdings Ltd. 

■'it. B.ank trf'Mid JEast 

'iwn Shipley..— 

1 iada Permanent AFI 
... oitol C ft C Fiih Ltd;- 
vzer Ltd. 

>. .iar Holdings .*....... 

/arterhemse Japhet'.: 
oolartoos ...**> — - 
*'E. Coates 
iisoJ ida ted 1 Credits.. . 

' .operative Bank; ; * 6 $ % 

■ -inthfa ri Securities. ■&&% 

: dit Lyonnais 64% 

; t Cyprus Popular Bk.- 61% 
jiean Lawrie f- 61% 

il Trust .61% 

: lish Transcont B % 

;t London Secs ' 6}% 

81% 


:a 


C. Hoare & .Co, t 

Julian S. Hodee ' * 

Hongkong & Shanghai 
Industrial Bk. of Scot. 

Keyser. Ullmaim 

. Knowsley & Col Ltd. ... 

iLToyds.Bank — — 

London Mercantile 

. E. Manson & Co. Ltd.. 
Midland Bank ..'. — .... 

( Samuel Montagu. 

l Morgan Grenfell . 

National- Westminster' 
Norwich General Trust 
P.'S. Refson & Co. ... 
Rossminster Aceept'ee 
Royal Bk. Canada Trust 
Schlesdnger Limited ... 

Schwab — 

■■ Security Trust Co. Ltd; 

Shenley Trust 

Standard Chartered 
Trade Dev. Bank 
Trustee ■ Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
White away Laidlaw ... 

Williams ft Glyn’s 

YorkBhire Panic 


7 Of • 

i|- LRS - 

61 % 

6i% 

7|% 

6i% 


64% 
74% 
64% 
64% 
6i% 
9 % 
64% 
64% 
S % 
64% 
64% 
61% 
64% 
64% 
64% 
64% 
64% 
64% 
84% 
74% 
94% 
84% 
64% 
64% 
74% 
64% 

7 % 

^4% 

6i% 


;t Nat. Pin. Corpn. 
u Nat Secs. Ltd ... . 8 % 

ony Gibbs. 64% 

y hound Guaranty... 64% 

rib** Bok— t ««■; 

mess Mahon 6*% 

ibros Bank \6i% 


■ Members ■ of 'the Accepting Houses 
Committee. 

*. 7-day d« posits SK, 1-month denftUts 

M%. i 

t 7-day deposits on sums . or US.BM 
and under 8%. up to £23.000 ar» 
and. over £29^00 41%. 

Call deposits over u.ow 


Rate 

sect. 


also applies to Sterling Z«L 


E... 

Hicb 

GUcZtM 

Money— 

Interna Uoael 

FtecaL-T 



*Trrft GJ-BonS . 

■Caoh vain* 


Trident Life Aiwsrance Co. htd.f 
RendadeBow^Ghmeacter ' . 04SS 365*1 

Managed — : 0193 12 folf. 

Gtri. K*.'d 5«J lSS.l 

Property... mob 1545 . 

“ I ty/ American ? ' . -B7 2 -39i — 

' UML9 106“ +l.9f 

337.0 M53 ; 

ITT ■> 

IELS 327.9 
943 . .99.9 

1253 332.7 

12S.7 3513 

mi Bw 
“9 .. 3»7 
.7 ■ 125.0 

3 107-2 

r -._- 5 1103 

^_&323 318.9 


993 -23] 

for. £100 premium. 


Tyndall Aasnnnice/PenBionsV 
18 Canynge Hoad. Rristol. .- - 027233341 


Depoo«J 


Do EOritynpRS; 


... 1&2 . 


isi_a 


1662 

mmmmm 

1039 


-. 1269 

a - fii( 

— 145*4 " 


tAJb 


166.0 


was 

-.7_. 

. +77.H 


. . 849 



Da.prop.Apr.nl 

Vanbrugh life ^Assurance 
4i -B Mfddte a^dionnaLA-. 

Property Fa... E»a 1462 

CxsbTV wn .. 3233 


.01-9994838 


Vanbrugh F Mohs Limited 

41-43 ModOte fit, l/la. WIRflJLA 01-4094033 


a mtno * 


Gumnteed we Inc. Ban Baxee’ table 

Welfare Insurance Co. UftV 

The Lhm. FWhanoiie, J 

SSSBSEShiL!.^-. 

■MaacbewrCrtup, 

Windsor Life. Assur. Co. Ltd. 

lHinh Street; Windsor. • vHadamOM* 

I ofo lay. Pt aiWv-— ~)655 7J.1I 


«J | - . 

toTbe Lrandonic 


FumreAasd.gisMJ 209 
"A 439 


FBmre^URhfti 


; UUJ 


^_MM 

Bridge Cap. Iac-t— 321 
Bridge Cop. Aect- 13& 4 


Bridge ExempLt 131 0 
BridKelnU.Ine.f.-i 


37.n 

MB' ' 

BndCeLrtl.Ate.r-. [15.9 - 1791 

Bridge Amer.Gen-g 259 J. — 

Prices April 11/12. Desllnfi Traea. 

tTbun. 


m -i.9, 


7.05 
339 
339 
5.73 
3 91 
3.91 


Growth Fond — — M 1 
■TAteam. Unita) — 59 0 
ttGIlt and Warrant. 35.1 
iAmraicanFd.— 22.9 

SAccumUniU) J3.9 

—RlghVield JT.fl 

*n Arana Unltd- [45.9 

Deal. JtMoa -Tun. ft Wed tThurs. » j. 

Legal ft General Tyndall FundV scolex.gui** 1219 6 

1& Csnynge Road, BnMoL 027232M1 Scot. Ex. Yld.*0— RfcSl 



2575a) +5.91 
53^ +05] 
13 a scotblts Securities LtftV 

MM Scetbits- 137.9 

Frt. 


243 

7.65 


SatrieU 



433 

E 


299 

7J0 


Dis. AprU12_- [55 2 5B.4j 5.77 Pneex «t April 12 Next snb. day April 28. 


lAccum. Units) . 

Next mi 


twed. 


527 Schleringer Trust Mngrs. Ltd. (aj(e) 

1 Incorporating Trident Tnutsi 


Britannia Trust ManagementtaMg) 

3 London Well Buildings, London Wall. 
London &C2H SQL . - 01-8S8MW047B 


15 72. 

dav May 10. 

Leonine Administration Ltd. ■ no. s<kith strecLDorSlnB. 

2 Poke SL. London W1M fiJP. 01+1885091 Aia 

UoDIsl J22 76B1+0JI 521 AiaUrOMh [24.5 

176.9 80.9} +05J 



14.42 

w 


Financial Socs— U5 
Gold & General— 75.9 

Growth M.O 

lna& Growth— . 68.8 - 

lull Growth 57.4 

Utvest_T&L£2iare»_ 425 
Mineral*.—. 10.4 


253 

481 

4.78 


IK at. High Inc. 

■New Tin hum 


North American . 

Profexrional.— .. 4565 
Property Sbarm — 122 

Shield 42.7 

Statute Q^n gfr,, ,, , , JP7.9 

Univ Encrcr— .304 


LeoAccun .-176.9 8D.9j +95] 4.89 Exempt Ulch \1A*(25J 

Lloyds Bk. unit Tst. Mngrs: LtftV (a) 

Reglairar'* Dert, Goring- hydies, ' incmneDist. I 383 

worthing^Wmt Sussex. 01-8231288 Ine. 10% Wdrwl 295 

Firgl fBalnedJ. 476 5UI +0.91 4.62 In tnL Growth 465 

DafAteunU 64.o 69.4 +1.4 462 Inv. TsL Units— 73.9 

Second (CspO J8.9 52S +0.1 3.45 Marti etliadaro — 27.4 

DalAteunU MB 65J +I.C 3.C -Nil Ylvtlcf 26.7 

Third (Income;- 76.5 B22 h +1.4 6 60 Fret & Gift TrasL- M.O 

Do.IAecmL)— 1045 112.4 +15 650 Property Shares— 23.9 

Fourth lExhtCj 573 6L4 +D.6 8 07 Special SiL TH 242 

DalAteiixa) [634 M.lJ +63) 407 UK. Grth. Accra). »5 

i§ 'Lloyd’s Life Unit Tst. Mngrs. Ltd. WJLCtth - X %55'^ ApriT*. 

7,45 "ttW, Gitetaomo Rd., Ay leflbuxy. 02909941 « a«ismr CnKMhiam u/aim a. r* v tj «• 

.Equity AeeDliL „ |M4 9 15Z5| | 4.15 W *** * “f? 

3 W M & G.GnrapiMytete) - - 

854 Three Quays. Tower Hill, EC3R 8BQ. BUQB 4588 
Bee also Stock- Exchange Doal ini 


152 

& 


<0308)80441 
21.9ri +051 
285 +flj| 

26.4 

255 

SfflJ 

4X6 +0J 
3SJ +0J 
509 +15 
25.7 +0.7 
295 +0.7 

23.4 +0.4 

2 SJ 

25J +tL3| 

269a +53 
229 +051 
194 +0 


3li4 

25 0 
259 
6.03 
693 


American — — . 469 

(Atemn. linllal 47.8 

Australsman — (79 

(Acram. Unjtu 486 

Commodity.. 645 
CAccum. Uruuu.. — 69.4 


Hie British Life Office LtftV fa) 

Rrii anco Rae- Tnnbridge Wella. XL 069* 22271 

BL Dividend* D9J «52 1 -Lot »J1 

•Prices April 10, Next dmlivs April 26. 


Compound Gjowtb J|47 


Brown Shipley ft Ce. LtftV 
Mngrc Fonndera Ct_ EC2 
BS Units Apr. 11 — BB7.9 
Do. lAccJ Apr. U —. t25U 
Ocmnlc Trots (a) 

FI nan rial 
Cm ml 


Conversion Growth a . 
C'ooterslon Ine . — . 558 

Dividend 110.1 

(Accuhl Units).— 204 J 

European 464 

(Atenm. Unltet 465 

Extra Yield.- 77.7 

lAccum. HnH.ii 1038 
Fkr Eastern 146-1 


353 =i 


Index 


Oversea* 



01*0008820 (AcrtuaUnlte) ,f505 

Fund of Inv. Tsts.— .156.7 


(Accma Unite) 1§8 2 ' 

G moral - ,_|153.7 . 


Growth Acciun. 
Growth Income 
Hl^h Income- 


Performance— 

Recovenr 

Exmpt. Ajjril 10 — 


Canada Life Unit Tst Mngrs. LtftV 

2*8 Hi Rh St, Potters Bar. Harts. P. Bar 51122 

Can. Gen Dial. 1359 37.7| +0 6] 463 

Do. Gen, Arcum M35 43 ® +0ffl 453 

Do. Inc. Dial [32.9 34 Ah1 +8.41 . 70S 

Da Inc. Aocum— . .(439 459 {*hls[ 795 


lAccnia Units) 234 6 

High Income 959. 

