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FINANCIAL TIMES 


The world’s most 
expensive 
twist suiting cloth 



No. 27,539 


Thursday April 20 1978 


SCOTLAND 


i<£ 


r eath. 


COMTtNe^T^ muWC raiCESi AUST1UA-Sch.lSr ABUaUM Fr-25 ; DENMARK KrJJ; FRANCE FrJ.O; GERMANY DM2.0; ITALY L.500; NETHERLANDS FU.C; NORWAY KF.3.5; PORTUGAL ElcJM; SPAIN Wa*4flt SWHKN Kr^J5s SWuabALAND FTA-Ot EIRE 15p 


SUMMARY 


BUSINESS 


Government starts Booth hopes 
vetting company TUC will 

j nn ic back pay plan 


0 IWUIH , HVVI|lbS0 ....... 

sily abour Rise in vetting company 

m? productivity deals 


BY CHRISTIAN TYLER, IN ABERDEEN 


- - ' 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


OCL 


' - 1 r'.'i surprise Commons defeat 
''night Cher Government last 

- Clause in the Wales. Bp] 

. casts, doubt on the future 

legislation setting up % 
. ; 1 sh Assembly, 

• clause deleted by a com- 

: - of Conservative and 

- :r- MPs operates the 

•. V : 4er mechanism for establish- 

z*.he Assembly. It was defeated 
"i.?. 59 votes to 232. 

: ■ attempt ix likely to. be made 

••*r ifw .sstore the clause during -the 
.• : '■ J- . 'rt stage of the Bill, but is by 
. -reans- certain that this will be 
+ -.esstul. Back and Page 8 

ance ‘tests 
■ jV.>vtron bomb’ . 

: ' afnoe has exploded a neutron 
;■ -:;1> _ at its South Pacific 

"■ - :-:c;iear test site, according to 
v - .>rts circulating in Paris. ' 

: r. iv.C.r. Cyrus Vance, UJS. Secre- 
of State, arrived in Moscow 
. -'\.7'- > the hope of moving ahead 
negotiations on a hew 
'. '.'r- icteric arms limitation treaty. 
= e 2 


O GILTS were boosted *»? the 
decision to reactivate theAhort 
and long tap stoeks. Good de- 
mand developed for the hborts, 
where the tap was qtricM^ -ex- 
hausted. The Govermnent 
Securities index rose to 
72.16.- -vf- 1 

• EQUITIES were lifted hr the 
revival in Gilts and responded i 
well to modest demand. The 30- 


F.T. Industrial 

‘Ordinary IricfexT 


The Government has started to vet productivity 
deals agreed under the phase three pay policy to 
ensure that they are self-financing. 

Companies will be asked to Government figures show that 
confirm that their schemes are self-financing deals have been 
still self-financing, and therefore agreed affecting one in five 
not inflationary, in line with the workers. The resulting bonuses 
criteria. If these conditions are are officially expected to add 1 
not met, agreements will have to 2 per cent to average eara- 
to be renegotiated, which may ings in the current pay round, 
result in a reduction in pay- The news that monitoring has 
men ^ 9 - started emerged yesterday after 

As a last resort the use of the announcement by the Depart- 
sanctions, such as the withhold- meat of Employment of a slight 
ing of public sector contracts acceleration in the annual rate 
and purchasing, may be con- of growth of earnings. . 
sidered. The older index of average 

The move did not surprise the earnings, mainly covering pro- 
CBI, whose president Mr. John duction workers, rose by 11.4 per 
Green borough. said inspections cent, in the year to February to 
had been expected since coni- 310.6 (January 1970 = 100. 
panics entered into productivity seasonally adjusted). This corn- 
deals in the full knowledge that pares with a 10.2 per cenL rise 
people would want to see the in the 12 months to January, 
details. Retail prices rose by 95 per cent 

The inquiry by the Depart- in the year to mid-February, 
ment of Employment has only xbe earnings index has risen 
been started now-— two-thirds of ^ §4 per cent, in the first seven 
the way through the pay round months of the pav round, which 
— to allow sufficient time for equivalent to an annual rate 
productivity deals to be properly of about 14 j per cenL 


Percentage increases over 
| previous 12 months 


25, Retail 
SI m/ Prices 


*- Earnings'/*" 

1975 1976 1977 1978 


established. 


Officials 


Groil 


Bill 

Protection of Children Bill, 
Sh imposes heavy penalties on 
: ;!ars of. child pornography, 
.’. v.f through its - remaining 
..._es in the Commons last night 
. ~~4 Government blessing. 

-Ansio ns inquiry 

--77 .Director of Public Prosecu- 
77Ts is to investigate the'act&m 
, ' .-~ 2l vil servants who withheld 
of the pensions of : a group 
- - - -Usabled officers, to see if there 
: : T.any criminal liability, Mr. 
.. v.-id Ennals, Social Services 
-*etaiy, disclosed iu a". Com-' 
-J-Yjs written reply. Back Page 

. f;.ime shooting . 

Red Brigades struck agaiti.ln ; 
— .j-ne last .night when a polled 
I -7 -racks was attacked in a raid. 
' r7mg which hand grenades and 
Abin e-guns were used. There 
r e no casualties. As the. 
lers— including a woman-+ 

• ruped police fired at their car 
- :cb was later found abandoned. 
\ c -reh for Mora, Page "2 J " 

viirkish clashes y 

Vewed street fighting between. 
.-7, 'ht and Left-wing factions 
^ pted in the riot-lorn southeast 
: •■'.‘."key town of Malatya- as more 
■ cel bombs of the type which 
; -fed the - mayor on Monday 
:T:h't were found. ’ 

ackpool probe 

zgations of corruption in pub- 

-'life in Blackpool are to be 

— —^ estjgated, Mr. Merlyn- Rees 
■SSS the Commons. Inquiries will 
SSI^carried .our by a police .team 
n outside forces. 


iilean amnesty 

le’s - military Government 
lared a general 'amnesty for 
Chileans jailed- by military 
rts since it came to power 
lost five years ago. Page 3 




Bi^ana arrests 


ana’s military rulers have 
ested 35 people for plotting 

M l* overthrow the Government in 
ampaign of violence,- kidnap-* 
gs and assassinations, the 
^ 1213 ^ ews Agency reported. 

— — i>njo*s record 

’ | ijo O’Neil!, riding five win- 
' . * •' j s at Perth, overtook Ron 

. ■" ■ Ty*s National Hunt record of 

1 winners in a season. To-day's 
: - ■ tag, Page 20 

j-Sefly « - . 

. Anthony Wedgwood Benn, 
•r.j *7 Energy Secretary.' attended 
■7; Commons on crutches after 
Jflng down stairs, 
nee Andrew escaped unhurt 
en his parachute lines tangled 
_.,c\**tag a -training jump. 

• “2 ! - wealthy recluse, who died aged 
. has left £20,000 to his union. 

■ * T ■ j National Union of Public 
.tployees for benevolent- piir- 
. . -ji-’ses. 

.. —V-'- ’ ccer: England drew 1-1 with 
’ ^,aril Jn a friendly, match at 

»mbley. 


, f. WOT ME JAM FEB UAH AW j 

Share index closed 8J higher 
at 461.6, the day's best. 

• STERLING closed 10 points 

lower ait $ 1.8M0 after 'trading 
in a narrow range througbont 
the day- - The trade weighted 
index fell to 6L6 (6L7), its 
lowest since July last year. The 
. dollaris depredation narrOwed 
to 6jS8 (5.47). - ; ’ 

• GOLD gained 

&m. - •v^-,-*' 

• WALL STREET clo^f^77 
np gt 808.04. Turnover 

35m- shares. .. ^ •* > _ i ‘ -p 

• TOKYO-.. Sfbck . Exchaiig^j, 
which has reached a. post-war- 
peak, had. ahother r boom seesfon. 
The market average dosed .21.12 
up at fi,556B4; : Sages 4 and 36 

Lloyd’s blocks 
outsiders 

• LLOYD’S of London Committee 

ba& ruled -against ownership of a 
Ubyd’s brbkfer.by a non-Lloyd’s 
broking firm.*' it ! said “ the main 
consideration was to ensure that 
all Lloyd's brokers remain 

genuinely independent.” Back 

0 -HEALTH Service will cut its 

annual, spending on drugs by . 5 
per cent a year in the next three 
years from: the present £600m- 
Page.6 .... | 

• HOLROYD Food Machinery 

has invited butchers to a demon- 
stration of equipment and ! 

methods to produce sausages; 

based cm fat, skin and vegetable 
protein for 12p a pound. The 
Meat Trades Federation said: “ It 
is quite impossible to make a 
product worthy of the name ol 

1 sausage' at that sort of price." 
Page 39 

• STEEL UNIONS have been 
offered eix - seats on' the- British 
Steel board by Mr. Eric Varley, 
Industry Secretary. Page fi 

0 lCI warned that it would not 
be able to continue planned 
capital investment in new pro- 
jects unless it achieved an early 
improvement in .profitability. 
Back _ 

0 UNIT TRUST sales reached a . 
record £49.4m_ last month. This| 
is almost double the figure for, 
March last year. Page. -6 , 

0 DAIMLER-BENZ and Fiat’s 1 
plan to produce a gearbox for 
buses is likely to meet with, 
objections from the West 
German Cartel Office. Page 33. 
Rover Management at Solihull, 
wili gnore a strike by 400 fore-: 
men . and try to get the 8,000 
workers to resume production. 
Page- 8 J 

CO0PJUUES 

0 BURMAH OIL made pre-tax 
profife pf ^3.61™. in 1977, com- 
pared with a loss of £7.99xn. In 
1976. Page 26 and Lex 
0 AKZO, the Dutch chemicals 
group, expects to reduce losses 
this year arid return ' to profit 
next year. Page 33 
0 DELTA METAL had taxable 
profits of- ^££6 -Tin, in 1977 com- 
pared' previously. 
Page .29. and Lex 


Monitoring will concentrate on monthly rate of increase in earn- 
ech ernes which include a large jpgs will be smaller towards the 
number of workers and produc- eQ( j 0 f the round than at the 
ing a big increase in earnings. heginning. as occurred last year. 

Officials say there is no evi- So the outcome for the year still 
dence that there has been a lot looks like being a rise of 13 to 
of fiddling. The CBl’s own data 14 per cent. This compares with 
bank covers 400 productivity an increase of 8 per cent during 
deals, of which more than half phase two. 


result only in an extra 1 to 5 
per cent in earnings. 


The older earnings index rose 
by L4 per cent in February and 


about 03 points of the rise is 
specifically attributable to pay- 
ments under the coal miners 
productivity schemes. 

The new earnings index, cover- 
ing the whole economy, rose by 
10.4 per cent in the year to 
Februvy to 122.6 (January 1976 
=100). However, this index is 
not regarded as a reliable guide 
to short-term trends since it has 
not existed long enough to be 
seasonally adjusted. 

By mid-April, about 6m. 
workers had settled— or just 
over 50 per cent, of those 
expected to be covered by major 
pay deals in the current round. 

Over 95 per cent, of agree- 
ments so far ure officially 
claimed to he within the 10 per 
cent earnings guidelines. 

Editorial Comment Page 22 


MINISTERS STILL hope to win 
tacit TUC support for the next 
phase of their incomes policy. 

This was made plain by Mr.': 
Albert Booth, Employment 
Secretary, at the Scottish TUC- 
in the first Ministerial speech 
to a union audience since the 
Budget. 

This traditionally - militant 
assembly carried a series of reso- 
lutions opposing any curb' on 
free collective bargaining or 
special restraint on the public 
sector. 

But there was a surprising' 
show of support for an attempt 
by Mr. Tom Jackson, of the 
Union of Post Office Workers, to 
leave the door open to negotia- 
tion on national wage rises 
between unions and Govern- 
ment. 

Mr. Jackson was supported by 
Mr. Sid Weighell, of the National 
Union of Railwaymen, while tbe 
opposition was led by two civil 
service unions with the help of 
TABS the white-collar section of 
the engineering workers among 
many others. 

A blocking amen dement to the 
postal workers' resolution from 
TASS was carried on a card vote 
by about 11 to nine. 

Mr. Booth, who was heckled 
by several Right-to-Work demon- 
strators in the visitors' gallery, 
gave no clue either to the 
existence or size of the earnings 
target which Ministers may 
decide to start quoting in later 
speeches. 

He said that in the forthcom- 
ing talks with tbe TUC on tbe 
economy the Government 
wanted to know “whether they 
agree that we should aim not 
only to control the rate of in- 
flation but also to reduce it 
further next year while maintain- 


ing tffe rise in living standards. 

“J believe we can emerge from 
these discussions with an agreed 
approach. to inflation.” 

• . in. the debate before his 
speech, Mr. Jackson said that the 
unions should not reject a 
flexible voluntary incomes 
policy, which should be fairly 
applied: That for his members 
at least, was the right way for- 
ward. 

. Leaders of the Civil and 
Public Services Association and 
Society of Civil and Public 
Servants said there must be ud 
private deals between TUC and 
Government and a clear union 
declaration that the present 
strategy ot any successor must 
he rejected. 

Later, tbe point was put even 
more bluntly by Mr. Mick 
McGahey, president of the 
Scottish miners: “l would sug- 
gest to those that talk about 
phase four—io another couple 
of years it will be phase 24 — 
I say, that you should tell them 
to get stuffed.” 

Mr. Weighell. who was booed 
by some delegates, called on 
unions to remember their work- 
ing-class solidarity and to nego- 
tiate with the Government how 
the benefits of lower inflation 
should be distributed in wages. 

Tbe day’s events made it clear 
that even If many TUC leaders 
would like to move to some kind 
of agreed shareout of wages they 
will have great difficulty in 
harnessing more than general 
support for Labour when they 
go to their own union confer- 
ences. 

It was also clear that the 
public sector unions are divided 
on how best, to tackle tbe Gov- 
ernment’s use of cash limits and 
pay norms. 



F ed intervenes with bid Landing system rejected 

BY ROBERT GIBBENS MONTREAL, April 1 

BRITISH hopes of providing a earlier been withdrawn on 

iCtrt OlQTffllft -AIII v 13 a standard instrument landing grounds that it was 

Ifr ■il l 1- lLriO.i l 1 U 1 P a SI LI CKlli system for the world’s civil avia- conceptual. 

.Jr . tson were virtually killed off to- Existing instrument Tanc 


;BY STEWART FLEMING 

ANXIETIES about the inflation- 
ary \outlook; appear to have 
prompted -the first move by the 
Federal Reserve Board to tighten 
credit ; since Mr. G. William 
Miller ‘took over as chairman of 
the Central Bank on March 8. 

With v Federal funds — the 
reserves- banks lend each other- 
trading at the 8} per cent level 
established at the beginning of 
the .-year, the Fed intervened 
early this afternoon to drain 
reserves' and put upward 
pressure en short-term interest 
rates by executing matched sales 
of securities. 

Wall Street’s money markets 
immediately, and confidently, 
interpreted the Fed intervention 
as up shift in monetary policy. 
There was uncertainty, however, 
whether the Fed’s intervention 


target has been raised 7 per cent 
or 6} per cent 

In the wake of the action, the 
Bond market fell sharply with 

The U.S. Gross National Pro- 
duct declined 0.6 per cent in 
the- first quarter of the year, 
according to preliminary 
figures. Mrs. Juanita. Kr eps. 
Secretary of Commerce blamed 
the coal strike and the -bad 
winter weather. Page 3 

some long Treasury issues drop- 
ping by- } of a point. Secondary 
trading in a new Treasury two- 
year note issue appeared to 
establish a yield on the issue of 
730 p4r cent compared with an 
anticipated yield of 7.60 per cent 
before the Fed's intervention. 


NEW YORK, April 19. 

But . the stock market also 
weakened slightly on the move, 
although it recovered later. 

These technical considerations 
took second place to the broader 
implications of the Fed action, 
whose timing had not been antici- 
pated in spite of a meeting yester- 
day of the Federal Open Market 
Committee, the Fed’s monetary 
policy setting arm. 

Some observers suggested that 
the action further underlined Mr. 
Miller's credibility. 

In recent weeks the new Fed 
chairman has been, outspoken in 
his concern about the inflationary 
outlook to the point of calling 
for the Carter Administration to 
trim its proposed tax cuts in order 
to reduce the projected $60bn. 
Budget deficit which he deems 
inflationary. . i 


BY ROBERT GIBBENS 

BRITISH hopes of providing a 
standard instrument landing 
system for the world’s civil avia- 
tion were virtually killed off to- 
night when ^legates from 71 
countries voted- to adopt an 
American-Australiap system. 

The. voting was 39 for the 
variant of tbe American Time 
Reference Scanning Beam 
(TRSB) against 24 for the U.ICs 
Doppler system. There were eight 
abstentions. 

The decision, taken under the 
auspices of the International 
Civil Aviation Organisation, 
cime after fierce competition. 
Eventual orders could be worth 
£Lbn. 

The British Doppler system 
was developed by Plessey and 
the TRSB by several UB. com- 
panies including Texas Instru- 
ments and Bendix. 

The verdict came in a secret 
ballot proposed by France, whose 
own microwave system had 


MONTREAL, April 19. 

earlier been withdrawn on the 
grounds that it .was too 
conceptual. . ‘ ' - - 
Existing instrument - lauding 
systems will be valjfcl until 1995 
as the new International system 
is phased in gradually. 

-West. -Gen8an proposals to 
continue development work on a 
360 degree approach system to be 
based on the TRSB were 
accepted, and there will be 
further discussion of this at the 
delegate meeting tomorrow. 

Mr. Brian Smith of the British 
delegation said after the vote: 
“We are naturally, very dis- 
appointed. The next -important 
thing is what -the British Gov- 
ernment win do. T . 

“ We have always said that we 
are ready to participate no 
matter which system was chosen. 
This means that . British .com- 
panies will participate in the 
manufacture of. ■ ‘the system 


Banks put 
up lending 
rate 1% 

BY MICHAEL BLANDEN 


THE COST of bank overdrafts 
increased yesterday as the big 
four banks announced rises of 
X per cent to 71 per cent in 
their base lending rates. 

The move contributed to 
calmer conditions in tbe Lon- 
don money markets, with tbe' 
gilt-edged market showing re- 
newed strength. The Bank of 
England made substantial sales 
of gilt-edged stocks to help 
fund the Government borrow- 
ing requirement. 

Tbe demand for stock 
quickly exhausted the remain- 
ing supplies of the official 
short-dated lap stock, 8} per 
cent. Exchequer 1983, of 
which £800m. was originally 
Issued early last month. 

The authorities were also 
able to sell a farther signifi- 
cant amount of the long-dated 
tap slock. Exchequer 10} per 
cent 1995, and dealers sug- 
gested that this too could be 
fairly close to running out 

Prices in the market showed 
gains of np to i <n the long 
stocks and just under i in the 
shorts, and tbe Financial 
Times Government securities 
index rose A4I to 72.16. 

Tbe bank’s move comes after 
the increase In the Bank of 
England’s minimum lending 
rate in last week’s Budget from 
6£ to 71 per cent This was 
followed by a period of uncer- 
tainty tn the money markets, 
with rates early this week sug- 
gesting that MLR could be 
forced np again. 

The banks wanted conditions 
to settle before making their 
decision, and found it con- 
venient to wait until after yes- 
terday's monthly make-irp of 
the banking figures, marking 
the end of the monetary year. 

The rise was led by National 
Westminster Bank, and quickly 
followed by the rest of the big 
four and others, including the 
Co-operative Bank. It will put 

Continued on Back Page 


I In New York 




CBI seeks more tax cuts 


.BY JOHN BJJOTT, INDUSTRIAL EDITOR 


LEADING industrialists yester- 
day decided to launch a major 
attack on the Budget aimed at 
persuading MPs to add income 
tax -wits worth some £900m. a 
year to the Finance BUI during 
the cgming weeks. 

The attack will amount to the 
most, widespread political lobby- 
ing campaign) yet undertaken by 
the Confederation of British In- 
dustry, whose monthly council 
meeting . yesterday recorded its 

deeply felt resentment" over 
the. Rivet’s limited income tax 
catsk''. 

I MPs -will be lobbied both by 
the ■ Confederation in London 
and - by - individual company 
| chairmen and chief executives in 
their confitrtuendes and will be 
told fthat the £900m. cost in 
1978-79 should be financed by 
cuts in public espenditnre. 

Of this £900im, the Confedera- 
tion wants £700m. to he used on 


cutting the standard income-tax 
rate by 2p, and tbe other £200nu 
od reducing higher rates. 

The money should, it says, be 
found through a major drive ou 
“ waste in revenue expenditure," 
by using money from tbe public 
spending contingency reserve, 
and by trimming allocations to 
the National Enterprise Board. 

Overall tbe cuts would affect 
some 17m. people but would be 
specially aimed at helping middle 
managers, so that, for example, 
a married man earning £7,000 a 
year, with no children, would 
receive an extra £120 a year on 
top of the Budget’s proposals for 
£94. 

Tbe Confederation is joining 
with the British Institute of 
Management in its campaign and 
has already had talks since the 
Budget with liberal Party 
leaders. 


Sir John Methven, its director- 
general, will be writing to Mr. 
Denis Healey, Chancellor of the 
Exchequer, to-day. 

It was clear last night that tbe 
industrialists now believe That 
they have more chance of win- 
ning by going direct to MFs in 
order to fuel the Parliamentary 
row that has been building up, 
iD the hope that the cuts will be 
inserted during the Finance 
Bill’s passage through Parlia- 
ment. 

Mr. John Greenborough, CBI 
president, said the Chief 
executives and others at yester- 
day’s Confederation council 
meeting . were specially bitter 
because they believed that earlier 
remarks by the Prime Minister 
and the Chancellor bad indicated 
the cuts would be larger. 

“ If the Government thinks this 
is -the way to get industry turned 
on, they are wrong," he declared. 



CONTENTS OF TO-DAY'S ISSUE 


BEF PRICE CHAMES YESTERDAY 


-I r ; ".. Tices in pence unless otherwise 
indicated) 

RISES 

-t.'-cheq. 12J pc '8X-JE106S + A 
- • • •'. jed Colloids 71. + 4 

-pleyard . JHH'i 

± ' sod. Dairies ......... 2M + 7 

relays Bank 853 +-10 

pi'll tun hi..... ® 4-- S 

, wson UnL . 

.J SUlera Jjj+| 

£===1H'- 

Midlands- ... 105 + 10 
nrks and Spencer.-.. 146-+ 4 


NatWast ...„v.?snw. 
Perry (Hi)- — 

Ruberoid 
Sanger.: (J. -E.)-.. 
Tube Invests. 
Burrnah . . . 

LASMQi 

Ultramar 

Lunuva ' — 

McLeod Russel 

Cons. Gold Fields .. 

Doorafantein — 

DurbanDeep — 
Hampton Areas 
Northern- Mining .. 
-Tanganyika Cons. 
'West. Rand Cons. 
yukonCons 

falls 

Collett' Dickenson .. 
Weeks Associates .. 


2S2 + 9 
175 + 8 

38+4 

53 + 3 
366 + 6 

54 + 7 
156 + 10 
246 + 35 
145 + 20 
212 + 7 
170 + 5 
231+17 
162 + 22 
111 + 10 

66 + 14 
186 + 7 
122+15 
162 + 6 

58 — 5 

31-4 


European news 2 

American news 3 

Overseas news 4 

World -trade news 5 

Home news-general 6-7 

' ~ — labour 8 

— Parliament ... 8 


The U.S. energy muddle ... 22 
Economic Viewpoint: 

Fair-weather monetarism 23 

An_ aristocratic wine falls 

hard .times 2 

Carter moves to halt urban 
decay in. New York 3 


Technical page .............. 9 

Marketing scene sr... 19 

Arts page 21 

Leader page 22 


Mining 30 

Inti. Companies and Euro- 

markets 32-34 

Wall Street 38 

Foreign Exchanges — .... 38 
Farming, raw materials ... 39 


UJL Companies ... 24-26-2930 UJL stock market — 40 


FEATURES 

The Middle East: The state 
of uncertainty : 4 

Profits and the push for 
market share 19 

Irrigation venture In Vene- 
zuela ....................... 14 


Business and the'eourts ... 20 
• tLS. banks: Foreign earn- 
ings still substantial 32 

Australian takeovers; The 
need- for a new code ... 34 
FT SURVEY 

Pocket calculators 15-18 


rmpnlunfli QitirfT 10-13 

M 

BwtwwrjMHt. 57 

' Otunril , ‘ 2D 

ncHMedc-'iedteaun 36 

EMcmtaunutUnMc 20 

Jflfar.Cahmnt IB 

Ua«H» A UBwrtf 00. 

-Letter*- j, 73 


Lex — — 

LombenJ 

Meo and Matters v 
Money Market 
Racing 

Salerwm 

Share WmiibUm ~ 
Stock Bxck. Report 
To-da^s E**ats — 
TV and Ratfft — 


Unit Trmts — o 

Weather M 

Ban Leadba Rates a 

PROSPECTUS - 

Batter Trmtul Lb. 3a 

ANNUAL STATEMENTS 

Atan M 

Britltta Unco 28 


Brtttalns 28 

Delta Metal- a* 

Hit & Sbangfeal Bbg. 21 

Horizon MMaMb 34 

ICI 2 S 

Stonsh Estntas 30 

Unicorn IwM- —— 30 

INTERIM STATEMENTS 

Owfley Prtntiag .'29 


NORTHAMPTON 
‘ The handsomest and best built 
town in aU this part of England 7 

Daniel Defoe 

Over 250 years ago the author of ‘‘Robinson Crusoe” visited Northampton. The 
town he saw had completed rebuilding after a devastating and tragic fire had destroyed 
whole areas. 

Today his description is as true asever. Many- of the important and historical features 
of old Northampton still 1 remain, though the dirt-tracks the mail coach used to travel 
have been replaced by more modem transport systems. London and Birmingham are now 
only about an hour away by motorway or raiL 

The town which so inspired Defoe continues to -develop. It offers the ideal 
commercial and industrial location and an excellent labour, relations record. Since expansion 
started in 1970 over 200 successful firms, including 20 from overseas, have chosen to share 
in its growth and history. Northampton Development Corporation provides also for the 
housing and social requirements of our newcomers, improving and supplementing the 
town’s many facilities. 

■For further details phone 0604 34734 or write to: L. Austin- Crowe, Chief Estate Surveyor, 
Northampton Development Corporation, 2-3 Market Square, Northampton NNI 2EN 


For latest Share Index ‘phone 01-246 8096 










2 


European news 


^Financial TSmeis Thursday April 20 1078 •; 


Barre promises 
to free prices 
and raise wages 


BY ROBERT MAUTHNER 

M. RAYMOND BARRE. the 
French Prime Minister, an- 
nounced to-day that, while the 
French Government would per- 
severe with its policies of 
economic restraint, it would take 
early rieps to free industrial 
price? and raise the wages of 
the lowest paid workers. 

The Prime Minister said during 
the ' presentation of the new 
Government's economic pro- 
gramme to the National 
Assembly that he would ask 
Parliament for a vote of con- 
fidence on his declaration. There 
can be no doubt that the Govern- 
ment will obtain the required 
majority, since even before the 
debate started, the Gaullists 
made dear that they would vote 
for the Government. 

M. Barre emphasised that the 
main principles on which his 
previous Govern meat bad based 

The French .National Assembly 
approved the Bill raisins 
France's DIF quota from 
SDRsl.ohn. to SDBsl^2bn. by 
290 votes lo S6, late on Tuesday 
after the Gaullists had dropped 
their opposition Robert 
Mauf Finer reports from Paris. 
The Communists voted against 
the Bill. And the Socialists ■ 
abstained. The Government 
defused a threaterilng political 
crisis hy separating the quota 
increase from the ratification 
of the amendments to the IMF 
statutes, authorising floating 
exchange rates and the reduc- 
tion of the role of gold In the 
international monetary system. 

its economic policy remained 
valid. The new administration 
would continue to give priority 
to maintains a strong and stable 
currency, limiting the increase 
of the money supply in accord- 
ance with the norms fixed for 
197S. keeping down the Budget 
deficit tn a level at which it could 
be financed by savinzs and not 
by the creation of new money, 
and slowing down wage rises, 
while at the same time mato- 
taininz purchasins power. 

Without setting a growth 
target for the French economy, 
the Prime Minister said that the 
Government would aim for “the 
hfshest possible growth rate 
compatible with a return to 
halance of payments equili- 
brium." 

SI. Barre said that to put an 
end to the excessive Indebted- 
ness nf companies and to restore 
their capacity to finance them- 
selves out of own resources, the 
Government had decided “p'ro- 
sressively and irreversibly*’ to 
free industrial prices. National- 
ised enterprises would also be 
permitted to fix their rates at 
levels which would ensure their 
financial viability. 


PARIS. April 19. ‘ 

But the Government would re- 
main vigilant and keep a careful 
eye on credit policy. State aids 
would be reduced and the 
authorities would also see to it 
that French companies operated 
in a healthy domestic and inter- 
national competitive climate. 

The liberalisation of prices, 
according fa' the Prime Minister, 
would contribute to a resump- 
tion of investment. But the 
Government would take addi- 
tional steps to stimulate invest- 
ment by creating non-voting 
preference shares, currently 
non-existent in France, and 
special loans from the economic 
and social development fund 
which would be considered as 
falling under the heading of 
interest rates in favour of long- 
term investments. 

The Prime Minister also con- 
firmed bis' pre-election, promise 
that company and income tax. 
as well as ^AT’ and social secu- 
rity charges. Would be main- 
tained at their present levels in 
197$ and 1979. 

The Government would con- 
tinue to make a special effort 
to help small and medium-sized 
businesses and would table, in 
the near future, a Bill exonerat- 
ing companies in this sector 
which employed new workers 
between IS and 26 years- of age 
from 50 per cent, of their social 
charges. 

On the incomes front, M. 
Barre said that the general rule 
would continue to be that wages 
should not rise faster than 
prices. But at the same time, 
the policy of social justice an- 
nounced by President Giscard 
d'Estaing implied that a greater 
effort should be made for the 
lowest paid categories. 

In the immediate future, the 
Government would ensure that 
the national ■ minimum wage 
would rise. morc^.. quickly, than 
average wages. Increases in this 
wage, known as the SMJC in 
France, would be implemented 
on May 1, July 1 and December 
I this year. 

The government's longer-term 
policy would be to introduce 
minimum wages for each indus- 
trial sector instead of a national 
minimum wage. It also intended 
to fix a minimum income, for 
families with three children next 
year and to revise regularly both 
family allowances and. pensions. 

. With the aim of reducing the 
present large disparities between" 
the rich and poor. M. Bam also 
promised that the Government 
would undertake to study the 
desirability., of .'Introducing a 
wealth tax- and would submit the 
conclusions of its findings to 
Parliament. 


\brksHre Bank 
Base Rate 


With effect from 20th April 1978 
Base Rate will be 
changed from 6J% to 7J% pa. 


Morobody 
‘unlikely 
to he 
near lake’ 

By Dominick f. Coyle 

ROME, April 19. 

THERE IS increasing, official 
doubt here to-night that the 
body of. Slg. Aldo Mora, the 
president of the ruling 
Christian Democrat party, will 
he found In the deserted lake 
district on the border of the 
Abrnrti and. Lazio regions, 
the location Indicated In a 
latest communique purporting 
to come from the Red Brigades 
terrorist group. 

Police and Amy frogmen, 
supported by helicopters and a 
special Army mountain unit, 
continued the detailed search 
of the area to-day. -hot in 
Rome, Interior Ministry sources 
expressed private doubts on 
the authenticity of the latest 
terrorist communique, point- ■■ 
ing to a number of anomalies 
in its style and content, com- 
pared with earlier messages 
received since Big: Moro was 
kidnapped last month. 

The harshness of the terrain 
in the Lake Duchessa region 
(where It wa s claimed, the 
body of the former Prime 
Minister had been dumped, 
following his “suicide” while 
in cantivlty>, and recent heavy 
snowfalls in the mountainous 
area hare conrinred the 
authorities that it would be 
extremely difficult for a body 
to be brought there hv read 
and without trace, in ihe 
climatic conditions of the past 
few days. 

One source in the Christian 
Democrat party, the leadership 
of which has been in virtually 
non-stop session for 26 hours, 
to-night expressed the con- 
fusion and uncertainty in 
I political ranks over the kid- 
napping. “We can only hope 
that the whole thing is a 
horrible hoax." 

Yet the prevailing,, if un- 
voiced, feeling In all the politi- 
cal parties here is that Slg. 
Moro is almost certainly dead. 
The remaining doubt Is over 
the location of bis body, bat 
a number of lawyers who have 
been associated with the 
defence of the Red Brigade 
terrorists have expressed opti- 
mism that he Is still alive. 

The police have assembled 
a photo-kit picture of the 
tenant of a smal apartment In 
Rome, off the Via Cassia, 
which was discovered yester- 
day morning and -may be 
a Red Brigade hide-out, 
although there are donbts as 
to whether Sig. Moro was held 
there and removed -shortly 
before the police arrived. 

A preliminary examination 
of arms found in the apart- 
ment suggests that one, at 
least, of the guns was of a 
type and calibre used in (he 
original ambush of Sig. Moro, 
hi which five police guards 
were shot dead. However, this 
information was not immedi- 
ately confirmed by officials. 

Sig. Glullo Andreotti, the 
Prime Minister, has again 
called on all his ministers to 
stand by in case of an emer- 
gency meeting of the Cabinet, 
pending some definitive news 
from the search in the Lake < 
Duchessa zone. 






France explodes neutron device 


BY DAVR) WHITE 

FRANCE HAS ' exploded a 
neutron bomb device at Its South 
Pacific testing site, according to 
reports in Paris. However, the 
French Government firmly with- 
held comment to-day, following 
its policy of : not discussing 
nuclear experiments or the 
nature of nuclear tests. 

A spokesman said the Govern- 
ment would not rise to “Press 
rumours." ' Unofficial comment 
tended to confirm that research 
into such a weapon had been 
going on but also suggested that 
France was still several years 
away from a production pro- 
gramme. 

Earlier this month. Mr. Jimmy 
Carter, ' the U.S. President, 
announced that he was shelving 
American development of a 
neutron weapon. 

The influential Le Monde 
newspaper - said reports that 
France bad tested a neutron 
weapon comparable with the 
Americans' was “not taken seri- 
ously " but added a weapon of 
this kind did -not seem “outside 
the capability of a medium 
power such as France " and was 
“in some ways a logical com- 


panion to. .the Plnton.” The 
Pluton is a tactical ground-to- 
ground missile equipped with a 
nuclear yield of 1(3 to 15 Klotons. 
The French army .started taking 
delivery of Plutons in 1974. 

The neutron bomb is a tactical 
weapon producing- -enhanced 
radiation and reduced blast com- 
■ pared with nuclear weapons 
already- deployed and is designed 
for use. primarily against tank 
concentrations. 

The U.S. postponed its pro- 
gramme to produce the weapons 
in a bid to encourage the Soviet 
Union to respond by curbing its 
missile programme for supply to 
Warsaw Pact countries. 

A further report in the after- 
noon newspaper France-Soir to- 
day claimed France was roughly 
on a par with the U.S. in neutron 
know-how and 10 years ahead of 
the Soviet Union, which has 
vigorously opposed U.S. develop- 
ment of the weapon. 

The -report said, however, that 
France had not yet taken the 
political decision to bring the 
weapon into production, 
although it was only one stage 
away from doing so. 


Coming less than two weeks 
after President Carter's 
announcement that he was 
deferring immediate output of 
rile neutron bomb; the news of 
the reported French test carries, 
important implications for . the 
credibility of France’s indepen- 
dent deterrent policy. ' ; 

FcancfrSoir went so far to sug- 
gest that- "with its bomb, France' 
could be more powerfully armed- 
than any other country in= 
Europe" 

France's progress in neutron - 
bomb technology, it added,' igave 
a strong hand to President' 
Valery Giscard d’Eataing, who U 
due to .present France’s .latest 
disarmament proposals at ' 
special UN General Assembly in 
New York next month. '. . ; 

Reginald Dale,- Our European - 
Editor writes from -FredexUtg. 
havn: Seven NATO Defend' 
Ministers to-day appealed to. the- 
Soviet Union to exercise restraint 
in developing its armed forces. Ha ' 
response to President Cartels 
decision on the neutron bomb'..' J ' 

After a two-day meeting here 
in Denmark, the 1 uBia!hceRs> ; 
Nuclear Planning Group- empha- 


I : v . PARIS, A&ril 19- I 

: 5&ed the importance 
if positive Soviet response "to tae- 
U.S. move. The imnteteri' frdmr' 
:the U.S., Britain, West Germany, 
Italy Belgium, Denmark and 
Turkey, reiterated their concern 
at - the continuing buM-up -Of 
Russian military-power. ~ 

Mr. Harold Brows* the- 
Defence Secretaiy,. .said :on!y 
-negative statements ' had come, 
from Moscow. It was too -early 
to make a final judgment -The 
--UJ5.- had set no deadline, for 

- specific concessions. - -■ ~ 

. Dc Joseph tuns, the NATO 
Secretary General told.' =a news 
'conference he . hoped for a -sign- 
from the Soviet union' within- a 
couple of months. . This . Coaid 
come either at the UN session on 
disarmament or. in private con- 
tacts with Washington. . 

- -. He made it clear that .the 
Soviet, build-up had been -such i 
that NATO heads of government ! 
would be bound to give the go- 
ahead for a strengthening of the , 
"West’s forces when they meet in i 
Washington at the. end, of Hay. { 
The Soviet build-up had gone 
beyond the level that could be ! 
: justified for defensive purposes, 
he said- 





Sra. Dolores ' Iharurri * 
the Communist .Cqngre 
inMadrid yesterday, ; S 
became . known -‘usr-I. 
Paslonaria .during * t. 
Spanish Chra War beam 
of her emotional - speech 
In support of the Repr 
lican cause. 


Carrillo 


NATO tries to advance force talks c « nflden * 

BY PAUL LENDVA1 VIENNA. - April IP. ' ' .PI SUPJlOlX' 


VIENNA, -April 19. 


NATO TO-DAY put forward region hy 150,000 men in addi- accept the obligation that abbuf were not truly -interested : In 


By Robert Graham 


MADRID, April 1*. 


what Mr. W. De Vos of the non to a superiority of 321 in two-thirds of tbe 29,000 US' force reductions but in strength- ’ concrew 

Netherlands, speaking on behalf taT i ks - soldiers should be withdrawn -ening the arms rare and securing +h«. SnaniKh Communi^ Pj 

of the West called a maior new Another potentially important from specifically designated uhilateral advantages - for the /^rEiinliS Jars onem-rf h ' 

Qh * a S e concerns the offer to units from West Germany.- ' West. He also “said that 
move the 19-naUon withdraw 1.000 U^. nuclear war- Finally, the West is' now dangerous pi ahs for the dep fay- defence' hv Sr -^Santi 

East-West force reduction talks heads and 29,000 U.S. tro-ms apparently willing to offer .more ment of the neutron bomb -had Sri?,,® 'iJ .32 .' 


... — — — — usmu <uiu -d.uuvi i_ .a. uu-ias dpparcuuy viiuing cu urcer Jaore mem oi cue neuuvu uuiuu uau Carrillo the nurtv's secret- 

“decisively towards a third from Europe in exchange for the specific commitments „ abdiit' not been abandoned" completely! «*n*raJL of his bpifef fc 

1 phase agreement" He said it withdrawal of the. Soviet tank troop reductions by all ljir$ct .While acknowledging, some ^ n, n is m hari to operate wli 


retary of State, arrived in 


was now up to the Eastern side anri ? from East Germany. The participants in a second., stage, .positive developments in the |jj e framework of « r pai - , 
to demonstrate more than. — ■ ''■■■ - ' exchange of . information, 1 toe men tary democracy in Sp. 

merely verbal interest in tbe _ _ - - ' - • ~ - Soviet representative stressed He admitted, hoH , ever,.$ba! 

success of the talks which began Mr. Cyrus \ance, U.S. Sec- ficult problems remained. . He ^ that these have; ^not yet brought ^fashioning of the . par 

here in October 1973. retary of State, arrived in hoped his visit "would., help * ■ traditionail ideology had cau : 

The first Warsaw Pact reaction Moscow last night for negotia- bring a^ntpwgmj on. flic. '*&"■' -‘J. ‘‘‘O'.. 

to the new Western proposals, tions on limiting strategic iSa ^ould carrv out force reductions + ap i?^ 

the first imnArrant initiative r. c- _T hA and the Soviet Union had snouia carry out iorce reuucuons enormously confident that 

since DecSrWrvu J 10 ** David Salter a special responslhUity . to three tunes as large as the West had the mass of the pt 

cautious ?Snon^ommitt^ F e expected to face broaden the ^operative dfsp;te “an approximate parity espousal ef M - 

TS3 SSEA-S A4RK : . ■ 

S5SS? M^vice sJldTt H Si ? hg^to W ^ontrovcP 

formally submitted^ t'evday the ,he ^ort that his four meet- jonctnre. But Wcstent dlplo- an 1 J r u ^?f C vL t f b i®'in te j w that Proposals 'to remove the.#-. • 

oSSs WM tebled ai an ln * s with Mr - Gromyko in the mats -Tear that the Russians' . .. ® e . fl Y 0S ft rt!? wLS™ Leninism, from the. ^ 

ESSEi ,h, at last year and a-faalf had helped may not have accepted: that- statutes, he insisted . 


The first Warsaw Pact reaction Moscow last night for negotia- nrm g about progress on the 
to the new Western proposals, tions on limiting strategic JitJES 

Ihe first important initiative arms, David Sauer reports. a ™°l? reTiiihmw 

cLudous "S aDn««mii“ ffrtrt 1SSe to for“fShef 

of SttiiTWa ST-SSt V52Z. antTio iSf JfSSSE 

Sraed untUMavI& ihecuft . met at Moseo«-s Vnukovo tivo asports - ■ 

sSnot dole” ate A ‘ r »» rt b - T Mr. A" 4 "' Boti sides have indtoated flat 

Tarasov onlv oromised careful Groni yko 1 Soviet Foreign they believe the SALT.dbcua- 
stSS i£mSSS AlSoSS Minister. Mr. Vance said at sions are at an important 
foSitiv iStaSSS? todi? the ,he aJr P° rt that his foar juncture. But WcstBnC dlplo- 

pronosals were tabled at an lngs with Sr * Gromyko in the mats fear that the Russians 
EfonKl ne&Sn* rf the tJS last year and a-half had helped may not have accepted: that 
rides! weS mo 8 f 1 brin S th<f two c,oser Ihey too musl give ground if 

The Western proposals involve l0Ee111 " blt mm|,ler “ d dif -- “ k •» I* reached, 

significant mod^cations of the — — - — 


may not have accepted :that ^ statutes, he Insisted this,! 

they too must give ground if "ffifiSl ^tn SscuStras°abouftttB not an abnegation of the pain 
an ^men, is .. be re*h«d. V 0^^”. dif 

— i . — crepancies between Western -and- ^ 

-• flm.vmc mtut h. McfiU . Most observers bclreFC - 


original NATO plan put forward ' . Eastern figures must be resolved w?th«nf * 

almost two years ago Thus new version suggests instead after an' agreement • affecting -before any - progress could, bn wui paaa wiuwhil a 

NATO would now be wilting to that five Soviet. divisions, about U;S. ami Snriet troops only, to achieved. 5 

accept the principle of equal 6S.OOO men. and some 1,700 tanks the first phase. • " ' V : Whether the talks -would ptwr “ 

percentage cuts, once an approxi- should be withdrawn, hut not Mr. Tarasov complained tinlay enter a decisive -.phase «r- ; not ^ m Xml onS : "W6 

mate parity had been estab- necessarily from East Germany, that the talks were extremely depended prupanly : on -*the Jon i^om t^tamta - 

lished. According to Western The West is also . willing to protracted . because of tb^nn- response of ge -Eastern -side to tSS C iS LiSS 

figures. Warsaw Pact forces out- take .into account previous constructive attitude of theWest the new NATO proposals, Mr- De Jreerete.^ , lreCa ni 

number NATO in’ the central Warsaw Pact complaints and to He said some key NATO states Vos saiS. “^o&y Prided over 1 

,.f r-jj . * — — j'- : 7-7^: \i.; ' - Issue when it held its coma 


Sweden cuts discount rate! 


BY OUR O WN^^O&RE^O Kl DENT 1 


munlst Party (PSUCF ’ 
seriously divided over 1 
; Issue when it held its comp 
two weeks ago. 

'! The content of Sr. Carril 
:-ftoeech contained little n 
;4ferfcapsrinore interesting 
ihe general tone. He mad 
gfear that he believed to 


BY WILLIAM iuaFORCE, NORDIC CORRESPONDENT BY OUR^ OWN .do&RE^ONpEW 1 ’• .Sii 

STOCKHOLM, April 19. / ' .‘V NICOSIA, ApriUS. -that he believed to 

The Lettish Riksbank (Central the^tra^ balance P The I CYPRUS APPEARED J be mov- big fraud; It glaafed ^mp fed- ".S^SSaft^^to ^bnsoUc 

Bank) will /lower its discount ®emin the traae oaiance. ine ,/ to-dav 1Q e ^orld opinion, rfexmeatin^ ’democracy jto Spain, and ti 

{SS£5W “ 7 per ,r ° m “in 41 -® Greek fe' SSS 

The baire W ere admobiehed ifThe^ar' 1 ”" “"I ^ ^4^- •* • S*- V& ,-3 lS«JSSS.'S'<£SS 

thai* intoroct niDd peginmng ,-oi tne year- . proposals for a settlement. . me -mharBii on Turkey. • cr 


,0 remain unchanged. pilcerienlsonihe capital m.rke, j SSSTJ^rJSlJTSi 

It is the seepnd 0.5 per cent, more attractive and stimulate tD president Sm-ros Kypriaou w _? riannil * M , h _ 

cut in the Swedish bank rate this private investors to buy bonds. arid Government £l'2Sf ^ 

year ,tbe first coming to Feb- This would be to tbe advantage, kish proposals meant tiie-con- Goveroment on major po 

ruarv The Riksbank said its of the Treasury which has tn< Announcing the rejection of sohdatfoa of the islands divi- issue?, Sn Carrillo sound* 

decision was due to the calm finance a budget deficit of over- the plan. Mr. Kyprianou said it sion, and toe _ creation df two warning against any atiemp 

prevailing on the Swedish cur- Kr.30bn. in th current fiscal year. 1 was totally unacceptable and a separate states. take Spain into NATO. 


An aristocratic wine falls on hard times 


BY DAVID CURRY IN PARIS 




^rkshireBar^c Limited 

Reg. Office: 2 Infirmary Street 
Leeds LSI 2UL 



Coutts &. Go. announce 
that their Base Rate for 
lending will be increased from 
6i% to 7i% per annum for 
balances in their books onand 
after 20th. April, 1978 
and until further notice. 

The Deposit Rate on 
monies subject to seven days’ 
notice of withdrawal will 
increase from 3% to 4% 
per . annum. - : 




SAUTERNES, that most aristo- 
cratic of ail Bordeaux wines, 
has fallen cfn hard times. “ The 
margins have shrunk appal- 
lingly,” j comments Count 
Alexandre de Lur-Saluces, the 
umpteenth generation of his 
line to own Chateau d^quem. 
“Around 60 per cent, of our 
costs are labour. Our yields 
are tiny — that’s the whole 
nature of Sauternes — we reckon 
on one glass of wzne per vine 
plant. We are completely de- 
pendent on the special micro- 
climate of the region. If it 
doesn’t work — well, there’s no 
Chateau d’Yquem that year.” 

“Look at the small man* 
says SL Michel Fournier, Pre- 
sident of the Association of 
Sauternes and Barsac growers, 
and owner of a vignoble classi- 
fied as Deuxi&me cm dasse in 
the Sautemais. “About half 
the Sauternes acreage is in the 
hands of people with less than 
four hectares of land. Now the 
absolute maximum yield is 
2*, 500 litres per hectare and, 
quite frankly, you are not pro- 
ducing good Sauternes at that 
yield.” (Chateau d’Yquem 
calculate 900 litres.) 

“Your operating costs are 
about Frs.15,000 (£1,760) per 
hectare each year. For a 900 
litre barrel of Sauternes the 
price is around Frs.7,000. In a 
good year be. can just about 
make ends meet In a bad one 
he is really scratching to make 
a livelihood. 

f ‘ The average yield in the 
whole of the Bordeaux; wine- 
growing area, is around 4,500 to 
■5,000 litres per hectare while 
even In 1977, which was ruined 
by frost, the vignoble managed 
an average 2,500' litres per hec- 
tare yield.' You can see the 
problems of a producer who can 
only afford a yield of 1,000 or 
so litres to the hectare to main- 
tain quality.” 

M. Fournier himself does not 
have to depend on Sauternes. He 
owns the - Plateau Cannon In 
S ain t Emilion and - also -has a 
Bordeaux * law practice— less 


romantic than wine but with 
a more reassuring cash flow. 

In short, there is a crisis in 
the Sauternais. The' problem 
is that while costs have soared 
and the production of Sauternes, 
by its nature, is dependent on 
old labour-intensive methods, its 
popularity has diminished. 
Sweet wines— and a. bottle nf 
Sauternes contains on average 
72 grammes of sugar — are no 
longer in fashion. The social 



milieu where it appealed is dis- 
appearing. . 

France is overwhelmingly a 
red wine drinking country, and 
the social life that was allied to 
Sauternes drinking -r- special 
occasions like confirmations, and 
extensive meals when ' two ■ or 
three wines were ^served— are 
becoming rarer. 'Ihe-. great 
vogue for sea-food has put a 
premium on dry white wines. 
Besides Sauternes Is produced 
in such small quantities that it 
is not an attractive commodity 
for the wine dealer. 

In 1976 people aged over 50 
accounted for 58 4>er cent of 
the market for sweet 'Sorites 0 * 
wines whereas they represented 
only a third, of the market for 
the red wines of Medoc and 
Graves. Those under 35 years 
old took some 16 per cent of the 
sweet wines, whereas they 
accounted for 31 per cent - of the 
Graves and Medoc market Only 
one-third of tbe sweet wine was 
drunk by people 'la *8 two 
upper categories of a four rate- 
gory scale of 'socio-economic 
position, these satoe groups 
accounted for 60 per cent of 


Medoc and Graves sales. 

Whar is Sauternes? Its secret 
.is a mushroom parasite called 
botryris cinerea:' -It attacks the 
maturing grapes, causing them 
to rot an the vine. It is the 
pourriture noble (noble mould) 
upon which the intense con- 
centration of sugar and strength 
in the grape depends. The para- 
site itself grows because of the 
'particular micro-climate of the 
Sauternais: the five communes 
on the edge of the pine-growing 
forest of Les Landes which 
produce Sauternes are all under 
the influence of a small stream, 
the Ciron, a minor arm of the 
Garonne. Its cold waters pro- 
voke the autumn mists which 
are dispersed by hot sun. The 
combination of mist and sun 
creates the right conditions for 
tile “ noble ” rotting of the 
grape. 

The grapes have to be col- 
lected at the crucial moment 
when they are fully rotten. 
They have to be individually 
picked as they reach this stage. 
That means that instead of one 
grand harvest, pickers have to 
go through the vineyards suc- 
cessively as. many as a dozen 
times, and the grapes are 
pressed in small' quantities. 

Normally ■ the -Sauternais can 
be sure of the right conditions 
eight or nine years each decade. 
But this decade is already sure 
to be below scratch. 

“We can get by,” says 
Count Lur-Salnces. “Tbe wine 
has to mature. for 31 years in 
cash before it is bottled and 
marketed, and we only put on to 
tbe market around 66.000 bottles 
on average a year. We have a 
reserve stock that we can- 
market to compensate for the 
.year when the wine is too poor 
to be classified as Chateau 
dYquem.” 

Yquem has 100 hectares 
under vine, but only about S5 
hectares are “on stream '* ai 
any time because of toe replant- 
ing programme. Xt takes six 
years for a vine ' to produce 
to&abie grapes— a long time to 


wait for return on capital- The But he admits; "You can*t say would be the least of his f 
chateau has "a full-time, work- we jMbnt for much in. terms of lems. There is no satisfac 
foree of 50 and may -fieed' 'up rgtlrni on dapitaL” . . substitute for sulphur. Thei 

to 120 pickers at harvest. _ . .vHappHy he has a cnshioiu bis some hope in a pro 

There are no' more than 4Ga: wifeV family own Chateau developed in Czeehoslov 
Sauternes growers: They pro- Glsciurs ' (Marisaux), and called NFA. But it will ha\ 
duce around 40,000 hectolitres BrthairerBucru - (St- Jtflien) be accepted first by 
of wine a vear in a good year producing high quality red French authorities and toe 
from around 2.000 hectares. The wines. The ffeeter family’s in- emments of . impoi 
price of some Frs.7.000 a barrel dustoiaT interests- in Ohio are a countries: 1 The other -soli 
is around the same for Saint '-nwftffpeuP'. - lies to hatter physical- meai 

EmiJion. But .the vine [or ?He '-is _ intrigued -by. tech- vinification. But advanced 
Sauternes yields ai most only niques- developed in California, toques of heating and fiitra 
half as- much liquid as the-- "> •' ffljS'. T * • ' i require aluminium -vessels 

grape vinified for red wine, and- ^ mbB- HU. - very heavy investment I 

Sauternes is not commanding : Jr^LJ IJIL the larger properties could 

the premium price its status ffiMB ' cost .only if the, price 

a luxury item requires for-. • Br0 ^ uc * s were n 

The Bordeaux wine body, the : ' ISl ,. Michel Mau. the cur 

Conseil interprofessionel du vin '...'head of a family busines 

de Bordeaux wants to spread toe biggest - dealer, in v 

message that Sauternes goes -wine^in the region,- has no 

easily with many more foods ' '-V.'j bW ■ ■ - i®|S - : fiolatioia for ^Sautenms; “u 

than the foie gras for which- it*.;.- J J ...... ,r . .8®^ % S. 00 ° wine: nnd2.11 

is famous. "People tend not to.'- .. - T- ;- - grower _ is to get aifair^rei 

eat foie gras every day.” spraying && L parasite ; oit tO' it-iequires a rngner .prise 

Fournier remarks with del ibex- the vine, and says he would be “ ie 

ate understatement. "But - we: r Ady to-try It af Nairic if a ? a F- “6 states T 

drink Sauternes with oysters ddbendable. .strain ’ ihUld be j® no y a y to make^the 
and it's excellent, and a good S&toeeto ; . Sauternes ^ except t 

Sauternes nn rosquefort cheese itj&we eOOld pri«tace rottina tt P? a ^. ffij j ”” ;-?, 

mses that there ntay.be a mar- min&jRimtnts* with . / Sauterpes appears a 

ter- for Stutme. a «h aperitif.- piS we^bili ™ 

but is aware that the small ^-j nn{ r - wa v: towards restoring - dl J eStlon * coupit 
quantities: 'produced are a prob- eTef^ 

lem. rtfs no good creating a j.' Curator and a number of 7 

martet if W e then find we eant oaffl - proprietors have banded J KSl S of m, 
satisfy ft and-ail that happens to £fcer to p«pl their, .praducts^ 'thm 'IfWamWaiH-Jt' 
is that we work on behalf of our J^'dlrer* in bottle to the. i^rttrfigMthmTto 
competitors, he comments. n^ inder the name Santernes.^V Xnkf It app 

Mr. Tom . Heeter, the co- #iem de. France: He sees some. g pp ^T, B To - 
proprietor of Chateau Nairac, hoi^’ih- creating' groups' of pro- ■ British are the 

was fascinated by the idea of jirietors, aWtb hold stO(*s_ ^ Sauternes drinkers. In 
vine farming in tbe. -ELS. and wineind'predn?€ a, more homo-j^.77 ^^0 arou nd f 
went fa chateau Giscours to ^taiB&oa pitjduct - . - ... ; hectolitres were sold in Fr 
learn toe trade. Besides acquto-’r^^t iiaiketlng fe :oiily .one and 17.465 were exported 
lag Imowtoow he also acquired c .:rBogi^. ,: .Tb^' Is '- 'toso .a ^ich'the U.K. took more 
the daughter of the house with oib£;5autemes > Is ^a 7,000 .with - the U.S., Belg 

whom he now runs Nairac. ^.rery,’ dn Stahl e^ ■wine' an d .to prer -'an d Gera any following 

"There is a rTpmpnrioMc g^r :- refermentatfag .:itod; :j toe:-'hehlnd. f ■ The U.K. also 
opportunity . to. export to the actodty ^'^rtsria stophtir;;1Sf aome :4,K7 hectolitres of 
U.S-.,” he snys." San'Fi^ciscQ'mh^^ wine..That ,7^70 hectnljtres -nf Bar sat 

has just taken 1,600 -cases— dtf-ts';: - acceptable '.in- ^ ^ ^auterhps allowed fa keep 

you realise what that -means? -Riitf shifted ( 

There’s a tremendous Interest iaSj& M gwT MpnUr. . seas ; : wbile toe French ma 

cooking: in. toer:U;S; w; aa _^iil^ bave J&i driRkr- absorbed- only 6,245. . As 

there’s also a mnv^ iowards. : ^ntdri^XdayTrn^-^ 

lighter, less alcoholic drito5s. M lug* ,4 it likely" 'that . ^>isonifl&. U.S. is trohiised 'laiid. 


■IS :V 




\M K RICAN ;> 


Exim bank 


I PANAMA CANAL TREATY 




decline in GNP 


JLXIIH uaiiK -• 

man attacks Welcome victory for the president 


i 

as- - . *r - V 5 


T • > , «5 ESS-'" " 

'V-L^ IfetESUCicoss National Product 
aWwF$r the first quarter, of 
fa- the first such. drop 
^"^SBR^ vears’. -according to- 


pEr Vr.E^tr; in: the .first such, drop 
Sfnft f^feree-ye^rs. -according to- 
dnaxy • figures issued to-day. 
^^aBtVJfee^ojnjneree Department,-’. • 
jlaL'-Jnanita Kreps, Secretary 
FjjgWa- /feimoerce- said t&at the- D.6: 

fall .‘in real GNPyras 
’’m Bui B pM ’"--"rifo f- the long -Coal -fetrike* 
l^g^^^^^ ypti iiCTially ,-bad winter 

.fd7cehtinue 

r ‘ Mi * -T." 6 ^ fife - thfe' spring months.” 
--ta-.,. 3 't\he Administration has been 
**a ‘ Wng warnings for' some weeks 

% - ;^ r -i 1 .first-quarter figures would be 
r . " ■ (.j...* and the department -said 
"ti ’ay that they would have been 
'Sn^ ^een 2.5 and 3 per -cent. 

I v let. without the strike and the 


CfniVider;,. 

^ n ( Quebec 
1 deficit, 


In -the past weeks, sudi indica- 
tors as housing- starts, ' personal 
income and retail sales have 
surged ahead and Mrs- ru^ps 
said that she expect ■-*_ spurt 
of economic grorwu. m the 
second quarter.” • . • 

Nevertheless, to-day's figures 
are expected to~.be used by sup- 
porters of the President s ^pro- 
posed $25bn- tax cut as further 
evidence of the need- for tosh 
stimulus by the end Tpf. this 
year. In spite of pressure from 

the Federal Reserve Board and 

elsewhere, the* Administration is 
sticking to its view that- this 
stimulus will be needed. 

However, the GNP. figures 
underline the fart that, as 
opponents of the tasrcnt have 
argued, inflation is piekhiE up in 
the U.S. The department said 


WASHINGTON, April IS. 

it estimated that the rate of infla- 
tion, as measured by the GNP 
deflator, climber to an annual 
rate of 7.1 per cent, in the first 
three months of the year, com- 
pared with 5.9 per cent, in the 
last quarter of 1977. 

The department said that the 
main reason for the decline in 
tile first part of this year was a 
1J3 per cent, drp in consumer 
spendiag. 

This was a direct result of the 
weather, which depressed in- 
comes of -farmers and construc- 
tion workers, and was the 
sharpest fall in consumer spend- 
ing for many months. 

This year’s decline compared 
with a 3.8 per cent, increase in 
the last quarter of 1977 and a 
5.1 per cent, increase in the 
three preceding months. 


European 
air sales 


BY OUR OWN CORRESPONDENT 


By John Wy'es 


NY Post seeks staff cuts 

BY OUR' OWN CORRESPONDENT NEW YORK, April 19. 


•...# Our Own Correspondent . 

: H- v ’-‘-UEjfc 

: - !■■>' MONTREAL. April 19. 
y. t.r -3 GOVERNMENT d£ Quebec. 

“ "« :.V Hasting inflation - adjusted 
i i- jomdc growth of 4 per cent. 

• continued high unemploy- 
jeiit in its economy this year, 

- ' ■ - ■■. oduced a bigger deficit in a 

budget with many changes 
"Personal and business taxes. 

Jacques Parlzeau. the 
/bee Finance Minister, esti- 
:• Tea' the Quebec Goyemmenrs 
•• , ». needs in 1978-79 at SCL25bn. 

"" "'■Burning that he gets $C225m- 
* ’ i compensation from Th® 
eral Governm.ent for his 
■■ ~- : s tax cuts announced last 

a nd that the AsbestosCor- 
-.i-Tfion take-over- will not hare 

- ' a , ve financed this yeai^-he said 
_ V‘ y j -n introducing the provincial 

- ^ vgt. 

"s.wj revenues of S5C13Sbn. and 
: ■: ■- iding - of $C12.3bn. — and 

" uning the 4 per cent, real 
«rth rate and 7'per cent pnee 
J • : : ition — be estimates the bud- 
; • : deficit at SClbn., plus loan 

• - • r --' , 3yinents of about $C250m. 

will borrow SC600m. from 
,, — '•* c Caisse de Depot the provin- 
Government agency which 
’-'■'ri-y-zssts Quebec pension plan 
~ •: -cributioas. other public 1 sector 
•• ’;ssion plans and the new State 
-s' it insurance fund. The Caisse 
• - - - -v-its this year will rise to 

, •-bn. from $Cfi-5bn. in 1977. 

•• ‘T'-'i.’ rest of the borrowing 're- 

- • ’ Pi*: : :ement will come- torn 
»ate placements, public issues 

a new series of saving 


EXECUTIVES of the NffMjrk 
Post newspaper, owned -by 
Rupert Murdoch, are prepared 
for a tough year of labour 
negotiations as they seek to 
reduce the 1,300 staff of the paper 
to try to eliminate losses, which 
some reports put at si- rate ot 
several million dollars a year. 

This morning. Post negotiators 
resumed talks in Washington 
with members of the Newspaper 
Guild of New York, under the 
guidance of the Federal Media- 
tion and Conciliation. Servi re. 
The Guild represents some 450 
Post staff— including reporters, 
clerks, advertising and eircula- 
. tion- staff —with average earnings, 
including fringe .benefits, of 
‘ $25-30,000 per year. - 

; The Post has said that it wants 
^ to eliminate at least 13? of the 


jobs as part of an economy drive. 
Some sources suggest 150 or more 
redundancies are being sought. 
But it is conceded onvately that 
the negotiations with the guild 
are only the beginning of a drive 
to reduce the total labour force 
at the Post, and that, as the year 
goes on, attempts will be made 
to cut the work force in other 
areas, including the printing 
trades. 

Mr. Murdoch bought the Post in 
November. 1976, for a little more 
than S30m- 

Since then, although the cir- 
culation of the Post, the only 
afternoon dally newspaper in the 
city, has increased from just 
fewer than 500.000 to about 
630.000 each day. for the past 
six months. Post executives con- 
cede that it is losing money. 


an .. 


Chi’e deriafe^ 

SANTIAGO, April 19 

TOTT rffTLEAN military gowr 11 - related offences. incline 
tfvdav declared general detainees who transgressed 'be 
SSest^ft/all Chileans! jailed provisions o. f . t ^ e .^ a ^ s:e8e 
by military courts since it came which was lifted last month 
to newer almost five years ago. Sra. Madariaga said that 109 
to power a^ost nre -e people would be released imme- 

, Tk® that dately as a result of the amnesty 

Monica Madariaga, said that wishing to return to Chile 

will have to sign a declaration 

promising to refrain from politi- 
be allowed Id return home. actjvity A of 112 

The amnesty announcement political offenders was sent into 
came within a week of a Cabinet ex j] e week-end after being 
re-shuffle which put civilians in re i ease d f rom jaii_ Reuter 
the -majority in the government ■ 

for the first time since the armed POMP ANY NEWS 

forces seized power in-Septem- U-S. comfajny wx.wg> 

ber, 1973. Modest profit increase at 

remains in the hand of -The mill- AmpriMn Motors, Dow Chemical 

The amnesty corera.l ^il nvgins hit, CBS ahead. Page 
Chileans convicted for political 


NEW YORK, April 19. 

A SHARP attack on the financ- j 
ing arrangements behind two i 
recent major European sales to 
Ufi. airlines was delivered In ; 
California by a senior official 
of the U.S. Export-Import 
Bank. 

In a speech to the U.S. Aero- 
space Industry Association, Mr. 
Donald Fnrtado, a senior vice- 
president at the bank, revealed 
yesterday the Ufi. govern- 
ment's evident displeasure at 
the measures taken by the 
French and West German 
governments to promote the 
A300 Airbns. and at the British 
Government’s backing, which 
enabled Rolls-Royce to capture 
the £25thn. contract to provide 
engines for 12 Lockheed L1011 
aircraft ordered by Fan 
American Airways. 

Mr. Furtado implied that the 
three European governments 
were Ignoring existln gexpon 
credit understandings ana 
were risking the provocation of 
an export credit war wh<rh 
co old exacerbate protectionist 
pressures around the world. 

He said that Eastern 
Airline’s recent decision to 
acquire 23 A300 aircraft capped 
a growing series of sales suc- 
cesses. which owed more to the 
unusual nature of French and 
German government assistance 
than to the quality of the air- 
craft. Most notable, said Mr. 
Furtado. was a production sub- 
sidy which enabled Airbus 
Industrie, the manufacturers, 
to offer the aircraft “at 
artificially low prices. But 
it was also understood that 
orders for the A300 had been 
captured in competition with 
U.S. aircraft manufacturers 
through such Inducements as 
soeetal landing rights, promises 
of trade agreements, of nuclear 
re-process'ng agreements and 
of -n* , i*3r- eqi^pment. 

T'le pin Am int^r for 
ynis w'th Rol! t i-P!o , ”*c 
wis a e'ear examnle 
“of the extraordinary use of 
government financial support,” 
said Hr. Fnrtado. 

The support for a U.S. air- 
line and man ufacturer was 
welcome commented Mr. 
Fnrtado, but he claimed that 
Britain had violated three 
basic principles of the limited 
International understandings 
on aircraft financing, “to 
which the British Government 
supposedly adhered.” There 
had been no minimum 10 per 
cent cash payment, the repay- 
ment period was longer than 
10 years, and local assistance 
support was being given to the 
UJ3. producer in abnormal 
curcnmstances. 


PRESIDENT CARTER was in . 
jubilant mood this morning, 
following the Senate ratification 
last night of the second Panama 
Canal treaty, a vote which 
handed the President his first 
major victory in 15 months of 
difficult dealings with Congress. 

The treaties — the first was 
passed last mouth — had come to 
iave- a symbolic value out of all 
proportion to the actual import- 
ance of the canal. Mr. Carter 
made them a test case of his 
ability to fiet controversial 
foreign policy measures through 
Congress, of his leadership and, 
in the end.' of the credibility of 
his Presidency 

Defeat' would have been a 
<*rave setback for the Administra- 
tion It would have done great 
harm to U.S. relations with the 
rest of Latin America and have 
involved the United States in a 
runnin" battle with Panama. 
General " Omar Torrijos, the 
Panamanian leader, made this 
clear in a television interview 
this moraine. "If the Senate 
had not ratified the treatv we 
would have destroyed the canal " 
he «airt- _ . . . 

At home; the Senate vote is 
an enormous relief to the 


administration. Mr. Carter has 
become the object of almost un- 
ceasing criticism in the past few 
weeks, as though he alone were 
responsible for the various prob- 
lems which confront the country. 

Mr. Richard Stront, a re* 
peded commentator who has 
covered Washington for decades, 
describes it as a “ funny attiude 
of condescension towards Jimmy 
Carter in America. It is a 
national attitude of depredation, 
of disparagement” 

He goes on to argue that this 
attitude, which is dally fostered 
by such newspapers as the 
Washington Post (fast becoming 
a shadow of its former self). Is 
unfair and unlike anything he 
has seen in Washington. The 
administration has made mis- 
takes, but they are neither as 
serious nor as numerous as some 
critics contend. 

The canal victory is a case in 
point For 14 years, four Presi- 
dents have wrestled with this 
issue. When Mr. Carter chose to 
reopen treaty talks, a solid 
■ maiority of the Senate opposed 
ceding the canal to Panama The 
public opinion polls show that a 
i majority of the US. peopler still 
> does. However, the Administra- 


tion managed to swing enomtii, 
votes to get the' treaties passed, 
only to be criticised in some 
papers this morning because the 
margin was so “ narrow.” 

In fact, given the fierce cam- 
paign waged against the treaties 
by the Right it was no mean 
feat to get 68. senators out of 19° 
to vote for the treaties. On any 
other issue, such a majority 
would be considered ample. 

There is no denying the fact 
that the Administration remains 
inept in its dealings with Con- 
gress; although it seems at last 
to he improving. But part of 
Mr. Carter’s problem is his deter- 
mination to face difficult issues. 
Nothing is more divisive, than 
energy policy, or welfare reform, 
or social security or many 'of the 
other Issues which he has 
tackled. Had- he ignored them, 
be would do doubt have been 
criticised for “ducking them. 
Now he is “ ineffective " because 
they defy easy solutions. 

. With the Canal out of the way, 
Mr. Carter may now feel better 
able to take some new, and 
much-rumoured.- initiative m 
the strategic arms talks which 
are still some way from success. 
But whatever agreement he 


WASHINGTON. April 19. 

manages to get will have a very 
lough ride in Congress, as it 
would whoever had won the last 
presidential election. 

There is also the question of 
armed aircraft for Egypt, Saudi 
Arabia and IsraeL This pack- 
age deal" will soon go to Con- 
gress. where it is bound to be 
fiercely opposed by the pro-Israel 
lobby. Success over Panama is 
no guarantee that the aircraft 
deal will have an easy passage. 
Nor is it any guarantee that 
the President will be able to 
persuade the Congress finally to 
reach agreement on his Energy 
Bill, hut it may be some mar- 
ginal help in both cases. 

Also worth noting about the 
canal is the fact that, despite 
the torrent of unflattering things 
that were said about Gen. Omar 
Torrijos. the Panamanian leader, 
and about Panama, the adminis- 
tration here proved remarkably 
! adept at keeping Panamanian 
confidence. That, said one aide 
. this morning, “owed a lot to 
1 the fact that Torrijos trusted 
I Carter. But I don’t expect Carter 
1 will get much credit for that 
1 either.” 


Outsider enters 
Venezuelan 
presidential race 

By Joseph Mann , 

CARACAS, April 19. 

SR DIEGO ARRLA. a popular 
Venezuelan politcian who served 
until recently in the administra- 
tion of President Calos Andres 
Perez stated to-day that he will 
seek ’ the presidency in the 
December election. 

Sr Arria. who has been Gover- 
nor of Caracas and Minister of 
Info^natton. •*' -v'T’* 

regime, will stand without the 
S-. .1 ’• •• ’IV P 3 

nap*i' S H* canM na ! ona 
•.tt-n'ton by initiatin'* 
i’*-nia ,, c re f orm«i while Governor 
and will face stiff oppos*t*on 

fr^m tfi* ‘•’iididiite- of 
main parties — Sr. Luis 
Pinerua Ordaz of the ruling | 
Democratic Action, and Senator 
Luis Herrera Cam pins of the 

*ai sra * *. ^ 

under the tutelage of Sr. Perez 
made for him a number of 
enemies in the principal parties. 

His candidacy should provide 
an interesting element in the 
lack-lustre campaign. He is a 
stauch backer of President 
Perez's •- programmes but 
frequently criticises Democratic 
Action leaders. 

Feature Page 14 


Sasse dispute application 


BY JOHN MOORE 

INSTITUTO DE Resseguros do 
Brasil, the Brazilian re-insurance 
group involved In a legal dispute 
with Lloyd’s syndicate F. H. Sasse 
over a $13m. claims settlement, 
has appLied through a Texas 
court for evidence relating to 
the case to be submitted by 
lntraglobal Re-insurance Facili- 
ties, a re-insurance agent 
lntraglobal was one of the 
parties involved in the original 
placing of the disputed L300 pro- 
perty contracts, wh‘eh insured 
prooe- ,, es mainly in poorer parts 
of 'he New York area. 

In til? petition for evidence 
document. IR.B explains thal it 
is the .defendant In an action 
filed in the English High Court 
“ by a syndicate of Lloyd’s under- 
writers who allege that the 


petitioner,” IRB, “ agreed to pro- 
vide re-insurance coverage 
through its alleged agents, 
Edward T. Smith and/or Intra- 
global Re-insurance Facilities 
Inc. The validity of the alleged 
coverage, and of the alleged 
agency of Edward T. Smith, and 
of lntraglobal Re-insurance 
Facilities Inc. are both denied 
by the petitioner." i 

' IRB says it “believes that 
Edward T. Smith Is the only 
witness with . personal know- 
ledge of the true circumstances 
and the custody of documents 
whirti will lead to relevanl and 
material evidence.” . , 

In the document, Mr. Smith 
is described as “ a principal in 
lntraglobal Re-insurance Facili- 
ties.” 


Caracas picks oil search companies 

BY OUR OWN CORRESPONDENT CARACAS, April 19. 


THE VENEZUELAN state oil 
monopoly, Petroven, has 
announced That its off-shore 
exploration programmes will be 
begun in Augnst, and that 19 
international companies have 
been selected in the first stage 
of bidding for work on the 


Continental shelf. ___ . 

The president of Petroven, 
Gen. Rafael Ravard, said that the 
areas where oil was most likely 
to be found off-shore included the 
Atlantic shelf next to the Orinoco 
delta (near Trinidad) and two 
sites in- the Caribbean 


Editorial comment Page 22 


U.S. continues 
to trim imports 
of foreign oil 

WASHINGTON, April 19- 
THE U.S. is still cutting it* 

imports of foreigo-produced oil, 
according to the Ameicran Petro^ 
leum Institute (API). The API 
figures include oil for current 
demand and industry stocks, but 
not crude imports for the U.S. 
strategic reserves. 

API said that such imports, 
including crude and refined pet- 
roleum products, averaged 
8JI58m barrels a day during 
'.larch last year 

API figures showed that im 
ports of crude averaged 5.824m. 
b/d during March, 125 per cent, 
below the 6.633m b/d in March, 
1977. Imports of refined pro- 
ducts amounted to 2.434m. b/d, 
down by 6.7 per cent from 2.61m. 
b/d in March. 1977. 

The API figures also showed 
that, during the first three 
months of this year, imports of 
crude and refined products, to 
meet current demand or for 
industry stories, were down by 
about 13.9 per cent, from those 
of the first quarter of 1977. 
Crude imports were down 10.6 
per cent., while tVsrae of refined 
products declined by 21.4 
AP-DJ 

Energy Bill Page 22 


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Notice of Redemption 

Monsanto International N.V. 


8% % Guaranteed Sinking Fund Debentures Dae May IS, 1985 


NOTICE IS HEREBY GIVEN" that, prauant to the provisions of the Indenture dated as of Ma? 3, 



issue ($1,400,000 principal amount o: the Debentures representing the mandatory Sinking Fund 
Payment, the remaining ; $1,400,000 principal amount representing the Optional Sinking Fund Payment), 
bearing the following distinctive numbers: 


COUPON 1 UE3ESTTKE3 OP 41,030 KB1J7CIPAL AMOUNT OUTSTANDING 


J£ 3 1293 2382 3811 4887 6036 7197 S2T4 

9 1296 2401 3817 4896 6037 7203 KM 

10 1297 2405 3629 4915 6039 7207 8233 

18 1288 2408 3642 4918 6MT TSlg «M7 

19 1311 2410 3652 4920' 8049 Ttl B §3*5 

20 1316 2418 3658 4932 8031 7223 ffi}27 

25 1352 2426 3CT2 4934 0087 7230 ©31 

27 1359 2430 3676 4W7 6084 £22 8348 

23 1366 2442 3681 4980 6095 7238 ©52 

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33 1389 2473 3TOZ 4974 6150 7243 S386 

34 1418 2490 3706 4982 6175 7284. 8376 

35 1419 2401 3708 4905 BIBO 7207 8380 

41 1430 2494 3709 4908 8181 7269 0383 

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47 1446 2504 3715 5003 6187 7284 8388 

48 1465 2512 3722 9004 6193 7285 8393 

62 1470 2520 3724 5011 8194 7299 8402 

84 1476 2529 3725 5015 6195 7311 8412 

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91 1479 2534 3736 3018 821Z 7327 8417 

M 1484 2642 3745 5019 ©14 7331 8421 

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106 1489 2550 3771 5023 6241 7346 8423 

107 1300 2552 3T93 3025 6253 7347 8425 

113 1501 3814 5028 6238 7349 8440 

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6329 7404 8484 
6333 7411 8485 

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3915 5172 6373 7434 8516 

3925 5103 6383 7441 8525 

3926 5187 6387 7442 8527 

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3956 5208 6405 7448 8558 

3982 5214 6414 7464 8559 

3985 5232 6431 74BS 8576 

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299 1579 2773 4004 5253 6455 7543 8619 

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1700 2826 4042 5318 6532 7558 8700 

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4063 5339 6545 7570 8712 

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4165 5430 6570 7543 8772 

4168 5439 6571 7648 8776 

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1816 2923 4199 5468 6615 7893 8800 

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1319 2940 4208 5470 6627 7732 8808 

1020 2943 4209 5471 6641 7735 8809 

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1832 2946 4223 5478 6653 7756 8612 

1836 2957 4227 5480 6655 7773 8814 

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1857 2995 4253 5322 6696 7793 8826 

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617 1939 3033 4230 5535 6730 7853 8852 

623 1956 3034 4200 9545 6740 7857 8854 

635 1959 3041 4302 5546 0748 7881 8889 

639 1963 3042 4303 5551 6758 7882 8907 

640 1967 3050 4312 5553 6759 7865 8914 

643 1979 3056 4317 5560 6760 7887 8916 

653 1982 3061 4320 5564 6761 7868 8917 

061 1983 3066 4355 5584 8783 7870-8923 „ 

863 1904 3076 4410 5580 6786 7674 8925 8956 

667 1985 3077 4417 5594 6788 7882 8931 8960 

663 1987 3103 4429 5601 6789 7891 8934 999S 

671 1993 3105 4442 5602 6793 7893 8948 10000 

676 2001 3112 4443 5611 8795 7895 8857 10006 

680 2003 3115 4456 5618 6809 7899 8981 10026 

681 2005 3119 4460 5621 6817 7902 8964 10027 

685 2015 3121 4473 5622 6825 7929 8965 10028 

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The Debentures specified above are to be redeemed for the said Sinking Fund at the WCG-Corporate 
Bond Services Department of the Trustee, 111 Wall Street — 2nd Floor, New York, New York 10043, 
and the main offices of Citibank, N-A- in Amsterdam, Frankfurt/Main, London, Milan, Paris, Rome, 
or Citibank (Belgium) SA. r Brussels, or Citibank (Luxembourg) S.A., Luxembourg, © the Com- 
pany's paying agents, and will become due and payable on May 15, 1978 at the redemption price 
of 100 percent of the principal amount thereof plus accrued interest on said principal amount to 
such date. On and after such date, interest on the said Debentures will cease to/ accrue. 

The said Debentures should be presented and surrendered at the offices set forth in the preceding 
paragraph on the said date with all interest coupons maturing subsequent to the redemption date. 

Coupons due May 18 , 1978 should be detached and presented for payment in the usual m a n ner. 

For MONSANTO INTERNATIONAL N.V. 

By CITIBANK, N.A. 

April 13, 1978 Trustee. 



Lloyds Bank 


Interest Rates 


Lloyds Bank Limited has increased its Base Rate 
from 634% to 734% with effect from 
Thursday 20th April 19 7 8. 

The rate of interest on 7-day notice Deposit accounts 
and Savings Bank accounts is increased 
ffom3%to4%pa. 

The change in Base Rate and Deposit account 
interest will also be applied from the same date ... 
by theXJnited Kfrigdom branches of 


Lloyds Bank International Limited 
The National Bank of New Zealand limited 

andby 

Lewis’s Bank Limited 




-r. numeral' 


OVERSEAS NEWS 


Apiu 2SU -IBTS r v. 


China would prefer to shelve 


*7 K. K. SHAJRMA, RECENTLY IN PEKING 



V 


0 


CHINA' .WANTS to freeze the 
long-standing border dispute with. 
India and is suggesting that other 
issues should be tackled, first 

This was indicated by Han 
Nien-Lung, China's senior Vice- 
Foreign Minister, in an interview 
during which. he also suggested 
that India was not moving fast 
enough in improving relations 
with China. “The time has come 
For action and not mere words," 
Han said in an obvious reference 
to repeated statements by 
Indian leaders that they want 
better relations with China. 

Relations have been at freez- 
ing point since India went to 
war with China in 1962 over the 
Himalayan bonier issue, but a 
thaw has ben evident for the last. 


six months. The climax was an 
invitation to the Indian Foreign 
Minister Mr. Atal Behari Vaj- 
payee to visit China. 

Mr. Han pointed out that a 
beginning hag been made with 
resumption of trade, exchange 
of goodwill missions and the start 
of visits by journalists. *T am 
sure a time mil come when the 
two countries will sit across the 
table to_ discuss the border,” he 
said. This may not be enough for 
Indian leaders since both Mr* 
Morarji Desai. the Prime Minis- 
ter, and Mr. Vajpayee, the 
External - Affairs Minister, have 
said repeatedly that relations be- 
tween the two countries can 
never be normal until the border 
issue is settled. However, they 
may well have to fall in with 


China’s preference on the maftBr.lindfiigriliii recent Nepal. 

For thiS-' reason, Mr. VaiftflBfe denied -that had: 

has still not set a date for his- adopted pol ic ies' towards" foAfa’ s 
Peking visit and has .said that' neighbours in thi» past' that 
careful preparations will have to would embarrass ' ' Ndw. Delhi 
be made. Mr. Haxusaid. relations China has. always been -ready '.to 
needed to be viewed in the corh 4Mjiduct relations. ■ with -.other 
text of the LOW-year . ties . countries on the basis of peace- 
between the two countries. . :ful coexistence, be s aid. • 

Although he ackaowledged^'/On China’s role to south' AMa, 
that China and India • hadifffc.Han said he wanted all'TbSrd 
^changed ambassadors again at. World countries in the regtou-to 
the letter’s initiative, Mr. Han.be -equal and Independent hut 
said China had always taken the felt' that there was the danger of 
initiative with positive *u®es- intervention by the : supec- 



W l til Sloped would be dedared a : 2one 

^ M Psac?- Mr- Hah was pessimistic' 
25 bordet conflict between 

had .taken note of this pabhefy Vietnam" and . Cambodia which, 


-• :.' K 

•: ‘ „ ^ s . -!i [ C s 

■heisrid^Tsad 1 already^exfc* ;% ^ f 
the framework of a border U ’ 

“IV Is. -now -a; -esse of infe, 
tion 5# ju’Bupe^-power" he' 
to in obvious reference. to ' 

Soviet Union. 

Referring to - toe- udder 
Chinese fishing ’ boats; near 
Senkajeu islands Mr: Ban jat 
was ' an accidental event-. ( 

' had long claimed the island 
had agreed to put the “db 
aside 1 . for the present.- 

Mr: Han said he. hqpm 
better relations with the 1 
pean -Economic Community 
which China bad recently . 
eluded an agreement. But ■ 
would he -promoted bilafr 
with the Community's men 
and not with, the .Commune 
such. . - 


Row erupts 
in Salisbury 
over police 


By Tony Hawkins 


SALISBURY. April 19. 
WHAT PROMISES to b e the first 
of many rows between Rhodesia’s 
black and white transitional 
Ministers broke out into the open 
to-day when Mr. Byroo Hove, the 
Black Minister of Justice. Law 
and Order, was sharply attacked 
by leading whites in the Govern- 
ment. 

Mr. Hove in two newspaper 
interviews last week had com- 
mented unfavourably on the role 
of the existing judiciary and the 
police. 

On the judiciary, he had said: 
“To.' retain the judiciary as it 
now stands will not be comp- 
atible with the changed situa- 
tion.” Commenting on the 
police, he had said: “ The police 
force has been used as an in- 
strument to enforce Rhodesian 
Front laws which it has done 
enthosiasticaily and this got to 
stop." 

Mr. Hove has come under fire 
from" the Prime Minister Mr. 
Ian Smith who “tore a strip off 
him" at a closed meeting for 
public servants last night, while 
Lt. Gen. Walls, the bead of com- 
bined operations,'--, added his 
voice to the condemnation this 
afternoon when-h6 said that this 
constituted interference iwth the 
security forces and -as such was 
out of keeping with the spirit 
of the Mareh- 3 agreement. 

The harshest words came from 
Mr. Hove’s co-MInisrer of Justice 
Mr. Hilary Squires, who said the 
agreement • “ provides quite 
explicitly that there will be no 
political Interference with the 
disciplined forces of the state, 
including the. British' South 
Africa Police and that their high 
state -of efficiency will be main- 
tained." - 

I. wish to make ltf iinmistake- 


Arafat softens position on 

~i-L* ^ 

Middle East ieM talk* 


i 


■By Urparr Hipxi 


- y _■ 

BY ALAIN CASS . _ v DAMASCUS, April 19. ^ ... BEIRUT, April 

MR. YASIR Arafat and an In- PLO would spec, something jmt fay the U.S. that the PLO should Prime ^ . 

flu e n ti al section of the leader- specified m the joint US.-Sqyiet negotiate on behalf ,_of all resigned to-day to give Fresi 
ship of the Palestine Liberation formula. . .Palestinians. . . .7... .'Sarkis freedom, to appoint- a 

Organisation would be willing to 1111 P 011311 * section-, of the- This opposition includes Mr. Government The resign; 

to take nart in Middle Kant dm* Palestinian leadership regards. Arafat’s second-in-command,- Abu followed a meeting by 
P 5! J ? ^ e 1 p -^ Ce fre widespread opposition Jyad, and has apparently cCm- cabinet under Mr. Sarkis, 
talks on the basis of recognition aroused by Israel’s missive eluded from the invasion of Several Ministers later 


of Israel's right to exist accord- response to their guerilla jj rfid Lebanon that this is not the -time reporters they resigned to z 
mg to high level sources within near Tel Aviv^-namply the^nyfr ' for moderation. way for a Cabi 


fact that the leadership is willing December, after the interveril *iTv| j I a \ 
uk ajaor; to submit to the disciplines of by the mainly Syrian Arab S'? vj “ « I *- 
a moderate Internationally . ; agreed, -framed Voxce en ^ d ^ y* x 

to IhaeTs-’Wo'rks of negotiation-f or- toe 


ably plain as possible': that any 


new. governmental structure wi 
be implemented in femns'bf that 
agreement or not-art all 
Meanwhile, Mr. Hove con- 
firmed ' that / all 950 black 
detainees Jn /Rhodesia are to 
be released./, . 

Mr. Hbve.said he expected to 
sign ordej* for another 200 
releases- Ur the nexr few days, 
adding. 2 ^P detainees would be 
released/ regardless of political 
sympathies. Yesterday, 36 sup- 
porter* of Mr. Robert Mugabe 
were released. 


_ __ . — met of politn 

the leadership. sion of southern Lebanon— as a T However, Mr. Arafat appears to take over. — 

The wing of the PLO Led by major political victory for tfofry to- have swung a majority of the The eight-man Cabinet 
Mr. Arafat Is. offering tor the and the Arabs _and J aigue_:tWt executive behind him and the technocrats was formed 
first time to talk on the basis now is the time for the Western “ " **-- «— j««-- na»««w . 

of the joint U^. /Soviet declare- countries to exploit the Arabs* 
tion last autumn which pro- willingness to talk bn 

claimed the right of every state basis In contrast 

in the area to exist, the with- apparent intrasigence. . * time marks' 7 a major departure Observers do not rule oui 

drawal of Israel from occupied The softening of the FLO'S- from previous practice, 
territories and the fulfilment of position is not however shared* The Pa lestin iarf posit! ta wo uJd 
the legitimate rights of the by all the main elements. There bf? unacceptable -to toe present 
Palestinians. remains considerable opposition Israeli Govermnent and until thA s ^ ain ' vdio. UKe On HO; 

However, Mr. Arafat's group within the executive committee' Arabs find a basis for reconcilia- * Sunni Moslem, ana is rega ‘* 
would insist that toe establish- — the movement’s senior, deci- tibn among themselves .the PL 0’s moderate. ‘ ' ■ 

ment of a Palestinian state was saon-making body to any inove change in position cannot use- was ■ °?2 1 10 

part of any agenda to which the preempting a public admission tolly by exploited by the U»S. ~ «-»•-»• 


■ Observers do not rule oui, * .• ^ * 'i 

possibility of Dr. Ho© - li.-ifS J f 7 (? it, 
Mked-toforai anew GoverfmlUjil* 4**» 
'Another ^possibility is Mr *>T 


The state of uncertainty 


BY ALAIN CASS, FOREIGN NEWS 'EDITOR 


Offered his resignation t 
right-wing Christian leaders 
the 'Government responsible 
issuing orders to Syrian # 
of the Peace-keeping Fore 
shell. the predomihs 
Christian quarter of Ain- 
Ruminaneb in -Beirut. ‘ 
Speaking at the Cabinet's 
nig, President Sarkis defei 
toe action by the peace keel 
Meanwhile. Mr. Yasir'Ar 


THE Arab world is In an almost whatever positive psychological licly at not being consulted about chairman of toe - Pales 
unprecedented stale of un- effect President Sadat's trip to it first) and. there now. .seems Liberation Organisation;' -, 
certainty and disarray." Presi- Jerusalem may have achieved is little hope - bf^ ' any immediate -clamped down on what-P- 
dent Sadat's peace initiative to- far outweighed by toe damage It prospect of .-Syria ' joining talks tihian sources described; 
wards Israel is stalled. The caused to Arab, unity. . The with Egypt and Israel, even 'On unruly guerillas ’ m-«outi 
Israeli invasion of southern Syrians think President Sadat the basis of a sound set :of'pXUi- Lebanon in fulfilment of his i 
Lebanon, even if it was to some squandered one of the Arabs' ciples. President Ass ad is reliably mitment to maintain, the c* 
extent counter-productive for best cards— de facto recognition reported to have had a?. tough fire -there. . 

Jerusalem, has emphasised toe of Israel The most some officials time persuading hard-liners from The. sources said 120 guec 

vl • the ruling Ba'ath Party and the were .rounded up yesterday 

_ ! . _ , v” - army which -secures his ’position .Mop them from operating bd 

IONG finssem of Jordan & to ^ foo^^dy ft* Israeli lines. r- 

a PP« J f* a 60*nmn National- .Syria to oppose the. Israeli Java- 
sultative Council during toe \foa- ©f . Lebanon.' file used 1 ' the 


Arab confrontation states’ cur- 
rent military impotence. And 
moves to form a united Arab 
front, bringing President Sadat 
back into the fold, appear to be 
getting nowhere. 

The intense frustration was 
epitomised for me in the last 
few days when a senior adviser 


take over the /role qf the 

. — suspended Jordanian /parUa- 

to the leader of one of the con- - ment, and .to&^decisiom to set It 


SS2 S f^S t A£!SJ, G ' &at? '* Srael was trying 

'Ui^Icka.flghratVtibie when toe 
effectively but not officially military .’.'balance Was-“’i 


Foreign loan 
of £i00m. 
for Transkei 


By Our Own. CorrcspObdeat ' 
JOHANNESBURG, April 19. 
TRANSKEI. the former South 
African homeland whieh last 
week broke off diplomatic ties 
with Pretoria, has succeeded in 
securing international loan funds 
for its long-term investments. 
Mr. Tsepo Letlaka. the Minister 
of Finance, announced in his 
budeet speech to-day. 

Although Mr. Letlaka gave no 
details of the amount or origin 
of the funds, unconfirmed 
reports "here sa\- Transkei has 
secured Rlfi7m. fftOOm.) from a 
cool of overseas . investors." 
The loan has heen agreed in 
nrincinle, although no transfet 
has yet taken place, according to 
the reDorts. has been 

arranged by a U.5. brokerage 
house. 

Mr. Letlaka announced that in 
suite of a South African grant of 
Rll3.Sm.. has was budgeting for 
deficit of PnfiBm. in the 
cmninug year. The Government 
had decided to approach the 
international canital markets for 

a insm to bridge the deficit. 

Tbe total budget for the 
coming year would be RSTS.Sm. 
rrynq vui.). Tb e largest allocation 
■RfiO.flm. for canitni orojects. 
followed hv R55.fjm. for 
education. RAfim for. the interior 
ministry and RM.7m. for agri- 
culture and forestry. 


frontation states, and a man not 
normally given to overstatement 
exploded into anger speaking of 
“the shame of the Arabs who 
have only themselves to blame." 
Other manifestations of frustra- 
tion can be seen in the recent 
internal troubles in Jordan, in 
disputes within the ruling set- 
up in Syria and in reports of 
major policy disagreements in 
the Saudi government 
President Sadat of Egypt sits 
aloof, pondering hisi-neXt move. 
Should ' he, - . a$, half the Arab 
wforld urges; admit that .going to 
Jerusalem was a mistake? Or 


up stems /partly frdm last 
month’s pro-Palcstiniah demon- 
strations /here in which three 
people ye re killed. / 

It Is reliably understood that 
the council win include 
Palestinian members since 
Palestinians make up more 
than half the population, bnt It 
is not known whether the 
council will herald meaningful 
power - sharing between 
Jordanians and Palestinians, or 
a move towards a more purely 
Jordanian East Bank state. 


in its favour. - ^ 

There.remairus ; a 'smalRpcker 
of hope tost President'S* 
toe Israelis will, with American 
assistance, break toe log t 
ShortofiWfti* for wtHcb toe •. 
states are in -no fit state /t!ie c 
option is a major new diplomat! 
initiative exploiting -the gains 
made by President Sadat- pn. a 
Pan-Arab basis. 

That requires finding a basis 
for reconciliation between the 


big pull back 

- by Michael Tlngay 


NICOSIA. April 1! 

MAPS PRESENTED by 1st 
Prime -Minister Mn IMpnaJ,,, «! ,.*, v 
"jgin-- to ‘-Dr;. 'Kurt* Waldh* JN ’ i | f 1 1 1 
e ILN. Secretary-General, * - * K 

it Israel intends to -have 
vrithdrawal from. .65 
of territory in ■ occup 
L&anon after its next pufl b; 

*“ was learned from sbrn 


two major Bonfrontatiou states, Waldheim’s ^ par ^ r 1 ^- 


and then perhaps formulating a Jfff eariy to-day 
joint Arab position at a Bummit— to Cyprus, 
an, aim to which the Arab League The^ra^- intention 
is now working. Somewhere Waldheom^ 

" - that 1 its forces will con 


VS5SZ M^he 8 iSiste'he wi?u ■« prepared to concede is that . ffl Bt and aS 

Plough on? . He can, only hope “JSFSl * MSPUSSK S" i a Series ?f? 



up with the necessary conces- 'futTore- ; . ... probably take a major diplomatic 

sion s for a face saving “declare- The Syrians are also angry effort involving both toe U.S- and 
tion of principles" as a basis for with Saudi Arabia for not speak- Saudj -Arabia— the vonlsr Arab 
multi-lateral negotiations for a tog out against the Sadat iultia- country with enough influehce— 
comprehensive peacetieaty. rive (they merely grumbled pub- fo' flnd.it. 

In Jordan King Hu©ein. fear-. : r - ' 

ful of what a widespread back-i 


FtMtNCUL Times, ontiiuhed easily escevt 

X. (utgcrlptloa £ 


days »rtd txHIduyc. 
fair frdshii' SMO. 


U.S. 


UflO.00 (sir 


Socn*4 Aa postan raid si Nt«r 


West’s Namibia 
plan in danger 


By Quentin Peel 


JOHANNESBURG. April 19.- 
THERE WAS serious concern 
among Western diplomats and 
in moderate political circles in 
Namibia (Souto'-West'Africa) to- 
day that the emergency security 
powers introduced: Judge 

Marthinns Steyn, the' Administra- 
tor General of the territory, last 
night ' could jeopardise, the 
Western initiative for a peace- 
ful settlement there-* 

Diplomats fear ' the -move 
could harden the position of the 
South West Africa People's 
Organisation (SWAPO) towards 
compromise settlement .if it 
results in any widespread, arrests 
of SWAPO members. It is- also 
seen as likely to encourage toe 
U.N. General Assembly to take 
hostile stance in Dext week’s 
special session on Namibia. 


lash against President Sadat’s 
policies and his own failure to 
condemn them might do to his 
regime is searching desperately 
for an Arab consensus 

The riots earlier this month, 
in which three people were 
killed, posed no major threat 
to the regime but it cannot be 
coincidence that soon after Jor- 
danian envoys fanned out across 
the Arab world calling for an 
Arab summit. 

There is a widely held fear in 
Amman tbat if tbe Sadat initia- 
tive fails and the U.S. decides to 
put strong pressure on Israel the 
danger of a Middle East war will 
increase sharply- Divided and 
militarily relatively weak, the 
Arab states would be vulnerable 
to a pre-emptive Israeli strike. 

But response to the Jordanian 
initiative for a summit has been 
cool. Syria bas said “ No ” out- 
right. The Palestine Liberation 
Organisation, heavily dependent 
on Syrian aid, is likely to follow 
the lead of Damascus. The 
Saudis, who the Jordanians say 
support their initiative, are wait- 
ting to see what happens to Mr. 
Sadat's initiative and to see If 
President Carter can push 
through Congress the deal 
whereby aircraft sales to Israel 
are linked to those to Saudi 
Arabia and Egypt. 

In Syria toe leadership is 
Stubbornly refusing to be pushed 
into any new initiative. But in 
private senior officials admit that, 
on the right terms and at toe 
right time.'Syria-w.ouId be willing 
to face Israel across “a negotiating 
table so long- us the agenda 
included complete , withdrawal 
from occupfed territories and the 
establishment. of -a Palestinian 
State. 

When President Sadat came to 
see President Assad just before 
the former’s historic trip to 
Jerusalem, the Syrian leader 
hinted that— were bis Egyptian 
opposite number to- drop his 
Israeli trip^-Syrla would make 
Important concessions in ord8r 
to speed toe convening of the 
Geneva conference. 

Syria fears that Egypt Is still 
bent □□ a separate peace with 
Israel. The regime feels that 


■“Punish 


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•■ : April 20, 1978 


WORLD TRADE NEWS 




■;.h Jh 


on threat 


r *% 

<* . 4- 

..^EH5 




EWorld ships 


;;'• -^^By>h.T*rgrMv«: 


PARIS; April 19. 

‘ ■■^SS SPlATS on bow to deal with 

'■, .^ethrcat posetf.'by . Third World 



\ ’ifi iw me ^uipouuuuij; 

ijtorklng party of the Orgaxusa- 
J * ’• for Economic Co-opeartZon 

^id Development heard that in 
">^ : nne' -recent ' in oaths - shipyards 
' '' .t^.'safside the OECD accounted for 
i.mucli as "30 per cent, of new 


South Korea. the -fastest- grow- 

ig of the Third World builders, 
inked second. in new orders 
qjltken in 1977, with 6 per cent, 
f ^ | , v the world's _lnlal, : according 

H hi* 1 a recent Lloyd's Register.' 

H The working party was con- 
*, • M MderiDg a. report from the Secre- 

I r^If> w riat suggesting creation of a 
* 3i SlK° r W shipfrnfltffftg "'Jnatistry 

- >...^ v *0irum outside ^xhe contest of 

" *■» ECD, to facilitate jachange of 
.. [formation about- investment 
;. £ :. ^.Though some delegations urged 
•"' '■IV'ie desirability of such a forum, 
iirious reservations .were es:- 
■v .ressed by the Japanese. 

- ./'.‘The- forum proposed within 
- vie - working party would - be 
. ..' . ;'.teci£cally precluded from dis- 
. issdng national policy issues and 
:.i.-Suld therefore theoretically 
: --...jf'lay Japanese fears that any 
.r.Cich body Would simply be used 

- " * ; an opportunity by- Western 

. . lipbuilding . nations to attack 
. ’T ?vel oping countries* industrial 

. " jlicy. 



shipyards to 
get extra DM540m. aid 


BONN, April 19. 


BY ADRIAN PICKS 

THB WEST GERMAN Cabinet federation expresse dsome ap* very low interest rates in effect 
agreed to-day to ’.extend its sup- predation -for measures taken in West Germany, 
port programme- for the ship, last year to belp.lt, but called for As its annual report showed, 
building' industry worth additional assistance in three the German shipbuilding indus- 
T)M538.4m. in the years 1980-83 areas. try last year suffered heavily 

Asistance totalling the same sum ,> « mio « «h, ( «». a „ from the upward movement of 

is being provided in the period „ ul lhe Deutschemark against 

from 1978 to the end bf 1979. i?? S f °* her currencies, which helped to 

Announcing that ttfday, the muaity guidelines foi- P subsidies' JJJu ^han "anyTjr h 'its* forei® o 
Government . spokesman, Herr to shipbuilding. whUe it also has com^etimJs y * U f ° 
Klaus Bolling.- stressed that the called for further assistance to DeHveriwi last month were 
programme was m oo sense a yards in their efforts to diversify also uu riline 7 * accent. from 
crisis measure.” but rather an more widely into non-shipbuild- 17 m tonnes tui 8m tSnnes f S 
extension of current PQKcy, .The tag activities. 


main objective, ;-Herr. Roiling 


Most important, however, for order book improved by 5.7 per 


said, was -to mfmiard' emolov- anHorranc, nuwever. *ur oruer duuk 11 . . 

iriz’. Tf 5 .!™ ^££25 - •' emp oy the current talks in progress at cent, from 3.6m. tonnes to 3.8m. 
1 in tne mausixy... • the Organisation for Economic tonnes. As can be expected. 
The measures announced to- Co-operation and Development however, the level of orders 
day are likely to be greeted (OECD) is the German sbip- placed by domestic and EEC 
■by. the West- Germany ship build- builders* call for a waiver of customers remains virtually un- 
png .industry as a bare- minimum. OECD minimum interest rates in changed and a rise is entirely 
In its annual reportv-dmblished order to allow German yards to attributable tu increased book- 
two weeks ago, the Industry's offer customers the benefit of the ings from non-EEC customers. 


Fiat Munches new family car 


BY TERRY DODSW«tTH 

A NEW £125m. contender in the 
expanding European market for 
medium saloon cat's -was 
launched yesterday by Fiat, at 
thte Turin Motor .Show: ft wi/J 
go on sale in Italy shortly, then 
progressively in the- rest of 
Europe, as production reaches a 
proposed 2,000 units a day: 

The car. a hatchback -called 
the Ritmo, is Fiat’s mist' import- 


ant model since the .smaller 127. 
introduced in 2973. The com- 
pany hopes the tar will re- 
establish Fiat’s strong position 
in the middle sector of the 
market. 

The Ritmo is the first in a 
series of new cars which will 
see the wbole of the range over- 
hauled by 19S2. In that period 
the company , plans to spend 


TURIN. April 19. 

L.2,000bn.. mostly on producl 
development and renovating 
production facilities, ratber than 
new capacity. 

It is also the first car to use 
Fiat's new automated Robogate 
system of welding body shells. 
The technique does away with 
the moving assembly line in 
favour of automatic trolleys and 
robot welders. 


Cuba and 
USSR 
sign £3bn. 
protocol 

By David Satter 

MOSCOW. April 19. 
THE SOVIET UNION a D d Cuba 
have signed a 1978 trade protocol 
calling for the valu* of trade 10 
rise to more than roubles 4bn. 
.(E3.lbn.l- Moscow Radio said 
the agreement was the most 
imoortant in the hismry of Soviet- 
Cub a tr trade relations. 

The USSR also signed a 1978 
trade and payments agreement 
with China, according to Tass, 
the Soviet news agency. Nd figure 
for I97S trade volume was 
given but Sino-Sovi et trade, m 
1977 fell" off sharply compared 
with tbe year before. 

Soviet-Ctiban trade bas been 
increasing on an annual basis. 
Last year.it had a total value of 
roubles 3.45bn. f£2.67bn.l. a gain 
over the .1976 trade volume of 
roubles 2.S7bn. (f2.22bn.). 

Cuba i? one of tbe Soviet 
Union's largest trading partners. 

Sino-Soviet trade relations had 
a total value of -roubles 248.5m. 
(£192.6m.) in 1977. a decline of 
27 per cent, from the 1976 trade 
volume of roubles 314.4m. 
(£243.7ffl.). Soviet exports for 
1976, the last year for which a 
per product breakdown is avail- 
able. were principally food pro- 
ducts and clothing. 

Start on £14m. deal 

The first shipment in a £13.7in. 
order, for 124 edge-handing and 
finishing machines to the USSR 
bas been made by Hawker Sidde- 
(ey Canada. 


Pressure mounts for Carter to 
reverse fasteners decision 


BY DAVID BELL 

PRESIDENT CARTER'S decision 
not to grant import relief to 
United States manufacturers of 
metal . fasteners is coming under 
increasing pressure iu Congress. 

Last February the President 
rejected a recommendation by 
the International Trade Com- 
mission that higher tariffs should 
be Imposed on imports of nuts, 
bolts and screws to provide a 
measure of relief for the' hard- 
pressed domestic industry. 

But under U.S. law. Congress 
has 90 days to overturn the 
decision. Three top industry 


officials told a Press conference 
yesterday they are lobbying- bard 
to persuade Congress to Void Mr. 
Carter's, decision. They claimed 
the continuing high level of im- 
ports is leading to increased 
unemployment 

They said they might be pre- 
pared to accept an “orderly mar- 
keting agreement” with tbe 
Japanese instead of an -increase 
in tariffs, but they said that by 
invoking the spectre of a world- 
wide recession that would follow 
protectionist measures the 
Administration was using "scare 


-WASHINGTON. April 19. 
tactics.'* 

' Imported nuts, bolts and 
screws account for 44 per cent, 
of tbe U.S. market and lbe in- 
dustry claims that nearly S.OOO 
jobs have been lost since 1969. 
Resolutions have been intro- 
duced in the House and the 
Senate to overturn the Presi- 
dent's ruling. However, it is 
still too early to say if they 
have enough backers to uphold 
the ITC ruling. 

Congress has until the middle 
of July to act on the issue. If it 
does not the President's hilling 
will carry the day. 


Orders for rolled steel increase 


BY GUY HAWTIN 

WEST GERMANY’S steel 
industry to-day reported a heavy 
increase in orders for rolled 
steel finished products during 
March. Overall, they rose 17.6 
per cent, to 2.0m. tonnes, but, 
despite this increase, they are 
still a good 150,000 tonnes below 
the order level of March. 1977. 

According to the Wirtschafts- 
vereinigung Eisen- un d-St ah J In- 
dustrie. the industry's trade 
association, there is little hope 
that this substantial increase in 
booking indicates a long-term 
improvement in the steelmakers’ 
fortunes 

A spokesman said that it re- 
flected speculative buying, 
primarily from America In the 


face of rising steel prices, 
prompted by the pick up in the 
U.S.’s economy. 

Tbe spokesman pointed out that 
the increase in orders came from 
customers outside the European 
Economic Community and that 
by far the largest customer in 
this sector was the U.S! 

To-day’s figures, which do not 
include semi-finished products, 
hot rolled broad strip or special 
steels, show that domestic orders 
fell back by 4.3 per cent from 
lJ2m. tonnes in February to l.lm. 
tonnes in March. 

In contrast, however, orders 
from third countries rose by 
1G5.S per cent from 341.000 


FRANKFURT April 19. 

tonnes in February to TOO.OdO 
tonnes in Match. 

• Italian ana ucner Er-Topr-ftn 
steel producers and EEC officials 
were meeting in Milan to-night 
in an attempt to reach a final 
compromise on EEC minimum 
price regulations for reinforced 
steel bars and laminated plates, 
Paul Betts writes from Rome. 

• Despite the world steel reces- 
sion, Brazil's three State-owned 
steel companies appear ready to 
attempt to export 677.000 tonnes 
of semi-finished and common 
steel products this year to the 
UJS., Canada, Africa and Latin 
America, Diana Smith writes 
from Rio de Janeiro. 




Besia pi: 
his pufltS 


* '-I? 


BY DIANA SMITH 

V. ■ • . . _ 

.Brazil as a whole and 
^cificaily Interbras, ■ trading 
• :mpany of the state-owned oil 
Conglomerate Petrobras, wants to 
.crease trade with the 'Middle 
-_-v ist~ Latin America and Africa. 
' 'S. Interbras's 1977 annual report 
.'..">oves that some success in that 
f:ld has already been achieved. 

- vs business with the Middle East 
‘ -ew from exports of $4.334m. in 

.-.-■‘76 to $95.07m. in 1977. while 
. : ;ports to Africa rose from 
. . 3.865m. to S145-365m.- in the 
./me period. . .. .. 

-•...Interbras deals essentially, in 
rr.mmoditles, foodstuffs. _manu- 
ctured goods {from shoes to 
..raiture, domestic .appliances 
.’. rid vehicles), and is making a 
.■.'Jive for new service contracts 

- ~ developing countries. 

Last year the trading company 
:ted as agent for Brazilian ser- 
ces worth $44nw including civil 
igineering (the SafwsFaL Jubayl 
otor-6 in tne Saudi Arabian 
■•sert being built by Brazil’s 
fete Construction • Company) 
id telecommunications fim- 
'»■ ovements to the Lagos tele- 


countries 


RIO DE JANEIRO. April?. 

phone service. Nigeria* super 
vised by Brazil's Protee-Sobratel 
consortium). 

This month -Inteibras is 
launching an all-out drive in 
Lagos, to place more. L than 30 
types .. of Brazfliahi.; dompstic 
appliances, on the Nigerian' mar- 
ket. For the first time last year. 
Interbras acted as agent for 
household appliances and sold 
32.657m. worth to Nigeria. Vene- 
zuela, Jran and Saudi Arabia. 

. Overall, trade exchanges^ be- 
tween - Brazil and Afifica have 
risen from S353m. in ,1973 . to 
SI.QS6bn. ia 1977, an Ipqease in 
Africa's share of Brazilian. trade 
from 2.8 to-4.5 per cent - •/. - 

. Because ..-of a: lame trade 
surplus, in Brazil'll ^.favour 
{$?3£9ra.j in its exchahggs: with 
the Warsaw Pact counafcS, much 
of it due to large coffee-sslcs In 
the past ..year aoijU a -.balf. 
Brazilian apd .Wwsgw Pact- trWe 
officials are- studying ways ••of 
righting tbe balance, especially 
the possibility ttf joining -forces, 
one- side, providing -technology. 
the other offering sophisticated 
equipment 


Petrobras platform delay 


FINANCIAL TIMES REPORTER •' 


. .cDERMOTT; Scotland will, hfe 
.. least two months late ,m 
.Jivering the.£9.9m. oii driUIng 
oduction platform ordered by 
- :trobras, Brazil's, national : oil 

"ncern. , 

According to - Petrobras, 
: _cDermdU's bid prevailed over 
'/ o&e of two other competitors 
spring, because it .promised 
deliver in 15 months. Other 
'.dders could only offer a 25- 
ontb delivery. . 

McDermott, a wholly owned 
ibsi diary of J: Ray McDermott, 
U.S. group, said that tbe main 
^asod for the delivery delay was 
1 eight week strike by em- 
■*.' oyees earlier this year. ' ' - 

: .The company said work bad 
so been_held up by Betrobras 
";elf which bad been six months 
.e in sending over the final 
ta needed to butid the plat- 


form. 

In January this year McDer- 
mott told 'its employees that it 
wanted to go from a two-shift 
to a three-shift system. The Idea 
was opposed by members of the 
Amalgamated Union of Engineer- 
ing Workers who went 0 nstrike 
until March 6. 

The union has now- agreed to 
a three-shift system after further 
negotiations with . the company 
an dthe IB-well drilling platform 
is expected to be delivered by 
the beginning of November. 

The platform will be used in 
the Namorado Field, which is 
part of the Campos Basin, North 
of Rio de Janeiro. Oil production 
there is not due to begin until 
1981 and McDermott says late 
delivery of the platform should 
not delay tbe Petrobras schedule. 


More Mitsubishi TVs 


Mitsubishi Electric plans to 
blp . its colour television 
redaction - in the United- 
-4Iates to WA09 sets a mouth 
the end «f 1978, a company 
;*poke£mah -saiiL 

■ He is hoped that the 

.merease will help to- offset 
Mitsubishi Electric’s falling 
upments lo the .1)^. market, 

/ tie mainly to. the yen’s appre- 
• la lion against the dollar. 
Mitsubishl -Electrte’s exports 
1 lhe VJS. have also declined 


TOKYO, April 19. 
from the* normal; annual level 
of 100,600 sets after; a three- 
year agreement, started last 
July, curbing all “ Japanese 
colour television .-exports to the 
United States. . 

In February,' Mitsubishi 
Electric began producing 
colour television sets at a Los 
Angeles' -factory run by its 
wholly-owned subsidiary, Mel- 
co Sales.' 

Reuter' 











Co-operative Bank 

With effect from 

April 20th, 1978 
the following rates, will apply 

r ; '' : Base Rate Chang e 

From 6|% to 71% p.a. 

- , . : . - / Also: : , . 

7 Day Deposit Accounts 4% p.a. 

1 Month Deposit Accounts 4£% 



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j.' : ■ ■ 


Financial TSnen Thursday "Aprii 20 5978 

•. "zrz'i* r*i 'V 1 ■ .' .. 



Backing 

for 


Unit trust sales reach Demand 

to drop 


going 

metric’ 


record £49.4m. 



BY ADRIENNE GLEE50N 


50-iM 


40 - 


By Elinor Goodman, 

Consumer Affairs Correspondent 


UNIT 

TRUSTS 

SALES 


- 30 - 


UN1T TRL 7 ST sales in March 
were the highest recorded by 
the industry. at £49. Lm. They 
were £ 15m. higher than the 
figure for the preceding month, 
and almost double that for the 
corresponding period of 1977. 

After allowing for the repur- 
THE GOVERNMENT'S call on cia=e of units, from unitholders.' 
supporters of its metrication pro- the improvement in the position 
gramme to stand up and be of the industry has been more 
counted brought a quick dramatic still* As against net 
response yesterday from a sales _ of i.l7.7m. in February, the 
diverse group of trade and con- March figure was £30.1 im. A 
surner organisation*, and a tart year sr«* net new investment 
rebuke from the Opposition-. - amounted to only fl.rSm. - •_ 

The Confederation of British i.a?t month 5 success— wnicn 
'Industrv. the Consumers* Asso- appear- to hare put paid, once 
riation. Age Concern, the Food and for all. in the suggestion* 

Manufacturers’ Federation and That the mdusrtry nad outlived agers. quite remarkable. 
’. 1 — r n ncnrii..m :.n_ L: s u-ofulnes* — is - attributed Several new - fund* 


20-j 


10*f* 



rv 

RLPJffCM’fSes” 


1974 1975 1976 1977 78 


U.S.A., an Internationa! Equity 
Fund and an international ! 
Managed Fund. ; 

These newly launched funds; 
will affect the industry's sales i 
figures for the current month. 1 
Last month's figures were ' 
- swollen, though onlv by a : 
marginal £2m., by the launch of ; 
Klein wort Benson’s Fund of ■ 
Investment Trusts. 


airports 
helicopter 
link 


drug bill 
to be cut 5% 


BY DAVID CHURCHILL ' 


By Michael' Donne, Aerospace 
Correspondent 


In spite of the big improve-, ENVIRONMENTAL 


CLTS OF 5 per cent a year for £20ta. a year ofscarc? 
i the next three years are- to be.Tesoufe'es are being used on 
■ made in the £600m. ' spent slimming pills, cough mixtures, 
annually on drugs by t&e.laxativesand vitamins. Another 
■Nation^ Health; Semce^ . Mr. :£40 xil at’ least might be saved' oh 

Ipwid- Ebunli. HealthSecretary.^e-: proportion of sleeping' pOls* 
-said \ esterdav. - - ■ iyanqiiil Users and anti-rheumatic 


mem in gross sales, repurchases groups have demanded that tbe ' r™? 1 - a “■“» ny ramng.prrately pres, 
by fund managers were ninning . ® helienetPr jink be- ° ack on generally available. '~ i . ' 'THo rwit'n 


said yesterday. 

protections ****** “I 13 , «« about preparations that ' are iaappn* 

.j ,u-,* £30 m. a year, mainly by- catting, nriately prescribed^ . 


iuiiu managers were vuuiuug. proobsed helicooter link be- Zr- uu ^ ya ^ aoie - _i TbP root causes of tJteUnneces- 

5£r ■'? asst *- M.®«sSaKa-r*- 


- ruanv at- £19.2 *h-.~ 


F1fiC . ports should be abandoned be- 

f 16.9m. There may. now ever, be cauSe of , he noise it wilt cause tlUmios - 

an element of double accounting 


have 



• de mand amt advertising. ■. 

in the figures, since i, benMUl «* Campaign ' 

i hat some professional advisors. Th e link, planned bv the ;is-.coa- C—Ttst department was planning 

in particular, bare been switch- Bntish Airports Authority in cenied at the sharp nse i n regefit .jnfa . stringent regulations’ to 


with British Airways 5“” ^ «> n *uniption .' of control drug advertisements in. 

firpgs for minor.-. iHDesses. -.medical publications, in addition 


h Caledonian Airways. IT,, “^medical .publications, in aaoraon 

nlete with Statutorv cut-off date? varieties 01 specialist mwi. me rimenciui muos. wisi wees ouw **"“ B intended to provide a rapid. ri\s2:' * tf ' 0,6 tighter, advertising . ?ta»- 

. for the use of imoerial measures funds invested in America, and Framlmgton and Bridge fund. chases on the other. connection between the airports iSthSI ^iJSSE^^S! d ^ rds 801 last year ‘ - -- ' 

in sectors of the trade where the hizn-nelding funds. managers hunched new Amen- f J5? e th J, T ^?J5 1 and so enroura 8 e wore airlines id P ve ^S 3 ^ -The -Health Education .Council. 

■szts^Js “• A “ s ~ wr • ssj^^rs^rii .ssf-sf » 

k js25SK l ?.^sa^ , TB'asrsr5^.^^ s^srs 

; ”rths?deisy J2d Si c&.y*»s» of ««• unu-.t. to.SE^^rSS 


. ■ k , _ . American -funds— parti cularlv life assurance companies.. Mer- end of March. 1977, Tne value of a-twiric i«s m bp arWvPd ‘risen by 20 per cent oyer the — .... , . 

taint?- about metrication. ™ r !£ n ,. e.JSSrlL'X.. “• Assurance, has .funds managed by the. industry . Skte “ “ ™ P«« xbrsQ years. to SSSmiipthe drugs bill ’is befog carried 


enT j-trsscr vx . « 


The department^ bid -to cut 
bill is befng carried 
the_ support. _o.f . .thel 


did noi go 


^r^orli a JXtSS. S V&S&Z risef ' i 

• 

! pleted. providing a fast surface -n,' ^ ... : 

■ link between thetwo airports.- ' 

More than B0 anti-noise ohiec- • ^ Ich > 

tions to the nronosed link have re P resen * s toe major ntaqo-^ 

BY M.CHASL DONNE. AEROSPACE CORRESPONDENT . I ^ ^ with ,he ^ TOTAL Of S.760 ^aidilteS. 

-against melrication amonc ^on- BRITISH AIRWAYS is to cut the . Other cuts jnejude that of up on scheduled flights .throughout '^enHvr^ Tiiiouos 
*. sumerv. >t needed more time to . cOS * 0 f ..barter flights across the to £45 on flights to Vancouver. ibe _ summer peak period. " ' 

-consider the matter. ■ 


.'would be a 
-sent programme 
- ahead. 

. But the National Consumer 

• Council, set up by the Govern- 
; mcnl specifically t<i represent the ; 
: interests of consumers, said that 

• given the' strong feelings for and 


British Airways cuts fares 


More contest 
London seats 


lnri* Vld waT 1 ^* 3,e association** pointed nut'^ht 5®^ more than at the tost elec- 
™ *e proportion of manufacturers* 


' Obstacles 


North Atlantic this summer. reducing the return fare to 1199 : 
Thr ‘airline's snbsifilary. r c “' of f34 10 £173 return to 


This would not ne.-essan'.v be ^ nWH^ char * es deluded in eiiremSti£re ;; testing the L80S seats - tn-- the 

the case, .but British Airways t r J! n T ,ii:f?? 0 P e 2fi! t hn °C und fl on medicines had fallen from London borough council elec- 

. ,. t ^ cicft . stillhad some chean ABC seats P ath 001114 '9.4 per cent in 1970 to 8 perefifatrlon* o nMa yAo. _ 

! British Airways Charter Travel. Chicago: and £30 to £159 return j e ft on charter flights, which itl°*' affect ? a ' • n0 * se - :jn 1976.- w : s .gy.> i . Labour, is comesting every seat, 

t , -said it intended to cur up io £122 to •'’ey >ork All are from was how seeking to seil at cuti t yesterday’s resumed public: It added that cutting espendi- according to -figures'- issueff hy 

, A meeting tn discuss the . off ^ pr ice of Advanced Book- G:*wlck. in the peak summer - - -- ^ — — s — *“ 5 

= whole subject would be held j 0 * Charters (ABCs) for reset- months, and for stays of up 

; shortly. i rations made before May 31 on six' and eight weeks in the UB . . 

On Tuesday. Mr. John Fraser, flights from Gatwick to Lw . British Airways said that the. People buying the. cheap ABC for Surrey County Council and! Fnn -. th* National Front SDSL... 

■Minister for Consumer Protec- 1 Angeles, bringing the fare down proliferation of cheap Standby rates would still have to abide five other local authorities, said i ■ ■. »h* r> hrirawh*: 18 »» at 

* tion, wrote an open letter to : ler £130 return for any passenger fares on shcedu|ed services had by the rules of. booking and pay- that the application should be ; S* MnSeTSv' :rSdrtr 

-trade and consumer organisa- ! spending two months on tbe U.S. led to a general belief that cheap ing not less than 21 days in refused on economic and 

He asked them if. in fight of- ~m i w . g* t w. 'patients differed greatly in .the’ tng In all boroughs accept -Eib. 



BY DAVID FISHLOCK. SCIENCE EDITOR 


A 


RAFT designed by Sir 
Christopher Cockerell, inventor 
of hte hovercraft, to turn the 
energy of waves into hydraulic 


> the obstacles put m the way of . 

*tbe Government's metrication. 

. programme, they still wanted 

• statutory cut-off dates for the 
.,use of imperial measures or' 

“whether the imperial unit 
- should be left in wither away in 
' the shops over a long period.” * . 

■ Mrs. Sally Oppenbeim. Shadow, 

• Prices Secretary, accused the. power, was launched In the 
' Government of passing the buck Solenl from the Isle of Wight 

in their “ incredible muddle ’’ veslerdav. 
over metrication. i ' The Cockerel! raft is one of 

She hoped the Government' f«or wuepower engines under 
would now withdraw the orders' ■ development hv the Energy De- 
fer imposing metric measures on ! 

1 two sectors— household textiles ■ 

• and weigned-out fruit and vege- 
tables — and leave it to ihe trade 
.'concerned to make the change! 

,on an agreed basis. I 


Cockerell wavepower raft launched 


■ amount of- drugfr prescribed, -field. 


By Christian Tyler, Labour Ed 


3CR. ERIC VARLEY,-. Inda 
Sarfetai?; la offering sfdehuh: 
six seits on a reorganised -he 
of the Britiai Steel CbrtwfUt 
' The Minister/ who iir knhwi 
be keen to pilot through wor - 
participation schemes 'ifu- 
nationalised'- industries. “app< 
to be offering something akii 
the : tripartite - board rxew. 
kestablisheff -in -- the ' Posl : Of - 
where trade unions :bave a ti ' 
of .the seats. ' 

Mr. Varley his written- to • 
TUG - Steel - Committed- asl 
them to meet, him and dts< 
details. Mr. Bill Sits, chain 
of the committee, said rece- 
that be -was going all’ out- 
board representation, which 
wanted' -to -see introduced wb 
sax months. - ’ 7 

r This, he believes. wilT give 
unions- some control ever 
slimming operation now hi 
conducted by the Corporstioi 
M cut losses. 

The unions would then he 
to challenge some of tb.e 
popular decisions - to, postf ^ 
investment rn 'Sorae'older wo^. - 
They are also aware that uni ; 
they get -on to the BoaiS rap ' 
there is the danger that -a < 
servative Government wi;»j 
cancel the plan. 

It will be' a hard task' get . 
union agreement on who -shr'jji 
get the seats and.' on" 
worker - directors - wtiuW ' L 
ehosen. There are four uir? 
With national agreements -as 
as a collection of craft- . un; 
with ?• separate agreement. ' 

At-prasstrt the Board hai t?l 
full-time members. Including v 
chairman. Sir Charles VSTH • 
and seven part-time - memb 
But : vrithout ■ a change- in - 
legislation It could be expas - 
to 20 seats. ' • 

Sir. Varley's offer thus sugg 
a tripartite Board - Invoh . 

independent -interests. ". ; i ... 


i: 


a* 

L 4 


partment, which sees il as Ihe 
most promising of all the 
** benign and renewable ” 
energy sources Tor the li JL 
The' raft' is a mode] one-tenth 
the length— Lhough only one- 


hundredrft the power... of 
machines envisaged for the 
future. ■ 1 

Mr. AJex Eadie. Under-Secre- 
farr for 'Energj-. said at the 
launch that sea trials of the 
model would show people that 
wavepower was “not. just a 
boffin's- pipe dream. bu( a tan- 
gible. credible proposition.' 1 

Mr. Eadie defended the 
Government against charges 
that it was half-hearted in its 
support of renewable energy 
resources, stressing that the 
technologies were still at au 


early stage of development, and 
that spending waff keeping pace 
with their progress. 

...The Government plans a re- 
view of the progress of wave- 
power later this year, before it 
determines the level of spend- 
ing— and on which devices — 
over the next two or three 
years. " ’ 

• It is unlikely thal any of the 
devices will be ready for sea 
trials as a full-scale prototype 
before 1986. • 

The Government's enthus- 
iasm lor wavepower is founded 


partly on ship tank testing of 
small models, and partly on 
measurements of the wave- 
poper available off the coast of 
Britain. 

Measurements by weather ships 
indicate a total uf 120 gigawatts 
of electricay energy — twice 
Britain's electricity capacity— 
available off the west coast. 

Losses in conversion -and 
transmission, however; would 
reduce the total to 30-90 GH\ 
It would also require a L5G0 
kilometre chain -of -wavepower 
machines 


State oil 
dividend 
decision 
postponed 




V 


4 . 


By Ray "Dafter, 

Energy Correspondent; 


Study 


calls for improvements 
in domestic appliance industry 


BY MAX WILKINSON 


' SUBSTANTIAL improvementsjji . consul taftoiuwith .employees was and others^ lQ.per.cent. to.I5 per 
1 working conditions, productivity poor, and training, inadequate, cent. 

and industrial relations were These findings were qualified .-Only in two plants was 
heeded in the Uti\. -domestic ' by. observations iliai-soine plarits absenteeism below double, 
■appliance industry, an industrial appeared . to be tackling their figures, and in all others.- it was 
strategy report said to-day. . problems. effect iveiy. - generally .agreed ..that absen- 

The report, by a group from Many interviewed thought that teeism was a major irapedimeni 
.the Domestic Electrical Appli- conditions and efficiency in to high productivity." 

• ances Sector Working Party of foreign factories surpassed "those Working conditions in fac- 
the National Economic Develop- ij, the U.K. - tories overseas were generally 

ment Organisation, is based on a The number of working days typical of U.K. ^plants. But some 
study of eight ofants by the tost for each 1.000 employees of those interviewed asserted that 
organisation's staff last year. was 1.22Q. nearly twice as high conditions in factories overseas 
Absenteeism was high anfi in this sector as in manufacturing were superior' 

’manufaciuring efficiency dis- industry as a whole last year. Frequent stoppages were some- 
ruptetf by unnecessary' break- “Ahscnfeesim is in -general times found- to be caused by 
downs. Maintenance of plant very high, with some plants arguments about complicated 
was not generally carried out, experienci ns around 20- per cent, systems us4d for payment by 

results. 

“ lo one factory, where the 


GENERAL MINING GROUP 


THE GRIQUALAND EXPLORATION 
AND FINANCE COMPANY LIMITED 

( Incorporated in the Republic oj South Africa) 

Issued Capital — R597.5O0 in ir,95&00(f shares 'of '5 'cents each 
REPORT FOR THE QUARTER ENDED 31 MARCEL 1378 


UNAUDITED CONSOLIDATED RESULTS OF THE GROUP 


Operating results 

Development — metres ' 

Ore milled — tons 

Fibre produced — tons -... 

Percentage fibre recovered ... 

Revenue per ton -. 

Production costs per ton 

Selling costs per ton 

Financial results 

Operating profit 

Profit after tax from non- 
mining subsidiaries 


Quarter 

ended 

S1.3.7S 


1,244 

129.000 

-17;266 

13.4 

R552.2 

R223.9 

HI 03.4 
R'000 
1,782 


Quarter 

ended 

3l.li.77 

1.578 
166,000 . 
20.276 
12.2 
R52K4 
R230.9 
R96.5 
R*000 
4.399 


Frevion* 
Financial 
year 
to date 


1JM7 
168 DOO 
17.197 
' 10.2 
-R915.4 
R22S.0 

RS6J2 

R'000 

2.579 


78 


274 


141 


Add: Interest received tpaidl 
—net 


Profit before taxation 

Provision for taxation 


Net profit after taxation 


Capital expenditure .... 
Prospecting expenditure 
Loan levy 

Notes 


1.560 

4,673 _ 

2,120 

(53) 

(50) 

52 

1.807 

■ 4.623 

2.772 

389 

599 

728 

1.418 

4.024 

2.044 


362 

140 

54 


1.319 

139 

73 


500 

95 

94 


1. 


Consolidated results are given, as information relating to 
the company only could be' misleading:* 

Financial results are based on actual fibre shipments which 
vary from month to month and do not necessarily bear a 
pro-rata relationship to production and sales for the year. 

Operating results relate to the activities of group mines 
only, while financial results reflect sales of fibre from 
group mines as well.as.salea.of other producer^. 

ftedstcred Office: 


3. 


fi. Hollard Strccr. 
Johannesburg 2001. 


19 April 197S 


On behalf of the Board 

C. H. WALTERS < Directors 
W. T. P. M0STERT I U BaorB 


shop stewards described their 
scheme as an 'outdated jungle.' 
dissatisfaction with the pricing 
and rating of jobs bad led to 
stoppages of work, whiob were 
said to amount to one or two 
hours -daily 

In the two companies which 
had abandoned piece work, im- 
provements. in ^shop floor- rela- 
tionships resulted. - However”, the 
introduction of measured day- 
work required careful manage- 
ment planning. 

In* 'most companies, fringe 
benefits for workers, like pen- 
sions or sick pay. were inferior. 
Only one factory had made child- 
minding arrangements, but some 
form of childminding could* help 
to reduce absenteeism. 

* Productxvitf 4 , indtmtrtnl rela- 
tions and the working environ - 
ment in the U-K. domestic 
electrical appliances industry — 
National Economic Development 
Office. 


Suggestions carried out 
says Post Office chief 


1 A DECISION' on the amount 
-dividends to -he shown::.- Jto 
! British National Oil Corporation 
accounts is being postponed by 
the Energy Department.*' unfiJ 
next year when /the State oil 
group is doe to/iakc a nfct profit 
for the first lime. 

Sir Jack Simp ton. Permanent 
Secretary .at the Daiartment, 
told the Public Accounts • Com- 
mittee yesterday' that' there was 
little use in laying tbe basis for 
dividends until the- C &r P or *tion 
was trading profitably. Its poten- 
tial was uncertain in view of 


BY JOHN LLOYD 

THE POST OFFICE had carried Future prospects under discus- 

out many of the main recom- sion including extending the suc-!^^ wlthTttbS 

mendations of the Post Office cessful experiment in delivering 1 ^ n^oM fields on stream and 
Review Committee. Mr. Nigel newspapers by postmen and set- oif^cX 

Walmsley. director of postal mar- ting up a consultancy business | Wr . Edwartl 'du^ Cann_ com- 
keting at the Post Office, said offering advice to companies on 
yesterday. - their communications policy. 

The committee's report, pub- ' _• 


Do-it-vourself 

* 

jobs bungled 


lished last July, recommended 
that the Post Office should be- 
come more competitive, particu- 
larly in its postal business. The 
Goverment has not yet given its 
response to the report. 

Mr. Walmley told • the Mail DO - IT - YOURSELF motoring 
Users' Association, postal busi- repairs are backfiring on cost- 

conscious drivers. The Auto- 
there was growth in domestic • ... , .... . . 

and overseas mail. * ■ • raobl?e Association in Bzraung- 

The committee had recom- ham say that more than tin. car 
mended that the postal business owners are carrying, out repairs 
shoud introduce marginal cost — but even the so-called easy jobs 
pricing and give more responsi- are often being, done -badly, con- 
bility to its local area- managers, tributing to a record number of 
Both- had been done. breakdowns. 


Call forreorgamsation 
of electricity industry 


BY JOHN LLOYD ’ 

A /PLEA to the Government to the Bill has meant that it will 
carry through the re-hrganisation not come before this session of 

of the electricity supply industry .Parliament. . 

-iw cit Sir Francis, giving evidence 


was made 'yesterday 'by 


c:_ oil i Kuna, giving 

„ . _ . , - to tbe Select Committee on 

Francis Tombs, chairman of tne Nationalised Industries, said that 
Electricity Council. the failure to legislate was. a 

It coincided with a call by the disappointment to the industry. 
Electricity Consumers' Council Mr. Michael Barnes, consumers* 
for a Price Commission inquiry council chairman, said in a letter 
into electricity prices in England to Mr. Roy Hattersley. the Prices 
and Wales. Secretary, that charges had in- 

A White Paper on reorganise creased four-fold between 19fi2 
tion. including a draft Bill, was and 1976, while retail prices had 
published earlier this month, increased only three-fold over 
However, Liberal, opposition to the same period. 


Grail tapestries make £104,000 


THREE tapestries designed by quired the third. The Failure o! who also acquired a group of two- 
Burne-Jones and woven by Sir Gawaine. for JE2S.000. thirds for £2,700. Another large 

William Morris were sold for Michael Whiteway paid £3,400 bird was sold for £2,100. 

$104,000 at Sotheby's Belgravia for a large hanging designed There was an important pic- 
yesterday. The tapestries were by Morris and another Moms ture sale at Sotheby's Bond 
from tbe set of 12 commissioned . hanging fetched £2,600. Street. In the morning session. 

in 18S4 by Mr. W. K/d'Arcy. itn The sale devited to decorative Colnaghi paid £20.000 for The 

Departure for the Hunt by 


Australian mining engineer, for 
tbe dining room of his bouse in 
Stanmpre./. Their s«hjecf_n74tt.er 
is the quest for the Holy Graii. 
In 1920. the second Duke of 
Westminster bought tb'e set for 


SALEROOM 

BY ANTONY THORNCROFT 


Alfred de Dreux. and the GaHSrte 
Taikampe. of Munich, tbe same 
sum for L’apparition, by Gustave 
Moreau. 

The One that Got Away by 
Johan ten Kate, went for £11,500 
and A Winter Landscape by 


Mr. Edward 'du ; Cann, com 
mlitee chairman, said that it 
was important that tbe dividends 
issue should hot ~be forgotten, 
even though the interest shown 
in the current account might be 
notional. - " - 

Mr. Peter Homdern. Conserva 
tive member for Horsham and 
Crawley, asked why the public 
could not invest in the Corpora- 
tion. This would- put it on a 
more- equal footing with commer- 
cial oil companies and would 
enable the public to. measure its 
competitive performance, more 
effectively. 

Sir Jack replied that the Cor- 
poration bad now powers to issue 
shares. 

Mr. du Cann said that the 
Committee was anxious that 
Parliament should be kept fully 
informed. “The Corporation is 
important. It disposes of very 
large sums of public money. It 
has very high potential earnings 
for the Exchequer.” 

Sir Jack said that the National 
Oil Account -whieh-handled Abe-J 
Corporation's revenues and 
funds, was scrutinised by the 
comptroller. The, accounts were 
audited -in .the r horin:J .com- 
mercial manner. 


gainst • _ him, atcount?ncy a p peal to the High - court 

oin«. of /these but was ordi 


Statement 
to-morrow 
on tin mine 


By Paul Cheese right 


finest' collections Andreas Schelfhout was sold for 


£4.600 at Sotheby’s. 

The three were sent for sale total led £13SJ2S_L 
by a dependent. Earl Grosvenor. Sothebys 

The top price was the £40.000. finest roUecnoah fll ^ 

plus the lo per cent buyers’ assembled of stoneware made by 

premium, for The AtUlnmeni of tte Martin Brothers. It belonged In the afternoon. Nubian 

Sir Galahad of th eSang Grail. to Hoy Aitken.' It brought in Dancers, by Ludwig Deutsch. was 
a tapestrv 7 feet 10 inches high £56.203. A typical Martin sold for £29.000 and The ; BARON MERTHYR of Seng 

bv 24 feet S inches wide. It Brothers bird of 1903 set new Wounded Garibaldi on a , benydd, William Breneton Couch- 


THE BOARD of Cornwall Tin 
and Mining met yesterday morn- 
ing in .Geneva to discuss, the 
future of its Mount Wellington 
tin mine in Cornwall- and a 
statement will be issued to- 
morrow. 

Doubts about whether ihe 
mine's Future have been widely 

expressed since mounting losses 
were disclosed earlier- this 
month. 

Mr. Alan Blair, the chairman 
of Cornwall Tin, said In- Geneva: 
“We are. aware there have been 
a lot of rumours. We feel’ it is 
tune to make a statement which 
will make clear what 'is. fact 
and what is fancy.” 

Cornwall Tin embraces U.S.. 
Canadian and Swiss interests 
The mine started production- in 
1976. and- employs niore than, 300 
people. 


Baron Merthyr 


was "bought b vtbe London dea- record For Martinware of £3.200. Stretcher, by Girolamo iQduno. 1 man. of Churchton. Saundensfoot, 
ler Micfiaer Whiteway who also The previous best ' was £2.800 fetched £25.000. Adolescent i Dyfed. a fqrmer Deputy Speaker 


paid £36.000 
Departing. 

The Piccadilly 


for The Knight's The same item was sold at Courtship, by Giovanni Fattori.jof the House of" Lords. Left 
Sotheby’s in 1973 for £850. it went for £20.500. The auction £166.559 gross, £133,075 net, in 

Gallery ac- was bought yesterday by Place, realised £659,553. 1 his will: 



Rees to stop 

move 





BY MARGARET REID 


«r 

_ 


- -a 


far hivecost me' pearly. £100.i" ' 
IVe -heeu'.lriid that "ihe costs 


Slater, the financier, is to app&al Die Singapore. Government 
to Mr. Merlyn Rees, the Home be as much as. £300,000.” . . 
Secretary, against extradition th X ord ' Edmurid-Davies' \Y 
Singapore. Viscount -Dilhorne were i;. 

remaining. agairKt ^m.^^^he ^"agreement with.i; 

move, likely to be made ythts gtvv. T,aW Lords. -Lord Edmn ' 

f^mur^&erday^nSi^uffSBf DaYi ®« : b& would - have, I ' 
riSi?iErS2£?i : missed the' V .-Singapore. Gove ‘ 
Loldf on acreval other ehargfes^ meQt ‘ s appeaj' on o^ly, three : 

te .- fixe extra charge^, gil 
hlC^ t related to the -afters 


X 


An appeal by the Stapapo . 
Government, -seeking 10 reinstate 
five other charges thrown out . by 




tne HleUXonit last flrtotar, was 


ji Trust'.' The charge on pflt 


dismissed .and Mr. -Tarting -won an 

hit anneal on another chareie.— "ftV-Tariiag won an appeal 


UteVUj the .affairs of K) 
concenrthe qnestioh of whether Investment Holdings. ; 

the- -dcconnts* of Haw .-Far -W-V Slater. chairmao.«u'. 
Brothers International - - the i974 o^Slater Waiker Senurii " *. 
Singapore- company:-- formerly and Mr/Tailing in January 1 
boded by.Mr. Tarling,; showed a faced charges brought by — 
true aiuf fair view..f or- the. years Singapore Government in'.i. 
1922rand 1973 .' . ,* ^ ndetion wi|h'.the affairs ;qf F ; * 

■ ■ ‘-MtiMichael Buton; eounsel for rap.- -Slater: Walker's - nhe-ti jjflL’ 
Mr, -JTarling, . later .told, three associate. 4 *»P* 

High Court judges who heard an 
application foe hail 

renewed pending the. 

tive i^ome Swretair.. tiiat^it Mr. Tarling “was foundtojiav , 
would not he proper to braer Mr. prfma facie case t& answerl-.l 

^r^tSSS!tf l oSP t SS^m 15 0(17 charg * s ^ 

lit .against him. : In July he- woo ‘ 



fuff ©ices' uuucj .uic uuisoitu.t jxixjg 0 f -these but wac p 

wni?‘t/Sn al cftfitA W to^&JSSa extwSSwl Si *£ ^ - 

T ML-Tarling's-hall was renewed Ao I ? e ° 1 ct p b€r 

£45.000 — his own surety of Appsal_ Committee refused - -« 
£15.000 and two others totalling RPPBRl to -the; Ho -. 

£30.000 — hy the Lord Chief ?r. Lords on five of the rem; 
-Jttriice. Loft Wtdgery; sitting: in ftS 513 , b . ut panted him te - 
tSe 1 ^ 1 Queen’s - Bench . Divisional Jo appeal- on the sixth. He i 
Gourt with 'Mr; Justice Borehaiu his appeal' bn this sixth.. chai 
amd^Kfe-AxStioe Drake. :' ‘ - concerning Motor and -Geue-- 

’ 'AftOT the House of LOitis: hear- yesterday. . 

Tarling^ said: “There In January this year the Six 
were originally 24 charges pore Government* asked the 3 ■ 
against me. Now they have Lords to reinstate five 4 >f- 
been whittled down to five,” charges on which- Mf/Tar- 
Tarling. :.whb'w«:, awarded had — -previously -successfi 
costs' of tbe Lords Bearing." said: appealed. '-Iv failed' in tins m 
The various, court hearings- so yesterday.-- 


Midland Bank 


M 

in 


. Midland Bank Limited 
announces tha t with effect 
.from Thurs. April 20th 1978, 
t its Base Rate is increasetf by . 

' 1% to 7i% per annum^ : ■.* 
Deposit Accounts 
•Interest paid on accounts helcf 
Zat branchesandsubject to 
,;?7 dayS'rioticeof withdravva i • ?. 
7.’:' . .. is. i ncreased by;1% to 4%: 

• perannurri. . ..y 


'ietoi 





MidlanilBank 




L 


r.. 



• .i 


7 



•---7 - 




; Thursday. April ;2p : 1378 


HOME NEWS 



U V INQUIRY into a key aspect committee before v\ decidiRg . The working* party will study 
f the financial problems ot small whether he tbougtot a^suarantee these- issues as well as specific 
ompanieshasbeerrsetupat the scheme worthwhile: Although he points put to it jointly by the 



support 

whether it should 
the Govern- 

Giarantee Cot^oii- fiia^ai. ^ M 

pressed interest because it could «id e red ^ 

‘r ^ 1 : r> /Hie report is intended to advise help channel loans.- jo .small 
-V.' • ‘ 'ie .Government azzd . especially businesses w hic h "have sound There are eight members of 
‘r -i'ln. .Harold Lever, Minister co- prospects but no .proven track ** e working party drawn from 
-■ rdinating- . small - companies' record. 7 City, the Confederation of 

^ olicieSj" nn whether . such - a Britisby Industry, the TUC and 

■- v rheme -would' . increase -the UT MIanHs BHtfC Whitehall. . Its chairman is Mr. 

- A mount Of loans ■ made ■ available Bernard Asher, acting director- 

-faVp d »n htiw it might work TherearesenouFreservations general of the development 

: :: The inquiry is being carried- at,Q ut whether i± wanld-generate office. . 

*iit hy * special -working party "additional finance * : nr- -would • The Government's counselling 
.- T et up -by tie- Roll committee on simply mean ^Ihc - Government s service for small companies has 
inance- for. Industry which acts heang saddled wttb tfle hanks been- extended to the Midlands 
" : i '* - s a “iittle Neddy **'4or the'City problem customers. - : ‘ and was inaugurate*! in Birming- 

- ' ' -pd is run jointly' by the develop- In addition, the clearing banks ham yesterday by Mr. Bob Ciyer. 
... ^ mnt office . and .the Bank of have -said that they-are not too Minister responsible for ' small 

-:>1 ./-mgland: . keen o« such a direct Govern- companies in the Department tif 

. -•■■■ Mr. Lever said -'in: London ment' -involvement- 3dlh their Industry. The service will pro- 
esterday at a small business- traditionally commercially-based vide 20 retired businessmen to 

- ' -'j.- ien’s lunch that he- was waiting decision^ The Bank of England giye advice on management 

' . jr the report from the. ; Roll also haa expressed-. reservations, problems. 


Leyland 


increases 


gearbox 

output 


By Stuart Alexander 


LEYLAND IS to increase sub- 
stantially its output of gear- 
boxes for lorries. A full design 


to 




i T 


V 


Students 
win 9.8% 


increase 


m 


By Michael Dixon, 
Education Correspondent 


will ast ! 


: CONCESSIONS ' lo - Higher 

'--..income families " were an- 
-•■.Laounced by Mrs. Shirley 
^.Williams, Secretary for Educa-. 

; - Irion and Science, yesterday as 
'‘"pari of a 94 per cenf. .rfefe. 
* : ~-.."rom October in mandatory 
; jprants for students on degree- 
: evel courses. . 

_ There would- be -a £120 in- 
crease to £ 200 m the minimum 
grant for students from the 
richest homes. Mrs. Williams 
’■aid in a Commons 'written 
reply. 

There would also be a £600 
‘ise to £3400 in ihe ■“ residual 


ror other dependants, -'morfe 
;age interest " etc. — parents 
mid have before* child's grant 


ition mr reduced from, the .full rate. 


In expectancy that it -would be ? 
nade up by a parental 'contri- 
bution. 

-The overall result would be 
in average reduction of about 
~: ,£2;7 in (bp parental con tclhfi- 

- tton for .each, student riot jep- 
"titled to the full , grant, the 
-Education Secretary said. ^ 

F or undergraduates living 
‘ -' -wvay from home while wtndy- 
ug in places other -, than 
-“■“Condon, the full rate would 
’• -nrrease from £1410 to £i;i00; 
ind Tor their' counterparts 
dying ■ in London from 

- .144* to £1,315. ■■ 

. -v. The full rate for students 
• jiving at home while studying, 

. j.vould increase from £785 to 
\:870. . 

. . These changes would hj- 
-.rease the public : cost of 
-.mandatory student grants By 
-bout £40m. to an 'estimated 
-tal of £310m. in 1978-a. 


Economy may falter 



year 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


AN INDICATION', - that the However, a much more 
economic : upmra -rirould, be cautious view of the prospects 
maintained until -the:. late for next year is- suggested by the 
autumn but may: falter.'by early decline since last autumn- in the 
next year is tentatively prpvided index of longer leading indica- 
by official 'figures,' .published tors whch looks ahead 13 months 
yesterday. - . • on average. 

The values of the indices. psed This index. is .now nearly 5 per 
for looking ahead possible cent below its October level and 
turning points' mV the business the main influences have been 
cycle ( as. defined ' by r output and the rise' in short-term i nte rest 
expenditure)-, were: .^published rates (likely to reduce the April 
yesterday by’ the Central ?tatis- index) and the fall in Stock Mar 
tical_C>ffice. _ -. : j,_ : ‘ . ket prices. ' 

The composite lh'dic£-"bf:bbtb The other components of this 
shorter leading -and- coincident index are the net financial posi- 
fpdfcators rose- in ^February, tion of industrial -and commer- 
wbile the index- of lqngdr leading cial companies and housing 
indicators fell in March, for the starts 

fifth month running. V These in- The Central Statistical Office 


r\ rf -ise to £3400 in the .“residual fifth month running. ; These in- The Central Statistical Office 

U M fill ncome ’’ — net of dedactfonsf -dices are based on data: available urges caution, however, in in- 

f or ot |, er dependants, ^morte v^efl before the Budget *"- terpreting monlh-to-month move- 


Mfefl before the Budget- . ’ terpreting monlh-to-month move- 

The index of sborf&r "leading meats, and points out that tbe 
indicators, which rose for the figures are subject to revision, 
fourth month in- a'4jtrtv,'bas a But both the'i^se in the index 
lead'^m^ ' ' alteafi tuning of shorter leading indicators and 

points in .ffie*«eonomy: ilf about the fair in the longer-leading 
six months bn average ; , Tbe index are now so well -established 
recent trend, therefor^- Suggests as to reduce doubts and point to 
that the level of output-Vand the marked but short-lived 
demand in the. economy.: should economic, revival expected Bv 
rise, at .least for this period! 1 ; -many forecasters. 


Israel bank 
executives 
for trial 


and 

the 




.'FIE FORMER chairman 
.:ur other executives of 
w defunct Israel British Bank 
are sent for trial at. the Oold 
liley yesterday charged with 
aspiring to defraud lenders 
? d depositers of the bank .be- 
. eeu September, 1968, and July, 
.74. 

The. accused .are: Mr.. Harry 
. ndy, the former chairman, of 
. ist Finchley, North London; 
...•. Joseph Bloomberg, of - Ken- 
i, Middlesex; Mr. Peter. Lynn, 
St. Johns Wood, London;- Mr. 
.- ■thuf Malcolm Whfr'e, Of Wood- 
" : rd. East London.' " ‘ - - - ■ 

■ 61 lv White, Mr. Kaye and .-Mr. 
bo in hers were directors- of- Uw 
. -ok 1 and Mr. Lytra, . an 
countant. - ■ — - -- 

All five Were committed from 
? City Qf bondon Guildhall 
arged with conspiringiwith the 
e MrJ' ■■ Walter . Natlianiel 
Slliams. the late - Mr. Isaac Cot- 
i and Mr. Joshua Benisou to 
fraud lenders and, depositors. 
Mr. bandy, Mr. "Kaye -and - Mr. 
bite also face two charges of 
nspiring vjjth Mr- Beuison arid 
. Cohen to utter forged- . in- 


Pjeg exchange rate, 
sky stockbrokers 


BY ck)R ECONOMICS CORRESPONOBNT. 


EFFECTIVE and prompt control urgency about m along major 
Aver Ufd: rate of growth of the commitments to the gilt-edged 
money supply requires tbe peg- marker' even when yields rose 
ging of tbe exchange rate at the above J3 per cent, 
present level; say stockbrokers The brokers discuss the likely 
Fielding Newatm-Smith and Com- prospects for public spending 
pany. • and -revenue and say that the 

A post-Bndget assessment by £"“SS'“*' S /“SJK 

the brokers : contends that if . a reasonable 

sterling is fixed at its present .„ rP c,, 

leveL control over the growth of 11 

♦h a mnnpv - ctnpk ran be re- .per cenL was too bigb 

established without a crisis rise ^ 0 n e lL s e ^ n^con sistent 

i— tw iintac IF tfiK Ar»piirPPH HIOjlBy StOCR W^S not C0tlSISI€Dt 

SMsasMtaf 

If. r the exchange rate was .“Unambiguously." a depreci- 
a Ho wed to -fall in response to ating exchange rale tended to 
Lthe .excessive domestic growth of speed up monetary expansion by 
'credit, this would only exacer- Taising ? pub]ic sector borrowing 
bate control" of the money stock apd bank lending to the, private 
and force ‘interest rates to levels sector.- 

which would attentuate economic 'Jfoe ‘brokers contrast ' tbe 
recovery. -In this event, jields impact of a policy allowing the 
could have a -good -deal further exqhanse rate to depreciate with 
lo rise. . a .policy involving heavy support 

The authorities appeared, to be for| sterling, 
inclined to the latter approach In the first case, sterling M3, 
so that there were “legitimate the broadly defined money 
grounds for apprehension and supply, would rise by £7.5bn., 
continuing investor caution." .while if. sterling were supported. 
Therefore there was no the increase would be 14.5b n. 


Rat® 

. ices, knowing them to-be false, 
^ i ,•> , - v «* ^ inteqtld defraud^ « 


Agency forecasts upturn 
In general job prospects 


AN UPTURN dn ‘general employ- “Executive demand has norm- 
meat prospoctsiaxound the end of ally .provided a three- to six- 
this year was predicted y ester- month • lead indicator For job 
day by the MSL-maajagment-selec- opportunities in general," he 

tibn-cohsdltanfey;- . 

' The flrst 'quarter of this year Ip. spite -of non-pubucation of 
bad brought a measurable im- son^e newspapers, the index of 
provement. in MSL's index of managerial, posts advertised 
job-demand f ormanagers, accord- showed, a -7 per cent, rise to its 
ing to. Mr. Garry Long, the behest point since the. end of 
mnni Hatip y's - manag iiig -director. 1974. ; 


team is working on a plan 
build a complete new range of 
boxes at the company's Albion 
plant at Scotstoun, Glasgow. 

This reverses the trend of the 
past few years, when Leyland 
has steadily made fewer lorry 
gearboxes, and bought in from 
outside. It builds only about 
2.500 a year at the Albion plant 
/or a lorry production of just 
over 50,000. 

Initial investment at Scots- 
toun will probably he about 
£10m. Production is unlikely to 
begin before 1981. and will form 
part of a general expansion of 
trucks and truck components for 
which Leyland has budgeted 
£50m. in Scotland. 

Axle and suspension output 
will also be increased at the 
Albion plant us all truck 
assembly is transferred to Bath 
gate, between Glasgow and 
Edinburgh. This will help pre- 
serve the 3,000 jobs at Scotstoun 


Trofitable way 5 


The Leyland plan will put 
-pressure on the Manchester 
transmissions division of Eaton, 
tbe U.S.-owned independent, 
which now supplies many of the 
gearboxes. 

The Leyland orders take 
between 15 and 20 per cent, of 
output from the 900-man Wolsey 
factory, wbUe Eaton’s other 
gearbox plant at Basingstoke, 
bought from Leyland in 1972, 
supplies larger boxes of Leyland 
design. 

Leyland said yesterday it was 
committed to producing more of 
its own components. “We are 
quite certain this is a profitable 
way of managing our business.” 

At first production would be 
concentrated on tbe smaller gear- 
boxes. but heavier models would 
be introduced later. The boxes, 
all manual, would be for Ley- 
land’s own consumption, but 
eventually sales might be ex- 
tended to other- manufacturers. 

Leyland will continue to buy 
major components from other 
manufacturers in order to offer 
engine, gearbox and axle options. 

The move cuts across some 
thinking.io the lorry industry. 
Instead of producing all the parts 
themselves manufacturers axe 
looking inc»easingly to a simpti 
fied assembly and marketing 
operation with parts bought from 
specialist makers. 


New deal 
urged for 
cyclists 
in towns 


Financial Times Reporter 


FRIENDS of the Earth, the 
environmental pressure group, 
has called for a new deal for 
cyclists in towns as part of its 
three-yeay • campaign to 
improve cycling facilities. 

The group said local authorities 
should set up cycle networks 
around . towns, using back 
streets and special junctions to 
give cyclists a better ride. 
This would give a further hnost 
to cycling's popularity, which 
so far this decade had led to 
doubled . annual sales. Inner- 
city traffic problems would also 
lie eased. 

The five-man team of authors, 
which s oent 18 months lookinv 
into the problems which 
cyclists face in towns, decided 
that cycling it was a far less 
dangerpus method of transport 
than official statistics implied. 
Local authorities should use hack 
streets, footpaths, lanes across 
open land and combined bus 
and cycle lanes, to construct 
cheap ring routes for cyclists. 
Bicycles should be separated as 
much as possible from cars, as 
in Holland. Sweden and Ger- 
many. but where the two 
crossed, junctions with special 
traffic lights, turning, points 
and pens should be set up. 
The croup exoertpd Britain's 
total of 7m. bicycles to cany- 
on rising, as fares and petrol 
ensts increased. 

Official statements that cycling 
was 10 times riskier than driv- 
• inc were fallacious, • and 
masked the fact that it was 
safer on minor roads and for 
people over 20. 

The Bicpcle Planning Book — 
publwbed by Open Books and 
Friends of ihe Earth — £135. 
9 Poland Street, London, WJ. 








Appeal victory for English advocaat 






.-n 


: ACCO^t 

: c--- - w . 

' • -c; 

. - V “• V '.0 " 


■ , *h ■>* 




IE LATEST round in a long flip- njaSe with- eggs and wine. 

[ »al battle between drinks com- The use -of "the .name Advocaat 
nies over the right to' ttse the fot the proSuee -was “ dishonest, 
me "Advocaat" ended In the The Hull companies had 
ipeal Court yesterday in victory deliberately set-oat 'to attract the 
hr the makers " of Keeling’s Old reputation of Advocaat ’for their 
* iglisb -Advocaatsan." ddefeat- for jirink. -- . - ■ ■ 

^rnink’s. the Dutch company. Appeal^ judge. Lord Justice 
LThe court allowed an’appeal by Goff, -said.' yesterday that an 
Townena and Sons (Hnll>«nd "Watnttk' s coufd .complain about 
i*. Keeling and Co. against a was ppsrible deception of toe 
«h Court judge’s ruling- last - public by the description of an. 
fv banning them from using egg, flip as- advocaat. 

- name Advocaat for thjeir egg long-established m law 

d fortified wine drink. ! • that -the seller of a genuine a 

false one. under the same name. 
Mr. Justice Goultong had der np ^-public deception" ground 
ied m favour, of Warning ;-*«f . - ■ 

illand and tbeir U.K..distffibu-..^g CRSe ha d. lasted 28 d»s 
rs. The Victoria Wine CqnV: in ffae High Court and 12 days 
ny. a subsidiary- of AIiiou^^ tile Court of Appeal. Yester- 
eweries. ... ’day. Warnink’s was given leave 

He held that to the British to continne the fight in the 
blic Advocaat meant , a j diitik X^ords., - ^ - .... 

ecss and spirit.' .Keeling’s Old . .'TheLpresJafi^g rappeal- judge, 

, girth Advocaat - was an egg' Lord Justice Buckley, -said that 


Warniiik’s ■ started importing 
advocaat into Britain in 1911 and 
was brand leader for at least 
12 years before -the court action 
was brought 

' Tbwnend and Keeling began 
marketing tbe product in 1974 
ami . were , able to undercut 
'Warhihlfs' ‘by about 50p a bottle 
because ' they used a -fortified 
Cypriot' wise whereas Warnlnk’s 
■used a. spirit Tbe duty rate on 
fortified, wine was much lower 
.than that on spirits. 

■ Warinnk’s claimed that a drink 
could not be called advocaat 
unless its -alcoholic content con- 
sisted of a spirit. 

Justice Goulding had not 
fouifd that tbe name advocaat 
was, distinctive in Britain of 
Wamiuk’s "product or even of a 
ci?ss of nrfnu&cturers of which 
Warmnk - was u member- 
The" nearest he came to that 
was m finding' that a large part 


of the British public had- come 
to betieve that advocaat was of 
Dutch origin. 

This was far too indefinite to 
establish a claim by Waroink’s 
of “ passing-off,” said Lord 
Justice Buckley. There was no 
finding that advocaat s of Dutch 
origin had, as a class, any charac- 
teristic distinguishing them from 
advocaat of any other Origin. 

Waruink could not succeed 
either on the ground of “ passing- 
off", or upon any wider ground 
of unfair competition. 

Lord Justice Goff agreed and 
said the name advocaat did Pol 
denote any specific kind of egg 
and spirit-based drink compar- 
able. Eor instance, with the 
limited nature of the word 
champagne. 

Sir David Cairns also agreed 
in allowing tbe appeal, with 
costs. 


* 


1, 


A 


/ 


\ 



To Stockholders of 



Kemecott 


Copper Corporation 


Important Information From Your Management 


Curtiss-W right Corporation lias started a proxy contest for control of the Board of 
Directors of Kezwecott. Their “program” is to sell Carbonindum and distribute the proceeds 
to Kennecott’s shareholders. 


FIRST, YOU SHOULD KNOW 


. That in 1948 Mr. Berner, presently Chutiss-Wright’s Chairman and President, partici- 
pated in a proxy contest in an attempt to take over control of the Curtiss^Wright Board. 


His Committee’s campaign promise at that time was similar to the “program” Curtiss- 
Wright is now using to solicit votes. His Committee stated it intended that Curtiss-Wright 
make a special distribution— $7 per share in cash to stockholders— or else call for tenders of 
one-half of the outstanding common stock at $14 per share, out of “net current assets”. 


While Mr. Berner is only one of Curtiss-Wright’s Directors, he has been a Director since 
1949 and Chairman since 1960. 


Although; circumstances change, Curtiss-Wright has never paid its stockholders the 
promised special distribution of $7 per share- nor made tbe promised $14 per share tender 
offer for one-half of its Common Stock. In 1965, Curtiss-Wright offered to purchase one 
million of its common shares (13% of the then outstanding shares) at $32 per share, which 
offer was oversubscribed. . - 


: ^ I 


YOU SHOULD ALSO KNOW 


On March 15— only eight days before Curtiss-Wright announced its ‘^program”— 
Mir. Berner met with Kennecott’s Chairman and its President This is what Mr. Berner said: 


He had no specific plan for selling assets of Kennecott for distribution to Kennecott 
stockholders, but would have to be guided by facts to be determined by Management 
and the Board. 


• He admitted he did not have knowledge of Kennecott’s future capital expenditure 
requirements. 

• He admitted he did not have enough information to determine the value of Kennecott’s 
components. 


• He admitted he did not have the inf ormation to determine what really was in the best 
interests of Kennecott stockholders. - 


AND, FINALLY, YOU SHOULD KNOW 


That all the information relating to Kennecott needed to determine the feasibility of 
any such plan is publicly available. This includes the information which Mr. Berner and his 
slate have ignored. Based on this information, your Board believes that Curtiss-Wright’s 
“program” is misconceived, completely unrealistic and not in your best interests. In fact, 
your Board of Directors believes that to adopt any such “program” would be reckless and 
would seriously jeopardize Kennecott’s stockholders, its public debenture holders and 
Kennecott itself. If Mr. Berner’s “program” were to be implemented at this time Kennecott 
would then have, virtually no current earnings, a negative-cash flow from its remaining 
operations, over $600 million in indebtedness* and a net worth reduced by more than $600 
million— and all this at a time when the copper industry continues to be affected by extremely 
adverse conditions. 


•On the assumption Carborundum is sold for its purchase price and the difference between that and the distribution, 
is met by borrowing. 


IMPORTANT: If your Kennecott stock is held in the name of a bank, broker or nominee, 
only they can execute a proxy on your behalf: To assure that your shares are represented at 
the Annual Meeting in favor of Management, we urge you to telephone the party responsible 
for your account and direct him to execute a BLUE proxy on your behalf. 


For proxy material or additional information, contact your bank, investment advisor 
or the nearest Kennecott office or telephone Mr. Raymond E. Cord, 1, Place Saint Gervais, 
1501 Geneva, Switzerland, telephone 31-73-72 (collect). 


Thank y i 


ou. 


On Behalf of the Board of Directors 


Sincerely, 




lie* 


William H. Wendel 
President 


Frank R.Mhxken 

. Chairman 


April 19, 1978 


KENNECOTT COPPER CORPORATION • 161 East 42nd Street, New York, New York 10017 




.s 






PAR LI A 


AND POLITICS 


Two devolution defeats for Government 

MPs back 40% 



Ulster 
MPs after 


Welsh ‘yes’ vote next election 


_. ,V nn,ancia2 /nflTes April 20 1978 ^ 


R NEWS 




BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


THE GOVERNMENT suffered its 
first defeat on the Welsh devolu- 
tion legislation last night when, 
hr' a substantial majority of 27 
(259-232'i. MPs threw out an 
iraoortant clause which empowers 
the Welsh Secretary to name a 
date on which the BiU comes into 
effect. 

The surprise vote was the 
result of m ambush by the 
Welsh Nationalists who received 
large scale support from other 
parts of the House in rejecting 
the “trigger’’ clause. 

The result threw the Govern- 
ment into confusion and the 
Ministers concerned with devolu- 
tion were looking into the matter 
to consider its implications for 
the future af the Wales BilL 

The reasons for the Welsh 
Nationalist move was somewhat 
obscure hut Mr. Dafydd Wlglcy 
(Plaid Cymru. Caernarvon) told 
the House that the clause "leaves 
the situation of the dating of a 
referendum in a most unsatisfac- 
tory position." 

The Government also suffered 
another setback when, by a 
majority of 72 (280-208). the 
House approved a Labour back- 
bench amendment stipulating 
that the Welsh devolution pro- 
posals must he accepted by at 
least 40 per cent of the Welsh 
electorate if they are to become 
law. 

The amendment was opposed 
by the Government the Welsh 
and Scottish Nationalists and the 
Liberal. s But the Conservatives 
and some Labour anti-devolu- 
tionists voted for it 

MPSs were unable to speak on 
the 40 per cent, amendment fay 
the time the guillotine fell at 
11 p.ra. But the Government 
nevertheless allowed a vote on it 

The debate ended amid angry 
exchanges with Labopr MPs de- 
mand! ng to know what Mr. 
Gwynfor Evans, the Plaid Cymru 
leader, hoped to gain by '‘ this 
filibuster." Nationalist MPs had 
been speaking on a senes of 
amendments at considerable 
length throughout the evening. 

Mr. Evans told them: “We louk 
forward to a full Government 
with full national freedom. We 
want to ensure for this nation a 
national future." 

A similar 40 per cent, amend- 
ment was inserted in the Scottish 
devolution legislation last 
January by a majority of 15. 
despite Government opposition. 

Last night the Welsh anti- 
devolutionists were annoyed be- 
cause the Government had not 


BY IVOR OWEN, PARLIAMENTARY STAFF 


Mr. Leo Abse “ attempt 

to smother views.” 

made it known until the last 
minute whether the amendment 
on the 40 per cent could be 
debated or voted on. 

Mr. John Smith. Minister in 
charge of devolution, told the 
House there would be an oppor- 
tunity to vote on the amendment 
later in the night 
He also hoped there would be 
a chance to debate it, although 
other amendments were in front 
of it 


But. he added, the Government 
was recommending that the 
House did not accept the provi- 
sion. 