(Accum. Units) „ 

Japan Income 152.2 

(Accum. Unite) 1525 

Hopnuzn Uc. 7 

(Ateum. Units)—-. 227.8 

Nidland 1535 

(Accam. Unite!... — g43 

Recovery 72.8 

TAcnun. L'nitei.. — 735 
Second Gea — 154 8 

lAccum. Unite: 23L5 

Special 1443 

lAccum. Unite) 10X6 

Specialised FUnds 


50.0) +0, 
509 +0.7 
50 9 + 05 
5X6 +05 
69J +03 
746 +0.3 
Mil +05 
585 +08 
594 +05 
1173 

2174 -Oil 
- 49.4 +0.0 
499 . 

82.7a -01 
1105 -DJ 
49J +®.& 
53t +e.7 
610 +0.4 


l2 3 +9S 


. , _l 0 +0.41 
253 51 +0.5# 
lflXN +01, 

165.0 +0.11 
262 fl +0.41 

163.1 +05) 
. 1955 +1^ 

-2«37 +l3 
1635a +0.5 
CT 8 + 0 .$ 
775 +0.X 
784 +01 
168.0 +0.1 
2512 +0 5 
153.7 +0.1 
193.4 +0.2 



IS434 

2581 

2. SB 

7.01 

7.01 

394 

3.44 

119 

3J? 

4.16 

3.68 

5J3 


120, Chrapndc, E.C9- 

CapiLd Apr. IB. 954 

(AccunU- — — — - 1149 
Income Ap. II— 1739 
UO (Accura. Unttsi— HJO 
102 General Apr t2 — 779 
2 06 f Acciun, Unita).—.. 95.9 
206 Europe Ap. a..— 29.9 

435 (Aocum. Units! 333 

435 Sped E* March IX. 1643 
j« SSpert Ex. Much 11 228.4 
340 Recorcry Ap. 1 1 — [178.8 .... 

999 For tax exempt funds only 

b,[ Scottish Etgiitable Fnft Mgrs. LtftV 

2.71 28 sx Andrews Sq„ EdlDbuxflh 0B1-5SBBI0I 

2.71 income Unite [47 0 50.0d -O.B 550 

8.W AcciuaUalte — fes 569fj-19| 550 
0.78 Dealinc oar Wednesday. 

25« Sebag Unit Tst. Manager* LtftV (a) 
j™ POBox511.Bcklb»y.H*o,E.C«. 01*3885000 
fiebag Capital FU._13X0 32JW +05} 4.04 
^ Sebag Income Fd. ..PS.7 SUtaij +0j| 8.41 

JM. Security Selection Ltd. 
fro 18*10. Lincoln's Inn Fields, WC3. 01-8310030-9 
IE UnvlGUiTtt Ate -.1235 249) ,...J 382 

£«? UnvIGth Tst foe — |Z0.3 2X6) 392 

7 ^n Stewart Unit Tst. Managers Ltd. (a) 
750 45. CharforieSq.. Edinburgh. 031-3283271 
KleiMr* American Fund 

Standard .Unite. — |9f3 - 63.1) 1 1.52 

Ac-rum Unite — |&3 9 

Withdrawal Unite. (48.8 
Stewart British Capful Fund 


5.04 

5J» 

559 

fS 

457 


‘Standard.. 


Trustee ... 

(Accum. Unite) 

Cbarlbaod Apr. 1 Z .. 


„ 

Chsrild. April 18 
(Arcnm, Unite) 


FeukExApril 11 


1334 

255.8 


lWJnf -D.lj 6 07 


tJBf 


114.7 


269.<M +D.1| 


123.7 




Capel (James) MngL LtftV 

ICOOldBra.dJt.EgOlBQ MannLife Blanagetneiit Ltd. - 

focome l — fa.l -77 M -0 789 


i ~m -3M=a 




Accum. Unite..—. . |3425 

6 87 Sun Alliance Fund MngL Ltd. 

10 • 3a Snn Alliance Hao, Horsham. 040304141 

lAKlftBHM 294801 ......[ 454 


829 

829 


6.16 


•amiiy PH— J89.1 94.7) +XB| 

Target TsL Mngrs. LtftV <a)(g> 


599 


Pricn on April m deaUng Hay 3. 

Carliol Unit Fd. Mgrs. UftV fake) 


fit. George's Way, Stevenage. 
Growth Unite |482 


Milboro Houm. Ne^wlo-upou.yno 2U8S iirom^ApriniTlr.Wi 
8S&illSS=BS 7g:d ^ Gmieral April 11 ..(675 
Do. Hi(h yield.— [a? 4iaig ...Zj 


Do. Accura, Unite.. 
Nest " 


19 4144 

5.4 50.9. , 

! date April la. 


4.75 

&91 

891 


043858101 31, Gresham SL EC2. 

S8 71 .. ] 401 Targol Cornraodity . Dl.1 

Mayflower Management Co. Ltd. rS^rt *5 

14'iaGreshamSuEr31'7AU. 01-000 ROSS TarcptEx.Apr.lO_ 

UM u | • 17 6Do. Ate- Unite — 2662 

iii fcKgga^-ff 

Mercury Fond Managers Ltd. TamtlntL.. ms 

30. Gresham Sl. EU2P2EB. 01-a004!D5 Do. Rri a*’. Units.- [28.7 


Charterhouse J^xhetV 

1. Paternoster Row, EC4. 

CJ. Inlcmatl (219 

Accura. Unite 245. 

CJ. Income 33.4 

CJ.Kuro Fin- 26.4 

Accum. Units.—... 30.4 __ 

CJ.Fd.Inv.TSt 250 »J 

Accum. Unite @2 

Price April 12. 


01-2483000 

202 


3 JO 
333 
3.74 

3.S 

Next dealing April 19, 


m :H 


703 

2085 

2489 




Chieftain Trust Managers LtftVfrMg) n_ Artum - 

30/31 Queen SL.EC4R.1BR. 01*2483933 r Jp u.i 

Amaricaa— — .kuZZJO 2594+0,70) 16? Da Accum 

High income .08.9 41 Sol +0.5] 9.92 Income . 

JmcnuUanal Tat— |izC2.9 24W +02] 3.41 Do. Accum. 

Basle Sente. TS.|235 23.6*4 +0.4] 498 Intaroaliona! _ — 


po. Accum. 

Confederation Funds MgL UftV (al 

■W Chancery Lane, WC2A 1HE 03-3420282 SuiwSemPL : " 

Growth Fond. — — . 138.7 40.6] -05[ 4.7D Do Accum.*.. (1026 


Cosmopolitan Fond Managers. 

3a Pout Street. London SWIXBBJ. 01-388325. 
Coimopoln.dth.Fd. 116.6 17^ SOB 


Crescent Unit TsL Mgrs. Ltd. <o)(g) 

4 Melville Cres. Edinburgh 3. 031-2284031 

Crescent Growth — (259 27.7J +051 493 

Crtf*. Urtnrnatl B6.1 60. 

CM. High. DtaL— g.6 44J 

CreaResema (385 4X< 


M4te.Gon.Apr 10 1*0 7 
Arc, Uta-Apr. IB . . 2195 
More. Int Apr. 18 61 8 
Accra. lit*. Apr. 18.. 6*3 - 
3torc.ExUJ.rJtO . 2002 
Accum UU. Mar 30 |2389 
Midland Bank Group 
Unit Trust Blanagers LtftV (a) 

Ceuriwood Rouse. Silver Sheet, Head. 

Sheffield. SI 3RD. Tel: 074279842 

Commodity 4 Gen.. |60 4 65.0J +1.0 

DaAccum. fesS - W.? +1.1 

Growth. 37A 40.< +as 

. 42J +0.9 

289 +0.8 

no +o^ 

513 +0.7 
594 +06 
519 +1.1 
.544 +1 2 
61 Hu +0.7 
, +0.7 

1075b .... 

107 foi 

■Pritxe at Mar 31 Next dealing April 2a 

Minster Fund Managers Ltd. 

Minster H mj. Arthur SI..E.CA 01-0231050 lAccum Voilii..." 

_ _ ] 614 Marlboro Apr. 1G._ 

i7 D 9li5| J 5.30 lAccum. L'nilal — . 

MLA Unit Trust Mgemnt. Ltd. 

CHd Queen Street. SWlHftJU. ; DI-B307323. Van'Ky Apr. 11-...- 


Dealings; 0306 SMI 


339) 

U4 +9 J 
3$- 1 +09 
2 ors - 3.0 
275.7 -3.4 
1205 ..... 
28.6 +05 
285 +09 

30.1 +LB 
3L4 +1.0 

1559 -X9 
2V2n +0.2 
152K 

10.1 +0.3 


bin 

456 

652 

6.10 

610 

300 

491 

1.75 

1.75 

357 

455 

899 

1155 

495 


. m Target lav. .+DM. 

«» 

4^ Coyn^Grtnrth' Pd.” P5 
4.71 Target TSL Mgrs. (Scotland) (aHb> 

IB. Aifaol Crescent Edio.3. 031*220 BSSli’Z 
Tar* n Araer.Eag!«»3. 2S2I +0.6) 12* 

Target THirtle.-.-— B7.9 40 A +B.7) 5.94 

Extra Income Fd. -P3.6 W.9j +D9t 1050 


604 

685 

37.4 

37.6 

26.9 

n° a 

477 

Ipo 5 
57.8 
fcl 5 
102 0 


5 ^3 Trades Union Unit TsL Managers* 

- n 100. Wood Street E.C9 01-6288011 


333 

333 

333 

333 

647 

6.47 

22S 

225 

8.73 

8.73 

542 

542 


Tt.1 UT April 3 (48.4 5X5U| -....{ 532 

Transatlantic and Gen. Secs. Co.f 

91 » New London Rd. Chelmsford 086551051 


Barbican April 13.. 
lAccum. Umts.i — 
Barb^xpl -Mar 99- 

Buckm. April 12 

lAccum Irnite! 

Col emeu Apr. 24 — 
lAccum. llnltei— 
Ciunld. Apr. 12— 

1 Accura. Units) 

Glen'Apr 18 


723 
109.1 
B5.0 
5-6 
920 
1159 
"O 


Minister Apr. 17... (32.9 
Exerajrt Mar. 31 [87 “ 


050 


SILA Unite pen 37.8*1+0.71 450 Vang. Tuo Apr. UK12 


Diacret ionary Unit Fund Managers Mmonir^'TU = "'" 
22. Blotnffeld SL.SC3M7A1. 01*0884485 Mutual Blue nip-' 
Disc IiHXJmo [1500 1684 .) 549 Mmiial Hleh \1if _ 


It! Mutual Unit Trust ManagersV (a)(g) wwSawUis.-: 

+0.+I 453 19, Copthall A«c. EC2R 7BU. . 010064803 lAccum. Unittl. .... 