This brought an attack from 
31 r. Leo Abse (Lab., Pontypooi). 
the leading Welsh anti-devolu- 
tionisL who was one of the spon- 
sors of the amendment 

He claimed that because the 
Government had only given be- 
lated notice of its intentions, 
many II Ps who had wanted to 
debate the matter would not be 
present in the House. 

The Government, he charged, 
had hoped by means of this ruse 
to smother the views of the 
House 44 by stealth." It was 
“trying to frustrate the genuine 
view of the House ana the views 
of the people of Wales." 

There should be an open 
debate on the matter and MPs 
should “not be tricked" into 
being absent. 

But the fact that there was to 
he a vote intensely annoyed the 
Welsh Nationalists. They saw 
this as evidence of the Govern- 
ment's lukewarm support for 
devolution. 

3!r. Dafydd Thomas (Plaid 
Cymru, Merioneth) complained 
that the Government was giving 
an opportunit fyor a division 
although substantial objections 
bad been raise dio the 40 per 
cent, amendment. 

“We certainly would not ac- 
cept any argument in favour of 
this kind of clause being intro- 
duced iuto the Bill." b eadded. 


Peer seeks to limit size 
of Scottish executive 


THE NUMBER of -Scottish secre- 
taries in the Scottish Executive 
to be established under the Scot- 
land Bill should be limited to 
seven, including the First 
Secretary- Lord Drumalhyo (C.) 
suggested in the Lords yesterday. 

Lord Atackie (L.) said he 
thought the matter should be 
left to the Scottish Assembly. If 
the assembly could not decide on 
this, it would not be capable of 
governing Scotland. 

A former Scottish Secretary of 
State, Lord Glenkingias (C.) said 
there should be a fixed number. 
There was always a tremendous 
temptation when setting up a new 
body to say there should be the 
largest possible number of 
people. 


Government • spokesman 
Baroness Siedman said Lord 
Drumaibyn’s proposal would im- 
pose an “ unwelcome and unjusti- 
fied rigidity" on the assembly. 

It was not necessary for 
Westminster to make detailed 
provisions for matters which 
could be sorted out by the 
assembly. 

“ This would be viewed as 
apron strings fashioned by a 
Parliament in Westminster dis- 
trustful of a First Secretary 
nominated bv the assembly 
elected by the people." she said. 

Conservative spokesman Lord 
Campbell of Croy said that 
imposing no limit on the number 
of secretaries was like giving the 
assembly a blank cheque. 


ALTHOUGH supported from 
both sides of the Commons, the 
recommendation by the all-party 
Speaker's Conference that 
Northern Ireland should ha y e 
increased representation at 
Westminster will not be imple- 
mented until after the next 
general election. 

This was made dear by the 
Prime Minister in the Commons 
last night when'he caused con- 
siderable surprise by indicating 
that the leglsaJtibn paving the 
way for the number of Ulster 
MPs to be increased from 12 to 
a minimum of 16 or a maximum 
of 18 is unlikely to be intro- 
duced before the next Parlia- 
mentary session. 

He stressed that irrespective 
of the date of the enactment of 
the legisaltion, the time needed 
by the Parliamentary Boundary 
Commission for Northern Ireland 
to fix the new constituency 
boundraies was such that the 
next general eletcion would have 
to take place on the existing 
basis. 

In welcoming the Govern- 
ment’s acceptance of the 
Speaker's Conference recommen- 
dation. Mrs. Margaret Thatcher. 
Opposition leader, pledged sup- 
port for the Bill and promised 
that Conservative MPs would do 
their best (o ensure its speedy 
passage. 

In these drcumstances, she 
asked, why could not the Bill, 
certain to he a short measure 
and probably consisting of no 
more than two clauses, be intro- 
duced in the current session and 
passed into law before the 
summer recess?- 

Mr. Callaghan seized this 
opportunity to add a new 
ingredient to the speculation 
that he intends to call a general 
election this year by insisting 
that Parliament already had a 
lot of work before it and that 
there was another full session " 
ahead. 

Having thus implied that the 


election could be delayed until 
the autumn of 1970, the Prime 
Minister then added that it was 
still possible that the BiU might 
be introduced in the current 
session. 

.“If not this session, next 
session," he told Tory MPs, with 
obvious enjoyment ■ as they 
showed signs of increasing irrita- 
tion over his election tease. 

Mr. James Molyneanx. leader 
of the Ulster Unionists, promised 
support for the Government in 
remedying an electoral injustice 
which bad existed in Northern 
Ireland since 1920. 

When he urged that there 
should be no delay in carrying 
the legislation, the Prime 
Minister assured him that the 
Government would get the BiU 
to the Statute Book, 
u Mr. David Steel . Liberal 
leader, also supported increased 
representation for Northern 
Ireland but received no 
encouragement from the Prime 
Minister when he suggested that 
the task of the Boundary Com- 
mission in providing for the 
additional seats could be 
speeded by the introduction of 
proportional representation. 

A bitter attack on the extra 
seats for Ulster, came from Mr. 
JveWn McNamara. (Lab.. Hull 
Cant.) and Mr. Gerry Fitt 
(SDLP, Belfast W.).- 

Both argued that increased 
representation in the Commons 
for Ulster would conflict with 
the 1920 'settlement and Mr. Fitt 
warned that it was a develop- 
ment which would increase the 
determination of the “Loyalists” 
to sabotage power sharing. 

The Prime Minister replied 
that the only course open to the 
Government had been to accept 
the recommendation made by 
thg Speaker's Conference. To 
have overturned a recommends 
tion. which had such overwhelm 
ing support, would have been 
“very improper.” 


Liberals steer clear 
of Budget clash 


BY RICHARD EVANS, LOBBY EDITOR 


A FINANCIAL TIM LS CONFERENCE 


THE 

1978 



CONFERENCE 


ROYAL LANCASTER HOTEL, LONDON 

8 & 9 May, 1978 

A conference organised by the Financial Times 
and Investors Chronicle with an 
Opening Address by 
Dr. Johannes Witteveen 

For further details please complete the form below. 


V 

J Title, 

I 

I 
I 

CM 


To be completed and returned to : 

The Financial Times Ltd., Conference Organisation, 
Bracken House, 10 Cannon Street, London EC4P 4BY 
Telephone : 01-836 5444. Telex ; 27347. 


Please send me further details of THE 1978 EUROMARKETS 
CONFERENCE 

BLOCK CAPITALS PLEASE 

Name 


Address. 


t Company.. 





LIBERAL MPs have decided to 
avoid an early confrontation with 
the ■Government over - the 
Finance Bill implementing the 
Budget proposals, despite their 
continuing dissatisfaction with 
the range of proposed tax cuts. 

No firm decisions over what 
action to take on- the Bill were 
reached at a meeting of the 
party's 13 MPs last night and Mr. 
John Pa rdoe. /economic spokes- 
man, was authorised to continue 
negotiations ,• with Mr. Denis 
Healey. Chincellor of the Ex- 
chequer. and Mr. Joel Barnett, 
Chief Secretary to the Treasury. 

The party’s -policy will be to 
continue to push for tax cuts in 
three possible areas — a reduction 
in the standard rate from 34p, 
broadening the 25 per cent, lower 
band or giving greater reductions 
to higher taxpayers. The first 
two alternatives seem certain to 


.be rejected by the Government 
on cost grounds. 

But to the relief of Ministers, 
there is no sign of a common 
. front forming between the Con 
servatives and the Liberals to 
defeat the Government on its tax 
proposals during the committee 
stage of the Finance Bill next 
month. 

Tory aims are very similar. 
But neither side wants the other 
to grab the credit _ . 

An example came last night 
in a speech at the Wycombe 
by-clection by Sir Geoffrey Howe, 
shadow Chancellor, when he 
accused the Liberals of talking 
moonshine over the Budget 
“ They are cruelly deceiving 
themselves and the electorate 
with all their self-inflating talk 
abeut the extent of their influ- 
ence on the Parliamentary 
scene," he declared. 


Home Office studies 
‘over-staying’ in U.K. 


BY RUPERT CORNWELL, LOBBY STAFF 


THE Home Office’s immigration 
and nationality division is work- 
ing oo a study, which it hopes 
to complete b ythis autumn, to 
pin down th eetent of “over- 
staying"— the practice whereby 
entrants to the U.K. stay on 
illegally after the cpiry of their 
permits. 

This was disclosed by officials 
of the Department in evidence 
yesterday to the Commons Select 
Committee on Race Relations 
and Immigration, which ' high- 
lighted the problem in its recent 
controversial report calling fOr 
further curbs on the inflow of 
migrants. . 

Whether the findings are ipub- 
lisbed depends on the Home 
Secretary. At present, no really 
reliable statistics on “over-stay- 


ing” are available despite the 
check kept by the immigration 
card system on the 10m. visitors 
to Britain every year. 

A separate Home Office 
memorandum submitted to the 
committee yesterday argues that 
Britain* membership of the EEC 
will have litlte impact on the 
Government's immigration poli- 
cies. Nonetheless, the U.K. is 
determined to ensure that no 
Community decisions undermine 
its freedom of action in imple- 
menting racial equality in this 
country. 

According to the latest statis- 
tics 5.3m. EEC nationals were 
admitted to the U.K. in 1977, a 
rise of 16 per cent, on the year 
before. But the number of 
resident’s permits Issued fell to 
6.623 the fourth consecutive drop 
since 1974. 


Peers approve airport 
security charge 


THE MOVE to charge airports 
SOp a passenger to help pay for 
anti-terrorist security measures 

vjras approved by ihe Lords yes- 
terday. 

Baroness Siedman. for the 
Government, said the levy would 
he imposed on 2$ airports which 
had more than 50,000 passengers 
in 1976. They would contribute 
to ah aviation security fund for 
every passenger in - caress of 
2,000 each month. 

The charge was to come iuto 


operation on April l!9 this year 
and most airports had already 
taken jt into account in fixing 
their ' landing charges. Lady 
Stedman added. 

Baroness Burton of Coventry 
(Lab.) complained that the 
Government was taxing a section 
of the community which was at 
risk from terrorist attacks. 

“ I maintain it is a function of 
Government and the State to pro- 
vide protection against such 
threats.’’ she declared. 


Pressure to see mercenaries 


PRESSURE WILL continue to lie 
put on the Angolan Government 
for permission to see British 
mercenaries imprisoned _ in 
Angola. Mr. Ted Rowlands-, 
Minister of Stale. Foreign Office, 
said in a Commons written reply 
yesterday. 

He said the British charge 
d'affairs in Luanda had made 
continuous representations to see 


the mercenaries since he arrived 
in January. The Italian 
ambassador had visited them on 
December 31 and assured him 
they were in good health. 

“We are concerned that our 
charge d'affaires has not yet been 
able to st?e the men and will 
continue to press the Angolan 
Government to agree to this as 
soon as possible," Mr. Rowlands 
added. 


BY PETER CARTWRIGHT , 

ROVER management at Soti-f 
bull is to ignore a strike by Its 
400 foremen and try to get the. 
8,000 labour force to resume, 
production to-day without 
them. . 

The Leyland plant, which 
produces Land-Rovers, Range- 
Rovers and saloons worth more 
than £12m. a week, has been at 
a standstill for the last two - 
days. _ 

The- foremen are supporting 
25 men in the paint depart- 
ment who walked out after 
objecting to continuous work-"' 
ing during meal and other 
breaks. 


: m ji 


.; -Thfcsystem has beeh operat- 
; ing 7 Qfls year, as 'an alternative 
. to e^tra shifts, which the men 
rejected because it would 
Interfere with their sex lives:. 

Continuous working has raised 
output of saloons from about 
' 900 to at least 1,400 a week- . 

_ The main union, the .Asso- 
ciation of Scientific. Technical 
and - Managerial .. Staffs, . has 
•! been-' trying to arrange a 
resumption to allow talks with 
management to continue. : The 
. company has promised a 
. monthly review of the sltua- 
‘ tWWL 

-■.The- foremen .are meeting 
a gain tomorrow to decide their v 


next step- Thetiv action _ has 
dashed Rover’s hopes of getting ' 1 , 
the £250 m. provisionally aUo-- 1 
cated b ythe -National Enters 
prise Board, lo.- doable output-:! 1 

of saloons and cross-country y? 
vehicles. ----- - . .. - • . . 'x 

Mr. Michael Edwardes; 
British Leyland’ s chairman, has' 
said that there most be a prior* 

commitment to productivity iur. 
prtjvemeuts. T&e :Rover . work-, 
force js now the; only one not 
to have accepted' participation 
on the Cars Council through - 
mhieh Mr. Edwardes believes 
better efficiency can most easily 
he achieved.. ' . 


Mediation 
move in 
building 
Board row 

By Nick Garnett, Labour Staff. 

THE ADVISORY, Conciliation 
and Arbitration Service is .ex- 
pected to mediate on a pay 
dispute involving administrative 
and training staff at the Con* 
struction Industry Training 
Board. • 

Members of the Association of 
Scientific. Technical and Mana- 
gerial Staffs at the Board's head- 
quarters and regional offices 
have been working to rule. 

The Association _of Pro- 
fessional, Executive, . Clerical 
and Computer Staff has also 
been involved in protest actloxLj 
The employers have' offered & 
deal worth 9J3 per cent, to the 
700 staff covered by the- agree- 
ment. More than 35 per. cent., 
of the offer is already taken qp' 
by a new grading system, higher 
incremental payments and • dew 
overtime rates from January: 

The unions say the employers 
could offer considerably more 
within pay policy. They have 
also been annoyed by delays- in 
the offer. First talks took place 
earlier this month, although the 
settlement date is January. 

The employers say the offer 
was formulated in October bull 
given Department of Employ: 
ment approval only last monthfij 

Pay talks for 700.000 buildiflfc 
workers are expected to resume 
to-day. ; 

The employers have made an 
offer dose to 10 per cent, bur 
there appears some leeway (fit 
improvement on sick' pay; /or 
some form of commitment on a 
fourth week’s holiday; and / for 
a reshuffling of the offer’s main 
pay elements. / / 

The Transport and Qfeneral 
Workers' Union said yesterday 
that it would still press hard for 
a 35-hour week. 

Its officials have been given a 
mandate to call for one-day stop- 
pages on selected sites if the 
present offer is not substantially 
increased. . 1 • 


Postal union agrees 
to accept 10% 
earnings increase 


.: 'B-Y -CHRISTIAN TYLER, LABOUR EDITOR 

ABERDEEN, April 19. 

POST OFFrCE workers have Mr. Tom I'Jackson. general sec 
voted by nearly four td -one to.-retary. said that the deal war 
accept a 10 per cent, rise ^in worth-between 102 and 14.1 pei 
earnings after hanging back for cent.' on basic pay. 
months to see how other public „ , 

tsecior workers would . fare Because - there . was .no con 
under the Government's . pay soBdation of previous pay policy 
guidelines. : • supplements, workers on night; 

. Members of the Union S 

backdated to January 1 and raise ““ of lhe 10 per cenL Tl “ ■ 
the average postman’s rate to There was a severe recruit- 
more than £56 a week. The union ment problem — greater even 
has 200 000 members. . - - than that in the Armed Services. 


TUG urges ‘all help’ 
for hotel strikers 


BY ALAN PIKE, LABOUR CORRESPONDENT 


were 


has 


Authors apply 
to become 
trade union 

By Anthony Curtis 

THE SOCIETY of Authors 
applied to become a trade union 
after a ballot of its 3,000 mem- 
bers. 

Nearly 70 per cent, of the vote 
favoured the application. The 
society’s council and committee 
of management, which includes 
authors William Trevor, John 
Bowen. Nina Bawden and Peter 
Dickinson, decided that the 
result, from a 65 per cent, ballot, 
was a clear mandate to apply for 
trade union status. 

Mr. Brian Aldiss. chairman, 
said that the society would not 
necessarily become affiliated to 
the TOC. 

The society is negotiating with 
State-funded employers such as 
the BBC. and the National 
Theatre over minimum fees for 
work performed. 

Notts, miners’ 
incentive plan 

REPRESENTATIVES of Notting- 
hamshlre's 34.000 miners have 
put 34 proposals, to the Coal 
Board for improvements in the 
incentive scheme.. 

Mr. Joe Whelan, secretary of 
the Notts branch-of the National 
Union of Mine workers, said: "We 
are seekins to make the scheme 
more beneficial to miners, but 
the board says it has to make 
the scheme self-financing. 

“It has certainly brought extra 
money to miners, although we 
have been told that the Board 
feels it is not getting revenue it 
had hoped for from the scheme." 

Crane row talks 

TALKS ARE to be held to-day in 
a bid to settle a strike by 100 
crane drivers over pay, which has 
' ' to 900 workers being laid off 
.. production halted at the 
H. Lloyd steelworks in Wed- 


led 

and 


aesbury. West Midlands. 

Wages threat 

PEACE TALKS are to be held 
to-day to try to settle a dispute 
over staff recognition which 
threatens To delay the payment 
of wages to more than 1,000 
Wolverhampton factory workers. 


THE TUC called yesterday on all 1 number of ; employers 
'affiliated unions, to do “«very- ‘ too ma „» 

thing they can ’’ to help wtajk*. hotel and catering employers 
dispute at Clandges, -the Lonao^ ^g. treat and pay their staff 
hoteL V - deplorably. It is time that they 

Members of the General and recognised that people ho longer 

•*_ i v 1 aI 'fkk r«im! Fniirlil AAViilifinnp 


ate • demanding rdttwni tion Claridges later attacked Mr. 

for theVnjon. ‘ Murray’s statement as “ provoea- 

The TUC Hotel and’ Catering tive and inaccurate: The dispute .; 
Committee appealed to aHunibns was “over the right of minion,'- 
after a request. for- support -from which represent a small; 
the GMWU’. ' ^ minority of the staff, many only ^ 

Mr. Len Murray. TUC geheraifoecently engade, to negotiate •- 
secretary, slid after The meeting Itonditions for the whole staff, 
that in the last- few years an tfte majority of- whom do not 
increasing number of workers in befotig to that union and have 
' * taKMi no part in the present 
stoppage:". ... • 


the hotel and catering industry 
had joined anions, and a growing 


Redundant steelworks 
‘unlikely to be viable 5 


BY JpHN LLOYD. ■ \ 

IT AS’ unlikely that staid works Labour Party's ^steel committee 
made redundant , by the ..British that any sale would require an 
Steel Corporation could be. made Act of Parliament! ;. 
viable by private companieST Sir The financial weakness of the 

Charles ' VHliers, corporation Corporation: howevetj - made t it , 
chairman,, said last night. . . open to the possibiTty of attempts- 
Sir Charles - told a private by private interests to buy 
meeting -.-'of the partimentary redundant mills. \\ 


Pay the cure, police say 


THERE was nothing wrong with 
the police service which, a fair 

pay award could' not put right, 
the Police Superintendents’ 
Association told Lord Edmund 
Davies’s committee on- pay and 
conditions -yesterday. ' . 

The executives wf the three 
associations . — England and 


Wales. Scotland and Northern 
Ireland — held a joint meeting at 
Peebles. Scotland, and discussed 
the evidence submitted to the 
committee. Chief Superinten- 
dent John Keyte. national secre- 
tary. said. “ Time is running out 
and an early report is desperately 
needed.” 


Left-winger to lead 
journalists’ union 

THE LEFT-YflNG-of the National This is. a year in which we will 
Union - oi Journalists .iscore& bave : to take oh interference by 
successes in- elections for the politicians a this Government 
union’s two senior posts an- ih the right we have to a free 
noiinced yesterday. Press, to fight on the question 

Mr Denis MficShane. Vice- of:, racialism and on what 
president.- defeated, bis Right- ionnmlists must do to counter 
win® rival, Mr. Jim French, for racialism, end on the applfea- 
tbe union’s presidency, by 210 ? 1 ° n ,° r f T i rs “ 3e unJon Principles in 
vote?- -to 1 . 107, and_Mr. Jake. NUJ- . . . 

Ecclestone took the vice presid- ' Many people • have accused 
ency with a .surprise victory . BiUKant and 

over . ftlddlfrof-tbe-road cahdl-. emare.- I Plead. guilty to both, 
date Harry .Conroy, in. voting. - extremely militant m pur- 
by - delegates at the union’s ^ ult the Policies, you and the 
annual conference at -Whitley fistocuuve lay down" 

Bay. yesterday. 

The-’ president’s post . in the 
NUJ is 1 traditionally unopposed* 
but this . year the Right-wing 
decided to put .up.Mr- French .of 
theFJiumdal Times-io opposition 
to Mr. MacSftane. 

air. Ecclestone, a Times -sub- 
editor, won, - a three-cornered 
battle. . After, the tbjrd: man, 

Gerry. Anaes*:. bad been elimi- 
nated,. the final voting was 
Ecclestone— *174, Conroy— 152. 

Elections for the executive, to 
be announced: officially- to-day, 
show a slight shift, to the Left. 

But ■fin-torceptibn -concerned thef-j 
LondOT-qatiOtUd -newspapers rejfc; 
resentMwh- where-.-; Mr? ' Eccle- 
stone lost hS ^executive; seat, tp 
Right-Winger ted’ Sitopsoni ‘ 

After ' elect! on .had \ been 
aunoti^ed--- Mr- “Madaiane, wbb 

was di^ss^ bfc flie BBC' lasrf 
year,; v tbTcL ; delegates!-: “This is] 



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stage masts can be supplied with 
lift heights ranging . from 3050 
mm (10 feet) to 6100 tom (20 
feet).’ The three stage" masts 
range In lift height from 4380 
mm (14 feet 3 inches) to 7580 
mm (24 fee-t 9 inches). The 
standard machine has a carriage 
plate which enables the operator 
to fit a large variety of attach- 
ments' as well as forks. 

Attachments available are 
almost limitless but include side 
shift, hydraulic tipping back- 
plate, quick release carriage, 
concrete hopper and. heavy duty 
buckets which allow the user to 
equip the" lift truck to his par- 
ticular job site need. Optional 
equipment includes automatic 
transmission, full road lights' 
and independent wheel brakes. 

Case plans to release a second, 
larger model shortly.- The 
rough terrain lift trucks arp 
manufactured and assembled -to 
Case specifications . by Bo user 
Engineering. ’ - 

More from Case at Smith 
House", Elmwood . Avenue, Felt- 
ham. Middx. TWI3 7QH. 
01-890 0642. - 


• MATERIALS 

High gloss 
costs less 

A GLOSS varnish providing "a 
gloss level comparable with film 
laminated materials and other' 
high coating weight varnishes .is 
available at a cheaper prite, 
claims Macpherson Cruickshank 
Industrial Finishes. 

The varnish, developed in 
concert with Bo water Carton's 
research chemists, was initially 
produced for the pack as a pro- 
duct due to be launched earlier 
this year and intended, for 
display on toiletry and cosmetic 
counters where sales appeal and 
resistance" to. . handling are 
essential. 

First- printed ; with conven- 
tional inks, the carton was sub- 
sequently over-varnished with a 
standard high gloss lacquer, but 
did not meet requirements 
which were finally achieved by 
printing with UV inks and then 
transferring to a Bush Roller 
coater with an application of 
7 gsm coating or varnish. 

The new varnish, claims the 
developer, is not affected hy 
processes such as folding and 
forming, heat sealing and PVA 
gluing. Suitable for application 
where good barrier properties 
are necessary, it is suggested for 
frozen food cartons where it 
could be coated on- to. the. face 
of a reverse treated grease 
resistant board and would give 
a cheaper . alternative to the 
standard double polyethylene 
coated board. 

More from Bowater Consumer 
Packaging. - .Carton Division. 
Gillingham. -Kent ME8 0RX 
(0634 3444). 


LONDON Co-operative Society, 
the world's largest single retail 
“Co-op." has ordered an I CL 
2960 computer valued at £Jm. 
to - improve management control 
of its huge operation. To be 
installed in. May this year at the 
LCS’s new computer centre at 
Stratford, East London, the 2960 
will take-over the, workload of 
the. present 1S03A. 

LCS operates north of the 
Thames In an' area of 1.500 square 
miles with 600 trading outlets 

.located . from Southend in the 
east to High Wycombe in the 
west. Turnover last year ex- 
ceeded £200 th, The Society 
operates 26 department stores 
together valued Jit £35ra. and 
other retail outlets, include 59 
supermarkets,-. 246 self-service 
grocery stores and 15 freezer 
centres. 

Other assets include 5,000 acres 
of farmland, a held of 500 dairy 
cows, a London HjoteL four 
garages and 'one of the largest 
and most sophistic ated funeral 
services in the country- This 
diverse group with widespread 
interests obviously needs careful 
management control. 

Installation of the new machine 
will mark a change of manage- 
ment style with . a - stronger 
emphasis on profitability. 

A new top management team 
has been assembled' at Stratford 
over the last 18 raonths_and the 
new computer will provide them 
with an essential- tool 'for the 
creation of cost centre' control 
covering all aspects " of the 
Society's activities. 

One of the most important new 
applications is -the management 
control system which -carries out 
the administration oncost centre 
control and ensures more 
positive management control. 


Already the cost centre frame- 
work has. been set up and infor- 
mation on sales, costs and trans- 
port is collected and processed on 
the Society's 1900 computer. A 
detailed exception reporting 
system, budgets and individual 
targets for cost centres axe 
produced. 

When the entire management 
control system has been trans- 
ferred to the 2960. the third and 
final stage of implementation 
will begin. The system will be 
converted to run under VME/K 
and terminals will provide the 
top management ream with an 
on-line interrogation facility 
covering the entire management 
information system. Each of the 
Society's 600 retail outlets will 
be treated as a separate cost 
cent re. 

With the installation or the 
2960. the Society will begin to 
implement plans for the develop- 
ment of advanced stock control 
systems tor its retail outlets. A 
communications network will be 
established linking the de- 
centralised regional administra- 
tive offices at Grays in Essex 
and Westcliffe. two grocery 
warehouses and the. dairy admin- 
istrative office at Palmers Green 
to the Stratford head office. 

Because of the way in which 
the LCS is organised, there is 
a truly enormous amount of data 
to feed in and process and it is 
intended initially to run under 
ICL's direct machine environ-' 
went (DAtEl operating system 
tn speed transition from the 
older generation machine. LCS 
looked at the offerings of several 
other manufacturers but opted 
for the 2960 primarily because 
of PME and the computer's com- 
munications abilities, according 
to Mr. Alex Balfour, LCS chief 
executive officer. 


• OFFICE 
EQUIPMENT 

Labels made 
with ease 

A MATRIX printer providing 
characters up to one inch high 
controllable by an electronic 
terminal has been introduced by 
British Printing Corporation for 
the preparation of labels and 
similar documents. 

The basic version oT the prin- 
ter 15 designed for direct con- 
nection to a computer, locally 
or remotely. 

Another version. LPS 1. Is a 
free-standing labelling system 
using a cable-connected terminal 
as an input/uutpul device. The 
terminal will read, punch and 
transmit data from a standard 
tabulating card. Variable nume- 
ric data can be entered through 
a keyboard and semi-fixed data 
can be internally programmed. 

The LPS 2, also a free-standing 
system, has a keyboard data- 
entry terminal that will accept 
data from punched tape with 
alpha-numeric data keyed in 
manually. It can produce hard 
copy summaries. 

These systems will prepare 
lahels on demand for up to four 
different programmed formats in 
any combination of four dif- 
ferent type sizes from one inch 
down to 0.1 inch. 

More from BPC Business forms 
Group. Suite 7, Concourse House. 
432 Dewsbury Road, Leeds LS11 
7DF (0532 771061). 

Easier for 


Computes the strain 


IN ENGINEERING . the' finite 
element method has proved a 
useful aid in analysing compli- 
cated structures under, static, 
dynamic and thermal loading. 
While this method Often involves 
considerable compulatibn, it can 
be applied easily wi&n the com- 
ponent and its loading are 
rotational^ 1 symmetric. Examples 
are standing vessels where the 
content is the load. dr/bSdjes of 
revolution where the centrifugal 
force is the load. ■ ■ v; \ , 

,In mechanicai engfljeenn|.axuV 
plantmaking,, however, bodies of 
revolution sire frequently en- 
countered' -which are subject tA 
non-rota tionally- symmetric load-i 
tag. 7 A horizontal vessel, for 
instance, is subject to one-sided 
loading .from its content, while a 
■belt conveyor drum is exposed 
to bne-sided forces from the pull 
of the belt passing over it. 
Other! examples are shafts, rolls, 
cable drums, bearings, couplings, 
gears, pulleys, rotary furnaces, 
churns and tube mills. 

. So that such components can 
be computed simply, Krupp has 
developed the “Fan as” program 

• PROCESSING 


within its Antras system. This 
program uses the ring elements 
known from the computation of 
rota tion ally symmetric cases and 
represents the irregular load 
distributions as Fourier series. 
In this way the three-dimen- 
sional problem is reduced to the 
solution of a number of quasi- 
plane problems and computing 
time and processing costs are 
substantially cut. 

The program is suitable for 
all thin-walled, thick-walled and 
solid bodies of revolution. It 
handles everything from the 
breakdown of the loading into 
Fourier series up to the output 
‘.drawing of the results in the 
dtesired section planes. The pro- 
gtam is written in FORTRAN 
IM and can be hired or purchased 
by\ users. If preferred. Krupp 
EuP, Essen, will do the calcu- 
lations itself. The user can there- 
fore)! have the data processed by 
Krupp. or his own specialists 
ran either use the program 
direct' or via terminal link with 
the Krupp EDP department. 

Fried. Krapo GmbH. 43. Essen, 
Postfach 10, West Germany. 


the typist 

AN ANTIDOTE to time-taking 
efforts and finger-tip smudging 
involved in changing a typewriter 
ribbon is offered by Smith- 
Corona's machine, the Enterprise. 
A cartridge ribbon system has 
been fitted to this light, electric 
typewriter so that ribbon chang- 
ing is now a rapid slot-in and 
slot-out operation. Erasure 
facilities cope with carbon or 
nylon ribbons in black, blue, red, 
green and brown. 

The machine is aimed at the 
universal typing market — home 
and student typists, self-employed 
and small businesses — and with 
its launching, the company fore- 
casts a 45 per cent, increase in 
unit sales for the entire U.K. 
electric portable typewriter 
market. 

More from SCM House. North 
Circular Road, Stonebridge Park. 
London NW10 7SS. 

• MINING 

Product 
from the deep 

A JOINT venture to develop the 
technology for mining man- 
ganese nodules from the ocean 
bed. has been set up by Billiton 
BV of The Hague fpart of the 
Royal Dutch/Shell Group). BKW 
Ocean Minerals BV of Papen- 
dreebt (atf operating company in 
the Bos Kalis Westminster 
Groups. NV). Amoco Mineral 
Company fa subsidiary of Stan- 
dard Oil Company), and Lock- 
heed Missiles and Space Com- 
pany. 

Established at Mount View. 
California. U.S_ the venture is 
railed Ocean Minerals Company. 
This will seek to develop 
methods for winning and pro- 
cessing manganese nodules 
which at present lie in vast 
quantities over wide expanses at 
thp bottom of the ocean. 

The economic value of the 
product derives from the fact 
that although 25 per cent of 
nodules consists of manganese, 
a further 3 per cent is of nickel, 
copper and cobalt. 


Better product with spray treatment 


VACUUM melting and treatment 
of aluminium and its alloys to 
prepare metal for further pro- 
cessing by casting or rolling has 
been brought to large pilot plant 
stage by Vacmetal (Gesellschaft 
fuer Vakuum-Metallurgie), work- 
ing in collaboration with 
Aluminium Delfzijl BV, Delfzijl, 
the Netherlands 

Vacmetal is Jointly owned by 
Hoesch Werke AG and Fried. 
Krupp Huettenwerke AG and 
the development work under- 
taken incorporates a great deal 
of experience accumulated dur- 
ing The construction and opera- 
tion of some 150 vacuum 
furnaces built around the world 
for the treatment of steel and its 
alloys. 

Initiation . of the project 
stemmed from the observation 
that during casting or Tolling of 
aluminium, faults in the form of 
cracks, pitting or superficial 
damage could occur if retained 
impurities such as oxygen. 


sodium, lithium, calcium and 
various n on-met allies were pre- 
sent in too high proportions. 

It has been customary in many 
aluminium production plants to. 
treat the liquid metal to this 
end with chlorine or by filtra- 
tion. But ecological concern 
prompted a search for a process 
which did not require chlorine. 
So far. other methods tested had, 
however, proved difficult to 
integrate into a continuous pro- 
duction stream, or were too 
expensive. 

Basis of the Vacmetal process 
is The spraying of liquid alumi- 
nium or an alloy thereof into a 
vacuum furnace. The division of 
the. metal into liny droplets pro- 
vides optimum processing condi- 
tions. 

" ".The method has been tested in 
an industrial environment and it 
appears suitable for high-purity 
metal as well as aluminium/ 


magnesium and a number of 
other common alloys. The para- 
meters for the various metals 
have been established and a 
throughput of about 100 tonnes 
per hour is being achieved. 

With existing casting -furnaces, 
the company believes that in mo.«i 
cases a relatively small amount 
of capital investment would be 
needed to turn them into dyn- 
amic processing units for tbe 
production of high quality metal. 

A further advantage of thp 
elimination of chlorine — apart 
from the pollution question— is 
the higher quality of the end- 
product At tbe same time, cost- 
ing of a complete line leads the 
company to believe that total pro- 
duction costs for a given level of 
quality of metal -will be lower 
than with current methods. 

Hoesch Werke AG, Eberhartl- 
strasse 12. Postfach 1800. 4600 
Dortmund 1. West Germany. 


Do you use components? 

- Lesney components would improve 
your cost-effective ness. 

They are astonishingly accurate.' Ready 
to use. Always on time. And either diecast in 
rincaHoy'or plastic moulded to smy finish 
including metallizetisprayed or hbHbflecL 

Ford, Hoover, Stanley, Kenwood and 
General- Motors use them. ■ 

Lesney will stockpile in their own. 
warehouses and deliver by their own 
transport .They have multi-million capital 
behind them.Their technical knowledge is 
, legendary. Their techniques are envied! 

And they don't let people down . 

Ron Perryman, Managing Director, 
could give you many more reasons lor 
putting Lesneyk good name behind your 
goodname. 

Call Wm.m-085 5533.- - 

m>sm LESNEY INDUSTRIES LIMITED 
Lee Conservancy Road, Hackney, 
London, E95PA.Telax 397319. 

' Whysuctiasmall ad? 

■ "When you're very good you needn't* shout 


FOR ROLL-FORMED 
STAINLESS STEEL 
SECTIONS . 

-Ashford- Kent. Tel 0233 25911 


> SAFETY & SECURITY 

[Thwarts the thieves 


BURGLARS will have to speed ceramic 
up their safe blowing operations and sb 
Jr they have to iackle tbe SLA employ 
Treasury safe which incorporates safe, th 
harrier ceramics in a new form, up but 
says Security Lock, and Safe A d( 
Company. an ear i 

"The encapsulation of the s h owe£ j 
ceramic (which comes very close tnnk e, 
to diamond on the Mohs hard- d tb T 
ness scale) ensures good adhes- . M d 
ion to the steel and can be placed 1* _ ee 
exactly where it is needed for rTi 
consistent protection anywhere ^ “ 
in a safe door, particularly over 
locking points. Infor 

Bandits' drill bead bits will this Ma 
shatter when striking the on Telf 

Foils alien entry 


ceramic rods, says the company, 
and should . thermal lances be 
employed to bum a way into the 
safe, the ceramic core will heat 
up but remain secure. 

A demonstration— jartaposing 
an earlier and newest model — 
showed that where it previously 
took 56 minutes -to achieve a 
depth three inches, alien attack 
from drills, electric chisels and 
oxy -acetylene torches, would now 
penetrate just around one inch in 
the same time. 

Information of range from 
this Mather and Platt subsidiary 
on Telford (0952) 5S6945. 



AN ANTI-INTRUSION system 
that, detects illegal attempts to 
enter fenced areas will be shown 
by GTE Sylvania Incorporated 
during the International Fire, 
Security and Safety Exhibition 
and Conference at Olympia next 
week. 

! Known as Hie FPS. the unit 
has a £ inch diameter line sensor 
attached to the fence which 
detects vibrations produced by 
attempts to cut or climb over.. 
Signals generated by the sensing 
cable are fed into a processing 
box - ‘where they are analysed. 
Should the processor determine 
alien encounter, an alarm is 
activated. The unit also has a 


if 


mm 


re- 


ts 




£500,000 


then you 






300,000 




▼ 

It’s all going for you in Newcastle. Grants, long 
loans at low rates, tax allowance, rent relief interest 
subsidies ... plus extra special grants exclusive to this 
region. You can save over 60%) of the gross project cost! 
The benefits are not just financial either. Look at what 
else is going for you in Newcastle: 


Excellent Amenities 

The biggest and most modem 
shopping Centre in Europe. See the 
City for yourself. Thirty minutes by car 
if you want to sail, walk in unspoilt 
countryside or birdwatch on the coast. 

People 

There’s a pool of people you can 
choose from — skilled and unskilled 
and we’ll put a team at your disposal to 
advise on housing, education and all 
re-location aspects. 

Housing 

In the North East, there is a good 
choice of housing and you don’t 
have to spend half your life commuting 
if you want to live in the country. The 
City also has one of Britain’s best 
records for council house building. . . 



GryofNewcastle upon Tyne 

Newcastle- 



best business 

move ever! 


A1 Road, Rail, 

Air & Sea Services 

London by rail in 3 hrs, by road in less. 
than-5 hrs. Direct rail links throughout 
the country. Airport with_ regular 
national and international flights by 
BA, British Caledonian, Air Anglia and 
Dan Air. Deep water port facilities and 
direct sea links to Scandinavia- 

Factories and Sites 
to choose from 

Let us have your specifications and 
we’ll supply you with a .selection of 
buildings or sites to meet your 
requirements. You name it and we 
probably have it. 

Custom-built Packages 

Whatever your requirement, we’ll tail or 
a package specially for you , including 
sites, buildings, people, plus all the 
■ cost-saving and fending schemes for 
your project. You’ll have it on your desk 
fast, marked “Confidential”. 

High Speed Decisions 

You’ll find Newcastle’s response is the 
fastest in the. country, from enquiry to 
planning approval 


And there’s.more. 

The best business move you’ve 
ever made could be when you ask 
for more information about . 
Newcastle. Write, phone or use 
the coupon. 

Mike Foley,' Gvic Centre,- Newcastle 
uponTyne, NEl 8PP 
Telephone; 0632 25180 or 610652. 


minimum false alarm to identify 
vibrations caused by wind, rain, 
birds and animals. 

There is a choice of two alarm 
displays — a single channel" unit, 
and a 6-channel display which' 
can monitor up to 6,000 feet of 
fence from a central office — each 
enabling the operator to hear 
actual fence disturbance sounds 
delected by the cable. 

Units are currently operating 
at nuclear facilities, correctional 
institutions, central alarm com- 
panies, power utilities, ware- 
housing installations and of] 
refineries. 

U.K. agent Is Field T*»ch. 
Heathrow Airport. London TW6 
3AF (01-759 2811). 






PleasfcsendmefuD 

information on the 
benefits of re-locating 
in Newcastle. 


To: MikeFbIey,CivicCentre, Newcastle npouTyxie, NEl 8FP 
NAME POSITION 

COMPANY 1 

ADDRESS ' ' ’ " 



* 


FT17.4 P003 




^ A 





THE JOBS COLUMN 


.^irsfes ;3%ursday' 




if**-, 


Seven types of team manager 


Run a raiMay 


BY MICHAEL DIXON 


S* S’ 


■C; -j* , 

o ,-i"< * - 


■BU5LYE5S still believes in 
golden boys— you know, the all- 
round managerial genius,” 
sighed Meredith Belbin yester- 
day. 

His statement seems true 
enough. It is not only at chief 
execute re level that one finds 
job specifications calling for 
outstanding powers of per- 
sonality, imagination and intel- 
lect; in short, for comprehen- 
sive brilliance. When setting 
up a project team, too. working 
organisations have a tendency 
to choose the most clever 
people in the approprate areas, 
and make the cleverest of the 
lot the team chairman. 

,4 ‘ But we don’t believe in such 
wonders, ” added Dr. Belbin, 
chairman of the Industrial 
Training Research Unit in Cam- 
bridge and a visiting fellow at 
Henley management school. 


‘VWe've learned, for instance, 
that if you set your cleverest 
people to work together in a 
team, it’s probably a recipe- for 
disaster where results are con- 
cerned. We call it the Apollo 
effect" 

'Meredith Belbin works by 
studying real-life problems and 
taping -to apply his experience 
and knowledge as a psychologist 
in overcoming them. The prob- 
lem of designing productive 
teams has been a major concern 
over the past seven years, and in 
tMe latest halF of this period he 
h£s been translating -the lessons 


into practice, not just in sessions 
at Henley, but also m selection 
procedures for- large organisa- 
tions here and in other 
countries, including Australia. 

“ The lasting belief in golden 
boys seems curious when we 
have so often seen their com-, 
panies follow a fabulous burst 
of success at one moment, by 
falling apart the next. The 
reality looks to be that if some- 
body is top-notch at something, 
he's going to be pretty pathetic 
at others 

"Thus, if a group of people 
is going to work well, it needs 
a mix of abilities appropriate to 
the object of .the work. And we 
have worked out ways of 
identifying the necessary differ- 
ent roles, and people who are 
suitable for filling them." - 

The people are assessed by- 
three tests. One measures high- 
level reasoning ability of the 
analytical kind. The second is a 
standard assessment of 
personality. The third — specia Re- 
developed — examines other 
aspects of personality and. the 
candidate's ability to think open- 
endedly or. in other words, to 
synthesise as distinct from 
analyse. 

Typically, the results indicate 
that the candidate should be 
good at one, and fair at one 
or two more, of seven main 
roles. Dr. Belbin lists these as 
follows: 

The Chairman. — ■“ In the bulk 
of cases you don’t want the 
cleverest and most creative per- 


son in this role, because it can' 
merely cramp such people as 
often seems to happen in sports 
when the star player is made 
captain. As chairman you 
generally want somebody with 
an IQ slightly higher than the 
average of. the lower managers, 
who is pretty good at under- 
standing and motivating and 
co-ordinating people of various 
abilities- And chairmen need 
to learn to recognise people 
with outstanding abilities they 
themselves don’t possess, and 
how to use them." 

The Plant.—” Somebody who 
is very clever analytically, but 
because he or she is probably 
a bit introverted — likes to take 
bits of information away and 
think them out alone, and so 
on — is quite likely not to be 
recognised as very clever by 
fellow members of the team. 
When the problem being worked 
on isn’t amenable to revolution- 
ary changes — that is. when it 
needs to be dealt with according 
to established practice — it’s 
often .better not to put a Plant 
into the team . because people 
like that can have a very dis- 
ruptive effect.” 

The Resource Investigator. — 
“Very clover also, but not in 
the on-one’s-own way of the 
Plant. In fact Resource Investi- 
gators don’t need to be high 
on the IQ scale, although 
they're 'ideas people’ nonethe- 
less. They generate ideas by 
interacting with other people, 
taking up things that are said 


and. bringing -in bits of ex- 
perience and- information from, 
outside the team's problem and. 
even -the company or industry, 
and adding them together crea- 
tively. But they ' need to be 
kick-started, as it were, by other 

people.” 

The Monitor - Evaluator,— 
"Clever, too. but dry and un- 
excitable and bon -creative with 
it .. They're very high, on the 
other hand, in objectivity. That 
may:be why - they usually lack 
what's known as personal drive. 
People with drive can easily be- 
come committed .to an idea, and 
really i mini it. to work. 
Monitor-Evaluators don't care 
whether it will work or not. 
They want to' assess it dispas- 
sionately in tie cold light of 
fact.” fSo, you. see. there is 
a useful role for the archetypal 
accountant, after all.) 

The Company Worker. — 
" Conventional cleverness isn’t 
important here. Good Company 
Workers like everything to be 
very well organised, and aren't 
toe keen on n&w ideas at all. 
Theywant things proven. But 
they have real' ability when it 
conies to transforming ideas 
into concrete plahs,’’ 

The Team Worker.— ” The 
need here is for someone really 
responsive to' other people. 
Team Workers are good at 
listening and seeing what the 
other person- is getting at. 
They’re unselfish: support 
people: build the team together, 
fn some circumstances it’s best 


to bare sever*! Team Workers 
in the group," ■ 

The .Completer, — ” Somebody 
with, good .finishing charac- 
teristics', in the sense of wanting 
to be sure thatthe i’s are dotted 
and the t’s crossed. What I 
would be inclined to look, for 
in filling this role is a person 
with a fairly high degree of 
anxiety combined with good 
self-control and conscientious- 
ness. Completers tend • to 
balance - Resource Investigators 
by taking a rather pessimistic 
view of things— quietly worry 
about them. Td say they iwere 
quite likely to have an ulcer.” 

Where the findings of the 
research have been applied in 
practice*— for example, .when 
someone needs to be found to 
replace one or more members of 
an established managerial team 
— Dr. Belbin is generally satis- 
fied with the results. Nor is he 
concerned only with business 
companies. He is off to Aus- 
tralia any day on an assignment 
to do with governmental -com- 
mittees. - 


Moreover, while- ihe --EEC 'is summer: wife; inuch help fm'S*' 

emphatic that woriHa^atwnrtn . % 6 re "especially -Manpower Services! 'Con'* 
keep employment up is the. best ciai-"‘’skilis ‘ in ' '-running and 3 ni*H?n-V :*ei*creation : Schfjfr 
future strategy, it would not ... v, u _ tf and graiits;-frbm Perer&oreng «-■ 

mind seeing the' average corae .?®^ 0 ^^ _ en _ . ^ Development Corporation - 

down a shade morer if . £*"?/ -h 1 * 1 es ttfe: line wants to becotpe 
bureaucrats could- ' demise'. ib'-tire exEandiag.are^of^Pfeter- . financing -as fast is possible? •/' : ?' 
feasible work-sharing'- scMates; borough:'-' V -'!..- : - • Renee' tfiff need forY ne 

Which seems: a -progressive ''-TberuiTent rate^e^nsioh general ioattiiger, ‘Td Chink. j;-*"" 
attitude. ■■■’ '-Is 'far tfetoW tbbt’ of-= thfe Resource Investigatpfr-tjp 

After all. we would then be i&th cetitury when the arrival to take ; £UH : ' responsibility ’ : - 

typically putting in only about qf railway companies in Peter- chairman John Maxwell and'fc 
the same number of hours as .fier&ufcfc tified '-ir trom 1(1,000 u directors for adminftterin 
do the surviving primitive' population -to fiO.tJOff oVer five operating, promoting!* * a 
tribes of hunters and gatherers, yeari And ’it was'tb'inark that developing the line. / . i 
who have not yet acquired V V sroup- of £aftWay'- , 4 A -flair' 'for cbHnneree.-i^^^- 



taste for the labour of fanning. ^devotee? - *Bt - ‘together "senrc 'eluding puBtidti7 is v/taJ.*' 
But while .ww - would be muelr -Jea^-'agq with*-. "Maxwell nil 


Progress 


THE "SHARE of people’s lives 
spent at work, the European 
Economic Cemmisskm ' informs 
me. has more than halved over 
the past century! Far each day 
of life, work nowadays occupies 
only 2.9 to 3.6 hours on average 
in ' the .advqnpqfi.' .cponiyies of 
Europe, *V • 


richer than the- primitives- '-of. establishing f ^ steam- locomotive arid dads-juifl kijls and enthus 
course, I feel we' shotrld "still' lag on" a ‘pfiritb out side the local' asts are’ the salt of the eartj 
behind them in attitude. technical -college- . they alone won’t enable us to t 

The Yir Yiront Aboriginies sd began the Pelirbqrij^ghrviable. We need to promo! 
of Australia, tor instance, could Railway things like director's lunches o 

not tell you how much of life/' ’tgiiuj soon JjWajiig: for -.our railway, wedding reception 

they spend at work and how ^e’ rit'y.ito^iibtSte the National tolling exhibitions and the lik 
much at play. They have never- Transport Museum. Rut — so We must be commereally fa 
seen a need for their language n u said— because the Peter* sighted." 
to differentiate between the two. bQrougifgrpw>U»fi^>^Q^ ' Vrhe quoted salary range ; 
forms of activity. /ai cwrajk ■‘thefrvt^ro .ft^ jfce taw — £4,343 to £5,365 — b» 

To my mind, there could nor' mas^uiip Wa|- hj^Tankei- by /whether applicants are your; 
be a more advanced attitude to York - .which rates I a - full and upcoming or near retir 
work than that and, from what Archblsfbdp. ... / . ment and tolerably well pn 

I can gather, a good many Jobs . Anyyay, last -(June the society vided-for already does ni 
Column readers would like to dpenetf xhe-l-N^e Valley! Rail- matter, Mr. Maxwell says, prj 
Order* their lives in a similar way running- fromWansford onvided the right knowledge 
way. But where jobs or the re-' the At, alongside the 'river and flair for business is demoj in- 
quired type exist, they hardly 'through 1 the city*s Tjew amenity strably present. /. 

ever come to market. - ' 'park. to Qrton Mere. It has some ‘ Application forms from hii 
As it happens, however," T- -jpcamolives' available, about care of Peterborough Develoj 
think I have spotted one tbirvhfr^ tWrffs ef tit'em GortHnental ment ' Corjroration, PO Box . 
week which could offer Nirvana/ types, -plus coaches With bars Peterborough PEI 1UJ He ca ! ' /_. 
to any enthusiast for steahi and- restaurants as - well as be' 1 telephoned for informatib - 
engines and railways. There is ^rmal seats.’ ' ' at Huntingdon 54651 during tfl 

an urgent need for a general ' Having rim succfes^ully last day. List tfoses May 10- , " ' . 


Fi 


Dii 


V. iv^c- 


CHASE IS EXPANDING 
ITS INTERNATIONAL PRIVATE 
BANKING EACILITIES 


As a result we have several challenging career opportunities at senior and junior levels in Swntjadaqd and abroad 

( T/mHfwaHfi ni mr«a>as jmtViaarRasnf 

PORTFOUO MANAGEMENT 
flnternational Fixed Income and Equities) 


. The ideal candidate will have several years of experience in managi ng internationally diversified portfolios or 
d Rating in intematinnal bond and equity markets. Familiarity with foreign exchange markets will be a definite plus. 


MARKETING UNIT HEAD AND ACCOUNT OFFICERS 
At the senior level we are looking fora seasoned professional with at least fire years' experience of counselling 
clients on Financial affairs. A banking background and some prior management experience in a responsible position 
bre strong assets. The position requires frequent travel. 

At the junior level, account officers with securities and bank apprenticeship background will assist the unit head 
in receiving and servicing international clients. 


Complete fluency in English, and in at least oueother major Western language is required for all positions. 


Candidates of preferably Swiss nationality arholdars of appropriate work permits am invited to send their 
applications to: ... • .. ,i||i=== 


Personnel Manager, Chase Manhattan Bank [Switzerland). 63. ruedu Rhone 3204 Geneva. 


Ifyouprefiffto learn more about the individual positions bet ora replying forinally, please call fi G. Bloem, 
fttoiagar Private Banking, directly in Geneva, Tel. Na 20 69 55. 


UNIVERSITY' OP 




KHARTOUM -T- SUDAN 


AppUc^tianx «n intltcd for thf 
Tollmring pests la ths FACUXTV OF 
ECONOMICS AND SOCIAL. STUDIES: 



CB-i-ir 


DEPARTMENT OF BU5DTESS 
ABaOKISTRATiOS: 


4 SENIOR LECTURE RS/LECTURERS 
in ihF tollowins spceiaUaciiont: 


ai Buainnn Financf and lnvumant 
bi General Management 

c> Opemdons Research 
di Marfcotln* MamseBunr. 


Salary scales funder review Settler 
Lermrcr ES2.<&3-£SS.0M p.a.: Lecturer 


g l.BM-XSJ.iflO p.a. lezdnslve of cost 
living allowance! <n sterling = 
Esa.63‘>. The British OovemmeOr may 
supplement salaries in range of £5.042- 
£3.536 p.a. rstertiPRi for mam»l 
appointees and £1.47»-£i.»0 p.a. 
rsierllngi Tor single appoiniers 
r reviewed annuatly and n^nnallF free 
oft all taxi and provide children's 
education gffowanees and holiday visit 
paasaces. Family passages; various 
allowances: superannuation scheme: 
annual overseas leave. DetaUed appll- 
calicos i2 chplesi with curriculim 
vitae and Darning. 3 referees w be 
wni in flie Penortnol Secnuiy. 
University, of Khartoum.. R.O. Hox 
HI. Wiaruwtn. Sudan. 6y 17 May 
1BTB- AppHoanu rejtdaat In CTC-idsuM 
alio tend One copy to Mr*. T. Riggs. 
inier-Unlversity Connell. Wdn Totten; 
ham Court Road. London WtP ODT. 


me 


e. £ 25,000 p.a. 


FVrrticr details rtiay he obtained from 
tll&er address. - - - 



IntemationaltextiJes 


up to £1 2,000 + car 


ApHvalely<wi^teKt^ 

turnover; sped^sfrig in men's outfitting, supplies an' 
Intamatjonal marketplace from manufacturing 
locations in Europe and the Far East It is currentfy 
expanding its wsrtdwide operations to exploit new 
markets and implement major diversification 
projects. A Sales Director is needed to playa 
.principal rde in developing the penetration of the 
dbthing market m the UK, Europe and North 
America. 


Based in London and reporting to the Group 
Chairman and Chief Executive, the person . 
appointed wSI be expected to identify and negotiate 
major contracts with retail chains, store groups and 
other key accounts, and appoint and control 
full-time overseas sales representatives. 

Aged 30 to 40. he or she must possess a 
demonstrably successful background In clothing 


sales, preferably in the men’s outfitting sector, affied 
to entrepreneurial flair and an Intuitive fed for 
fashion products. EstabSshed bade contracts 
would be a significant advantage. 

Basic salary as indicated. The total reward package, 
which has been designed to attract candidates of 
the highest cafibre with an indisputable track record, 
includes share and profit participation schemes and 
should exceed £20,000 for on-target performance. 

Ref: G2193,FT 


REPUES will be forwarded direct, unopened 
and in confidence to tne client unless addressed 
to our Security Manager listing companies to 
whom they should not be sent. They should 
include comprehensive career details, not refer 
to previous correspondence v/ith PA and quote 
the reference on the envelope. 


PA Advertising 

Hyde Park House, 60a Knightsbridge, London SWtX 7LE.Tel: OT-235 6060 Telex: 27874 



/Deputy Manager 
Gilt Edged Bond Fund 


We are currently forming a subsidiary company 
to handle a new Gilt Edged Bond fund and are 
now looking for a Deputy Manager. The successful 
candidate, aged between 25-35. wifi be respon- 
sible fbr running the operation in the manager's 
absence and must be used to dealing directly, 
with senior clients. The job requires a full know- 
ledge of market dealing together with experience 
of Gilt Edged investment in stockbroking, insur- 
ance. a pension fund or banking. 


This senior post carries a competitive salary and 
attractive fringe benefits. 


For further information, please send full details of 
your career to date to: J. A. Pound, Secretary ; 
Alien Harvey & Ross Ltd., 45 CornhiH, 
London EC3V3PB. 


Our Cliaht, a BrTti^lC^p^well khdvvfi in ' -* Applications are invited from men who have 
the Telecommunications field; is currently , . had high level and successful commercial 

undertaking large scale contracts overseas * experience in one or more developing 
and requires a Genera! Manager for Nigeria. countries, have pcoad experience of . 

Oper«tions.iti' Mgeria jtfes^Ely consist of contracting andSaye-cpmpstenttoin ; \ 

two established Proje^ ^jeEfeationsbut / ^n^i^aii^Sidtorganisatidh-A ~ : 
the intention is that the base/ WnhrafgtVJ^g^eis required^prwerablyin 

for a new Nigerian Company with Engineering, 

headquarters in Lagos. /. . / - ^ ,Upp^ge!jmit apDro«irr!ately 50. 

The General Menage/ y&Ustablish sound ./ • Thi^i m parts rvLftoetj: qmrrian ds an eg otiabl a 
contacts at high levels infhii Nifcerian - package circa £20,000 p.a. plus pension. 

Government and also with hea|s of other '• " plus a furnished air-conditioned house to 

agencies and business prjgBij{satiflna.'H ^ match the status of thispost- servants, car 

wifi play a major roie in tjre f^fnpattoivjaf thii •; • -end driver, home feaya for himsplf and his 
new company and wilLbe required initieUy faihjly/al) provided, 

to take control of neg/t'rations with the ■ .. Platts* wr^e giving full re/e/ant personal and 

Nigerian Enterprise BtearcLthereaftar^ftwilk :• exper/meddetai/s quotlng^referancB 
be responsible for securing an iricrea^in^. . GMf3913fF^on both envelope and fatter. 
share of communiwiionsObntractsti^t’this - ' NornfofmathbMiff be disclosed to our 
rapidly expanding^cdnarpY reqUirt^./ ^ - ; > t CPwLyvitkotk ywr permission. 


loekt 


ite Client S 


Urwick, Orr&Partners Limited Y “ ^ ^ 


- A rnanew.' o: -m Inisrraxnal • . 


Director & General 
Manager 

Stoke-on-Trent Potteries 


A British public company with manufacturing subsidiaries in both the 
U.K. and U.S.A. and sales/distribution network .established world-wide, 
intends to appoint a General Manager for one of its Stoke-on-T rent 
manufacturing divisions. The successful applicant will have a sound 
managerial record in manufacturing industries, the ability to lead an 
existing management team and the potential to direct a subsidiary with a 
turnover of several million pounds. 


Experience of the ceramics industry is desirable Tout not essential. Salary 
up to £15.000 per annum depending on qualifications, company car. and 
usual benefits. The executive appointed (male or female) will report to the 
Directors of the parent company. Written application should be mads to: 


The Managing Director, 
Maddock Limited, 

84 Brook Street, 

London, W1Y1YE Tip 


International Bank 


Auditing £i°o° - tooo 


Three of the mosr expansion-conscious Inlemaiional 

Banks each now seek a young person to assist with 
the audit of their clearly developing operations is 
lb? U.K and/or Europe and/or Middle East. 

Although the levels vary, direct auditing experience 
Is almost essential in each case, with a basking or 
an accounting qualification a decided asset. 

These appointments afford excellent prospects for 
career advancement, not to mention the usual range 
nf attractive benefits asaoeiated with the Banks. 



Over 


Mercheht Bonk- City 


v& 


Tto-Ap^»mtnient arises irt the 
Pmat0. - G lienfc. -Irivestmettt Ntan- 
a^m^t/Depaitzrieiit of a dding' 
Merchant BanL •‘ftespor^ihilities 
will cover all types of investment 
decisions,- supported by sophisti- 
cated computer 'systems arid will 
entail close liaison with, clients, 
bankers and stockbrokers:- §tuiable ■ 
candidates will probajSyf be 
graduates who have spent ^Wb -dr 


three yeai^i .as ; att‘ inyestm^fe 
analyst in k financial 
followed by sut^essful expenence'iri 
this ihanageriientof po'rQbliosJTTie 
rblq demands amenable; intelligent 
and hardworking individual, aged 
around 30, who ' cad .-c&rimiaiid 
-respect in a^»mpetitrye and stimu- 
.latmg team environment ' The 
— , promotional ladder is based entirely 
" upon perfonhance and ability. 


Applications in strictcoidSd^nte should be made in writing quoting 
ref. 6234 to Eric Snuth, Mervyn Hiighes Group, 2/3 Cursitor Street, 
London EC4A 1NE. Tel: Ql-ffri 580L This appointment is open to both 
male and female appticahisvh 


' Mahage^ht : Recruitntent Cdiisyltante. 


Please leJcphofie etiher John Chitertoo, A.I.B. or 
Trevor William* . - . en 4D5 7711. 


David White Associates Ltd. 

Hampden House, 84 Kfngsway. London, WC2 




natiuxai, council on alcohousm 

INDUSTRIAL ADVISER 


We are looking , for a person with experience of 
industrial management or Tracies Unions to develop 
alcohol education and counselling information 
services in employers and employees. 

The post will implement the Council's Working 
Party Report on lf Alcohol and Work." 

Salary £5.500 to £6.000 p.a. 


Further details from The Director. National Council 
on Alcoholism, 3 Grosvenor Crescent. London, S.W.I. 
Telephone- 01-235 4IS2. 



This pMfiten js ofrtri'JalHlMl 4P«r * 





Thurs<% .'April 20 1978 


u I! \\ in 


FINANCIAL DIRECTOR 

Mnrthl - Lu DESIGNATE 

NOim Lonaon c£9Q00+car+ 

substantial bonus 

Resp orcsfoJe Ibrrihe financial corM and centralised occcxntincr 
departfnent of 12, the Financial Director- WfH develop a hldh^nSaS of • 
rranaoernertfep^-ng. Priorities are the streamlining of systems and 


Jje^MgnS Director on the analysis of potential business decisions and 

... .Q^cBenfis a ThowehoW name" sportswear nxanufQcfurer. a 
subsyjqry of a_ma jor US company. A turnover of £5 million Is yielding 
^to^tolprc^Q^susWnedfipp^ is forecast. Applicants should be 


. Industry. Please telephone or' write' 16 
bMatfng reference 1/1675. 


in a manutacjuring 
V B.Comm. r ACA 


• EMA Management Personnel Ud. 
BumeHouse. 88/89 High Holborn. London, WC1V6LR 
telephone: OT-242 7773 


wm 



c. £8,500 


Our Client Is an autonomous subsidiary of a, major U.K. Builders' Merchant. 
The company has aggressive growth plans and the capital to back them. 

. '■ -The need is for someone to undertake full financial control, contribute 
to corporate decision making on a broad front and. help middle management 
understand trading activities in -financial terms 

- Candidates, qualified and probably in. their 30'*. ■ will have proven experience 
in a fully computerised, high stock turn, retailing or factoring environment. 
They will be energetic, initiators, and mature enptigh to make and stand by 
their own decisions. '•••_' 

Salary is. negotiable and will progress with company growth. A car is ' 
included and -benefits. Including removal assistance to the Midlands, are good. 

. Applicants should write, in strict confidence, quoting Ref.- 59 1 sating age. 
experience, qualifications and present earnings' to: : ' 

CB-Einnell limited 

80xford Street, Nottingham 

MANAGEMENT SELECTION CONSULTANTS 
NOTTINGHAM ■ LONDON 




S 


vt9mm.S*bfift:t* 
atJff 


Private Client Specialist age 25/32 

= • ■ Our clientfs & Thajor London Broker witli a substantial business in 
Private Client, Gilt Edge; InstitutionaI; Foreign' aiia- Corporate Finance 
sectors.. " ■ . ’ - . \ 

* They currently seek to Strengthen their Private Client area with 3n 
additional specialist: to\yofk closely with the Partner. in overall control 
of the Department. The person appointed will need proven skills in 
Private Client Management and must be able to act ori his/her own 
initiative: He/slie wU have readied the standard of the S/E Examinations. 
A realistic stp rtinjg salary is.offere'd with excellent.chances of 
C^JT3Jnbtjdhf6T;'^^risbt candidate. •V. 

• c " ' Please reph -to Coiin Barry at Overton Shirley and Barry 
' (Management Consultants) 17 Holywell Row, London EC2A4JB. 

- vTei: 01-247 82.74.Please state any finns in whiclvyou are not interested, 

■ •• Overton Shirley 

, and Barry 



QUALIFIED ACCOUNTANT 

c. £8,000 + car + profit share 

Our client is a -world leader in 'its automotive component field and wishes to recruit a Qualified 
Accountant to assess companies oversea:r for licensing, possible partnership, joint venture or 
takeover and to investigate and initiate remedial . action as necessary in overseas subsidiary 
Companies. 

Candidates, male or female, in their 30's -wiH have a wide and solid.- commercial experience, 
ideallvwifh. overseas exposure since qualifying and must possess itfaat dnve and entrepreneurial 
flair which will mark them but as future senior managers or board members. 

Salary *irca £8fiao: jdus profit share and^company car. Up to j;o% of time jspexit overseas. 

Apply in confidence for am application form, quoting ref. Ct8x f *°ERP liotmnationat 
Recruitment limited, ■- aemeace House, St. Werburgh Street, Chester CHi aDY. 
T<abphoae 0044^3x7886 (Ansafone after 5.00pm). 

Offices in London, Chester, Jeddah, Amsterdam, Brussels, Milan, Paris. 


il 



•. group, ... — 7- 

la the light of plaza 


wUhinfhe company and also the opportunity to e stabl i s h one so wuie pgrttng s ta nd ards . 

Qrtprji^fl tne. mala or femaie. shamdbe qualified aoxeatonta vnflisoiiaa uttmiace 
-and DJ*. experience. Theymuat be wdf motivated r mature and have the flexibility to 


rWevtlle WiTIlf AT- *-£- qnoftng Mfanmcn number 2137. 

. rCemnensa w idustra 


121, SL Ybcwit Shut, Glasgow G2 5HW.Tafc 04l-226310l*nd laElblflttsii. 


• . .— if. 


DIR 



,ir** 




FINANCIAL " 
CONTROLLER 

W. London c. £10,000 4- car 
Our dient is a s mal l rapidly expanding 

group operating an international air 
Conner service specialising in the rapid 
shipment of documents between busi- 
ness centres. Hie UK company has 
responsibility for a number of locations 
in. the UK, Europe and the Middle East 
and now seeks a financial cantroflex to be i 
responsible to die mariam-ng director. 

The successful candidate will control the | 
entire ar wu n tmgr and finance function 
for these locations, including budgetary 
and cash control, the preparation of 
management information, ad hoc 
studies, and the development and inte- 
gration of systems which are at present 
manual but could warrant computer- 
isation. Candidates should be qualified, 
aged 28-35, with experience in a fast 
moving entrepreneural situation. Con- 
siderable travel is envisaged. Salary 
negotiable around £10,000 p.a. plus car 
and excellent benefits, with, good promo- 
tion prospects. 

Applicants, male or female, should write in 
complete confidence, i uilh JuU details of 
previous experience and ament salary io 
J. \V. Hills, Annan Jmpey Morrish, 
Alanagement Consultants, 40143 Chancery 
Lane, London WC2 quoting rferaiceLNOO. ^ 

\ / 


Botswana 

Senior Principal 
Accountant 

A professionally qualified accountant is required by the 
Accountant Genera I's D apartment for secondment to the 
- Central Transport Organisation. 

The successful candidate will be responsible for ensuring 
that the Organisation operates within a framework of 
adequate financial control and sound public 
accountability, and specific dutieswiil include control of 
income and expenditure, preparation of annual estimates, 
and the improvement of financial and accounting 
procedures. 

Applicants, aged 30-55. should have a minimum of three 
years post-qualification experience, while experience in 
a road transport organisation would be advantageous. 
Salary is up to the equivalent of £8630 pa including a 
substantial tax-free allowance paid under Britain's 
overseas aid programme. Basic salary attracts 25% 
tax-free gratuity. 

Benefits include free passages, generous paid leave, 
children's holiday visit passages and education 
allowances, outfit allowance, subsidised housing, 
appointment grantand interest-free car loan. 

The terms on which civil and publifc servants may be 
released if selected for appointment will be subject to 
agreement with their present employers.-. 

For full details and application form write quoting 
MC/410/ F.F. ‘ 




The Crown Agentsfor Oversea Governments and 
Administrations, Recruitment Division, 

4 Milibank. London SW1P3JD. 



FUND 

MANAGEMENT 


EC2 


to £6,500 


The investment office of The Central Board of 
Finance of the Church of England, located in the City 
and managing funds amounting to over £250 million 
on behalf of the Church of England and two other 
institutional groups, is seeking a qualified accountant. 

His. her principal responsibilities will be: 

■ The asset management of a substantial cash 
deposit fund requiring the placing oj short-term funds 
in the money-market. 

• Assisting the Deputy Manager j Chief Accountant 
in the supervision of the Accounts Department and in 
the preparation of final accounts for ike 8 funds under 
management . 

Valuations and share registers for some 50,000 
contributing accounts are handled by a link to an 
ICL 1901 T computer; therefore experience ofboth 
computer and manual accountancy systems would be 
advantageous. 

The starting salary would be between 
£5 3 500-£6 s 500. Additional benefits include a 
non-conmburory pension fund and fire weeks’ holiday. 

The position offers an excellent opportunity to 
gain experience in ail the functions associated with 
fund management. The successful applicant can 
expect further responsibilities in a reasonable period. 

For more information please contact David 
Fitton f.c.a., The Central Board of Finance of the 
Church of England, Winchester House, 77' London 
Wall, EC2N 1DB. Tel: 01-588 1815. 




BUCKMASTER 
& MOORE 


Institutional Department 

EquitySales 

Ourlnstitutional Department is research orientated and operates 
specialist marketing on a sector basis.The opportunities we are able 
to offer call for specialised experience and a professional approach. 

They should appeal particularly to experienced Sales Executives who 
can demonstrate a successful record, dealing with a wide range.of 
institutional Investment clients, and with theabflity to assume the 
marketing responsibility for one of our major sectors. 

The positions are at a level where the persons appointed would be 
expected to actively participate in, ana contribute to. the firm s 
Investment policy. Prospects and advancement would be solely 
determineaby the candidate's ability 

If vou believe you can meet our high standards and could contribute 
to’ our success) please write, in complete confidence, with brief 
details of career to date, to:- . 


Gerry Risdon, Administration Partner, 

Buckmaster & Moore 

The Stock Exchange, London EC2P 2JT 

or if you would prefer a preliminary discussion; telephone him on 01-588 2863. 


GENERAL MANAGER 
CHIEF DEALER 

International bank with operations in Paris, 
London, Geneva and Bahrain, is seeking for 
Bahrain branch a General Manager and a 
Chief Dealer. 

• Candidate for General Manager should 
have strong background in lending, 
underwriting, money market Operations. 

• Candidate for- Chief Dealer should have 
experience in international dealing and 
preferably with Arab currency trading 
Knowledge. 

Salary commensurate with experience, fringe 
- benefits including free housing, utilities, car. 

Candidates write in confidence to: 

P.O. Box 5820 
Manama, Bahrain 
or to 

C.C. Personal Department, 3rd Floor 
P.O. Box 270S 
7500S Paris, France 


Chief Accountant 

(Financial Director Designate) 


c. £ 7,500 + car 

A Chid Accountant is required for a profitable 
subsidiary of a major international trading 
group.. The successful candidate will be 
expected to justify a Board appointment within 
a year. 

You will be required to take complete 
responsibility for the day-to-day running of the 
Accounts Department and for the preparation 
of monthly accounts and group reporting 
requirements to tight time-tables. The position 
will include involvement in budgets and 
forecasts and a direct contribution to the 
development of accounting procedures and 
systems which also are at present partially' 
computerised. You wfll also be responsible for 
the production of year-end statutory accounts. 
Candidates, male or female, must be fully 


Northern Home Counties 

qualified with a minimum of two years 
experience in controlling an accounting 
function in. a commercially orientated 
organisation. 

A competitive salary will be negotiated around 
* £7,500 and the benefits are those you would 
expect from a large well-established 
organisation. 

Ref: S/3677 jFT 

REPLIES will be forwarded direct, 
unopened and in confidence to the client 
unless addressed to our Security Manager 
listing companies to whom they should not 
be sent. They should include 
comprehensive career details, not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 


PA Advertising 

Hyde Park House, 60a Krirghbbridge, London 5»\V1 X 7LE. Tel: Ot-233 6060 Telex: 27874 




A rr.e-.Df' of-pi- \ 



Manager 

Central Cheshire 


INTERNATIONAL i 


£7,000 +car 


A medium-sized plastics group, well-established in its traditional markets, has recently Acquired 
a major subsidiary. Responsibilities at HQ are being reorganised and this new post has been 
defined, lr will embrace all Group administrative functions, including legal, insurance, statutory 
rcquirementK, property matters, pension schenie development. HQ support, start' recruitment, 
senior executive remuneration appraisal and involvement in future Group plans. 

The position is open to men or women in their early jo's with A.C'.f.K. qualification, and 
preferably a degree, who are already experienced in at least some of these functions at unit or 
corporate lew]. Relocation awixtance will be given where appropriate. 

Appl y for an application form , q uotin g ref. P.66, toERP International Recruitment Lim ited, 
Clemence House, St. Werburgh Street, Chester CHx zDY. Telephone 0244 3x7886 
(Ansafone after 3.00 pm). 

Offices in London, Chester, Jeddah, Amsterdam r Brussels, Milan, Paris. 


if 


Jonathan Wren - Banking Appointments 


The personnel consultancy' dealing exclusively with the banking profession 


CREDIT ANALYSTS £5,500-£8,000 

We are currently handling a number of Credit Analyst 
vacancies with merchant and international banks. At 
least one year's experience is required for more junior 
positions. Candidates with" American- bank training 
would be particularly suitable for the more senior 
positions. Contact: David Grove ' 

LOAN ADMINISTRATION c. £4,500 

International bank with expanding Corporate Portfolio 
seeks experienced loan administration clerk. Experience 
in handling syndicated loans would be very useful. 
Candidates should be in their mid-twenties and be 
currently with an international bank. 

Conta ct: David Gro ve 

MONEY BROKERS: Prominent money brokers seek to 
fill the following vacancies : — 

1. An experienced Foreign Exchange Broker with’ work- 
ing knowledge of French and/or German. 

Salary c. £1 0,000 

2. Experienced Interbank Dealer. Salary negotiable 

Contact: Mike Pope 



<f ts 


€L- . 









Group 




Controller 


Aged 35 plus with Board level potential 
London, W.l. £10,000 plus car 

This is a key position within a successful £50m plus systems. The position entails close involvement with 
turnover public engineering group. The successful candidate around ten U.K. operating companies and some overseas 
will be responsible to the Finance Director for total control subsidiaries. Candidates will be qualified accountants ' 
and co-ordination of the group accounting function, with industrial experience operating at company. • 
including long and short term planning, management and group level in a manufacturing industry, anijhey 
information, cash and asset control, statutory accounting must have the potential for a Board appointment 
and the development of computerised within three years. 

J.A.T. Bowers, Ref:- 21 7 22 J FT. ■ - 

Male or female candidates should telephone in confidence for a Personal History Form to:. 

A LONDON: 01*734 6852, Sutherland House, 5J6 Argyll Street, W1E 6EZ. 


► noggen tsowers 

*"-"*-* Executive SdectixiCkmsultants 

BIRMINGHAM, CARDIFF, GLASGOW. LEEDS. LONDON. MANCHESTER. NEWCASTLE and SHEFFIELD. 


INTERNATIONAL 
ACCOUNTANT 
_ 5* £8.000 

Far 1 tl» London office el a 
D'cnioioia firm or C-A.'s. a 
Ytutfli dccmintairt at top quality 
eainre. .a lerctan unaune 
and orcvions ncpenence useful. 
Stinte travelling m Spreec,- 

" INTERNATIONAL 

AUDITORS 
- ■- c.. C7.SDO 

BaseO In London ttiwe ncltmg- 
Pdslttorii In *n Intcrrtvtienxl- 
to, ■ offer kop« lor yo urte and 
ambitious accountants who 
■niov travelling and trouWff- 
shewing. 

■HOTEL CONTROLLER 
e. £7.500 

A jFtell.hflffwn prutiglovs hotel 
Broun within easy reach of 
central LoHdon seeks eareer 
orientated young accountant to 
Be a vital pan ol this exciting, 
last -moving world. 

BANKER/ 

ACCOUNTANT 

C. £7.000 

A leading merchant hanking 
groop urgently maufres a quali- 
fied. accountant 123127] to 

advise management am} take 
charge ol sgatMlarr company 
accounts. 


Stephens Selection ’ 

35 Dover Street. London WlX ERA: 
01-1930617 . 

■fc-Rocruhmait Consultants!^ 


Foreign 

Dealers 


se 


Merchant Banking 


A member of the Accepting Houses Comminee is seekiagto engage a dealer 
with approximately 5 years 1 experience in foreign exchange and a sound 
knowledge of deposit dealing. 

The position will provide opportunity to participate broadly in the business 
of one of the most internationally active of London's merchant banks, 
particularly in the provision of specialist advice to commercial clients. 

Candidates should Ideally be in their mid 20’s. An attractive salary would be 
supplemented by the usual benefits and there are excellent prospects for 
advancement. 

There is also a vacancy for a more junior candidate with dealing experience 
of 2 to 3 years. 

Please telephone (01 -629 1 844 at any time) or write, in the first instance - in 
confidence - to J. M . Ward ref. B. 7992. 


T hat appouumno ttrt opfit to tun tmd dmub, 




M a n a ge rri e nt ■Consultants 


Management Selection Limited 
1 7 Stratton Street London W1 X 6DB • 


Assistant Company 
Secretary gJE^OOO 


Our client, a major retail group with interests nationwide, is looking for a man 
or woman of exceptional ability to assist the Company Secretary and to undertake 
a wide range of responsibilities.- 

Pref erably a member of the Institute of Chartered Secretaries and 
Administrators, you should have af lair for organisation and administration, coupled 
with the i nitiative to deputise for the Company Secretary when required. 

If you have a proven record of success, this challenging post, which offers 
excellent career prospects. will give you the opportunity to employ your skills within 
a progressive and go-ahead company.An excellent starting salary will be supported 
by all the benefits you would expetffrom a major organisation. * " 

Please write with full career details and in the strictest confidence to 
Mark'Ufebster at the address below, quoting reference ACS/237/ FT. List separately any • 
companies to which your application shouldjiot be fon.varded.All replies will be 
acknowledged. J 



CONFIDENTIAL REPLY SERVICE 
Benton & Bowles Recruitment Limited, . 
197 Knightsbridge, London $W7. 


Company Secretary 

C. London c.£? 


c. £7,000 


Our clients are a substantial sub-group of a. leading British Foods Group. As a 
result of a recent reorganisation it has been identified that a qualified. Chartered 
Secretary, probably aged 30-40, is required at the head office. 

The emphasis of the position will be upon providing full Secretarial and 
Administrative services to the company and its subsidiaries and to ensure that 
all statutory requirements are fulfilled. A background within a large group 
with experience in all aspects of commercial insurance and legal matters would 
be ideal. 


Contact John P. Sleigh, ACCA on 07-405 3499 
quoting reference JSI265ICSF. 



125 High Hoi born London WC1V 50 A 


Recruitment 

Consultancy 



\\e arc a growing independent and highly successful search and selection consultancy now in 
our fifth year. Our clients include many British and International companies with whom we have 
made our name through personal and detailed service. \\‘e intend to expand our operations at 
home end overseas steadily and therefore seek additional principals capable of developing our 
Company and selling nur service, who expect a share m the prosperin' it produces. 

If vou led I hi* interesting but demanding wav of life is the career more you should now make, 
write to j. Hamilton Hawaii, Chairman ot the Company, telling him why lie should consider 
you as a potential colleague. ^ 

ERP International Recruitment Limited, Ciemence House, St. W'crburgh Street. 
Chester CHi 4 DY. Telephone 0=44 3x7886. Please quote Ref. C.1S4. 


Offices in London, Chester, Jeddah, Amsterdam, Brussels, Milan, Paris. 


CHIEF ACCOUNTANT 


Up to £9,000 +-car 
Telford,. Salop. 


Cinzano (UK1 Ltd. is a subsidiary of Cinzano 
Internationale S.A. and is- engaged in ship- 
ping, bottling and marketing wines in the 
U.K. The company seeks a Chief Accountant 
to be .based at Telford. Said)). 

The Chief Accountant wvlV- report to the 
Group Financial Controller and will be 
responsible for preparing budgets, manage- 
ment . accounts and financial - accounts, and 
for producing costing and other management' 
information. He/she vrill also be responsible 
■ for the day-to-day running, of the accounts 
department. A computerised accounting 
system is in operation. 

Applicants must be qualified accountants 
with sound experience ;n industry or 
commerce. Salary will be, negotiable up to 
£9,000 p-a. + car. \ y-sf. 

-Please write or-telepbane for: an application 
form, quoting ref. 923L"to W:X. Tait. Touche' 
Ross & Co, Management -.'Consultants. - 4 
London Wall Buildingfc Ldbdcra EC2M 5UJ. 
Tel: 01-5SS 6644. 


l 

ks 

r 

r H Si 


NO 


Mr. Chairman 


We have a challenging opportunity -for a 
dynamic personality, about 45, who has a 
successful background in senior" management 
and who can deal with and negotiate at the- 
very highest levels of. business and industry.; .- 
* We are a successful,^ performance-oriented 
company ani leaders in our business. What 
we have to offer, however, is not for- social 
climbers or title-worshippers. 

If interested, please write to us, enclosing a 
curriculum vitae, salary requirements, photo, 
together with a letter about fiow your personal 
qualifications might be of value to us in dealing 
witb'large firms..-. 

Write Box F. 10 10, -Financial Times, Id, Cannon • 
afreet, EC4P 4BY. 


CHIEF DEALER 

(Age About 30 years) 


CURRENT EXPERIENCE EXCHANGES AND DEPOSITS 
Resident Required for Gulf area; initial contract 3 ye arc. 
Very attractive tax-free, salary. free accommodation, 
furnishing allowance, .cal’ . and running expenses. 6 weeks 
leave pa. including one free return air tickec including 
dependants. 

Please apply; ** Confidential ” 

Cedric M»terman, Dauington Limited, 

49/51 Bow Lane. London, E.C.4. 

(Tel: 01-236 7974) 


COMMODITIES 


‘ -. Financial- Times. Thursday April. 20 1978 . i'" * 


it 



(K® 


efit 


: - 1 - **■ . 


An overse^binfcj ^'taHisfecd in the UK for fifteen years, is 
extending Banking operations by the formation of 

two additional branches in the West End of London, lie 


successful candidate will assist the respective Managers in all 
aspects ofthe^branches’ business.' ■ ; ' ■ 


A 




Applicants, aged up to 55, must have .thorough, experience of 
the UK retail banking - system/ some overseas experience 
‘ 'JVTOuld be ail advantage,*".. V. . \ \ ’’ :i\ 

‘ Salary not less than £6,500. Non-contributory peiision. 

Please send relevant details - in confidence - to P. Hook ref. 

. - B. 26373. • . • r.'!z • ■ 


. * ■” 


mP uie 


This afpotnrmnu is open to mat and momm. 




MSI 


Management Consultant^: 


Management Selection Limited 
17 Stratton Street London W1X6pB 




Acc< 


I - • • ■ • - » • - - • . - ■ -. ; ?.ir if?' 


mm 


Group 




EaGReconJwsyffisru^araroandiOTraatop^^ 
stimulating environment where thA individual is Abie to contribute to ■' 
decisions which make an immediate impact on company’s business, and 
Vhere caa^r'Jhoapccta^re well defined witHin the KMi.Or oup_uf 
Companies'.^ n ‘ ■ ■ ’ m ^ ~ - - ■ - 


Out organisation is one which is inchittexed by formal rtlatiotiBbips and 
t emphasis ohjbdividuil.fliur. initiative and ' 









i >* tr r r*m y ^ i) ar; in 







TOUCHE, REMNANT & Co. 

• i ' PORTFOLIO RESEARCH ASSISTANTS 


Mid 20's LONDON 


Toucho^Homnant & Co, prqvid^ investment fn^nagemarir^nd secretarial services 
to a group of Investment trust companies and pension hinds, total funds currently 1 
under management exceed £ 7 O 0 ni. •' „ 

They arefooking for^xperteifca^ttJpfatbfllf^duatrole by eesistirr&in the - 
management of specific portfolios AND 4 n the reviewing of investments in certain 
geographical and IndustrialBMBp . 

Applicants should have a degree or professional qualification and between two and 
four years experience in relevant investment work. 

A highly competitive salaiywillbB offered. . 