6a- 




+0.71 

+xol 


*.« 

790 


Writ Div Apr. 14)643 


Da Accura. — 


IU 

625 

474 

5«.l 


(6S-? 


44.0 

573 

-6S9 


713 


EL F. Winchester Fund MngL Ltd. 

Old Jewry. ECS 

Gre&tW1nch*Bler._[U7 1*21 J 6.71 

Gl Winch 'er 0 , xeujl8.4 20 1] ..—I 4.BS 


7 

ll m 3 Jo3 IS TVndall Managers Ltft¥ 

National and Coraroercial is. c^n^ Road. Bristol. 


76. 7| 
1153 
S75 

ai 
122.1 
147.4 

%\ 

5X9 -12 
663 -16 
497 +02 

56.7 +02 
484 -05 
59.4 —03 
70S -L6 

455B 
463 

60.7 
72.0 
677 

74.7 


563 

5.63 

399 

428 

23 

623 

ts 

524 
524 
3.01 
3 01 

1% 

S£ 

693 

5.45 

5.45 

9.15 

9.15 


£mson ft Dudley TEL MngnmL Ltd. 

3D. Ariinstae fit. S W L 015407531 

Erason Dudley Tta. J64J 69.64 380 


nrAM+iin 31, Si. Andrew Square. Edinburgh 081-5509151 (Accum.^l^iui.,.— 1753 

01*0002197 income Apr. 5 11468 1523 j 604 Capital Apr. 12 U89 

(Aci-um. Lnllsl [1948 2073 [ 604 lAccora. Unite) 165.0 

Capl Apr-6 lUO 2 1246) 331 Exempt March 29 _ 1068 

(Accum. I'nitei _-..|l46.2 15X6] j 331 (Aceum. l<nltsi .... M^fl 


National Provident Inv. Mngrs. UftV ( < 5^ l S'u5taP.:;:fi2£« 


48. Gnccchttteh SI. ET3P3HU 
N P.t aih.Un.Trt _ 143 8 46,, 

Eqnttas Secs. LMLVtaKg) uS* ~ 

41 8IShopsxatF.EC2 01-5882851 VAteilm. L niter* h*94 122 

Prograsxlrc 164.0 6751 +16] 422 “Price* on March 


01-6234200 Int. Kara. Apr. 19229 4 
(Accum. Units/.. —.1255. a 


ficoLCap. Apr. i:...fl3X0 
(Accum. Unite)- ( 


Equity ft Law Un. Tr. M-V (aHbMc) 
AmeraharaWd. Rich Wycorabc. 049433377 
GqnKy&Xaw (629 fi£*cf +15T 4.94 


Framlington Unit MgL Uft (al 


S7. Ireland Yard, EC4B5DS. 

Capital Tst. (1068 

Income Tst (980 

TnL Growth Fd. (97.4 103.6 

Do. Actum. ... 199.8 106.0 


ScoLlnc. Apr "12.™ [1549 

(larch 30. Next deallDg April 27. Lmulaa WUli Group 

Prices on .April 19 Next dealing Stay 3. Capital Growth 
National Westnd nsterVla) 

161. Cheapaldc. ECD’ 6 EL - . 0)008 6060. 

Capital (Accum.). -.1625 67^ 

Extea lur 642 . M.« +0.8 

Financial y»7 37^ +oj 

01*2488071- prowth Inv — 36 7 +25 

as* Income 34.0 365S +0.6 

fSortftWlo.lnv.Fd.... 659 704 +12 

Universal Fdjd ). ...|5S 2 629] +L7 

24B NEL Trust Managers UftV (»Hg) 


4.46 

13 


Capital Growth-.... 743 

Do. Accum ... ... — 75.9 

Extra Inc. Growth- 34.6 
Do AccnttL. — .... 39.9 

Financial Priity — 153 

Da Accura 18.6 

High Inc. Frinrily- 589 
Interttallaoal.... — 3X3 
Special Sits. : (292 


027232341 
764 


7.64 

392 

392 

7.67 

797 

S U 
63 
5 27 
527 
529 
529 
891 


OFFSHORE AND 
OVERSEAS FUNDS 


joforolekTnn— — 


Artmthnot Securities (Q.L) Limited 

PDuBmt 284, St Hidler. Jersey. 06347217. m6T«K:ii i.ia:r 

E«tt«nUJsWW-^J»^1^01 «— l 32* 

Australian Selection Fnnd NV 

mum O mwi'Mul ttai- do irtah Yoons ft . 

HfflySLff i~4 

Bank of America Intemstiatml SLA. 

R5 Boulevard Royal. Loxcnbaarg GJ>. 

“ 1 dhroott locon* 

Prices at April 

Buk. of Lndu. ft & America- Lift . - 

4O0S.Qneen Victoria St, ECO. " , 01-9302213 

Alexander Fund._iSUS6 15 _ \. 4 

nil 1+ 



uum +-+L>4« TbSfeft^r: 

Nfext subTaiy Asin ML 


CeaLAaseta'Cap.-.l non 

Xing & Shaxson Mgrs. 

1 Chari nKOMa.SLHeUcr.JK — — - 

Valley Hi*. SL Fetor Port. Grnar. q wana 
llkuaatiiNtDwdWlOJt. (Dfit 
CiltninKJenwJMl- 9J 

i 3L2S 

JM. JtJMJ+ggj — | 

Kleinwort Benson limited 

20.FciKlmtehSL.EC3 . 014088008 


EaiYUVCSt Lux.' FIT. 

Guernsey Inc 
Do. Arm 


KB Far East Fft— ; 

KB In i, Fd 

KB Japah Hmd.— . 
KBUR.Gwth.Fd— 



Kleiiawort Benson Ltanited 

SO: Fcnchurch SX. BC3 

E uri it uo t' Xnra'F. 

Guernsey Inc 
Do. Accum.— 


m 


KBFhrEastFd. 

- KBIutl. Fund 

KB Japan Fund 

KLB.UB.Gwtb. Fd.. 

nfrafa Ste (DM? “ 19. 

•KB act as London paying 


UO» 


625^+05) 


.77^ 


SPS1 P36 

SGKUlin 




010238000 


+X71 


pa 


3.41 

452 

492 


10 
(LM , 


vane April 

Banique Bruxelles Lambert _ 

2. Rne Do la Ragence B lOOO.Brasaala 

Renta FomtU (1917 1973(-1A4( .826 

Barclays Unicorn Int. (Ch. Jg) Lift 

LCharineOMK.St.BOItaraJay* 003473741 

4jS 

UnibondTnirt. j — SSMM — J 890 

•Subject to tea and withholding trams 

Barclays Unicom Int. fL 0. Man) Ltd. 

1 Thomas St, Douglas. I mm. 00344898 

Unicorn AtuL £teL.)C5 499) Xfo 

Do.AUEt.10n_— m2 30ig +E2 L4Q 

S ™: uo Lloyds Bk. (CJ.) U/T Mgr*. < 

J».0. Box I9B.S*. Holier, Jeroey. OSStinSU 

Da Manx Mutual _)35 254 — -■! X£» Lloyda T*t- CT««s.-. KZ 6 _».» 4 1 XM 

Bishopsgate Cosnmodity f&r« Next dcabdg date May 15. 

p.tXBoa42,Donglafl.LoJW. ' 0BWUZ381I Lloyds International MgmnL SJL. " 

4?JSS£A£!ff- a Tr-SS? — J — 7 Rne du Rhone, P.O. Bn 1». mi Geneva U 

smsw br=joi 


uo 

.. 8.99 
only. . 


Originally toned u *S10 

Bridge Management Ltd. 

P.D. Box 508, Grand. Cayman. Cayman la 

N’buflhl Apr. 3 1 V15315 l+di^l — ' 

(LP.O. Box 5S0. Honjt KOng . . ' 

NlpponFd. Apr-12 -.^^tt ^ Z7JB| I 0172 


Britannia Tst. BlngmL (CD Uft- 

30 Both 5L. St. Helirr. Jersey, 053473114 

Growth Invest — M2 32JI -J 490 

Inin]. Fd. (695 fOt 1 XW 

Jeney Energy Trt..|l37.5 148.7] J XSQ 

Univra-Dlr.fst — bLSSJS sja — 

Univhl. S Tst StC-_. (£2.07 giB ... J -190 

Valne April 14. Next dealing April 24, 


Shttofidd Management Ca Lid. 

P.O. Box 106, Hamilton, Bermuda. 

Buflrtsa Equity 12.15 2.&A — J X4EL 

Buttress Income (292 1.95) 738 

Prices as April 10. Next sob. day May . 8. _ 

Capital International SLA. 

37 nut Notre- Duma Luxembourg. 


Capital Int. Fund — | SU S1627 

Charteriteuse Japhet 

L Paternoster Row, EC4. 

Adlropa IDU3B2B 

a div+rt, j mouan 

Fondak IDMSX24 



M & G Group 

Three Quays. Tower TBIT ECSR 6BQ. OI02S 4881 
AtlBSUcApr.18.__ JKJS2J8 Z.«l)+tL02] — fc 
AltsL.Ex.-Apr. 12— Ksisl 2JB ,7Tj — - 

GohTEx. Apr.12 BUSS 57 45M — j 

Ma*d_i._V._-. |UI79 114.7d -0^ OM 

lAcpamUnitsi 11929 1 6 2 2 t +0.4] 7390 

Samuel Montagu Lda. Agts. 

ll4.aidBroadSL.Ee2. 01*3880406 

Apollo Fd. Am*. I2-1SF44.45 - 4829 J 198 

Japfwt Apr. 14. pKlftg .aW 1 U5 

It74tep.-Apc.fl: .RUSISJO 11JS — .1 239 

1 17 Jersey Apr. a... (£4.75 520) ....J 094 

117 J reyrfa Mar. Ea_fcU0.98 11561 ...Lj — 

Murray, Johnstone (Inv. Adviser) 

ICO. Hope St. Glasgow. C2. 041-221 GSB1 

-nope St. rd.. I SU 552.40 I 1 — - 

•JfomyFURd^ j- SUS995 } „,.J tm£r s, 

*N Av Uarcb 3L * 

Negit S-A. - .- . * •• • 

10* BotUracd RoyaX Luxentbourtr 

NAV April 7 L.| SUS1093 I 1 — 

Negit Uft 

01-248*880 BanJc 01 Bemrada Bides.. TTamillim, Bate 

5j£ NAV April 7 |£SJS — | ] — 


1—4 - 


Fondts— — _ 
Emperor Furid 

rttapnrv* 


Clive Investments (Jersey) Ltd. 

P.a Boxm SL Heller. Jeroey. 

CHTOGlltFd.lCJJ.l991 

CUve Gilt Fd. U«.L (9.90 

CornhiO Ins. (Guernsey) Ltd. 

P.O. Boot 187. SL Peter Pari. Guernsey 
tertnXHan-Fd. (1645 179.01 1 — 

Delta Group 

P.O. Bor 3012, Nassau, Ratunwra. 
Dritehrr.Apr.il —15X47 X54f — 4 — 
Dettfacher Investment-Trust 
ftmtocb 2889 Blefaeiaasse 0 * 10 6000 Fteufefurt 

InLB^^zlonds— ' — 
Dreyfus lntmeontinental Inv. Fd. 
P.O. Boa 1*3712; Nassau. Diiliiiinni 
NAV April 11 (SD92J0 B62| — 

Kmson ft Dudley TsUlgLJrsyXtft 


Phoenix International 

P0 Box 77. SL Peter Pott. Guernsey. ’ 

Inter-Dollar Fund ..|SC 5123 24l| .) — . 

Property Growth Overseas Ltd. 

28 Irish Town. Gibraltar (GlblOUfll 


0S343738L UR. Dollar Fund..] 5US8827 I .] — 

9« .—J 2X00 SteriiafFUnd j 028. « 1 — J — '- 

9.92) 1 1X00 nj.hnMnrl l,i(a ASR. UiLflt " . * 


Richmond Life ASS. Ltft(x) 

48. Athol StroeL Don BtaaLOJL 062423014 
The Silver Trust _..nttO • 1*7 J 
Richmond Bond 87. 0*21 19 

Do. Platinum Bd. ... | 

Da Gold Bd. 

Da Em. 97702 Bd.. 

Rothschild Asset Management (C.I.), 

P.ORox5S,SL Jnlians CL Guernsey. 048138881- 



O.C-EgFr. Mar. 31. 

O.CJnc-Fd. Apr. 3-1 
O.CJnll.Fd. Apr.8_ 
O.CirnCoFdi&afSL 

O.C. Commodity* 

O.C. Dlr.Camdty.f— 
•Price on April " 



397: 

T2T 




Next ■^■TiTtg April 38." 
TPricc on April 7. Next dealing April SL . 

Royal Trust (Cl) Fd. Mgt. Ltd. 


F.O. Box 73. SL Heller, Jersey. 


RDLC.T. (114.0 12XM 1 -» 

F. ft C. Mgmt. Ltd. Inv. Advisers 

1-2. LanrencoDounhiey Hill, ECtftOBA ' 

0UC3 4080 - 

Cent Fd. April 12_| SUS499 I — 4 — 
Fidelity Mgmt. ft'Bes. (BdaJ Ltd. 
P.O. Box 870, Hamilton. Bermuda. 

Fidelity Am. Asa— I 
Fidelity Int Fund J 

Fidelity P*aFd 

Fidelity Wrld Fd_ 

FUriUySter.Fds— 

Series A On33ft) 

Sertex B (Pacific)—. 

Seriec D (AtniAssJ 


0034 20981 FX).'BoxlBC RoylH Ttt. Hgcl, Jersey. 003427441 


RsT.IntT. Fd. ISUSMi 


R-T-Ttirt, Usy-) Fi- tW. 
Prices at April 14. 






;Hrij 



RiI.V-jI 


C'I'-'l 




R 1 *. ■ 




f a=jHK 

Next dealing May UL, 

Save ft -Prosper International 

Dealing to: 

37 Broad St. SL Holier, Jersey 

Ufi DeUsr-denemlnsted Funds 

D1 rFxdlnt** Apr.12 950 10 

InternaLGr.n 655 7 

FarEaatern*t 57.99 4X 
North American**. 336 3. 

Sepro-1 1396 


0534-30601 


First Viking Commodity Trusts 

ftSL George's SL. Dongtea. LoJJ. 


Starite g -de u a ndu sied Fends 
Channel Capitate— (Zl&X - 
ChanudlfilandsO— 139.7 
Coni mod. Apr. 13— 1173 

SL FwL Apr_l3— . lifts 

Ericea on ‘Apr- 7. ’•Apr. 22. 

twoeUy Dealings. 



230 4X La Mode SL, SL Helier, Jersey. Q53473S88. 


120 SJV.IL. 


'SAUL. 
Gill Pd.. 


FBLVlk.Cm.TnL BA1 SftM J 

FnLVtDbl.Op.Tst „ PLM K90|„-^ 

Fleming Japan Fund SJL 

87, rue NMro-Dum, Luxemheurg 
Flog. Apr. 12 1 SUS4737 I - 

Free World Fund Ltd. 

BteteiflcM Bldg, Ramfltoa Benmda. 

NAV March 31 1 $OS17294 | 4 - 

G.T. MsM rt M M jt lid. Tain. Affts. 

Pwfc 18 FUmtany drcnn. Loodoa Ed. 

Tel: man sul ttxlsbbim — . 

l-nau lie £F&ed InicresL 
1-0961 X19 SFlxed InteresL 


ip 

,JJB 


821 ... 
'«« 

201 "+1) 

10.71 +aii 

1029 +X0 


Intt. Fd, Jersey^—. 

Intni .Fd. Lxmbrt. _ bl017 

’Far East Fund-... [97.0 

•Next mb. day April Ifi ; 

Schroder Life Group ' 2 

Entropriae House, FOrtanamth. 070621718 - 


— « 


Tel: 01-038 813 L TIX- 880100 

G.T. Pacific Fft 1 SUS139X 

g w ea sste IntrnwDaaal LM. 
c W Bk. of Bermuda From SL, Kandtn. Bnda. 

aSSS tSI IB j- Henry- Schroder Wagg ft Co. Uft. *, 

G.T. Bermuda Lid. 120,Cheapside,EC3. 01.””"“ ' 





Bk. of Bennuda, , 
Berry Pic F. . 
G.T.SFft 


, Bmda. CDeapSApr.r 
on Trafalgar Mar. 31- 
0.76 Aslan F3 Apr. 17— 


G.T. Mgt. (Ada) Ltd. 

Hutchison Hse_ Hnrconrt BdL Hon* Konx 

in 

G.T. Management (Jersey) Ltd. 


n in 

SUSIOBJC 
ItrsMR ufti 


DorilaeFnft HAL80- 1.91 


Japan Fd. Apr. 8. 


261 - 


1% 

024 


Royal TsL, Ese.,CoU«mbarie, St Halier. Jersey ~ ++.. 

G.T. ASU Storting- {02. W 13JK — 4 1-48 M - ™ St,EC 


[SIIS657 7*6) 

Sentry Assurance International Uft 
P-O. Box 330, Hamilton 5, Bonnoda ’ 

Managed Fund ItOSUW UtH) 4 _ , 

Singer ft FriteQander Ldn. Agents J 

01*3480848 1 


Bank of Bmn iuda (C uun s cj l Ud. 
31-33. U> Polkd. Gpera sey. Otsm 
Derry Pec Stria — p&a.oOHBmg 
Anchor Cilt Ejgn ... Ee 9-7*1 
Anchor InJ sy .Tat nTO 


Dekafonds iBMWO 2410 050) 699 * 

Tokyo Tst Apr. 17-.| XUS9525 “ .....4 17* ? 


Stronghold Management United 4 

P.O. Box 316. SL Heller, Jersey. OS34-T1405 c 

Commodity Trust -|9460 9958) 4 — 5 

Surinvest (Jersey) Ltd. ix) : t 

2, SLMaiyAxfi. London. EC3. 01-2833531 P.O. Box 98, SL Holier, Jersey. 053473673 a 


Gartmore Invest. Ltd. Ldn. Agts. 


Gartewre Fund Hn*L (Far 

1303 Hlrtchlaon HsalOXta 
I HK <1 Pxc.tr. TsL-JteiM 
Japan Fd, —■ 

N. American Til] 
loll Bond Fund J 


PA Box 32, DonglaaloK. 
Intarnatecasd lac. _m_A 
Do. Growth. 



US 


Hambro Pacific Fund Hgnft Ltd. 
3110, Comurnght Centre, Hong Song 

Hambres (Guernsey) Lift/ 

Hambro Fund MgnL (CJU) Uft ' 
P.O. Box 0ft Guernsey 

CXFund 1-JU8-O 

Intni. Bond SOM.fl 
Int Equity SUamW 250 

InL Svci. ‘A* SUPUjft 850 


Int. -Svgv *B’ S! 
Prices on A] 



American lodTsL ..( 

Copper Trurf 

Jap Index TbL -_ 

33 TSB unit Trust Managers (CJL) Ltd. j 

690 BaaotoUr^'UL, St. Sa viour, Jersey. 0S34734M : 

Jersey Fund- (449 46JI -ag 5J6 , 

23811 Guernsey Fund .__W4.2 465) -0.9) 516 i 

115 Prioat on Apr. 19. Next sub. day Apr. 30. > 

471 Tokyo Pacific Holdings N.V. ; 

lntuais Management CO. N.V. Curacao ' -> 

NAV per share April 10. 5U 501.78. ■ 

Tokyo Pacific EOdgs. (Seaboard) N.V. [ 
Intunts Man age meat Co. N.V.. Curacao. 

NAV per share April 10 SUS37.73 / 

Tyndall Group 

04S1-2BSZ1 FJL Bex U38 RamUUD 5, Benmda. Z-Z7S0 

3.90 

8.40 

3-WByInLMar.10.-l! 


2io 3 New SL, SL Seller. Jerroy 

„ _ "^js**^* sa.'Sg.- ^ 

Henderson Baring Fund Mgrs. Ltd. tasof April 12 ..— 785 

on April 13. Ste? deeU^tteApril 10. ull 

Hill-Samne! ft Co. (Guonseyt Ltd. tArcum. Shares) -..pSiB 




790 

1058 


JLeFebvre SL, FWer.Pnrt Guernsey, CJ. 
Guernsey TsL [143.9 1540) +2.7] 392 

Hill Samuel Overseas Fund SJL 
37, Rue Notre- Dame, Luxembourg 

) HKDJS U«f+022| — 
International Pacific Inv. BSngL Lid. 
PO Box R337. 30. Pitt SL Sydney, AudL 
Javelin EqnkyTM..{¥L91 • TAJ ...4 — 
.E.T. Managers (Jersey) Lift. 

PO Box 194. Rcyel.TsL Hsu.. JeqKyOS34 27441 

Jersey EhttnL TsL-lMS 0 ’ 153 0 | | - 

As at Mar. 31 Next sub. day Apr. 38. 
Jardine Fleming ft Co. lift 

40th Floor. Connaught Centre, Bang Hong 
. . . . ug 

a.9c 

2.40 


JsnlteteJ'tai. Fd.Js* 

Jardine e£a. 1 

JardJne FlenLlntT 

NAV Mar. 31. 

Next sub. April 38. 

Keyselez MngL. Jersey Ltd. 