Please write or taJephone£pj»isappBcatlp0*»3ni,qw>tinanrf»S22to; 7 ;v 7--. 




•_ W.LTaJt 

Tobche/RoW & Coi,.llfl8naflemehtCansulttnts^ 
4 London Wall Duiklings, London, E£2M fcuJ. 
■: Tel: 01 -588 6644. . ,; - 



i'UiVjk 

i'/nii]] j 



I » 7 iH« lilt 3 a»]<U»1«lif:T:Btlt[ 


Commodities Trading 
Management 


London c. £12,000 


A highly respected international Group proposes to appoint a Deputy Director 
for the Commodity Trading Division of their U.K. organisation based ip the ' . 
City. 

Primarily, but not exclusively, dealing in soft commodities on the London 
markets, /hey intend to substantially expand their operations. 

If you area trader with .proven management ability whose experience has been 
gained in multi commodity trading with a large organisation, and can play a. • 
major part in developing the business the career potential of this appointment 
is outstanding. 5 ' ...... 

Ability and reputation are more important than age but ideally you will be in 
your40's. In addition to salary, the job provides a car and other normal large 
company benefits. ...-• 

The appointment is open to men and women. 



Contact: Sir John Trefawny. Bt. 
Plumbley/Endicott & Associates Limited, 


Management Selection Consultants, 
Premier House, 1 50 Southampton Row, 
London WC1 B 5AL Tel: 01 -278 3117 


Jllf^ 


who lias -a solid background Iri-atl : j 
•aspects .of .the coffee business. ,Th^. t ,._, 
successful candidate/aged 3-35, ^ 

could expect, withirr a short time, 
to take on; full responsibiiiiy for 
our cbffee dperatioris. 1/..; 


Salary arid .benefits are ndgpriabfe, 
based, on experience- and qualification^ 



Phone or write id: . ■ . 

B.-P.Jpsiger, 

Managing Director, - 

Vof kart Brothers (U.K.) Limited 

Plan ration House, 

5 -8. Mincing 

London j EC3M.3Ld: ‘ : V . • 
TeL 623-9624. . . 







13 



■<s, 




/ 


\ . 


Financial' Times Thursday April 20 1973 




“ "■v s ef:e-.. . 

01 


* *‘*^*'\ 7^* 




The leading authority on the selection of financial management 


Recently Qualified Opportunities 

to £8,000 


Young Accounting Manager 

JVL£ Essex 


Head of Finance 

London West End 


. T Ms autonomous subsidiary of an American group 
manufactures medical products for a world market. Function 
wiH be to produce future plane to ensure continued profitable 
expansion. Career prospects here and In the States we good. 
Ref: 9821/FT. London 


A qualified accountant, with commerced experience and staff 
management ability, Is required, for this international 
organisation concerned with world environmental problems, 
dob is to control financial accounts function, liaising with 
overseas offices. Foreign travel and career prospects are 
good. Ref: 9398/FT. London. 


Internal Computer Auditor 

Central London' 


Young Financial Accountant 

N.W. Middlesex 


The largest organisation in private medical Insurance Is to 
recruit a senior auditor with ED P skills to review internal 
control systems and develop computer outfit programmes. 
Benefits incfude mortgage subsidy. Ref: 3822/FT. '. London. 


This excellent career step for a young accountant is in a malar 
distributor of engineering products. Reporting at Board level 
duties Include preparation of annual accounts, cash fore- 
casting and control, budgets, reviews etc. Ref: 9818/FT. 
London. 


Management Accountant 

West London 



A market leader In its field requires an experienced aecoimtant 
to control the production accounting systems,. Main 
responsWrtes wifi be to control standard costings, carry out 
variance investigations and monitor wages department Reft 
9861/FT. London * 


Early Promotion Prospects 

City Financial Services Group 


We know this highly successful International group really do 
implement their early promotion promises. The Chief 
Accountant of a fast growing subsidiary needs someone to 
assist him and team about the business before moving up in 
the group. Ref: 9647/FT. London 


Brewery Group 

Central London 


Food Industry 

S.E. London 


Most of us only know the brewing industry as end users. This 
is an opportunity to gat behind the scenes and use you* 
.financial experience and knowledge in helping to ensure your 
pint earns a satisfactory return. Reft 9845/FT. London. 


Here you will report to the Financial Director and assist him trt 
developing improved accounting systems and financial 
control. You should merit the appointment to Chief 
Accountant in 1 079. Re/: 9568,'FT. London. 


Telephone appropriate office quoting reference number 


London Tel 01-836 1707 124 hr. service) Reed Executive 
Selection Ltd., E5-5BSL Martin's Lane, London WC2N4EA*. 


Manchester Tel 061-832 6631 (24 hr. sendee) Reed Executive 
.Selection Ltd., 15 PiecaffiHy, Manchester Ml 1LT. 


Birmingham Tel 021-6437226 (24 hr. service) Reed Executive 
Selection Ltd!, 6th Root, The Rotunda, Birmingham B24PB.' 


Leeds TbI 0532 459181 (24 hr, service) Reed Executive 
Selection Ltd., 24-26 Lands Lane, Leeds LSI 6LB. 


For other opportunities In Permanent or Temporary wbrk please contact your nearest office 



INSURABLE INTEREST? 
£4,000^8,000 


Endow Yflur future e* irUtina 
ih of *aur cnowieape of the 
Iitumncc sector b» penning « n 
•imandimi fpeciiiisation turn 
In ■ Sflu cinciM or- «, an 

AfMlVCt. 


WHY NOT CHEMICALS 7 

£5,000- £7,000 


Combine von' d«rw. 1.5 
veer* I "vestment research ero. 
and InterW* khowladBe of tfco 
Chemical Industry to recur* an 
oxceHent inure as a specialist 
Analyst. 


OIL THE WHEELS I 
Co cjES .000 


Utilise vour anaivt.ui skills, 
knowledge of Me malors and 
marketing ability to further 
Bevel 00 reputable firm's cover- 
age ef the sector. 


INSTITUTIONAL SALS 
to CX8.000 


Market vour research back- 
ground and Dotentlal sales 
ability to loin desk ol large 

well-known him. 


Stephens Selection 

DarerSoeei, Londnn 
Recrnkmcnc Consuhams^r 


APPOINTMENTS 
ADVERTISEMENT RATE 
£14 PER SINGLE COLUMN 
CENTIMETRE 


F/X Dealers 


Prominent American Bank 


Our Client is the London Branch of a prominent American bank currently 
expanding in the City and Overseas. 

To meet the bank's expansion plans, two experienced dealers are required, 
essentially aged 24-28 years with a minimum ofthree years' active dealing 
experience. Both positions call for a certain flexibility of approach and the 
ability to work well in a team environment: 

These represent most attractive opportunities to augment your dealing 
expertise with a developing organisation and, in addition, there is scope for 
a period of service inthe U.SA. and/ortheFar East 


Contact Norman Phiipot in confidence 
on 01-248 3812 


60- Cheap's ide London EC2 - Telephone: 01 : 248 38,1 z 


Potential Finance Controller 


Under 35 
London, c. £9,500 + car 


Our client, the UK subsidiary of one of the world’s largest 
corporations in the music entertainment and consumer 
goods Industries, has grown dramatically over the past 5 
years to a turnover of £60M with a remarkable profit 
performance. Because of promotion, an accountant of the 
highest potential is now required to take responsibility for 

a small department whose 

G.E. Forester, Ref: 181 47} FT. 

Male or female candidates should telephone in confidence for a Personal History Form tot 
LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, W1E 6EZ. 


far reaching role encompasses the examination and 
evaluation of management and financial control systems 
essentiai for achievement of company policies and 
objectives. E.D.P. is well developed. 

Candidates, 28-35 and qualified accountants, must have 
gained relevant experience within a fast-moving 
commercial environment. 


Executive Selection Consultants 

BIRMINGHAM, CARDIFF, GLASGOW, LEEDS, LONDON. MANCHESTER. NEWCASTLE, and SHEFFIELD. 


FIRST CLASS OPPORTUNITIES 
■rajJihlc to qualified student and 
experienced accounting panonnel 
Contact A JexMoore on 0f-428 2691 



drake ■ 

accounting 


DIES 


FOREIGN EXCHANGE DEALERS 


A major - international bank wishing to expand/Hs dealing activities is seeking 
two foreign exchange dealers with a minimum of three years’ experience, preferably 
in exchange and deposits. ~ The ideal candidates will be between 24 and 28 years 
of age and presently earning np to £ 8,000 per annum. 


LOANS ADMINISTRATION 

A leading .North. American, bank, is . 
looking for 1 two people- experienced • 
in loan administration work. For the 
more senior of die two positions the 
experience should he as varied,, as 
possible, including rollovers, draw- 
downs and documentation. 

Salary: Up to £5,000. 


TRAINEE ACCOUNT OFFICER 


Age: 22-30. 


, A ynnpg. japrspn, preferably ..with a 
^degree,' sought by the sub- 

1 sidiary of a large U_S. bank, to do 
research and marketing support work 
for account officers. 

Excellent prospects for someone in 
their mid to late twenties. 

Salary will be around £6,000. 


These positions are open to 


male or female applicants. 

•* 


TAN7S 


BSB Banking Appointments 

231-133 Comm Street. LomitmEC4N5AX THefbone 01-623 73U & 01-623 9l6t 


(Recruitment Consultants) 


. EuropeanFinance 

LondonWl £ 9 , 000 +car 


\ 



r 


North American company, with substantial investments in 
nmifrarcotmUintto inm its sm all Europe an ma nagement team. 



European operation. 

Responsibility win be to the senior financial officer for financial and admini- 
strative surveillance of the company’s European subsidiaries, he emphasis win 
be on profit' performance. T 

Candidates must be qualified and ideally have some commercial experience and 

I 1~I. of niaamAMA I TO A MAAPfiniT ffAft I >1 MftmAfl tfi. FlUCDCV IJ1 £ European 


umuiUdiKf usual uc ifutuuicw 

knowledge of current USA reporting requirements.. Fluency _ _ 
language preferably German or Italian would be a distinct advantage. 


Based in London toe job offers the opportunity of extensive travel within Europe. 
Salary £9,000 plus car. Excellent benefits and career prospects. 

Please write in confidence to David grosser .Price 

Southwark ewers. 32 London Bridge Street. London SE19ffY,quotoig M«/36g; 
who wtll acknowledge receipt of toe letter a^.J^rwatti it to the dterrt. List 
separately any company to which you do not wash your letter to be sent. 


J 


McKinsey & Company 

Financial Analyst 


McKinsey & Company is an international management 
consulting Arm involved in solving topmana-^ment pro- 
blems for leading organizations in the private and public 
sector. «•. 

There is notv. a vacancy in the research department of 
our Amsterdam office for an experienced Financial 
Analyst to assist small teams of consultants on specific 
client studies. He or she will have developed an ability to 
use sophisticated techniques to analyze corporate 
financial data in a conclusion- and result-oriented 
environment. Familiarity with economic analysis 
through exposure to banking and/or government institu- 
tions would be an asset, as would an ability to work to 
tight deadlines. The candidate would need the pro- 
fessional and personal flexibility to provide guidance and 
support in the general research area of the department 
but, above all, would be expected to contribute signifi- 
cantly to our financial and hanking consulting practice 
in the Netherlands and Belgium. 

The successful candidate will meetthe following require- 
ments: 

— Good, advanced degree in business, economics, 
mathematics or science (MBA-type preferred). 

— Several years experience in advanced financial 
research in a corporation, management accounting 
firm or merchant bank. 


— Dutch nationality preferred but consideration will be 
on-Dutcn candidates willing to relocate to 


given to non- 
Amsterdam and loam the Dutch language. Fluent 
English is necessary in view of the international 
character of our firm. 

— Age under 30. 

Qualified candidates are requested to submit, in con- 
fidence. a detailed curriculum vitae in support of their 
application to: 

Mr. Malcolm Campbell 
McKinsey & Company 
Aim tel 344, Amsterdam 
The Netherlands 


£5,000-£6,000+ 


Gredit Analyst 

A foreign twills requires a credit analyst wtih M area if eawitnes 
tn join their team of analysts. A candidate wltti stealer 

experience could expect a salary ereeedln g tire mure Indicated. 


c. £5.000 


I. Economics Research/Information 

This Is a new position with a small Qtr based bank, canyms 
responsibility for monlrorlns the UK .economy. . Interest rates, 
currency movements and financial deveuwroans. 


c. £5,000 


Fund Management 

A tusto respected team of fond managers sw*« m investment 
anslystwlth up to 2 years' experience, or an onwandtn* economics 
graduate who wants to worft in this are*. 

rmiktt Stephen Sharbaarmu 

ITftratMrn o Ltd- 7 Gresham Street, EC2. 


RECRUITMENT CONSULTANTS 


APPOINTMENTS 

WANTED 


SITUATION SOUGHT ST MATURE 

CHARTERED ACCOUOTANT 

in ENGLAND or GERMANY 
it tlM iK ol 51 » FX-A. and F.C.MA 
*frft (mures*/** trace record In iSasmr 
'inane ill and Adnunifitratrjs^dioi.wlth 
utawiarlea 0* Malar PubUc U.K.. 

Scnnan and Middle -East Cjmpanlao. 

vt yreaent Vice-President Admin, and 

wwraijsssSrij; ««« 

mnortwit wovid'no 1 can^ve wttt, m» 

s?sr 

Swff m tVtft Oerrvnit 

ir writs jtonre»^a“2»- 
Avenue. Cemrtrt Crow, sua auu 
'iutks. _ 


INSTITUTIONAL 
INVESTMENT SALES 

William O’Neil & Co- Inearporeied 
Creators at the Dauumtfu Insdm- 
tioiMl larestmeot Research Product 
Une. hi intreduchut a mustier of nrw 
hwtiazneaial, economic sod technical 
sendees end would like to expand its 
fnsthutUuul markediuc Into the United 
Kingdom and Europe. If you have 
aa established institutional clientele 
or have institutional experience and 
contacts and would be wiiilM tn 
relocate to on Los Angeles offices, 
send' resume to Mrs. Mary Sctonns. 
Vice-PresWenL 

WILLIAM O'NEIL & C0-, 
INCORPORATED 
lumber New Yorti Slot * Bxch anM^ 
llfljj La Grange Avenwe. 

Lm Angeles. California Mto V-s^- 


CLERK/BANKING 
ASSISTANT 
required for small expanding 
banking concern, ultra modem 
offices, Holborn. Salary £3.500 
LVS. 

Write Box A.B331, Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


TAXATION MANAGER 
LONDON 


£10,000-£12,000 p.a.. 

The City office of a firm of Chartered Accountants 
requires an additional Tax Manager. The position 
requires a thorough knowledge of corporate and 
personal taxation and it is unlikely that someone 
with less than five years* experience will be able 
to undertake this demanding job. 

The position will involve the supervision of the 
firm’s company tax department and assisting the 
tax partner with special work relating to 
individual companies and partnerships. In addition 
.to a generous salary we offer four weeks’ holiday, 
usual benefits and prospects of advancement 


Please write to Box A.6332, Financial Times, 10, 
Cannon Street, EC4P 4BY. All replies will be 
treated in the strictest confidence. 


Group Accountant 


The largest Road Surface Dressing -Contractors in the U.K. 
wish to appoint a Group Accountant 


The company has showri substantial profitable-growth in the 
last two yea rs a nd co ntinues to expand/ 


A career opportunity exists for a fully experiencedqualified # 
Chartered Accountant who will be responsible for the . 
complete accounting function of the Group. 


An excellentsalary including car and pension will be offered 
consistent with the importance of the appointment 


Curriculum Vitae to; 


G. G. Briggs, Esq., 

W. & J. Glossop Ltd., Amisfield House, 
Hipperholme, HALIFAX HX3BNF, W. Yorks. 


WS.J GLOSSOP LIMITED 

Britain's Premier Road Menders 


Prefect Accountant 

Birmingham to £5,500 


Tb a recently qualified chartered accountant this position 


offers an unrivalled opportunity to gain commercial experience 


and to a young A.CM.A. the facility to add considerable breadth 


to current knowledge. The company is a well established. 


profitable and expanding manufacturing subsidiary of a large 


Group and uses successful project accountants as a source for 


senior line management personnel. Graduates and other above 


. average candidates with potential and creative Hair are 


particularly relevant since the various projects are diverse and 


challenging. Initial rewards match the importance of the position 


and prospects are realistically attractive. 


Please telephone 021-622 3838 (24 hour service) for an 


application form quoting reference 2/1164/FT. John L. 


Overton , F.CA, Chairman, OVEIHVN MANAGEMENT 


SELECTION LIMITED, Monaco House, Bristol Street, 


Birmingham, BS 7 AS. 


Applications axe -w elcomed from men and women. 


lOVERIOn IHHSBBEBT SELEETBODi 


EUROPEAN ANALYST 

Leading Paris Broking House 

wishes to appoint a London-based Analyst to develop UX 
interest in French Equities 

Suitable candidate must speak French fluently and have some 
idea of French institutional thinking 

Initial interview conducted in London 

Please reply in strictest confidence to: 

; Box A.6334, Financial limes, 

10, Cannon Street, EC4P 4BY. 

STOCKBROKING 

INSTITUTIONAL SALES 

BEARDSLEY. BISHOP & CO. requires a young man or woman to 
join its Institutional Sales Department. Candidates should be In 
their mid-twenties- and should be able to offer some research 
involvement as well as experience gained on the institutional desk 
of a large stockbroking firm. Terms to be negotiated. 

Replies including C.V. to E. A. HATHORN, 

Beardsley. Bishop & Co-, 

21 New Street, London EC2M 4UN. ' 

Tel No. 01-263 2543 

LEASE and 
FINANCIAL 

Services company require a 
person with experience of 
Industrial Leasing. If you feel 
that you are capable of taking 
a managerial position with the 
opportunity of a directorship 
’phone for an informal talk 
01422 6405. 

VVRY PROFITABLE 

HIRE COMPANY 

require! usbam to <ha Minting 
Director. Rcsponsibilferei will Include 
bod) Inwtfgixion of fotslble icqolii. 
tianc ud ictuil tettint - up of new 
brsnchM with thalr continues minige- 
BIMK- 

Fton* or write to the M.O. 

J. F. MAW! 

powertech 

Bnmlen Hmu» 1, bftiM Rand, 
London N7 9M. Til, 014«7 UH 

LEADING FIRM OF LLOYDS BROKERS 

is planning to set up a substantial mid-western 
surplus line agency for which it wishes to employ a 
Lloyds broker between the age of 35 and 45 with 
considerable North American production and broking 
experience. The position requires a minimum of 
three years’ residence in the United States. Terms 

of employment. to be negotiated. „ 

Pleas© writ© Box A.6333, Financial Times, 10, Cannon Street, 
EC4P 4BY. 

-tT 1 * 


Stockbrokiog 


Trainee 

Financial Analyst 

c£ 3000 + bomis 


Our client, a well-known medium sized Finn 
of Stockbrokers, seek a trainee to join one of 
its specialist teams. 

The position will involve assisting with the 
analysis of company accounts, preparing 
economic and financial statistics and be- 
coming responsible for the research coverage 
of a small group of companies. 

Applicants, ag©d 20-23. should have a degree 
or other professional qualification and good 
written ability. 

Heaae contact F.J. Stephens. 


Stephens Selection 

33 Dover Street, London W1X SKA- OMSft 0617 

i Recruitment Consultants 



+- 


A 











Reliance Group...l 977 

Reliance Group, Incorporated and Subsidiaries/Financial Highlights 


Year Ended December 31 


Revenues 


Operating income 

Net realized gain on insurance investments . 


Income before extraordinary income 

Extraordinary income-utilization of taxless carryovers ... 


Net income 

Per-share information: 
Operating income 


Net r ealiz ed gain on insurance investments. . 

Income before extraordinary income . . 


Extraordinary income , 

Net Income 


Fully diluted net income ■' xr-YZ 

Average number - of common and common equivalent shares outstanding 7,679,000 

Per-share computations are after deduction of dividend requirements on the Series C Nonconvertible Preferred Stock. 


1977 

1976 

$1,156,908,000 

S985.5S4.000 

$ 54,617,000 

$ 20,135.000 

4,008,000 . 

10,354.000 

58,625,000 

--30,489.000 

23.667,000 

. - 4.867.000 

$ 82.292,000 

$35356000 

$6.17 

$1.75 

.52 

1.41 

6.69 

3.16 

3.09 

.66 

$9.78 

$3.82 

$6.04 

$3.55 

7,679,000 

.7362,000 


Reliance Group, Incorporated 1977 Operations 


INSURANCE 

Revenues: $1,006^359,000 

Divisional Pretax 

Operating Income: $ 91.3S7.000 

Property and Casualty Operations. U.5. 
Reliance Insurance Company Philadelphia 
General Casualty Company of Wisconsin. Madison 
United Pacific Insurance Company. Tacoma 


Property and Casualty Operations, International 

Riot Insurance Company Toronto 


Life and Health Operations. U.S. 

Reliance Standard Life Insurance Company. Philadelphia 
United Pacific Life Insurance Company, Tacoma 


Title Operations. US. 

Commonwealth Land Title Insurance Company; Philadelphia 


LEASING 

Revenues: $115,428,000 

Divisional Pretax 

Operating Income: $ 27232,000 

Container Leasing Operations, Worldwide 
GTl— Container Transport International Inc., New York 


Computer Leasing Operations, U.S. 

Leasca Capital Equipment Corporation, New York 


Computer Leasing Operations. International 
Leasco Europa Lid, New York 


MANAGEMENT SERVICES 
Revenues: $32,663,000 

Divisional Pretax 

Operating Income: $ 3,297,000 


Consulting Operations. U.S. 

Werner Associates. Inc. New York 
Yankelovich, Skdlv and White, Inc, New York 


Consulting and Software Operations, International 

Inbucon Limited London 

Fuel & Energy Consultants Limited, London 

Leasco Software Limited. Maidenhead 

Moody International. Inc_ London 

Werner International, Brussels 


“Last year. 1977. was one of important accomplishments for Reliance I, - /) y 

Group. We achieved record revenues, operating income after taxes J&JG+U / Saul P. Steinberg 

and net income... .The outlook is excellent in 1978 for further 0 ^ v * (/ iJ Chairman and Presid< 

improvement in operating income aher taxes.” . . ) Reliance Croup, incor 

Refiance Group. Incorporated / 197 Knightsbridge London S.W. 7, England / 919 Third Avenue, New York, NY. 10022, USA. 


Saul P. Steinberg 
Chairman and President 
Reliance Group. Incorporated 




Pakistan International 

Grear people 10 f ly with. 


.ft&tacial Times Thursday : ApriI 20 1978: 


to a 


By Gof respondent ' 


A PURE, in ftp heart of Vene- 
zuela's western plains region, is 
a land of hellish climatic ex- 
tremes. Durinp the dry season 
n f six months the Llanos, nr flat- 
lands. - which extend as far as 
the eye ran see-rare scorched by 
an unrelenting tropical sun. The 
cattle which give this depressed 
region its livelihood, e row lean 
and .weak as grasslands turn vet 
low and parched. Waterholes 
become dust holes. Buzzard 
batten on the fallen cattle. 

When - thp rainy, season comes, 
relief is only temporary. Steady 
rains soak the land, but invari- . 
ably cause rivers and. creeks to 
overflow in rfnrch of the region. 
The lower plains drain slowly 
and are Jieavjiy .flooded .Cattle 
that can’t find higher ground are 
drowned. Waters inundate towns 
and hamlets. Those residents not 
driven away altogether "from 
their homes are often- obliged - to 
get around by boat- 

The vicious drought-flood cycle" 
has constituted a serious impedi- 
ment to the development, of 
Apure. a south- western Vene- 
zuelan state which supports only 
about 2 per cent. nf Venezuela’s 
13m. irihabitanls. hut which 
none- the less ranks as an im- 
portant beer producing feeinn. 

A Government programme has 
succeeded in reducing the severe 
climatic problems and offers new 
hope for reclaimin': an impor- 
tant agricultural arpa. The 
A pure “ modules. “ as ibe pro- 
gramme is called., refer n» a 
relatively simplp system, of low 
earthen dikes built throughout 
the region. - Six years ago the 
rub lie Works Mini fit*, wnritlne 
in conjunction with the Ministry 
of Agriculture, the" Ministry of 
Health, and othpr Government 
agencies. Kiiilt an rvpnnninnUil 
module near the town of Man- 
teca 1. The project was so success- 
ful that.lhe Government in 1P74 
decided to expropriate tm hec- 
tares (ahoul 2 5m. acresl of 
land in Aptire and will eventually 
construct modules over seven- 
lenMis nf fhe area. 

Sr. AmnTdo .lose Gahaldnn. 
.Minister For the Environment 
and renewable Natural Resources 
said .in an ; interview that dike 
systems would cover about 
"OD.OOh hectares in Ahure hy the 
end of this. year. A| the end 
nf 1P77. the nnvernment had 
hm’lt some 300 kilometres tahnul 
190 milest of dikes covering 
nieT than 225.000 hectares. 

Sr. Gabaldon. whose office has 


V>. £ .N ' A • 

-■■.- .4/7^: •Mantecal yip*- 

■ \ -^rrir P U R ltd' : 


CXKQ.MM A - 


h ifENEZQELA 


COLOMBIA / i ; 


D wits m 


overall responsibility for the Thai, however, is only a. small 
Apure project. "expliHru that hull-. part of the, Government V. major 
dozers were iwwTifi’ build up- push to rejuvenate. Venezuelan 
long, low earth dams , alone agriculture, boost domestic pro- 
stretches of the lands where a dticrion. and cut down, the 
natural slope allows ram "water Chewy- dependence 1 on imported 
to rnllnrl. When the - rainy. .foodstuff?. ' ; Sinre- J974 the 
season comes the dikes, .cnclofr -adminislraf ton - of ..President 
in* a spnes of reservoirs. Carlos Arnlres Perez has spent 
collect several feet of water ~aV.$4:9bii: ni\. agrirulrure. 
lower levels and Joave Jrcs£- This' figure does rot include 
pasture land expwerf »n htshv- 0 xher public sector outlays . for 


in rural ■ areas, - and depopt 
tmn if felt acutely in Ap 
Stine. . 

The Government's answer 
been to lease developed ar 
of the - region to small cro 
Eor extended periods. Altfefn- 
the land will, remain fiovi 
ment property*, individuals 
obtain the rijjbt to raise ca 
in a particular area, along v 
long-term Government rrec 
In January, the Gnvernni 
turned over sections of 
module territory" to 24 differ 
groups, made up mostly of yn 
agricultural engineers and U 
nicians .who received tiovi 
ment financial - aid. The ai 
and a Stale University. 
Un 1 vers id ad do (ns Llanos, 
also raising cattle on parts 
Ibe newly ’reclaimed land. 

Sr. Gahaldnn. a him 
regarded’ engineer tvhn.aluo 
in Venezuela 3nd thc'U.5.; ft 
confident though that. yoi 
cattle raisers will move inio 
Apure. region now that , 


nn7" n h' J" h raJ at F^» P Xw *^hb P'tbl’c works stfroed at agrieiil- 
?nl> he a few Feet .above the turn) areas, nor doe* it include- 

Krll-n priv ** c ln;ms t0 rsr| ners. fiver ell* 

that is more than sufficient since. ^ h^cn Tairlv ‘slow’ 

SS spending. According 

iufndrMi heh ’" 4 twArfi * V,?. .-Jo-official . statistics, agricultural 
hundreds nr thousands .. .of , _ rj i 1 | lirtl - nj) - ___• u.. ,_ 


Apure region now mai 1 
problem of rhe drought, has h 
resolved, agricultural loans 4 


.-^ r -.production grew hy. an . average 
tiruares. - Of’ 3.0B per <rnt. from 1970 to 

As I lie dry sea.-nn advances, T974. Over the past three' years: 
the minister said. Staler- •rerf*5’’thf l twh. Ihe increase averaged' 
to Ih«* deeper end nr each* pent, a year. This still 

module pool, opening meet . rWng . fantastic 

grazing areas lo cattle. Wrier; :r 00 H demand --- T.arcf* niianttiio« 


grazing are.-is in ramr. wirr. ftod demand. - Large quantities 
in these reservoirs can hr* .fhfei-nf . foodstuffs have to be 


nrllctl from one section. --Oq *j m noried ’ 

another >r necessary i&ro^KVln .addition to tbe diite. pro- 
gates in Ihe dikes. ^ Jert.-” government, agencies in 

Mantecal modules a few dm Apure - are conducting experi- 
at thp peak of tiu* 4rv J i f ^J 1 ^jnPnts on cal tic breeding and 
showed rm a.- dramatic rmqffrtft t.- develnning tiertrr types of 


Areas «*«**»!«, The Govern. 

creen and ll ,B b.-W3th . aten -rrfurhichinnt 


rrern and m B h. 'e,. K af«n -refurbishing 

fields c , eMs.;>fW^-’' n Rc1crted villages iri the area', 

hrn-vn and lifeless. and' building dams which .will 

Cattle and buffalo- grazed, kppp them frbin being flooded 
amid Hocks of herons and sfirm 'dnrins the wet season. In- the: 
ibis. 1 sometimes . • fraoiersiag town of Mantecal. thf Perez 
themselves in pcmls o/, water ip Administration is building low. 
escape thp iriJe/WP heat. , fie ,co>t public housing and has con- 
rainy season begins... ra;U4~ifcUI Stntcted a new . hiehway. water 
move to higher grotrffd - and ! jifw a iid sewers and an elcctrlc-power 


pasture land to. system.. _ ' 

anew. The Aptire 'projetfff-is , One- major prhbjpni is to find 

clearly due of the 'experienced eaitlerneh "who will 


linns agricultural schem«»*CTPr .work thp new lands . hring 
undertaken in Latin. .jVj^firira: opened up in ’'Apure. iTJuring 
and so far has produced Inltof?- the past four decades,- urhan 
sive results, t'p - to- ndw’Yme centres m Verteriiela . have 
Minister said, the Government attra- red mn^t of the pnpulatfhn. 
has sop nt -ahmit S39m. otivthe -Only about 22 per cept. -of ihe 
modules. • • - - • " v> - '-'•rou n fry’s inhabitants', still Dvp 


resolved, agricultural loans H 
available, and ihe. . enndtii 
have been established for pri 
able, hwf production. He pm 
ont that effiriencj- has h, 
increased several fold since 
modules were developed. 4 
viouslv. a. cow in the area nee 
12 hectares of grazing land 
order to survive: now ef 
animal requires only’J heCt, 
and- »hc ratio is being s»af 
improved. 

Despite their success so w’il 
the modules has'e not rsiw 
criticism - . - One - conservaTidi •- 
asserted fhal the Govemme 
efforts in Apure wnnid irre»-.r 
sibly upset the *ecbln£-<. 
balance. Rut the new, cqndiii ... . 
have allowed plant and -.wild . 
to ffourish as" never ‘heft: - -- " 
Waterfowl of- many types.' d>: ■ 

crnrnd Ips. rapy haras f la:. - ;. 
short -tailed aquatic rorfen 
and piranhas (thp vorarjf 
carnivorous - fish) now a hot - : 
in the region. 

Government spokesman .: 
that the crocodiles- and -ptran 
do not seriously threaten rat’. - 
and that other changes hy ; ' ’. 
fauna will he beneficial , to-j - * ‘ 
region. “ What they’ve, dnw- - 
to convert a. wasteland^ iritij.. 
useful, habitable region^: . ‘ 
govVmmpnt engineer said. - 
question is whether we cah^T.’ 
the people who will take id*" 
tace of it " * : V ‘ ' 

*sS : - ’ 




Neyw Issue 
April 20. 1978 


' i 

"- . - "t -’-S - -. - 

. - • *.. . - ’• - '• : r : ‘~ : •• 

- 1— " - TKi, ml rT« in. 1 * «it * " f 


-• ■ --r. -’- ** . • rr~ 


This advertiseqwit appears . . . 

as a matter of record only. ~'r~ 




ASIAN DEVELOPMENT BANK 

Manila, Philippines / '-: \- 


DM100,000,000 7 

5 7z% Deutsche Mark Bonds of 1978/1988 



Interest: - 
C-Hcring PricK 
RopflV^ienC 
Listing; 


5* ';*£ p. a., payable on Mey 1 of each year 

99 -.“o 

on May 1. 1988 at par 
Frankfurt am Main and Dusseldorf 


. targes: mi 
■ /^calculators 


Deutsche Bank 

AUiangw^Ucliift 


V 7 ^ years w 

v ^^caicuia 


Drosdnor Bank 

AkUPgaebcMt 


Commerzbank 

AU*ngnsfec>MtZ 


Westdeutscha Landesbank 
Girozsntrals 


Alahd Bank of Kuweit (K.S.C.) 
Amsterdam -Rotterdam Bank N.V. 


Algernons Bank Nederland N.V - . 


A. E. Ames & Co. 

tunned 


Arab Rnanciel Consultants. 
Company S. A. K. 


Arnftold and S. Bleichroeder.lnc. 


VTi 

:^3 


"Marwithi 

wntillions 


h — 

^mostinci 


AS1AC - Asian international 
Acceptances & Capital 
Lan-M ’ •" 

Banco Commarciale Italians 
Bank Julius Baer International 

LmteiJ 

Banque Arabs at Internationale 
d'lnvestissement (BAI-I.) 

Banque Generate du Luxembourg SA. 
Banqua National© da Paris 


Atlantic Capital 
Cmponoon 


Baden-WOrttembergische Bank 
•UMngaMflKtHK . .. 


Bancs Nazionale del Lavoro 


Bank fur Gemainwirtschaft 

AM»«>3%Mlbch«n 


Banco, di Roma 

The Bank of Tokyo (Holland} N.V. 


Banque Bruxelles Lambert G-A. 


Banque Frengaisedu-Commeree Extirieur 


Banque Populaire Suisse S. A. 

Luxembourg 


Banque de I'fndocht’ne et de Suez 
Banque de Neuflize, SchtumbWger, 
Mnllet ; - - 

Banque Rothschild 


Banque Internationals a Luxembourg SJL 
Banque de Paris et des Pays- Bus .- 


Bering Brothers & Co-, 
LnM 


0.10 modi 
i S nt!n 3 cal 
w® ar reasot 


Beyeriscbe Hvpotheken- und 
Wechsel-Bank 


Bnyeriache Lendesbanki 
Girozentrete 


Bayerbche Vereinsbank 


% 


Job. -Baron berg. Goseler & Co. 


Berliner Senk ’■ 


Berliner Handeb- und Frankfurter Bank 


n S Prot 


Carsso des Dbpdts et Consignations 
CrMit Lyonifnis 


Citicorp International Group 
Credit Suisse White Weld - 

Urmtsd 


CrMit Commercial de Francs 
Creditanstalt- Bankvsrein . 


Credito Itafiano 
Delbruck & Co. 


Effectanbank-Warburg 

Akj^nacsalivJuix 


Daiwa Europe N.V. 

Deutsche Girozentrala 
— Deutsche Korn(TT(inatbank>* . 
Euromobiliere S.p.A. 

Comeagnu Euraoei IniaiTTioMm . 


DB Finance (Hong Kong] Ltd. 


DG Bank 

PwCce* G a u Mw e d iifftheiic 


European Banking Company 

unload 


First Boston (Europe) 

Unud - - 

Girountrale und Bank ’ 
der osterreichisqhen Sparkeeeen 
AAlHngeellxWi 

Hamburglsehe Landesbank 
- Girozentrete - 
Hill Samuel & Co. 

laniwd 

(slit u to Bancario San Paolo di Torino 


Robert Fleming & Co. 

bmad 


Gef rna International 
Ur-nad ’ 


Goldman Sacha International Corp. 


Groupement des Banquiers PrfwSs 
Genevois 


Georg Haudt 81 Sohk 


HesmTsche Landesbank 
- Girozentrete - 


Indosuez Asia 

innai • 

Kidder. Peabody International 

laoiMd " ‘ - 


industrfabenk von Japan (Deutschland} 


Klein wort, Benson 

LmiM 

Kuhn Loeb Lehman Brothers Asia 


Kredietbank N.V. 


Kjpbanhavns Handebbank 
Kredietbank SJL, Luxsmbourgeoise 


Kuwait Investment Company (SJLK.) 


Kuweit Foreign Trading Contracting & 
investment Co. (S.A.K.) ’ .” . ~ 

Landesbank Rheinland- PfafcT 
-Girozantrale- 


Kuwait International Inv es t m e nt Co. SA.k. 


lezard Brothers & Co* 

Lamed 


Lazard Frires et Cis 


McLeod, Young, Weir International . 

lifTBlUl ’ * • . • 


Manufacturer* Hanover 
Lntttd - 


Marck, Finck&Co. 

Morgen Grenfell & Co. 

Uml*d . 

The Nikko Securities Co., (Europe) Ltd. 


Merrill Lynch International & Co. 
M org an Stanley Intarnationsl 

Nomura Europe N.V. 


B. Metder seal. Sohn & Co* - 

The Nstibnaf Bank of Kuwait SA.K. 


Den norska Creditbank 


Orion Bank 

Untied 

Solomon Brothers International 

bn. tod 

Skandjnsviska Enskilda Bahken 


foterrsfehische LSnderbank 

AUMtRs-lbehait 

Privatbenken J 

Akueadaub 


Ndtidtutscheiandesbenk 
.Giroxootcafe .... 

Saf. Oppenheim jr. & Cie,_ 


\ m it** » - . 

v. : 

« -<4 “ • • 


J. Henry Schroder Wagg KCp. 


N. M. Rothschild tk Sons 
InW 

Schroder, Mfinchmeyer. Hengst & Co, 


Smith Barney, Harris Uphxm ACo. 

IfndipuMd ; ’, J " ' 


Society Genoraie 

Swiss Bank Corporation (Overseas) 
LtiMinJ 

Veroins- und West bank 

A>'«ngH<rsctuiI 

Westfalenbank 

ALUngsdi-xIulI 


Societe GAnerale de Banque SA. 
Trinkaus & Burhhardt ' ■ 


$of)uS,pA. 

Svaneke Handefabardwn 


. Union Bank of Switzerland (Securities} 


M. M. Warburg- BrinckTTTtmii, Wirfe 81 Co.: & G. Werburg &CO.Ud: 

Wood Gundy Limited -- Vsmeichi international (Europe) 

Uhw 


Vffffvrtf fftcieaeaaeaeas Mb mta a « s tf »««•*« •«***« *e *« 






ms 




ition 


' Times Thursday April 20 1978- 


' -s'?-. 4 •. .*» 'i , . • • . 
Jr. -5.W -t: „ ... r „ r- .; 


FINANCIAL TIMES SURVEY 


Thursday April 20 1978 











r 



The price of the basic calculator is fast approaching rock-bottom, 
and the industry faces a new period of uncertainty as manufacturers 
seek to add value through the provision of new features. 


; By Max Wilkinson 


AFTER 


PERIOD 


■ • rr^'i - calculator, the electronic com- 

I : A ' ponent may soon cost less* than 

'.v llty ' • . the batteries used to power It 

. . Already a major part; of the 

. ‘ cost is in the plastic case, key- 

‘ • ! - board and display molt;' *od, at 

' rlTx fl'"' under £5, profit margi.M, 0n the 

■ JL ' simplest calculators are very 

. small indeed.. . .. 

• 1 ’ ,lJ . '' Prices of the basic calculator 

■ ^ ' must therefore be approaching 

. | ^ V. .. ! ... the rock bottom-level* which is 

- ' *"sr. .. ^1'. as well, because .another huge 

increase in the market.' can 
. .. scarcely be expected!. Most 

' T* people who want one, can how 

V V » easily afford to buy one, and 

have probably already done se. 
The future uncertainty • ' lies 
” By Max W likinson rather in what manufacturers 

will feoosetodo wifethep6we^- 
' , AFTER A PERIOD of ful low-cost computing; power 

• .astonishingly rapid growth, the which component makers axe 
- calculator industry is. entering placing on the silicon fhip- 

• a period of relative , stability. Two distinct trends cah‘ be 
r But this does-not mean, that the Seen - 111 first 
... future is any more prefcetabie 

•-» . than- it has been, in the recent to draw a distinction 

-. past ' between the cheapest desk top 

The reason for uncertainty is computers and the more-expen- 
iat the integrated qircuit .revo- five hand programmable caleu- 

--am which made the hand-held example, 

. . calculator, possible, is still in announced its PET home com- 
full swing. The price of the pu ter, which for around f700. 
basic silicon chip circuit, which incudes substantial hremdry, a 

• -.is the heart of all calculators, tape deck for feedinfcln.data 
* .-will continue to falL At the aDt j. programs and .a screed- 

• same time, circuits of increasing, Hewlett-Packard with -its! 9845 
'-complexity, and greater memory desk top computer has produced 

capacity will be etched .onto a ; a true computer complete with 
single chip. This will .allow keyboard, printer and cartridge 
calculator manufacturers -to memory which nevertheless 
-greatly increase, the range, of owes -its lineage to fee .corn- 
functions offered, but the ques- pa ny’s series of 9800; calcula- 

>~-Jions . remain: what, functions tors rather than „■#). • data 

will be . required by the marketer processing. In office equipment, 
tffU the increase in complexity Olivetti has a desk calculator. 


Olivetti is also offering a 
personal mini-computer for 
around £2,000.. As component 
costs fall, the distinction 
between such computers and 
calculators will seem increas- 
ingly arbitrary. 

The other trend is for the 
calculator manufacturers to 
seek new outlets for marketing 
their chips. Digital wristwatches 
have been followed by tele- 
vision games; and other con- 
sumer toys win surely follow 
as fast as engineers and market- 
ing men can invent them. 
Calculators are already being 
combined ' with watches and 
clocks, and will no doubt soon 
be fitted as an optional extra to 
typewriters, for the fact is that 
fee ordinary four-function calcu- 
lator, which was considered a 
marvel of human ingenuity less 
than a decade ago, is now too 
humble a product to provide 
manufacturers with a living. 


supersede trigonometric and log 
tables and even fee humble 
slide rule in schools and col- 
leges. As yet the majority of 
C.S.E. (Certificate of Secondary 
Education) boards have refused 
to allow calculators into their 
exams, which given the lower 
standard of the the exam, may 
be logical. However, the main 
argument against the use of the 
calculator for the C.S.E. has 
been that its relatively high 
price would penalise children 
from poorer homes. However, 
as the price continues to fall 
below that for ZOO cigarettes, 
this argument also is likely to 
lose weight 


higher value, was due partly to 
the fact that fierce price com- 
petition within the industry has 
continued to cause casualties. 


As the total market for hand 
held calculators approaches 
saturation, sales' to students 
have therefore remained 
buoyant, and probably now 
account for the largest single 
sector in the market- 


Attention 


It is not surprising, therefore 
that manufacturers of all types 
of calculator, including the 
bulkier business machines with 
printing units, have turned their 
attention to adding value to 
their products through provision 
of more functions. 


.., r lutrun the generat desire- tp the 75S, with printer - and 
possess a pockdt-sizeS computer? display unit which for £245 


The price -of the basic- chip offers the same computing 
has already fallen to about $5, power as a machine whieb 
ant? for fee simplest type of retailed for £16,000 in 1965. 


In the hand held sector, the 
emphasis has shifted markedly 
in the last year towards the 
scientific calculators. and 
specialist instruments for finan- 
cial. navigational and other 
uses. The simpler scientific cal- 
culators. starting at around £12, 
are aimed at fee growing 
market of schoolchildren. Most 
G.C.E. boards have now bowed 
to the wincU and allow at least 
non-programmable calculators 
to be used in examinations. It 
seems only a matter of time 
before calculators entirely 


Indeed, demand for scientific 
calculators was so. heavy 
towards fee end of last year that 
manufacturers were unable to 
keep pace. Up to ten weeks 
delivery was quoted towards the 
end of the year by some of the 
major manufacturers. Com- 
modore (C.B.M.) was having 
difficulty supplying chips to 
keep up with worldwide 
demand. Casio of Japan, which 
is now the largest calculator 
manufacturer in the world, was 
also having difficulty keeping 
up wife demand, as was Texas 
Instruments. This worldwide 
shortage provided a good oppor- 
tunity for Sinclair, the 
Cambridge calculator company 
which is now controlled by the 
National Enterprise Board. 


In 1976 there were nearly 
twice as many manufacturers 
in the field. Since then Rock- 
well, National Semiconductor 
and Systek have dropped out of 
the race. That leaves Casio as 
the largest manufacturer, with 
Texas Instruments the leader in 
the U.S. and Commodore fee 
leader in Europe. Derimo, Sharp 
and Sinclair are all competing 
in the volume market, though 
Sinclair is still limited by its 
relatively small production and, 
is only Just emerging from the 
re-organisation which followed 
the NEB’s rescue operation. 

The industry is therefore 
stabilised around a handful of 
major manufacturers, as was 
generally predicted when prices 
began to tumble. The market 
has also begun to level out. In' 
the UJEC last year it is esti- 
mated about 4m. hand-held 
calculators were sold, of which 
perhaps lm. were of fee 
specialist type. Commodore 
says only about 35 per cent, to 
40 per cent of the non- 
specialist market is now 
accounted for by fee simplest 
and cheapest models. This is 
reSected in the CBM range 
which has now moved decisively 
up market 


Growth 


The shortage, just at the time 
when manufacturers ..were 
changing their emphasis from 
the basic models to those wife 


Growth of the market next 
year is expected to be moderate, 
with perhaps 6m. units a year 
as fee ceiling. The U.K. is 
probably nearer to saturation 
than other markets in Europe 
because .. retailing elsewhere 
tends to be much less efficient. 
Partly because of the lower 
mark-ups in the U.K. and partly 


because of fee large national 
chains and discount houses, 
prices of hand-held, calculators 
have been as little as half what 
they were in other European 
countries. 

The world market for hand- 
held calculators last year is 
estimated to have been about 
65m. units at an average selling 
price of about £8-£10. This 
gives’ a total market of around 
£600m. a year, rising- to between 
£7Q0m. and £8O0m. in fee 
current year. Sales in the U.S. 
represent about 40 per cent of 
fee market, wife Japan, 20 per 
cent and Europe about 25 per 
cent. In fee U.K., Casio is 
easily the leader with about 40 
per cent, of the market followed 
by Commodore wife about 20 
per cent last year, which it 
hopes to increase to SO per cent 
in the current year. Texas 
Instruments comes third wife 
about 20 to 25 per cent -of fee 
market last year. 

In the field of advanced 
scientific calculators, where 
Hewlett-Packard continues to 
fight it out with Texas Instru- 
ments for supremacy, with 
Commodore moving in strongly 
from the lower end, component 
technology has yet to yield 
more benefits. . Until recently 
fee more advanced pro- 

grammable calculators used 
several different chips, which 
all had to he assembled 
correctly and then tested. Very 
large-scale integrated circuits 
(VLSI) are now appearing, 

which can place all the 

functions on a single chip. Such 

chips will initially be more 
expensive than those used in 
the simpler calculators because 
of fee high development costs 
and the relatively smaller 
market. Before very Jong, how- 
ever, it is likely that advanced 
programmable calculators could 


move into fee mass market price 
brackets. Indeed Sinclair has 
already shown fee way wife its 
programmable scientific which 
can be bought for about-£15 and 
is, significantly, the best selling 
in fee Sinclair range. 

Manufacturers selling to 
engineers and scientists there- 
fore face the risk that they will 
produce a mass market product 
without a mass market to sell it 
into. The consequence, prob- 
ably, will be the development of 
additional features. In the first 
place advanced scientific 
calculators will go the way of 
business desk machines which 
now nearly all incorporate 
printers. They then will move 
further towards computers wife 
fee addition of magnetic or 
solid state storage, full key- 
boards and better displays. 


Printer 


In the business sector, where 
Olivetti leads with 30 per cent 
of the world market, 90 per cent 
of all machines now have a 
printer. The older barrel type 
printers are being superseded 
by matrix and thermal printers, 
which can produce alpha' 
characters as well as figures. 
The total world market for office 
calculators this year is expected 
to be about 5m. units selling at 
a total of £500m. This compares 
with last year's market of about 
4m. units. 

When fee simple hand-held 
calculators came on to the mar- 
ket some people predicted that 
they would displace the office 
machines which were much 
bulkier and more etiiusive. 
For a time this happfVQf!* 35 
the * older 1 electro-me Jftnical 
office machines fought ft/i using 
battle against the new# mass- 
produced all electronic units. 
Olivetti’s insistence that the 


future of office machines was 
wife printers rather than optical 
displays alone was regarded 
scornfully in some quarters. 
However, fee advantage of a 
printer which allows every entry 
to be checked as it is keyed in 
soon became apparent. . 

Olivetti was vindicated, and 
now supplies print - heads to 
most of its competitors. Optical 
displays are being added to all 
but the basic models', and the 
future is clearly for increasingly 
complex functions to be pro- 
vided at fee same price, rather 
than for any dramatic price 
reductions. Machines now have 
built-in routines which enable 
totals to be made under up to 
52 heads of analysis,' with each 
sub total computed auto- 
matically as a percentage of the 
whole. Olivetti believes that 
these advanced calculators -sell- 
ing for about £245 will begin 
to be used in applications where 
computers were previously 
thought necessary. .Their virtue 
is feat they can enable a semi- 
skilled operator to make routine 
calculations which formerly re- 
quired an accountant or an 
executive. 


Meanwhile the threat which 
pocket -calculators 'were once 
■thought to pose to office 
machines appears to have 
receded. Paradoxically, this may 
be because pocket calculators 
have become too cheap. Now 
fear everybody can afford a 
pocket instrument, they can be 
used as a supplement rather 
than a replacement of the busi- 
ness machine. 

This is just one example of 
the elasticity of a market which 
has continued to surprise even 
some of its most experienced 
observers, and will no doubt 
continue to do so fOT at least 
the rest of the decade. 



ATO 



Oiivetti.The largest manufacturer 
of printing calculators! n the 

world. ' . . _ 

Olivetti. Forty years worldwide 

experience in calculators. 

Olivetti. Familiar with the daily 
figurework of millions of 
customers. „ 

Olivetti. Foremost in calculator . , 
innovation. ... , 
Olivetti Logos-IO models of 
electronic printing calculators. 
Just afew clear reasons why 
Olivetti can now give you 
' so many permutations to solve 
1 simply and precisely your most 
exact calculating problems. 


Do you want to compare two quantities? 

A single key (delta) gives you automatically the increment or 
decrement between the two quantities and its value in 

percentage. 


* 

A 


Do you need to calculate the hours worked by your 
employees? 

Setthe console selector at H (hour) position and enter the 
time-in and the timeout of each individual. You will obtain the 
time difference expressed in hours, minutes and seconds. 


Do you wantto calculate sates prices? 

Just enter the required percentage of profit and the cost of every 
itera:you will obtain automatically the sales price. 


Do you also want to calculate dates? 

Logos43 PD and 45 PDallriwyouto know: the number of days 
elapsed between two dates; a past or future date; the 
corresponding day of the week of a given date. These machines 
store two calendar centuries (1900-2099). 


v- .»,■> 


Do you want to round-off the result of one or more 
calculations to a pre-established value? 

Enter the value required and cany out your calculations. The 
results will automatically be roundedoffrthe real result will be 
printedfirst followed by the rounded-off one. 


Do you wish some of your calculations to be 
progr amme d? 

The Logos 45 PD can store one or even two operating 
sequences and repeat them automatically. You need only enter 
thevariablea 



To: Valerie Better, British Olivetti Limited, 
30Berkeley Square* iJondori W1X€AH- 
Pfeasesend me details ofyour Logos Calculators. 

Name r-V v " : *;■ — 








■Financial Times .Thursday .April 20 ■ 197S 


CALCULATORS II 



Hbnimex adds 
value for money 
to style, 

performance and 
.reliability in a 
smart nev/ range 
of Liquid Crystal ■ 

Calculators in 
soft-grained 
pocket wallets. 

Every one has 
on attractive, 
silver brushed 
aluminium facia 
with toned-in, 
clearly defined, 
positive soft touch 
Keys and a brilliant 

Liquid Crystal display. - 

While their ultra-slim profile slips easily into a top pocket 
without bothersome bulges, even with a lightweight suit. 

They’re economical to run-youTI get at least a year's heavy 
use before having to replace your two tiny alkaline botteries. 

All models are four function plus — ond memory, of course. 

Now all you have to do is see which one adds up to your 
requirements. -Prices start at around CIO. 

LC777 

Four Function with Memory, 
Square Root and Percentage. 

LC776 

3-Memory ond Percentage 
plus BuilMn Stopwatch with 
Tone Alarm ana Calendar/ 
Day and Time Displays. 



LC775 

Full Scientific Specification. 

LC774 

Features 3 keys - 
Memory - pi - 1&. X Square 
Root — X n and Percentage. 
Electronic on/off switch. 


MHAINHIVEX 

count on us 

Hanimex [UK} Limited, Dorcon,;5windon, Wilts. 


AN IMPORTANT factor in the 
growth of the UJK. calculator 
market has undoubtedly been 
the surprising ease with which 
selling — especially of the pocket 
variety — has switched from 
specialist office equipment shops 
to a broad range of High Street 
multiple stores. 

When electronic calculators 
first came on to the market 
they were unambiguously 
aimed at the office user and 
sold accordingly through tradi- 
tional office equipment dealers. 
Brand names of even the largest 
types of calculator were not 
widely known and even some of 
the biggest electronic companies 
had to spend considerably on 
advertising to get their names 
into the public consciousness. 

As prices began to tumble as a 
result of improved technology 
and mass production, the vast 
consumer market potential 
became clearer, making the pre- 
vious office equipment market 
look more of a sideline by com- 
parison. 

Consumers in the early days 
of the boom appeared to be not 
so discerning about quality or 
the manufacturers' reputation, 
but were more interested in 
buying the newest model at the 
new low prices. 

The emphasis for retailing, 
therefore, switched to the fast- 
growing electrical, hi-fi, and 
camera multiples like Dixons, 
Laskvs, and Currys. The High 
Street multiple giants of W. H. 
Smith and Boots followed suit 
and brought the calculator into 
the reach of the average 
shopper. 

Category 

The importance or this mar- 
keting move cannot be discoun- 
ted as it opened up a whole new 
category of buyers — women. 
Surveys in the U.S. have shown 
that in the retail sector the 
majority of buyers are women 
who purchase pocket calculators 
as gifts for husbands and 
children. 

In Britain women are tradi- 
tionally large buyers of shavers, 
pens, watches and similar items 
and the trend towards replac- 



Two of a kind ; on - 
the left, Seiko’s. 
£165 calculator, 
wristwatch which 
also gives day and 
date. 



Cheaper, at about 
£45, is Canon’s 
■“ pocketwatch " 
, and calculator — 
with an alarm. 


ing some of these products with 
calculators is clear. 

It must be said that the popu- 
lar theory that women are buy- 
ing calculators to enable them 
to grapple with the complexities 
of unit pricing in the super- 
market does not appear to be 
a significant market factor. How- 
ever Tesco once took a consign- 
ment of 20.000 of Commodore 
Business Machine (CBM) cal- 
culators and sold out in a week. 

One of the main problems for 
the retailer has been keeping in 
touch with changing market 
fashions. A year is a long time 
in the calculator world and 
product life does not extend to 
more than two years in some 
cases, although manufacturers 
believe that this Is often twice 
as long. 

With fashion and prices 
changing so fast, no store wants 


to be Teft high and dry with a 
batch of unsold ' obsolescent 
calculators. This is even more 
crucial considering that their 
initial- profit margins are 
already pared to the bone. 
Thus the market which the 
manufacturers created out of 
technology produces its own 
remorseless' pressure for more 
technology, more' innovation 
and more nfew models; 

Manufacturers can no longer 
just be satisfied with putting a 
product on the market at the 
right price. Calculators must 
now have minimum quality 
standards and a degree of 
reliability that was not common 
even two years ago. As a result 
many manufacturers have 
changed their quality control 
procedures, which have tended 
to become much more involved. 
In the long run this will benefit 
them too since the low margins 


on calculators at the bottom 
end' of the price range does, hot 
allow them to handle rejects 
and make a profit. 

At CBM the problem, -of 
quality control bas been dealt 
with in two ways. The manu- 
facturer has installed --rigid' 
quality control procedures' bpth 
on the parts it imports' andcra 
its own assembly operation.--^- 
' Britain's other main- manu- 
facturer, Sinclair RadionicsC has 
tackled the problem- -in' tour 
ways. First, it has taken, the 
f ull assembly operation into, its 
own premises, doing the .whole 
operation itself. As a Tresult 
control over quality standards 
is more rigid. The company has 
hired its own skilled operators 
to sample test the production 
process as well as _pkrts 

acquired from other manufac- 
turers. •' ' ■■■ ■ 

Secondly, it has built up its 


own quality control department 
This necessitated the purchase 
of sophisticated equipment to 
test calculators under varying 
renditions and stress. . Machines 
are tested under extreme, tem- 
peratures and htmndity , as well 
as for their reaction under in- 
tense vibration and so on. 

Thirdly, Sinclair has applied 
rigorous standards when . chang- 
ing from one parts supplier to 
another. Changing suppliers 
can frequently happen in the 
fast-moving calculator industry, 
which therefore requires care- 
ful control. Finally, there have, 
been several’ design changes to 
make the products : more 
reliable. 

The impetus, for manufac- 
turers to raise qualify standards 
for calculators bas . come 
partially from retailers. -Big 
store chains have formed close 
relationships with., the pro- 


ducera'and 'have- offeiK Jnsi 
on proper quality control _ 
cause tfieirownreputations'- 
at stake, ; .: v 

■ . ’* But; because ■ rejects . 

' normally replaced immedas, ■ 
'by' : tile --retailer, who -in 
gets a replacement from . 
manufacturer, it is : the 1 
ducer who bears the big. 
sacrifice for low standards.; 

The main question for 
jailers, however, is wbaf . 

happen to prices. The sav 
tha t can now be made by 't • - 
production and new techno 
are believed to be minimal 
are likely to be ea'ten up; - • 
inflation in other areas. . 

It does not seem likely 
further price cuts alone, wil . 
th emse lves continue to . ext . 
the market as in . the ‘i . 
Almost anyone who “wants a; 
dilator can now afford the, . 
counted price of under £5 £ -• 
respectable make. ; 

But there may yet be h; 
to go for in the overall siz . 
the market- The age. of e 
into the calculator market, - 
instance, has been getting' 
gressively lower, moving .d . 
from university students . 
.sixth formers, then.. to (Hi . 
pupils -and how, surprising i 
may seem, towards the. pria 
school level. 

In the long term the. suc-V 
of the calculator mamifactu . 
in penetrating the domestic ; 
tail market may be repeat© . 
other areas as microprooe . . 
technology takes hold. • _?f 
holds a warning for rn au o ^ ~ 
turers in areas where Mhe.? . 
electronics could make soft / 
impact as virtually to drain; 
existing producers, as ftappe- 
in the watch industry.^ 

Calculators have at 
mostly made their own map- 
-The only previously bccuj- 
territory they encroached' 
was that of the sliderule'iifr - 
facturers. In other areas. - b 
ever, the marketing technic; 
used in -the calculator 61 
could upset a lot ofcompai 
which believe they are safe 

David Chord 


- 4f; 


. Va. * .. 
Yr. 


AHNANOAIllMES SURVEY 



EQUIPMENT 

0GT0BER 23 1 978 


The Financial Times proposes to publish a Survey on Office 
Equipment on October 23, 1978. 

The proposed editorial content will examine the Office Equipment 
markets and discuss future trends. 

It is becoming increasingly difficult to ke^p up with the new 
technology that is being used in much of the equipment that is now 
coming onto the market. The Office Equipment Survey will 
examine in detail many of these products including Calculators, 
Computers, Copiers as well as Office furniture and telephone 
systems. 

The Financial Times has produced a booklet which contains 
reprints of the Office Equipment related Surveys which were 
published in the Financial Times during 1977. 

Copies of this booklet can be obtained by contacting Robert 
Murrell at the Financial Times. 

For further information about advertising rates and merchandising 
opportunities for the Office Equipment Survey please contact: 

‘ Robert Murrell 

Financial Times, Bracken House, 10 Cannon Street, London EC4P 4Blt 
Tel: 01-248 8000 Ext. 246 

HNANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The con lent and publication da tea of Surveys in the Financial Times are 
subject discretion of the Editor 



WITH THE world market For cent are simple, single memory established, largely through Adler's TA 20 Compact, printing, display _ . 
desk-topjfc&lculators continuing printing units, although the their massive production of coming on to the British market outputs with all the appears! 

to be strongly influenced by the 2 per cent share held by more hand-held models; appears un- soon, is a considerable develop- of simultaneity because tl 

development of the more ad- sophisticated models is prob- likely to be seriously challenged mrat- in this direction' and if is intetaal; operations are so, i 
vanced hand-held models at the ably increasing. in the short term, due largely likely- that competitors will They"- can also be equipped t 

lowqr end of the market, and . <- nTT1p Q{ ^ ar ^j np ^ cost to their continued hold on the follow this lead -in Jhe. hear trans^jssion-interfdces to, * 

mint-computers at the top. end,.^. t raonri- or; more and are cora P°oents infrastructure. Only future, although their approach to large-scale computers:^ 

its future remai n s hard, to pre- comparable -vith the more the ' H.S., with com- may be somewhat different . effect dta be more “inteffig' 

. - powerEul science-orientated com- P an ^? sl,c h as Texas Instru- .'These developments bring than many intelligent 

However, although the sector t in the work ^ can do ments, can hope to compote on ^question the definition bf ^ere are obv 

Tbffie big desk top Lchlnss 1D>tbu « like cf,ual tenns - a '“desk-top calculator, since S fe-j 

Tffitlt world demand this year ex- a quite different pro- rr "- - . . . manufacturer?; are usine com- advances can cause problem 

pecttd W be wora . aroupd ^ need in g a trained sides 
iSOOm., It Is one winch tie st sff and fast bscJr-up in case of 
major manufacturers “ — — 
important 





see 


Pf»- The most notable of recent nnmufacturers are using com- ™ 

developments in desk-tup equip- P. u l* r J zomponents at the top SSJ — operation and tl 
“ meat is probably the introduc- «£ <*. range, matang_ it "gf. SK 


In today's world of 


into tomorrow's world 


- ^ '■ A 


as hr _. kd _ wn 7 “ ls, r lll “ w . uuc - rfjffiimit to draw a IlneT^ese are becoming increari 

oreaKaown. tl0n of invoicing machines, aimeuu oraw „ expensive. However trail 

In the overall development of , However, even this problem is which combine the facilities of courses are now more gcnei 

Rce eaiFLT>mpnT thp !ipsk inn flkeI y ,0 recede as electronic the electronic typewriter and semi-conductor memory, fast ava « w ^ *h We j s no d( 

litnOv tii hwnmp engineering technology con- an advanced calculator, which oa-llne data storage and peri- ^ ^ will be more wi; 

S t0 improve. at a rapid wUl initially be seen in this pherals which use data tap* ™ " 

nffir-P P a ce and there. iy increasing use form, but later developed into several media. » _i 

office systems such as word pro- 0 f fa rge. scale lintegrated circuits a terminal. • They can handle a range of LiO rO e ISarl 

cessing and overaH .accounting. a nd raierodoraputera on a single 
Last year Ohveto: so?d desk- s jii COn chip and grouping them 
top calculators worth, fl.Lm. in 0Q f unct ion boards makes them 
a world market which was t0 replace, 
valued at around £4m. and this 
year estimates that It will cap- \7a era ripe 
ture around 30 per cent, of the " 

total market with Japanese As far as the UJC. is eon- 
companies likely _ to lake cerned, the market for desk-top 
between 50 and 60 per cent. models bas not been hit as badly 
The main Japanese models as that of pocket calculators, 
are .Sharp. Casio, Tealtronics. due perhaps to the fact that 
and Citizen, which are generally they are dot sold on such small 
similar in desigil^ and the margins nor are they so prone 
remaining market; share is to the vagaries of the consumer 
expected to be doipinated by market. 

Olympia and Adler. However, The greatest hope for desk- 
Olivetti is also in the position j 0 p demand at present is the 
of supplying print, beads for a larse replacement for meeb- 
eonsderable share of the total machines which are now 

„ coming to the end of their use- 
With these caJculators selling ^ y ives fojjcwing their conver- 
at prices from around £10fi sj(m for decimalisation in 1971. 
upwards and prices generally jj owever| there is still consider- 
remaming stable, buyere are abIe competition from these 
getting the advantage of 0 ider-type machines as manufac- 

5- fllUns -““ id ' raWy ZSSZLZ TmssJo?. 

The additional functions of ajthu ugh B riain ^ tradition- 
rfa-b.m- are j n ally lagged behind Continental 

themselves having far-reaching Europe ijJ the . 
effects on office structures, with ppes. There is also thought to 

increasinglv complex accounting 1 

tasks nnuj 'hP^.®«Tri<id out on sales of combined display and 
SSS! »“ versions, although this 

The main factor which con- e* 3 ? ta * e longer t° appear, 
tinues to separate hand-held Competition from higher- 
from desk-top calculators is the range hand-held models will 
print-out facility of the latter, clearly be a decisive factor, 
which is essential for verifies- although there is evidence that 
lion of correct keying in office many people prefer a -heavier, 
work, and nine out of ten of more stable calculator which 
these have print out The use can be used with one hand while 
of the two types of calculator speaking on the telephone or 
is seen as complementary rather doing other office vnfc. ■ 
than overlapping, although de- At a rough estimate, the U.K. 
velopment work Is' being carried market for desk-top machines is 
out on smaller ' print-out now around 250,000 a year, of 
versions. which perhaps one-fifth have 

The world market share be- print-out capability and only 
tween hand held and desk top around a quarter of those have 
calculators is believed to be both printer and display, 
in the ratio of 85 to 15 and The dominance of the world 
among the latter around 13 per market which the Japanese have 


■ ■,,,'777--.: •y'7^- ■ 

SilBiiiSI 


XiK 










&P! 


* ■ 




i -v. 


■'j ~ ‘ 9 £ * » 5 m 


; ;v ■ » v. . .. 

■ • • • 

SmrWi !».' m * • "*■ " 







’ fV; V 







fv'Cvf 




V 




r - . #w. v.. ^ - 7. 1 













/ 




Ever since Sharp developed the world s first electronic desk top calculator in VfM, 
they have been setting thestandards for the rest of the world to follow. 

Sharp pioneered the ideas and technology for, among others , the first liquid 
crystal display calculator, the first folding calculator, the first calculator powerd by 
solar batteries and thefirst calculator with a sensor digit panel — completely eliminating the 
needforkeys. 

What Sharp do today others invariably do tomorrow. 

Whflstimitationmay be flattery indeed, Sharp quality just can’t be copied. Years of experience 
have not only given Sharp the lead but make Sharp calculators the most reliable in the business. 


to count on. 


Sharp Calculatofs-Nol m the World 


Sha^^ 

107 HuImcHafl Lane, ManchestcrMlO 8HL. Tel: 061205. 7321 


357 Uzbiidge Road^ Sou^iaB, Middlesex»-Td:0l571 2157. 

k 


] errf] 


> f -l%a?d2l' , nines Thursday April '20 197$ 




CALCULATORS m 


■ tTv • 




■■ 1 ,‘i, . 

■ -ri.. 


,... ■ *s 

— s l '* »» 

'•/ :: 

■- j* 

' *75 

- r -i liiia* 

ii' 

•_ ; />S; 

■ ■ ' -! 7 \ Vj 


- 


David Ck 


THE : ' CALCULATOR industry 
and market is a unique one, 
eyen -within - an industry as 
innovative and 1 dynamic as elec- 
tronics has been in the 1960s 
and, 1870s. The market,, as it 
-were, created itself- from 
nothing:" .the- industry, was, to 
a' larger, extent than usual, 
dragged along behind it. . ” 

. .'The ., tremendous , upsurge in 
demand between . 1971 and the 
present .(where there are some 
signs of stabilisation, though 
they •/ ; must. . , be .. treated 
cautiously) has given the indus- 
try world-wide. a particularly 
;rough' ride. -Many: of those 
companies which .were id at 
the beginning' have' now been 
forced . to retreat, to cede- posi- 
tion lo, those who have 
benefited from their mistakes. 

' The. history of .the industry 
—..providing, we do not wish 
to-tike it back to the abacus — 
really begins, with Olivetti, 
which developed an . electro- 
mechanical printing calculator 
— the Divisumma — In the 
early 1950s. Previously. . there 
had been some mechanical 
calculators, developed in Ger- 
many/ but . the Divisumma was 
the first introduction of elec- 
tricity 'into numerical calcula- 
tions.- Naturally, Olivetti was 
followed by a variety of 
Imitators; 

Innovation 

. Surprisingly, though the elec- 
tronic, technology was -available 
firom. the early 19ffl)s, none of 
the larger companies, thought to 
apply it to calculators. That 
innovation was left to a small 
UJC. • company, Bell . Punch,' 
which marketed the Axilta-desk- 
top electronic calculator in 1963. 
The ' majors -then 'followed— 
Sharp. (Japan) . and Olympia 
(U,S,y were among the first— 
and quickly achieved substantial 
economies. of scale. . 

,/ At', this stage, all calculators 
were . desk-top: -necessarily so, 
because the -machines: required 
a number . of printed-circuit 
boards with; transstbrised^com- 
ponents soldered on to-: them- 
They thus . fitted- easily - on to 
the production ' lines ~ of the 
established, .-electronics com- 
panies; especially the. Japanese 


companies, where the labour 
force was- geared to rapid pro- 
duction of. this type..- ■ 

The third — and, tq'date, last — 
major phase was, of course, the 
development in the late 1960s 
of the single integrated , circuit 
(the chip) in tb'e U*S, In the 
30-miIe-Iong valley between San 
Francisco and San-Josei'known 
as Silicon Valley. .. 7! - - 

The jostling for position in 
the early 1970s among the resi- 
dents of Silicon . VaDey to a 
certain extent ..-duplicated the 
previous phases of the' calcula- 
tor’s development,. Relatively 
small companies got into the 
market first- then were over- 
taken by the majors. Commo- 
dore— -a Canadian • /Company 

which saw . how. tilings were 
developing sufficiently clearly 
to move its corpofirte- head- 
quarters from Toronto to Santa 
Clara in 1970-w®. .the first 
mass-marketer of the-Aanfl-held 
calculator made ‘possible by the 
chip: it still, has a'/dominant 
position in the industry. 

In 1972, Texas Instruments 
moved heavily into the. manu- 
facture of calculators^ followed 
in the next year by National 
Semiconductor. Both companies 
were leading . chip manufac- 
turers: .those who followed 
them biave tended to ; design 
their- own circuits, but farm 
out the manufacture of the 
chips to TT, National Semi and 
.others, '.- 

_ The trend in the market has, 
in fact, teDded toiavour com- 
panies which contract out 
some of their component' work 
to those which art; vertically 
integrated— -TI being 1 the/major 
exception. A number - of' large 
'companies including Seiko. 
Sony and Remington, Rand — 
simply gave up theinarket 
The ' contemporary/ scene is 
complex 1 shifting, and essenti- 
ally divisible into (two main 
areas: the desk top .models and 
the hand-held calculators. ‘ 'A 
further- caveat Should*. be 
-added: with ' . the Continuing 
'rtpid development •‘of micro- 
1 electronics, even this., division, 
valid/at present; may sooi? cease 
to be' made. .As the :?i ^'fnteIU/ 
gence ” of calculating machines 
becomes simultaneous ! v smaller ■ 


and more advanced, the main 
reason for a calculator being 
larger than hand-size will 
simply be convenience. 

In the desk-top calculator 
market, the Japanese (with 
Sharp. Casio, Tealtronic and 
Citizen) and the Italians (with 
Olivetti dominant) reign. The 
world market was reckoned to 
be around 4m. units in 1977, 
rising sharply to around 5m. 
units this year. Olivetti is con- 
fident of taking something like 
30 per cent, of that market — 
that is, 1.8m. units in 1978, an 
index of the company’s ability 
to stay ahead of the game even 
though it was the first in the 
field — usually.-as countless U.K. 
companies have shown, a 
disadvantage. 

Competitors 

That growth — from around 
1.1m. units in 1977 — is impor- 
ts nt to Olivetti in a market 
worth around £500m. It also 
means that the company— like 
its more successful Japanese 
competitors — has been able to 
read the market’s needs cor- 
rectly and, for the moment, 
supply it with what it wants. 

At present, that seems to be 
for electronic desk-top calcula- 
tors which also supply a paper 
print-out of the calculation. 
Allied to increasingly sophisti- 
cated intelligences, this means 
that unqualified staff can do 
calculations previously, thought 
to be the preserve of accoun- 
tants — the calculation of gross 
margins is a good case in point. 
The desk top which bad a digi- 
tal display alone, even though it 
may have possessed a memory, 
could not produce checkable 
figures nor could it show a 
record of how its figures were 
arrived at. 

The next development in this 
market — it is one which is al- 
ready happening, since “ de- 
veloprnent’’ is continuous — is 
for the mini-computer to come 
down the . price range and 
“ meet ” the desk-top' calculator. 

Olivetti has a mini-computer 
on offer at around £2,000: the 
top range of their desk-top 
calculators is 1 around £250. The 
gap is still wide, but the price- 
plunge in electronics is a well- 


known phenomenon. Besides 
that, there is a built-in logic for 
making calculator s more inteZli- 
gent, taking on extra functions 
which progressively means that 
the dividing line between com- 
puters and calculators grows 
hazier and hazier. 

In band-held calculators, the 
anarchy . which " characterised 
the early 1970s seems to have 
been replaced with a common 
view of the market which holds 
that It will not see the large 
growth of a few years ago 
again, and that growth of any 
kind will be difficult to achieve. 
The size of the market is the 
subject. of a number of different 
calculations: it is widely 

thought to have declined, pos- 
sibly to around. 50m. units, a 
year. It thus continues to be 
important to electronic .firms, 
but to markedly fewer than at 
at the beginning of the boom. 
Those which ' have stayed in 
have had to become sophisti- 
cated- Offering a range of styles 
and functions % to attract both 
those who like 1 conspicuous con- 
sumption and th09e who like 
complex machines. ,•!- 

Innovation. rather;: -TffiSrij 
simply quantity, has thus be- 
come the most sought-after 
element Sinclair Radionics, 
which has been in the calcu- 
lator business successfully for 
five years, now markets a pro- 
grammable calculator at under 
£16 which has the facility for 
400 programmes and at present 
has no' competition. Not sur- 
prisingly, it is cleaning up in 
the U.K. and the U.S- But it 
needs that level of inventive- 
ness before a modern hand- 
held calculator is assured of 
becoming a market winner. 

Market analysts believe that 
the market is now largely a 
replacement one. and that the 
customers are individuals who 
need calculators for “light” 
business use. or for domestic 
use — bills, shopping, tax 
forms etc. If the educational 
market takes off — and there 
are some signs that it is doing 
so — then the market may 
receive a. new boost. Until then, 
it jogs along. 


A cross-between a sophisticated calculator and a minicomputer. The Oyez-LX2Q10 
Solicitors' Accounting System, which is based on the LogAbax LX2O10. 


aids 


“WRITE 40% as a decimal.” It is true that the outright In Leicestershire. — - where 
The Institute of Mathematics “banners” seem now to be well interested teachers from all over 
and 3ts Applications recently outnumbered by teachers and the country gathered Jast week- 
* +wn«.Mom , educational administrators who end to discuss the calculator 

put that problem to more than have accepted use glee- question-says that guided key- 

7,000 • youngsters ending II troaig calculators by children board-play has enabled his 
years of compulsory schooling as an irremovable fact of seven-year-old to learn and 
in a democracy where pay policy present and future school life, master multiplication tables 
and other matters of -national But mathematics specialists remarkably quickly. “It can 
debate are increasingly pre- even 1150 permissive also help young children to gain 

„ . tn ^ ho ni,hi!« fraternity still severely foubt a sense ^ magnitude .which is 

seated to the pubhc : in percent- ^ w / b ' „ ^ ^ By 

age terms. E\en so, the- problem prove men t in the nation’s testing; ^■vrtjaV^’PP^os'wben -you 
confpupded three in every five numerate understanding. Many divide. h.ttfg'admber , by a 'small 
of the'girls, and almost half of believe that, left to itself, the oneand so on. So although itis 
the boys. ‘ _ switch to push-button calculating early days as -yet. - I 'feel that 

This . and other alarming is more likely to make things there Is- now' the' potential for a 

results from the Institute's test worse. great deal to - be learned very 

suggest that the mathematical Given that the temptation of fast indeed.’’ ■ 
ignorance commonly believed to do-it-yourself button bashing / - 

prevail amongst this country’s could be resisted, mathematical T 

children — and probably adults opinion would probably expect UnuCrSianQIIlg 
— lies too deep to be effectively calculators to prove a blessing. : 

remedied by increasing merely Eo r . there is little doubt that, In-older classes, too, Mr. Webb 
their " . calculating faculties, wisely supervised, their use thinks that electronic calculators 

Which in turn may explain the could promote the acquisition offer the possibility of. enliven- - 

continued existence of a con- from the immediately post-basic jng teaching so as to awaken the 

siderable body of opinion stages onwards.- understanding even of the many 

favouring the banning of elec- As an example Mr. Nigel children who. although normal 

r 1 vi- j i tronic calculators from primary. Webb, 'head of maths - at the in other ways, seem to be born 

John Juioyd 'if not from all, schools. Qakhanr - independent • school mathematically myopic. 


. "Yon know, I feel that the 
traditional need to chew through 
a jot of.. examples involving 
awkward workmgs-out must 
have barred huge numbers of 
children from appreciating tha 
fascination of trigonometry, say. 
Now they could get through the 
examples more easily, and so 
have an earlier sense of profit- 
ing from the subject In a vrord, 
trigonometry could Aecome less 
-frightening.” 

■ But : although from 1979 the 
School Mathematics Project — 
which . sponsored the Oakham 
'.School meeting — will offer a 
-calculator-related maths paper 
fQr r GCE Ordinary level as an 
alternative to the paper 
designed for slide-rule and 
Jogaritbms, there are obstacles 
rto /he overcome before the 
challenge can be answered and 
brave hopes realised. 

; For one thing, there is a 
glaring ■ absence of any calcu- 
lator designed for the needs of 
school education. “One of 
the big manufacturers we 
approached was sympathetic.” 
Mr. Webb says, “but pointed 
out that the whole of likely 
U.K educational demand 
wouldn’t be much more than 
two days work for the factory. 
'But the two main mathematics 
associations and the scientific 
education body have jointly 
worked out a specification for 
an O-level design, and we hope 
manufacturers will take note 
of it in their future develop- 
ments. There’s not much more 
we can really do.” 

The main — and still poten- 
tially wrecking — obstacle, how- 
• ever, is the- shortage in this 
country’s schools of teachers 
with . sufficient mathematical 
-capability to ensure that chil- 
dren use their calculators to 
develop numerate understand- 
ing. The latest figures from the 
Department of Education and 
Science, for instance, Indicated 
a -lack of 1,860 graduate 
teachers in maths and, at best, 
the Current •“ crash " retraining 
programme can hardly make up 
more than a third of that 
deficiency. 

So in the end, it seems bound 
to be teachers and not tech- 
nology that will decide whether 
electronic calculators lead the 
nation to a swift improvement 
from its currently abysmal level 
of general numeracy, or plunge 
us still deeper into bewilder- 
ment All we can hope is that 
the ' official inquiry now being 
set up into the teaching of 
maths can identify the right 
buttons and that Mrs. Shirley 
Williams, the Education Secre- 
tary, will press them firmly. 

Michael Dixon 


veiop 


c 






ilt 


scope 






the CITY DESK of the Fin an* 
cial Times has just purchased 
a new programmable calculator 
the Hewlett-Packard 9". 
equipped with a printout, at a 
cost of around £500. With its 
help the desk hopes to provide 
a service it finds difficult and 
time-consuming to-day. The 
plan is to use it to calculate 
cross-rates for a daily foreign 
exchange table which will pre- 
sent the rates of ten 'currencies 
(including the pound) against 
each of the others— 100 cross- 
rates. 

. Until now cross-rates have 
been obtained over the tele- 
phone from different market 
sources. This is time-consuming 
and hampered by the fact that 
foreign exchanges close at 
different times. Using a pro- 
gram prepared by Hewlett- 
Packard, tbe Financial Times 
has found that it can punch in 
ten exchange rates and, only 12 
minutes later, obtain a print- 
out of its 100 cross-rates. In a 
few moments more this print- 
out can be pasted into the cross- 
rate table ready for the printer. 

Even to-day relatively few 
people need calculators of this 
complexity. • Tbe simple four- 
function calculator, slim enough 
to slip into a pocket or briefcase, 
has carved a durable market 
niche. Extended with time, date 
and alarm, al] of which can now 
be added cheaply and easily, 
they add up to a simple personal 
console which some globe- 
trotters are already learning to 
live by. 


Drawbacks 


Further technical sophistica- 
tion in this low-price range may 
be hard to achieve. Smaller size 
has Its drawbacks — as those who 
have tried to microminiaturise 
time have discovered. The wrist- 
watch calculator needs tweezers 
tp'punch the keys. The pen with 
built-in time needs a magnifying 
lens. If man himself needs 
modifying before he can use the 
engineer's wizardry, he will 
probably reject it and make a 
virtue out of established tech- 
nology— say, by a return to the 
ppcket watch with its bold ana- 
logue display. 

• The next price range for the 
calculator, currently X30-X50, 
offers greater scope for increas- 
ing technical sophistication. The 
market is the professional or 
student who needs to make rela- 
tively elaborate calculations. Zt 
^served by a range of program- 
mable pocket calculators which 


take advantage of tbe fact that 
solid-state memory, provided— 
and it is an important .proviso— 
that it is purchased in large 
quantities, can now be bought 
very cheaply. Manufacturers are 
putting more and more, into 
their products. About six semi- 
conductor makers can already 
supply of 16 fcflobtits of memory 
on a single circuit chip — as 
much memory as the first elec- 
tronic computers- possessed — and 
some are talking of 64 kilobits 
of random access memory per 
chip. 

How far this line of develop- 
ment might progress may be 
gauged from the fact that the 
pacesetters in semiconductors 
are confident that, using elec- 
tron beam lithography for the 
manufacture of masks, they will 
he making integrated circuits 
with up to dm. bits of random 
access memory on a single chip 
of silicon by the early 1980s. 

What differentiates calcu- 
lators in this price/performance 
bracket from the computer itself 
is the absence of logic. The user 
sets up his calculation as a series 
of steps — perhaps as many as 
100. The instrument works out 
each steps and memorises the 
result The program is written 
by the user himself as the series 
progresses and remains with the 
calculator until he switches off. 
For the student it is an excel] eat 
way of learning the essence of 
computer programming. For the 
professional with lengthy calcu- 
lations be must often repeat the 
next big advance in this price 
range may be the introduction 
of logic — still perhaps five to ten 
years away at this price. 

Perhaps the most striking 
aspect of the personal computer 
for the non-professional is that 
he will be enabled to perform 
calculations even when he has 
no understanding whatever of 
the mathematics involved. Such 
an instrument might “ keep 
score " in a sophisticated teach- 
ing lesson, might work out 
housekeeping accounts and 
“ balance sheets,”, or might 
permit users to play computer 
games <such as chess). 

For the present this power is 
vested only in instruments . in 
the range of £500 to £1,000, of 
the type this newspaper plans 
to use to compute daily cross- 
rates. The scope is enormous, 
for example in setting up or 
diagnosing faults in machinery 
which itself depends on a cen- 
tral processing unit or mini- 
computer at its heart. The AA 
man or TV repairman may well 


carry such a calculator in the 
19805. GEC's Hirst .Research 
Centre is assembling such a 
calculator in a briefcase, as a 
convenient one-man way of con- 
veying the “intelligence” for 
microprocessor control of 
manufacturing processes from 
its development laboratories to 
the shop floor. It will take ad- 
vantage of a new and more indul- 
gent display technology, the 
electroluminescent display, on 
which GEC's researchers have 
also been working. 