Bit 

HK3X752J 
SU 81252 1 


jr: 


SHOT 56 J 

SUS0B 


‘Equivalent SUSeate 


Victory Hoiue, Doughw. lale ef Man* OOE4 2509 

Managed Mar. 18 —11279 134.4) 4 — 

l td. IntnL HngmnL (C.I.) Ltd. 

14. Hn] caster Street St Halter, Jersey. 

DIB. Fund PHSW138 UL«| | 8J» - 

United Slates TsL IntL Adv. Co. 

14. Rue AJdringer, Uimnbnirt- 

l’:5. TsL lira. Fnd ..) SUSM.I7 J+02D) oor. 

Net asset voluc April 17. > 

S. G. Warburg ft Co. Ltd. J 

no.Grcahimi Street 2XZ 0 1-600 4S5» 

I'm Bd.Fd.Apr.1 
Tngv. InJ. April ' 

Gr.Si.SFd.MBr5 
31r Eur. Apr.' 

V.'arbnrg lncOsL MngL Jrsy. Ltd. ; 
1. Charing Cross. SL Heller, Jay. Cl 083473741' 
CVFLul. March 30. (HJS123b Ml 
OH Ltd. March SO.. 03.04 135fl 

MtelsTrtJdar 10 - Elite 117W 
TMT April 13.. — .... HIS9S5 Iffl 

TMT Ltd. April 13... £9.74 9.991 


n Street JO.-2 01-6004359 

Apr.17.-M SUS948 (+0951 — T. 

assyjjM ja = 5 

r.o. __ pjsiR uaq — 4 — - 


po Box n,SLEellwiJerMy..iRB8- Qi-008 nmi World Wide Growth Management^ 

iriwtafil i— nkl IH T llflf 1 aa a* “ 


£SS3fe (£^« a?Sl iua. Boulrvard R^-al. Luxembooir 

“'"I Worldwide Gih Fdj SUS13.25 |+omj — 


NOTES 


ari j i)^ nfo | Sirai^TOj ^ : ge ^ | Whe rejnidicnted* r ai’d arc.jp peacou n tern otherwise 


1 +0.9 630 

+0.9 630 

*02 10.61 
+0J 10.61 
+0J 4. DC 

+02 498 

+03 855 
+0.9 2.63 

+03 5.05 


Include all expenses, 
opening price, h Dhr 
premium Insurance 


i allow for -+U buying, expetuet. a Offered price# 


■ ms. b Tu -di yt pri cei e Yield based on atterptiee. d Estimated, g To-dajfsP 
Distn batlon Irtw of UJt taxes, p Periodic premium insurance plans, a Single 

boil * Otfwed price includes all expenses except agent's commission. . 

t SP?"? 1 - Includes all expenses U bought li rough managers, x 
V Net of tax on realised capital galas unless indicated tar *.*9 'Guernse 
9 Yield before Jeroey tax. 7 Es-fobdivtaloo. - 


except _ 

Previous day's pricer 
inrnsey gross, t ~ 


JHhon Court. Dortdng. Surrey. SOI! n»TSB G«neraJ-ZlM29 

Pix hatn Bod. Doridpg. . B30830S5 NawS'mEh^l'ljSI ^ fb{ TSBXncSteZlPI 


Friends' PnrrdL Unit Tr. Mfero.V 


Friends Pro*. Uts— 

Do. Accum. - — 


4331 


+0J 


4 or 
497 


50S 
681 

IS TSB Unit Trnsts (y) 

21, Chaaliy Way. Andover. Hants. 028102188 

Dealings, U> 0204 83432-3 

393 

* +13| 383 


G.T. Unit Managers LtftV 

16. FhJSbluy Circus EC2M7DD 


K 


G.T. foe FftU n Dg9 


G.T. ftS-AGen 
GT. Japan A Gen —088-8 
«GLFvn&£xFd — 0339 
G.T. IntT mud I3ML0 
G.T. Four YdsFd ESS 


8 U +UH 
97,7 +121 
35KJ +0« 

. visa + 2 JJ 

ws 1 

« = 


01-0288131 


850. 

.298 

190 

480 

a 


ustar Higti Stic. _ W+ J , 

Fbr New_ Court Fund Managers EM. ibi Da~Aocum £0.9 

■ see Rothschild Asset Mao (gamut TSBScouiRb .J77J 

Nonrich Union Insurance Group (b> 

P.O. Box 4. Norwich. SHI 3NG. 000332200 *™f* p 

■ Group TsL Fd. J3Z.CT7 337’9|+i6) SJ7 Wmlii* Street, Belhte. 

Pearl Trust Managers Ltd. (flUgkz) OilUlaer Growth -pS h 



033335331 

38JI +0A| 337 


23 High Holborn, WC1V7EB 
Pearl Growth FtL_.BL2 22^9x1 +g. 

Accum Cults fe? 27*1 *0- 

Pearl Ine W6 319M *B. 

Pearl UaitTSL fos 36 J +0 

(Aocum. Unite) H? 6 45-9| +0 


Pelican Units Admin. Lid. (gxx) 


mm, Ua ^ Trust Account ft MgwL Ltd. 

King WUUam St. 6C4R8A A O142340S1 

Friars Hae Fumt_M&0 .146 DJ I 4A5 

Wider Gtth. Fnd.—Jp'! 29 M 1.45? 

Do. Aeirara -132.7 543) 

Wider Growth Fnnd 

King WtUl 881 SL&C4R0AR 


UG. ft A. Trust tO (g) _ 

IS. Rayleijh Rd. Bran (wood «B77)22WH) 8, KotmfolnSL.MancbCifor 061-2863686 mi 

pQ.6 32.7] +46) 474 . PdiUo Unite [7U 8L9S) .+13i SJ3 .Acci^UaUs t»l 




01-0234031 

462 

U2 


BUILDING SOCIETY INTEREST RATES 


GREENWICH 


(81-858 8717) 

281, Greenwich High Road. 

Greenwich SElD SNL. 

•Deposit Rale 335. Share Amours 5.6a 
Snb'pn. Shares 8.73. Term Shares 3 irsi 
i'« above share raie. 3 rrs. abov L 
sharit reie. 


LONDON GOLDHAWK 


HEARTS OF OAK AND ENFIELD 

(01*805 5666) 


(0U995 83ZU J 

15 17. Chivwlcfc fliph Road. J 

Loftdan WF4 2XG. '* 

Depa rt Rau* ."i 73 Share Accounts 
Suo'pn. Shares 7.50. , ^ 


WaLford House. 301. Htnionj Road. 

Enfield EN.1 3L0- 

Deposii Rate 5.33. Share accoiiius ' 5 .?j 
S ub’po. Shares r.25. Term Shares 6.73 
3 STS., fl.30 2 rre.. 8.23 I yr. . 

• Wtih efiect from May ui. 


MORNINGTCN 


(01-267 2971) 


136. Kenuxh Town Ro^d. '• + 

London XIV5- 28T/_ o 




+- 


<? A 



















































































































































































































-48- 
273, 

H 

' rf)»z 

-■a- 

■5h 

JS 

I 

15 

• a 

• r o 

Ml 

.7 

<2 178 
.■6 57 

:■ 9 13^ 

"Hi 28J a 
;5 24 
- 6 24 

.4 74- 

.;0 176 
. 6" 43 
•*5 45 

:-7 36 

-. 1 - 163 
M £89 
•-■4 36 

<9 47 

'■1 64 

•Tla 3&2 

4 34 

-.8 19 

• 2 24 
. 1 83 
'5 44i 2 



















163 [+2 1 9.0 1 

Sri Lanka 

1323 ILommiLL. | 325 ]+2 | 55 | 

Africa 

1390 /BlraOrcll- I 435a)l 150.0 J 

[l30 [Rno Estates j 145 } |13J) [ 

MINES 

CENTRAL RAND 



18.8 
8.9 

“I 81 
501* 
£6 


{3.4 6.6 51 
— — 4.4 
65 35 6.6 
2.6 114 5,4 
9.4 2.6 

32 7.4 &6 


212 
115 

Do. Capital 50p_ 1 150 





75 (+3 0.99 


4112 
70 
34 
134 
116 
64 
87 
55ia 

AmLilrt-ftOpi.l 82 

53 ad 

56 


72>a 

95 
151 
130 
84 
68 
59 
224 

S' 

82 
200 
101 +3 
116 +3 
110 +2 
100 +2 
104 +2 




ealnliM w tkr Ms h m dUrltatliiBi 
Indicate M per cent or more dUfcraee If ealenMed m * “nO"- 
OariWin. Carers are ha ad oo ■aaxban/' dfatrihottOB. 
Yields are based on middle prices, m gneo, adjmtad t* ACT of 
M per ceaL nd iDen for tain of d ec lare d dtatrOmCmia aU 
rifUi. Seevittlea with iV ■Midnstfwn other thaa — «f 
Im-h i d ro rf the InOtBOt iW Im pMBfalBL 

A Sterling denominated recmlitea which InclmlotB re a tmcrit 
dollar premium. 

• “Tip" Stock. 

• Highs and Lows marked thus hare been adjusted to allb^ 
for rights issues tor cash. 

t Interim since increased or reratnoA - 

t Interim since reduced, passed or deferred. 

** Tax-free to non-residents on application- . - : 

4 Figures or report awaited. I 

tt Unlisted security. 

* Price al tune of suspension. | . 

« indicated dividend after pending scrip andtar rights iftaoat 

cover relates to previous dividend or forecast. - % • 

•* Free of Sump Dufy- " r 

t Merger bid or reorganisation in progr ess . 

4 Not comparable. 

f Saint.- interim: reduced final and/or reduced e arning s 
Indicated. 

$ Forecast dividend; cover on earnings updated by latest 
Interim statement. 

J Cover allows for conversion of shares not now ranking for 
dmdends or ranking only for restricted dividend. ‘ 

* Cm cr does not allow for shares which may also rank for 
dividend at a future date. No P/E ratio usually provided. 

P EsrJading a final dividend declaration. 

9 Regional price. 

U No par value. • 

a Tax free, b Figures based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on past- 
ed capital: cover baaed on dividend on full capital. 
c Redemption yield, t Flat yield, g Assumed dividend end 
yield, b Assumed dividend and yield after scrip Issue, 
j Payment from capital sources, k Kenya, m Interim higbefc- 
Ithan previous total, n Rights issue pending q Earnings 
based oo preliminary figures, r Australian currency, 
s Dividend and yield exclude a special payment, t Indicated 
dividend, cover relates to previous dividend. RE ratio based 
on latest annual earnings, a Forecast dividend: cover based 
on previous year's earnings, v Tax free up to 30p in the £. 
jw Yield allow* for currency clause, y Dividend and yield 
based on merger terms, s Dividend and yield include a 
special payment: Cover does not apply to special payment;. 
A Net dividend and yield, ft Preference dividend passed or 
deferred. C Canadian. D Cover and PIE ratio exclude prefita 
of U.K. aeretpcce subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1077-78. G Assumed dividend and yield after pending scrip * 
and, or rights Issue. H Dividend and yield based oo. 
prospectus or other official es t imat es for 1078-77. K Figures 
based on prospectus or other official estimates for 1978. 
X Dividend and yield based on prospectus or other official 

estimates for 1978 N Di lidnnd and yield based on prospectus 

iot other official estimates for 1B7B. P Dividend ana yield 
[based on prospectus or other official estimates for 1077. 
to Gross. T Figures assumed. U No significant Corporation 
I Tax payable Z Dividend trial to dale, ff Yield based on 
assumption Treasury Bill Rote stays unchanged uadi maturity 
of stock 

Abbreviations: af ex dividend: 8 ex scrip iosne; is- ox rights; Bex 
all; >8 ox capital distribution. 