Convenience 


In the home, especially, the 
TV set provides a powerful and 
convenient display. Manufac- 
turers, however, have been 
hesitant about adding calculat- 
ing power to the TV set, until 
technological (and fashion) 
trends grow more stable, so 
that little can yet be found on 
the market beyond a built-in 
digital clock and add-on games 
of the simple “ bat-and-ball ” 
kind. But the scope clearly is 
there; for example, in develop- 
ments of the home computers 
now available in the U.S. for 
around £1,000. 


appearance of consumer maga- 
zines advising readers on how 
to exploit homo computers. 

In Britain, the concept of the 
home computer may respond 
rapidly to developments by the 
TV broadcasting companies and 
the Post Office,, which promise 
to give the home direct access 
to large data banks and profes- 
sionally written computer pro- 
grams. Using the BBC's Ceefax 
system, for instance, the viewer 
can already call up pages of 
specially-prepared text, which 
are stored in the solid-state 
memory of his Ceefax receiver, 
and can be displayed when 
required on his screen. With 
the Post Office's Viewdata ser- 
vice, the TV viewer will be able 
tto use bis telephone dial to 
summon a program and feed 
data into a memory built into 
the TV set, then disconnect — 
keeping the cost to an absolute 
minimum. What he then gets 
out of the program will depend 
on his own dexterity with the 
home computer. 


The sheer size, convenience - 
and familiarity with the TV 
screen make it an ideal display 
for most purposes. Only in 
special circumstances can it- he 
envisaged that alternative dis- 
plays might make Inroads into 
the home computer market in' 
tiie ' foreseeable future. The 
calculator which responds— very 
dearly— with the spoken word 
has been available for two or 
three years, but its value is 
likely to be greatest to those 
who are either blind or are 
working in circumstances where 
their visual sensory capacity is 
already overloaded. 


David Fishlock 


Science Editor 


The Hewlett-Packard 97 
with printout which Colin 
Millkam mil use to work 
out the foreign exchange 
cross-rates every day. 





w . " h ft ; • $ 


Why a home computer? 
Corbusier called the house a 
“machine for living,” and by 
the same logic that factory pro- 
cesses are being made more 
intelligent by means of mini- 
computers and microprocessors, 
and the car is beginning to 
follow, so the home may benefit 
from central “ process control.” 
Heat, lighting, humidity level 
security systems might all be 
programmed into an environ- 
mental control system also 
embracing the performance of 
individual appliances — pro- 
grammable cookers automatic 
recording of broadcasts, etc. 
The same computer could be 
expected to take care of the 
accounting, automatically log- 
ging consumption of utility 
services and verifying bills as 
they come in. 



THE CALCOLATOR market is 
part of the electronic market 
This commonplace is a useful 
introduction to that specialised 
sector which is concerned to sell 
machines to people who are 
already overstaffed with mat- 
erial goods. It should be com- 
bined with another, equally 
commonplace, equally useful: 
production of items for con- 
spicuous consumers is still a 
thriving trade, one which elec- 
tronics has greatly assisted. 


For a third potential use for 
the home computer the develop- 
ment potential is almost un- 
limited. This will be its applica- 
tion to leisure activities ranging 
from the type of game which 
demands mental rather than 
physical dexterity, through its 
use as a teaching aid at every 
level of education, to such 
pursuits as playing the Stock 
Exchange. In the U.S. the 
potential of this market has 
already been marked by the 


The collision of these two 
truths has caused gleams to 
appear in the eyes of some 
electronics companies, seeking 
for ways to extend the market 
by putting on it devices which 
no-one really needs,' but which 
many might want . 


In the past year, electronics 
has increasingly 'explored the 
games market /TV games will, 
we are told, b$ big business by 
this Christmas: the ever adapt- 
able silicon /chip can now be 


programmed to provide enter 
taimnent /or all the family, 
ranging /from comparatively 


Kbps ' ^ ~ ' 

mM 



simple football to quite complex 
problem-solving games. 

At .the. smaller end of the 
market, the industry's ideas-men 
are already trying to popularise 
a new piece of jargon-rthe 
** wrist instrument,*’ which 
might contain a variety of faci- 
lities apart from a , watch. 
Indeed, one of the features of 
the next year will no doubt be 
competition to determine how 
many of which feature can be 
packed on to a watch-sized base. 

A good example of an 
advanced “ wrist instrument" is 
currently attracting some 
interest at the BasLe Fair, in 
Switzerland, always a good 
showpiece for the more way-out 
ideas in gifts. An electronic 
watch has been adapted to 
determine the menstrual cycle 
of its (female) wearer, and to 
info mrher of when her “safe” 
and “unsafe” periods occur. 
While there must remain 
doubts on. whether or not it will 
prove to be foolproof, it is 
widely tipped to do well 

With such competition, the 
; idea of building a calculator into 
a watch, or rather, putting a 
watch on top of ' a mini- 
calculator, seems almost staid. 
There have, indeed, been such 
derices on the market for some 
time, though as yet there are 
few signs that they have gone 
beyond the gimmicky stage. The 
problem with them is the 1 
obvious, one of rize: if they are 
not to be too bulky for wearing 
on the wrist, ttie keys must be 
so small that they can only be 
operated with the point of a 
pencil. Th'^y are thus rather 
awkward for . snaking rapid 
caleoiatfoncr 


two functions to a significant 
extent The mstruintint dan 
thus be instructed to . read off 
time in terms of ' something 
else— most obviously, apd most 
appropriately for the wearer, to. 
whom time is ■ valuable*’ jn- 


money. ' • * 

Thus the person who. wishes p 
to record the cost of apijorte 
call merely puts into the. watch? 
calculator the .cost US.-? ;tbe 
appropriate time unit, presses 
a button at the beginning and 
end of the call, and is shown 
the cost of it in the currepejr 
of his choice. Gimmicky?. iflpL J 
doubt, but of such ‘gimnilcljs 
are sales pitches made. .- 

The “ radicals ” point ttt the 
fact that most conservative 
assumptions about most sectors' 
of tiie electronic market^have 
proved to be False. . /More 
positively, they ask why sm$li 
calculators— once the /wearer 
has accustomed him self to its 
scale— should not provp just as 
useful as the standard pocket 
model. And If the- Hewlett- ? 
Packard idea ca n b£ extended, 
with other features, then the £* 
use of the instruments would 
begin to prove themselves. 


For the moment, -it seems, 
the “conservative” argument' 
is winning, if only became the 
manufacturers ' are leary . of 
being caught out But the 
demand may yet materialise. 


John Lloyd 





An electronic notebook! Toshiba’s\&836MNalphn . 
numeric, calculator . with the capacity to rerrtemfjerT'^ £ 
npmes, addresses, telephone numbers or stock 
• • - .exchange prices. - 




Constraint 


" 

A: 


The further constraint on 
their gaining ground is that the 
pocket calculator is now so 
cheap— thanks to the sharply 
descending prices of the com- 
ponents — ' and so small — 
thanks to the ever decreas- 
ing size of these com- 
ponents— that the purchase of 
one is approaching the status of 
an ** impulse buy,” and the 
carriage of one in tbe pocket or 
handbag extremely easy. The 
early failure of the LED (light 
I emitting diode) watch, which lit 
up only when a button was 
pressed, seemed to show that 
people want a watch just to be 
a watch, and cannot be bothered 
with too manjr other gadgets 
upon It Indeed, the trend in the 
watch market — according to the 
Swiss, who should know— is 
back to watches with a conven- 
tional face, though powered by 
the much more reliable quartz 
crystal. 


There is the further disadvan- 
tage that, as yet, mini-calculators 
cannot produce a paper read-out 
of the calculation, as many desk- 
top and some pocket calculators 
now do. -That is a limit of size, 
a factor which also limits them 
to comparatively few and simple 
features. 



Si 

‘ l '- : - 
-j- 

v : v : 
=; 


v; - •• ■■ ,u 

uV 
















Still, both watch companies 
— like Time . Products— and 
electronic companies — like 
Hewlett Packard— include at 
least one model in their range, 
and expect them to pick up in 
popularity. 


Calculator displays are simulated. *Sug3Psteti retail price including VAT 

Texas Instruments Limited European Consumer Division, Wanton Lane, Bedford. MK41 7PU. Tel: Bed Ford (0234) 63181. 
Available imm-Boot^Comet. riurys, Dixons Photographic. Lewis’. Ryman, Tempo, Wallace Healon, \Y, H. Smith, 


treel stores. 




1 


The Hewlett-Packard Idea, 
for which the company claims 
unique status, is to get away 
from the simple concept of 
merely adding .the calculator 
and the watch together, using 
the same screen to display the 
digits, in favour, of merging the 


With calculator you get ■ 

Andwith Adierthataddsuptosomething ’ 
worth having. 

Takethesmait, modem Adler807desk-; / 
top display model shown here. 

Like all Adlers, it'sremarkabjy reliable - , . . . 
which meansit will put Sna hard d^y’swoiK 
year in, yea" out The 807 has 8 digj entry . 

capacity and result, 4 basic calcufctffoh ; '*1 . 

operations, automatic percentage&dd on . 
discountand exchangeof valuesj : • 

CalLinto your Adler dealer to see and try : 
the 807, aswell as a wide range of printing, V, 
display and pocket calculators with 8 or 12- ; . 

- digit capacity, or send the coupon forfuR detail 


JMSIiEKOSti 


tt0/IWBo»u^«gbS^ 

'uornsm;: .. 


r T OSca& BfirironcMac^ 

I . :t4Qfl54-Borough HighfStreet London SEfUJH 
TetOW073l9l ~~ ■ 

I Fte^sendmeftjffW^ 

.j LAdterrahge^ .... 


v Company-. 


You wont do better anywhere. 




-■ 1 P 

\ K*- *-/■ 


FT2Q/4 


•u. • 5 . 

■ v/*-. 








i 


Financial Times Thursday April 20 1978 


10 



news 


BT MICHAEL. THOMPS ON-NO EL 


COLI^DICKKNSON. Pearce, Revenue, which now has con- of Allied Suppliers, part of 
— BrYttiin ® largest publicly* siderably enhanced powers in. Cavenham. The account was with 
quoted advertising agency — must this area, may have decided to Ted Bates. Together with two 
be quietly tntter that Tuesday make a tax showpiece of its pro- other pieces of new business, 
night s announcement of its 6S posed prosecution of CDP, given Lip tons takes Dorland’s billings 
P er surge In pre-tax profits ibat the group is both highly growth so far this year to £2m. 
for 197 1 to a remarkable £1.3Sm. visible and outstandingly success- Last year it was MEAL’S fastest- 
w ' as contprehenslvely over- ful. growing agency in the Top 20. 

shadowed by news from the Criminal prosecutions by the adding on 58 per cent to reach 
Inland Revenue that it intends Inland Revenue against indi- £16- 2m. a nd 13th spot 
to launch criminal proceedings vtduals are rare, let alone pro- • THE CHARLES BARKER 
against Collet, Dickenson, Pearce ceedmps against publicly quoted Group is at an advanced stage in 
Internationa L, the bolding com- companies. In 1976-77. a total of negotiations to buy the Man- 
pany, together with its chairman. 194 people were convicted as a Chester agency, Cross-Courtenay'. 
John Pearce, its managing result of Inland Revenue pro- • BROOKE BOND OXO is 
director Frank Lowe, and its ceedings (nine were acquitted), launching a new low-priced tea, 
trading subsidiary. Collett. But the bulk of successful prose- New Orange Label, backed by an 
Dickenson. Pearce and Partners, cutions — 123 — involved sub-con- initial budget of £500.000. 

As reported yesterday, Collett, tractor exemption certificate Brooke Bond says it is the only 
Dickenson says it does not know frauds. Other totals were much British tea company to offer a 
the nature of the prospective smaller. Proceedings fnr false full range 

charges, but believes chev- arise accounts, false returns and false • a SURVEY OF 722 advertis- 
From inquiries conducted "hv the claims produced only 36 convic- ing agencies in 68 countries out- 
Revenue into the tax affairs of tinns. False returns under PAYE side the U.S. conducted by 
the group for periods prior to produced seven- Advertising Age shows that 

Decerafber 31, 1974. Neither the Revenue nor Col- registered combined gross in- 

Last October the group said lett. Dickenson. Pearce is com* comes last year grew by 26 per 
it was setting aside an estimated meeting on the situation at cenL to SljSbn. on total billings 
£600.000 as an extraordinary present, though on Tuesday even- of $n.9Sbn. AA’s top ten non- 
j? e , Tr * . .without admitting R was CDP’s annual results u.S. agencies in 1977 in terms 
liability) against ** unanticipated ™ ar n,ost caught the 5tock_3Iar- of gross income were: 1 Dentsu 
claims " under the Taxes Act kel ’? attention. With its 19* * pro- $212.6ra.; 2. J. Walter Thompson, 
substantially relating to pay- fit improving to £lJSm. on a 8189m.: 3, Young and Rubicam, 
meats in respect of overseas turnover of l3bBm. Sl6L7m.; 4. McCann-Erickson. 

subsidiaries and associated (£25.<m.> its shares improved 5p S162.6m.; 5. Ogilvy and Mather 
companies. to 63p. though tt lost that gam International, S 127.9m.; 6. BBDO 

Now it has heard that it may yesterday. International. SllS.6m.: 7. Leo 

face charges, though the group 0 BORLAND ADVERTISING'S Burnett, S116m.; 8. SSC&B- 


Research rally 

HELD IN BRIGHTON, that most manner la which ACAS surveys 
, i aat week's employee opinions m union 

amiable of towns, last weeks recognition cases is of far more 

21st annual conference of the t jj an academic interest, and what 
Market Research Society proved the speakers were setting out to 
a convivial and expansive affair do was encourage a revised 

-convivial because with so very approach to A 
- would oe oolu more professional 

few exceptions, market research an{J {e&s sub j eC t to bias than the 
appears to attract to its bosom onc it adopts at present 
a higher quota of well-meaning John Clemens of Marplan 
Individuals than most other Europe described how research 
service industries; expansive could help provide a better 
* u ,, „ r - understanding of trade unions 

because the business is at pr. and industrial relations. In his 
sent undergoing a boom at least Y j ew v.'as now entirely sensible 
as pronounced as that in f 0r all companies to conduct 
advertising. regular censuses of the total 

Indeed, as Antony Thorncroft workforce, from chairman to 
7 j i —m. . office boy. to cover areas like 

suggested last week, the time ^ holidays and overtime, job 
has arguably arrived when the interest , job status and satisfac- 
words “market research" are tion. promotion, security, work- 
no longer adequate to describe ing conditions and relations with 
the very wide range of services the n boS f nrere stmg paper by 
now on offer, for the emphasis j^ aon] | Andrew McIntosh 

of the conference— including exp ] ore <j the uses of research 
speeches by Sir Harold Wilson, f 0r monitoring and evaluating 
the Society's new president, and social programmes. 

Sir John Methven, director- Their conclusion was that the 
general of the CBI — overwhelm- distinction between market and 
ingly focused on politics, trade social research was an artificial 
unions, local authorities and one, and that the research inaus- 
Europe and not at all on whether try in Britain needed to alert 
the housewives of Hull are itself to the challenge of public 


EDI'l'tD BY MICHAEL 1HOMPSQN- 


GROCERS’ SALES IN G.B. 



10 


4 






J 

4 

■ 

9 

2 

4 

■ 

1 

1 

■ 

■ 

1 

1 

1 

1 





_ 

J 


■72 ■?» '» *75 *78 


1971 

1972 

1973 



tdp' 



beh mssanm 

•ihtici: 



*77 

SOBKC; MOSei 



amenable to a new soap powder. 

For example. Bob Worcester 
and Roger Stubbs of Market and 
Opinion Research International 
delivered a critique of the survey 
methods employed by the 

Advisory. Conciliation and 

Arbitration Service. It may 

sound undramatic, but the 


sector monitoring and evaluation 
if it was not to neglect funda- 
mental professional and social 
duties — plus a significant com- 
mercial opportunity. 

In many respects, that message 
was the rallying call o£ the 
MRS's 21st conference. 
arr-N. 


Profits 



the push for market share 


BY s. R. HILL 


THE IDEA THAT there is a link posses? resources that are cies allow a company to pursue between market share and has almost fully depreciated its 
between increased profitability adequate not only m gain but to its chosen strategy? Not only do return on investment. For coin- plant and equipment will clearly 
an i a sjsnificantly increased retain the level of sales volume we have to consider the position panies that possessed a market enjoy a higher return than one 
market share is hardly revo- implied by its market share of the Monopolies Commission share of less than 10 per cent., that adopts a more conservative 
lutionary. target? It is indeed a fortunate should a company acquire a the average return on investment policy towards depreciation. 

However, given the current company that can give an un- dominant share of its market, we was 10.4 per cent. Companies Market-share measurement as 
quest for increased share being qualified Yes to this question, have to recognise, as markets with a 30-40 per cent market a planning and strategic tool 
pursued by so many companies. Second, what is the position and companies become increas- share had an average return of must be applicable to a product 
particular 1 !^ in food retailing. 0 j a company should its dash for ingly multi-national, the likely 24.6 per cent. The analysts also line or group: in other words, a 

attention is once again being growth in market share fail? In implications of other countries’ suggests that large market share well-defined profit centre. Some 

Upon this relationship, diverting .its resources into one regulatory systems. The GKN- companies can usually earn costs can of course be related 
- Pecmcaiiy. U.s».-oased research strategic channel, will tt make Sachs case is illustrative of the higher rates of return when to these centres since they arise 
° ( n :r e . ^ r ?. impact oE market jjeeif vulnerable in another? problems involved. Furthermore, they charge premium prices for directly. Others, however, are 

fi* l 81G e. , atle , m P l *“ t0 . ? Qo , w Will its management, once stub- the growing influence of EEC tbeir products. absorbed in trie general over- 

inat profits tan nse impressively fjornlv locked in battle, be un- rules and directives affecting This policy is almost invariably heads of a business, thereby 


jjf market share rises, so that .'t u -j|ij n V or unable to extricate market share strategies must be associated With 


is not surprising that market 
ently 
that 

„ corpi 

resources in order to launch 
market jjbare battle can be both 
complex and stimulating. 

Yet it is precisely at this point 
that tilings can start to go wrong. 
Unfortunately, despite the tre- 
mendous stakes involved, com- 


March of the multiples 

BY MICHAEL THOMPSON-NOB. 

SPENDING IN BRITAIN’S man for the Advertising Assoda- equates to more than 100,000 
grocers last year topped the tion. who was quoted as saying : tons of frozen products.' 

£I0bn. mark for the first time. “Most of the £2tm. of tax relief The UJC. frozen food business 
climbing by nearly £1.4bn. or 16 J. will go to lower-paid people who has had a sticky time latelyi 
per cent, compared with 1976, can be expected to spend it on According to AGB figures, the 
according to figures to be pub- food, drink and. tower-priced total market— retail and balk-— 
lished in the next issue of the durables. All. of these things are was up by only 1 per cent. in. 
Nielsen Researcher, advertised and so advertising ex- the vear to February (The 

Figures are based on total peaditure should rise .consider- -figures relate to tons ) Retail 
expenditure on all items supplied ably.” sales slumped bv 4 per cent 

by grocers, not just trends in It is true that the retailers (primarily because of the glut 
packaged groceries which have tend to support that sort of view, Q £ cheap fresh vegetables* 
formed the basis for publicity hut in the specific case of food, though hulk sales— 52 per cent. 


given recently to grocery trade 
movements over the past 12 
months as a result of Tesco's - 

shake-up in the High Street last r r 

June and the trade’s subsequent tflS CttSC OJ JOOCL, 
and massive price war. . ■ 

Last year’s percentage rise in TflOSt COTWttCttt&tOf'S 
total grocery sales. 16.1 per cent., - , r ^ r ■■ 

was marginally ahead of the 15.S feel that the market 
per cent, rise in 1976 hut sub- t . 

stamiaUy lower than the rises iir flQS been tOO flat TOY 
1974 (20.6 per cent.) and 1975 r * 

(20.8 per cent.). It was in 1975 tOO long JOY it tO be 
that total grocery sales, a la 

Nielsen, reached £7.5bn. com- brought Suddenly to 
pared with £A2bn. back in 1971. owwuty 

Says Nielsen: “Under the ira- ///> a vain hv A fr 
pact of intensive competition and again Oy Mr* 

rationalisation and with the fUlin fnr 

accent on value for money, mul- a eaiey S JUllp JOY ■ 
tipies increased their share of 
trade to more than 50 per cent, 
for the first time. A sales gain of 
20.2 per cent against the trade 
average of 16.1 per cent lifted 


the lower paid* 


answered. 
First does 


the 


■raent. 

company Finally, will government poli- 


a premium posing a major dis-aggregation 

sharp hattipc aro frpm.pntiv WH1 it present its com* fully recognised and understood quality strategy based upon problem in order to reach a 

tnpr-Uiirativ fnm-ht w thlr petitors with marketing advant- by management researched market demands, measurement of return. (Analysis 

niar^hiiifn” a ? es v 'bich— identified and cx- Some of the links between Thus, while price remains im- of distribution and certain other 

in Z plo'ted with skill— cnuld prove market share and profitability portant. ii is not the' sole deter- marketing costs presents a par- 

more damaging in the long term have been known for some time, minani of sales. Good design, ticuiarly difficult area for effec- 

ihan ibe original situation though the precise nature of the quality and reliable after-sales tive cost analysis.) 

which prompted its quest for relationship has provided much services are rapidly gaining ■in as important as market share 

expansion? controversy. The economies of importance— a situation particu- j s as a ,.orparate objective, it 

In the euphoria of planning a scale provide the most obvious larly relevant in overseas market- remains onlv one of a number 
market share hattle, the con- reason for the high rate of ing operations. that are nva'ilable. It would be 1 

panies tend to launch their of failure and their return on invested capital by The rate of return on invest- dangerous for any rompany lo [ 

campaigns for increased market implications, if raised at all. are large market share companies, ment is usually higher for large pursue a strategy designed to 

share without much foresight. ft f ten pushed to onc Side, let Furthermore, a large market market share companies when increase it', share of market sim- 

Specificallv. they tend to ignore is tliat they should be share endows a company with their long-term expenditure—. p| v because it was fashionable, 
three fundamental questions discussed, and discussion is not market power that enables it to relative m sales— on advertising. Far too much management atten- 

which, during the planning tn he interpreted as a sign of bargain more effectively and sales force effort and research tion is directed to what tech- 

stage. should be asked and we!tk » r vacillating manage- eventually earn higher profits and development is higher than n j quP or strategy happens to be 

than its smaller market share that of their principal compeU* j n vogue at a particular moment. 

competitors. t0 ”- The fundamental questions to 

The Boston Consulting Group The selection of return on he answered are and always 
has undertaken research that investment as the measuring rod hav e been what basic objectives 
shows there to be a direct relative to market share has been —short, rriedium and long-term 
relationship between market due to the fact that it is the —does the company seek to 
share and the accumulation of measure most frequently used in achieve and what is the best 
marketing skill and knowledge strategic planning. Everything strategy to adopt in order to 
that a business can command in hinges, however, upon how you achieve them' 1 Increased mar- 
a particular product area. This define return on investment. In |t Ct sha re is not always acquired 
knowledge, over a period of the U.S. research quoted it is easily or cheaply, 
time, can have the effect of hi- defined as profits before tax . 

creasing the cost differentials expressed as a percentage or the fina ,| * na ’ ys,s tfie objec- 

ba tween large, as opposed to total equity involved, including nv e nf market share may turn 
small, market share companies, any long-term debt, a definition ou , 11 “® ve bee . n niore than 
so that not only* is their ability' that may «ot be appropriate in a P ]0U5 . long run, 

to survive increasingly com- every case and one that makes m ? rc important entena may 
petitive situations enhanced, but comparison of results between ar ! se : P artJC ^ lar, y R a company s 
it can provide a basis for addi- companies not participating in P^stin? markets show a tendency 
tional market share acquisition the research difficult it not V-* reraaia or decline ia 

should management so decide. meaningless. Slze - 

Analysis of Che UH.-based Even if such a definition is The author is Senior Lecturer 
research suggests that there is a accepted, otheT problems remain, in Economics and Marketing at 
high degree of correlation For example, a business that the University of Aston. 


There’s cnere 
to Aenerissa than 
Carter’s Washington. 


Washington. 

Mr. Cartels ubiquitous smile. Con- 
gress. The Federal agencies. Seat of 
government for the fifty United States. 
Perhaps the free world’s most powerful 
city. And a tempting target for your 
U.S. advertising. 

But remember tins: The Wall Street 
Journal reaches more Washington 
decision-makers than any other national 
medium. 

And, beyond Washington. The 
Journal reaches those who influence 
Washington decisions. As America’s 
national business daily. The Journal is 
read by decision-makers in business, 
industry, finance. Coast to coast Every 
business day* 

To reach Washington — and more 
i — advertise in The Wall Street Journal. 

It’s the best way to put real teeth in 
your American advertising. 

The Wall Street Journal. 

The all- America business daily. 

Represented by DJIMS. In London, call Ray Sharp at 
353-1847:inFfankfiirt.caIi Joachim Nunvaratlfill) 74-57-40, 
Other DJIMS offices in major business centres around the 
world. 


ADVERTISEMENT 


KEITH SHIPTON 
DEVELOPMENTS LTD. 

C. T. Bowring (insurance) Holdings Ltd. announces 
that the operations and management of Keith Shlpton 
Developments Limited are being restructured to align 
them more closely with the broking services of the 
Group so as to provide a more integrated risk 
management service. 

At the same time Mr. J. E. Bannister, Mr. P. A. Bawcutt 
and the majority of KSD staff are leaving the service 
of the Bowring Group in order to develop the 
activities of Risk Research Group (London) Limited 
which will provide an independent service in risk and 
insurance consultancy. RRG is owned beneficially by 
the management of the new company and there is no 
shareholding by insurer, broker or corporate body. 
Arrangements have been made to provide continuing 
service to KSD clients from either KSD or RRG. The 
publication of “Foresight" risk management 
magazine is beingtaken over by Risk Research Group 
from 1st June, 1978. 

The advertised KSD conference programme will be 
completed. RRG will develop its own conference pro- 
gramme commencing with a Captive Briefing Con- 
ference at the Tower Hotel on 23rd June, 1978- 
In eight years KSD has achieved a pre-eminent 
position in international risk management and insur- 
ance consultancy-; the new arrangements will ensure 
that this work is carried on as appropriate by KSD 
and RRG. 

S. V/. Foihergill (C. T. Bowling (Insurance) Holdings Ltd.) 

J. E. Bannister (Risk Research Group (London; Limited) 


of all frozen food ia now 'pur- 
chased in balk— were 6 per cent* 
higher. The market growth 
areas, says Ross, are bulk meat 
and bulk fish, which- showed 
volume growths of 24 afid.12 per- 
cent. respectively in the t2 
months to February — two areas 
where Boss does significantly 
well: . 

Ross is now less than 1 per 
cent away, from Findus'svAGS 
brand, share if the King' Frost 
•and Steele and Marvin brands 
are included* and is sufficiently 
confident of its current position 
(its performance, over recent 12- 
week rolling periods, has been 
consistently good) for it to claim 
that it has taken over the role of 
market innovator from Birds 
Eye. •■•-••.' 

In 1976-77, for example, it 
launched 35 new products whose 

raost $ 
•■CMDeratives more or less market has ten too flal for too launched an6tber 28 for antici- 
held their 1976 share with a sales * or lt ^ brought pated sales this vear of £13.6m- 

m u of W 5 per wnL IndeMfr S ,dden .‘ y t0 , Jife by Mr. And for 197S-79, at least 12 new 

dent erocers P ^ ^ were SS *V0f * J 1U J ** Slower paid. launches are planed. - 
sharplif 1 with a sales improve- S V ’ The ?°° d “^Panies are in addition, Ross says it is the 
m^Tof onlv 111 oer cent and reatly.scaiimnB the horizon care- largest supplier, of frozen food 

oonseouent ioss of ^.haref ^Even “.ft f ? r fastest trace of an to die catering industry fa^ector 
consequent Joss of share. Even uplift .in spending, which is why that is growing at an accelerating 
so. they still consntuie a vital Imperial Foods, according to its rate) and -that recently- it has 
P 3 up t°!h^P ^ Wlth f hairm ® n - Sir Alex Alexander, started to develop an ambitious 
a Thl mvested . heavily -j ast year in policy of expansion within the 

from 44.3^r cent s?ve? P yeare j na “H« un 1 in « itfi , standards of EEC (it already exports to more 
from 44.3 per cent, seven years technical development mac- than 60 countries). 

indeoendents ,Per l 'anSSreutiy ?“ ner y “J. efficiency. Last year . .Partly because/ it was .the -first 
acreferathiE slumn in rams of , spem , £19 :^ n - £ n new Plant of the major frozen food com-- 
markrt shi^-Sows up eUsarS i pl ^ a further ajAh-. on panies to! launch a product. range 
mthechan ^ a " d ^ ate "^ ... specifically for the freezer owner-' 

Of couree a trade average f ^ «°®P ani es -Wtlun and partly because of its activity 

sales increase of 161 JS “ P>rtliuihirly on the new product front Ross 

laiTvear if nothing iSrite for signs o( revival in says that its financial- results :are 

toVaTou^bS?^ retire ^ed^tierf fiThSS 

have been nipped and squeezed Grimsby. Ross is invotoX a Ey e a^d Find^S 
by recent economic conditions. number of areajs ^ a * 

Fraxn f0 “' 1 is -wSmS thrf 1l- 

ciS-1? toulhtimS - P ^’ blSfiest area, accounting^ 73 that long-predicted though so-fttr- 
cu larly tougn time. per cent of the cnmnanvV hu«H- - olnclvo . untiTi-n V 



.. For centuries, the City has b««n graced 
with the aroma of the finest cooked meats 
i rr all England. The Carvery in trie Tower 
Hotel maintains the tradition and 
presents you with a succxHent selection ^ • 
of foints of roast beef/ lamb and port . . 

cooked to perfection. > >Th£ 

.. Carve as much as you wish and 


THE 


Ced,- •• v'iTIIEi help yourselfto an abundanceof./ 

» vegetables and fresh salads. There’s 
good old fashioned value in the fixed 

— — , price, which includes a complete 

linTCIi 3 course meal and coffee. . ' 

. IlllMCL The Carvery, The Tower Hpt«l, : 

Th£ HE ART OF tOMDON St. Kbtharine's Way, 

. - Ah4i£Mr; - OR London E19LD. - >; ./• 


U.K. has fallen dramatically In 
the period since last May. From 
a buoyant sales situation in the 
early months of 1977, the over- 
all food industry — and partlcu- 
iarly the processing sector in 
which Imperial Foods’ com 
panies are engaged— has suffered 
a severe set-back resulting from 
household economies in food 
purchasing.” 

Retail volume sales of food 
fell by an average of 4 per cent 
in the six months to last October 
and the current year, to date, has 
shown scant sign of improve- 
ment. 

Whereas Imperial Foods 
thought it was heading for an 
outstanding trading perform 
ance last year, the fall in food 
consumption patterns in the 
second half of the year, aggra 
vated by other marketing prob 
lems and industrial disputes, 
eventually meant that Imperial 
improved its pre-interest and 
dividend profits by a mere £lRm 
to £32.4m. 

But hope springs eternaL even 
though last week’s Budget is 
almost certainly not going to fuel 
quite the sort of consumer spend- 
ing spurt envisaged by a spokes- 


MARKETING 

DIRECTOR 

Aircraft Interior Equipment 

TOP SALARY & FRINGE BENEFITS 


One of our companies has a significant world market 
share supplying equipment for aircraft interior use. We 
intend to expand the business. 

We will appoint a Marketing Director to the Company 
Board. He/She will have experience of trie purchasing 
policies of the major airline operators and aircraft builders 
worldwide. Whilst not necessarily a technical person, 
the applicant win have sufficient knowledge of the 
technical aspects of aircraft interior equipment selection 
to be able to set the marketing and sales policies, direct 
the actions and promote the best products for the business. 

The Director will be responsible for the sales force, 
customer relations services, the agency and product 
distribution network and the market forecasting function. 

The successful applicant will probably be aged 30-45: 
a graduate with format business school training and 
excellent knowledge of contract terms, financing arrange- 
ments, etc., appropriate to winning orders in the interna- 
tional aircraft supplies industry. He/She will be able 
to converse on equal terms with accountants and lawyers. 

The Company is located near London. The post win 
involve extensive travel. The terms of emp!ay merit arc 
for discussion and will attract tbe best applicant. 

Please reply la strict confidence with full CV. specify, 
ing your relevant achievements lo the Chairman, writs 
Box T.4S6S. Financial Times, 10, Cannon StreeL EC4P 4BV. 


ONE DAY SEMINAR 

INVESTMENT 
IN THE 

UNITED STATES 

With the background of a weak dollar and uncertainty 
surrounding man/ European economies, a growing number of 
British companies are considering expansion or acquisitions in 
the United Scates. 

This seminar, which has been organised by the London Young 
Chartered Accountants Group and the London Young Solicitors 
Group, is intended to serve as an introduction to some of the 
advantages and problems in making an investment into the 
U.S. and will be of interest to companies, investors and their 
advisors. 

The speakers will indude: 

John A. Bulkiey. President. Moseley. Hailgarren & E stab rook Inc., 
Member of the New York Stock Exchange, 

Michael Chamberlin and Ruchanne Kurtyka. Shearman & Sterling, 
New York Attorneys. 

Allan Cinnamon, international tax partner. Stoy Hayward & Co. 
Richard Edgediffe-johnson. Vice-president. Citibank N.A. 

The seminar will be held at The Institute of Chartered Accoun- 
tants. Moorgate. E.C.7. on Friday. 16th June. The fee of 05.00 
will include coffee, lunch, tea and course documentation. 
Bookings may be made on the attached form or by telephoning 
01-496 5888 . 

TO: YCAG, 54. Baker Street. London. W.l. 

*• INVESTMENT IN THE UNITED STATES ” 

I apply far placw at £35 nek tnd eneion ■ cheque 

fv £ made parable b YCAG. 

Plu:e itfid 

Atfdrejt 

Telephone No 

- ■ 

i 


Shouldn't a 


enjoy his own 


: •• Ofco'arse he should’ ' : . : .' 

Thats svb y tve rnske saty conference* at 
die Shc-raicin.Skrcbr.- rin like a dizain. 

8.24iy sq. ft.. '(760 sq'.m.) ■<>> conference area 
can-tie dividec-ito. suit you meeds 
. • Weve-every;.3udio- v'tsufti aidiniaoinabie. 
Let’s discuss which ynull want. ; v 

All products up to ati average elephant, will 
fir. through all our door.-, no problem.": "" 

saloon ba r. AUvoiy; : irreynnous; pnveo.’-- 

1 ."kc. <’Hsr ( -oionv Room for 

Patio .Caxioe and 

’ ^ ndc r-or reot'c sods 

in.it. >taid<;rvlk can sit 

wm=€::s::^ 


iip r> no rt r otic 

t, smideir '>,]] 


: can sir. 
the dan;; 


-ig-Cafe 
ay. and. night, 
ar room 


S pecial Week end C o ndr-r cnce P acka ge. 
-And in case-, thd^sni: --is n t enough to ' make 
5 : oureai:^e Itoe/ v. eicomc you.n.rey.ycei-iC-iid 
cpnroiences nov/ inclutir^ acccru.p' : .odat.ion at . . 

. .sptgciaUy. reduced oriccs. 

Ring for otii ; latcr.-.t details .orr 01-759 25:i5. 
Or write ro its: Sheraton Skvlino. Bath Road. 
'Middx 'UBS 5BB 

..i a ii _iii a . Sa II 




_ if II 


Slieraton Skyline 

Where Heathrow realiv-horTTp^ 





i;* 

h 


I O 


1 - 












BARD 


Opening time at 
the Treasury 


BY PETER RIDDELL 

THE PRESENT Government has 
a poor record on opening up 
Whitehall to public inspection in 
spite of the declared intentions 
of the Prime Minister. Reform 
of the Official Secrets Act still 
looks over the horizon of this 
Parliament, new Commons 
specialist committees are not 
being encouraged, while the flood 
of Green Papers has hardly been 
overwhelming. And those Green 
Papers which have appeared 
have, like the one on housing, 
begged most of the awkward 
questions. Indeed, the promised 
discussion paper on the use of 
North Sea resources quietly 
turned both White and platitu- 
dinous over the winter. 

The latest challenge comes in 
one of the most sensitive areas 
—economic policy-making — and 
from a committee set up by the 
Treasury Itself and consisting of 
eminently establishment econo- 
mists under the chairmanship of 
Professor Jim Ball of the London 
Business School. The committee 
was originally established to con- 
sider the feasibility of using 
optimal controls techniques In 
the Treasury — an approach which 
essentially attempts to reconcile 
various policy goals. 


& 


merely a narrow gap to allow 
in the light so far. 

The committee suggested the 
creation both of a new research 
unit within the Treasury and of 
an advisory council under an 
independent chairman, with a 
majority of outside members, to 
monitor the unit's work. These 
proposals are hardly revolution- 
ary; the advantages or dis- 
advantages of a research unit 
depend not only on the cost (an 
extra £ 100,000 a year) but also 
on whether it is desirable to 
divorce research-staff from those 
working on day-to-day operations. 

The proposed advisory council 
presents a more difficult issue 
since an academic panel already 
exists to advise on the working 
on the forecasting model. More- 
over the record of committees of 
the “good and the great" 
economists is not inspiring. 
Nonetheless there are advantages 
in having a more independent 
committee with a more open 
brief, and it would be surprising 
if the Treasury did not at least 
make a gesture in this direction. 


Changes 


Majority 


The committee was rightly 
unenthuslasric about this tech- 
nique as an aid to policy-making, 
though it might help in testing 
forecasting models, and Pro- 
fessor Ball and his colleagues 
rapidly appear to have decided 
to broaden the scope of their 
inquiry. The report provides a 
fascinating insight into how the 
Treasury operates, its forecasts 
and policy-making generally, be- 
fore moving on to criticisms 
about a lack of openness. . 

The committee said many of 
its witnesses complained that 
the Treasury is not at present 
sufficiently open to the outside 
world about its thinking on 
current policy options and 
research work. This point 
appears to have irritated top 
Treasury economists who feel, 
not without justification, that the 
department has become more 
open. They point to the pub- 
lication of internal working 
papers and meetings with a 
wide range of outside economists 
before the Budget including all 
the main schools of thought if 
not prejudice. But the efforts 
are only recent and amount to 
a slowly opening door with 


AH these changes could be 
achieved within the present 
decision-making framework. But 
much more radical changes 
would be required in order to 
adopt the committee's call for 
greater openness about current 
policy discussions with a “ more 
effective presentation to the 
general public of the alternative 
courses of action with which offi- 
cials and Ministers believe 
themselves to be faced." 

This point is at the heart of 
the debate about open Govern- 
ment and goes beyond merely 
presenting consultative papers 
on long-term structural changes, 
such as on wealth tax. Professor 
Ball made it clear in his personal 
view the Government should 
spell out the consequences of 
various policy options before the 
appearance of the Budget and 
the annual - spending. While 
Paper. This, would allow public 
discussion of the options before 
irrevocable decisions are made. 

Thiy view is right; there is 
no reason why the Treasury’s 
mid-summer analysis of the 
medium-term economic pros- 
pects aod possible growth rates 
for public spending should not 
be published before Ministers 
reach final decisions in the 
autumn. But this presents a 
radical challenge to the current 
position of Ministers, and, 
ironically, it may be politicians 
rather titan necessarily civil ser- 
vants who do most to block such 
a change. 


BUSINESS AND THE COURTS 


* 

The limits to national 


By A. H. HERMANN, Legal CoiWpSflfoK 



THE Ccntrafarm-Roche trade 
mark dispute, seems, after my 
seven-week absence, to be one 
of the most interesting, cases 
about to be decided by the Euro- 
pean Court in* Luxembourg. 

The case (no 102/77) con- 
cerns the question of whether 
EEC law gives protection to an 
importer' .(operating “in 
parallel” 1 witii the authorised 
distributor) who defies national 
(in this case German ): trade 
mark , law by repacking the 
branded product and affixing — 
without the manufacturer's per- 
mission — the original trade 
mark to the new package. 

The extreme, importance 
attached by the Swiss pharma- 
ceutical industry to this— the. 
fourth case brought by Centxa- 
farm before the European Court 
— can be explained, at least 
partly, by the fear that any re- 
packing: would provide an oppor- 
tunity for mixing or replacing 
the original product: with an 
imitation product— for example 
from Italy. 

Should the Court accept the 
opinion of the Advocate General 
Francesco Capotorti, a trade 
mark owner would no longer 
be allowed to stop any importer 
from repacking his product and 
selling it under the original 


trade mark unless there was a 
serious danger that the repack- 
ing could result in a change la 
the essential properties of the 
■product However, the owner of 
the trade mart; would be entitled 
: to insist tbit the fact that the 
. product was not packed by bain 
hut by ; the Importer Siould be 
dearly stated. on the package. 

The Advocate General also 
argued that to use trade mark 
rights to prevent repacking 
when this, could enable a trade 
mark owner; with a dominant 
market position .to charge ex- 
cessive prices,., represented an 
infringement of Article 86 of 
the EEC Treaty. 

Hat what about the safety 
of the repacked drugs? This 
argument,' advanced by Roche, 
has little . chance of being 
accepted. Tbe European Court 
has already Tilled (in case 
16/74) that the . protection of 
the consumer against dangers 
from unsafe ..medicines has to 
to be achieved, by health regula- 
tions and- not by trade mark 
laws. 

The law at several member 
.' states— the OJK., Ireland and 
Denmark— allows a dispensing 
chemist to take medicines out 
of original packages and to 
supply them to patients in new 
packing. German law does not 

HoweveT, one of the pre- 
liminary conclusions of the 
Advocate General was that 


national laws are not of deci- 
sive importance. Even if all 
member States prohibited the 
repacking under their trade 
mark law, this, he said, could; 
still be allowed if such a prohi- 
bition prevented a free circular 
tion of goods in the Common 
Market or represented an abuse 
of market power by the owner 
of the trade mark. 

* * + 
ANOTHER interesting case in 
the European Court's pipeline 
concerns the obligations of a 
supplier towards a distributor 
who depends on him for 
supplies. It is Case 77/77 in 
which three Dutch subsidiaries 
of BP appealed against the 
EEC Commission’s decision of 
April 19, 1977, that these com- 
panies .abused their dominance 
of the Dutch oil market by 
reducing, during the oil crisis 
of 1973-74, supplies to Aardolie 
Belangen - Gemeenschap BV 
(ABG) substantially more than 
supplies to other customers. 

The dispute — like similar 
earlier litigations between oil 
majors and the Federal Cartel 
Office in Germany— -is but of 
historic importance. However, 
the appeal has provided the 
Commission with an oppor- 
tunity to press for an extensive 
interpretation of Article 86 of 
the EEC Treaty to include in 
the . concept of market 
dominance, tbe dependence of 
a distributor on a supplier who 


has only a 9 per cent shverof taxes or in contravention -of- damages to a subscriber as/ ' 
tbe market foreign exdiange confrolMffere a publication offering in. 

The ; . Commission- ; -can; abused - by ■ managers of. *he meat advice. . ■ ■ _ 

course, rely on the- Eaxopeair branch office will -now -wondfer The damages were tfairee . 
Court's definition of dominant whether in addition tiwy have a subscriber who follow| . 



oftrials. 

tions of /They could derive, some- re- 


details about .this company -' 


mission can moreover -feope^hat^ assurance from the' trial in ' 
the more specific oligopoly xirf^.-tihich the manager of tfcefiasle ' 

of Section 22 of the Gennta branth of the American Express' Jr* : 

Competition Act will infiacnce International Bank • Corpora- 

the Court, which is bohnd'tertlon was sent to prison for tta* ®HSd ^ ^ 

take the laws of member States-years on April , Tttu M7S, -a - ^ 

Into account when inte rpietin^ Through out this trial tiie Swi^a - 

the very abstract and general" Chart meticulously protected : 

rules of tbe EEC Trea^Tl" the .secrets of tbe TJ.S. ownera ■ ■ 

* * i " of the numbered, accounts— and investment _advic& to* moot . 

&&&'■ 

Chiasso branch of Creffit-Suis^w^ negligence, : 

were -: disclosed .Tils d^ ii^-xne^^- - 

?; LZ J n - the trial and a witness Courtly fha% : an-jpvem,- 

its 1977 accounts, will. appearance could not be adviser must, never mate;* 

riswakea wholesale*} of f^Xldedwas addressed by the take; But he must, proceed- >• 
ants. The bank will .. Monsieur Agent X"- the contractually agreed- 

damages from the two former/. sentenced manager em- when preparing his recomUtfl 

managers of the branch and the a me re SwJFrsJm-, while dations. , .. . . ... .J 

Chiasso lawyers, for improperly a further Sw.Frs.15m. were lost The autiior'of the tip, as 
switching over Sw-FrsJbn. t0 clients by bad manage- Court found, did not ;. 

(£500m.) of clients’ funds to fhe - 1 jnent of investments, the results sufficient care,.. His advice ] 
Texon-Fftnanzanstalt in which, were concealed before based on information" obtal 

stein. And it will • alsa ime *- 3 ^ jrisitin’g ’client by qUidkly exciuisy^-_from the;4nteii 
group of persons present at tiK^t ransf erring money from other whose shares - were re 
meeting held roughly two years accounts to his own. mended- as investment, and) 

before. the ; Chiasso scandal ^ was- _■ *■ a-meraber of its boordwho . 

disclosed— ond r wirich r -decided.; THOSE giving . investment- a- substantial particip ati on a ' 

not to inform the head office advice in Germany should -read company;: The fact thot-4 'i 
of irregularities. •;*.•' earefully a decision of the puiiLieations-made the^sanfe 
Those whose ' foxbte-roftexi Federal Supreme Court . (BGH take ; was’/ not ' accepted; • 
transferred to Chiasso to'avoid-vm ZR 20/77) .which awarded defence. . _r n . 


Brigata best for Nell Gwyn 


UNLESS HENRY Cecil is a long 
way wide of the mark, Brigata 
will be the one they all have to 
beat in to-day’s renewal of the 
Ladbroke-supported Neil Gwyn 
Stakes at Newmarket 
For several weeks, Cecil has 
been describing Brigata as by 
far the most promising filly he 


RACING 

BY DOMINIC WIGAN 


has had in his care. With im- 
pressive home-work by the 
Brigadier Gerard filly to back 
his opinion and a sub-standard 
display by Cherry Hinton, it is 
not surprising to find Brigata 
second favourite for the 1.000 
Guineas in a fortnight. 

A powerful filly with tre- 
mendous scope for improvement 
Brigata — off the course last year 
because of a cracked cannon 
bone— is out of the Fenian Gulf 
mare Tahira, whose winners in- 
clude Harmony Hall. 

If, as I have been led to be- 


lieve, Brigata is the classic pros- 
pect for which tbe connections 
of Brigadier Gerard have been 
hoping, she should he good 
enough to Win here in spite of tbe 
lack of a previous race. 

I take her to win at the chief 
expense of another highly-rated 
1,000 Guineas prospect, the Luca 
Camam-trained Modeila, a 
Thatch Ally rated by her trainer 
a fair bit In front of yesterday’s 
disappointing Tote: Free Handi- 
cap favourite Spring In Deep-Sea. 

4 No two-year-ofd has impressed 
as much as the locally trained 
Schweppeshire Lad in the last 
few weeks. It will clearly take 
an extremely fast juvenile to 
stop him following up his Don- 
caster victory in the opener, the 
Granby Stakes. 

Here I expect Greviile Star- 
key's mount a particularly 
powerfully-made son of Decoy 
Boy. to win again as be pleases 
— probably at the main expense 
of Gavin Pritchard-Gordon's well 
forward newcomer. Another 
NickeL 

A second likely winner for M. 
Stoute. is Hunter's Isle, who has 
a modest 7 stone 6 Ibi and the 


. NEWMARKET 

2. &0 — Seh weppeshl re Lad** 
2.30 — Drink Up 
3.00 — M-Lolshan 
3 JO— Brigata*** 

4.05 — Hunter’s Isle*. 

4^5— House Guard 

PONTEFRACT' 

2.45 — Blessed Montana 
345— Roger Bacon . 

4J5 — Fair Top 
5.15— 1 Touch Boy 


services of Taffy Thomas in the 
Wisbech Handicap. 

• Ron Barry’s National Hunt 
record of 125 winners in a season 
was beaten yesterday by Jonjo 
O'Neil L O'Neill started the day 
needing one winner to equal the 
record. r 

He achieved this in the first 
race at Perth on BesciamelLa 
(13/8) and then went on to ride 
four more — Majetta Crescent 
(7/2), Crofton Hall (7/2). Father 
Delaney <4/5 ) and Tiger Feet 
(7/1). O'Neill bad also won on 
Father Delaney tbe previous day. 


TWRadio 


BBC 1 

t Indicates programme 
in black and white. 

0.40-7.55 sum. Open University. 
•41 For Schools. Colleges. 
1&35 pan. On The Move. 12,45 
News. 1.00 Pebble Mill. 1.45 
Chigiey. 2.00 You and Me. 226 
For Schools, Colleges. 3.00 
Children's Wardrobe. 3.53 Regional 
News for England (except 
London). 3.55 Play School. 420 
Tlie Mole as a Watchmaker. . 425 
Heads and Tails. 4.40 Laff-a- 
Lympics. 5.00 John Craven’s News- 
round. 5.05 Blue Peter. 525 
Magic Roundabout 


5.40 News. 

525 Nationwide (London and 
South-East only). 

620 Nationwide. 

625 Tomorrow’s World. 

720 Top of the Pops. 

8.05 Wildlife On One. 

820 Happy Ever After. 

9.00 News. 

925 Ronnie Corbett’s Thursday 
■ Special . 

• 19.10 The Prince of Wales 
presents Face Values. 

. 1120 Weather. 

1L01 Tonight: Brixton By-elec- 
tion Special 

12.46 a.m. Regional News. 


F.T. CROSSWORD PUZZLE No. 3,647 



ACROSS 

1 Henry’s turbulent priest ( 6 ) 

4 To make such request brings 
merited retribution (3, 3. 2 ) 

10 Irritable people enjoy the 
freedom of the City (9) 

11 A trite quotation gets us' to 
the river (5) 

12 It is something to open a 
university (4> 

13 Eager fellow turns up in 

_ Sussex (10) 

15 In time a girl can be mean (7), 

16 " The cloud-capped the 
gorgeous palaces” (Tempest) 
18) 

19 Defectors seek it, others are 
crazy to go there ( 6 ) - 

21 Expander with backward 
cover on a hill (7) 

23 "Madam, I’m Adam” mnst 

_ have been the first one ( 10 ) 

25 Drawn and restrained (4) 

27 The lawgiver who makes 
a car do (5) 

28 Will match the final word 
before-the beginning (9) 

29 Severe criticism for the 
association about tbe kiln ( 8 ) 

30 Medusa could be but Victoria 
was not ( 8 ) 

DOWN 

1 Will and ability combined in 
a tea-pot (55) 

2 Rival aces for Royalist sup- 
porters (9) 

3 Features a loan requested by 
Antony (4) 

5 Garment that suits a ba 
to a T (7); 




6 Law in Delft applied to tbe 
perfectly healthy (3, 3. 4) 

7 King grew older and fumed 

. (5) 

8 Here is a medical preparation 
—it is up to the rational ( 6 ) 

9 Province of a policeman in 
Ireland ( 6 ) 

14 Quarrelling at tbe end of the 
parade <7, 3) 

17 Preliminary fees for 
dependants (9) 

18 Quoted about the Russian, and 
believed (S) 

20 Battle in the Civil War gives 
spoils to the hundred (7) 

21 The material mother has to 
request ($) 

22 Rest for a spinner ( 8 ) 

24 Indigo comes up round a 
Climber (5) 

26 We need a hand one Sunday 
(4) 

Solution to Puzzle No. 3,646 


B B 0 E 
BHPICISSB 

G E HD 
E 

a e e 
EE300HJ0 

0 0 




ryjr. 


E s 

■' G G & § 

nnn§E5EE 


Ail Regions as BBC -1 except at 
the following times: — 

Wales— 145-220 p.m. Mr. Benn. 
440 Crystal Tipps and Alistair. 
4.45-5.05 Tren Sgrecfa. SJ5420 
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12.46 ajn. News and Weather for 
Wales. 

Scotland — 525-6.15 tun. Report- 
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Trades : Union Congress. 620 
Join BBC-1 London for Nation- 
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1120 News aod Weather for Scot- 
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1128 - Join BBC-1 London for 
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BBC 2 

6.40-725 u». Open University. 

11.00 May School. 

425 Open University. 

7.00 News od 2 Headlines. 

7.85 The Engineers. 

720 Newsday. 

8.85 Gardeners' World. 

820 Living in the Past. 

9.00 Law and Order. 

1020 Men of Ideas. 

11.05 Late News On 2. 

1L15 Snooker. Embassy World 
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12.05 a. m. Closedown: John Rye 
reads “ Tea in a Space 
Ship/’ by James Kirkup. 

LONDON 

920 ajn. Schools Programmes. 
12.00 Charlies Climbing Tree. 
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Child Wants a Home. LOO News 
plus FT index. 120 Help? 120 
Crown Court 2.00 After Noon. 
225 Racing From Newmarket. 3.50 
The Sullivans. 420 Little House 
on the Prairie. 5,15 Mr. and Mrs. 


5.45 News. / 

6.00 Thames at 6. 

625 CFOsrtoads. 

7.00 Chatt re's Angels. 

8.00 Get' Some In! 

820 Afmchair Thriller. 

9.00 What's on Next? 

9.30 This Week. 

10.00* News. 

1020 Mavis— Wanting To Know. 
1LOO Drive-In. ;■ - 

1120 Elaine— The Singer of the 
- SOng. 

12.00 'What The Papers Say- 
12.15 aunt. Close: Robert Riettl 
.• reads a prayer for. the Pass- 
over. 

Ail 1BA Regions as London 
except at the following times:— 

AWGLIA 

US ML AQhIU Sews.. -2*0 Women 
Only. «J# Rocker Robin Hood. The 
Advenrures oC Black Beauty. KJ5 Emmer- 
dalc Farm. 600 About '-Anglia. Ul 
.Vena. 7J0 Enierorlse. ZAO The Six 
Million Dollar Maif. 10 JO An Audience 
with Jasper Cirmr. Use Tbe Streets 
of San Francisco. 12.90 Man and Woman. 
12-30 un. Tbe Living Word. 

ATV 

ua P-m. ATV .\ewsdesk. *20 Tarzan. 
5J5 Happy Days. u» ATV Today. 7 JO 
Emmerdale Farm. 7.30 Challenge of tbe 
Sexes. 10 JO Sian and Woman. IWO 
Gardening Today. 1120 Police Woman. 

BORDER 

run p.m. Boeder News. S2S Lassie. 
6J0 Looka round Thursday. 7J0 Emmer- 
dale Farm. 7 JO The Bionic Woman. 10J0 
Police Woman, ujo Man and Woman. 
t!2J0 Border News Summary. 

CHANNEL 

US pan. Channel Lunchtime News and 
What’s On Where. 6J0 Channel News. 
620 Unfc Lp. 7.00 The Six Million 
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IflJ? In Search of . . . Voo Doo. UJO 
TV Mo ere-. ■■ Cn Ask Alto.’' 122 B a. ra- 
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GRAMPIAN 

923 a_rn. First Thins. 120 pan. Crarn- 
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Today. 720 Cha rite's Angles. «■» Cover 
to Cover. 21.00 Reflections. 22.85 
a arena- 2220 Stars on Ice. 

GRANADA 

128 P.m. This Is Vow Right, 520 
Wluu'B New. 525 OrOSSrtndS- ^620 
Granada Reports 638 Emmerdale 
Farm. 728 C c t Some In! -T-» Darker 
In Paradise. 1020 What's On. 11.00 
WTiat Ihe Papers Say. tU-38 The 
llntouchahles. 

HTV 

120 P.m. Report West Headlines. L2S 


Report Wales Headlines. 220 Women 
Only. 320 Beryl's Lot- 420 Return to 
the Planet of the Apes. 4J6 Breaktime. 
525 Hare Brows In Manhattan. 520 
Crossroads. 6.08 Report West, gjf Report 
Wales. 625 Get Same In. 725 Mr. and 
Mrs. 725 Danger In Paradise. 1825 
Ten Years' On— 1972. • 

HTV Cymru /Wales— As HTV General 
Service except: 128225 pum. Penawdaa 
Ncwyddion y Dydd. 42 b Klrl Mawr. 
425-425 WsCbethna. 628*21 Y Dydd. 
625-7.85 Sports A rena- 

HTV West— As HTV General Service 
except: 3 28- 13 8 ML' Report West HeatJ- 
Knea. 62W25. Spdrt West • 

■ SCOTTISH 

125 pjb. News and Road ‘Report- 2.00 
Women Only. 525 Tea time Tales- 5-20 
Crossroads 628 Scotland Today. 620 
C a mock Way. 720 Kmmdrdalc Farm. 
728 Thlnsummrtltt. 18J0 wad, Wild 
World of Animals. 1124 Bilbo Baggios in 
Concert. UJO Man and Woman. 1220 
Late Call. 1ZJ5 a-nt. Htar Maidens. 

SOUTHERN 

120 P-tn. Southern News. 228 Woman 
Only. 420 Dynomutt tbe Dos Wonder 
425 IjQst Islands. 525 Betty Boon. 520 
Croesroads. 620 Car tty Day . 628 
Untvermty , ChaUenge. 720 Emmerdale 
Farm. 720 Hawaii Fiv&O. 1020 Quincy. 
UJO Southern News Extra. 1120 What 
the Papers Say. -1220 Stars on Ice.. ■ 

TYNE TEES 

8.25 ami. The Good Word followed by 
North East News Headlines. 120 pjn. 
North East News and Loo* around. 220 
Women Only. 428 Cine Chib. 4-® The 
Little House on the Prairie. 620 Northern 
Life. 720 Emmerdale Farm. 720 The 
Block: Woman. 1028 Doable Top. 1128 
Battleground. 12.40 Man and Woman. 
1220 a-m. Epilogue. 

ULSTER 

L» pjn. Lunchtime. 428 Ulster News 
Headlines. 4-2) Dynomutt (he Sob Won- 
der. 425 lJttle Roue on tbe Prairie. 
620 Ulster Television News. 625 Cross- 
roads. 620 Report*. ■ 720 Emmerdale 
Farm. -728 Six Million Dollar Han. 
UJO Counterpoint. 1128 Hogan’s Bernes. 
1120 Living and Growing. 1125 Wedding 
Day. ua a.m. Bod I tap. 

WESTWARD 

IZZT pan. Gus Honeybtm's Birthdays. 
129 Westward News Headlines. 620 
Westward Diary. 7.00 The 2 lx MWi frn 
Dollar Haa. 1028 Westward Late News 
UJO Westward Report. UJ8 TV Movie: 
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Life. 

YORKSHIRE 

12D p.m. Calendar News. 4.20 Lassie. 
4.45 Nanny and tbe Professor and tbe 
PfianUKu of the Ctms. 620 Calendar 
iEmky Moor and Belmont editions). 720 
Emmerdale Farm, 720 Emergency. UJO 
Danger In Paradise. UJO Man and 
woman. 


RADIO 1 u7m 

(SI ScweapftMlc broadcait 

520 a-m. AS Radio 2. TJa Noel 
Edmunds. 3H Simon Bates. llJI'Puul 
Burnett including 1220 P-m- NnrcbeaL 
220 Tony BUckhum. 421 Kid Jensen 
Inchrdlmt 528 Newfheat. 728 counirr 
Club tS) i joins Radio 3». U-OZ John 
Pe«*l (Si. 1220-223 nun. as Radio -- 

VHF Radies 1 and 2—520 a.m. With 
Radio • Including 125 P-m- Good Lbtco- 
Ina 19.08 With Radio L IXOdilB a-"»- 
Wilh Radio 5. 

RADIO 2 1 ' mm “ d V1,F 

52o a.m. Nm Summary. 522 Wf 
Maun? with The Early Show IS* indnd- 
ina 625 Pause for Thtnwhl. 7J2 Terry 
Wosan (Si Including 821 Racing Bulletin 
and 8 AS Pause for Thought. 1022 Jimmy 
Young fSi. 1525 p.m. WaBKOUcrS’ WuDt- 
1220 Peie Murray's Open HOW W 
including 125 Spnrls Desk. 22° David 
Hamilton iS» Ircludins ' A® and 3.45 
■Spons Desk and Rarink from NeuioariteL 
420 Waseoners* Walk. 4A5 Spons Desk 
427 Jnlin Dunn >Si including S.*S Sports 
Desk aod 6.45 Spnrfs Desk. 7.B2 Country 
Club tSi. 922 FoKcvcaTb 'Si. 925 Spun* 
Desk. 18.02 Funny You Should Ask 1028 
Star Sound Extra. 1122 Brian Matthew 
introduces Round Midnight Including 1220 
News 220-2.02 a.m. News Summatr. 

RADIO 3 464m, Stereo 5: VHF 

4 Modbus Wave only 

76-55 a_m. Weather. 7J» Kewt. 725 
Overture »S>. am News. 825 Morning 
Concert fSl. 920 News. 925 This Week’s 
Composer: Rave) <S'. 1025 Robert Tear, 
Etuis redial iS>. U- 5 * Wano Redial fR 1 - 
1226 P.m. BBC Symphony Or.’heslW «S»- 
120 -Kewa. l JS Harroaate Fertieal 1077. 


part i 'Si. 125 Words . . . ItalkJ. 
Hnrroeatc Festival 1977; part S I5>. 

■■La v/ta iVguva." cancan 
Dante, music by Woll-Ferrarl |SJ. 325 
Danish Srnrw Quanrt (Si. Paul 

Sacbor OnnraiMiuns. 75.0 Homeward 
Bound. 16.85 N>US .tUt Homeward 
Bound iconflBOedi. 76J4I Lifelines- The 
Wder World 720 Raker, Abbadn and thn 
LSO <s*. 3.45 Dr. Leads and 1116 Dh " 
of Citllteuon. 10.05 The Innocent Ear 
fS>. UJO Mdsie lor VHlHl te BulL 
Tomkins fSl. 1125 Hririi- U-»-llJ5 
Tonlfdn's Sdnben Sons. 

Radio 3 VHF wily-4 JO-728 a.m. and 
5.0-720 p.m. Open UnriersIW- 

RADIO 4 

434m, 330m, 285m and VHF 

6J5 a.m. Nows. 4J7 Farmlnc Today. 
625 Up to the Hour. T20 News, 720 
Today. 725 L'p to lire Hour 'continued-. 
8.00 News. 8.10 Today. tX Tejcnlai- In 
Parliament. 9.00 News. 

Have Laved. U2Q News. From 

Our ■ Own Correspondent. Daily 

Service. vu& Moraine Story. tXM hews. 
11.05 With Great Pleasure- TL® YokU 
Yar ds izoo Scvs. 2ZJB p.m« >ou am 
Yuan. 12.27 jivr a Mhnne IAS 
IV -.-a 1 her. nniBranime news- The 

World at rme. uo The ATcfters- L05 
Woman's Hour Includlns UW-” News. 
2.45 Listen Wuh Mother. 320 News. 3.18 
Ouesuons to ibp Prime Minister 
mun the HtMtsi* 1 of Commons. 325 wild- 
life. 020 News. 425 Jack do MmIu 
P recisely. 4J5 Story Time. PM 

Repons. 520 Serewunlty. ^ Waiiher 
PTOEramme news. 620 Newt "JO Brain 
of Britain 1?78. 720 News. 7.05 The 

Archers. 7.20 r^iedaiohiL T -® S'mntaH: 
GrrvmO fnr non^' Trfrcs Lftsi and 
Found: Chief Rahbl. Dr. aamanuel Jako- 


borits iniervlewed.. 8-C Nation to Nation 
920 Kaleidoscope. 929 Weather. 1820 
The World Tn-oiffcl. 2820 Any Answers? 
1120 A Hook at Bedtime: “ B ruth ion 
RDOt." nan -I. 13.15 The Financial World 
To-niKhi. lUO To-day la Parliament. 
1228 News.- 

BBC Radio London 

206m and 94.9 VHF 
5.00 a.m. As Radio 2. 620 Rush Hour. 
920 Carry on CouncflTor. 920 London 
Live. 3123 In Town- 1229 p.m. Calf In. 
2.03 :0fi Showcase. 423 Borne Run. 6J0 
Ixitik. Stop. Listen. 720 In Town (be 
U. m UU. 828 Soul 78. 2023 Late 

Nmht London. 1220 At Radio S, 
1225 a.m. Question Time from the House 
of Commons. 120 p.nt^aon As Radio 2- 

London Broadcasting 

261m and 97.3 VHF 
520 a.m. VornJng Music. 6.W A.M.: 
a on -stop »e*i-s. travcL sport, reviews. 
inJormailoo. U20 Brian Ha£C3. 128 pan. 
LBC Reports incJurtina George Gale's 
3 O'clock Call. 820 After 8— with Ian 
Gilchrist 928 Nightline. 128528 a.m. 
Nlght.Extra with Adrian Scon. 


Capital Radio 


6.00 a.m. Graham Dane's Breaktasi 
Shpu- 'Si. 920 Michael Aspe! from 
Europe 1 In Paris <S>. 12.00 Dnve Cash 
(SJ. 328 P.m. Rosert scon iSi. 7.08 
Lord Gcorae-Brown's Canlial Comm no- 
tary rsi. 700 London Today l$i. 720 
Adrian Love's Ooon Line (St. 928 Nicky 
Home's Vour Mother Wouldn't Like It (Si. 
1120 Tom- Myan’y Late Shaw (Si. 

2.00 a.m. Duncao Johnson s Night Fllsht 
tSij 


« 


ENTERTAINMENT 
GUIDE t, 

CC— These theatres accept- certain credit 
cards by telephone or at the. .box ojhce. 

OPERA. & BAUfir^'r-'f- tij 

COLISEVM - Xremt tarn* D1-2W 6«5By1 
Reservations oi-ff36 3161. . - 
ENGLISH NATIONAL OPERA - l ' 
Tonight. Sat and Wed next - 7-30 . U 
Traviata; Frl and Tims neat 7 .00 Carman. 
104 balcony seats always available-- day 
at performance. v • • . - 


KING’S ROAD TH8ATOE- 352 74«8. 

. ^• T ra H E ^KVH&o s y§ I “ 0 - 
tt^gbeat'^cck -N* roll musical 


LONDON PALLADIUM. CC. OWW J37S. 
PROM MAT 2S tn AUG: 19 


COVENT GARDEN. OC. 240 TQ66. 

(Garden charge credit card* 836 ' 69031 . 
THE ROYAL OPERA, 

Tonight A Tues. 7.30 p.m. Der rrrlarblilt. 

. Man. 7-00 O-m. Otrilo: - '-"-ir. 
THE ROYAL BALLET • 

Sat. Z4IO pjf. A 7 P.m- 'Romeo A JWfrt- 
&£ Amphi' seats .for all oarfs. on AM 
from 1 0 a jo. on 4av a*- vest . . y. : - . 

SADLER'S WELL5 THEATRE ROSCberv 
Are . E.c.1. 637 1672.- On til May 13 
Eras. 7.30 sat. Mats. 2.30 .saoler'S 
WELLS ROYAL BALLET. TOJdpM, Tma- 
& Wee. nest: Las SvIpbMes. LuJIpmt. 
nas: la Bootlree FanCisaaa- Tonfdr-laL 

S Mon. SommertMe.- The Two P&«OT»*.-; 

THEATRES 

A DELPHI THEATRE. CC. 01-835. 7ST1. 
Eras. 730. Mats. Thur*. '3-O. SlCC 4.0. 
IRENE 

THE BEST MUStCAir I- • 

Of 1976. 1977 and 19781- r - , 
IRENE ~ . 

'• LONDON'S BEST NIGHT OUT.- ‘ j 

ALREADY ItEN Y BY ^NEASOJ'' ONE 

S^S“ C a»'S 1 ,, Kok,IEI a 5S 0 ?IS: 

ALBERY. 836 3878. Party RM»S Credit 
card bkg*. 836 1071-2 if rom 9 'Am/rio 

6 D.m.» Man„ Tues- Wed. *Rd FW. 
7.45 p.m. Thur*. and Sal 4.30 and 8.00.- 
•• A THOUSAND TIMES WELCOME. IS' 
LIONEL BARTS • i . 

MIRACULOUS MUSICAL." Ftafl. RtW. 

OLIVER • . v •• 

vMt) ROY HUDD and JOAN TlrtNEp- 

2KSf*¥S?is. ^'ass.w.fc'ss; -sEs 

^^th: T ^Y 7 £^f^> a 

RSC atop 1 ‘t^ WAREHOUSE under 

saiawirawi^ 

HiBS 




ARTS THEATRE- 3132 

TOM STOPPARD S 

DIRTY LINEN 

"Hilarious ... see iL' Sunday rimes. 
Monday to Thursday 8. 30. _Frlday and 
Saturday at 7.00 and 9.1 S. 

ASTORIA THEATRE- Chartnp Cross Road. 
01-734 4291. Nearest Tube- Tottenham 
Court Road. Mcn.-Thurs. 8.00 P.m. 
Friday and Saturday, 6.00 and 8.45. 
ELVIS 

Instant Credit Card Reservation?. Eat In 
our fully-Ueemed Restaurant ano BuBet 
Bar lunchtime and before or after Niow 
— bookable in advance. _ - 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD • 

CAMBRIDGE. 836 60S6. Mon- W Tbur. 
8.0. PrU Sat. at 54S and 8.3Q. 

IPI TOMRI 

Excitlna Black African Musical 
"It’s a foot-stamping, pulsating, actlon- 

m T l SS'GRE??Y?AR U,e WOHd ‘ 
Dinner and top-prlcc seat £B.25 Inc. 

COMEDY* 01-930 2578. 

Evening BA. Thun. 3.0. Sat 5-Ta- 8-30. 

MOIRA LISTER. TONY HRITTON. 
Margaret COURTENAY. Derr not WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
- Blackmail armed robbery, doubly bluff 
and murder." Times. "A good deal ot 
fun,” -Evening News. . . 

CRITERION. CC- B30 3216. 

Evening 3 0 

“ Impeccable . . . »_ master." Sun. Time*. 
SECOND " HILARIOUS *' YEAR | 

DRURY LANE. 01-836 8108. Evenr 
n. H ht 8-00 . M. Wr wed. ,-ml Sat. 3.00. 

" A rare deyastating. loyau'. astonishing 
Stunner.” Sunday Time*. 

DUCHESS. _ 836 8243. Mon. to Thur*. 

E * Ba *" OK F ’ ri C^u5cilTTA l* nd 9 ‘ 0 ' 
-The Nudity Js jrejMnfl. 1 ' Dally Tel.-' 
8th SENSATIONAL YEAR. 

DUKE OF YORK'S. . 01-836 SI 22. 

Ew - aa « 5 ' 00 - 

In J ullan M 1 tcheli’s 

HALF LIFE. 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty. ... no one should 
miss lb” Harold Hobson (Dramai. instant 
oredn card reservation. . pinner and too- 
price seat £7.00. 

FORTUNE. P3$ 2238- Evss. 3. 7h|rrs. 3. 
Ur. 5.00 ano B.OO. 

M urtol Pjvjow as MISS MARPLE In 
AGATHA CHRISTIE’S 

MURDER AT THE VICARAGE 

Third Great Year. 

9J*»BICie THEATRE. 01-836 4601. 

Eras. B.O. Wr«t. Mat 3.0. 5at. 5.1 5 0 30 
JIU MARTIN. JULIA SUTTON' 

ERIC FLYNN^and ROBIN iRAY 

” BRILL! ANT*MUSICAL 
« ENTERTAINMENT." Peptrid. 

SIDE BY SIDE BY SONDHEIM 

„ _ Go TTIYICE.” S. Moriev. Punch. 

GO THREE TIMES. C- Barnet NYT.- 
LAST 2 WEEKS. ENDS APRIL 29. 

GAR ^£ K WEATRE. 01-836 460tT 

Opens May 1st at 7.0. Sub bo 

TiMO^y' EliJSftoilh 

TMt HOMECOMING ' - 

■IriRE THEAihb. 01-437 1592. 

EMC. SIS. Wed. 3.0. Sat. I 8 40 

ALAN AYTKBOUR^tUjw <3***, 

hi^UnShS ■« 9 'n® l«w>hter maker 

Wi Lfirflon, D> TfiL r An- 
enlovabre cram no." Sunday TlnS WWWv 

GrtEENWCH THEATRE. B5B 7755 c w «' 

LIn M J«- J* »'»' MMS ANb m 

MAN. A CrtmM,. b~ Gcorao 

Shaw, “a delight." Gdm Bernard 

HAYMARKET. 01-930 9832. Eva* non' 
Mats. ® 

WENDY Hiller 

GODFREY D HARE 

... _ WATERS OF "the MOON 
mend Beroman makes the naqe radiate 
7— unassailable charisma. Dally Mau 
"Wendy Hiller >1 sunerb." Sun. Mirror.' 


LONDON PALLAOIUM. ee. 01-4 37 7173. 

For 2 only. Tonkrht 9^)- Tomorrow 

a- Sat. 6.1 S. 9-0- Wie April 24. Non.. 
Tires? Timm- ,S ‘ 9 ‘ 

IN HIS LAS VEGAS SHOW 
additional 6.1S Part next Wad. 


f 

“AN iVEMT TOT 
'•MAY IT: fit jL., 

HUNDRED YEARS. 


JMPH." D. • Mirror^ .1 
5." Snnaay TUnad* . . 


GORDON ^ATOL'TBmHa'jr 

■ • B t ri J A M 1 N F RANKLIN ' . ‘ -J • 

• bv Stare J. Sewn...;. - ■! • ; 
“A comnassionatKi (tinoJL . • jftero«y 


binding.'' om. 


MERMAID. . 

• i Restaurant 283 

Alec MtCaaw i . . 

ST. MARK'S COSPEL ■ 

;Sf ®.'TiSS«1e2vi^SJ® 
s» «s? 

WHCKe R (rra“ rs IT ji wlwp' -' 

■Ea 


NATIONAL 


OUVIER 

pr. mat.) dr .7-30 THK ■ C 
ORCHARD by Chekhov tran^ bv MkJutyL 
Fravn Tomor. 7 Brand (PrwJL'j . ■ 



X- 

DeMharst from' Plot 
(prom, perfs.) Tomor 

It 

2033. Credit card bkga. 9Ba ■ - 

OLD VIC. - , ■■■ ■: , 

New season April 2J>Mar Z 
with ProspeetS flfSt.'OBniedr 
Ola- Vic . __ y _ . 

* ■ . TWELFTH 'NfGHT 
PrArlews 7J0' tontoht. frl^_ 

matinee . Prices. FIRST. 

April. 24. T pm. 


VAUDEVILLE. 838 9888. CC. 

. Mat.- Tues. .225. Sat. s 
Dlnth SHERIDAN. Dtdcre 
Eleanor SUMMER FIELD. Janies 
. A MURDER IS -ANNOUNCE 
THE NEWEST WHODUNNIT 
- by AGATHA CHRISTIE 
"Re-enter Auatha with anethe 
ctamt- 'Auatfia Christ!* is 
the West End. yet *9«ta mWi- 
of her Smdishiv (noenlmis 
mysteries," FeHx Barker. Ekenlnt 


VICTORIA PALACE. .. 01-83r 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

-A NEW MUSICAL 
BROADWAY'S BIGGEST H 
Preys, from April 25. Eygs. 720 
- May 3. 7~ Sub. Etds- 7.30.- MM 
. & sat. 2L45. , ■ 


WAREHOUSE. Donmar Theatre. 
Garden. 85B fiBOO. Royal Shat 
Company. Toni. 7.00 August SMi 
THE.. DANCE - OF DEATH. AT 
£1.80. Ad*, bkpa. Aldycti. 

standby £1.00.- - 


^“‘“^^TENCEDTOLKi 83 


WHtTaiALL. .... 01-930 669: 
- Evfts.,2.30- FfLiAnd Sat 625 an 
; Paul. Raymond presents the Sen 


of »e Centun 

THROAT 

One' 1 6 orerwMfmiro puMIc on 
'ceawn- nctended. 


w,ND ^fe®n^d=:S6 

You may drink and sauM fa- 

. . auditorium. * 


WYNOHAM-S. 




3024. 
from 8 


rStiprcfo* comedy 'on sex andUN 


nsaif" 


■ . rotofis . May- -3rd. 

PALACE. Credit Cards- 01-437 '88X4. 
Mon.-THnrs. 8.0. frl. . Sat. Mad 620. 
JESUS CHRIST SUPERSTAR ' 


' 1 "- 6. -5 

• » - i ru. miTM miianw TROTIW 

'rKAu/ n. Mir. •' THE AUDIENCE I 
H MIRTH.” D. T«f. “ SH8EH 

in 





returns ynl 

SaniPz! aof*syor&.T0 V ^ 

2! SYYEENEY ^ tAAf. ^rl 


SCREAM.”. D. Mir. 
HOWLED WITH 
DELIGHT.” E. 
TIMUOUS-LAU 


DIENCE 

JcON° 


PICCADILLY. «7 4 SOE. credit card bkps. 
636 1 071^. ■ 9 uia-6 PAL tn. L 
ISl 4.45 and 8.15. Wed. Mat. 3-00. 

BEST COMEDY OF THE YEAR _ 
Era. Standard Award and SWET Award 
Roval Shakespeare Company In 
. PRIVATES ON PARADE 
_ . by Pater Nichols 
. . ^ (Not suitable tor -children) 

} _• ■ "HUGELY- ENTERTAINING. 

- extravaganza;*' ithw, 

R5C also at Aldwvdh Theatre. 


PRINCE EDWARD. CC. (Formerly CasJivol 
01-437 6877, P reriewa From^JOire '12 
Open June 21. EVTTA 
PRINCE OF WACES.. CC 01*30. 8681. 
Momlav to Friaav at- 0 pan. _ 

Sat. . 5.30 and 8^5- Mat. Thur. 3.00. 
“ HILARIOUS COMEDY MUSICAL,-''. 

■_••• The S«a. 

* . - . ROSIN ASWITK . - 
in 

/■ NAUGHTY BUT {ooTUtN A LOT 
OP - LAUGHS.** Newa of the - World. 
CREDIT CARD BOOKINGS 930- 0846. 


QUEEN'S- THEATRE. CC. 01-734 
- vEVenlnSS 8.0. Sat ; 5.0«d 830. 


1166. 


.w-afe'WSBLaju. 

■ * J . tiSb old country ' ' . 

' - A' New Pin by ALAN BENNETT 
ifclreeted by CLIFFORD WILLIAMS 
^bISt Kay of the year . 

Pt jyg and Player, Lorxtoa critics avrard. 

RAYMOND RXVUVBAR. CC. 01-734 1 593 
Sac, 7 3LDL. 9 p.BL. 11 Dan. (Open State- 1 
PAUL R AYMO ND nrajenta 
-r . THE FWTJ VAL- OP 

- „ Fatly Air CandWooed. Y QP. nwv 
drink and s mofce In The abdltorlinn. 

RIVERSIDE 


_ 5TUDIOS. <748 . 

Sms. 8 P-m. iNo perts: Mom.) 
~ •> and 8.30 pjn. 

>Hkl Theatre Co. 


3354.1 Tues'.- 
Sats- 


IR. 


riOHS TO SERVANTS 


•Shut TewMa’i - 
DtRECTIOI 


MAJESTY'S. CC. 01-930 EG 06. 
eyemmn » 

-■'MBurvmjr 

TRAVELLING MUSIC SHOW 
wffft Dereh GriRKhv 
• DWetfea bv BURT SKEVELOVE ' 

"It n recited *o buntl-e Point vJ«t> the 
ovrionalHy »"d sheer enerov «. Brace. 
Fnre-rh “ Son Etpreyy "The judlerCF 
cheered.” SundBy Teieurepn. • - 1 


; — l» SwI WJOnres 


7X0 174S-- 


hr WseTWiWams 
.new Ai»y.”. F. Timas. 


.... . . _ _ . BlEtes 

tb Ufa 'and rarer*. Gda. 

See also Theatre Upstair*. 


ROYALT Y^ Cred it cartj. 0T-4C5 BDD4. 

■ aeceotad. ’ Malor credit Card*. 


idv at 8100. Mat. 

.Sdt 6.00 >od 

; F f ^ l^ CARaiU^and 

- GLElim, 

’ *£?-Tb* 'W WWJWS"" 

- -* •' by ANTHONY 
,Yj*dfcg -the _pi*fc * 


AN HOLT 


Thriller 
bFFiR . . 

Is. in fact, 'an 


“--r«er-wd>tptpi 

; it vSu run. and tW TN. 

Mnins) XT to 1M. Mdi. if-M-SL 



>A .SMASH HIT. THiS. MUSICAL HAS 
■ EVERYTHING." L Mlrrer. . . 


• .-.101-3*8 1194 

ICKEN SOOT* WITH BARLEY 
. ‘ . by ARNOLD WESKER - 

• ms. 720. M«l Wril. ZJoTl MLT ww m 
^ and iXinmtiutlnd-T Tftn«rr 

»•; - ja!5^y^l*giiWtefir/ ^ 

BtRAND.' 01-855 -2660." EvafRaus JpM 

”' 3 ” 

. ' .»• .wtne BgrriOT - 


MAKER 


Sr^TnMING^Y THE 5HR9BC TWwB 
, hpaMdlawiy ^nibble ta. r .R»itoht 
- JSTaf fmat. A v«r.l »»**iaws. Raconiad 
. SSfaa, Into. 2789 


1443. Ere. MO. 
-XJLW & 

Risnrs 




asffiaia: 


a=*f ."W 




4M 4 : pariS-ri». 


IENCE. 

HDttW. t 


Raoarttfrdi: 


iopo.- 

T./R; 4, Oxford^ 
n . Court. Rd. TabOL 
4wcl^:'19ta>^Part X ~. 

TS. O.T-5. Late.HmW 

Thaw. .Demda : •*» 

2 ■ (AAJ. ' PraOi 220J 

Ml-lilt shdW -1 025 - A* . iii 
, -Hurry. 'Hurry. Most FrabS. A(5 
the HtWMG ItAOF-Ott Ab.. 
7-00. S.M.- 8.00- Late show 
ELECTRA GLIDE IN BUIE OO- P- 
DILLY CIRCUS (U). _ 

4.- BartofMEI's 1900 Part 2 OCL 
2-30. 5.20, fl.is. Late show 11ri« 


curzon ; .c™ 

New . 
bi 


PARDON MON 
aob-HtlesJ “A _ 

Comedy. Directed with iMSOt 
Robert” Sunday Express. Pro 
■1-50 (not Sun.i. 3.35, 6.10 and 8 


*N riding 
with ni 


LEICESTER SQUARE THEATRE (830 
Sbnfey MaeLafire Anne Bancroft / 
BarystoHtor In a Herbert. Ross. Rh 

turning Point iaj Proos Wk. 
4.30. 8.10. Son. 3.30. 7.45. Lau 
Fm. and Sat. 11.45 p.m. 


ODEON RAYMARKET (930 2738 

e ta* Foods. VanstM* Redprere.hi 
nnemann Mm JULIA tA). Sep 
Dh>. 2-30. 5.45. 8.45. Feature Di» 
5. DO. 3.00. Late -Show Frl and Sal 
Comm. 11.45 om. Feature l*- 1 
seats' Mdstc at Theatre. 