"Recent Issues ” and “Rights " Page 38 


This service is available to evfery Company dealt In Da 
Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shores, 
previously listed only In regional markets. Prices of Irish 
issues, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 




Shcff.Refrshmr.j 51 (..._. I' 
Sindall fWm.)_| 85 | [ 


72 -* Conv. B% *80/82. £93?* 

&S . — Alliance Gas— 62 -3 

« ...... Amort MO 

” ~ lKl Carroll IPJJ — 90 

47 . — Clondalkin__ 93 

Concrete Prods.. 128 

1M Heitou iHldgs.) 43 

,8 vjr- Ins- Corp- 186Uri 

sen +Z Irish Ropes 132 ... 

250 Jacob 58s) -38, 

,3 ■ Sunbeam 29 

129 ■ — TJU.G 170 

IBi, ...... u„ida 

46 


132 ...... 

fr-:* 

170 

95 


■\kroydSrm Uiert 


















































































































































































































40 



FINANCIAL TIMES 


Wednesday April 19 1978 


Companies House Searches? 
are 


ecr&sransm»fcSBMce&iiD 

■ 37MB RMJLSTffiET LONDON- EC2A*(Ptt 
TH^PHO«&0MS53400. . 



•4 • 


Treasury 
‘lack of 
openness’ 
attacked 


Redpath £12m. loss I Collett 


written off by BSC 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 



By Peter Riddell. Economics 
Correspondent 


I Redpath Dorman Long (North Mr. Waterstone added that could manufacture large struc- ; 
Sea) and merging the company if new platform orders were tures for deep water fields,} 

: w itn the Dutch De Groot group secured there would be com- which up to now it has not been | 

TWT TOFicrRV was criticised i ia a 0 effort to win oil platform poaeut subcontracts for other able to tackle. | 

JSii^for a lack % opemSs orders. companies m both groups, includ- Mr. James Milne, Scottish TUC 

irfihe oiblic Dreenlation of its A joint venture firm, Redpath iog the Redpath yard at Glen- general secretary, said in Aber- 

thinkino about economic policy De Groot Caledonian, will own g a mock. deen yesterday it was disap- 

noHrms^and of its research work 1 and run the yard at Methil. Redpath will take 48 per cent, pointing that a nationally owned 

notions ana oi ns re p/f e , uhleh has three months’ of the equity’ in the new com - company should be changed in 

The criticisms come in a re - ! wor j* left completing its share or pany, the Scottish Development this way, but it was the best 

port commissioned by the . a slee j j ac ket for Texaco. Bid- Agency is lending £500,000 and that could be done in the circum- 

Treasury from a committee din3 £ 0r new con txacts will start will take 4 per cent., and the stances. It should mean some 

charred by Professor Jim Bali, ; nej;t when the company Edinburgh-based North Sea job stability and further orders. 

Principal of the London ousi- • formally comes into being. Assets, which brought the British John Lloyd writes: Amid con- 


agency 
may face 
criminal 
charges 


ness School. 


Methil has a reputation for and Dutch companies together, tinuing rumours of U.K. and 
Professor Ball said yesterday J jaie delivery which it has found will buy the remaining 5 per foreign interest in buying steel 
the Treasury had an educational > difficult to live down in spite of cent share. works threatened with closure by 

role in being more open about improve men ts in its recent per- the British Steel Corporation, the 

its research and policy analysis l [ or maoce. • Redpath hopes that Survival German company of Korf-Stahle 

and in presenting to the public i bv involving the Rotterdam . . yesterday denied reports that it 

the results of alternative j o'roup whose record is good in The company will he jointly was considering buying British 

courses of action open to Minis- offshore work — it can improve run, although De Groot is Steel’s Giengaraock plant, 

ters. the yard’s prospects. appointing the managing direc- The denial was issued after a 

The Committee proposes the J j s reflected in the price tor. The British Government has Board meeting at the company s 

creation of a separate research j of £j ra w bicb De Groot is pay- been kept informed of the nego- headquarters in Baden-Baden on 
unit within the Treasury and a'j in a f 0r ^ 43 per stake, tiations and a telegram approv- Monday night 

new advisors' council of econo- J British Steel had invested some mg the deal was sent yesterday The future of Glengamock was 

mists with an independent chair- 1 £i5 m in the vard over the last by Dr. DlcksoD Mahon, the junior the subject of a meeting between 

man and a majority of outside ^ v ' ears and realisable assets Energy Minister. Sir Charles Villers, chairman or. 

members to monitor the umtsj are worth about £10m. The Government and local gritish , s £ ee i ^1° Seomshj 

work. Mr rinriri watorctnno phair- qro nn^our tn con National Party MPs, Mr. Douglas I 

and Mrs. - Margaret; 


By Michael Thompson-Noel 


... . „„„ _ Mr. David Waterstone. chair- authorities are anxious to see _ . 

~ The man of Redpath and the new the survival of the yard, which Crawford 
Uon irffhe T^eiuryVherl leS i c ° mpany - s - M th3t the corpora.: is vital to the Methil area whore Stun.- 


economists feel that remark r _. llp n f t u- vard n nd «nn m*n wnrlrinu nn rh» tue future 01 uiengarnocK. wmcn 

^I^anri^vaeeereted b0th struck its bargain on that basis. Tartan Field platform — split is threatened with closure. Sir 
out of date and exaggerated. | »j d0 feeJ ^ having tonned ^ ^ of Cherbourg — com- Chartes also refused to commit 


^^“'te'tion 'had taken a “realistic view" unemployment is high. About No assurances were qiven on. 

fCuiarKS ! # il.fi r>n1iia rtf thrt tried nnrl CftA ««avi am turtvlnrtn 


Attention is drawn to the re- thta Rrouita- wearegbin-obe Jared to twice Sat number on the construction or 


devaluation and the standard 
budget balance and to meetings 
with a wide range of outside 
economists before the budget 


‘Consideration 9 


get work than we were in the De Groot has wide experience . , . 

past. in offshore fabrication and de1ayed indefinitely. 

“We are Unking with a group recently entered into a partner- News Analysis, and Oil 

which has a first-rate reputation ship in Norway to build modules. Fields Expansion, Page 8 


The Treasury already has an 
academic panel of economists 
advising on the forecasting 
model of the economy, though 
Professor Bail argued that a new . 
advisory council was necessary! 
to carry greater weight and to{ 
provide more independence than 
at present 

No decisions are likely for a 
few months after the non-com-, 
mital statement that the Govern- j 
meat is giving “careful considera- 
tion - ’ to the committee's 
recommendations. 

The 117-page report includes a 
wide - ranging discussion of 
economic policy making, as well 
as the first published description 
of the Treasury’s own six-week 
forecasting round. The report 
says the Treasury's forecasting 
performance has not been demon- 
strably worse than those of 
other ‘forecasters. 

,;The committee’s brief had been 
to;' consider the feasibility and 
value of applying optimal control 
techniques to economic policy- 
ujt&ing. This approach involves 
an? attempt to reconcile certain 
specified goals and achieve a 
dpsired balance between the 
necessary trade-offs. _ The tech- 
niques were derived from 
engineering and were developed 
during the space programme. 

The committee was sceptical 
about the direct benefits of this 
approach to decision making 
though it suggested that it might 
help at a technical level for those 
building statistical models of the 
economy. However, work on 
optimal control should not be the 
single most important priority in 
forecasting. 

Details Page 10 


Unions, call for 35-hour week 
to create more employment 


BY CHRISTIAN TYLER 


Continued from Page 1 

Bank 


THE CHANCELLOR, Mr. Denis 
Healey, will come under heavy 
TUC pressure to leave the cost 
of shortening the 40-hour work- 
ing week out of the Govern- 
menfs planned 7 pfer cent limit 
on average earnings Increases in 
the next wage round. 

A SS-hour week without loss of 
pay in order to help shorten the 
dole queues is now being urged 
by the big unions — in Europe as 
well as in the U.K. 

TUC leaders told delegates to 
the Scottish TUC in Aberdeen 
yesterday that the time had come 
to stop just talking about un- 
employment and berating the 
Government, and to go oat and 
win extra jobs at the bargaining 
table. 

But recognising that the 
Government will try to keep a 
firm hand on the public sector 
in its go-it-alone pay restraint - 
plan for 1978-79, the congress 
called for the Government to 
take the lead on hours. 

The message from here is 
certain to be repeated at union 
conferences through the summer 
and at this autumn’s full TUC 
Congress. It will inevitably 
figure in the discussions that the 
Chancellor plans with senior 
union leaders on wages and 
prices. 

Although he recognises that he 
will get no declaration of sup- 
ort for' bis 7 per cent target. 
It. Healey will be looking for 
reassurance that at least the 12- 


“nh reason why arrangements 
with trade unions and staff 
associations should not provide 
for such flexibility.” 

The report set out a number 
of other proposals for promoting 
competition in banking. Jointly 
negotiated tariffs and Joint 
working arrangements should be 
brought before the Restrictive 
Practices Court as soon as 
possible — in response to this Mr. 
Gordon Borrie. the Director 
'General of Fair Trading, issued 
a statement describing his re- 
sponsibility for such agreements 
It is argued in the report that 
the Bank of England should take 
over responsibility for regulating 
the Bankers’ Clearing House, 
the machinery for clearing 
cheques. 

Nick Garnett writes: On 
flexible opening hours, Mr. Leif 
Mills, general secretary, of the 
National Union of Bank Em- 
ployees, criticised the Commis- 
sion for taking only a “ cursory 
glance” at the problem and 
having no understanding of the 
difficulties. 

He said the Commission’s 

points on Saturday opening were 
“glib and ludicrous” and took 
no account of the economics of 
opening branches on more than 
five days a week. Saturday open 
ing would bring in no new busi- 
ness and would entail higher 
operating costs with extra staff 
and shift premium payments. 

The Commission, . said Mr. 
■Mitis, had -had little consultation 
wtth the unions and talks' be- 
tween employers anti- the unions 
on flexibility was of no concern 
to the Commission. 