ODJEON LEICESTER 5QUARE (930 
CLOSE ENCOUNTERS OF THE 
KINO (A) Seo progs Dly. Doof] 
(10.00 -Not 5on). 1.05. 4.15. 74! 
rerts Tues-Sats Doors open 11.1 
All seats m»v be booked except 
am prog. 


ODE ON MARBLE ARCH (725 2 
STAR WARS iU) Doors open -Dly 
4-35- 7.50. Late show Frl and Sat 
midnight, ah seats bkble oxeeoi 
perf wks. 


PRINCE CHARLES. UK. So. 437 
SWEPT AWAY (X? 

Sep. Peris. Dly Otic. Sun.) 2.10. 
840. Lata Show FrL 6 Sat. 
Seats Bkble LHTd Bar 


SCENE 18 2. tele. So. tWardou 

MMb • Allen 'S E VEBYT HrW C 
ALWAYS WANTED TO KNCW ( 

. Kl tS 

2. THE’ WSMt'pANTHSR STRIKES J 
tUL Sun. -Thur 1.30. 5.35. 9-3 
& SaL 1Z4C. 4.45. 845 

THE RETURN OF THE PINK PA» 
(Ul. Sun. -Thor 355. 7.30 I 

- Sat. 2.35. 640. 10.40 


STUDIO 1. 2. X. 4, Oxford Circm 
f^Wf MAM WITH THE GOLDEN 
(A). 3.40, 8.10. LIVE AND Ls 
fa). 1.3Q. * 55 . Late Show S^ 
The Mao With The GoMea iS» 

t ,sa.'Eara.. s, . , s 1 , tii. 

X AMOTHW W 

L«?»SPw! i»io ; 

4; Wfloifw .Alien; Diane KtlW* * 
-P-lfSLietPCR E-3f- 
LOVE-:AMO DEATH (»)■ *.00. 
;7J0. Show Sat 10.40 


NOTICE 


:Wc& Yorkshire 
County Council 

; y ’’ 

^ ■Cr'.v 

Qtzotations which ihqst 
>r©«4vo4iby-nti ioft-ViSfiii- 
10thMay,l«78, Wi 
vehicle and plant . 1“ 
Leasing companies wishing 
. submit quotations era inrt 
to apply for details of “> 
authority’s requirements id-- 

Director of Finance (Ci'i 
. Vest. Yorkshire MetriHJOlfi , 
.. County, CoundU,-., 

- Room CL- Qqhpt 
..'Wii«8e!d,We^ 



tSSmS3 
. 

aauaBiV rtS 1 ’ 

.law - SUtSMMUW. 






BUM KSuM - - . 
aty. 197B, at. 
5542m. 


r - • 






-rtf*-.. . v i ;*-/ ;• 1\. 1 . ‘ - - . , • 

. I^U. ^ Vv • ■ New Vic, Bristol 

: : • Titus 

: ' i ■: '■' !** fcQNAXD GRICHTON by H 

' wh ^ Delius, Wexampie, tbe roof-xabin« open- Mirtag” was lovely indeed but “Hands Across the Sea In- 

-c* rr*b 6 ^San^S® .- personality and - bis tog pages.- But British -choirs the pulse threatened .to droop carnadme" might have been the 
*- “background are so seemto. have given up- raising and prolong the loveliness lor all groundlings' sub-title for Shakes- 

- 7A-. V s H ? 2.- LWirii 'Written about, 1 A Moss of roofs: our innate (and in musical eternity . peare's gory story, a popular bit 

„ ^5 -ov^fr^lfrheard raralv- enmifh in “totters sometimes- peroicwus) _. in its day but now, for the most 

;; “3L “ 2 ?"’.. buried beneath bookish 




. \. .. 




'■April. 20 r I978 


; New Vic, Bristol 




Record Review 


Titus Andronicus Unprophetic visions 


by MICHAEL COVENEY 


“Hands Across the Sea In- 
carnadine ” might have been the 


in its day but now, for the most 
to part, buried beneath bookish 
a! dispute as to whether Peele or 
by j Kyd wrote this or that. Olivier's 


fettctlogether the BBC Sym- undervltalised. ‘After the break, ara 1Ta vis pnntea in the I8a5 performance cast a long 
^t^ny'rOrchestra - and Choirs the tone became jnqre'Uvely and £™ Sr ? rame - Jbe language may shadow over toe Britsh theatre. 
-_ “ -*3 the Raval chnrat iSnrietJ marled - both in . the - surging " a ^ e ham {«rod the choirs, at last but all accounts conspire to 

- ? '^Sr'Teadlr«f voIoists anH qfV doub| e choruses and \ in' the firot- It comes easily enough suggest that Peler Brook 

‘ W c S^i« Groves^ ramlu^tbe?f quieter moments:. . ,..» *?_> e ^ a ™ fn . t Luxon * 1 w *° has staunched the gaping wounds lo 

-j*. «r32i- These contain'. soina ' flf the m ? de th e baritone solo his own provide a cool and Seuecal view 

v c - . ‘ a most maeiesi music. in tie score- T h . e was •Wdly admirable in of blood sports among the Ignoble 

-,L~ -r S‘Si JSk'it.-SSn in a “ d t ° De a ° d commanding Romans and lascivious Goths. In 


SPS: 


TCr;r toevoral Urc hadbeen^uck r»n U* .TSl SdS ZSSFS 

Mn Cw^jl afterwards. In the Mass the mutinous, redounding crimes on 

-^s: danger w as not other soloists are also-rans by board a ship of fools and cripples. 

■ ~--.r ^^^ r ?S?n^ a nf a ii^^T- mad p- a S2JJS5? vS* n 016 comparison, though they have What Adrian Noble's chamber 

Waiter °”*estrai responsible things to do. Neither (of horrors) production restores 

~ I- think,- furtoer movements hke. the -noon-tide Margaret Curphey nor Helen to the play is a Marlovian sense 

:;•• 22* S"**?™!* l'» «i«™« »?«. or »iw, «* to** there 


Books Page is on Page 36 


: ; cuffrshoo&ig greater danger than usual of but Richard Lewis successfully 

7 - 'Ur^iiliianee. -ol ' attack'., in, for dragging — last night “dpi alte defied time. 3 

; - ^ ^Povent , Garden /. 



**»!!**&-' 


.\.r. ,;A'i ' -J-| avenging course. While Mr. 

: : v f"‘ iT'Ok I I Callow has neither the age nor 

tClJLU by ELIZ AB ETH FORBES I ventional tragedian, he does have 

~ ; quick wits and fast feet He 
a - *• • •• differentiates clearly between the 

r ---crv. TC/r^- jew . tbeotadcail-' productions — the role with an exhUaratirrg burnished tone but presents a ^turning hero of the first scenes. 
• — freedom from .strain. ? He is meek, pallid characterisation that 5L ‘FE5!,. l? e 

- - o[ 

— Paradoxically, once she _ has c4f?taat if serae^P 


is a gleeful, busy quality to Simon 
Callow's Titus once set upon bis 
avenging course. While Mr. 
Callow has neither the age nor 
the rumbling gravity of a con- 
ventional tragedian, he does have 
quick wits and fast feet He 
differentiates clearly between the 




Gab riel I e Drake, Brian Gwaspari and Simon Callow 


by DAVID MURRAY 

■ ■ ■ — ' tional ‘ slow’ movement scherzo 

Szymanowski: “ Kins R 0 « e f ” ^ tonale. The record is filled up 

Mieczyslaw Mieraejewskr aoS the JJJj 1 

Warsaw State Opera. RedifEusion “r?2 n ???? a ^£5f 5®SJ a * 
Aurora AUR5061-2. £5.98. Sym- m ® lD 9f s^S fro ® Kvr W Soger as 
phony no. 2, etc. Henry Czyz and |^^®^-, n r ®? dered 35 

the Lodz Philharmonic. Redif- Ssmiphony itself. 

Fusion Aurora AUR 5060. £2£0. After the Great War came the 
Violin Concertos nos. 1 and 2. first Violin Concerto and King 
Wanda Wllkomirska, Charles Soger, which share a climate so 
Treger. Witold Rowicki. Robert heady, urgent and personal that 
Satanowski and the Warsaw echoes of other music recede 
National Philharmonic. Redif- from notice altogether. The 
Fusion -Aurora AUR 5063. £2.99. sheer sound of the rhapsodic 

Concerto is wonderful, tantalis- 
Liszt: “Faust” Symphony, ingly strange without the senti- 

Boito : Prologue to ‘‘Mefistofele.” mental decadence of comparable 
Leonard Bernstein with Kenneth music further West, and Miss - 
Riegel. Nicolai Ghiaurov and the Wilkomirska's violin soars rap- 
Vfenna Philharmonic. DG 2797 turousiy up into the ledger lines. 
100 £8.70. ' King Roger was a Norman in- 

' tellectual who ruled Sicily in 
Afkan: Plano works. Ronald! the twelfth century, bat history 
Smith. EMI SLS 5100. £7.50. really has nothing to do with the 
, opera about him. Szymanowski 

and his poet-tibrettist were en- 
Like other kinds of specialised tirely concerned with Dionysiac 
history, musical history has liberation, hleratically imagined:, 
lately become historical: the Roger is simply a sober 
music that mattered is music Westerner who is visited and 
which took wb at hindsight recog- transformed by an alien, 
nises as “the nest logical step ” androgynous god out of the East, 
in some direction or other. That and the opera is a sustained 
accounts for Beethoven, Wagner hymn about that. The extra- 
and - Schoenberg very well; musical side of the work Is not 
Mozart, Schubert and Brahms dramatic, but ritual and balletic, 
are harder to accommodate. as In the Debussy-d’Annunzio 
There is a fashionable intuition Saint Sebostien or RousseU’s 
that the best music must be not Poomarati. Appreciation of it 
just individual but technically requires a willing surrender, 
novel— that it must invent or Hke Roger's own; Szymanowski's 
exploit new musical means. sc °re offers a potent temptation. 


;ii «!5 £&x =p”r.rMr o[ ds&is: s^^ssss. 

■ designed by Georges^akh^- ti! . t ? nsi ? n performance Paradoxically, once she has chef's hat lo serve up the grue- when Titus launches into “1 am “ between her stumps.’’ All this tempoary style and solve The symbolic characters who are 

was first unveiled ^ years B*? 1 T * Ce »l been thrown to the ground, in some pdftf of ground sibling, is the sea. Hark how her sighs doth is finely contrasted with the them.) The non-revolutionary toe subjects of the successive 

~ :■ i“ 2 T 7 * 5,de t0 Moors character the literal sense, this Desderaona the noise of crim whoooee blow- She is the weenin'’ welkin smted orainrv of Ssturninus composer is an embarrassment: movements are borrowed from 

nth r ^ p atura,: W" f a,ds strength and courage; she Brookcut thelas^flve wo?S?of Srth - « hTSdS hta (PeS BofSe) Vd SdS if Ws works didn’t deflect the Goethe; Mephistopheles is eked 

J rx ia *s jSjZSU? P ■ , tomself,. it words, he is not- menacing leads the ensemble at the end - Why, there they are bo lb baked mutilated daughter. The imagery /Brian Rw aroari) that tons and course of musical history, what out with borrowings From 

l n0 ^ h ' “ Af * er : :***»* li »z of the third act firmly and in This p,e “:^ Si Slow’s utter- “f teira‘ a“ Berlioz too. This is not the Liszt 

•T. ,r > identic.-. thpugh there ^an- Desdemona a bit casually. ,vfith phrases the Willow Song with ance of the line is a black and is fascinating, especially as it . iroroi UTvmannwclri /tsfct-iq37t late, experimental piano 

; ^ *» jf indeed toere one hand, Mr. Cossutja:. makes touching determination. Of the funny climax is those very tears- that drv and 1 mu f 3dd congratulatory Jo to nSnV £ ,eces ' b 4 uf V ,e / ajnouS C0I l vr ? r l 

■ •^l^-5y-r- 1 ^ tU *»V v<n from amends witlr a gloriously, sung three principals It Is Silvano Another big audience roar cake in bitter fury at a flood of comment on Peter p w«e- w a good pro^m^ to poi^ h „py to trade on well-tried 

>*d|e ctooni5'.or*e orchestra, who “Nun mi teina” and. dies bbbR Caroli's tago who dominates dra- -reels the attemnt of Aaron the niishaos ihwaites Aaron who combines His music. .Po 5 ;™ 31111 ^ an d e ff ects wheT1 lt sults hls purp ose. 

that performance on As _ Desdemona, matieally. Devoured by ambi- & ”r to establhS eviet£^SiS5| P ■ *e sly villainy of Marlowe’s generally sumptuous, has a Leonard Bernstein end his excei- 

17-1955. *■- ‘ after a sliehtiv MeSh' : ^£ tlon. be yet olavs toe subordinate Kwh f? »nhi cVnt The action is sunk by designer Jew of Malta (“Oft have I visionary intensity, but his j Bnr forces are brilliantly 1m- 



iet the mask silp! and here Mr ha^ ^nable( 0 to„„p 5 ^ T beautifullymlnaied line in ^den, starting with cuttings Mefistofeie as fervently, though 

Caroli, who has a great gift for a stage crowded wii a r?viSied! to cut his hand off. but, in the paternal grief while clutching hls **? vfE? has the mberent fi i®?°Y e , r of 

stillness, permits himself an tongueless Lavinia (Gabrielle round, the deed must be properly bastard offspring to a sooty 4 £.S? mus,c 13 a S° od deaI ,ess - 

effective touch or two of melo- Drake), a one-armed Titus, three simulated. It certainly is here, bosom. Mr. PosUethwaite's sue- JSv belnJ lenlroSlv Liszt's contemporary Charles- 

drama. ' His vocaUsm is as stumps, two spare heads and a but even that is a mere snip cess in the part is another bonus JJJJAJ Valentin Alkan, the pianist- 

polished as his behaviour. disembodied hand. Like Tamora's besides the slitting of throats in of the production’s overall confi- ££1^ T mmmended th^ fflSS composer recluse, has recently 

The smaller roles are all Me. the play is indeed “beastly preparation for dinner: blood dence. iSKS w. e *Uoye d the attention of a few 


exceptionally well filled. Robin 

Leggate makes a debonair •. 

Cassio, not too cast down by his Wiermaiu 

temporary disgrace, certain that 

his General’s wife will intercede « 

oh his behalf. Ian Caley. making L] 4- |\ 

an auspicious debut at Covenl i^j S 

Garden, is a good Roderieo. no * 

villain but a weakling entirely 

swayed by the force of Iago’s - _ , 


St. Mark’s Gospel b Y B 


proaucaons overall conn- ]gb ^ T commeoded the . Sym- composer ' reel nee. has recently 
pfconte Concertante not long ago; e ruoyed the attention of a few 
Since then fine performances of Prists who are. capable of play- 
both the vioUn concertos and the ,Q g his extraordinary, somewhat 
opera King Roger, made in the Dbs f s !, lv t < L masic - Foremost. 
1960’s, have reappeared to greatly !fiSL 1 lJ7¥i& 

improved sound, and there is a ?“}!]!• vli Sl e jS!! 31 

ctrTkine «pw nrrdiint nf Fhe includes all dozen Of the vast 

A VOTING sSoid sSonT F tudes in the Minor Ke y fi f* 

. I U U n u be L nG , yrap ony_ four-movement Symphony and a 

i The latter, completed in 1910. three-movement Concerto account 
i Is the most Straussian of these f or seven of them) and some 


! On to the bare stage of the that Mark felt when for the first water-biscuit, is an ideal instru- works. In harmony and in orcbes- extra pieces. In most respects— 
I Mermaid pmniv but fnr a cheao rime be heard the story from St. mem for such an undertaking, tral sound. But it does nor and certainly in the musically 


...... »^,S£ X . 

- i— 

*';i ri'-w vs* 
. ■ * . . 

‘'ini**':. 


Leonard Burt 


Carlo Canthand Maria Chiara 


rj_- . uuu iiuiu iuc iiuui. nc a irwi* iui sc»ru uj vinvi ill IT miautr iv ...... .. . . . ‘D-—-' WJBI me numogjui uiujik uuca 

S-iiii a ® e * i . a ^T^P^toetic i ng casual coibes, with an open seem very foolish — but for the the attention can be allowed to | though not trail-blazing: an ‘ex- indeed represent something 

Lmilia, completes toe cast. shirt. After a friendly chat, he most part this is simply a narra- fiag- The run at toe Mermaid : tended Theme. Variations -and personal, urgent and madly 

'The r conductor is Giusetme feiJs the Gospel story, as written tive told, afi it were, over a camp ,asts onl ? untH A P r “ - 3 - < Fugue does duty for the tradi- consistent 

Pa^SVhe opens the opera with St. Mark and Translated for fire. ,, ..... . ; 

an- exciting.- well-controlled storm lh e King James version. A It brings the words to a life 
ahfi then with the co-operation Paperback New Testament lies that is quite unlike their sound 

of the chorus, lends the victory 00 , th e table, but he bas no need as spoken, no matter how 

celeb cations a genuine feeling of ol JJ- . x . .. , ^ , sonorously, from the lectern- 

enjoyment Last night toe “ Is an astonishing feat of And for me it confirms the 
second act was less securely memory, but this is not the most supremacy of the King James 

shaped,- and the quartet rather remarkable thing about iL What version. Occasional difficulties yaMpRIIIItt.. 

fell apart, but the big third act niakes .the performance so may persist. Mark didn’t make . 

ensemble flowed beautifully, with admirable— and it is a perform- the argument about salt very Mgr. v \ 

the various private conversations however casual it may clear, for instance; but for the MM? . . v v . i\ ^ n/ 

going on' amid- the general con- appear— is the freshness it most .part toe narrative is swift - MjM ♦ * l v 'W, • ^mk 

demnation of Otello’s treatment bnn «« K lhe f s miJjar words. You and easy. mMT Y T fll // O 'm V ST. t Wm. 

of Desdemona both audible and can una ^ ine ™e amazement, toe Mr. McCowen's voice, as bright j&aBr gL / V g»-«rg VK|K 

correctly balanced. The conduc- excitement, the joy, the sorrow as a jewel and as crisp as a ffi , , ~" m 

tor also draws some ravishing feBBtr // , 4 

playing from individual sections 
of the orchestra; the double- 
basses who accompany Otello’s 
entrance in the last scene are 
particularly expressive. 


A'Ujush 


. ^ »• V 


The Out 


by MICHAEL' COVENEY 


, v:lr -^Half-caste. Zoltan'is “on the 
* 'l ' ' •-Tit' *• after serving one year’ as 
’--f gaest of Her Majesty for a 
j-* 'ifipr crime in the East, End. 
' ..'. ~r^<md e DroB. a black London 
. yVr’t'* ^vwrigbt who wrote a. delight- 
, . ! I' domestic .‘comedy along 
. : irAtnra tines two years ago. pro- 
: Oeds to offer an unrecognisable. 
, -*-:i<^bitechapel milieu where the 
: '.Turks- and the Jets (the black 
• ;*-* , 'd_ the. white) go about their 
^..^•flerwoHd business while draw- 
;■„> -• t i'ig breath -only to articulate 
? ! -' 1 1 • tilkely liberal Character 
- . ; r .Mysisiuch as: “Tm not boring. 
- : : i^yatch the Jelly and take Sandra 
■' toe pictures-r-rin free!” •; 
r^ ,1 Kegufar Bush-whackers lap 
*. a . : ;ji5 sorf of stuff right up, of 
j : j 'pr se. But^ nobody, least of- all 
f- .East London, actually talks 
^'“e'-that except When featured 
h/- . pjays tike this. Or in impro- 


visations :by Mike. Leigh. The 
trendy, patronisnig^ tone you 
could cut with -a. knife- The 
character in question is a white 
gangster -now only hatf-em broiled 
in the gang’s bangs “up West’’ 
on account of being recently 
married, poor deprived thing. It 
is’ sad fo see an actor, as talented 
as Mikael Eeast lumbered with 
mildewy rubbish of this sort 
John Chapman’s production for 
F.oco Novo is all gloss: painted 
white doors all over toe stage 
evoke the everyday life of sym- 
bol folk without relating to the 
multiracial tensions of thuggery 
among the latest Krays. At times 
one" feels that Mr Ikoli could 
have written a really interesting 
piece about the disenfranchised 
black teenage community im- 
pinging on toe' previously white 
manors, of .Bethnal Green or 
Hackney.- And since I share 


Whitechapel roots with the 
antoor I aiq even further dis- 
appointed that his own recollec- 
tion .-of them is no more specific 
than was Shakespeare's notion of 
Illyria/ What country, friends, 
is this? 

Philip Martin’s TV series 
Gangsters _ explored a fantasy 
underworld in an accurately 
defined Birmingham milieu, lt 
is a sign of Mr. Ikoli’s failure to 
do something similar that the 
most effective character is Barry, 
as plaiyed by Roderick Smith, a 
self-deflating bower boy who is 
all mouth and no teeth. There 
are some nice comic touches 
applied by Billy Murray to a 
dramatic face in no need of toe 
debititatiigg cosmetic surgery- of 
Alan Igbon’s Liverpudlian wide 
boy in a bright white suit and 
floating winkle-pickers. 


I-Sf: 


- • : 
,.:r« 


mm 


pffs 






O'”!? 




D 




' : V'm copper as drawn 7 into wire for radios, television sets, 
. (tiputers, telephones, and the power liried.that carry electric 
pmy for them all. Our silver and gold are used for critical 
Metrical contacts in ftigh-technology. app/icatlons. Our ar- 
- ■ ; riic cadmium; indium.. selenium anatellUriumare essential 
semiconductors: ASARCO incorporated, 120 Broadway. 
; ; ^ •W-YoH^.N.y. 10005', ^ 


’ -V? 


t. 




Metals & Minerals 


. Benjamin Britten 
; Memorial Appeal 

Aldebuzgh came to toe City on 
Tuesday, to -ask for donations to 
The Benjamin Britten Memorial 
AppeaL The Aldeburgb Festi- 
val-Snape Mai tings Foundation, 
which- runs the Festival itself, 
the’ other music making events at 
Aldeburgh, and toe Britten- 
Pears'; School for Advanced 
Musical Studies, is hoping to 
raise £480,000 by way of the 
appeal, to finance the cost of toe 
conversion of buildings adjacent 
to the Maltings at Shape into 
accommodation, for toe school. 

Some £235,000 has already been 
given or promised, £50,000 of (t 
from, the Arts Council of Great 
Britain, and a “substantial” 
but unquantified amount from 
toe ‘ executors of toe Britten 
Estate. - The appeal committee 
hopes to- raise the remaining 
£245,000 by January 1, 1979. 

The Britten-Pears School, 
which was established on an ad 
hoc basis in 1973, aims to pro- 
vide young musicians on toe 
threshold- of their career with; 
short but intensive courses to 
bridge toe gap between full time 
studies, and. toe requirements 
of the profession. The courses, 
at present held under haphazard 
conditions in various, buildings 
in Aldeburgb and at Snape. are 
destghed tor students of excep- 
tional ability and promise. 



v N 




" s/ 

X^J 




BARCLAYS BANK 
NOW HAS A BRANCH 
INATHENS 

There is now r a full service branch of Barclays Bank 
International in Athens. This replaces our representa- 
tive’s office there which has operated since 1975. 

Business, between Britain and Greece is growing fast, 
and the prospect of Greece joining the EEC gives this 


Leuitard Burt 


Alee McCowcn 


Elizabeth Hall 


Contrapuncti 

by DOMINIC GILL 


Michael Laukester’s Cbntra- 
puncti, now in its 11th year, still 
regularly commissions new works 
from young British composers 
for its concert seasons (though 
the group spends increasingly 
more time these days as a music- 
theatre ensemble). Last Tuesday 
they framed their very eclectic 
programme of 20th-century 
British znuaic with ‘Walton's 
Facade, and with a happy 
account of Richard Rodney Ben- 
nett’s Jazz Calendar — which they 
delivered under Lanfcester’s 
direction in immaculate style, 
nicely spiked with authentically 
poker-faced 1950s Palm Court 
fizz. 

The Contrapanctis two new 
works at the centre of their con- 
cert were by living composers 
born nearly 50 years apart Gor- 
don Jacob composed bis Song -for 
soprano and wind quintet in 1975 
In his 80th year to' words by the 
late Dr. Patrick Hewitt— "Oh 


gentle notes when feet of dan- 
cers bound/By woodwind and the 
voices violet crowned.” The 
music finds apt and charming 
echo of the words: an effortless 
period piece, devastatiagly well- 
intentioned. 

Sonata for 21 by Sebastian 
Forbes (b. 1941). here given Its 
first performance, is no classical 
sonata, but a book of 11 Etudes 
for an ensemble of 12 strings 
with nine wind and piano. Each 
Etude, except tor the. central 
sixth, which builds up and articu- 
lates in various essentially static 
ways a 21-part .chord.' lasts 
exactly 45 seconds: a peat 
enough idea, of no very power- 
ful consequence. but deftly and 
imaginatively worked. Forbes 
might have entitled it Pages 
from a sketchbook-' each Etude 
could weH be. iu another con- 
text. the germ of a larger, 
broader piece. 


is so widely represented throughout the EEC, our new 
branch in Athens strengthens the support we can 
give to business development between the Community 
and Greece. 

Athens takes it place among our many other brandies 
in over 70 countries throughout the world. Like. them, 
it is equipped to help you with every kind of inter- 
national corporate business - with export finance, 
foreign currency invoicing, documentation, in fact with 
all aspects of international trade and. commerce. 

Contact our General Manager in Greece, Graham Griffin, 
at the address below; or in Britain, get in touch with our 
International Division at 168 Fenchurch Street, London 
• EC3P 3HP, telephone 01-283 8989, extension 3382. - 



. . Barclays Bank j aternational Lira ited . 

Youkourestiou l.% Athens. 154. 

„■ Telephone: (010 50 1) 56 19, 222/3/ L Teles;: 21(5877. Obles: BjECLATH 
Associated Companies: Hellenic Mutual Fund Management Company $A; Investment BankSA. 


e. 






22 __ v 

FINANCIALTIMES The great energy 

Mimti nminM mEET. LONMIN HUP ART 


Financial Times Tfiuisdaj April :20 1978 


PRESIDENT CARTER'S ENERGY BILL: THE StOREBOARD 


BRACKEN BOOBB, CANNON 8 BER T, LONDON EC4F 4BY 
Telegram: F IbimUmo, Into PS4, 1Uoe 98841/2, 88891! 
Telephone: 0144S 8Mf 


Thursday April 20 1078 


1. Incentives to cohort to Approved by both Houses 

burning coal ,j . . in modified form 

2 . Tax Incentives for don^tic . i 

insolation and nse of suit energy Approved by birth Bouses 

3. Ending of gas/dtectiddty Approved by both Houses, but 

. discounts to large usfer£ opposition mgers 

4. Tax on gasgnzrier cai^ Killed 

5. Higher natural' gas prrees. No decision:" /./; " ■ 

6. Tax on domestic erode oil Agreement unlikely / 


Earnings lead 


By DAVID BELL in Washington 


P RESIDENT CARTER went the price that that gw will and the US. gross national 
before an expectant Con- command;- the financial com- product Until last year both, 
grass a vear ago to-dav to munitv is Tu^ifanf tn come for- hail h««i **■ ahmn tv. a 


Even though* ioeagare may hare been approved by both Houses of Congress, 
. it remains dependent open Congress agreeing on an Energy BUI at alL . 


prices 


THERE ARE two main points 
of interest about the latest 
figures of average earnings. The 
first is the decisive fashion in 
which they are now pulling 
ahead of prices. In February the 
old index of earnings was 11-4 
per cent higher than a year be- 
fore, the new index — which is 
more comprehensive in its 
coverage but is not yet season- 
ally adjusted — 10.4 per cent 
higher. Retail prices in Febru- 
ary were 9.5 per cent, up on 
the year. The increase was down 
to 9.1 per cent in March and is 
officially expected to be down 
to 7 per cent by mid-year. 

It is this combination of 
rising earnings and slackening 
inflation, combined with tax cuts, 
which will bring about a 
rise in real disposable incomes 
that may reach as much as 7 per 
cent, by mid-year. The conse- 
quent rise in consumption ex- 
penditure will depend to a large 
extent on expectations about the 
economic outlook and the pro- 
portion of their increased real 
incomes which consumers 
decide to save. 

The second point of interest 
is the degree to which the Gov- 
ernment is succeeding in keep- 
ing the average increase in 
earnings during the current 
round close to its stated target 
of 10 per cent The old index 
shows an increase of 8.4 per 
cent for the first seven months 
of the year. On a strictly pro- 
portionate basis, this would 
imply an increase nf 14) per 
cent, for the year as a whole, 
but strict arithmetic is probably 
out of place here. 


will also have to be made for 
a much greater degree of flexi- 
bility — such as the self-financ- 
ing productivity deals which 
are allowed during the current 
round, some of the larger 
among which are now to.be 
monitored with the intention of 
forcing re-negotiation if they 
turn out to be spurious. 

The first reaction of trade 
union leaders to the Chancel- 
lor's suggestion that it would 
make sense to discuss a further 
period of voluntary wage res- 
traint has not been so com- 
pletely negative as he may have 
feared. There is no question 
of recommending any particular 
figure, of course. But it is pos- 
sible that the TUC will con- 
tinue to uphold the 12 -month 
rule; union leaders are clearly 
not anxious to embarrass a 
Labour Government in the run- 
up to an election, and the much- 
reduced rate of inflation should 
itself help to alter their mem- 
bers’ expectations and soften 
their demands for large pre- 
cautionary pay increases. 


\ L grass a year ago to-day to munity is hesitant to come for- had been climbing at about the : It remabas depeadent upon Congress agreeing oir an Energy Bul at alL 

j declare the “ moral equivalent ward with the loans required to same rate; in 1977 energy con- . - 1 i t— — • ,,, • ■ v - j .- : 1 ' 

| of war " on toe energy crisis, in finance the project sumption increased by a rate 

America. He did not quite say But at any rate in the past only two-thirds as high as the confidential price projections pared with IS miles in 197* Of lection passes, the Adnr * - 

that the war would be over by year, natural gas production has- rate by which GNP increased. made by the Department of S other element* agreement tration-wiH-beable.ta say *\ 

Christinas, but neither he nor stopped deefining for the first These events have been seized Energy forecast that U.S. pR be in sight on a formula it is at least nn the way. : ' 

his staff ever imaged that, 12 time in three- years. Many new on. by those m the oU industry imports would probably double .a raise the price of natural gas Tersely, feflnre to pass any ’ - 1 

months later, the Energy Bill wells are being drilled and the and elsewhere who argue that in the next 15. year* and jthet . substantially and the President’s of measure would'serve on!; 
that he took with torn to Capita search for new gas reserves has there is no oil crisis,, or at least prices would quadruple by the -fctivisition of a $5 a barrel ofl reinforce the impression/’ ’ * : 

Hill would, still be. there and been intensified. Imports of oil that there is none that cannot end of. the century. 1 - - v on imported crude. The weakness. •“ 

would still be the subject of from OPEC countries are down be solved given more incentives - HIT . ’ v-;^- -gg fh f s tariff would be ' rv 

fierce and prolonged argument by 9 per cent so far this year, to look for new oil . and given a over alUrude refined ib 

It has bean a sobering time, and although the drop may only reliance on market forces to u on ™^Sin f Of ttuiu S?ttus reducing' the mt mr rnStftr ' ' ' V 

The unmMngness of fte Con- he temporary it ceres sometong encourage rtAq Lu need for a ttion K 


to agreei 
;elf is a i- 


grass to agr« on a omn^ oeen n ow produdi s mae 800,000 has already got peoptoto use more & le «- Incentives . to domestic oil - , JSfees involved. /'Natural ir 

a major factor behind the harreIs a div^ ’ le» and it k eoing to have an encourage, conversion to coal;. e scorecard could. . be . pricing has. been an issuer ‘ 

| steady fell of the external value ^ KSfJ? one £ tax credits for insnlathm and tee givStoegreat power of USSi Weare close taagreei/ - 

of the dollar. At home, the toaLprotown has mermsed, *T“L { ooe ^ use of solar energy, and the end- -Sf f n S SouW affected by nowxnd rftat in itself is a V • 
President’s failure to, get Con- and rosejast year ** d Carter Administration ing of P rice discount* lo large ^er^iegSation. But ior achievement Future histo*-;. 

gress to swallow its differences strike. Most experts nelieve .. . ■ users of electricity or gas have ii «,» nntimi<tic statements of may credit the Carter Adri 1, : 

has contributed to the Image of that toe atoimstiatiw be conto^ ^^2 approvedAy tb? S ^ X oP^se least with : 

him as well lnteimoned. but ^ an of toel98Qs there will be toe House-Senate committsethatis emphasis on conservation perhaps with turning the en;^;! 

a s,. rse« ss^gaassyss &“ ^ ^^SShss.T^ &&ssr£r3& y *: . 

^ ge At to^ b iS? L time though, AraSSn estimates that there One. toe tax on cars with muchto show for a year's, work, help^to draft toe BULxra e r- .. 

Pan 2 Ma cYnS iSreAhCTe tois^oo may only be temporary, is surplus oil production heavy petrol consumption, tbeltds possible to argue that t hp JJ** ' 

Panama Canm TTea^, where cnnnnm'-ine shift capacity in the world of 4m.-5m. ** gas guzzlers has been killed Bill has become chiefly, import- Carter .went before Cong.'.- . 

f n e n^^,S e « A ^ 1 n S ^i ta tor^fatiorSip bSTkato *ni4e were ^ But^w S as a symbol, if ’sometotag O^toae can tefl if bj : , :• 

Ses Md seven? remam at between energy consumption ports this week that new and average 19 miles a gallon com* approximating to toe original correct. .. . - .. 

Mentoers of toe White House ' ; ; - . . - ■ . • ■ - 


THE IMPACT IN EUROPE 


Work-sharing 


Halved rate 


On the one hand, there does 
seem to be a tendency for earn- 
ings to rise more slowly in the 
second half of the wage round 
than in the first. On the other 
hand, workers are taking longer 
to settle this year than usual. 
The final figure, however, will 
probably not be far off 14 per 
cent., and the Government has 
already announced that it is 
seeking to halve this rate of in- 
crease for the 1978-79 wage 
round. The aim is certainly 
ambitious, and it will have to 
be made clearer than it was last 
time that the ' discussion is 
about averages rather than 
norms or minima. Allowance 


One point that the Chancellor 
will have to watch carefully in 
any discussions with the unions, 
however, is their new attitude 
to the problem of unemploy- 
ment. He has felt unable to 
cut taxation or increase public 
expenditure as much as the 
TUC would have liked. Union 
leaders are now suggesting that 
toe 49-hour week should be cut 
to 35 hours to spread round the 
amount of work available, and 
that the cost of this should be 
ignored in negotiating toe next 
round of pay increases. 

The trouble with this sugges- 
tion is not merely that it would 
be highly inflationary in the 
long run. since more work 
would have to be paid for at 
overtime rates once the demand 
for labour recovered. It would 
also be inflationary iu the short 
run. since employers would 
have to pay more for the same 
volume of output; and might 
therefore make the unemploy- 
ment problem more intractable 
than before. If the unions wish 
to tackle it by sharing the avail- 
able work, they must recognise 
that those in work must suffer 
some drop in what would other- 
wise have been their standard 
of living. 


the number of times when the 1 ■■■■■ 

Administration' promised that a : - ' 

lisH : A clash about atomic policy I 

Coogressionai committee that is ■ ' W* ' ... 

searching for a compromise has - * - 

yet to consider the. cornerstone By DAVID FISHLOCK, S6Ien^ Editor : 

of the bill, toe proposal to raise . * ;■ - 

^en^^^n^r^^ 30 ° U . » REPORT just released Although toe proposed BiU prove wrong toe decMp^ to seen " -- 

„ _ _ ... . u A hv the beleaguered US for political reasons de- develop nuclear energy,, but.it whom. The European nuclear toe_U5. Government h^w... . 

Mr. Carter put it well himself byuie beiea^ierea ior pw is Congress or the state^withia community remains convinced Britain in no doubt- th*.- 

last week. • “Of all toe major Am. Department of Energy uberately played pen ngress 3MnC i*yi which that INFCE will demonstrate wanted toe Windscate "dart - 

countries in the world, the US. states that delays to nuclear draomi nudear M toe ^ renduriSy that - the VS. deferred. But Britmn fi*;.:, 

is thp fin hr mm a DQW6T station Projects in the resource OI n, . • . ' tior ortnp car?lu TTrrmd renord in chamnlnn mif 


By DAVID FISH LOCK, S6lenti^ Editor 


° U A REPORT just released Altoou^i toe proposed BiU prove wrong toe decora-: to seen " 

.. „u ■ u 'A hv the beleasuered US for political reasons de- develop nuclear energy,, but, it whom. The European .nuclear to® . y-®* . Government had ^ . 

&«& P^ed down depen. S5S i 


is the only one without a power ^on P^cts J SiiSoali pmudrecoriiatoattpl^ “ 

national energy policy. And UB. since 1975 mean that UfL ea^ to Micuiate tnat ime flWy ^ trying * . pldt on- issue of non-proUferatfanir^ 

because toe Congress has not °i* ? as JSESSLS on CountoWan^Uaja^^ Xtanium. But it'wUI be .stOl Owendatoed. -WelMrtj 


acted, other nations have be* 
to doubt our will," be said. 


Vi tSTES&t S SSTSW -S*SSS . ^STSSBEWSBE 


Not a wasted 
year 


f 2*2 SMt-wSKtaiiS 

«o«d for so long, is desigood tiorn needed by AD 2000^,r spentfnel SSSS^&5KSSS£ SSm&ASS%tH 

for a maximum flow of 12m. -0-30 a year. and toe pIutomum-fti&£d feg logies hold more possibility than general aim of lindtlBg;- 

barrels a day. * too its nf breeder reactor, Mr. Carter, 6& nf Heing turned into spread of reoroeealne; ' .'r. ■ 


Critics of me BiJ! compisia 
that the fault is larseiy Mr. 


The U.S. Department of " IBS « bSigtiSSi Sri of ~**o^SZ±.r\ 

*“» Energy itself has eome to the *SS?l£SSS?Sf'SKj vreaI>ons ' - b ^g. . ' 

American conclusion that the main . offenng other nonsadr' 


Sm r a w ffSrt ssaasaa 

StfftWS hsss s. rsL’SL^ S=Sa*S 5 


cuuhuiLiiuou wim me Aer uju- /•__ _ Mu, mnr >> vonr« - ... .. .t - iikhuuibs iu jcjiiuvcw, <uiu mou 

It inst brings so much closer the use of LWRs in the national 1° 


going to decide its fate. Inept the ^ ate w jj en world oil produe- 


Thinly-veiled 

■ i . ■ r. . - By the terms under w 

threats -, : u.g. Government o\ 

‘ • - • » enriched almost all of- 

European Heads of State have ^ . Windscale ^ 


weapon states the serrtw---- 
Wlndscale. • - £<• , 


fuel, perhaps offering “ credits ” 


lobbying 
! worsened 


since then 
the problem. 


tion peaks. 


no more nuclear 


n world oil produe- energy plan, has not followed nsidual eiteray ' t*™**** 

If toe U S. huilds throat with requisite actions, toe^ uiraroSsed Si i. efU ^ W 

clear stations— and including the specific commit- ^ .• 'Carter's’ so, 


£2 K ST 5 !r«! SS-S-iiMS-S 


to accept ftresiignt expect to rbpfil!: 

SSHfS^Sf SfitonS the -1880s, the/IkfK 

stiU withold lto approval^. „ 
idrfemd^un^INFaE ^ bulk ^ it> h o«ev^ 

pW i^iSSLiSS question - win not arise h3 


J;:paili*sc 

'eninrw 


Schelainger, the Energy Secre- SS" TJBTS^SS ? ^u^"'^olo ^Vr. to^tt Ust^i^to'at^ 

SS r, nSt d beM e meS U a tor electrici^alone by the end ene rgy. at sufficiently influen- Carter apparently saw ie Inter- mi^httoar up the NorHProli^- proWfiOtF 

™,r n a 0 « ae eermS. to fmstiute even rim «*£* *£&Z* S"t£± SfA W SSKSSi: 


has not been merely a wasted - th 

year as it may seem at first 01 w eenray. 


tial levels, to frustrate even toe 


The vote on the 


To begin with they . say the For Europe the more inline- fjresK 
American people are much more diate impact of the President's wons. 


President’s own declared inten- Evaluation (INFCE) as a way of meat reftised to allow them 


Panama Canal 


conscious of energy needs than energy plan has been in the ’of convinc 

a year ago, partly because of nuclear -sector. The plan itself C.. nI , am „ of hlsbel: 

hitter utility costs, partly blessed the light water reactor ijUpivUIc vUlIFl ^ ^ ass , 
because of the emphasis on (LWBf), derived from. the sub- j ___ kevtomn 

mileage per gallon in car marine reactor of which the JllU^IIlvfll 

advertisements, - and partly President had firsthand ex- He per 

becanse of the administration’s perience In the navy. This type The one real sign of relax*- nations 1 

faltering campaign to bring of reactor, once toe main target tion is a U.S. Supreme Court seriously. 


cii-uiuuuu tiurwi/ » a u< m«n-oa«»w w nuuw uicm -q c Nuelear Non-PrulimW — ‘ 
gaining time for wmer accept- reprocess in their new plant naxsert fn Fehrnarv : 

ance of UB. nudear policy, and Tokai Mura^and to export spent ' 

of convincing other-governments fuel to -Europe for treatment " 

of his belief thatpiutonium and France has since given formal SJSta'ehrichmfflitMB- 15 ’ 

all ih- uuenmitiniH WPK tlie mil -mnnutht -fni* Hw »Tnnntinn nf wwjvuwdum W": -■ : 


oupiciuc V.UU 11 au its associations were the evu approval for toe Expansion of ‘ 

iu dement key to nuclear proUferation ’ a - 

juu^iucui He persuaded other nuclear 

The one real sign of relax*, nations to take INFCE very to resole— as indeedhas ^': : l - 


Britain, for 


Africa-Hiy going ahead wit.-". 


THE VOTE in the U.S. Senate 
on Tuesday night on the 
Panama Canal issue was a wel- 
come release from a number 
of ten$e politics] situations. In 
the U.S. domestic sphere it 
served as a much needed vindi- 
cation of President Carter’s 
reputation as an effective 
politician. Since he assumed 
office last year he has been 
under almost continuous attack 
for his alleged inability to man- 
age his relations with the 
legislature. Had he not man- 
aged to persuade toe senators 
to ratify the treaties which he 
signed last September with 
General Omar Torrijos the 
Panamanian leader, about the 
future of the Canal his critics 
would have been greatly en- 
couraged. 


Tension 


Almost from the moment of 
his inauguration Mr. Carter ex- 
pressed his personal determina- 
tion to arrive at a new 
agreement with the P ana- 
man a ians about toe waterway 
and his failure to get his way 
on a topic of such close in- 
terest to him would have been 
a major reverse. It would have 
brought comfort to toe enemies 
of toe U.S. and dismay to that 
country's allies as the world 
wondered who was the master 
— or indeed whether there was - 
a master— in Washington. 

The Senate vote also released 
a great deal of pent-up tension 
in Panama itself. If the Senate 
had rejected the second Canal 
treaty on Tuesday night it was 
entirely within the bounds of 
possibility that toe nationalist 
backlash in Panama would have 
erupted into violence. No one 
concerned with the future of 
toe Canal will forget toe riots 
of 1964 in Panama City when 
24 people lost their lives and 
widespread damage was caused 
as Panamanian nationalist pas- 
sions rose on an issue which 
was minor in comparison to 
toe present treaties with toe 
U.S. 

As things stand today Gen- 
eral Torrijos is able to claim 
that toe new agreements with 
toe U.S. providing for Panaman- 
ian control of toe waterway in 
the year 2000 do honour to both 
countries and that Panamanians 
should accept them. Though 
large number of Panamanians 
will continue to be discontent 


with the continuing U.S. role 
in their country the Senate vote 
should ensure the political sur- 
vival of the Panamanian 
leader. And on his survival 
much depends. Contrary to toe 
views of some U.S. politicians 
General Torrijos is not a man 
of the revolutionary left but a 
populist leader who has fol- 
lowed middle of the read 
policies since he took power a 
decade ago. Under his rule 
Panama City has mushroomed 
as one of the world's most im- 
portant offshore banking 
centres. If Torrijos had been 
overthrown in a wave of vio- 
lence this would have done a 
great deal of harm to Panama 
as a financial centre, quite apart i 
from the physical danger to the | 
Canal itself. 

Now the vote has gone I 
through it is likely that toe de- 1 
pressed economy of Panama 
will start to recover and may! 
even stage a modest boom as 
the confidence of bankers and 
businessmen in the future ofi 
the country increases. This in 
Its taro could reduce the un- 
employment and other social! 
ills, which have exacerbated toe, 
political tensions in Panama. 


as there is no certainty about 


believe that .Euratom- • 
0r.. David Owen, toe British U.S. Administration will-j^; • 
Foreign Secretary, summing up reach a face-saVihg accottna ^ ■ 
the*- debate on Windscale In tion. . ' •' 


MEN AND MATTERS 




The beagles are 


relaxed 


Maurice Hodgson admitted a 
few weeks ago that he was more 
than a little apprehensive about 
chairing his first annual meet- 
ing for ICL He needn’t have 
worried. Questioners at the 
Dorchester Hotel, London, yes- 
terday stuck to the established 
routine for unsettling an ICI 
cb airman: pin him down on 
smoking beagles, and before he 
recovers, take issue on Soutn 
Africa. 


Premature 


In the broader field of Wash- 
ington’s relations with tbe rest 
of Latin America the Senate 
vote, will have had a positive 
effect. Afeny Latin American 
governments, notably that of 
Venezuela, were in close sym- 
pathy with the Panamanians’ 
demands for the dismantling of 
the quasi-colonial presence of 
the US. in the Panama Canal 
Zone. They would have reacted, 
badly had toe Senate thrown 
the treaties out or substantially 
emasculated them. This would 
have injected a new note of 
sOurness in tbe always touchy 
relationship that the US. main- 
tains with its neighbours to the 
South. 

At toe same time it is pre- 
mature to ball the Senate vote 
as the beginning of any new 
and improved US. relationship 
with Latin America. The points 
of friction between Washington 
and the governments of the 
region, ranging as they do from 
questions of human rights to 
matters of international trade, 
are too numerous to be con- 
jured away by one vote on 
Capitol Hill. 


The nearest the Christian 
campaigners against racism 
came to drawing blood was 
when Hodgson admitted that 
AECI, in which ICI has a 40 
per cent interest, manufactures 
one of the chemical ingredients 
■for CS gas. which is used in 
riot control. The company, for- 
rnerfy African Explosives and 
Chemical Industries, is the 
principal chemical and explo- 
sives group in South Africa, 
Its other major shareholder, 
also with a 40 per cent, stake, 
is De Beers, which provides 
AECI's chairman in tbe form 
of Harry Oppenheimer. 

Hodgson denied that ICI and 
AECI have any involvement in 
manufacturing munitions, in 
South Africa and assured re- 
peated questioners that to. the 
best of his knowledge neither 
of the companies were conduct- 
ing any research into nerve gas. 
tear gas or defoliants. 

To cheers of approval from 
those shareholders who had 
come to hear more about profit- 
ability than tear gas manufac- 
ture, declared that ICI ex- 
ports’ to South Africa were 
worth £35m. last year, a trade 
that kept some 1,500 in work in 
the UK. 

Of toe ill-fated beagles who 
have been testing the new smok- 
ing material developed, by ICI 
at a research cost of some £6m. 
Hodgson reassured his audi- 
ence that the dogs had not had 



"We've bad to double the 
guard to keep our chaps in! ” 


allies after the second world 
war, tbe second is hardly suit- 
able for the task, with Its refer- 
ences to German women, 
German wine and German song: 
Hence the use of the third 
stanza. 

But if most West Germans 
have to mumble when ringing 
their national anthem, that is 
one point at least which they 
have in common with toe East 
Germans. 

Across toe border the post- 
war anthem starts •‘Resurrected 
from toe ruins. . . let us serve 
you to our best, Germany, our 
united fatherland.” 

Talk of re-uniting Germany 
is of course taboo in these days 
confusion about just what to 
ring. So do not be surprised if, 
when the East Germans win 
their usual batch of gold medals 
in Moscow and their anthem is 
played, their lips are sealed. 


has become toe last resort for 
Manweb’s demands. Well, full 
marks for trying. I am sending 
the letter back to toe Board’s 
headquarters — and wonder who 
they will try next 



Shop flaws 


“Details are required of weak- 
nesses in security systems being 
operated in shops and stores” 
— so the appeal in a union 
newspaper reads. If that sounds 
like an invitation to crime, the 
rest of toe appeal is more 
prosaic. It is a carefully phrased 
call for information to help the 

Union of Shop, Distributive and 
Allied Workers protect its staff 
from violence. 


Holidays., could be better 
than they are, we offer 
two words cf comfort. 


a smoke since the end of last 
year. He could not say whether 
the tests would be dispensed 
with altogether, but they were 
being reviewed by the Hunter 
Committee, the independent 
scietific body set UP to con- 
sider toe future of substitute 
tobaccos. The beagles, he said, 
“are now living a relaxed com- 
fortable existence 1 * 


Flushed out 


Sing not the song 


Herr Hartmut Roseler Js hardly 
a household name, but be is 
rapidly making bis mark with 
West Berlin schoolboys. Horri- 
fied at their ignorance he has 
just had 20.000 copies of a poem 
distributed to 11 -year-olds 
"Unity and Justice “d Free- 
dom for the Germ 40 . Father- 
land.” it starts— ^nd since this 
is the West German national 
anthem, Roseler argues they 
should know it 
The poem is in fact toe third 
stanza of Von Fallerseben’s 
“Deutschland uber aBes.” The 
first stanza was banned by the 


If is gratifying to learn that 
there are still men in our 
nationalised bodies eager to 
pursue their business into every 
nook and cranny. On my desk is 
a letter (unopened) addressed 
to “The Occupier, New Public 
Convenience, Gwytberin, Aber- 
gaie, Ciwyd.' It looks suspici- 
ously like a bill, and comes 
from toe Merseyside and North 
Wales Electricity Board (known 
as Manweb up in those parts). 
Presumably because the local 
postman was unable to find an 
occupier— even a transient one 
— or an appropriate letter box. 
the Manweb missive Was passed 
on to a reader named Mackeson- 
Sandbach. He sent it on to me, 
as being a matter of public 
interest. 

I asked how it came to him. 
Far from being “Ihe Occupier” 
in Abergale, Mackeson-Sand- 
bach is to bo found in Hanover 
Terrace, N.W.l. It seems that 
he once gave some land in the 
locality for public use; so he 


Ken Edwards, who wrote the 
appeal for Dawn, would not 
tell me what toe response has 
been, but ho promises a report 
will be written for members 
and shop owners. This, he 
assured me, would completely 
divorce toe security weakness 
from its location. 


’ Many people believe that RarfdrvKuhnproefcte toe beri'\ V-‘ ; ' 
!■*, ^roortperebnalisoriservicesafiaabla today irv Business 
- $rtot&i Conferences, frejgtt-teNartfirQand RoGdays- ' ‘ 

- .. Rankin Kbhn made thairrranrmin wbrWtravel. And th6j • v : :r 

[ OJewthingwith pofish, / fc; 'V' \ 

tonWii Kuhn. Try them once, yo u vail never go backtor V " 

-ftaoW standards, 


He was keen that staff who 
complained that they were un- 
protected by security arrange- 
ments should not be identifiable. 
“It is a hot potato ” he said and 
hoped that though no names 
would be mentioned in the re- 
port, shops will act” If the cap 
fits.” 


Local knowledge 


A reader recently in toe bar 
of a Belfast hotel was alarmed 
by the sound of what was un- 
doubtedly an explosion. “That 
was a bomb, wasn't it?” he 
asked toe barman. “Not to 
worry." came the reply. “If it’d 
been as near as it sounded ltd 
have been a damn sight 
louder.”- 


Observer 






n, 

,f * SCn*X 



\$toait & IflTS 


ECONOMIC VIEWPOINT 




"* ,4r, tf- 

' * 2 *- „ ■ r 

•;T« . f- 

- ■■* ji 


fair-weather monetarism 




rnSS-over lie Budget in 
Lffefe last week: can be 
g.i. l Vui op in three - sentences. 

^ *i^TreastHy estebliduaent 
^ w t» f Save ; been defeated 
N&ba size of the Budget, 
as ratfaer roore expansion- 


' r ■ WAwetaiy' objectives intact. 

-v. ? ! ».j ay conduded that the two 
• - _ :f thepcl ler did not add 


‘ ’■ ' "ir ■>& set’ monetary targets, 
■-'• ■•■•■;. , ‘-'p implication for interest 
economic as - opposed 
' i - - f •“ ^financial side has got by 
: : ; It may be that de- 

* : ^iriH:*iow rather 'fester 

“ .v. : . ~ r ^British Industry can 
■- xO-modate, and theb&Unce 
• r - cV.jments will suffer accord- 
Jr^biit nobody seems to care 
' •i.f’. The rather appalling 
- . . ’■'Hr trade figures caused 
- ' . :.j£Sy a Tipple. -. 

bourse jin s6 far as strain 
' ^financial market is a ro- 
ll of- potential strain in 
sal economy, it may be 
that the existence of a 
ary target relieves the 
j. f the need to bother its 

?§ ® about such matters as 

44 H /\> « of payments forecast- 
I » i 1 1 17 3 response to the mone- 

V ^ Dais ** ^ ulcfcer and prbh* 

w # | more accurate. Purther- 
v the system works 
ally: the monetary con* 
may not have produced 
the. Budget that the City 

, have wished to see, but 

. /•“•sr^jarket reaction quickly 
-^r^;=any talk of further ex* 
" •: ?-> p^aarymieasures in July. If 
: V.’ijCuy policy is primarily an 

■ v '• • Hr. jv/anilng system— or, more 
" a new way to scare 

:! :::->^>a"binet with gilts crises 


■-. ? :crnv; 

-'.Tj: ... 


now that reserve crises - appear 
fairly unlikely — it -seems: to. 
work- . ' 

This actually does seem to 
be one of the important pur- 
poses of monetary targets as 
seen by those responsible .for 
achieving' them. The Governor 
of ;the B ank of England— in his 
recent Mais lecture, explaining 
the working of thte •“self- 
imposed . constraint exgnad 
that its apparent rigidity was its 
great advantage. 

He said; "We shbuW; j«- 
warp of over-reacting to chang- 
ing circumstances, and of twins 
over-active in economic - man- 
agement ... The . layman’s 
apparently Intuitive perception 
of the broad relationship be- 
tween monetary growth and 
infiation — clearer perhaps . s to 
him than to the ‘ professional 
who knows all the necessary 
qualifications — may well' make 
it easier to explain and justifr 
the . measures necessary “to 
achieve stability . . . We seed 
a basis <rf public -support and 
action of the limits to prudent 
understanding. Furthermore 
targets can provide a useful 
trigger for more expeditious 
policy decisions.**- - . - f . 

This is a very respectable 
and very British view, of tire 
purpose of monetary policy. 
The whole growth of monetary 
analysis in the City has .beeji 
based on the idea that mone- 
tary -events provide an eatlfer 
and more reliable guide to the 
future than forecasts madein 
“ ieaV* terras; and if this is 
true, then, an important role of 
monetary targetry is to inter- 
pret these monetary signals ; t<r 
steer policy. However, it would 
surely, surprise monetarist lay- 
men to learn that this was the 
main purpose of monetary 
policy: they suppose that, check- 
ing monetary growth by .ifeelf 
will control inflation. : ' W 


Th*? v4 «w was rejected, ex- 
plicitly by the Governor. ‘T do 
not claim first monetary policy 
pan or should be left to fight 
inflation singlehanded'" — which 
is certainly tiie statement of a 
a Friedmanite. The Chancellor 
implied the same judgment 
in his Budget speech when 
be suggested that the monetary 
targets might be. lowered 
later in the year if inflation 
had meanwhile been reduced 
by other means. I have 

in the past described British 
policy as “unbelieving mone- 
tarism" and been taken to task 
for it; perhaps it Is fairer to 
say that we have a policy de- 
rigned as a warning system 
rather than as a control sys- 
tem. The inzpficatsons are not 
quite as different as they may 
appear. 

Any engineer knows that the 
requirements for a warning 
system and a control system are 
very different A wanning sys- 
tem has two modes — nonnal 
and alarm— and is required to 
flip from one to tiie other at 
the appropriate time. A con- 
trol system must work 
smoothly’, rather than by a 
constant alteration between 
acceleration and braking. In- 
stability is a positive advantage 
in a warning system, but an un- 
stable control system makes for 
a rough ride. 

The succession of booms and 
crises which has dominated our 
financial markets ever since 
monetary control became 
important says more than any 
amount of analysis about the 
kind of system we actually have. 
The result, as one leading 
broker likes to say, is that the 
British gilts market is a place 
for men with strong gambling 
nerves; equities, by comparison, 
are for widows and orphans (or 
at least may be said to have 


i v. ; 


u : ;., 





H -a 





Sir Douglas Wass, the Treasury’s Permanent Secretary, and 
Air. Gordon Richardson, Governor of the Bank. 


become so since stock apprecia- 
tion relief was brought in). This 
situation is almost uniquely 
British. In other countries, 
with different approaches to 
monetary policy, bond markets 
have remained relatively stable 
unless monetary policy itself has 
come badly adrift, as happened 
in the U.S. in 1977. 

Unstable interest rates are 
not in themselves a condemna- 
tion of any given policy: a 
monetary target implies a 
willingness to ration credit by 
prices. However, when they are 
combined with very unstable 
monetary growth, something 
does look amiss. Monetary 
growth in Britain seems to have 
been as often outside the target 
range as within it — too fast in 
the summer of 1976 and the 
winter of 1977, too slow at other 
times. 

This performance — which 


incidentally puts an odd gloss 
on the Governor's daim that 
the purpose of monetary policy 
is to provide *a framework of 
stability" — is a natural result 
of the way the system works. 
The reliance on fixed-interest 
long-term debt to mop up sur- 
plus money, rather than on 
control of ' the - monetary base 
or of the required banking 
reserve ratiOS_ — means reliance 
on a succession of bull markets, 
or what has become known as 
the Grand Old Duke of York 
system. The authorities have 
persuaded the City to behave 
like the legendary banker who 
will lend yon an umbrella only 
when the son is shining; fund- 
ing is easy only when there is 
no urgent need for it This is 
fair-weather monetarism. 
Stabilising tins part of the 
system, to repeat a view which 
may be becoming tedious to 


readers, requires the introduc- 
tion of some security which will 
sell when confidence is low and 
inflation fears inflamed — some- 
thing with a ■ basis in real 
values, be it the cost of living 
or some other index, the 
growth of productivity (an 
ingenious Treasury idea), the 
price of North Sea oil or, as in 
France, of gold or electricity. 

There are some signs that the 
authorities — ■ resigned to the 
fact that in present markets they 
can no longer finance the public 
sector at negative real rales of 
interest ' (cheating savers is a 
bad but deeply (ingrained offi- 
cial habit) — may now be more 
open to this kapri, of proposal. 
The question then arises: what 
is the purpose of a monetary 
target if its achievement does 
not always “provide a trigger 
for more expeditious policy 
decisions”? In other words, 
can monetary control after ail 
achieve something single- 
handed? 

The answer to this goes 
straight to the root of the ques- 
tion why monetary policy has 
become such, a binding con- 
straint on this or any alterna- 
tive Government: the exchange 
markets. As iras been demon- 
strated vividly an the past few 
weeks, monetary control has 
everything to do with exchange 
rates in a floating market In 
the UB., where policy has 
belatedly been tightened,- with 
a sharp rise da interest rates, 
the dollar has stabilised 
— atohougfa there are still so 
signs of action to reduce the 
current defiarL In the UJC. a 
burst of excessive monetary 
growth has pushed sterling 
down equally sharply. 

These events might suggest 
that credit policy has an all- 
pervasive influence on exchange 


Letters to the Editor 


•• p. Heenaru corporation tax. 

- ’ •' .:~i v;>Bot h ‘in ; re cent revisions p Whitehead. 

"-c -tax system and in state- Spectra Automotive and 
I-,:; ..Of intent, the Chancellor Engineering Products. 
Ecbequer 1ms indicated Bridge Road. ’ 

Ungness to allow for in- Uaytmrxis Heom. SW*- - 

in taring businesses. . • . - — 

rt-s- -.iich time as we have a **■ . - . 

;.ly accepted method of J3D311GS0 i ' 
a accounting, I would sag- . . ■ 

T *- k it another measure which VPIllUrP 

easily implemented to . ■ \ 

■•••*■’. W wimitinnii.ijfn'.' Jine Rrom Mr. •’Wp'WhoHn. -* .■ • . 


• * .. make in one of the key tech- bered that these people also find Campbell would have us believe. 
. , oologies of the future. they are the owners of valuable It would be helpful if the 

; . ' I- am concerned, too, about Mr. shares. liberals Were to base their 

■ Wilkinson's assumption that it is If companies were forced to arguments fo£ altering the tax 
'L -not possible for Britain to’ pav these dividends into a central burden on totpcai discussion (as 
‘succeed at all in the business or fund after a lapse of time I am did Professor Meade) rather 
/ making high -volume standard confident that many more divi- than on incorrect and emotive 
microelectronics produets.' This, dends would find their way to statistics. 

I believe, is far too pessimistic the rightful owners. S. W. Duggan, 

‘V'-'ttt assessment. The Americans In fact many of the treasures Tiltwood House, 

and Japanese do not have a com- of Britain could now be saved Crawley Down?. Sussex. 

)flate monopoly. of either money by such a fund, instead of pro- — r — : ■■■■■ 


GENERAL 

Polling day in Lambeth Centra) 
by-election (result expected about 
l ajm. Friday). 

National Coal Board annual 
report. 

Mr. Toshiwo Doko, president, 
Federation of Economic Organi- 
sations (Keidrauen,) beads nine- 
member team for two-day talks 
in Brussels wfch Union of In- 
dustries of the European .Com- 
munities (UN1QE). 

Building workers' pay talks re- 
sume. 

Scottish TUC conference con- 
tinues, Aberdeen. 

Mr. Malcolm Fraser. Australian 
Prime Minister, ends two-day 
economic talks in Tokyo with Mr. 
Takeo Fukuda, Japanese Premier. 


rates; and if tills were so, then 
monetary control would be a 
highly effective w eapon against 
inflation. A high exchange rate, 
through favourable terms of 
trade and tbe disciplines of 
foreign competition, is a power- 
ful deterrent to inflationary be- 
haviour; a low one encourages 
it. Hbwever, there are sharp 
disagreements both over what 
is desirable and what is possible 
in tbe -zeal world. 

Exchange rate policy, tike 
monetary policy itself, can be 
more or less accommodative, 
and tins has been, the subject 
of the sharpest disagreement be- 
tween the Bank .of England and 
the Treasury about actual policy 
decisions. The Treasury, which 
has been actively lobbied by the 
CBI to lower the exchange rate 
to preserve competitiveness, 
gets worried when tbe rate is 
seen as excessively high. The 
Bank probably has more frith 
in tiie ability of tiie economic 
system to ‘ adapt to an 
apparently amSntious rate; but 
it is especially worried about 
tbe possibility of losing control 
both of the growth of raoney 
and of tiie exchange rate. 

The trouble is that weakness 
in tbe exchange rate can easily 
provoke a demand for bank 
credit which was not there be- 
fore, as companies trading 
internationally decide to hedge 
or even to indulge in profitable 
speculation. And the Bank of 
England’s direct control over 
bank lending— the expansion of 
domestic credit— is also some- 
thing of a fair weather system. 
Tbe most powerful weapon, a 
call for special deposits, actu- 
ally tends to inflate money and 
credit in the short run as the 
banks bid for resources. The 
favoured alternative. the 
“corset” may well do almost as 


To-day’s Events 

National Fanners’ Union 
Council meets. 

Mr. John Greenborough, CBI 
president is guest speaker at 
American Chamber of Commerce 
lunch. Savoy Hotel, W.CJ2. 

PARLIAMENTARY BUSINESS ■ 
House of Commons: Supply day 
debate on National Health Ser- 
vice. Medical Bill (Lords), re- 
maining stages. 

House of Lords: Debate on De- 
fence White Paper. 

OFFICIAL STATISTICS 
Consumers’ expenditure (1st 
quarter. 1 st preliminary esti- 
mate). Construction new orders ■ 
(February). 

COMPANY RESULTS 
Dunlop Holdings (full year). 


nxucb to conceal the growth of 
credit as to check it. 

A combination of intervention 
and high interest rates can 
probably- stabilise a credible 
rate, as has happened in the 
TJB.; but if real events — the 
trade balance or a wage explo- 
sion — put lhe rate in doubt, the 
authorities can do little more 
than iean. into the wind. The 
exchange rate under this sys- 
tem of management is likely to 
behave a little like the gilts 
market — stable- to-rising much, 
of the time (bolstered by ex- 
change controls) but vulnerable 
to rather sudden corrections 
designed to find a new base. 

The British monetary system, 
in short, is a nice technical 
reflection of official beliefs and 
official scepticism — better de- 
signed to deliver sharp warn- 
ings than to resist the real 
forces in tife world. It is a 
boast that it is flexible. That 
is why convinced monetarists 
want new instruments on the 
banking as well as the monetary 
side — closer attention to the 
growth of the monetazy base, 
and .to a battery of reserve 
ratios. A Bank equipped with 
the means to make monetary 
policy stick, even in highly un- 
favourable circumstances, would 
no doubt soon be driven into 
the kind of public quarrels with 
the fiscal authorities that are 
heard in other countries. A 
monetary golden rule is never 
an uc controversial one, and tbe 
British compromise works well 
as long as fiscal policy does not 
outrun industrial performance, 
and the wage-bargaining battle 
is not too one-sided. The coming 
year wDl show how well it can 
stand up to what could be more 
trying conditions. 

Anthony Harris 


Lead Industries (full year). 
Selection Trust (full year). . 
COMPANY MEETINGS 
Blagden and Noakes, Con- 
naught Rooms, W.C., 12 . Camellia 
Investments, Grosvenor House. 
W., 11 . City and Foreign Invest- 
ment, 117, Old Broad Street, E.C* 
2-30. Clay (Richard) and Co-, 
Waldorf Hotel, W.C., 12.15. Gld- 
din£S and Lewis Fraser, Altring- 
ham, 10. Han Engineering 
Dorchester Hotel, W__ 12. Rolls- 
Royce, Churchill Hotel, 12. 
Tate of Leeds, Leeds, 12. Turner 
and Newall, Manchester, 12. 
Woodhouse and Rixon, Royal Vic- 
toria Hotel, Sheffield. 11.45. 
Yorkshire Chemicals. Leeds, 12. 
Yule Catto, 1 , New Bond Street, 
W., 12. 


•• -_-!reseut sysnem auuwa wrnjr ™Hriuwiu . 6 ----- . TTTv Giron the — CF13.I120S . 

• " : T.VJtx of construction* which templtftmg sftmg up in this iniJi k*i* 23 \nw -m « - ^ ■ — 

. .. rase of old buildings will coimtty^ i«L Purely one of the in£ IVf-WJlV ^PFVICE From the Chairman 

- ' ^ have° been overtaken Bloat -AEHttc-nt developments in of^ieinle^ ^ CIVICS A ^ a ^ on „ f :a*«KU*. 

1 ■ ’:^.-lation to an alarming recent Umfcsi ?n toe mmcscies ot tneinier c .Sir, — I was surprised that the 

The result is that bus? .This js-Afleld in which British letter (April 15) from Mr. Nor- 

’ * T-S acquiring older Indus- zoanufeiterara have fttog been ^^^J^^teeSeSSriS From Mr. B. Clarke. “ aa f . A * lea *^ ?, f 

• : -——hidings are given -relief week.;. . pe Americans have a D i2i- deternffiVtion^to Sir,— l hold no brief for Egon Southampton Qty Council 

V » SiL!."* peortrate ths moraois »pd Hoi-jur, some of whose ta^eewn. f n h f^„ J M1 ” * ‘ lmng 


w»u»u«*y awwiius ^ -“o -- peung successiuuy in worm mg iu my Ajiu«»cui}c ft _ - . . . ^ . 

- ^ ,the I^and Revwiirt/ tbe whole world, tiopical . cessful living by reporting on at rimUar to es Thil 

' ; yould be of real.benefittd swamplands to and, dusty, hot j clln only hope that some day dining facilities throughout the {f Th P aioriatio n has 

' . ; business, though predmn- deserts an* arctic : snow i rod ice; someonein Britain will have the UJC. for a number of years. Sime out stron-fy^ainst tbe 

- • 7 - smaller businesses as it ali are to be met with in tiie cour a» e to trv it It is nonsense to suggest that f 0 ^ , 

' be they who. buyjdder home country.. Correspondingly, T m. Mackintosh, Mr. Ronay is using this survey th ^ ’^We 

-• -y; and one which thein- Amencan equipment must, per- 33 Brv;ton street, WJ. as publicity, when Mr. Derby gesl n tie" steuctore 

. . “ community should press force, be designed T to cope with — (April 14) is well aware that the ^,°^ |o^raem w1S3rtbe 

7: - conditions imlmagtned 'by the majority of people who buy the ^o^JbStemw be^iuS* 

lan. ” British manufacturer. Now the A V16W Ol Egon Ronay guides would not association believes to ne unjuso- 

^-Boot l Hythe, ... Japanese, apparently, are ready eat at a service area anything. 1 ^ have however, put to tbe 

-- ^.mampton, Hants. , to buiid a British base from \|a(v»aw other than proprietary branded Government proposals- for some 

, which to enter markets long. an- IVlUJyCUVY goods purchased at the shops f|roited ch a n§eT^^mhin the 

0 % j .f/i imnnrfsinpp cntisn front the Managing Director, thereon. existing local government struc- 




)an. 

j^Road. Hy&ie, 
.fhampton, Hants. 


VUUIWUVUD fT A • . 

British manufacturer. Now the A viptr nt 
Japanese, apparently, are ready ^ - v 1 v 
to build a British base from MncPrtW 
which to enter markets long un- iTluaLU.TT 


; if * i / ^ 

; ,*r n 4 , 


r rad 


1 imnnrianpp exploited by _their British From fte Managing Director, 
^ lluyUriallLv counterparts. •• ■ •• The Charterhouse Group. 

How is this possible, and how Sir.-rOne. was very beartei 
iXDOnS far would rt *** ben4fiwal to see. in your issue of Mond 

■kl -RfWsh trade? It ' seams self- IT Anril n,*h nUMC 


Carry 



rentiv faBtoe rate ofS d ? siffa c * &r 8 es ’ ^ »P°Ml ?»»• assuming thecor- astronomic prices. The second ^ Buckingham Gate, S.WJ, 

thnn vi npr «»nt is of overhead remain - in this rect titling of your temperature report generally confirmed that * u 

aSSmaWv wk we are country. The foreign owner charts; one would still hesitate nnle or nothing had been done 

lin lidlinz auxselves into wrturaily remits as much as he to regard Moscow as a holiday to correct the situation, in fact MiiUinotinnalc 

of euohori^teadSe^to can t0 ' hJi s foreign ^home base, resort! one caa on ] y applaud the in spec- IVIUltUlallOIiaiS 

comSS S this Indeed is^ ^the^ ^whote point of Geoffi-ey Rowfett. tors for putting themselves in j 

what the ’ Government i 1 ^ . . . 1 n, — — - - - - ’ for a second bite of the herry « 


0 


_ , , fWUrS thniiph ¥1 ner «nt ik of overneaa remain - m vus rect mung of yc 

? DU country.. The . foreign owner charts; one wou 

3 *•** uaturaliy. remits as much as he to regard Mosco 

_ tt . n can to his foreign home base, resort! 

cfQOfflU* wf^iTiiS.SSf SpSS st ‘ • 

^ wmrftRS SttMa-ariS Undaimed 


;: tly the Government sees 


Sir,—! won 


Co- 
like to draw 


one can only applaud the inspec- lHUllUUKUiUikua 

tors for putting themselves in j I . 

for a second “ bite of tbe cherry ? ^QQ 3V01QflQC6 

^Under^ormal circumstances Fr ^ m Ba ^' . . , H 

market forces correct standards Sir, — The principal abjection 
of quality and service, but sear a . ^^ary JWJS! 

monopoly situations do not en- Lt °? 

courage either of these attri- d ifficult f or m ulU -n ati W al ( com- 
butes. If the travelling public R?? 5,es . t ® Abilities. Is 

are faced with no choice but ^bisa bad thing ■ 

’‘Hobson’s” it is reasonable to R»chard Baife. * 


connections withyou 
onyour next 


01 uus year, ana wiu* -i-*- « n ft, vnnr -hlv on the cumyjaui suyuiacuu «uuaj nuu *•**. - 

a worsening-world trade epfected in such circumstances. ^^Sarie- 'reelstrars of 15 earnin 8 a living reporting -on 

.. the prospects cannot Now we^see tiie Japane^ sweep- secretaries a^/or registrar ot f(Jod and drink jB the same way ^ 

for this country where ie®.- aside aU such difficulties. “--.5L5L a * mi0er of pu that tbe caterers earn a living ClUX first 

iership in both major corffident apparently that their complies.. _ ... selling it * ■ _. 

t partieshas- persistently capital and skfll^combined with deDds "which must amount to a The real answer to the reports iflVOCfi 
} Jto acknowledge .the vital British-labour WiU result in a S^drawftS?in^!!S? whteh have prompted this cry is _ . 

of exports toeur proStabteepterpriee. ■ SioST trading t0, reduce prices and increase From the European Owmon, 

JfiKcgrowth. • ■: W-.e.A Wy --. fn fSi»1SS y ‘ Thte IfebiLto standards of quality and service Roots. 

W&r politicians seemingly JOJ.Hsgh Street.^ ... is no iSreer shown seoaratels in to a point where they favourably Sir,— As chairman of a small 

w A 'calise, locked in -verbal Hitnoefford, -Berks. - company^ accoants and so the compare to similar establish- multinational company, nay 

' in their ivory tower at ~ ■ extenfOf thtunfalr retention ments within urban areas where recent 'experience with our 

• ister (radio broadcasting -A tAncihlA nf ^hareholtfBrs «»sh cannot be free competition ensures satis- British company sheds, some 

A leasipie. . rn mi“ cas?s faction. ^ - small light on some of Britain’s 

.*■ 4 * wer pf Babel), and nothing is. done to trace the B. H. Clarke. problems in competing with other 

owners of unclaimed dividends. 3. Crest Close, Farehom, Hants, countries. . 

■* _ _ _ a _ _ _ _ ' 1 n^TC «>ia tn nnnH mVA 




3 5 nYACtmtini ’• nothing is. done to trace the 

l 0 n ^iu 5 8 ^,,+ a ^f mvesimeni owners of unclaimed dividends. 

i -ZnS^lom- Frdm the Owrfrnum, . Usually. if the dividend warrant 

B/ rh a of the Mocfetntosfi Consultants Co. is returned from the last known 

t S2i5? pl nu? Sir,— In his .otherwise drceHent address with “addressee un- 

Ekt. St teSSrinE leader review of the current state, of the known ” on the envelope, no 
the?Sn European inicroelectroaics in- further action m taken by the 

whaduf^anore- otostry « 2 tipa..,aW‘ down, -in company; nf toe resulting pro- 


The burden of 
direct tax 


April - 17)„ Max ceeds are swallowed up in the From MrSW. Duggan 
makes' one statement accounts, with great loss to the “* ve . 


In early 1976 we moved into 
^ new facilities in London's West 

01 End. Periodically since tljat 

move both our British manager 
and our auditors have contacted 
the London Electricity Board in 
order, to obtain an invoice. It 
every was not nntil this month, more 


way Japaj fg bidy of fteto burten from direct tagZTX* 7lTcttic ISuvSRk 

• ^ lias orgaitised national - *jjg claim that “a pro- of private shareholders consist to indirect taxes I must take we received our first invoice. 

yOT^rketmg i0 an extent • a-Tl^nt ■ attadc on of a rather ■ elderly age group issue with Mr. Jack Campbell's Certainly no profit orientated 

^%greatar than any^to- gSS 2 Sdiced^SUteS-«iS SowadS? es^ciaily toe ouS assertion (April I 7 > that over private company would go more 

Mtion in tbe world, and JJJJJJMJ Amerujncmn now-u^s, reycviuv SO' .per cent, of Government than two years without submit- 

^within. EECige^ pj® SoTmadeMcJear ^ hrnvMr- Tnffly own case i.took over a revenue comes from personal ting invoices for the services 

WiMi«on has° cometo this eon- well known, shipping company income tax. being provided daily. . 

elusion but it- is certainly not with 9bo« » ^traced l share- If Mr. W«DNktt S? 




It to ensure (given, inter aiia. very short time and £3,00Q was the financial year 1967/77 Alan K Jackson, 

rtmroeteht maniement) the banded over to the rightful amounted to «4-4bn. Of this PO Box 177, 

ll moil to ST SnSfiCO of a^fSly ^ viable owners. Later I asked a quoted sum £i9.7bn. camn from taxes. 2211 Geneva 6, Switzerland. 


Success in international buaness transactions canbe 
very much dependent on tbe successful arrangement of 
international finance. 

So you’ll need all the resources and expertise of amajor 
international bank behind you Such as Bank of Tokyo. 

■ WeVe got branches and connections spread over the 
length andbreadfh of five continents. 

And enjoya^ woridwidereputationas one of theleading 
specialists inallthe complexities of foreign exchange 
and corporate finance. 

So when you’re planningyournext business trip it makes 
sense to plan a visit to Bank of Tokyo first 


yy BANK OF TOKYO 

LondonO&ces:20/24Moorgate,LondimEC2R6DKTel;01-63SI271 
and 1 Hanover Square, London WIR9RD 

YourintetBatkmal connection 


A 



fy' 



• THursday:, April ' 20 T97 


DIVIDENDS ANNOUNCED 


Current 


estobell 


by 19 % to 


ON SALES 10 per cent higher at 
£85.62 m., pre-tax profits of 
BesiobelJ, t'ne international engin- 
eering and chemical products 


Company 


tthXSStf&S. M L Astb u ry^ H ad el^ 


INDEX TQ COMPANY 1 II 6 DLIG HTS 

fage Col. : Company 


Asthnry-and Madeley ’ ... 0.77 

- BestobeD ; 5.S3 

im- A£\ Bradwal! (FJIS.) Rubber 1.7 

■ ^ /BUiti . Brocks Gro "P 2.0" 

2J! , ££s ,ld,r 072 

1 - Delta Metal 3 j> 

: Garaar Scotblalr 2.73 

from Bangladesh enough funds to Antony Gibbs '148 

enable a .dividend costing in total Horizon Midlands ■ 2.26 

£80,000 fef '1076. Accordingly a. Hoskins & Horton 8£6 

Page Col, dividend. of fcgp will be paid on Kraft. Productions 0-33 


payment payment 


Coire-' Total 

spo riding for 


June 13 
May.Si 
June 14 
July 4; ‘ 
July* 


May 23 
June 7 . 


from £4.6 1 m. to £5.49m. in 1977. T 

In September, when reporting a Bwtobeil 

marginal first-half profits rise Bradwell Rubber 
from £2.58m. to £2.73m., 5>ir - . . 1 

Humphrey Browne, the chairman Brittains . 

said the second half should show Brocks Group 
^ improvement . Burma* OH 

Full-year earnings are shown at --- — - — — — — - 
23 .5p (21.4p) per 25p share and, Callender (Geo. M.J 
as promised, the dividend total is Delta Metal 
lifted from 8.52788p to the maxi- -- - _ -v rr — 
mum permitted 9.4S530p net with Gamer Scotbiair — 


M cLeod Russel /’ 
Mcniriw (John) 
Midland Bank 
Moorhou se & Brook 

Myson Group 

Plantation Holdings 


June- V. 


8 . Robinson (Thos.) 


a final of 5.S2969p. 


Gibbs {Antony) 

£00n Green bank Indl. 


ST $£. ™ 'iS n«fc«n m 7 T»mut' u 2 

7.** '•••:•; HH i'5S Hoskins & Horton 24 3 Unicom Inds. 26 6 

N**t profit . ....... . — - — ■ ■— ~ ' a 

mmnrlue*. M4 Ibstock Johnsen 24 5 United Carriers 24 4 

Attributable * 2.337 3.-wi low ( Wm.) 24 ^ Wade Potteries 26 4 

Knrn^OrT* 18 ...:::.::...::":: A Lo^T& Humbly 26 5~ Weeks Associates 27 3~ 

Prennsed Bn<J 7W *B«BBPeii^^***BW*oe*B^"i^^**s*^^^*^*^^**^*^^***^^ — *^ — 

Retained __ 'Yprnfli. ' * » ■» company to provide shareholders 

Extraordinary items comprise /\tflV5iriPP II V with a direct 'Merest in the 
exchange loss on brought forward JTAU. T WUVV j Malaysian operations. It seemed 
£739,000 (£823,000 profit!, reduc- A . y . . q unlikely . that any further 

tion to market value of interest In A CT 1111 TV Xr announcement would be possible 

associated companies in India /XHH/UI J %Xr un Ul early summer. Meanwhile, 

r 126 000 (£188.000). and mi sc el- it bad not been possible to con- 

ss- ai - oM i£58 - oo ° Madelev ■ . 01 

Sir Humphrey now reports that *' “ Mr. Cork reminded' shareholders 

the improving trend of the UK. TURNOVER for 1977 of Astbury that it w.as the company’s lnten- 


.... 

144 

854 

... 2.237 

.... IS 

.. to 

.... 7« 

SB) 

Profit. 


tj?7 Ibstock Johnsen 


3.-HN Low (Wm.) 

la 

iti Lone & Hambly 

65*5 - 


_J R oyco 

8 Sees. Trt. Scotland 
i. Steetley 
6. Sun LifeAvsce. 

7 Tarmac 

3 Unicorn Inds. 

5 United Carriers 
J7_ Wade Potteries 
5 . Weeks Associates 


Decline at 

United 

Carriers 


Kuala Selangor .... 6.6 

Long & Hambly int. 043 

Wm. Low inL Uja . 

John Mermes : 1.19 

Moorhouse & Brook 422 

Patani Para Plantations 

inL 0J37 

Royeo l ■■ 

Sees. Trust Scotland - 3J55 

Son Life Assurance ...InL L7f 

United Carriers'. 1.63 

Wade' Potteries inL 0.17 

Weeks Associates O.St 


May 26 


Total- Total 

for .. , last' , 

year year ■ 

. - . 

944" ‘ . SiSSK . 
■■ !■?.:. L23j... 
• 3 a amjTs 

L32 .L ljf ' 
8.02 449. 

i5t 3L25 ' 

22 ■ 3J7.-' 

;317-. -.A84- 
^.17 '- f ;438 - 

'> 0.66 - * 1A T ; 

'm 

Y— v, ':i.44' 


ISSUE NEWS AND CQMMEIi 



Horizra 


to raise 


Horixoo bBdlands - opposes to lift for record profits in 
make a rights issue/of the ttoteg- looks t good 


June 15 


3U3*. XU* Ordinary shares on the ;tias& of- xl^ds'jKue. Bookings so 


Junes 
July 3 
June 26 
July 3 


Mar 12 
July 3 


438 ‘ .one-for-tbree at 72p to raise abQnttt.per cenL up on last 
' £L06m. The issue has been .under' 182,000 and this alone is < 

'^• written by Hill ‘Samufel while, to give *-a load factor oi 
■Vo -brokers are Smith Kcen. Cutler, cent— a level not achle 
" tiie" rights stone. Okie. While the l 
m. • Accompanying tne_^hB expanding into the 

aMoun^nt fv SStwith an operati- 

1J»' the year to November 30, 1377. . . , Airoort-resulti' 


pre-tax profit of Dividends shown pence per share net except where othmrisc s^t^. aea^st 

United Camprv from ■ ofjpp Dllii&imiv fmt jcni-m Iamca • a 


L iroia ' *E<m|VBleat after allowing for scrip issue, . fOn' cTOital (£t655m 

£2^36.506 to £2,24954 1 in the year increased by rights and/or acquisition issues.- c . 2.25761 


to January 28, 1978. Turnover rose 
from £l457ra. to £1754m. 

At halfway, when profit was 
down from £1.33m. to £lJ2m., the 
directors said that although there 
were recent signs of increased 


activity, they did' not anticipate 

weeks Associates « * full year fteiinS to be as S as- ' A VliVUVU In Belgium the uronu ia in :th* L or J. n ^‘ 11 '^ ^ tv n 

ri_ “ 1976-77. Profits for the second half a i - J ®Wdle of the dHficult period of ^eSStted^? eSSy^? PuUlIIi 

company to provide shareholders rose by £2o,ooo to £1.0auu. com- f ^llT| implementing the necessary fL_ ig 0 * grarm ' n «. -. ■■•••* ^ 

with a direct interest in the pared with the same period in M« / "fill# changes to a more profitable^aiige I^rieped - n!3PP 1 iSlTl 

sf 11 asss «oh, £ s 

announcement «-d bejo^e -rj* Jgf M£ftAjg»,«ES iKS SJSSSStiS SS SSL- ***"*- a ^ ***** is 

oss Hale to con- X1.0p. t0 and pre-tax profit the long-term prospects remain. enlargea Cap ^ tim orMhl ^wavofTiiT^c 

acquisitions of A final dividend of L6258p rn m e in Fchma^X directors -1. " institutional investors of 


Advance by 
Astbury & 
Madeley 


J. Menzies 

reaches 

£ 4 . 74 m. 


'Trn.TV ■■ .mAnmwenSn'j .mere are no JCLimCUI®«S.4s»' 

.. 2JS5761 has been recomme n ded j— >,•» nm»ai4ii chu 

immimt making a total of 3 J 33 Wp,equfiefc- ^ toSis^^-cSrent ' tradS** 
^*™A. *° * gross, ^dividend . of 77_g per cent dividend hi' - 


seem assured of another W d£ „ J ^ “ n °L iewwmp«uu»- ±i 

strong demand aiii this MmS ^ 9 per ' 

lead to a strengthened^ ^ position- 
and unproved, performances ■. ' ■ ■.•- h *8* lc r 

dssse^isIlfiafiSi »*««?". 


until early summer. Me 
it had not 'been possible 
template further; arequisi 
appreciable size. 


Idr^Corik reminded shareholders 2J3HU6p net^ijw/pL ^ SWE 


£3.1m. to February the directors Fixed assets at December SL twotw 

nchmatoH nftftm 9nH U Rim mm- _ a fl fA4h TZvr. ^ — — - « 


M MniM. UiaUIUUUluu 1 UTV 0 LM 10 lia 

i S mm new Ordinary shares at 
■BW27 - 643,832 Ject to the approval -of 

.. 137406 124.994 Tbe placing will provit 

. S8L8X1- 4s8,Bis required for the profitable 
4 ' aent of the company o 
terms than could be obt 


v vumiiicn c 419 733 compared with 

The change in the accounting £295 450. 

period for Bestobeil s overseas in' October, reporting first half 
companies allied to wide fluctua- fits from £212.000 to 

tions in sterling over tbe past two ^joqo, the directors said that 
years makes it difficult to dra^ f u jj year figures to be as high as 
firm conclusions from the latest .l., 


with respect of 1978. 


Sir Humphrey now reports tnat ^ _ *«r. munnan siuu»iu.ot;r» s^wiop net iz.oa«pi. respectively “V „ 0 rn,7rrZr>t Net profit 45V-T27 Miss JCCt to tne approval on 

the improving trend of the UJC TURNOVER for 1977 of Astbu^ that it was the company’s rnten- The 1976 figures have been At nji-JL xhe nrofits rise was ... mmw vuMi Tbe- placing will provit 

subsidiaries has been sustained and UUff (HoWu^s), tile steel tlon to pay a special dividend of adjusted to exclude deferred from Sitof toailfiS S3£* m Betalnal * S8Mn ' required for the profitable 

and those overseas have recovered stockholding and .distribution con- fLMp net to August -U dividend taXi and the £1.49m. provision to Sfmio h«l. nf SS) ™ Yras £L99m. '• ment of the company o 

from the set-back in 1970. cem, rose from £o54m. to £8^m. restraint was relaxed after the acc0 unts has been reclassified as wnJSf aSLSw.S ^Canitol’ eimendittinil armiW. * comment - terms than could be obt 

and profits increased from end of July, a further interim and reserves. £2.02m. (£144,000 adjusted), fufi Capitol ^'®P,‘^ ur !L a P prov ® d profits at Horiwn -are sKebtly a rights issue, say the dii 

©comment £33W54-to £78l,Bl7 t subject to t« final dividend wiU be paid in year earnings lare shown iat lROp but not Swer than the mid term^SS- They forecast that 

w Lumiiieiu £419.753 compared with respect of 1978. • comment (215op) per 2op share. The divi- accounts for which .contract have BooirijiM Xm the S nrofits for the March 31, ' 

The change in the accounting £295450. I A „ • CUmmeni dend , s ^ maxiinuin permitted been placed amounted to £319,479 K„ d 3 will^ceed ^iXL-SieDn 

period for BestobelTs overseas repo rtmg first half 1 O m -foil Vnited Carrier^ pretax profits 2^4S5p (2.1265p) net. adjusted (£817,873) and for which contracts £ SdiwdTJS?' SriS SnS iSre' £0 97m.^-SS 

companies ^‘ed to wide fluctua- profits from £212.000 to dtU.lOllI 1311 Mr 3 r ^ r ,. c *?- f fl or ^ ©ne-for-one scri pissue, the banner been placed to £1*77,356 Sba^ktotiie^l^ divided of 4 19p net, n 

tions m sterling o\er the past I" o £275,000, the directors said that as a result of a shortfall in the final payment being l.lSap. (£831.755). nrop-ramme But Hnriznn is Head- total 6o (4.42580). 

years makes it difficult to draw j }J r g gures t0 be as high as , half . which was hit by the The directors say that results The AGM of the company --will P ® * ..: 

firm conclusions from the latest ab |/ esceed those for 1976. 31 XXOSKIIIS d0 ?°l?2L m con ^ UTn * r W*S!®* for ^ Rrs f e ‘8 ht weeks of ^ hel 1« ,D *** • BrteI * = 

profit figures Ho\'ever the 1977 ^ r are stated V *^ A »****^ and higher overheads including current year are- on. budget and W. on May 10 at noon. 

earnings show a firm improvement g.gsp (6.42p) per 3p share and 1 TT additional vebtole excise duty and indicates a further Increase in p j ' r . 

%*! sr, r;s ssrtn and Horton ^ Confidence • . Wm^Low downturn bj 

2S»?« Plantation has ^SSSSSSbSS ^ ^ at Thomas,. hmies to mck UD 

SsraftjrasR.'M r.nr. T Robinson nop^IO piCK up ■ 

ass dif&cuit r-£s§ 5 JM.v mas esss swr jss 


h. m cone usions iroro ine «aies« ab|y escefid those for 1976 
profit figures. However the 1977 year earnings are stated 

earnings -show a firm improvement 8-9Bp (8 .42p) per 5p share and 
on the previous years restated divldenid total is raised from 


figures following a particularly ‘ r>-t55Grj 4:o 1 
poor performance overseas— not- fi - . f M 0 -gg- 
ably in .South Africa — in the 111131 01 u - 7Wfp - 
second half of that year. Since IHruntC) 
then the group has cot back its A ldUld 
operations in South Africa and i*££* 
profits from that country improved q|TT 1C|1 
by around ,£inu last year despite 
a still very depressed economy. -£Jy>Q4- » 
Elsewhere overseas, margins have 11131 H 
generally improved although there The first qu 


1.04 55Cp to 1.15544P net with a 


£ 0 . 1 8 m fall 
at Hoskins 
and Horton 


Plantation has 
difficult 
first quarter 


Confidence WnkrJjdw downturn bi 

r„£T s hopes to Irick up 

In his annual statement Mr TURNOVER for the itt webks to growth this year, 

r _• < 1 to irtfto- 'IIT*. ■ blmptfal] 


generally improved although there The first quarter had proved to ( mi r r!w i whlch i 
are still one or two rough, spots: he a more difficult period than had ■ 

in Central Europe and in Srnga- b ee n met for some years, said Mr. i Sf a a rofits. 

nnra lu-h... (lltl.l-a l, nrtUl in T." U. n 1 phnirHljn «f ~ . IB piMUlO- 


Turnover for the ’year edged SmSS ago at the time of its scrip issue. H. Clayton, the chamnan of March 18, lSTs/of WnLLow and interim riiortEall despit 

? from £7.53m. to £8 ol. and the Sfi nr company reports that all. Is Thomas Robinson and Son, says Co. expanded rfronr £24.77m. to volume.growth comea « 

sst-fr Juasrsas s sssas 

ssfi fs^ssas-. - ' Dist ,osses •SrSS'-CtK Sr*® sur'aussswi is 


Hoskins 


rose 4 p yesterday _to oop wuen. ■ ^ envisaged, factory order books and fnfl pro- £ 390 . 41 L‘ -. 7 ^ '• count piiciag policy «i 

!fr a B Tier «nt. 1 d X ld SovlSd** industrial action does duction can be^matotatoed for The directors, say that the re- volume^ increase of \g* 

Oi D per CPUL r . •« -*_x. r. manv m/mfbc - Tha cmiikn ' rii^mr- --r ^ 3 * era in hilt thft TPfaNtmR 


SHARE STAKES 


not spoil things. Menzies Is many months. The grodp - manu- mainder bf.tfad year' will continue again - but the resulting 

emphasising retailing in Its invest- tortures and markets, saw. milling to present difficulties for the re- squeeze on gross matma 

ment plans. Last year sales space woodworking, grain ruffing.^ and tail trade, bbf 'tumoveriierform- pre-tax profits to . dedh 

. r . . _ .1 .1.1 _ MkMfll nrrireimiwr < : — . 17 PPTlf thlR .Tim I* 


pore (whose future is now in Kenneth.-. Cork, - chairman of Directors say Hoskins ex- f° se 4p B «S p . , 2SSi at around £5 Tto are envisaged, -tort ory order books and fbfl pro- I390.411.- ' . count pricing policy «i 

question). Plantation; Holdings, it the AGM pe rienced- reduced demand for lf f a c np a r £ ** d * W prorided 0 industrial action does duction can be_matotatoed .for The directors- say that the re- volume^ increase of J8 

The growth, however,. has come yesterday. ... its products during a large part 01 b Der not spoil things. Menzies Is many months. The group many- mainder of. thd year' will continue again - but the resulting 

in the U.K. where sales are up 26 In Malaysia- crops had been low- of 1977. But its order book is : - emphasising retailing in Its Invest- tortures and markets saw. milling to present difficulties for the re- sque«e on gross m an 

per cent- (against a world-wide owing to climatic conditions and. now much improved and other SHARP STAKES ment plans. Last year sales space woodworking, gram iumng.' and tail trade, bto:'tuimove3; perform- pre-tax profits to .deem 

sales rise oi only 10 per cent.), irr the U.K, the falling off Jn group companies are trading at ** increased by 5 per cent and this cereal t processing - m achinery, ance fa exceSeht . aptf -even a .per cent this time. 

Pre-interest profits in the U.K. growth of incoming orders which satisfactory levels. . Aquls Securities— Mr. H. C. Quit- year an increase of 11 per cent mechanical and ppeumatic con- modest imprdvetoeut iin. margins wb'rt 1 feu over one pou 

rose by 39 ner cent, to £3.3m. and was first felt in the autumn has They are confident that 197S man. director, disposed of 20.000 j S already planned and could be veying and ancillaiy equipment, could make a'condderable differ- per cent, m -the first ha 

the U.K. contribution to profits had its effects on sales in the first results will show an improvement, shares at 19p on April 12. exceeded. A 5 reported on March 16. pre- ence. In the toeantime they ex- a * so not neipea oy start* 

increased from 43 to 49 per cent, quarter. The 1977 results include an ex- i d and S. Rivlin Holdings— The net profit picture is clouded “* Ptofits rose from JffiBQra. to p ect profits for . the whole year 'Jf new openings tmypr 

The group is largely involved in Some aspects of. the lower per- ceptional credit of £157,710 and Mr ‘ jsj’ j cbolani, who is acting by the changeover to EDlfl. The 187 T oa - turiMver ■ of to be something- shnilasK to. last j? 77 * raat * e . ( 

the manufacture and merchanting formance could be attributed to earnings per 20p share are shown m concert with Mr. M A. Sag rani bad Christmas of 1976-77 left lo-pra- (same). - ' ■ years £1.61 in. . tI0l ^ a J 0 * p ™ nts * “? 


increased by 5 per cent and this cereal processing- m achinery. artce jg easeTjtebt ' «s<F -even a I7 .^r cenL this lime. 

. J ^ . . . manh3nl«<i1 mr) nMnWi.*.-. . «... . . . iT ■ ! u-I,ii-h roll nspr no nmt 


Aquls Securities — Air. H. C. Quit- y ear an increase of 11 per cent mechanic^ and ppetnnati'c - con- modest imprdvetomtt tin.', margins which fell over one ptm 
ian. director, disposed of 20.000 is already planned and could be veying and ancillary equipment could make a xonriderable differ- Pf r cent - in -the first to 

< o ■ -i m * " Ac* ' MnnriftM nn IfAitfib- Iff .A. _ -wlllrt n/it nfilnAn nlr Cturij 


the manufacture and merchanting formance could be attributed to earnings per 20p share are shown 


ment in the U.S. may help. Mean- early to make any further corn- 
while the shares at I54p yield 9.7 ment tiff* the position in regard to 
per cent. The p/e is 6.3. the possible reorganisation of the 


TO PAY 6.6 p 

Surmah Valley Tea has received 



Property 
through JLW Computon 


Dixons Photograph ie — 1\1 r. J. ne wtonfiled wnln depressed and a alow re- supermarkets smd freeeer centres .. ^,^5 ^rgins and pm* 

Horal director, has disposed or S?l e fa u e e n a a 0 fif eowiy ^ latter part of the Scotland. / *• , / - ^ profits close to thT 

108.428 Ordinary shares. toll tS ud b y S S year arrived too late to-.be of m ^ nmm#vn V - second halTs £857,000, 0 

Eucab-ntns Pnto Mills— The cent ^fo miF as hare. On Ss much assistance. Both turnover • Comment, . - - .- m charge, the prospec 

IsSSWouthleriM Site Sed^HdiidteSvSd^l ^Profit ^ been^ge^y M* rosuIteT^ year to around 9^ and tha.; 

chants now hold 1,014.422 Ordinary times and the shares at 162p yield ££*L& JfHS? * 1*™“^ $ at least modest per. cent. 

Sl ,ar«, 12T.8 per-cent.). 1.1 per ceeL JJ- fflWWBS!: 5 r - - ' • - — 

■nmeMreHnsMi ' _ date in South Africa. /The over- . 

f inctrtDlr phlAT 5635 companies are a vital Jink in - . . , *■■■■ ' 11 > ' 11 « ■ ■■ ■ '■ 

/ J.M3I.UV-1A L111CI • marketing . the UJC. /companies’ . '«*• ' 

./ _ t products and tWthonl assistance : TO int HOICKS OF 

B J 1 S home trade marke^te depressed, . ; • - BoclrwoodlnterQatic^ Inc. 

7 kevnote results would not iiave been as . (Formerly Levin-Towusoidlnternational, Inc.) 

* W ■/ ' ■ Promts of Ibstock Johnsen "SSSSt'lMAn on Itoy 10 »ft*-***«™ , >^l>il , nini«»inA«y«.»« 


Ibstock chief 
strikes bright 
keynote 


Prospects of Ibstock Johnsen Meeting, Rochdale on May 10 
look bright, with Mr. Paul Hyde- at noon. 

Thomson telling members to his niC Dftcit 

annual statement that the direc- HOC DIorUaAL 

tors wHl be disappointed if 1978 BOC has sold its Mealstream 


■ t'TO IHETOLDKBS OP 

Rockwoodinternational, Inc. 

(Former^ Le\-m-Townsen din tern atioual, Inc.) 

5% GuarxiiteedCbn vertdfieDebentores Due August l,19Sf 


Vooxtb harcty notifiad that Bockviixxi Intrr 
Ibc 4 li|a dtpoated wlih Bnjkera Trn*t Com] 
detanked iuurest peyxnenU on the- 6% Gw 
ntnain^Qiitstaii&ixaflo’tlienieceffifiilE: 


m>L bic. {ftrraerb Le»i e-Towrowid In 
'. funds suffiaent to puy«e 

teed Convertible Debflutnres due Am 
ase Offer dated July H 1977 of Breton 


results overall do. not show a micro oven subsidiary to Hirst andi ■ Foteauy i, iXMwW 


‘Y.l m 




useful advance over 1977, a year W. HenshaU of Addlestone, for 
when pre-tax profits climbed by £68,000. to addition. Hensball will 
some £0.6m. to a record £4. 33m. pay af urther £37,000 for tools and 

He says that in the UJC some fittings, 
upturn In activity is materialising Mealstream, which makes and. 
and while there are no plans for distributes hot air assisted micro-' 
any large increase in the com- wave ovens for the catering trade, 
pany’s production the directors to particular for British Rail, is 
are expecting to once again part of hte Hirst Electrical Indus- 
in crease despatches and effect tries of Crawley, which BOC is 
some decrease In the company’s phasing out. 


19S7, Augwt 1.1977 *nd February LISTS. V 

Com*™ reppB«nrin« those fire intens rousts rfAjd be presented for wymenUtfl* 
R-l4ad«i gffieca at Banker* TroaConipaiij oni ibarflfcesof ttoother EnropeanOPiy 

V BA NKERS TRUST COM 

V TRUSTEE under tbalndc 
Rockwaod IntamkniBl. 1 e 
dated as of August U 1968 

AjjrillS,1978 


ir- 


relatively high level of stocks. 






V^rf, 




BRIEF 

















zzmi t mi * 




mi 




Supplying a need for industry 


HE;--, 


f i o& 


JLW computon provides an immediate 
and detailed response to a wide range of 
enquiries relating toindustriai propertv. 
including management. relocation, agency, 
development, asset Valuations, current cost 
accounting; company mergers, rating 
and fire insurance. 


,„j ■ 


A brochure outlining all JLW COMPUTON services 
is available from: 

33 King street. London EC2V SEE Ref: K.R.E. 



tb^b-J^ss 


Chartered Surveyors 


ENGLISH AND SCOTTISH INVESTORS 
— Rvmlts for yew lo January 3 L WTS 
reDortcd February UL Qaotcd Invest- 
ments ar vaJuadob— Great Britain ns.STm. 
ino.jBm.). abroad fiB. 32 m. t£S. 7 lm.i Un- 
quoted at dlroctora’ valuation £293 376 
inti.UTi. Net current assets □ Sim. 
tn.Sira.i. MeeUntt. 2 Sr. Xu r Axe. 
EC. on May to at :.M p.ra. 

CORAH (manulacturcr and dlitrtbiiinr 
rif knitted dothliui and fabrics). Results 
for tSI 7 reported March 18 with atm- 
meats on prospects. Fbsed as^ts f 7 . 4 m 
<£>. 95 m.i. Net current assets fB.TSm. 
f£t. 22 m.i. Increase in not liquid Fundi 
£ 708,900 i £ 282 . 0001 . Meeting. Leicester, 
on May U at noon. 

JAMES WILKES fbusldess Form pro. 
rfitcer. etc.).— Results Mr Vm renorred 
Man* 17 . Group teed assets fl.lfm. 
iflJlm.). nurrent assets - J 2 - 96 ra 
f£ 2 a 5 m ). Current UaMlMm ( 1 . 14 m 
<£ 1 . 19 rn.>. Chances In t he m ethod of 
acroenCtnji as proposed in Etna are pre- 
sently under discussion. Adjusted tor 
Inflation pre-tax profit for 1817 la iftwn 
at £ 242 . 000 . offer depreciation based an 
cost of nepJncomcnl. east of sales In 
relation to stock: consumed based on 
replacement cost at dme of ole. and 
net monetary ■ assets— allowance tor the 
fac tha these declined In real terms, 
on prospectH Mr. W. J. WlDccs: chair- 
man. saws he IS confident ibat mrthnr 
improvi-mcm In profit ability wfil be forth- 
comma to Ktve a continuation of steady 
progress. Meerine. Wolrerhamptoo. an 
Mov 2 S at 2 M. 

KRAFT PRODUCTIONS < furniture 
manufacturers • — Turnover £L 31 B. 98 > 
t£ 1 . 14 ?.l<r) for 1877 . Profit £ 7.441 
r£! 3 . 0 (m after tax £ 18(141 iCj. 079 ]. Earn- 
ing.-, per 10 b Share 0 . 7 -tp » 2 . 3 di. Final, 
Ijkk per IDA share fl. 74 p i 3 Jui. Final 
dividend 0 .S 3 P net. maKtn^ 9.880 ( 1 59730 1 . 

MERCHANTS TRUST-Revults Tor the 
year in January SL 1878 - already 
reported. ValmtJoB nl UtveMmeniv 
quilted 111 U.R. CC.Shn. 'K 5 a. 3 Sm.). quoted 
abroad iu. 43 ni. >nG. 03 m.>. unnuoted UJ(. 
035.911 (£ 471 . 123 1 . unquoted abroad 

£ 972.441 'fl.j 59 . 8 S 4 i. Meeting, 50 . F£fl- 
chureh Street, E.C.. on May 8 at IL 4 S 

^NATIONAL- ELECTRIC CONSTRUC- 

non CO. — income. after charging 
mauauemeDi expenses £« 3 jlB (£ 337 , 530 ) 
but before tax nr tlStJOB (£ 113,0741 [Dr 
year 1917 . Hmrinns per share 38.089 
120.340 1 . Final UJp naWm total Sl.Sp 
iVB.Spi. Company is a member of the 
B.F..T. Group- 

NORTH west SECURITIES- (subsidiary 
af Bank of Scotland i-^Rewiks Already 
known. Net current liabilities £ 7 . 98 brt. 
(CL. 25 D 1 . assets!, with Instalment credit 
and other finance debtors ni 9 .Hn. 
( 03 pro.', and short-term loans «mf 
deposits received 1141 . 47 m. IQ 13 . 48 m. 1 . 
Leased assets £ 84 Aim. i£ts 7 m-i. DecreaBr 
in net liquid foods EM.lSra. r £24 94 m.l. 

PATANI PARA PLANTATIONS — Turn- 
over —rubber sales plantations— ffl2.no 
iC 13 .SU) (or six months to red 1817 . 
Pre-tax prnOI 197.450 IEW. 349 ) offer 
replanting expenditure E6.898 (£12.910) 
Tax £ 53.690 (£ 31 . 6001 . Interim dividend 
OJCSjp net. (sanie and lJ 6 S 9 p total). 

SAVOV HOTEL— Results for 19 S 7 
reixmed April 5 . Group fixed a««ets 
121 . 34 m. (£lB. 94 m.i. Nei current a»«fls 
U.S 4 m. (tl. 3 Sm.i. Year-end nel liquid 
Crrpd; up us.ooo i£jMa.>. ai March 3 L 
IB 7 P. Trafalgar House Investments held 
a 14.67 per rent, vountc Interest, Meeting, 
Savoy BoieL W.C- May 8 . noon. 
ULSTER BANK (member of fbc NaHooai 
i WesunlDMer Bank Croup) — Results tor 
j 1977 reported March a. Current deportta 
I and other accounts XSSl.TTm. *£ai 8 Jem.). 

1 Advances ftododlns fern Imps) lea 
I nrovlslon nil.Wm. (£26s.24t*.>. Mwtlw, 
Belfast, on April 13 at 12.30. 


... big where it counts. The first major consortiu 
• bank; its members have aggregate assets of ov 
£33,000 railfion. ... . 


...small where it matters. Your business will 


personal service* 






• « .wde ranging and flexible, ^atever yot-:-' ' ■ 1 * • 

^Ipardcular need,- MAJBL- ; wOi : taflor a- fmancir ; ^ 
■ package to meet it; whether.it be the provision €■■■'■: 1 * • ; - ' ”• - 
worWng . capital, |»oject -fmaricing, : leasing- ■; - - “ * - i7 - ^ 
;r : restnicturinadebt . ' ' ? - ' T ' 


r international The scope of otu 1 service ^ ; ■ • -. .- * 

; thrbi#iout.theworId, kjthatwe can-assis^^v v . 

m kvinirinn 'rmi. ^ 


." you: whereverijEouiheed our help m bHn^ng you^?-^? ' - 

•; plans to succes^fruitioii. ' • : J- 


MIDLAND AND INTERNATIONAL BANKS LIMITED i^d 


26 Throgmorton Streetlx)ndoitEC2N2AH. , 
Telephone: 01-588 Q271i Telex: 885435 J 

. Officein MelbcRLii^^iBtralias 




.> ■ '•' *;• so... 

:^ . v - ^v,.. 

Subsidiary CompajV^^^^rtnuclaXF^EastjUrmt^ Kong. •; 

- • • ; fj- ' ' 

Mt-mbcr Banks: s ffdland Eahfc Lmtf^rTteTlwoiild-Draij^^ Ciartercd ftwK L'tmlcd ; ^ 


ImJiedrVteTomao-Ponui^BuiXyijo^^ LJmJled;."' 

■^cCijmnK’rci^fl^kofAtototto'Umked, __ ■**"- - 

-' •••- • • , v ~' ... ti- limits 


Vi". 


1 Mid, 

flu. 









": -■"■ r 'vV' "- r ? Ia F : S ?> - '-•''' . T ->\ r “• ’ -----•' .- ■' . • -': - ,;- 

TT.- «<:&e fBtaK’ 

■' ; :'V ? Gen^>leetmgof Imperial 










Mr Maurice Hodgson, Chairman of 1CI 


p London on WedBesday,19th April 1978, : 

’..,' * UHflta h thfe Cai m an , Mr Maurice Hodgson^ 

: - PlaCM,! • , : : : 

Sho* **< ^^commgyoTitofIiis,tIie 51st Annual . . 
‘..'dies Gau^Meetmgitf^ 

-• X.^dj.j. Industaeslinfited,m^ honoured ] 

, . . Iamtoteherefprttefirst tjmc'as Qiainnaiu 


-■ 3xi the chemical industry over-capacity 

■ degassed prices, especially in Western Europe, 
where fibres were again badly hit by the ' 
continuing high level of imports of low juiced 
textiles, especially from the Far East. Products 
allied.to the textile trade, such, as dyestuffs, also 
suffered. Slackness in the construction and 

: consumer durable industries adversely affected 

^plastics which, like fibres, depressed 
petrochemicals. 

Jit the United Kingdom, particularly in the 

■ second half of the year, there was little economic 
growth, despite the benefits of North Sea oil, and 
by the end of the year the growing strength of 
sterling was seriously affecting United Kingdom 
Competitiveness by reducing profit margins on 


-T,, .Jr* ^ oflCI, he^wiflnot^xeti^gfcbm business life 
7- ' j, >: :; .®dtogetheri..r am'sirreyouwill wish to join me and 
• - . coDeagixes in timakaijjRawland for all he has 

- ''it/iiM f/trTOT Hnnna Inv mnff /Vcfimiini-liiu) " 


- ■■•V s .?. -^’careerlastmg over forty years, and ui wishing: ‘ 

V him and Rath all possible happiness in the future. 


v ciownt 
Pick up 


■ 



■ competitiveness of the United Kingdom - 
economy.; 

' .iamaJgng this comment, however, I am not 
■advocating devaluation of sterling as a • 
mechanism for maintaining the competitiveness 
of our exports. The real problem is the need, to 
improve productivity in this country, and we in 
iCIdonot seek to be relieved from ourshare of 
.This task by a sinking pound or, indeed, in any 
othefway. 



Productivity and 
performance 


%, ■■ - SBIS 
,m:«T w "" 



I would like to rommSyotf ofT&o Board" 
appointmentsreferred to in the Report - the 
V V ? election of John Harvey-Jones as a Deputy - 
- •• • - " ~ f!harrmfln andtheappointmeht dfXoid^ y ;■ 

Thomson as a Non~E^ eceti v|Vb lrech5n Jdhhhas' ,v 

been on the-J^ard sii3CeT973^nd haS'&eeif ,'“ 

„ p articrilai-lv concerned with fibr es, tfixtile&and 

our interests mCmtinent^Westem Europe. We 
axe delighted that Tord ; TbohKcai;has been able 
(X: [ nierfulrionalktojoihws. His experiences puMio^fb:Wpil?epf 
. . .. - greatvduetoth.eCompmiy.,. ^.: --t.r.«;.. 

... r - •• Izthis address test jponth-tq th<S|lw , m,S<)caety 

“ . ' of Axt5, Sir Rowland Wright said: ‘Industry . . 


. Jot fhe ffpil fmagmatrya usOof their- : . 

““ talents and skills .’ i agree.wholeh^rtediy with. • 

• 'Ithat sentiment and wpuldlike tp:#cyeLop it : V : . 

further, since it is highly relevant to your 
V ’ '.V; :r Cbmpanyand its operations. 


The meaning 
of freedom 


'Freedom* means different things to different 
people. For us in industry, freedom must mean 
the creation of an environment in which, we can 
responsibly generate the wealth on which the 


ICTtas made substantial progress in improving 
its productivity in recent years. Our sales per 
tatjployee by volume -tbatis after allowing for • 
theHfects of inflation - have been improving at 
SOimckhing like 10 per cent per annum. But our 
internationalcompetitorsbavebeen improving 
tob, andit is the difference between our rate of 
maprovement and theirs which counts. It is 
evident that we cannot afford to relax our efforts 
when the best of our German competitors still 
torn out one third more per employee Than we 
dpi and the best of our American competitors 
SCkjer cent more. Productivity improvement is a 
tasfcfbt our overseas operating units too, but a 
major effort needs to be made in the United 
Ringdomwhere over 90,000 of our 154.000 
employees work. Improvement in productivity 
inyplygsmany people and my role as Chairman 
isto 'ensure that itiscarried out 
■ - So 1 97T was-a relativriydisappointing year.. 
.but nota discouraging one. Overall, 1CI was less 
adversely affected by. low economic growth than 
most of its major competitors. There were record 
sales of ammonia- Demand for fertilizers was 
strong. There was rapid expansion, too, in 
polyurethanes, pharmaceuticals and industrial 
explosives : products and businesses very different 
from each other, but giving support overall-and 
demonstrating the advantages we derive from a 
diversified product range and a wide territorial 
spread. * : - 


Products developed for new business areas have 
also made encouraging strides, in particular 
protein animal feed, ‘Saffii’ inorganiefibres for 
furnace insulation and “Impatone\ anew 
treatment to - reduce costs in wood pulping 
developed by our subsidiary company Canadian 
Industries limited. . 

Ourflexible approach to production and 
marketing policies has also borne fruit Vulnax 
International, our joint venture with the French 
chemical company, Rhone Poulenc, which 
manufactures and sells chemicals for the rubber 
industry, has started welL This venture combines 
the- separate businesses of the two companies, 
each of which was too small to be fully 
competitive in world markets. 

\Ve have been prepared to withdraw from 
areas which, even though profitable, do longer 
fit in with our objectives and aspirations as a 
chemical company. A major parting of the ways 
thus came about with the sale of our stake in 
Imperial Metal Industries. We wish them well in 
their new fully independent role. 

Our territorial spread helped significantly to 
offset the effects of economic sluggishness in 
Western Europe. In Australia, plants were 
operating almost at full capacity. In the United 
Slates o f America sales were up 20 per cent. India 
has maintained its contribution to the Group, 
despite difficult business conditions.- Enterprising 
selling in China, where sales were up by 2S per 
cent, brought its rewards, as did our efforts in 
Eastern Europe, where sales also increased. 

<Q>> Vigorous 
sanctioning 
X0K programme 

Viewed solely in the context of 1977, our long 
term investment plans may appear surprisingly 
optimistic. You will see from the Annual Report 
that we authorised about £500 million of fixed 
capital investment in J 977. more than half of it in 
the United Kingdom, and it is our present 
intention to authorise a similar amount of 
investmem ihis year, despite the disappointing 
results in the second half of 1 977. How do we ' 

justify this? To avoid over-reacting either to 
prosperity or adversity, we base our plans not on 
a single year’s results but on something like a five 
year view. We are able to bridge the gap between 
our current profitability and our present level of 
investment by drawing on our cash resources, 
which have teen supplemented By our United 
Kingdom rights issue in 1976 mid by various new 
loans, including the Euro-doDar convertible Issue- 
last yearand the second United States public 
tend issue which raised $175 million in January 
of this year. These resources have, of course, 
teen further augmented by the proceeds of the 
sale of oiir shareholding in Imperial Metal 
Industries to which I have referred. There is a 




flexibility the key 


clear need, however, to keep our plans under ' 
review, because unless we can improve our 
profitability quite soon we will be unable. to 
sustain the level of investment we need in order 
to achieve our strategic objectives. 

The cornerstone of our investment planning is 
to establish world-scale plants where they are - 
needed. That is why we pushed our sanctioning 
programme vigorously forward last year, to . 
include a £90 million terephthalic add plant and 
a £35 million fertilizer and nitric add plant on 
Teesside ; a £27 million chlorinated solvents 
plant on Merseyside ; a £15 million, dyestuffs 
plant at Grangemouth in Scotland, and a 
£12 million packaging film plant at Dumfries. 

Our plants must also be in the right place. We 
need to have ready access to tbemaxket, with low 
distribution costs and short delivery times. -It is 
also our proven experience that a manufacturing 
presence in a country creates local confidence^ 
which not only increases our sales from that 
location but also our exports from the United 
Kingdom." Even in a poor year like 1977, the 
* value of total sales in Continental Western 
Europe increased by 8 per cent to £855 million, 
and over half were exports from this country. . 

Our parallel plans for United Kingdom and 
overseas investment have, therefore, also 
included the first stage of a £150 million 
manufacturing complex at Wflhelmshaven in 
West Germany to make chlorine and related 
products ; a major £51 million extension to 
double chlorine output in Canada; & £37 minion 
polypropylene and £25 millionPVCpIantfar 
Australia. The year also saw the commissioning 
of the £30 million herbicide plant in-Texas. 

In our long term planning, we must also 
consider the timin g of plant construction. With 
the chemical industry growing more slowly now* 
the cost of an error in timing is no longer so 
quickly offset by the growth of themarket. 

. Lower growth also means that a greater 
proportion of our investment will go towards 
improving or replacing existing plants and 
somewhat less towards expansion. We intend to 
enter the SO's with the most efficient and 
up-to-date plants, using the best technology 
available. 


Research 


This brings me to one of our fundamental' • 
resources: research. One of its prime functions is 
to develop new prodacts.'but another, equally 
important, is to improve existing products and 
processes by making better use of raw materials, 
using safer, more environmentally acceptable 
and cheaper processes. Itis, for example, through 
efforts of this kind that from 1971 to 1977 the 
average energy used to make a ton of product fell 
by 18 per cent, mostly as a result of radical 
improvementsmplant design. Nevertheless, no 
chemical company, however large, can invent afl 
the new technology it needs. I assure you we have 
no inhibitions about obtaining new technology 
from outside Id, provided it is the best. 



Ttie year also marked some important new 
product developments, notably the introduction 
of new ranges of Trodon’ dyestuffs, w hich offer 
subrtaDtial improvements in efficiency in the 
printing of polyester/cotton blended fabrics, 
and the introduction of an important new . 
insecticide in the United States, which we have 
developed under licence from the National 
Research Development Corporation. 



4 X1UUXU IX VIU5 JUiAluaivJ j i w r • 

. • 7 N - vital for a company in a competitive world Which, 

. , does not owe it a Hying to be free to act: to be 

able to get ahead and keep ahead of its 
competitors. Government needs to understand 
. - our problems. It needs hfformation and ; ^ 
co-operation from us to help it provide thefight 
framework in which we can operate-cffectively. * 

~ But experience has shown that Government 
intervention in the r unnin g of industry causes 
more problems than it solves. A particularly 
worrying example recently has been the attempt - 
by Government to use its purchasing power in " . 
Government contracts to enforce compliance not 


V"' 


People agd wealth 


1R But behind all the advances we make a^d the 

H problems we overcome axe the people who work 

in ICL They are the most critical factor in 

determining success or failure. I havo 
heen talking with many of 
tbem in recent weeks-, and- 




is 


S undefined, with a Minister assuming the'roles pre- 

judge, jury and executi oner. Wefuliy supportrh*r : 
Government’s attempts to raiace.therate of.TT - > - 
- q $ inflation, but we find the principles behind this - 
” * use of Government contracts particularly 

threatening. Moreover, Government intervention 
generally increases administrative costs, diverts 
effort from the main task of running the business, 
reduces profitability and confidence, and hencp . 
our ability tb expand-and modernise tbejbtisiness. ' 
• - . -. But by freedom I do. pot-mean ‘laisser faSfe? or 

■’/ ' freedom 'fo ignore ourWkfer social ■- 

. - . • responsibilities. The AimuaLReport shows ; - ; . 

v ‘clearly where we scand as a socially re^dnsifete 
' company, concerned about employee- 7 : - 

participation, committed to safe^jardmg the. ^-. - - 










communities in which, we operaie.in ajiori^rse 
- respects we wouldwish to be j udged lyy the. “ ; 

- -highest standards. 


Wwld econoi|y 
in 1977 ■ " 


. - • ^^'Letusnowtakeacipserlopkattfereyeflttof 

1 977 and see how IC3 faredin tfiefar fromeasy - . 
conditions of that year. A major problem was the 
failure of the world economy to sustain recovery 

after ttefij^qiiartef-exci^t, to 5 onteextent;iflthe 

United States of America Trade was sluggish, - 
* and unemployment remained high. -l . ... = : • . 









ICl: Building 
for the markets of 
the future 


I have frequently been asSoed how we can 
reconcile one drive for imprcwteprodiMrfivity: 
with onr social obligations in times of high _ a t 
unemployment. Any c omp r om ise on productivity. . 
drills a company’s c om p eti t i ve edge and 
jeopardises the employment prospects of those 
already engaged, in it. We may have to Hvewith 
high .unemployment for some time, because in an . 
open economy there is no way we can grow much 
faster than the rest of the world without incurring ‘ 
a balance of payments problem. What is the 
alternative? To shut ourselves off by import ;■ 

controls, sinking into an East European style ~ 

economy ? Surely this is not the answer, though I ; 
would not necessarily rule out treating in an 
exceptional way manufacturers who import into, 
the United Kingdom and other parts of the V 
European Economic Community and who do ... 

not play according to the same rules as we do, 
especially the rules which are at present used to 

define dum ping . 

In looking at the imemploymentprobkan, r 

however, it is important not to expect too much ™ 
from industry, which, after all, employs only one _ 
in three of the working population in this . 

country. Even a successful chemical industry 
cannot directly create many new jobs. To do so " 
artificial ly would lead to the industry’s inevitable 
decline and fall sooner or later. The solutionis 
not to protect jobs or to resist productivity 
improvements. It is to improve constantly the ; : 
competitiveness and wealth producing capacity ■ - 
of manufacturing industry, judged by the highest : 
international standards. That wealth will then .?„ 
permit and encourage the growth in the economy^.; 
which will lead to more employment in other 
industries. Applying this concept to Id, we are, ' , “ 
I believe, clearly stimulating more jobs, for 
example, in plant construction, in the service 
mdustries which supply us, and in downstream * : ‘ 
manufacturing businesses, as well as the 
communities in which we operate. The effect of , 
this is to help to solve the problem created by - - 
there bei ng fewer jobs in manufacturing industry*: 

Our primary responsibility is to be an efficient ' - 
producer. But the unemployed, especially the 
. young, can never be an abstraction to us in Id, :*_■ 
and we do what we can to help. For example, we 
strongly support the efforts of the Manpower 
Services Commission in relation to youth '• . 

opportunity programmes. We are, in fact, 
employing 700 additional young people, which j 
is at least 25 per cent more than we really need. /" 


Resolution 


I would like to refer to the resolution set out m 7 
the Notice of the Meeting. Itasksfor authority to 
place small amounts of ordinary stock in suppor 
of applications for listing on foreign stock 
exchanges, and for authority to issue in 
international markets foreign.currency securities 
convertible into ordinary shares. This resolution, 
is essentially a renewal of the authority given at 
each of our last five Annual General Meetings, 
but it now expressly recognises that the Board 
zoay.wish to guarantee the issue, by a subsidiary, 
of securities convertible into ordinary shares of 
the Company, as wdl as issuing such securities 
directly. The only other change is that, whereas ~ 
in previous years the authority to issue shares haS; 
been limited to 3 per cent of the nominal value of: 
the Company’s issued ordinary share capital, the" 
present resolution increases that limit to 5 per 
cent This is because the Board has in mind the V 
desirability of being able to undertake in one year, 
more than one financing operation like the 
convertible Enro-dollar bond issue of 1977, - - 

referred to on page 9 of the Annual Report. That , 
issue was the only occasion that we have used 
the authority conferred on the Board over the ; 
lastfive years. 




Prospects for 1978 


Before X conclude, I know that yon win want me f. 
to say something about prospects for the current 7 
-year. At our Press Conference in March, we 
explained that the problems that arose -from the J 
disappointing level of demand in the second half : 
of last year, and from overcapacity, were bound 
to carry over into 1 978. Wealso said that we could, 
riot see any major improvement in world trade " 
•conditions occurring this year. At present, many ' 
of theproblems we referred to are stflhvith ns, 
and therehas been no significant change in the 
general economic outlook. In the United 
Kingdom arid on the Continent, our sales in the - 
early months of this year have shown a modest 
improvement compared with the worst of the ' 

downturn we experienced in the second half of 7 
last year. Particularly on the Continent, tnere 
continues to be fairly severe competition m some- 
sectors, which is leading to price weakness. We ; 
see this weakness persisting until there is a i 

significant reduction in the amount ofunder-usedS 
capacity. " 

I began by defmmgmdustrial freedom as the 
creation of circumstances in which industry can [ 
be free to act responsibly to build lasting ” 


fitedoi^ to' bztild on it and to be fully aware of 
our sodal responsibilities. These are indivisible : 
preconditions far meeting the challenges of the ~ 
80*8. 1 am sure we shall match up to them.” 


ia 


^ A 







26 


Tax aid. provisions absorb 
Burmah’s full-year profit 



No si 


Financial Times Thursday 'April 20. i97£| 



AFTER REDUCING the first-hd* 
loss from 04i)6m. to 
Bunnah OQ Company 
1977 with a small pre-tax prone 
of £S.6lm. compared with a 
deficit of £7 59m. in 1976. 

However, after tax of n033m- 
(0.11m.), minority interests of 
£326.000 (£164,000), estraorfiM^ 
debits of £25.61m. 
credits) and Preference dividends 

of i057m. (£L02m.) the net toss 
is £33.53nu compared with £7.94ni. 

The loss per £1 share before 
extraordinary items is shown at 
5-5p (7.14P). 19W 

£000 flWO 

Turnover net of dooes ... KTjg *MjJ 
Operating profit— ex. shpg. 43.™ 
OperabBB loss — shlpplna — 

N« opera dm; profit" — — 

Ibv eetpi^rt income — 

Interest ••■■■ 

Profit twfore tax 

Tax 

Net loss — 

To minorities 

ExtraonL debits , 

leaving k»s 
Pref. dividends 

Loss to reserves 

• After depreciation 


36.756 
6,633 
3.203 
8.227 
3,609 
10.23* 
6.C33 
326 
25,614 
£.563 
670 
. 33.533 

depiction 


33.S1S 
39.383 
13.565 
6X37 
9X59 
17.WJ 
1.111 
9.098 
IM 
J2JM8 
6Jm 
y.023 
7.937 
and 
t Loss. 


amortisation iU.OSm, OMifim.l. 

* C Onee again there is no 
Ordinary dividend.. The W W* 
ment was an interim of 5X6p net 
per £1 share for 1974. 

The directors report that a suc- 


cessful year's trading by Burmab 
Castrol Europe and Quinton 
HazelL together with a redaction 
in head office expenses, contribu- 
ted to the 28 per cent increase 
in operating profit excluding 

^ShippW activities referto the 
croup companies engaged in 
tanfeer operations and liquefied 
natural gas transportation. Losses 
reflect the deeply depressed state 
0 f the tanker market. . 

Interest charges comprise bank 
advances, and loans “ERS? 
within five years of 00-la™ 
(£15 4rn.), an Other loans S0.69UL 
[no 06m.). less interest receivable 
on short-term investments, etc., 

of 02.61m. (flWra.). , 

Bank, etc., interest eseludes 
fLSim. (H58m.) capitalired as 
part of the cost of oil and gas 
exploration and development, and 
in 1976. £9 -57m. applicable to the 

cost of tile, acquisition. and de- 
velopment of Bunnah Oil and Gas 
Company and Buxmah Oil de- 
velopment Inc. sold in June, 3976. 

Net interest is down due to 
the combined effect of lower 
average levels of net borrowings 
and lower interest rates. 

The tax charge Is split as to. 
TjjC. corporation tax £10.4im. 
i£lC.5lm-). less relief for overseas 
Ra tion 00.47m. (£882m.); tax 


on dividends from UJC, companies 
£643,000 f £776, 000); overseas tax 
0.4.79m, 104.01m.); less prior 
year adjustments £522,000 
(£310,000); and less amount repre- 
senting . corporation tax relief 
available on setting revenue losses 
against chargeable capital gains 
of £4.6Sm. (£15.05m.). 

Deferred tax has not been pro- 
vided where tax Is unlikely to 
become payable in the foreseeable 
future. Had this policy applied 
in 1976, the tax charge for that 
year would have been reduced by 
£1,795,000. 

Extraordinary items include 
cancellation fees and provisions 
In respect of shipping operations 
of £24^8m. (£S1.69m-); loss on 
realisation of investments and 
other assets of £L34m. (£6.03®.); 
surplus on sale of subsidiaries and 
certain other trading interests 
nil (£49. 51m.); provisions and 
other adjustments relating to in- 
vestments nQ (£6.99m.); and mis- 
cellaneous debits nil (0.85m). 

Reserves were also affected by 
a deficit of 08.45m. arising from 
adjustments on currency realign- 
ments C£30.78 hl surplus) a re- 
lease of deferred taxation of 
fB9m and an increase in the 
market value of quoted invest- 
ments £904,000. 


THERE IS now evidence of 

Jengtfiemng order boofo m some BOARD MEETINGS 

of Brittains manufacturing units 

with attendant improvement in . tub fonowins companies have notified 
t>,A fiM-vira Mmrurnn and ihe-dates of: Board meetings to tha Stock 
H® Such meetings are usually 

contracts and order . held 'far. the pnrpaaorransriertaB-dwl- 

the civil engineering division is dends. Official tadiauions are soi avail- 
better than at this time last year, able whether dividends con curved are 
«tv« Mr ' K 77 T-afrhfnrd. ChflT- interims or finals and. the subdivisions 
says Mr. r. k. ijatcmoru, bclnw are m^w oa Iasi 

man, in his annual statement. "sear's timetable. 

With a better equity base to-day 

which Will benefit the group as Interim*— Free State Gcdold Mines, 

a whole. n1»w« are already well Free Sate Saalolaas Gold Minina, Prent- 

ndvanreii in Twnert of modernisa- ^ ent brand GuM Mining. Brttddeni Steyn 
aavancea in respect ao]d Minlngr we&om Gold Mining. 

uon and increased output in tne Hidings, 

paper division and additional Finals — cut Hotel, cuuton, enva ms- 
nroductiOn facilities are currently count, Coral Leisure, Dunlop, General 
being installed at the plastics 


being omuaaj « S5S* mUT "EA ThEm 

factory. The res bit ant .J” cre ^r Rubber, Lead Industries, Leadenban 
capacity and productivity, pro- Sterling, Leslie and Godwin. London, and 

. , _ j , u..v ^vnATinitnrA Tmri I Wan anil ■ Owul wrlJl 


Management action alone may tarnal sales of f833 jn- 
not be able to generate a • mg- "A two-for-five scrip Msua as pro- 
nificant profit increase In- aft pored. . 

short term- without an improve-. :Net assets lmxras^ hot. 
ment Jn the level of demand,' «f UEVSM» 
which-'there is -so.-far'-no sign, jon»£b5«.«2 .was to 
Mr. B. G.- BaU-Greene,. the dwlr-requlvaleiit at the year.am^^J® 
man of Unicom Industries says directors DeSevo 
in his annual statement . . hquld resources 
He says that the volume in its cash fi<w from 
TJ.K. factories is no greater .than trading will he , 
in 1973, while profits in ti» period ance the groapscraomn^^ 
have -all more than- doubled. as : pansion having regwd to Phoned 
costs have virtually doubtetL commitments for 
However there is dewly a limit tore, increase! 
beyond which profitability cannot and allowing t or tiieeffeots of to- 
be Improved without an .Tiptuni. fiation In the foreseeable siture. 
in markets. ’ ' 


• • . T ■' ‘>J- k . ;/’■ 

2S5p (207p) vduing jprior <* M 
atpar. ■ . 


improves i 
second hal 



capacity .anu pnmucm' 1 /! ..r- sterling, Leslie ana ooawu. unxuni.wia 
vided by too capital expenditure Holy rood Trust. London and ■ Provincial 

to believe that there is every Motorgi scorflsh aiortcaae and imst. 
encouragement that toe steaay selection Tmsz. wusan < Connolly): 
profit improvement which 'began future dates 

in 1977 will continue over the imvims— 

course of 1978. Beralt Tin and Wolfram - Aw.Sf 

For 1977 pre-tax profits, re- Safeguard Industrial Investments Apr. 27 

ported -March 17. advanced from JJSe’tWadflmiiin Apr. 27 

029,000 to £601,000- after Br(ston Estate May S 

. ... . miiffnnn /CCQnnnt j lf.v * 


Brocks at 
£0.7m. after 
disposal 


j.v /ji lwm iy «vv»|v _i.llu.ui ul 

minorities of £206.000 (£88,000). Boustead ....... — May a 

— of De Votb Hotels and Restaurants Apr. 27 


Apr. SB 
Mar 19 


McLeod Russel passes £8m. 


A Geographical analysis — — 

sales (Wfl4UW zz-vmm - 

(£000s omitted) shows. UJL FC 

£22,155 (£2LH7); Rest of Europe F&raeH. mectrooles 

ftsoss)- The Americas nmcMnson imL 

£i!bbo (£1,498);. Asjj ' ifein 

(£955): Australasia £538 ImIW. Morris and Blakey Wallpapers — May 11 
Africa £262 (072). . Spear and Jackson iE'S? 

The value of goods exported Tootai apt. 27 


Apr. 35 
Apr. 23 
Apr. 23 
Apr. 23 


BUOYANT TEA markets and 
increased crops combined to lift 
pre-tax profit of Mcleod Rossel 
and Company from £5.78m. to an 
estimated £8.58m. in the March 31, 
1978 year. 

Crops Of the group's tea grow- 
ing subsidiaries increased 1.4ni. 
kgs to 17.8m. kgs, while associate 
company crops increased- 3.7m. 
kgs to 42.5m. kgs. 

The UJt. profit of '£374,000 
(£287,000) reflects the disposal of 
trading property acquired last 
year, improved results from 
Buchanan's Warehouse and 
BencMey and Company, and the 
elimination of secretarial fees 
and commissions previously 

received. This elimination 

followed the transfer of business 
to McLeod Ruses! (India’. 

The extraordinary profit of 
£0.99m. (£0.8m.) includes the 

profit jon the sale of shares m 
Malay a) am Plantations (Holdings) 
acquired during the year and 
subsequently disposed of follow- 
ing the failure of its takeover 

0ffer ' 1877-78 1978-77 

£000 £000 

U.K. profit 874 

Trading proBu. invest- 
ment and other income 439 

Assoc, loss - ® 

Indian profit 

Tradinn profits, etc. 

Assoc, profit 

Profit before tax 

Tax - 

Company— 

U.K. 

Indian 

Assoc., companies— 

U.K. reUet 

Indian — 

Net profit 

To minorities 


rate increased some ID per cent- 
to 74-63 per cent, and after all tax 
of £6.56m. (£3.98m.) net profit was 
£2. 02m. (£13m.). . „ 

Owing to uncertaurties about 
Indian taxation, the issuing °f 
shares in Mdeod RusesI (India) 
to the Indian public has been 

de ffarnings per 0 share are shown 
at 40.35P (38.41p) and the dividend 
is lifted from 10p net 13.5p. 


Kuala 
Selangor 
pays 6.6p 


287 


5.345 
2.682 
« jsn. 

6.560 


42S 

136 

5.495 

3.654 

1.841 

5,782 

3,083 


With pre-tax profit ahead from 
064,644 to £203,177 for 1977, Kuala 
Selangor Rubber Co. is hoisting its 
dividend payment to 6.6p net per 
10p share, compared with the 

previous year’s L548p. 

Turnover improved from £399,5^4 
to £466,024 and profit included 
investment income of £17,859 
(£16J57). After tax of 007,316 
(£78,070). stated earnings rose 
from Il.lTp to 12.37p per share. 


468 

4.1B0 


42S 

2557 


Tarmac makes 
counter claim 


detaDs of the extent of the claim 
being made. 

Mr Michael Abbott, chairman of 
Drake and Scull, said yesterday 
that his Board did not, as a result 
of Tarmac's latest action, see any 
reason for not pursuing its own 
claim. The company, he said, had 
received the Tarmac writ but was 
•• confident as to the ultimate out- 
come of the proceedings." 

The dispute between the two 
companies arose towards the end 
of last year after it had been 
revealed that Tarmac faced an 
estimates £12m. loss arising out of 
work being carried out by Cubitts 
Nigeria. Since then, both sides 
have been unable to agree on 
whether or not the warranties in 
the HH and C sale agreement 
covered the Nigerian situation. 

In January, Drake and Scull, 
which HH and C sold to Tarmac 
for f5 3 m , said that it was starting 
proceedings to recovery £750,000 
from the Wolverhampton-based, 
company, a sum it claimed was 
due as a stage payment under the 
sale. Tarmac refused to make the 
payment on the ground that it had 
a number of warranty claims out- 
standing against Drake and Cubitt 
and gave notice that it would 
contest the legal action. 


The value 01 sou us i™™ - ----- ,, 

from the U.K. inefudins transfers Unlied Capitals tav«tmrat Trust Apr. 24 

to overseas subsidiaries and ^ 

branch offices, amounted, to j^rim dividend is raised 
£6.95m. (£5 -29m.). from o.50765p to 0.567P net, with 

With effect from 81 » the directors confident that full 

1977, the company sold its ® par yggj results will justify the maxi- 
cent. interest in Brittams-RiegeL roum permitted payment — 'last 


cent, interest m *»«!•■••»* — mum permitted payment 
and £635,065 representing the net yeai ^ s final was 0.783683p. 
boo kvalue of the assets of that It ^ pro p 0S ed to increase the 
company is included in the authorised capita) from 0.05m. 
£935,807 total of assets sold. . £i.5g m . by the creation of 

Future capital expenditure ^con- 397^ new Preference and 
traded for but -not provided^ for 3525140 new- Ordinary shares, 
in the accounts totalled £295.000 -j^ey will be Issued on the basis of 
(£90,000) and authorised but pot one Preference share for every 20 
contracted for 045,000 (£70,000). Or dinar y shares' held, and. two 
The balance sheet shows fixed ordinary for every seven Ordinary 
assets at £6.62m. (£655m.) held. . 

net current assets at 0.98m- with no provision haring been 
iS.ll m.). , . made for deferred tax, half year 

The annual meeting of the mx takes '028330- compared with 
company, which is held 1636 per an adjusted £78372. Retained pro- 
cent by Oxford University Press, et for the period improved from 
cent! by Norwich Union Life In- £105^12 to £185307- 
surance Society, will be held in 
Stoke-on-Trent on May li at 3 
p.m. . _ „ 

Corporation Prance and o.62 per 
8J1 per cent by Gerad Finance 


This is the first requireMent 
for continuing the improvement 
in trading results from^esdsting 
companies; he -says. . 

Secondly, there are still units 
both .in' the UX. and: overseas - 
which have not yet matched their 
profit -potential, and sound man- 
agement action is needed to Im- 
prove productivity- m these -areas. ' . * 

A third requirement wfB be tmptjtdiNG THE "security divi- 
the ability to maintoto adffffate gfaj, v^ich was sold on Jamirny 
supplies for the diamond 'diviadnTag turnover of Brocks Group of-' 
mer chanting activity,' where Companies expanded from £7^1m. 

stocks have been depleted by; the to £9.48m. in 1977 and pre-tax 
high level of demand in the_ past profits rose from. £855^76 to 
two years. - . ; j -i-V £993348. ' r ,^ ■ -.!• 

Finally, it will be neceasary'-to r Excl uding the - security division 
consolidate its recent acquisitions the figures are £5.85m_ (£431m.) 
and integrate them into divislaxtal and £0.69 nx (£§.tm.) respectively, 
and central management amteol At midway profits -stood - at 
systems, Mr.'Ball-Greene says. £585,743 against £470,220. - ' * 
As reported pre-tax profit .of The security division,- was sola 
Unicorn rose from £5.07m. to to Automated Security Uolamgs 
EtfiSm. in 1977. -■- : i.'in a deal worth mom. : The 

Meeting, Windsor, . BertahirB, proceeds will. be used ■ tp expand 
May 11 at 230 pm. the lectrouics division. 

. including security, - full year 
earnings are given as 532p (5.67p) 

' .per lOp share and .excluding 

•: •; security at 4J7p. The -final- divi- 
' • dend is 2.004P net for a ma xim um 
v permitted total of 3.4Mp <3.013p). 

• r •: 18IT i>78 

. ’ ‘ ..' s v ■. -x 

. • ’ Turnover rr**r* 8| jS l 5? 

- ,, PrtW before ux - 9BJM , IKUS 

jading Tax rocoverahle 
Green- To tax equal, ras. TOJ44 «£7M 


AFTER A marginal rise 
£230381 to £234370 to the 
half, pre-tax profits of Ctew 
CaDender »n«i Co. finished 
ahead 'from £479,598 to £5 
on turnover of £5fi3m. com 
with £4fi8m. M 

.With tax taking SS 
(£238388) earnings' are sber 
4p (3.4p) per 10p share an 
dividend fa Sifted front L 
Lffip net with a final of 0.71 
The group manufactures.,^- 
men damp-proof courses 
sheeting. ■ - ' 


' r ; Ik 

h’M "• 


Upsurge^ 
Moorhousil 
& Brook 


- N ' 


Greenfoank 
sees more 


PROFIT FOR the year to - 
ary 31, - 1978 of Mocwhoi» . - 
Brook, the wooflea and w,- 
doth manufacturing group, 

from £771315 to a t-. - 

0,329308; subject to. tit -- 
£789,881 against £401386/ : " 
A.final dividend of 432p (3 .. ; - 
net steps up the total 'ft- 
year from 4378p to 4JB9p p-.. 
-share ... 1 : 


progress 

Although difficult . 
conditions continue for. 


can muons cuuuuuu — — — . -. mujur ibtssi- 

bank* ■ Industria l Hgh frge 5S2m dMdmd““L“- SSSS 104*22? 

engineering an d propg rty develop- ^posed - .i«74l 144,639 

ing group, the current oruoc book ^ mdndmK " 1J "" 

and sates to date indicate' . the j&nnarj a 
likelihood of another satisfactqry 


Steetley 
starts as 


EECurlty ClrisiDii sold on 


First half 
rise by Wade 


Midway rise 
at Long 
and Hambly 


UIVGUUOVU V* w-w--— ; 7_ - 

year, says Mr. B. K. T homas, th e 
chairman, in has annual sta t ement. 

Members are told that the con- 
tinuing recession in both. tFJC and 
world trade inevitably- reduced 
the overall volume of avadahte 
b usiness and the resulting in- 
crease in competition brought, a 
strong downward pressure on 


Secs. Trust 
Scotland 


increase 

revenue 


of Securities 


Extraordinary profits 

Pref. dividends 

Attributable Ord. .... , ----- 

y-ingshret shet shet shet shretaoi 
During the year the Indian tax 


34 

1.835 

2.021 

305 

1.716 

994 

91 

2.619 


1JW 

1,799 

161 

1.639 

77 

91 

1.IC4 


TARMAC, the Wolverhampton- 
based civil engineering group, has 
made a counter claim against 
Drake and Scuff Holdings arising 
from the purchase m 1976 of 
Holland, Hannen and Cubitts, a 
Drake and Scull subsidiary- 
Tarmac - said last mgbt thata 
writ had been served on Drake 
and Scull but would not give 


COMMUNICATIONS 

SOFTWARE 


Communications Software, the 
software house and computer 
consultancy based at South Nor- 
wood, London, and Tiptree. Essex, 
is not connected with Communi- 
cations Software Limited, which, 
as reported yesterday, 1* tne 
subject of a High Court wmdmg;- 
up order. • 


On sales of £4.1 5m. against 
£3.1m., pre-tax profit of Wade 
Potteries advanced by GO per cent 
from £225.491 to £360.162 for the 
six months to January 31. 1978. 

In view of the known cost in- 
creases still to come, the directors 
say it would be unrealistic to 
expect the improvement in profit- 
ability to continue at this rate 
for the full year. 

Nevertheles, they feel that 
1977-78 will show a significant 
advance over the previous year’s 
somewhat depressed resulte. when 
a reduced profit of £623,453 was 
recorded. , 

Stated half year' earnings are 
2.897p (1.83Ip) per lOp share and 


On turnover up from £5.12m. 
to £5.05 m. taxable profit of Long 
H wri Ffamhly rose £38,000 to 
£325,000 in the six months to 
February 4. 1978. 

The directors are confident 
that the full year result will ex- 
ceed last year's £663,450 total, as 
profits to date are running at a 
higher rate than last year. 

The result is after interest of 
£44,000 (£59.000) and subject to 
lax of £169.000 (£150,000). Re- 
tained profit Is £128,000 (£133,000). 

Earnings per lOp share are 
given at Sp (2.66p) ami the in- 
terim dividend is up from 0.4p 
to 0.43p. net Last year a 1.038p 
final was paid, and the directors 
expect to pay a maximum per- 
mitted total this year. 


uo . u4 Gross ,v,w— _ • — _ _ - - " 

Drofit* margins in many of the Trust of Scotiawd f or -to e year to 
Company’s traditional markets: at March 31, 1978, 
home and overseas.'-' This to- £2fim. to £2.<m. and. revenue 

gether wito the stwmgejr pound earned for r °“ 

STi? 

Ge L known, pre-tax • profit from 5.4p to Alp net with a final 

advanced from 0,495^97’ to a of 3£sp. . , e . .x 

re^Sa.155,068 for 1977, oh ex- The net asset value te given at 


expected ^ 

Addressing the AG^ of Sti- -J. - 
Company Mr. Harry 'Smith,.,' - 
man told members -toa) - 
current year had . started, -- : J- • 
or less: as expected! ant' 
directors were encouraged L 
some continuing sign s yf, in .-;: 
big performance . 'from . !. ;. 
Canadian s ubsidiaries: . . 

Although ’some -of -.toa 
pan/s UJC actirities wm"- - ' 
forming rather better tha^- - ". 
pected, this improyement w : - 
no means uniform. • ~ ■ 

' It. was still possible. to*. 
company would achieve s- 
profit to last year's S333Nm - ; 
this depended;. on some gr . 
improvement in. trading 
tions of which, as ys;toer. .... . 

no positive indication^ la «■' — ■ 


.. t:- 


v.‘. % 

r 

. - . .T* 



“Profit ... on our UK 
operations showed a 
very significant 
increase of 53%” 

“Exports increased 
again by 30% to £71 rri 

“Overall we look forward 
with confidence to the 
opportunities and 
challenges in 1978 ! 

; Lord Caldecote, Chairman 


.39 


\99 



m 

„ . i 


Rewinding a power station alternator by British Electrical Repairs Ltd ^ 
one of Me largest specialist electrical repair organtsatrons. 


* Capital expenditure up 27% 
on 1976 

^ Debt equity ratio improved 
to 0.6 : 1 

% Overseas earnings reduced 
by difficult trading conditions 
and strong pound 

■l 

i 


r 


Summary of Results 


1977 

£M 

Sales - External ; 469.1 3 

Profit before Tax 26.70 
Attributable profit 11.36 


1 

i 

i 

L 


For each 25p Ordinary Share 
Earnings 8.2p 

Dividends 5.01 83p 

Net assets 98p 


1976 | 
£M “ 
427.53 ■ 
24.61 | 
11.78 | 

I 

8.8p i 

4.493p 1 







Copies of the full report and accounts available from the 
The Delta Metal Company Limited, 1 Kingsway, London WC2B X . 



A 


TI^ announcement appeos as a mattar cineadon^f, MarofrtflW 



’ i i , 


' .Advance FacUiiy 

4. « ' ■ 



1 


i „ 


Arranged by \ 







Provided by 

Allied Irish Investment Bank Limited / \ 

The Bank of Nova Scotia : J . ^ . 

Barclays Merchant Bank Limited 

Canadian Imperial Bank of Commerce . 

Morgan Grenfell .& Co. Limited 

Northern Bank Development Corporation Limited 
The Royal Bank of Canada 
UlsterBank Limit«l . 

Westdeiitsche Landesbank Girozentrale . 
Williams & GIyn*s Bank Li mited 


■ . . :.SS 5 ■" “ • - . 


. ,-u 


: is*. 

- : ci 


S.. . - ■“ - 


• -4 v: 

4* 

■r-'l.rf 


- • CU 


k, : : 


. Introduced by 
FuHon Packshaw LttL 
. advisers to the borrower . 


! Il 



This announcwimofappo® 5 as a matter of record only. 


March ft $ ' 





X" V - 


'K-k 


-■ -i* 


' 




Arrariged.by 






Morgan Grenfeil & Co. Limited |4 


Provided by : 

BankofT<*yt>rttd- . v i 

Banque de 1’lndochine etde Suez ^ - 

Canadian Imperial Bsmfcof .Copni^c© 
Comrnettbank AG. , , 

Detfeche Bank AG ■■ • 


87p | 

al 


A major international group manufacturint 
building products, electrical equipment 
engineering components and non-ferrous metals. 



Dresdner Bank AG 

•. London Branch;..- 


Morgan Grenteii &Co- Limited 
. introduced by 

M.W 





t* 










/ 


\ 


*1 



^ Thursday April. 20. 1978 



I f-'alle 
: «%«: 












& 




Incorporated in Hong Kong with Limited Liability 

Statement by the Chairman, Mr MGR Sandberg 
at 

on 14 April, 1978. 


' isation schemes,’ by which are really meant 
schemes which keep commodity prices high. 
This is what the oil producers achieved in 
1973/74. The results were disastrous and oil 
prices have since inevitably slipped back con- 
siderably .in real terms. What the producers 
should really seek is an optimum level which 
permits steadily rising demand from the indus- 
trial countries. The revival of prices in 1977 de- 
pended ultimately on' the good rate of growth 


-^eetley 
Marts as . 
expected : 

- ... ■;-* 

. ’ 

■■ v..;*** 


' ;• . — 

■ ’■ "i‘ */ 
• ■- 




• r. 


Your Board of Directors and I are pleased to 
. see how many of you. have been .able .to 
. : 5att^ .this, y^ris Ordinary Annual,, General 
. 'Meeting and bid you welcome. - 
:' 'tThe i '<iixpijp v- Consolidated Profit -for \X9TI 
^ “showed arise of HKS129 million or 33% over 
1976- t©HK$522 million. This figure : i$ as 
. .iw : , .usual; arrived at after ded uction of the zfit&ssts 
^ pgpirtside shareholders in subsidiaries! 

;ppbfi t of The Hongfcopg and Shanghai: Ban fc- 

ing. Corporation. — the Group parent^ -was - in the USA, especially in the first half of the 
HK&428 million, a rise of HKS72 milliot£byer year. 

;1976.-This profit was arrived at aftfer^making Currency fluctuations have justifiably worried 
•/sacH .transfers and provisions as your Board many of us since we met last year and here 
considered proper and included dividends je- again businessmen properly prefer stability, 

ceived from the following members the 


"j-e 


Group: 

The British Bank of the Middle East ' “ 

Mercantile Bank Ltd. • - */ : 

Hang Seng BahkLtd. . : V " ' 

WardleyLtd. '- 1 

Wayhong Investinen t Ltd. " •• i 

rand, various Trustee, Finance and Holding 
Companies. Profits in other subsidiaries were 
. retained. -' .'tv 

It is proposed to transfer the slightly- higher 
amount of HK$60 million to the published 
reserves. Asaiready announced your Directors 
arerecommending tothis^heeting'a final diyi- 
. dend ofHK$0.47a share. Includingthe interim •' 
dividend of HKS0.18 paid in September;'® 7 ; 
tliis- will result hi a total distribution of 
HKS0.65 for rthe year oh the capital as I jl- 
• creased by the bonus issue last year of onehew 
—share for every ten -held . This’ compares . with a. : 
total, distribution ofHK$0.60 for 1976,-p.ii the. 

. i j -i . r v ^ np"-x , _ ■ ‘j. if)6 ^ 


It is said that the USA should so conduct its 
affairs that the USS is steady. But the weakness 
L of the - USS is due not to higher rates of in- 
flation in the USA than elsewhere, but to 
. America's huge balance of payments deficit. 
No one would have been happy if the USA had 
cut imports in. 1977 by USS27,G00 million to 
balance the account, since the fact that the 
world achieved a reasonable growth rate due 
largely to growth in the American economy 
and to this deficit - a fact America’s critics are 
quick to forget 


branches have been opened, or are planned, 
and computerisation is well advanced. 

In Canada, Wardiey. Canada continued to do 
well and has had a successful year,- while l am 
glad to report that our operations in Australia 
are now in a much healthier state. 

The Hongkong Bank of California has also 
shown a substantial improvement in perform- 
ance. It is still bedevilled by the problem of the 
California Franchise Tax, although it- would 
seem that common sense is prevailing and the 
opponents of the Unitary Tax Formula are 
gaining strength. However the. problem as far 
as we are concerned still remains and legis- 
lation that would no longer permit the State 
Franchise Tax Board to apply the Unitary 
Formula in respect of foreign operations has. 
stUl not been introduced. 

Wardiey had another successful year and were 
able to increase their dividend from HKS24 
million to HKS25 million. Wayhong Invest- 
ment, which holds our investments in several 
companies in -The World-Wide Group, and 
also in Cathay Pacific Airways, showed a 
small increase in their dividend. The record of 
Cathay Pacific’s growth^ both in terms of 
assets and profitability, must be the envy of 



of 19 


so 


000 


old. capital, an- ell ecu ve increase 
^inn P YfiMiti which I trust shareholders will find satisfactory. 

i-AGUItt .. Again ^us-year:yoiir^BciardTeels aWe i^xe- 
commend -for - shareholders approval ,af an. 

Extraordinary General Meeting- 'aft^r this 
meeting a bonus :i^ue of one v lieW share,, for ’ 
every ten held on? 14' Aprih^This further- in- ^ 
crease in the Bank’s paid"- .up capital, if ap- 
proved by you, will be achieved by capital- 
isation of approximately HK5I05 miDion from Greater efficiency and less profligacy in 
2 . ,, I the^pubhshed reserve ^md and, this amount America in the use of energy would not only. 

Co. Li 1711160 will.be rekored jby a- corresponding tranter vreducte the US balance of payments deficit but 

““ from the Bank’s inner reserves, thus leaving would do so mainly to countries which have 

.-undisturbed^- the- undistributed profits — -huge-balance .of payments surpluses which 

Your Directors are confident of being able to . they cannot spend. Although President Carter 
* recommend dividends of at least the same would seem to be more aware of the need For 
amount of HK80. 65 for the. current year: and;:, legislation than either the electorate or 
on the proposed increased capital. ... congress, the legislation he has proposed may 
Protectionism has been resisted: better than - hot necessarily be that which is needed and at 
might have been expected, (in spite of Hong . least a partial lifting of price controls to erK 
Kong’s experience in the Textile negotiations courage further exploration in the United 
with the European Economic Community) but . Stales and a better use of sources already 
it remains a danger so long as high rates of discovered would seem to be. a fundamental 


The Hongkong Bank Group 


. : 1976 

1977 

Issued Share Capital 

• •• 

954 

hkS millions 

1,050 

Reserve Fund;.. 


1,189 

1,299 

' Undistributed Profit 

• •• 

' 129 

138 

Deposits 


47;999 

59,781 

Advances 

»»• 

22,016 

29,412 

Bank Premises... 

• •• 

3)055 

1,102 

Net Profit — • — 


.- 394 

522 

Total Assets ... ... ... 


' 66,262 

80,479 . 


unemployment and bankruptcies frighten, 
politicians into supportmgit 


necessity. 

• World population continues to grow at much 




s 3 


The attempt to sustain high, indeed hectic, too - rapid" a rate for comfort in the poorer-: 
rates of growth among thedevdopedco untries -.ri countries, so helping to keep them popr. There- 
collapsed in 1974. These high rates of growth, of course a vicious circle connecting.' rural 
were never, I think, sustainable. We are now - 'poverty and high birth rates arid although 
in the process of. trying to. achieve steady and , there are signs that attention is at last being' 
sustainable growth rates: without excessive paid in less developed countries to population, 
inflafion- Busmessconfideccerequiresstability, growth rates there is still a long way to go. 
but businessmen had come to regard high. .To turn to local matters, in Hong Kong we 


growth rates as normal arid there ate in- 
evitably ^withdrawal symptoms’ as expect- 


have opened a number of new branches, bring- 
ing the total we have here to 150. The largest 



f the 

mouth 


ations are adjusted to 3r- 5 % rates of growth. of these was in the new China building, which 
L‘ rThuPias reshKed imtiafly, in Japan and ^lse- - j£’ouel‘o£ "the. most up-to-date buildings in 
-ftfcerer among businessmen ' about eentreTdistrfot and is a joint venture between 

undertaking capital. investoacnt and among th e the bank and Mr Li Ka Shi ng. 

general public about purchasing non-essential To touch briefly on our subsidiaries, we have 
consumer goods. . ..seen continuing progress by the Hang Seng 

Many of ^the South.. and- South-East Asian ■ . Bank; which produced another record profit 
countries, achieved good rates of growth in , and . record dividend this year, for which we 


1977 because 6f improved commodity prices 
and in some cases good harvests. There have, 
been many demands for ‘commodity stabil- 


ooo 


CO. ^ 


tied 



owe : our thanks to Mr S H Ho, .the Chairman, 
the Hon Q W Lee, the Chief Executive, and 
theirstaff. 

In the Middle East The British Bank of .the 
Middle East has had a very satisfactory year 
and dividends received from this company * 
increased from £3.5 million to £5.5 "million. 
1977 saw a resumption of business in the 
Lebanon but this was achieved amidst an 
. uneasy peace. Regretfully a resolution of both 
"die. Arab/Israeli "confrontation and the dis- 
placed Palestinian People seems as remote, as' 

uver; > % . 

..The operations of The British Bank of the 
Middle East in Saudi Arabia are scheduled- to 


many larger airlines and it is with pleasure that 
1 pay tribute, to their management: In spite of- 
wide publicity given to the problems of .the 
shipping industry, and in particular of that 
part of the industry involving tankers-. The 
World-Wide Group under Mr Y K Pao’s 
leadership has continued .to grow and we are' 
Well pleased With our investments. 

Overseas we .have opened - in Chinatown 
’ London, in the Bahamas, in Edinburgh and in 
Amsterdam..Smce the beginning of the year we 
have opened a'representative office in Houston 
.and will be continuing to look for likely areas 
of expansion. 

In recent years there has been a significant - 
move in the beneficial ownership of your 
.bank’s shares from London to Hong Kong and 
_ about 70 % of. the capital is now held in Hong 
Kong. You will recall that we closed our sub- ; 
sidiary London register three and a half years 
ago and since.then there has been a widening 
divergence in the listing . requirements laid 
down by the Hong Kong and London Stock 
Exchanges. 

Some of the hew requirements in London are, 
in the view of your Board, inappropriate to a 
bank in Hong Kong. This view is Shared by 
- The Ixindon Stock Exchange which has 
granted us dispensation where'necessary. _ 

I think you will agree that it is most desirable 
that your shares should continue to be quoted 
in London but it is perhaps timely for this to be 
Under the alternative arrangements which are 
currently utilised by all the other Hong Kong 
companies quoted on the London Stock 


'MrM G R Sandbergs OBE, Chairman 


Exchange and this is something we shall 
pursue. . 

"The Hong Kong Stock Exchange meanwhile 
has adopted new rules which will require us to 
include in our interim report an unaudited 
profit and loss statement and details of earn- 
ings per :share. We consider these to be 
constructive amendments and although com- 
pliance is not obligatory until next year we 
intend to conform to them immediately. These 
additional .requirements will necessitate an- 

* nouncing our interim results in future after our 
regular board meeting on the fourth Tuesday 
in August, but will mean that the interim and 
final dividends will be more evenly spaced. ■ 
Shareholders will obviously be expecting me to 
elaborate on the recent, announcement that 
following talks with the board of Marine 
Midland Banks Inc. .agreement has .been 
.reached which will eventually result in our 
.holding about 51% of their equity. This is 
- subject to approval by .-both, the Stockholders 
: of ‘ Marine Midland and by the various 

regulatory authorities in the United States 
and I would not wish to say anything which 
appears to pre-empt these approvals. 
Nevertheless I would mention two points. 

: First it is not our intention to interfere either 
with the day to day running of Marine 
Midland or their management which we hold, 

• in high regard,. Secondly the enthusiasm of’ 
both banks promises well for this partnership 
which will rank in assets among the top two 
dozen or so banks in the world. 

You will see from the balance sheet in front of 
. you that your bank is in a very liquid position 
and we shall finance the initial cost of buying 
into Marine Midland from unutilised funds 
which we already have in US dollars. We have 
no plans to raise money from shareholders by 
means of rights issyel 

Mr Eric Udal resigned from your Board of 
Directors on his retirement last April and was 
replaced by Mr John Boyer, who is now 
. Deputy Chairman. I regret that Sir Albert 
Rodrigues will -be retiring from the Board 
under Regulation 89 (H), but I am glad to say 
that he has agreed to continue to give us the 
benefit of his wide experience in Hong Kong 
by becoming a consultant to the. Board until 
the end of this year. 

It would be wrong of me to end without 
paying tribute to my predecessor, Mr Guy 
Sayer. who retired at the end of last August. 
He ably guided the Bank through the problems 
which arose throughout the world following 
the Economic crisis of the early 1970’s. I am 
very glad that his many services, not only to 
the Bank, but to Hong Kong in general, were 
recognised by the award to him of the QBE in 
the New Year’s Honours list. We were 
■heartened also by the award of the OBE to 
Mr R H K Crichton, who has been in charge 
of our Japanese operations since 1975. It is 
with sincerity that I thank all our staff in the 
very many countries in which we operate for 
their hard work and dedication. 

This statement of mine, the Directors’ Report 
and Accounts, my international survey and the 
Group’s abbreviated balance sheet will be in 
your hands by mid-May and copies of the 
Group Accounts which are in front of you 
today have been despatched to shareholders. 


Bank Group 


wijth-Saudi partners, with the latter holding 
'60% iof the equity. The resulting bank will be 
then known as the Saudi British Bank, and as' a 
locally incorporated bank will be able to open 
additional branches in the Kingdom. 

The Mercantile Bank, whose main area of 
operation is in India, showed encouraging 
growth 'in that country, while in Mauritius new 


Principal subsidiary and associate members of the Hongkong Bank Group:- 
The British Bank of the Middle East Mercantile Bank Limited 

Wardiey limited " The Hongkong Bank of California 
HangSehgBankEimitedr - The Bank of Iran and the Middle East 

Ike British Bank of the Lebanon SAL Antony Gibbs Holdings Ltd 

Wardiey Middle East Limited 


:»: .$ervfce£ offered by the subsidiary and associate companies of the Hongkong Bank Group:— Banking - Merchant Banking Services * Finance and investment 
Investment-Management ' Export Credit - Insurance Services - Bullion Dealing • Company Data Information - Travellers Cheques • Credit Cards • Trustee Services - Nominee 


Services 




MIlA. 


Vi trs, 
■H 11 K 7 


i* 

alii 









- . .tf- 


-■ - - -" a .".•■-•* --..i.. -JLL^Ll - ■■ 'i'A* ''r.V-r*.'- W : '<- ~— '_ J 




THE BRITISH UNEN BANK UMTTED 


Results for the year ended 31st January, 1978 




Pre-taxprofit 

Advances and Leased Assets 
Total .Assets 



£ millions 


1976 

1977 

1978 

15 

2.0 

32 

53 

72 

95 

153 

155 

172 


Improved Profitability 


Year ended 31 st December 


Mr. T. N. Risk, Governor, commented in his Statement 


Turnover 
Profit before Tax 
Earnings pershare 
Dividends per share 


1977 
£000 
2 9,441 
601 
4.Tp 
1.5p 


..1976 

£000 

27,244 

329. 

1.2p 

1.05p 


“The strong growth in earnings and the consequent substantially increased 
profit were primarily the product of greater volumes of business in all the 
activities in which we are engaged * 


"In a year of further consolidation the Group, in 
line with forecast, maintained a limited but steady 
rate of improvement in profitability over the course of 
the year. 


Bank of- England Minimum . 

Lending Rate 7} ver cent. , 
{since .April IX, 1978V ' ' ' : . 

Yesterday was die thirds Wed- 
nesday in. -the .month, and thus 
published figure day for the hanks,, 
leading to - a' sharp- discrepancy- 
between fimds tent, to the “dis- 
count, houses and in the interbank 
market Fears about possible re- 
impoation T>f “ corset "‘catum, 
and the need tor bankB to maih.- 
fcain. the correct level of reserve 
assets created another two- tier 
market, with reserves asset money' 
lent at call to: the discount houses 
at a much lower level than, com- 
parable funds traded in the inter- 


bank market -/• ;r : ~ - 

;piiscoimt holies pail >5f per- 
cent, for se oared caH, , -loans, tvifh 
most money- taken- at^atOnhd /b-p6fc 
cent, ■ white interbank' . overnight 
rates were per cent^it hmeh , 
and closed at:1245 per cent., i. v 

: "Longer tenn interest rates 
tended tb ease. hoyevar, a? a 
reflection of the improved; senft- 
meat in the ihbnej-taafktffc. The. 
rise of 1- per cent^ft-'fciriKTraBe 

'lending rates, in line veth 'the 
lucent increase in’ Bank Of Bng- 
' land .Minimum Leiidihjf^te, and 


■the resumption -of Meg ' df 
edged '.stock by antirodOK 
led to a general easing of ;*atei 


with diseotm t-houses 1 hnyKi" ^ 
for '- three-toonEfcr Treaaur;^ .! 
fsSiarto .VS4 per"c&Jt"far: \:' . 
frdm 7rtr7J- per cent'; £Bh - 
eat»thatMLR is Jwwjanoi> 

. to rttaafij-at. 7i- per cent- * ’ 
Tr ea sm y' b& tear 
-Djtj-tbday . credit 1 - wj .: : "- 
‘adequate . supply yeaerdR'-'-v \ 
ftie authorities did xtht inV . - 
/ Banks- hiw®ht forward- t’*. 
balances; there- was as. faiL'l"-.- - 
tM5te;circulation, and. the ' ' . 
Wai sdsb helped "fcy.net a**, 
Treasury bfite- On the-.f; - 
band-; settlement was ufiar-'-'-' 
officW gflpedged a{> 
authorities held -matuilnf . 
authority bills. • T , . . ; .V- 


Corporate Advisor} Services CommerdalLoans 
Acceptances Leasing Deposits Direct Investment 


THE BRITISH LINEN BANK LIMITED 

The Merchant Bankof the Bank of Scotland Group. 