"The Barclays Group Staff Asso- 
ciation, which has agreed ptiot 
schemes on increased week-day 
flexibility with Barclays, but not 
: Saturday opening, said it was the 
job of the banks and the unions 
but not the Commission to deelde 
on what happened about opening 
hours. 

The Confederation of Bank 
Staff Associations, the umbrella 
body for the clearing bank staff 
associations, is firmly opposed, 
along with NUBE, to Saturday 
opening. 


month gap between pay rises will 
continue to be observed. 

Any concession be makes on 
the shorter week would un- 
doubtedly strengthen the already 
manifest desire of union leaders 
not to campaign outright against 
the nest incomes policy in a way 
that would risk confrontation in 
a pre-EIection period. 

Speaking in the city which is 
the main supply base for North 
Sea oil — whose benefits are seen 
by the unions as the real chance 
of dealing with structural un- 
employment — Mr. Moss Evans, 
general secretary of the Trans- 
port and General Workers Union 
said: “Ministerial pronounce- 

ments on the evils of unemploy- 
ment will look very hollow if the 
Government tries to prevent a 
35-hour week in the next round 
of negotiations in the public 
sector." 


Reflation call 


Earlier. Mr. David Easnett 
TUC chairman, said that the 
Government must reflate further 
even though the budget had 
made a start on the tax front. 
But he challenged unions to 
“ put our negotiations where 
our mouth is.” 

“We make speeches about un- 
employment, we profess is to be 
the most serious problem facing 
us. We demand action from 
others. But what dp we do- our- 
selves ? Can we not negotiate 
our way out of overtime ?” 


Up to 200,000 jobs could be 
created by cutting overtime 
working in half. A shorter 
working week could create 
750,000, he said. The union's 
own credibility was at stake. 

Among other demands 
approved yesterday were a pro- 
gressive reduction in the retire- 
ment age for men to 60, selec- 
tive import controls and further 
training for school leavers and 
re-training for those made re- 
dundant.. 

Peter Riddell, Economics 
Correspondent, writes: Mr. 
Healey yesterday removed the 
remaining uncertainty about the 
timing of a possible further 
economic stimulus. 

He said the Government had 
no plans whatsoever for intro- 
ducing a new Budget and the 
earliest moment that an; further 
action could be taken, assuming 
real progress at the world econo- 
mic summit, would he a great 
deal later than July. 

Mr. Healey's comments were 
made during a visit to Lambeth 
where a by-election is taking 
place to-morrow. 

Officials have made it clear that 
there is no room for a further 
stimulus at present within the 
borrowing and monetary guide- 
lines. It will not really be pos- 
sible even to consider further 
action until the prospects for 
earnings, public spending and 
■world trade are dearer in the 
early autumn. 


Short-time compensation plan 


BY ALAN PIKE, LABOUR CORRESPONDENT 


WORKERS on short time will 
have a statutory right 1 to com- 
pensation from next year if 
Temporary Employment Subsidy 
ends under Government pro- 
posals published yesterday. 

Ministers have been consider- 
ing the possible benefits of short- 
time working schemes since the 
subsidy ran into difficulties with 
the EEC Commission last year. 

A temporary scheme is due to 
be introduced in the textile, 
clothing and footwear industries 
to compensate for EEC restric- 
tions on the subsidy by the end 
of next month. 

Proposals outlined yesterday 
in a Department of Employment 
consultative document axe for a 
more extensive and permanent 
scheme throughout industry 
which would be jointly funded 
by the Government and 
employers. 


Special short-time working 
schemes separate from t be mala 
unemployment benefit system 
already exist in Germany, 
France and Italy. 

It has thus ** increasingly been 
accepted in Europe that em- 
ployers should provide compen- 
sation, closely- related to normal 
pay for workers on short-time, 
bht the -cost should not fall 
entirely on. the individual em- 
ployer,” the Government says. 

The British scheme would be 
divided into permanent and 
temporary tiers. 

A taxable 75 per cent of 
normal gross. pay for each day 
lost -is suggested as a possible 
level of compensation under the 
permanent scheme, with a sub- 
stantial proportion, maybe 50 per 
cent of the cost to individual 
employers met from, a short-time 
working fund. 


The temporary tier of the 
scheme would operate at times of 
particularly high unemployment. 

Under it, full cost to em- 
ployers would be refunded .pro- 
vided they could satisfy the 
Government that short-time was 
an alternative to redundancy. 

The consultative- document 
calculates that an increase in 
employers’ National Insurance 
contributions of about 0.15 per 
cent— lOp per week at the 
average industrial wage — would 
be needed to help finance the 
funcL 

But it says this would be 
almost entirely offset by savings 
in guarantee and redundancy 
payments. 

Gross cost to public funds 
might be about £49flm. a year, 
but this would again be reduced 
bv savings aJsewhere. 


Saadi under-water hotel study 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


AN ANGLO-FRENCH consortium 
has been commissioned by a 
Saudi Arabian company to carry 
out a feasibility study into pro- 
posals for an under-water hotel 
-complex off the coast of Bahrain. 

Sheikh Yam an i, the Saudi 
Arabian Oil Minister, is believed 
to have an Interest in the client 
company. 

The development, probably in 
International waters, would In- 
clude all the facilities of a top- 
class international hotel and 


could rival London’s Mayfair as 
abs 


i 


a magnet for wealthy Arabs look- 
ing for somewhere to enjoy their 
leisure- 

It would be made up of six 
inter-connecting modules, *em* 


bedded in the sea-bed Hkq an oO 
platform. Access woulgt'-be by 
boat or helicopter— a helicopter 
landing pad would form the cen- 
tra] module. 

The Idea was conceived by a 
Frenchman, M.. Andre Gass, who 
first approached the Egyptian 
Government The Egyptians 
considered floating the hotel in 
the Gulf of Suez opposite the 
Sinai Peninsula. 

M. Gass’s company. Loghan. 
commissioned a French offshore 
engineering company, EMH, to 
carry out a feasibility study. 

EMEC In turn formed a joint 
venture with the French sub- 
sidiary of the British company 


of designers and architects 
Fitch. 

When the Egyptians decided 
not to go ahead with the idea, 
Loghan approached other pos- 
sible clients. Two days ago a 
representative . Of Sheikh 
Yamani’s business Interests 
signed a contract for a technical 
feasibility study. 

As originally conceived by 
M, Gass, two of the modules in 
the complex would have been 
hotels. Each suite, would have 
had a terace above the water 
line as welt as normal comforts 
such as a bathroom and air 
conditioning. 


THE INLAND REVENUE in- 
tends to launch criminal 
proceedings against Collett, 
Dickenson, Pearce, Britain's 
biggest publicly quoted adver- 
tising agency, and its chairman 
and managing director. 

The nature of the proceed- 
ings is not known, says the 
agency, but they apparently 
arise from inquiries the 
Revenue has conducted into 
the tax affairs of the group for 
periods before - December 31, 
1974- 

Collett, Dickenson, Pearce 
International, the bolding com- 
pany, which announced a 68 
per cent, surge in pre-tax 
profits for 1977 to £UJ8m-, 
yesterday said that any pro- 
ceedings by the Revenue would 
he “strongly resisted.’’ 

On the strength of its annual 
results the company's shares 
closed op higher last night at 
63p. 

The company said yesterday: 
“The directors announced in 
October 1977 their intention 
to take account as an extra- 
ordinary Item (bnt without 
admitting liability) of an 
amount then estimated at 
£600,000 against unanticipated 
claims under tbe Taxes Act for 
periods prior to December 31, 
1974 substantially relating to 
payments in respect of over- 
seas subsidiaries and asso- 
ciated companies.- 

“The Inland Revenue has 
this week informed Collett, 
Dickenson, Pearce Inter- 
national of their intention to 
institute criminal proceedings 
against Collett, Dickenson, 
Pearce International, Its chair- 
man (Mr. John Pearce), its 
manag ing director (Mr. Frank 
Lowe), and Its trading subsidi- 
ary, Collett. Dickenson, Pearce 
and Partners.” 

A director of the company 
said last night: “ It is my view 
that this business with the 
Revenue Is a storm in a tea- 
cap. What is not a storm In 
a teacup is our profits for last 
year, the highest ever achieved 
by a British-owned advertising 
agency.” 

With estimated advertising 
billings this year of £50 hl, the 
company ' is Britain’s fifth 
biggest advertising agency. 

ft is renowned in the adver- 
tising business for highly 
stylised, innovative, creative 
work for a number of blue-chip 
clients that include Barclays 
Bank, Birds Eye, Carnation 
Foods, EMI Records, Fiat, 
Gailaher, Hovis, I CL Redtitt 
and Colman, Ronson Products, 
Texaco and ’Whitbread. 

Its group turnover last year 
was £36.8m- (£2 5. 7m.). The 
pre-tax profit of £U38m. com- 
pares with £826.311 the pre- 
vious year. The directors 
recommend a final dividend of 
1.71 21 p a share for a total of 
3.2686P, the maximum permis- 
sible. 


Weather 


UJC TO-DAY 
RAIN spreading, some bright 
spells- 

London, SJS„ Cent S„ E., Cent 
N, NJEL England, E. Anglia, 
Midlands, N. Wales 
Mainly dry at first Rain later. 
Hill fog. Wind S„ moderate. 
Rather cold. Max. IOC (50F). 
Channel Islands, S.W. England, 
S. Wales 
Rain, Hill fog. Brighter later, 
with showers. Near normal. 
Max. 11C (52F). 

N.W. England, Lake District, Isle 
of Man, N. Ireland 
Rain. Rather cold. Max. 8C 
(46F). 

Borders, Scotland 
Mostly cloudy,, rain at -times. 
Rather cold. Max. 6C-8C (43F- 
46F). 

Outlook: Rain, becoming dry. 


BUSINESS CENTRES 




Vday . 



Vday 


Mid-ftay 


Mid-day 



■C 

•F 



°C 

op 

Amsterdm 

S 

11 

32 

Madrid 

F 

30 

68 

Athens 

5 

17 

63 

Mancbestr 

C 

6 

43 

Bahrain 

C 

29. 

W 

Mtiboarue 

S 

19 

66 

Barcelona 

C 

14 

57 

Mexico C. 

S 

24 

75 

Bcbul 

P 

39 

66 

MU*q 

S 

U 

55 

Belfast 

c 

6. 

43 

Montreal 

C 

10 

50 

Belgrade 

c 

5 

41 

Moscow 

c 

IS 

64 

Berlin 

F 

11 

S3 

Munich 

s 

s 

46 

Birmngbm 

R 

5 

41 

Newcastle 

c 

9 

48 

Bristol 

C 

7 

45 

New York C 

11 

52 

Brussels 

F 

11 

521 

Oslo 

R 

4 

96 

Budapest 

C 

a 

<6 

Paris 

R 

S 

41 

B. Aires 

S 

36 

79 

Perth 

S 

34 

75 

Cairo 

S 

39 

84 

Ptasue 

F 

9 

48 

Cardiff 

C 

9 

4S 

Keytoavltr 

H 

8 

48 

Chicago 

C 

9 

48 

Rio de J'o S 

30 

86 

Cologne 

S 

12 

54 

Rome 

S 

13 

» 

Dublin 

H 

s 

46 

Singapore 

S 

31 

88 

Edlnbrfih 

C 

ID 

50 

Stockholm 

s 

7 

45 

Frankfurt 

5 

13 

55 

Straobolieg S 

13 

a 

Geneva 

C 

7 

'45 

Sydney 

s 

21 

70 

Glasgow 

C 

ID 

50 

Tehran 

K 

18 

84 

Helsinki 

S 

8 

46 

Tel Ativ 

S 

19 

66 

H. Koug 

C 

21 

7D 

Tokyo 

C 

16 

81 

Joliurg 

S 

24 

75 

Toronto 

S 

fi 

43 

Lisboa 

S 

19 

66 

Vienna 

c 

10 

60 

London 

R 

B 

43 

Warsaw 

R 

6 

43 

Lmcembnr 

S 

ID 

50i 

Zurich 

5 

9 

4 8 


HOLIDAY RESORTS 


AJjcdo 
Alders 

Biarritz 
Blackpool 
Bordeaux 
Boulogne 
Casablirca 
Cape To. 

Corfu 
Faro 
Florence 
Funchal 
Gibraltar 
Geunue* 

innsbruefi 
Inverness 
Is. of Man'R 
Istanbul F 
F — Fair. S— Sonny. 


14 B1 

a 73 

U 55 
6 43 

13 66 

6 43 
19 66 
39 

F 13 53 
¥ '.'I 70 

15 IB 
19 66 
30 tO 
9 4S 
In an 

7 45 
in su 

14 37 


Jersey 
Las Palms 
Locarno 
Majorca 
Malaga 

Malta 

Nairobi 

Naples 

Klee 

Nicosia 

Oporto 

Rhodes 

SaUbnrs 

Tangier 

Tenerife 

Tunis 

Valencia 

Venice 

c— aoudy. 


C 10 50 
S 21 70 
S 13 59 
19 66 
23 73 
16 61 
a « 
13 55 
13 55 
IS 64 
15 59 
17 63 
9 

IS 64 
S 19 66 
S 19 66 
F 24 75 
S 13 54 
R— Rain. 


THE LEX COLUMN 




l - * m- 





The clearing bankers in 
parlours will have a friendly 
word or two to sa y about the; 
Price Comimssiozi’s report W 
money transmission phaigfts . 
Apart from dusting down the 
old Prices and Incomes Board’s 
calls for Saturday opening and 
greater profits disclosure, the - 
Commission has no very impart 
taut criticisms. Yet it is sur- 
prising that the report contains ’ 
no more radical comments on-a : - 
sector which has a declining 
share of the retail tiepoat 
market, has lost a-big chunk of 
its wholesale business to liie . 
American .basks, and has gene- 
rated an ever-increasing: vohHiie : 
of bits of paper going through, 
the financial system. _ 
Some of these matters were . 
clearly outside the CommSssi4m’&. 
terms of ‘ reference, but it has 
made little effort to recognise 
the fact that the banks' under- 
lying cost Structure as now badly; 
out of -line with the declining 
volume of real business now- 
passing through the branches. 
Over the past couple of yeans 
the banks have protected their 
profits by defensively' widening 
the gap between their base and; 
seven day deposit nates bat as 
the Commission points out there 
is little further scope in tins 
direction. 

At least tiie Price Ccmmissfon.- 
comes out strongly against the 
accounting m umbo-jumbo of the 

Leach Lawson” rules.; It' sees 
no reason why the banks- should 
not draw up their accounts on a. 
conventional basis and disclose 
the full extent of their, general 
provisions against bad and doubt- 
ful debts, which in any case are 
widely .known to represent 
between 1-1£ per cent of their, 
advances. It seems that in 
principle the banks do not oppose 
full disclosure bat they are not 
going to be hurried. They will 
not wish for Instance to lose the 
residual protection which “ Leach 
Lawson ” could . give to their 
P and L accounts in a 1974 type 
situation. 



ft 




iU- 


Index rose 6.S to 453.5 


programme which_is weighted 
towards '• "diesels amT • electric 
motors. . • :. 


'%/ - 


Atlantic Asets 


I3S0 


25»h 


M- 


i5Ph 


3 


V72M0Q 


IbthtHRSt 
-Incmoa 


0p i25& 

Trading.. 



fjfy 




Motet TmaouMa Oops 



•W72 T3 T* T5 *76 1977 


Hawker Siddeley 


The latest report from 
Hawker Siddeley shows net 
cash of no less than £99m. in 
its balance sheet at tbe end of 
1977, a degree of improvement 
surprising even in the wake of 
aircraft nationalisation. For 
comparison the end-1976 net 
cash holding was just £15 ul, 
while since nationalisation 
Hawker has been repaid areo- 
space loans of £48.7m. fit has 
agreed to treat a residual 


fiL&n, as on an equal footing 
with shares). The remaining 
book interest in the aerospace 
companies is £25.8nu, and a pay- 
ment on account of £3Jm.,has. 
mow been received. But negoti- 
ations on the basis of compen- 
sation have really hardly begun, 
and meantime Hawker is credit- 
-ing notional interest (of £14hL.- 
last year) on the balance.. 

For shareholders there is an: 
; awkward paradox; however, in a 
company bulging with, cash of. 
around 50p a share-, against a 
price of I88p, while the yield 
on shares is a mere 3.3 per cent 
So a great deal depends on 
whether dividend constraint is 
removed in August. - 

The results for 1977 are 
closely in line with expectations- 
at . £95 hl pre-tax (excluding 
aerospace) against a compar- 
able £73m. A curiosity is the 
absence of the normal segrega- 
tion of H4L Canada, but thexe is 
said to be nothing sinister about 
a. delay in the local announce- 
ment which is preventing publi- 
cation by the parent In 
proportionate terms, the electri- 
cal engineering division of the 
group has shown the. faster 
growth, aided by power genera- 
tion business in areas like the 
Middle East and Nigeria; and 
by the strength of the tJJEC 
electric motors side. In mechani- 
cal engineering the main growth 
has come at tbe heavier end of 
the diesel market 


This year orders could be a 
little harder to find, but Hawker 
still strikes & confident notek In 
any case- the main . interest is 
going to centre on the group’s 
reinvestment programme, and 
: white the group is not forth- 
coming about its acquisitions 
plans if is less bashful about a 
£7 5m.. internal capital spending 


When the Edinburgh invest; 
ment management house Ivor!)* 
and • Siroe sought new capita 
two years ago it . went to ai-r 
independent source; -Aanex Bank - 
which picked up 30 per cent. o. 
the equity. But new,' m issuing:'. •• - 

further Wotk of equity fQ , * - 

£540,000 'in ' cash,' it has turner ' 
to the publicly . quoted invesl 
ment trukt-. Atlantic Assets .. 
which is, of course, a manage ■ 
ment client. Apparently Atlantf 
has paid no more, {ban the -Arne 
price,' and the p/e is now' Iowa. 

Bnt in nn industry notorious 
its inter-relatio nships it wods 
have- been reassuring to sg 
rather more . detail provide ■ 
than simply a bald statement j 
Atlantic Assets’ fait accompm „ 

OCX .. 

_ Overseas Containers Luntie 
(OCL) has now firndS" egtfii 
li&hed itself as the most profi 
able U.K. shipping company 
Whereas profits of its two mai 
shareholders. Ocean Transpoi 
and P and O, are under grovnh 
pressure, OCL has' managed, 'I 
push its pretax profits £fi2n 
higher to £48.7m. ' 

This performance comes af tt 
.some substantial adveri _ 
currency movement in 19f 
Leaving aside the. exchang 
losses of £4.3m. on foreig 
currency loans, OCL reckoc 
that the strengthening ?o£ tb- 
pottnd knocked an addition] 
£7.0m. off its profits and- tifL '*• 
Tilbury and Southafiimoni'-dQt 
disputes another £3.0m. Ilea! 
while, depreciation and tntere 
charges were £A2m.. higher.' 7 .:. . 

• Not that OCL is without t 
problems. It has virtually coi 
pletedlis major containerisatk 
programme and growth fro 
now on is going to be far moi • •" 
pedestrian. The continuing 
Southampton dock daspute f > 
costing it~ dose to £0.5m. pe 
week in. extra transhipment cos-: 
while the Trans-Siberia railwfi • 
poses a serious threat to tir ■ 
group’s lucrative Far Eastei 
routes in the medium term. - 
This year it - is resigned/* 
losing money on its Soil 
African business since the pit 
perous southbound* traffic h ’ 
dropped off by 45 per cent, ar.-;: 
ft expects overall profits to. *' 
“slightly Tower.” Biit the jok 
in the pack; is curreizcies..., . 
steriing; continues to . weak - 
against the dollar the profit, p 
tore could look more rosy toy t 
end of the year. ;l 


s 

e 


if 


* : 



Europe's Largest Manufacturer of Electric Blankets^ 


Record Turnover and Profit 


YEAR'S RESULTS IN £000's 

1977 

1976 

1975 

Total Turnover - 

6,732 

5,281 

5,443: 

Trading Profit 

740 

336 

: 698 

Less: Interest Chargessnd : 




Royalties Received Net 

36 

82 

183 1 

Profit before Tax- : ; 

704 

: 254 

515 

Profit after Tax . : v 

571 

200 

337 


c . , 


--- 


The Directors recommend a final dividend of 1.741 p per share 
(1 976- 1 .525p) mafcingatdtal of 2.541 ; pper share forthe year, 
the maximum a]lowafefe> ; ' : / ■ • ’ " - • > . .‘-5 

The Company successfully met customer denriand during the 
year and the improvement in trading activity reported in the 
Interim Statement continuedforthe rest of the financial year. This, 
coupled with red ucedinterestcharges^resu Ked intherecord 7'_ 
pre-taxprofitshown; V :' 

Orders and deliyeriesf or the first quarter ofthe current year are 
well up to expectatiowand Continue to reflect the steady i ncrease 

fn consumer demand forour products, ‘ ‘*8*0 

In view of this, and inthe absence of unforeseen circumstances^ .’U 
the Directore consider:^ profit should be 

achieved in the fortfuxjmmg year. _ f ^ { rf- 




DREAMLAND 


MONOGRAM 


Dreamland electrical 
AppfiariCes Unfitted, 


ALARMLINE SouframptonS04 6YE 


IV 

h 




. Primed &T 5C Oamenre -Jreto- ajr. nod stiOUbA 
Bin Heart House, Cannon Street- London. BC4P4BV. 

: 43 .liie^SBaiKlal'.Tliins Utt,, 1978 


"■ A v