4 Melville Street, Edinburgh, EH3 7NZ. Tel. No. 031-226 4071 
and at 87 St. Vincent Street, Glasgow, G2 5TJ. Tel. No. 041-221 6692 


In the continuing absenceof any worthwhile 
growth in very competitive world trade, business 
confidence remains uncertain; however there is now . 
evidence.of lengthening-order books in some of our - 
manufacturing units with. attendant improvement in 
the service companies. 

The planned capital expenditure programme in the 
paper' and plastic divisions will provide increased 
capacity and improved productivity, and, barring - 
unforeseen circumstances, there is every 
encouragement that the steady profit-improvement, 
which began last year, will continue over thecourse 
of 1 978." 

K. R. Latchford, Chairmen 


Ovferftl£bt^;.. 
2<itjrS> nutlet. . 
7 days or. .- 
1 'l*y* notice^ 
One month—.. 
Tiro month*... 
■Three nn-jncti’-. 

Six month*,.-. 
Nine month!".. 

One yerfr. 

rworwr* i 


Sterlisz 

Certificate 

otdeposita 

lntoAfuifc • 

Looaj , 

A minority - 
deposit* 

LookI .Anth. 
nexndsbleJ 
bond* 

. JMtmoi 

, JOiMfc- 1 Cor^MQ- . market ' 
-.DejJoiito XfaW&U dt^Mlc- 

Twiaury 
• Bills « 

7is-7ai 

7se-7* 

m 

as*.- 

6*18- ■ 

■Wa-76* 

. -aiaiiE 
.ai«^3* : 
9H &fft 

7-7S* 

714-764 

7U.71* 

xfok ; 

8aa-9'' 

.7l»-7 

714-7:' 

- 7fe-7U 

8V-8. 

- 8S|»4L 

- ' 7- W* ■ b'Ces* 

, ; 7 5‘- h 
L : 

S--~ 

6V^- 
• 6« 
BSI-7A 


ElifijW* 
.B*qk" ?: 
Bifto*” ■ 


$2S 


Local authorities and -finance hdtrses seven ‘d&i‘ tmict nt&jrs -streh dti^r'fliid. ; .Lons-terro local aatMErtr tndoCl 
nominally three yean 10J-U por-ceau foar years . oMLj.-Seft wais llS-airver cent. «$ Bank bill rttaBrin .* 

buying rates tor prime paper. Buyout rates Jot 'tontfaoMb banlr MUa- mu-Tt pflr ctnr^ • four-month trade bills « pcr.' _ 
Approximate selling rates for one-Jnoath Tnmtty. Irina ChiUn ’par cent.: two-nWmfc 6tStt V*t cent: and .thr,. • 
R-BlSir Per cent; Approximate selBaft nUn Xor. «ne-toooUl bank whs Ttu-tsu per certL: two-moha *?*'**•■? 

threc-toontb TSta per cent- . .OOe-mBWi trade bills ft- per cent; two-month 7i per cont^ an*- toeergyaq^rt , 
Pbuace Hoae Base Bates IpubUAed by Hie. Fhuince Bouaea Aapclatlop>.7 ceil.- from April t, /«•! 
QapasH Rates <Tor small sums at tt^n Cars’ norfce> t'per com oewjnj «an» Base Rata for lending ti per cent.^ • 
am*: Average tender rates of Racoon 6 J<81 per cent. . , . . 




i 



BOFFELSFONTEIN 

GOLD MINING COMPANY LIMITED 


Issued Capital— 11 .000,000 shares of R1 each. 


Operating results 


9 months 

Quarter ended ended 

SI Mar. 31 Dec. 31 Mar. 
1978 1977 1978 


Ore mined 

Ora milled by Stilfontein 

Ore milled —Total 

Gakf produced - 

Gold produced by Siilfoniein . . 

Gold produced— Total 

Yield 

Yield bv Stilfontein 

Yield— Total 

Workinp revenue perron milled 
Working cost per ton milled ... 
Income pat ton milled 


750.000 

48.000 

7S*.000 

6.893-443 

360-021 

7.253-464 

9-19 

7-50 

9-09 

43-72 

30-20 

13-52 


734.000 
15.000 

749.000 
6.772-957 

112-846 

6.885-803 

9-23 

7-52 

9-19 

43-64 

30-76 

12-88 


2.279.000 
65 000 

2.344.000 
20.999-247 

490-020 

21.489-267 

9-21 

7-54 

9-17 

4104 

29-70 

11-34 


Uranium 

Pulp treated 

Cxida produced 

Yield per ton 


(f) 750.000 

(iff) T56.400 

(figit) 0-209 


734.000 2.279.000 
751.300 481.000 

0-206 0-211 


Financial (R'000) . 

Working revenue 

Working costs. 


( gold) 

.... (gold) 


Tribute agreement— 
Vaal Reef (Natl) 


Income 

Income 

Tribute agreement — 
Vaal Reef (Nett) . . . . 
Income on sale of pyriie . 
Income on sale ol acid . 


(gold) 

, . . (uranium) 


Income at mine 

Net additional revenue 

Loss interest 


Income before taxation and Stele’s 

share of income 

Taxation and Staie’sshaie of Income. . . 


Income after taxation and Stale’s, share 
of Income 


Capital expenditure : Gold 

Uranium and acid 

Trade investments 

Dividends : declared 

cents per share .......... 

Loan repayments 

Loan balance outstanding ........... 

Loan levies 

Capital expenditure commitments 

Capital expenditure for remainder of year 


Development 

Advanced (m) 

Sampling results -.Sampled («0 

Channel width (cm) 

Average value: Gold (emff/t) 

Uranium (cmJtglt) 

Payable: 

Metres {nfl 

Percentage 

Channel width .(cm) 

Value : Gold (ff/0 

(Ohff/i) 

Uranium . ; (iff It) 

.......... (c mJcg/t) 


10.787 

9,645 

26.578 

(234) 

116 

5 

10.553 

9.761 

26583 

3.971 

482 

3.402 

(3) 

12 

55 

71 

139 

310 

21 

26. 

66 

14,613 

10,420 

36.416 

365 

615 

1,768 

4 

2 

10 

‘ 14.974 

11.033 

38.174 

6,250 

2.309 

13.756 

8,724 

8.724 

24.418 

4,548 

_ 3372 

10.699 

55 

22 

211 

— 

(18) 

(IE) 

— 

6,600 

6.600 

ty — 

- 60 

60 

28 

28 

28 

536 

252 

1.347 

9.340 

10.638 

9.340 

6.373 

11,289 

6.373 

15.550 

15.503 

47.204 

1.302 

1.443 

4.116 

103 

105 

105 

1,435 

1,887 

1.678 

45-05 

57-61 

51-47 

624 

861 

2.343 

47-9 

59-7 

56-9 

83 

100 

9B 

23-04 

25-67 

23-39 

2.019 

• 2.571 

2J!82 

0-588 

0-722 

0-638 

61-49 

72-30 

62-26 


Development Summary 

Three months ended 31 Match 1978 

Par- Channel 


Area 

Payable centage 
metres payable 

Width 

. cm 

g/t 

cm.glt 

kg ft cm fa ft 

Fioneer Secondary 15 

15-6 

123 

12-25 

1,502 

0-425 

52-14 

Lucas Block . 

. 72 

52-2 

65 

24-60 

1,587 

0-887 

5682 

Southern Shaft 

372 

54-6 

78 

27-57 

2,15 8 

0-620 

43-33 

Orangia Shaft . 

. 105 

52-2 

126 

15-89 

1399 

0-390 

49-12 

South Vaal . . 

. 60 

32-3- 

98 

18-63 

1,851 

0-702 

69-81 

Eastern Shaft . 

— 

— 

— 

— 

— 


1 

Totals . . . 

. 624 

47-9 

88 

23-04 

2.019 

0-563 

51-49 


PRODUCTION 

Portion of the tonnage stockpiled has been treated, thereby increasing the 
milled throughput by 49.Q00 ions over rho pest quarter. 


FINANCIAL 


The income from uranium has increased by R3.500.000 over the previous 
quarter, due id increased sales, while the gold ravenus remained constant. The 
increase In worfcing costs is due. almost entirely, to tho increase in lhe tariffs for 
electricity. 

The main hems of capital expenditure were the Streihmore shaft, .refrigeration 
and electronic are sorters in the Reduction plant. 


On behalf of the board, 
J.C. FRITZ Directors 

d.j.thebon 





’ " V ‘ > - • ‘ . /, 








• ■ V ; 


\.t6' : - • 


GOLD MINING COMPANIES' 

All companies mentioned are incorporated in 


REPORTS FOR THE QUARTER ENDED 31 MARCH 1978 

the Republic of South Africa . r! .'_ v. 




■■ ,:‘;x zrj- 




SOUTH ROODEPCORT 

MAIN REEF AREAS LIMITED 


Quartar ended. ■■ ■■ 
31 Mar. 31D«C.'. 

1978 • 1977' 


Issued Capital— ) .420,563 shares of 56 cents each. 
Operating results 


Quarter ended 
31 Mar. 31 Dec. 
1978 1377 


$ months, 
ended 
31 Mar. 
1978 


Gold ' 

Ore miJIed ex underground . 
Ore milled ex stockpile . . . . 

Total ore milled ...' 

Gold produced 

Yield 


GOLD MINING COMPANY LIMITED 


232.500' 
148-522 
0-8 4- 


240. (JOG 
1 534)72' 
G64 


•* Issued Capital— \ 3.062^20 shares of 50 cents each. 

'■ y ' -j>'K- 

Operating restfta -• 


Ore milled 

Gold produced 

Yield 

Working revenue per ion milled 
Working cost per ton milled . . . 
Loss per ton milled 


55.850 

234-746 

4-20 

2047 

24-12 

3-65 


56700 
264-712 
*67 
¥:& 
;2o 30 
- 0-95 


183.850 

“73-857 

4-75 

21-35 

23-96 

2-61 


Uranium 

Tons treated 

Uranium produced 

Yield ; 


Mar.' 

1978 


Quarter earictfih 


SE R 


230.600 

71.498 

0-310 


240,580. 

■ 76.780 
0-3T 5 ‘ 


Financial (R’000) 

Working revenue ....*.. ( gold) 

Net revenue ... 1 (uranium) 

Net revenue- (add end pyrite) 


Financial (R’000) 

Working revenue 

Working costs 


Loss 

State aid 

Net additional expenditure 


Total revenue". . . v . 
•Working costs: 

Underground operations .... 
Per ton milled ............. 

Surface 

Per ton milled 


• • * - (8) 



; % 

i Stilfontein oni'milled (f) 

>4 Gold produced — Stilfontein Ore . . (iff) 

Yeld— Stilfontein ore ;. (j git) _ , 

"• Working ravenua per ton mined' . . - .- ~’ 

. Working cost per Bin milled . . (P) - 

lAr-ftm, fuv Inn mflUri **■ ■ . ' f4l- 


income per ton mffied ; . .‘y. (A)-, 


474J0QQ 
3,933-000 
. ' 8-90 
• 40-37 

37*75 
3-22. 


. 482;QD&- 
4,124-474 


. { I -■ . 

: 41*90 fri: ‘ - 

. 36-32 




Income before taxation 
Taxation 


Total working costs u... 

Total per ton milled (R) 


Income after taxation 


Capital expenditure 

Dividends : declared 

cent* per share 

Capitol expenditure commitments .... 
Capital expenditure lot remainder of year 


Income 

State aid ^ 

Net additional revenue 


(1.3127 
- 1,681 
' 145 


Income before taxation 

Taxation 


— Income after taxation 


Financial (R'000) . .. \ 

Working revenue ............. (gohSf.^ 

Working costs - (gold)* 

* . 19.419 

v- 17 '* 92 - 

20,198 

.17^08; 

SrataakT. . ... . . 

iQCpma on sale of add " 

\ - HS27 ' 

\ 251 ' 

w- T8 ■ 

2,690 
. C«®. 

■19- 

Tacoma at mine 

Nwodtiltforal revenue 

' -1,786 

•' "> 149 

^ ; -36 . 

■2AS*' 

134 

37 

.tt 

Ipcom*: btebre' taxation and. Stare's 

share dlncome 

TMtetion^and Rota's share of Income 

•^^09 

’ ^-55 - -- 

‘ '£691 f 
- -PSO);- 

Income after taxation and Stare’s alter* 
■{ of Incbftta ........... — 

‘ / 1,858 

2.741 


7r' ; 


nar = -- 


Development 


Advanced 


' 1.127 

1.103 

3.109 

Samcling reaufts : 

: Sampled Or.) 

553 

328 

1.314 

Channel width 


193 

753 

152 

Average value . 
Payable: 


511 

570 

624 

Metres 


80 

50 

273 

Percentage ... 


13-3 

151 

20-8 

Channel width 


156 

12S 

1 60 

Valua 


7-97 

0 25 

8-1 7 



1,247 

1.155 

1,309 


* E*U u des u ranium treatment costs 

Capital expenditure 

Unlisted investments 

Dividends declared : 

Ordinary .'amount 

cents per share 

Deferred: amount ■- 

Band par shore 

Capital e> penduure commitments 

Capital expenditure for remainder of year 


Capital expenditure. . . . . 

Tteda investments.. 

Divfdand*: cfectansd v.. 

cents par share v. •' 

Ldsirrepaymants 

Loan balance ootatauding . .... . - 

Loanloyies ..... .+ .. -- 

C^tfl expendhvrewnmitmmte-'. . 
Coital expenditure fox remainder of year 


Development Summary 
Three months ended 31 March 1978 
Total Development 


Development . 
Advanced--- .. 


("0 


Beef 

Ventemdorp Contact Reef 
Kimberley Reel .... 
Totals " 


Payable Development 


Reef 

Ventertdorp Contact Reef 
Kimberley Reef . . . . 
Totals 


Metres 

advanced 

104 

1,023 

1,127 

Metres 

sampled 

43 

555 

598 

Channel 

width 

cm. 

102 

200 

193 


Per- 

Channel 

Payable 

centage 

v.’rdth 

metres 

payable 

cm. 

8 

17-2 

58 

■ 72 

130 

167 

80 

13-3 

156 


Value 

git cm.ff/t 
a-05 - 516 

2-56 510 

2-65 51 1 


Gold Section 

Advanced 

Sampling results: Sampled 

Channel width 

Average value 

Payable: 

Metres 

Percentage 

Channel width 

Value 


... Cm) 
... (m) 
.. (cm) 
(cm.git) 


... (cm) 
■ • ( 9 ! 0 
(cm.gl ty 


.Value 
g/t cm.git 
13-65 786 

7-76 1.295 

"797 L247 


The working loss, before State aid. of R 204.000 was substantially greater than 
the previous quarter due to the lower yield of 4-2 g, 1 milled. 

An announcement was published in the press on 6 April 1978 inlormlng 
members : 

(i) That development be discontinued as a result of ih» low values obtained 
'. which are inadequate for improvement ol the ore reserve position, 

(ii) “hat the existing ore reserve blocks and haulage piffara which are expected 
to contain slightly higher values than the average lor ;he mine be sloped at a 

- reduced milling me. 

A general meeting ol members will be called in die near future to discuss the 
future of the mine. 


Uranium Section 

Advanced 

Sampling results: Sampled 
Channel w-dth ......... 

Average value: 

Uranium 

Gold 

Payable: 

Metres . 

Percentage 

Channel width 

Value: Uranium .......... 


..... (m) 

.<»>») 

(cni) 


Deeefopment ■ __ • 

Advanced r. ■ 

Sampling results: Sampled . . . (ro) - 

Channel width (on) 

Av#rs!f6vaJcie; Golrf '. {cin.y/fj 

^ ■ ■ Uranium . ; . . ( cnkgft ) 

Payable: . . • ...; .. . • . 

Metre* 

Rteprtitsge:. .... ...... - ■ ' 

Channel width ..... (cm) 

Voted: Gold ............... (pur ■ 

i.-... .(.cm-g/t) 

Uranium ..IKfflO 

, . ‘ .......... (prnJcglt) .. 

Domfcfopment Summery . . 

T/inremooths ended 31 March 1978' '■ 
Total Developmaht . 


©©© 

5*51 


855 
20 
.1,383 
' 79-35 




1 ^nce rh-.r . 


85 7 i-V . 

1JB2S 1 Vhl. 
1.148 J A[i 


Apr:!. 


Uranium 


(c m.kg/t) 
(unfit) 


Gold 


(cm) 

• ■-( hgfi) 

(cmhffiO 
... (Bit) 

(cm.glc)) 


• ■ ‘Channel • ■ « : •— ■ ■ 

. . > -> ' Metrea MinrU width 
Jjbmr ' . advanced sampled tin -• Jiff fait- drU&ft 

-VS .... - * . 7.182 1.017 .23 78-2 1^07 0947 2J *87 f fn 4. ^ 

. VtnteradonsComeer — . • — - — . — — ‘MlP 

•C6mmoo*d* ... . " . — ' — , — ■ « . 

Uvkl Osiane. . ... , -y • • Irr," 172- - "• ~ "<:■> ; * 

Totals ... - 1.132 • 1A>7 ^ 33 : 79^T ;1^07. 0^47 . 2^87 " " ‘ 


Development Summery 

Three months ended 31 March 1978 . 
Gold Section 


. ^yeBJe DhBTefopmdnt . 'feli 

. , ^ rato 

Payabft cartage width • Vatot- Value ; s , Qir* 

■ffeH. •" . metres payable ■' cm gfr caigft fait anJtgft . -'Ss-- 


On behalf of the board, 
A. W S. SCHUMANN 
J.C. FRITZ 


Directors 


Beef 

Main Reef 

South Reof 

Livingstone Red. . . . 

Kimberley Reef 

Ventersdorp Contact Reef 


Per- Channel 

Payable cantage width 

metres payable 'em 

6 8-7 74 


'dth Value 

cm g/t cm.gft 
74 T»7-63 42-65 


• V*ar’. s . V : : '720 ; 70*:, 26 83^1 1322 1-OU - i7- 

■ Venteredorik Contest- C- r-- - 'i - '.H ■ U ,-r. - 

-SSS* ::r - -r ^ c 


80 23-70 18-96 


WEST RAND 

CONSOLIDATED MINES LIMITED 


78 34-43 26-86 


Uranium Section ' 


Per- Channel Uranium • 
Payable centage width - ■ — -■■ —* '- i — 


t Wflih...’: V . 72Q . . 70-8 , -25 88D Z322 1-0T2 v 2fe42^ R]Q>*pl 

■ .p«ctotitmo«k - r J ■■■ ~ - ;, r : : - 

' -The effects orflib H58hwvBla»tfUb#re^lUry4i«pman{ in thg.Kio i r ^J i Ml awe Vv 'vJQ 

.' < 'dhLbddetointiie<l«v«^im«treMhs:TMrdev«I^MiantvriUbem»riteMMte Vv. 

‘-Wgh.rsle.irf advance so-ab e^traOra. es^ihte- payable «op» fsc«.BB80W ; ». 

I ' pow^Thoacd^lh thfrWBrgaretrfwftiviBsfttctthe Bmourrt-otdweJq*- 

' ■ nterrtand. wata*sertxt*m; ifretohrage ntffldd In tJi»terfont WMW*. "iu MK 




Issued Capital— 4.250.000 shares of R1 each 

25,000 deferred shares Of R2 each. 


Operating results 


Gold Section 


Quarter ended 
31 Mar. . 31 Oec. 


Ora milled ex underground . . . 
Ore milled ex surface dumps . 

Total ore milted 

Gold produced 

ex underground sources 

ax surface dump 

Total gold 


1879 

122.000 


148,635 
2.865 
1 57.500 


Reef 

mates payable ■ 

cm 

fall CM fait 

■git craff/f 

White Reef. . . . 

— 

— 

— 

— 

• — 

— _ 

Monarch Reef. . . 

132 

42-3 

38 

3-072 

115-64 

9-15 344 

Upper Monarch Reel 







ZoneZ .... 

139 

39-7 

50 

1-568 

78-59 

1-88 S3 

■Upper Monarch Reef 


B 6 - 8 -, 

76 

1*181 

89-52 


Zone4 .... 

339 

3-29 249 

Other Reefs ... 

— . 


— 

— 



Totals 

610 

48-1 

62 

7-508 

82-67 

Ml : ,234 

PRODUCTION 


- i^wrt'sitLtdsItesetiBxianLlite tontngfi rriffled 61 fftBtarrefltquaiWr • i.^UT\ " 

' ' . V ‘ V, f 

l.^iNAkiaAt' - • ■. . ”^.-.> 7 . -i,;! ft J; - ,, 

-N 6 w#fwjinSn 0 thb.bcteMiriff ^ecffktiiy.i^^theTxi^ la tefri ^»st » ■ "sir ^ r _ \ : 

I ■: ■ --t — . .. J j — ' ■ • ' -*,1 E 


• '. n nvv^ru HUMIBU etmi ■ ■■ nr ■ r— n , 7 — . mpv w w . — b. j" — ■ . 

^rrudptein iterod of ttjtiteLwlreridtenBiMre thtiesvefepmemoftho Krermbari .b, 
TgftiilTta a n de > BB OUndequiiitPWiL~ r ^ • % .. ■ •- - *— ■ p 


.’OriSeh^f ofths board. 

; XtFflrrZL -Oirsitors - ~ - 
; ! B.-JiTkERON • 


723-964 

4-964 

728-923 


The production end development in both the gold end uranium sections wse 
adversely affected by the seismic event which disrupted the efficient operation of 
the Monarch shaft and the inflow of water, after the excessive rainfall during 
January and February, which necessitated the reorganisation of working places. 


: ■ ilowSSteviris bwnMBddiof m* adjtifflttaa-^ which me* WmAww. • 

nseenary} wliAfl Bsrinwdrinvdrtfaienrw 8 t Via 4qd cf thaftancfetycerB.- ’• ‘ « v.,. 


Yield 

ex underground sources . 
ex surface dump 


FINANCIAL 

Despite the increese In electricity tariffs and fhe high volume of weterpumped, 
the costs in total were contained at the samelovol as the previous quarter. 


■* necessary} wh4n Bsrknatfcgore imetve* bt tfre 4qd ofttre ftanefttyetex.'- “ * >5.;^, 

. v - -..j--- . -1 . 

- . . • "J— a .M .. ' Jl \ at-. 


joiwmttburg. 


Uranium Section 
Ore to Stockpile r » . . .. 


On behalf of the board. 

A. W. SCHUMANN Directors 

J.aFR(TZ 


PrfncraHousf. : 


. . . . . ;. T \\ :f i v 




L- •:gs Sre6hamS«r*at-E(^?£N- : i .“ .. rf-..': A :■ y. V -t’ “-.v 





<1 





/ 


T, Fitjancfal Tfines TEursday April 20 1978 

as operations hold Royco 






Delta Metal to £26.7m. with £1.2m. 


up £130,000 downturn fo 
Antony Gibbs 


29 


1 


ssa ss?i ss? ,sa &ss£ arsa-s* ° ther ' s •■*“»£! me jskk *sl. pr, ss *sz*& mum* •s-mr-ess 'sa 

' «5$m!3SiF££ EPSTnS^r - <s ***■ ^ .»> «■» s^^gi-jart^gas s-e, ”£ssi"» ".."■ ga? MSsys f^JJr bSasf^JssJSffi ss!s2 jessed 

. £2&.7irL 1 * on turnover A .£5 -58m.- (xiiJSSia.) surplus on scheme trustees to deficit for 1976 however was ^£3 19m for previous biennium) disclosed profit of Anthony Gibbs down-uafler. At borne it also transfer equipment, etc. 

^rfghte:at-JM6p.l3m. . .- t&erevaluationof proves has JJ* after an Optional Sbit 3 The total transfe^redby Uie Holdings, banker and timber pro- seems, that, the personal financial 

ffBfl t dfrchides ^reduced been transferred to the general f r'oFlSe id ™tor ^ifi^nan M halfway a profit de- society to proprietors’ fund of ductsg-oup. fell from £48a,00o to 

«££**« eon^ . «P*tal reserve, and £1*4™- of sio^ fund b?t suS ahom c,ine from «W*» l ° £320,000 £4.54m. in respect of 1976 and £3So.OOO in 19. j. 

aofi :l&88n fc .tfStltob). Jtad deferred tax has been redesig- the proflt aharine Md?emef whwe recorded. 1977. including a share of interim At halfway directors said that ^£5*5 .f 

nated as revenue «se"“ in the trustees woidd® Mr - *■ H. Strudwick. chairman, terminal, and vesting bonuses, is results in the U.K.. mainly for P^rmanee OTer the last few 

■0OrmrzBJKm- -P*®*. last accounts. . - « so omi b , l JL V narrow s3ys fhBt market conditions are 271 per cent, higher than the banking, insurance broking and *£5*?* 9 n?j£fE&JZJ*T 

' - v V - Earnings per 25p sfwearegjven J* biiioes anyway. at present favourable and the corresponding figure for the two commodity business, had shown a eroun ranifaf^d 

attttsy* the .directors fore- at-83p f8Jp). and a final dividend The mam problem, said Lord group is in a sound position to previous years, despite a small marked improvement. In Aus- ** £?£ ‘LSV.S. l* „ 
atVthe-'second half figures of 34B83p takes the total 'for the Armstrong, was fair represents- benefit from the improvement in reduction to 8.4 per cent, in the tralia. however, the building 2* J wtlnl 

mrt- compare as . wel) with year to 5.0IS3p net *4-493p). lion of all the staff. Two unions t he property market. The indus- proporiion of distributed surplus industry recession had severely 2"* *wS2 

half results. as they had ■ A current cost statement shows were competing with each other triat side of the group’s business allocated to proprietors. affected earnings of Gibbs. Bright, fnanjmM " snK wnjcn . P a,fJ 


vButC- higher; profits for pre-tax profit cut to £16.1Sm. for the staff's loyalty and many has been terminated and the 

tegrg /expected;* (£14. 65m.) by additional deprecla- employees were members of croup is now concentrating on its announced to 

jKfclpxiof £U2.4&n;: (£8.68m.) tion ot £6.45m. (£5.42ai.), an neither. — ” on ' 

«StoOrifF:jnterests of £2.76m. £8.69m. f£8.5flm.) cost of - sales 


'-UHBmOr;- attributable -profit is adjustment, and a ' £0-77m. 
HlJfttL <IU-78m-). ; B£*traQrdlnary (a) 54m.) adjustment, for associate 
■ > idts'ta ke 7 £ QA3rn. -<£Q.6flm.). companies, offset by .a £&39m. 

“■*- Abe-yBaiv.IIA. operations (£489m.j gearing adjustment. 

^^fing pUt .53 per ' 2E 252 

- f?fc 35 m . , - white - overseas 


afils' d ecline d 31 per- .eenL to 


£54m: The overseas decline Depredadwi"' 
due to difficult trading con- tn rerefit 


"agns apri 4aureticy .movements, Carrencr losses 


jyttcularly ln .theesgeond bait 

r unt-^Gridecote,: ihe. chair- t» 

Says- T f - Net profit 


ou tone 

«*,786 C7.SM 
TUM0 5tS06 
IffjEV AfiflO 
. 9,190 9.910 

tW 1J970 
3JM0 4.1B0 
2i.no auu 
J2^« S.8S0 THE 


Weeks slows ?s d 
in second 
half 


affected earnings of Gibbs. Bright, 

The intention has already been a nd consequently group trading U? 

—inounced to mahe future value- profits were expected to be below im- 

properly development activities. lions annually which will result 1976. 

Yearly earnings per 25p share in annual transfers of the pro- attrlbuable 


40 per cent, stake in 


Garner 
expands to 
£1.28m. 


are shown at 3.98p (1.16p loss> prielors’ share of the divisible „««« /rwi qaai was 
with -a final net payment of surplus. « . t 


profit 


the dividend total la stepped 
up from Ip to 1.5p at 8 cost 


of £300,000 (£200,000). 


1177 1976 


SATISFACTORY 


& general in the UJC. there was - 

- - •■C !n £5J?£f aa t frfiSf'SSliS oV”: 

. ,- r .. -products.- bat- the- expected ont drew ends 

: >.:.".WaittJal impmvehjent 'bv the Ebnmordtnsi-s 
•- ■' : -ihalf-^dJd not -materialise. Retained 


2.TB8 

WO 


4.950 



xeeo 

EBM 


.... un 

*330 



mr 

Net profit 

799 

ISM 

Extraordinary debit 

30 

23S 



20fi 

Final 200 — 

* Loss stated after cbarelne an excep- 
tional hem of CUM 400. being an amootii 


Record for 

Bradwall 

Rubber 


bE Myson 

after deducting 1T1 

s and in the case U1 

profit 


extraordinary items of £305AOO 
1351.000). 

Profits are 
minority Interests and 
of the bank, transfers to Inner 
reserves, against which excep- 
tional provisions and losses have' 
been charged. 


debits 


* e*- ; 


” ■ - '^1 ' 


*«! 


3y<6t?Brrf Edropg demand for 

'samn-My -low- .activity*^ 
'i Germim sod French canstruc- 
8*jrrd«stri?&- - ‘ * 

A Australia there was little 
momic growth and profits were 
ected by industrial disputes. In 
nth Africa, profits of sn fr- 
iaries and assotiates were 
ionsly affected by the de- 
•ssed economy, 
directors expect a further 


See Lex 


Midland will 
not close 
Jo’burg office 


T.VXABLE PROFIT for the year 
to ' January 32. 1978, of G&rnar 
Scolblair, the tanning and leather 
manufacturing concern, expanded 
from £1434.000 to £14279.000, on 
turnover of £30.76zn. compared 
with 121. 15 m. 

At the midway stage, when 
announcing profit tip from 
£420,000 to £502.000. the directors 
said that with leather remaining 
in good demand especially from 

Despite the reduction in profit AS FORESHADOWED at the half- ^^» ea f )1 ^" ke J ^' £*& 

the dividend is lifted to a maxi- way stage, when a deficit of K* e S lll f 5jJJ* p improvement for 

m mum 2.19615P (L98625P) with a JE4SL90S against a £752.167 smnplus the fuU year. 

™ iw the 53 weeks ended January 29, aiw Jwjm ■» m* after RISING £97,000 in the final of 1.481 lap net per 25p share., was announced. Myson Group In accordance with ED 19, tax 

nJ« n.TM 1978, turns out to be a profit first seven months to £276,000 Ttis has been done so as n ot to returned to profitability m the for the year takes £345.000 

M“- increase from £488,757 to £698,186, tOMJiuL ^ BrsdwaU (FJLS.) Rubber Estate prejudice shareholders' future second half due mainly to an (adjusted OUBO) 1 and after 

* ' - ended 1977 with pre-tax profit up distributions while the present increase m last quarter sales to minorities of £17,000 (£11,000), 

from £460,741 to a peak X5S4.043. restraint continues, directors say. finish 1977 with a pre-tax profit of avaflable profit dropped from 

Turnover for the yearwas £126350, compared with £1,085,850 £1,065,000 to £91 <,000. 

£l33m. compared with £1.18m^ m mmmpnt last tb®®* Basic earnings per 25p share 

and profit came after replanting w The directors report that the are given as I53p (173p) and 

expenditure of £40344 <£423421. Most merchant banks had a ] eve i 0 f gales and productivity in fully diluted as 21-99p (32JB7p1. 
After tax of £319.115 (£269335) good year in 1977 with rapidly *i. e fir** three months of the A final dividend of 2.73p net, 
net profit was £264.928 (£191,200). falling interest rates reducing curren t year would indicate that lifts the total on increased capital 
The dividend is up from 125p the cost of wholesale money profitability will significantly to 45p j3-25p), absorbing 

Announcing an interim divi- adjusted for the tbree-for-ene while there were plenty of Approve in 1978. 


*38 

SJM 


foHowing a £140,591 rise at half- 
way. 

Earnings are shown at 9-4 p 
(S3p) per lOp share. The divi- 
dend is the promised 13p net on 
capita! doubled by a rights issue, 
the final being 03p. For 1977, 
the total was 1.160ap. 

Deferred tax has been reviewed 


Dividends at 
Sun Life 
Assurance 


in 1 ho -r tm , .-uuiuuiiuiiK uiisiuu u,»i- aojusieu ior mr inree-ior-ene ums 1**0 

iStocoS^LTf^reSl^^ ?«« « rf P t0 W ne < 9" 10 P to-be had on gilts. 


^ into conjderation future plans no against 1>53 28 Pt the' directors or share. 

The cessation of loans. -'to the n rQ g, h ^Jf ? ^f J ^i >een m&de asaiflst Sun Life Assurance Society say 
South African governmentand it* p roDls ^ that if the statutory limitation 

— a - departments was a poUcy based on ’7* T on dividends remains unchanged. SHTTw 

tase in profits this-year, mainly a mixture of moral, commercial, Tnnwvcr 8.753,751 7,139009 a similar final payment "ill be Dividends, interest 

itributed by U.R. companies, economic and bolitical consWera- Tre^imi profit 829.408 •sr.m made (1^8p last year). surplus on in». ■ai* 

trading conditions in many tiocs. said Lord Armstrong; chair- BSftLffj* _ 32^1 However, if statutory limitation 5.?S p ?g u . .??ff t,lire 

areas, ore likely to re- man 0 f 1 Midland Bank at the'AGM SS,** 1 " *" **f? was relaxed or abolished it would 

in difficult. Viscount Caldecote yesterday. Atirihmabie ««.iss stwan he their intention to pay an Dividend - 

•s. • He snj^ that the figures showed Dividend w.t» 43 .t« o increased second half dividend. Retained 

far of very clearly that other banks in. 


Howeaer, Antony Gibbs Holdings _ f or 

seems to be the odd man out from £S628m. t«3£4- 34m. ^ After 


37C.I51 

153.656 

63.177 

MJU4 

584.043 

319.115 

213.090 

31.838 


feD from 


1977 1978 

i i Although its ...... 

1.35.479 profits more than doubled, dis- profi t 

149 599 closed net profits after : x fell £133333. After 

Tiisa by 13 per cent. The group talks interim dividend, a nns 
43J4S of ‘‘losses of an exceptional is to be paid, which 


£1209.116 to 
miishig the 


MS J35 


i«jn? letn area. As the group owns the (92p). 


£197.000 (£107.000). 

1*77-78 

im-77 


JQH® 

IDOO 

Tm-norer 

38.759 

31.14* 

Tradinx profit 

2.BRS 

1.7X0 

Depredation. Interest, etc. 

847 

675 

Prnporry s^tes aantins ... 

« 

19 

Pre-tax profit 

1.214 

1024 

Tax ..... 

345 

38 

Net profit 

934 

l.DBfi 

Minority Interest 

17 

11 

A-rellab!'* 

817 

1.DS5 

Dhrtdemls 

197 

107 

Retained 

7?0 

978 



1978 


EIN 


n the UJC sales so 

ctrical switchgear and cables the" world were taking the same 
1 thine at a satisfactory level, view as the Midland by withdraw 
i demand for water fittings has jug their funds. But he refused 
' ised A Orders for brass to close the representative. office 
ifigs'have'^lso'ixnproved, re- {„ Johannesburg on the grounds 
in better demand for that it’s function was to ha the 
rod, he rays. bank’s “eyes and ears" in South 

ixports are higher than at the Africa. * v— 

finning of 1977, although com- Discussion on the subject at the 
jtion is Increasing in many AGM was muted because, qppon- 
hs, partly as a result of the ents of the South Afrtcan^rwpme 
inger pound. • appreciated how far the mkCana 

londitions In South Africa are had already moved in ■mlr 
1 difficult and there is as yet direction. In fact one shareholder 
’ sign of any upturn In the rose to object to the ‘’surrender 
nomy: but elsewhere over- to the lunatic fringe M and raid 
s, particularly in Australia, that many regimes were worse 
up companies have made than that of South Africa. 
isfactozy progress so far this Hie exchange berwefen Lo™ 
r. Armstrong arid the Rational 

!he loss on the metal account Union of Bank Emnloyees was 
£4.26m. (£6.75m. profit) is also restrained, with both of 

ered by a tax credit of £2J6m. them going to great lengths to 


COMPANY Uirr 


GS- 


M 


■i’.-rx 


*• 


BASE RATE 


'X s 


S l £5^ 

&:■' f. 


K* With eff&t from the close of 


business on 20th: April; 1978, 


j- and until further notice, TSB 

- ■ 

Base Rate will be 


ii' 


vtj:- . 

t:- 


' 3‘ . 


71% 

per annum. 




#©© 


V- Trustee Savings Banks Centraf Board. 
•“ P.O. Box 99. 3 Gracechurch Street, 
London EC3P3BX 


Standard Chartered 


: J 


announce that on and 
after 20th April, 1978 


the following annual rates 
will apply: 


;]$ike “Bite-. . . v -7J 




-(Increased from 6|%> 


deposit rate . . . 

- (Increased from 3%) 



:RAJDLEY PRINTING COMPANY LTD. 


-*> 


jQSPEER&I bbpobt for half-year ended 

~ - -T:. \3JSL DECEMBER, 1977. • - 


ITHMARY OF GROUP 
? RESULTS t ' 


' : '^iles'(exblu' 


_ inter-. 

group sales ) 


Year 

ended 

30^.77 

... £ 


Half- 

year 

ended 

ai.12.7ff 

£ 


Half- 
year 
ended 
31. 12.77 
£ 


1,380^78 


514^64 


666.S50 


reding Profit 

ivestment Income 



rofit -before-4ax- 

tion (including de- 
ferred tax) — 


145JQ2 • 

10,898 

65432 - 
'■ByJW 

S5.178 

5400 

1564D0 - 

• 70,899 - 

60,378 

74MI 

36-367 

43.700 

81459 

. 34.032 

46.678 


-ofif after ta» 
hairmanV Satementi 

y : i am pleased to say that the increased work-load acquired 
firing the -second -half of last year has continued into this 
»ar. In ’anticipation^ of a further increased turnover, our 
,,-fpendiiure on new plant has already well exceeded the 
' 100,000 budget for the year as mentioned in my annual 
atement. . 

In the absence of unforeseen circumstances, we wouia 
cpect the results for the full year to show further improve- 
enl on those of last year. ' 





Union Corporation 


Group 



Directors' Reports of Gold Mining Companies 
for the quarter ended 31st March, 1978. 


WINKELHAAK MINES LIMITED 


issued Capital R1 2.000300 in aharas of R1 each. 

Outrrar 


OPERATING RESULTS 


Oi* Milled (I) 

Gold produced -kg. 

Yi*ld-(g/i) 

Raven a a par ton milled 
Coai per ton miHed 
Profit per ton milled 
Working revenue 
Working costs 
Working profit 
Nat sundry revenue . 

PRQFlT before taxation and laasa 
conaiderailon 

Taxation and lease consideration 

PROFIT alter taxation and iaaso 

consideration 

Capital expenditure 

Dividend declared 

Loan levy (recoverable) 

DEVELOPMENT: 

Advanced (ip) 

Sampling results: 

Sampled (m) 

Channel -width (cm) 
Av.vaiue:g/t 
OiibA , 

Payable: 

Percentage 
Channel width (cm) 
Av.valus:g/t 
Cm.g/t 
Dividend 


ended 
31 si Mar. 
1978 
516.000 
3.922 
7-60 
R37-05 
B15-S3 
R21-12 
Rl 9.11 8.000 
R 8.21 9.000 
R 10.899,000 
R S45.000 


Quarter 
ended 
31si Dec- 
1977 
516.000 
4.025 
7-BO 
R37-45 
fit 4-89 
R 22-56 
R1 9322.000 
R7.6S2.000 
R1 1,640.000 
R 421 .000 


Six months 
• ended 
3 1st Mar. 

1978 
1,032.000 
7347 
7-70 
R37-25 
R15^1 
R21-B4 
R38.440JI00 
R 15301 .000 
B2Z 539.000 
R 9 66.000 


R1 1^44.000 
R 7. 026, OOO 


R1 2.061 .000 
R7367.000 


R23.505.000 
R! 4393,000 


R4.41 8.000 
R1 6.000 
B 6, 360,000 
B773.000 
v 

2.436 


R4.694.000 
R 22.000 


R811JJ00 


R9.11 2.000 
R 38.000 
R63B0300 
R1 384.000 


2385 


4.721 


597 

41 

32-2 

1320 


552 

68 

23-3 

1387 


1.119 

54 

26-9 

1,452 


64 

48 

34-8 

.1,671 


74 

74 

26-2 

1365 


69 

62 

28-6 

1374 


On 1 0th March. 1978. Dividend No. 36 of 53 cents per share was declared to 
members registered at 31st Match. 1973. Dividend warrants will be posted on or 
aboutllth May. 1378. 


BRACKEN MINES LIMITED 


OPERATING RESULTS 


Ore Milled (t) 

Gold produced- kg. 

Yield— (g/t) 

Revenue per ton nulled 

Cost per ton milled 

Profit per ton milled 

Working revenue 

Working costs 

Working profit 

Net sundry revenue 

PROFIT before taxation and lease 

consideration 

Taxation and lease consideration 
PROFIT after Taxation and lease 
consideration 
: Capital recoupment 
Dividend declared 
Loan levy (recoverable) 
Dividend 


Quarter 

Quart or 

Six months 

ended 

ended 

ended 

31st Mar. 

31st Dec. 

31 si Mar. 

1978 

1977 

1978 

203.000. 

205.000 

406.000 

1.380 

1,394 

2.774 

6-BO 

6-30 

fl-80 

R 34-40 

P32-85 

R33-62 

R17-26 

R17-24 

HI 7-25 

B17-14 

B15<1 

R18-37 

R 6,983.000 

R6, 733, 000 

R 13.7 16.000 

R3,503J)00 

R3L534.000 

R7A37.000 

R3.4SO.OOO 

R3.1 99.000 

R6.679400 

R2 67,000 

■ R1 34.000 

MOXAXO 

Ft3.747.0OO 

fl3.333.000 

R7.080D00 

R2 ,308.000 

R1 .987.000 

R4^95D00 

R1 ,439,000 

R1 ,346,000 

R2.785D00 

D9 snn non 

R1.000 

R 1,000 
R2 arm non 

havOWrWU 

R254JXI0 

R21 9.000 

ilAfOUU.UW 

R473.000 


On 10th March. 1378. Dividend No. 31 of 20 cents per share was declared to 
members registered at 31st March, 1978. Dividend warrants will be posted on or 
about 1 1 th May, 1 978. 


LESLIE GOLD MINES LIMITED 


OPERATING RESULTS 


Ore Milled ft) 

G old produced -Vg- 
Yield - (g/t) 

Revenue per tan milled 
Com per ton milled 
Profit per ton milled 
Working revenue 
Working cos* s 
Working profit 
Net sundry revenue 
PROFIT before laxa^an and lease 
cofTsrdermton 

Taxation end lease consideration* 

PROFIT after taxation and lease 
consfdertroon 

' Vnchides mining tax at formula applicable 10 State assisted mmes. 
Capital expenditure 


Quarter 

Ousner 

ended 

endod 

31st Mar. 

31st Dec. 

1978 

1977 

230.000 

215000 

1.012 

1-032 

4-40 

4-80 

Ft 22-50 

R 23-19 

R18-48 

R19-37 

R4-02 

R3-82 

R5.175JW0 

R4885.000 

R4 ^51,000 

R4. 7 64.000 

R 9 24.000 

R821.00Q 

R87.000 

R 49.000 

R1 ,011.000 

R87ODO0 

B41 4.000 

R34 2.000 

R 537,000 

R528.000 


Six rnonths 
ended 
31a Mar. 

1978 
445300 
2.044 
4-59 
R22B3 
Ria-si 
R3B2 
R10.1 60.000 
R8A 15300 
R1 .745.000 
R1 36.000 


R1.88T.000 
R 7 56 .000 


R1. 125,000 


R1 .120,000 
R47.000 


R38.000 


B1,1 20.000 
R 36,000 


284 


343 


827 


183 

22 

24-T 

643 


161 

10 

89-S 

696 


344 

17 

.38-2 

615 


Dividend declared 
Loan levy (recoverable) 

DEVELOPMENT: 

Advanced (m) 

Sa raping results: 

Sampled (m) 

Channel width (cm) 

Av. value: gA 
Cm.g/1 -. 

Payable: 

Percentage 
Channel w'rfih (cm) 

Av. value : g/t 
Cm^/t 
Dividend 

On lOtii March. 1378. Dividend No. 27 of 7 cenls per share was declared to 
members registered at 31 fit March, 1978. Dividend warrants win be posted on or 
about 11th May, 1978. 


14 

12 

81-7 

1,100 


26 

12 

96-3 

1.156 


20 

12 

94-6 

1,135 


ST. HELENA GOLD MINES LIMITED 


Issued Capital R9.625.000 in shares pt HI each. 

Quarter 


OPERATING RESULTS 


ended 
31st Mar. 
1978 
480.000 
A272 
8-90 
R43T1 
R21-70 
R21-41 
R 20.693. 000 
R1 0.41 8.000 
R1 0275. 000 
R 287.000 


Quarter 
ended 
31 st Dec. 

1977 
490.000 
4.558 
9-30 
R44-42 
R20-37 
R 24-06 
R21 .767.000 
R95BODOO 
R1 1.787.000 
R 196,000 


Six months 
ended 
31st Mar. 

1978 
970.000 
8.830 
9-10 
R43-77 
R2103 
R22-74 
R 4 2,460,000 
R2 0,398 ,000 
R22. 082,000 
R483.000 


R1 0.562.000 
B6.168J100 


R1 1^83.000 
R 6385.000 


R2Z645.000 
R13.1 53.000 


R4.394.000 
R1 70.000 
B7.-,.«,000 
R738.000 


R4, 998.000 
R400J100 


R334JWb 


R9 392. 000 
R 570, 000 
B7.700.000 
R 1,57 2. 000 


2.109 


2.123 


4232 


' Ore Milted >n 
Gold produced - kg- 
YiaW-lg/t) 

Revenue par u>n milled 
Cost parlon milled 
Profit perron milled 
Working revenue 
Working costs 
Working profit 
Net sundry revenue 
'PRO FIT before taxation and least 
consideration 

Taxation and lease consideration 
PROFIT after taxation and lease 
consideration _ 

Capnal expenditure 
Dividend declared 
Loan levy (recoverable) 

DEVELOPMENT (Basal Reef) : 

Advanced (m) 

Sampling results: 

Sampled (m) 

Channel width (cm) 

Av. value: g/t 
Cm.g/r 
Payable: 

Percentage 
Channel width (cm) 

Av.valua:p/t 
Cm.g/i 
Dividend 

On 10th March, 1978, Dividend No. 45 of 80 cents per share was declared to 
members registered at 3 1st Match. 1978. Dividend warrants will be pasted on or 
ebou; Hth May. 1978. 

No. 2 Shaft 

On 1 2th March. 1 978 an accident at No. 2 shaft resulted in the shah being put out 
of commission. No loss of life orinjorv was susi8>ned. 

By 3rd Aprit 1878 the repair work to the shaft had reached a stage at which 
hoisimg operations could be resumed and production from this theft is gening back 
to normal, boas ot tonnage to the miB was minimised by increasing considerably 
the tonnaga from low grade surface dumps. 

The financial implications of the accident will only become fully apparent in the 
June quarter, when, hner alia, negotiations with the insurers will hopefully have 
been soit fed. 


363 

105 

n-3 

1,188 


342 

80 

7-6 

687 


705 

98 

9-B 

945 


28 

128 

15-7 

2.013 


4 

121 

14-B 

1.786 


15 

127 

15-6 

1,981 


Capital Expenditure 
Commitments In respect of contracts places 
Amounts approved in addition to commitments 


R1 .819.000 
R 297.000 


KINROSS MINES LIMITED 

Issued Capital R1 8,000.000 stock in unha of R1 < 


OPERATING RESULTS 


Quart re- 

Quarter 

Sbt months 

ended 

ended 

ended 

31st Mar. 

31st Dec. 

. 31st Mar. 

1978 

1977 

1978 

390,000 

390,000 

780. OX) 

2,964 

2964 

5.928 

7*60 

7-60 

7-60 

R 37-29 

R36-47 

R3B-88 

RIB-53 

R17-41 

R17-97 

R18-76 

R19-06 

R 18-91 

R1 4.541 .000 

HI 4925.000 

R2 8,766. 000 

R 7^27,000 

RB.792.000 

R1 4.01 9.080 

R731 4.000 

R 7.433.000 

R1 4.747. CX>0 

R191.000 

R218900 

R409.000 

R 7, 505, 000 

R7.651.000 

R15.1 56.000 

R4.361 .000 

R 4,447 .000 

R 8,208.000 

R3.1 44.000 

R3, 204,000 

R5348.COO 

R230.000 
da iaa non 

R 303,000 

R533D00 
net 40.000 

(1 — . 1 —v« ww 

R500.000 

R510.0 00 

HI. 01 0.000 

2.394 

2.338 

4.732 

406 

659 

1.065 

44 

32 

37 

7-9 

160 

12-1 

349 

511 

449 

10 

13 

12 

39 

- 45 

43 

33-2 

291 

30-2 

1^34 

1,303 

1,300 


Ore Milled ft) 

Gold produced- kg. 

Yield- (.g/t) 

Revenue person raided 
Cost per ton mined 
Profit per ion mOled 
Working revenue 
Working costs 
Working profit. 

Net sundry revenue 
PROFIT belere taxation and tews 
consideration 

Taxation and lease consideration 
PROFIT after taxation and lease 
consideration 
Capital e»psndlture 
Dividend declared 
Loan la * - / 1 recoverable) 

DEVELOPMENT: 

Advanced i ml 
Sampling results: 

Sampled I mj 
Channel width (cm) 

Av. value. 0,1 
Cm.g i- 
Payable: 

Percentage 
Channel width (cm) 

Av.value:g,l 
Cm. g/t 
Dividend 

On 10th March, 1978. Dividend No. 20 of 33 cents per unit of stock -was de- 
clared to members registered at 31st March, 1378.* Dividend warrants will ba 
posted on or aboutl 1 tit May, I97B. 

Capital Expenditure . 9 

Commitments in respect of contracts placed R1 57,000 

Amounts approved tneddWon to commitments B2283AOO.- 


THE GROQTVLEI PROPRIETARY 
MINES LIMITED 


Issued Capital R%858.704 stock in units of 25 cents each. 

Quarter 


OPERATING RESULTS 


ended 
31st Mar. 
1978 
360.000 
1.584 
4-40 
R21-22 
HI 4-69 
R6-53 
R7.638.000 
R5.289.000 
B2.349.O0Q 
R 36.000 


Quarter 
ended 
31a Dec. 

1977 
390.000 
1.716 
4-40 
R21-08 
R12-92 
H8-16 
NB.221,000 
R5,037,000 
R 3. J 84.000 
HI 04,000 


R2^85.000 
R1 .21 7.000 


R3 .288.000 
R1 ,759,000 


HI, 168,000 B1J529J00 


Ore M8(ed (l) ' 

Gold prod ucad-kg. 

YieW— (g/f) 

Revenue perron milled 
Con perron milled 
Profit perron milled 
Working revenue 
Working costs 
Working profit . 

Net sundry revenue 
PROFIT before taxation and lease 
consideration 

Taxation and tease consideration 
PROFIT after taxation and lease 
consideration 
Capital expenditure 
Dividend declared 
Loan levy (recoverable) 

DEVELOPMENT (Kimberley Reef) ; 

Advanced (m) 

Sampling results: 

Sampled (m) 

Channel width (can) 

Av. value: g/t 
Cm. g/t 
Payable: 

Percentage 
Channel width (cm) 

Av. value : g/t 
Cm.g/t 

Dividend 

Dividend of 14 cents per unit of stock was paid on 10th February, 
1878. 


HI 70.000 


R1 .601,000 
R24O000 


482 


585 


420 

29 

37-3 

1.083 


454 

19 

46-4 

882 


54 

38 

42-2 

1,603 


45 

25 

58-2 

1,455 


MARIEVALE CONSOLIDATED 
MINES LIMITED 


Issued Capital I&250.000 in shares oi 50 cams eac h. 



Quarter 

Quarter 


ended 

ended 

OPERATING RESULTS 

31st Mar. 

31st Dec. 


1978 

1977 

Ora Milted (t) 

Z7D.OOO 

270,000 

Gold produced -kg. 

783 

864 

Yield -(g/t) 

2*90 

.3-20 

Revenue perron milled 

R14-09 

R15-50 

Cost perron milled 

R8-24 

R8-71 

Profit portion milled 

R5-B5 

R6-79 

Worfdng revenue 

R3. 805,000 

R4.185J»0 

Working costs 

R 2. 225,000 

R2.352JXX) 

Working profit 

R1.580.000 

R1 .833.000 

Net sundry revenue 

PROFIT beforetaxation and lease 

R 63.000 

R 108,000 

consideration 

R1 ,643.000 

R1A41«00 

Taxation end tease consideration 
PROFIT after taxation and lease 

R1 .501,000 

R1 .074,000 

consideration 

R14Z.OOO 

R867£K)0 

Capital recoupments 

R1 ,151 .000 

R2.000 

Dividend declared 



R1D80.000 

Loan levy (recoverable) 

Dividend 

R1 28,000 

R145JXX) 


Dividend of 24 cants par share was paid on 10th February, 1978. 
General 

The property sale amounting to HI. 500 000 to the South African 
government announced on 30 ih September 1 977 has been concluded. 
R1 .054.000 of this amount relates to buildings and is subject to 
excess recoupments tax which amounts to R526.Q0Q. The latter two 
amounts are included In die operating results above. 


UNISEL GOLD MINES LIMITED 

Stated Capital 28JXXLO00 shares of no par value. 


Shaft 

Installation of the brattice wall and the main pump and compressed 
air columns has been completed Installation ol shaft steelwork has 
reached e depth ot 1.1 10 metres below surface. 


General 

Civil, mechanical and etectneaf wot* on the refrigeration plant is in 
progress whilst work oe the main fans has beeacomitieied. 
Expenditure 

Expenditure on Shafts. Plant and Equipment and General Expendi- 
ture amounted w R3.Q1 5,000 (to date R40-327.000). 

Commitments in respect of contracts placed R 1,421 .000 

Amounts approved in adifition to com mi t m e n t s R30.S7 3,000 


Adjustments have been made to the payable development metres and values to conform with those applied 
in the estimation of ore reserves and are based on R3.500 per Kilogram or approximately $125.19 per ounce. 

All the above companies are incorporated in the Republic of South Africa. 

LW.P.van den Bosch \ n - 

E. Pavitt J D,rectors * 


London Secretaries : Princes House, 95 Gresham Street London ECZV 7BS. 


Lonoon oecmanes: rnnees nouse,9?uresiiainouiRH, uxmuoii cvncv /oo. 1 9th April, 1 978 


I- 


^ A 









Provident 


AnnualGeneral Meeting 


Notice is hereby g iven thatthe 137th annual meeting of United Kingdom Temperance 
and General Provident Institution will be held at the Guildhall, Salisbury on 
Wednesday, 31 st May 1 978, at 1 2 noon for the following purposes: 


1. To consider and adopt the report of the directors and the accounts for the year ended 
31 st December 1 977. 


2. To re-elect the following directors who retire by rotation:— 
Mr.W.M. Clarke 
Sir John Riddell 
Viscount Sandon 


3. To appoint Messrs. Deloitte Haskins & Sells, chartered accountants, as the 
Institution's auditors and to authorise the directors to fixtheir remuneration. 


4. As special business, to consider the following resolution which will be proposed as a 
special resolution: 

That rule 6.04 be altered by deleting the words "notice of" and substituting therefor 
the words to "attend and vote at" so that Buie 6.04 as amended would read as 
follows:— 

I f a poll is demanded as aforesaid the board shall cause voting papers to be 
prepared a nd sent out as soon as practicable to all the members who for the time being 
are entitled to attend and vote at general meetings with instructions as to the method 
of f illing up and returning the same to the Institution and at the expiration of ten days 
after such voting papers have been sent out the votes received and all returned 
voting papers shall be counted by or under the supervision of the auditors with such 
other person or persons as the board shall appoint and the result of the poll shall be 
certified by the auditors and by the chairman or some other director appointed by the 
board for the purpose and shall be deemed to be the resolution of the meeting at 
which the poll has been demanded and notice of the result shall be given by 
advertisement in three daily newspapers published in London. 

By order of the Board 
R,W. HALLETT 

Deputy General Manager and Secretary 
29th March 1978 


f Dolphin House 
New Street Salisbury SP1 2QQ 
Salisbury (0722) 6242 




BIDS AND DEALS 


MINING NEWS 


Financial Times Thursday April 20 1978 


ill be 


A better first quarter 
for Inco, but . . . 


BY ANDREW TAYLOR 


Mr. ‘Tiny” Rowland, chief 
executive of LONUHO. has 
assured shareholders of Scottish 
and Universal Investments that 
his group -has no plans to sell 
any of SUITS' major trading 
activities if Urarbo's takeover 
offer succeeds. 

Mr. RovklancTa assurance is con- 
tained in a letter sent yesterday 
to SUITS' shareholders,- along 
with Lonrho’s offer document 

The bid which values SUTTS at 
around £39 jxl has already caused 
alarm among some Scottish MPs 
who are concerned about the 
effect a takeover -would have on 
employment in the country. 

Mr. Roy Hattersley. Secretary 
of State for Prices and Consumer 
Protection, is to-day expected to 
reply to a written question from 
Mr. David Lambic, Labour Mem- 
ber for Central Ayrshire, asking 
the Secretary to take “the neces- 
sary steps” to stop the Lonrho 
takeover. 

Mr. Hattersley is already 
thought to have given an indica- 
tion that he would favour a 
Monopolies probe into the deal 
in a letter sent to Air. Donald 
Dewar who was elected as Labour 
Member for Garscadden last 
week. 

Mr. Rowland In his letter to 
SUITS shareholders says: “It is 
Lonrho’s intention that all the 
existing major activities of SUTTS 
should not only be 'retained hat 
should he developed; that SUITS 
headquarters should continue to 
be in Glasgow and that SUITS 
should retain its Scottish 
identity.*' 

Lonrho is bidding 11 of its 
shares for every six SUTTS shares 
and the offer document says that 


deal would give accepting share- 1 
holders a 25 per cent increase 
in capital .value and provide an 
income increase of 132 per cent ' 

The SUITS Board — which has 
beep split by Lonrbo’s offer — 
and the company’s financial 
advisers have said that the bid is: 
too low and will be advising share-' 
holders to reject. , j 

Meanwhile Keyser Ullmann I 

which has been advising Lonrho, 
declined, to comment last night on i 
reports that' it had rejected an 
offer by SUITS representatives to I 
dispose of SUITS shareholding in 
the House of Fraser to Lonrho in , 
an attempt to block the deal. I 

House of Fraser in which SUITS 
currently holds an around '10 perl 
cent stake, and Lonrho a 19 .38 peri 
cent stake. Is closely watching the < 
current situation and has alerted I 
its financial advisers. 

A decision however on whether! 
the bid will be referred to the : 
Monopolies Commission is not; 
expected until next week as tbe! 
Office of Fair Trading has still to! 
conclude its enquiries into the] 
offer. i 

Meanwhile, Lonrho’s offer docu-j 
merit includes a reference to a I 
claim for substantial 'damages' 
made, recently against Lonrho 
Insurance Brokers Ltd. arising out 
of the difficulties of a New York 
insurance broking , company.” 
Lonrho said that preliminary legal 
advice indicated that ” to a large 
extent the alleged damages do not 
represent actual losses and appear 
to be speculative.” 

A Lonrho spokesman said last 
night that the group as yet could 
give no further details on - the 
claim.. 


BY KENNETH MARSTON,. MINING EDITOR _ . / ^ 

.SPECIAL factors are reflected tn drew comfort from the fact that £895.€00 due to tbevrado#; 
I a sharp recovery iri first quarter nickel prices “seem to have their associates In the botyf 
1973 earnings reported by stabilised and show signs of the cpal group will be setsfc 





1973 earnings reported by stabilised and show signs of the cpal group will be setter 
Canada’s Inco, the world’s leading staging a modest • upturn,” cash while the costs .of the#* 
nickel producer. The earnings although they are still at about ation are putat £125,000. & . 
amount to US534.0m. (flS.8m.),- 1975 levels. He also- mentioned MIC forecast* that %£ 
or 40 cents per share, compared the rise in orders received by profits of the enlarged gro?T 
with only 5-i.Sm. in the final loco's formed metal products the year to September 30 r 
quarter of 1977 and $4lm. in the group and expected improved con- £230,000 and on the basis 4 
first quarter of that year. Total tributions to ear ni ngs : by _ ESB it is expected to pay a divide 
sales for the respective periods Ray -O-Vac. . _ L25p per ordinary share, 

were $5i7ra_, $534m. and 3451m. . Inco is part of the,. Ocean . The MIC share listing 

But, as Mr. J. Edwin Carter, the Management consortium formed suspended at the compan; 
chairman, pointed out at y ester- to investigate the feasibility of quest on October 28 and it. 
day's annual meeting, the latest mining and processing ocean-bed intended to apply for a re 
quarterly results. “ should not be nodules. The . consortium has in the near future because 
considered as indicative of earn- managed to continuously retrieve short' history of the coal 
togs over the balance .of the several hundred tonnes ot these under the present manap 
year.” For a start increased first nickel and coppewsmtaiiUng uncertainties of the values i 
quarter deliveries of nickel nodules from a depth of three of coa j s jres pendir 
amounting to 92m. lbs included miles, but no further work is granting of planning pern 
some 10m. lbs of advanced pur- planned owing to me weakness and the further coal ii 
chases. of metal prices ana the uncer- being retained by the ' 

Part of these purchases re- tainty of legal and fiscal regimes group, 
fleeted anticipations of a price in- under wluch deep-sea min ing Meanwhile applications fr 
crease and. to a lesser extent, would operate. ' i sgs j n MTC shares can bt 

higher consumption by U.S. cos- Inco aeoairo a- further f or specific bargains undei 
tomers fearing power cuts as a Quarterly dividend of 20 cents. Exchange Rule 163 1.2). 

2!?!' J!l. a ™>I strike. At the U* «5T ^ K Iris P-adMe that in due 




in. ris 88 jreSsSfSs sr jlis sslts 

M ™ d - sut 


year level of 341m. lbs. ~ - inr one-rations. Private 

M L- S" 1 * 1, ad ^ ed that ^ past yesterday ^ 1000 . e “ B4 * 'mining to the UJG is penr. 

quarter’s earnings were . also to £12 *- »™? not actively encourai 


SrSSfi earnJng l were . “s® *' but not actively encouraj 

boosted by an exchange gain of Mm— <?uhiect to rem. 

a r 1 sult °J TVSTf^ 9< 5 T J 1C COSll .-Strictly limiting the numl 
sharp fall m the value of the J.tIAA-*' «5. »A\* LU41 men employed on any or 

Canadian dollar. The latest results . . em P ,oyeu u muj 

were nol affected by the Guaie- mi 111112 111 'IRS ' It‘ can be a very pn 

malan and Indonesian projects *3 " h., V ino.sc with current coal 

since all costs of these continued HAVING sold most of its quoted „ d «3 D er ton ect 

and testing of the Guatemalan investments in preparation for a coal >iehts are 

project and of stage one In Indo- new career London’s Mining Si ® SmS rather than 
oesia. however, interest Dn Investment Corporation (formerly JJjjL NCB and woi 

mlntfri Wmu-in.. e Vrill >»> Ctolnlsu-n Minino and Pinunn>\ ia OWUed 07 Ule iVOD ana «« 


mining plans 


related borrowings will he Selukwe Mining and Finance) is _ rQva i t , 

charged directly to Inco’s con- to make a major move, into pri- 5£f 


vuugcu uiretuy I-J tun- iu inane m UWJUI 1UU»C uuw nPPPiurv nl 

solidated earnings instead of vate open-east coal mining in the Bnt obtainuu, nectary p 
being capitalised. UJC via the acquisition of the permissions can be a 1 

Furthermore, the Indonesian private Rhos Mining group. process, 

operation is expected to make The consideration payablp to ^ wth •** SSp 
initial losses whenever produc- the vendor, - Temple Investment ventures, the A1U- plans CO 
tion is substantially - below sod Finance, Is approximately risk element wn ten is not f 
capacity. The Guatemalan .pro- £lJ3firn- This will be satisfied by to quantify at this stage bt 
ject is not expected to attain the issue of 3m. new MIC shares also appear to hold out to 
commercial production levels in of 121 P* valued, at 17Jp each, and pect of a good reward. An 
1978. - .. 2m. Convertible Deferred shares ordinary meeting to appro 

On the other hand, Mr. Carter of lp, valued at -par. In addition proposals is to be held on I 


Dutch company acquiring 
Edmund Nuttall 


BY JAMES BARTHOLOMEW 


Edmund Nuttall, Ssons and Co. The family shareholder* have Di-rfiPjr\lo '*mv*4Vn4' 111 4 IvCJ W 

(Manchester) a leading family- been unable to subscribe the yB|Jg§§P|^ .1 All II II 1111 - II V B dT» sk 

owned tunnefiing contractor, is necessary additional capital. VUt ** J %,****- 

being taken oveT by HoUandshe Hollandshe Be ton. a public 

Reton Groep NV, the largest company, claims to be the sixth in THE March quarterly reports fro mthe shaft was returning to venniculite, first quarter s 

Dutch construction company, for largest construction group to issued by the mines m the General normal and the loss of tonnage which amounted to 63,008 

over £6m. Europe and operates in nearly Mining group, Buffelsfoniein has was minimised by drawing on low against 26,926 tonnes a year 

NHitaii w*s the main con- 311 **“ fie,ds of construction and received a gold price of $172 per grade surface dumps. BougamviHe’j: products 

frsMnr far the ori-nnai Mersev civU engineering. However, it i? ounce compared with $170 in the It is added that the financial copper contained in concei 
Tim eifjj the lareesi of its kind not a tunnelling specialist so the previous three months: has implications of the accident will during the past quarter hai 

in thp "wo rid It has worked with acquisition of Nuttall will add to increased gold production; and become fully apparent to the to 49,726 tonnes from 37864 

Hollandshe Reton GrocD in three lts capabilities. HBG is also look- enjoyed a sharp rise to the erratic current quarter when it is hoped in the same period of Iasi 

Mint ventures since 1945 the in 3 to - diversify geographically income from uranium. But the negotiations with the insurers Gold content amounts to 

reconstruction of Rotterdam ? ,nce lts sc ?P e , 10 the Netherlands resultant rise in working profits will have been settled. kilograms against 4.892 kilo 

EZr /L. Falls Dam. “ limited. It has associates has been wiped out by .a jump, in “an* D«- while that of silver is 12,41 


reconstruction of Rotterdam since its scope m the Netherlands resultant rise in working profits wiU ha 
Harbour, Owen Fails Dam. * ^ Um . ite °: 11 associates has been wiped out by.a.jump.ra 

Uganda and current^ the JE30m. elsewhere to the world mcludmp t b e latest tax charge. 

nSmerston Ore Terminal Jetty Be £ov“ d ladled Operations at West Rand Con- Bracken 

on the Firth of Clyde. L solidated have been adversely 


nmucisiuii wit Tjori- ' uperanons at west nano v*on- *>rac*,cn - 

on the Firth of Clyde. Fi^?4bn f£600m ) to th^t^ solidated have been adversely groMi — -- W 

A Nuttall company supplied the financial' year and its after-tax affected by ground .. -"“Z""" . W **'eb 

tunnelling machine for the British profits were Fls.4S6m. (£12m.j coupled with an inflow of water Mariewu? an 

half of the Channel Tunnel before it. announced plans on Monday fot following excessive rainfall, but st. RHona 

the project was abandoned. STSSfrf vSSEmle 'SSS £ gold production has been to^eased wiRkelhaak 

... r- . •« l . u*— i _ j i .:ui_ lhantc n np uinrain r» At n IP nfr * immiphw* 


Qtr. 

qir. 

qir. 

RW0 

kfloo 

BDOO 

1.4.19 

SL346 

VTo 

1.188 

lja 

%s 

3.144 

ts.aw 

2.4S6 

SS7 

SB 


143 

' S67 

460 

4JM~ 

M.09S 

4,337 

4.418 

M.6S4 

3.402 


trams against 9.606 kfiomr 


UDT SOUTH 
AFRICAN SALE 

United Dominions Tru! 


The family shareholders want signed to deter a possible take- ^anks o he working of togh®£ - . - 

to seU to the HoUandshe Beton over threat. grade ore. Stilfontein u pressing < , it had agreed in principle 

Groep because of- the long asso- NuttaU's turnover to the year on with development in its highdr rj i i - _ arif ] sale of the UDC Ba 

ciatJon and assurances tiiat the to March 31, 197S, was approxi- grade Krqorrvdraai area In order to FSllSlDOrSl. 3.0(1 Jiihannesburg. 

character of Nuttall will not be malely £22m. and pre-tax profit- make available payable stppe face The potential pureba 

changed- The /management be- were similar or better than the as soon as possible. J RrtTiafiiriVlllP Standard Bank Investmer 

lieves that few constractors taken previous year’s £726.000. Capital As already announced' the low DU Ugd 111 V ULIC. poration (Stanbic) whi 

over by British companies have reserves and deferred tax grade South Roodepoon is to dts- INCREASED copper production UDT and 

retained their identity. amounted to £6.7m. at the pre- continue development and a sna«^ for the' first quarter of this ygar is Brewenes each of 

Nuttall has not recently been vious balance sheet date and the holders meeting is id be caned re ported by the Rio TlntoiZine ™. ?® r cen ^-, UDC 
able to make and retain enough Dutch group is believed to have soon to discuss the fnture or the gj^p's paiabora mine in South which owns the hank, 
profits in .-the face of inflation, to paid a substantial additional mine. The General aping groups apfl BongainviSe coppra - - . P nce has yet been n 


Paiabora and 
Bougainville 


terests. yesterday announo 
it had agreed In principle 
sale of. tbe UDC Ba 
Johannesburg. 

The potential pureba 
Standard Bank Investmer 
poration (Stanbic) whi 


No price has yet been r 


go on' accepting major projects, amount for goodwill. 


latest net profits after tax, but iTftwa hut sources to Johanneste 

innlurflncr CtftlA niri uhl>n> annlif-. * 0, « prCpeTlJ in mpUB « e ™ that <!Tanhi» « 


Hepworth believes its 
terms are generous 


sa*£ S20JH appliC- Guinea fttobora’s copper output that Srnnbic p 


• 

March 

Dec. 

Sept 


cur. 

Qir. 

qtr. 


ROM 

RDM 

ROM 

Buffelsfoniein 

8.724 

S.734 

8.970 

S. Roodepoort ...... 

*3 

734 

to 

SiiJfunieln 

1.S5S 

2,741 

1.028 

W. Rand Cons. ... 

1470 

1318 

71. DM 


UUIUM rawwuio a • nffoVino j 

amounted, to 28.706 tonnes com- around £6m - bjr 


diuuuuieu- lu Wiiuv iuuiiu win- ehar« 

pared with 24^01 tonnes in the T fVh«» H»ai fh mn i 

l ac t vonr whito . deal gOeS.thtoUgl 


compared with 21,596 tonnes. 


After rcoclpl Of slate aid 


As already announced, replace- ^ ^tire 


board, an investment tnu 


of Ryan 


a money market operation 


, . . 1 . a- i ;« - oiuivai maim icfeuuu — ’W - -r-- — U| Ull? JUtUUlP Ut Idol YW 

shareholders that the price u is nr/% CTAK’IS » n previous three months. Thus tbe latest increase in produc- Holdings paid RISm. for 

offering is not to be thought of KtU Generally speakina. gold produc- -tion came from the mine and cent, of Ryan which 

merely as a sighting snot. Reo Stakis has issued a further t i 0n has been lower at all the plant expansion despite the latter’s not already own. 

In his statement yesterday. 44.05S Ordinary Shares in respect mines while costs have been problems. UDT is the largest rcrij 


Hepworth's chairman Mr. Peter of the purchase of D. /._Dunnc, inflated by an increased labour Pala bora's magnetite sales have help from the Bank of I 
GoodaU. points out that the offer turf accountants in 1973. the complement coupled with higher been bit by the temporary closure “life boat” set up follow’ 


GoodaU. points out that the offer turf accountants In I9i3. the complement coupled with . _ i _ 

was formulated “only after w-e price paid has bee namended to charges for electric power. for repairs of the bulk handling fringe banking crisis in T 

had been informed of Johnson's £188.529. Last year Reo Stakis SL Helena says that its No. 3 facility at the port of Maputo to has been reducing the 

estimate of its profits for the year sold its Queen Bookmakers' shaft was put out of commission Mozambique. On the other hand, owed durin gthc Bank's 
ended March 31. On the basis of interests, including D. J. Dunne to on March 12 as a result of an the mine has enjoyed a sharp scheme but still has 

that estimate we believe our the Tote. accident. By April 3 production increase in demand for its £!00m. outstanding. 


terms to be generous.” 

The statement is interesting to 
the light of the March statement 
from a group of shareholders 
representing some 25 per cent, of 
the equity that they would he 
prepared to consider offers above 
125p. 

At that time the Hepworth offer 
(39p to cash plus one one Hep- 
worth share) was worth 120p. 
Yesterday it was ivorth U4p and 
Johnson's market price was 
li-Hp. 

Tbe documents also stress the 
common technology of the two 
companies and the: benefits to 
Johnson of Hepworth’s overseas 
sales experience and financial 
backing. 

Mr. GoodaJI points- out that 
since 1973 Hepworth’s profits have 
grown at an annual rate of 30 
per cent, compound despite the 
difficult trading conditions which 
had prevailed during the period. 

These weak conditions were 

also stressed in Mr. GoodaH’s 

statement accompanying the re- 
port and accounts which was pub- 
lished just before the offer 
dorumeni. 

He say« the company is 
still operating at *ery much be- 
low full capacity and under great 

E ressures. which can only be met 
y ever-increased productvity. by 
operating efficient and up-to-daie 
plants and by continued and 
.never-ending uroric in research 
and development. In the other 
document, however. Mr. GoodaU 
says he is confident of further 
progres which could accelerate if 
conditions improve. 

The investment being made 
jointly with c«nenl-Roadstone 
Holdings in a seawater magnesia 

plant at Drogheda Is progressing 
well, is on target, .and should be 
on stream to September 1979, the 
chairman adds. 

As reported on March 21. pre- 
tax profits expanded from £lS.62m. 
lo a record £26.72m. for 1977, on 
turnover of £3SK)^m. f£162.4m.l. 
The dividend is raised to 3Jp 
f2.l2839p) net. " 

A statement of source and 


(gjj) Unicom Industries Ltd 

A worid leader in the technology of hard materials j 




The highlights of 1977 were: 

RECORD SALES of £64m from our operations in ^ ^ 

19 countries ■ ^ man bu 

RECORD PROFITS, a further 31% growth on top of 

the 1976 increase of 98% 


Sur P 


FURTHER EXPANSION by acquisition into. I Brazil and into enhanced 
technological ranges supplying mining products, surface 
preparation products and high-technology diamond wheels. 


W, at tn «r 

InJOmeir 


ri. 1 

.Vt.'ber 


ffffWrTffl fu?i " ™ i {*. 


t) 


LEGAL NOTICE 


’ NOTICE IS HEREBY GIVEN that Dr. 

uSnSSmm SMMtt JSI-SJtfii 

HoSfllttl. CAestemeM. OgW^r*. l» 
ina » the Home Secretory <or natural je- 
tton ana that any person wwo fcna*w any 
reason why natuwllHtlon ..?hw iW ^ not he 
granted should send ^ i< 2? n 

stotemenc of the facts *B 
Sue ratary of State- 
{Nationality OimtorT- -kSpST*,# ****”' 

WeUeaity Road, CravdM CM MV. 


U.K. Companies: 

Diamond Toots, Wheels and Drift BitsVa n Moppes, Basingstoke • Impregnated Diamond Products, 
Gloucester Grinding Wheels and Hones Universal Grinding Wheel Company, Stafford Coated Abrasives 
English Abrasives, Tottenham Abrasive Grain Uhiveisaf Abrasive^ Stafford Vapour Blast Equipment 
Abrasive Developments, Henley in Arden Diamond Dialing and Cutting of Con creie Holemasters, 
Petersfield Do-it-'Yourseif Products Oakey, Tottenham. 


Cbpfes of the Report and Accounts may ba obtained from the Sterataryi Hcasa. CasrSe WI/, W&idsiy, BaJssfars SL4 1 LY» 













persons* 
,v th on W 

ofl3- 8 P 

per**, 


d 


- S'S"" 1 ’’, j 


When a man buys and runs a car from his own pocket, 
he’s the best authority on the value he’s getting for his 
money. Hardly surprising that cars from the 33-model 
Morris Marina range are so popular with drivers who 
pay their own way. 

Look what their money buys them. 



/liiUiUlunv 

Marinas come in 2-door coup€, 4-door saloon and 
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engine-size. But all Marinas are extremely roomy, wen- 
appointed cars that cope equaUy weUwitha grown or 
growing family, a shOpping trip or a summer hohday. 

And aH Marinas have the clean, classic Moms styling. 

Rd^bilityyoucarftputajMTeecML 
A Marina’s dependable. No teething troubles, no 
over-elaborate engineering, no over-priced spares and no 


frantic hunts for service outlets. Leyland’s Supercover is 
by way of a free bonus. 

Monisvahie. 

Around 50% of Britain’s new-car buyers are spendmg 

their own money. They look for petrol economy, easy, 
inexpensive servicing and low running costs. They find 

ah those values in the Morris name. . 

When it’s your money you’re investing, it’s a Moms 
every time. 

i MotrisMarina^ 

With Supercover. 

We haven’t lost our sense of values. 



• • 

Marina prices from £2537.73 including car tax, VAT and front seatbelts. Delivery and number plates extra. 








-r '*• n + 




INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Financial Thursday April . 20 , , 1973 ' 


NORTH AMERICAN NEWS 


U S. BANKING EARNINGS 


Booming Jeep sales lift 
American Motors’ profit 


rise at 
Rockwell 



(jern 

et I** 1 


’* BT DAVID LA<r»|fs IN NEW YORK 


BY JOHN WYLE5 

AMERICAN MOTORS Corpora- 
tion lias managed to report a 
modest profit for the most recent 
quarter and for the first half of 
its fiscal year despite a significant 
drop in sales ot its passenger 
cars. 

The company, the smallest U.S. 
car producer and saddled with 
heavy losses on passenger car 
production, pointed out that it 
had now achieved a profit for 
six consecutive quarters. How- 
ever, if extraordinary tax credits 
are excluded, the company’s 
earnings in the last quarter and 
for its first half year are below 
the comparable periods last year. 

Thus in tbe past quarter a Sim. 
tax credit helped AMC to a S2.7m. 
or 9 cents a share net profit com- 
pared with S2.5m. or S cents a 
share last year. Sales were 


NEW YORK, April 19. 


S640m. versus S534ra. In the 
fiscal six months, the net profits 
were S4.0a». or IS cents a share, 
including a S1.6m. ta’x credit 
compared with S3.7m. or 12 cents 
a share last year. Sales for the 
half year were SUbn. compared 
with Sl.lbn. 

This struggle to boost earnings 
is one of the major factors be- 
hind the recent agreement in 
principal with Renault of France, 
which is aimed at selling Renault 
cars through AMC dealers and 
producing a Renault model on 
AMC production lines in 1980. in 
the meantime, AMC is hoping to 
regain some of its lost passen- 
ger car sales with two new 
models to be introduced in tbe 
autumn which are derived from 
existing designs. 

In the last three months the 


. company’s sales of cars and Jeep 
utility vehicles were up 7.5 per 
cent- to 73,699 and in the half 
year up 2.1 per cent, to 147,062. 
However, these gains were en- 
tirely due to booming demand 
for Jeep vehicles. Car sales fell 
12.2 per cent, in the last three 
months to 37.133 and by 13 per 
cent, in the half year to 79,168. 
Jeep sales were up 39.6 in the 
three months and 28.3 per cent 
ia the half year. 

AMC recently announced that 
passenger car production at its 
plant in Ontario would give way 
in tbe autumn to manufacturing 
of the Jeep. This win enable it 
to meet Jeep demand and at the 
same time shave production 
costs on passenger cars by con- 
centrating output at its plant at 
Kenosha, Wisconsin. 


Car makers’ 
notes priced 


By Our Own Correspondent 

NEW YORK. April 19. 
TERMS were set here to-night 
for the S500m. worth of notes 
being offered simultaneously by 
the two largest US. car makers. 
General Motors and Ford. 

Ford’s $150m. worth of notes 
due 1984 were priced at 99.7 with 
a coupon ot SI per cent to yield 
8.44 per cent at maturity and Its 
8150m. worth of notes due 198S 
were priced at 99.6 with a coupon 
of 8.5 per cent, to yield 8.56 per 
cent. 

GMs 8200m. worth of ten-year 
subordinated note? were priced 
at par with a coupon of 82 per 
cent. 

The yields were in tine with 
market predictions. However, 
steps taken by the Fed earlier 
in the day to tighten credit 
affected the notes' price and 
coupons, according to market 
sources. 


Squeeze on margins clips 
income at Dow Chemical 


BY DAVID LASCELLES 


NEW YORK, April 19 


NEW YORK, April 19. 
ROCKWELL International, the 
military, aviation, and elec- 
tronics! giant, announced net 
earnings for the second qoartec 
of 51.23 a share against $1.05 
previously. Total net earnings 
increased ' to $13^m. from 
536.2m. Sales oJ $l-52bi). com- 
pared with $1.44 bn. previously. 

Net earnings for the first six 
months are $83.6m. or 5238 
against $65.5 m. or SI -90- Sales 
of $2.77bn. compare with 
$2.79bn. 

At March 31, backlogs of 
commercial and funded aero- 
space orders were $3.07bn. com- 
pared with $2.79biu a year 
earlier. 

Backlogs of unfunded aero- 
space orders were Slbn. com- 
pared with $L74bn. bringing 
total backlog to $4.07bn. 
against $4-53 bn. 

Rockwell said that while first 
quarter results showed “ Im- 
proved performance ” from 
automotive aerospace utility 
and industrial and consumer 
operations, results in its fifth 
major business area, elec- 
tronics, “ approximated those of 
a year ago.” 

AP-DX 


CONTINUING pressure on profit 
margins prevented Dow Chemi- 
cal. the third largest U.S. 
chemical producer, from increas- 
inc its earnings in the first 
■quarter of .this year, despite 
higher sales. 

The rninpany today reported 
net sales of $l,649m. against 
SI. 534m. in the same period last 
year, hut net income was down 
$22m. tn $129-5 m.. equivalent to 
71 cents a share (against 52 
cents last year). 

Company financial vire presi- 
dent Mr. * G. J. Williams said 
these results wore in line wiih 
expectations. He blamed ihe 
severe winter and the coal strike 
For hampering operations al- 
though the weather had helped 
sales of oough and cold 
remedies. 


Encouraging trends included 
strong demand for plastics, par- 
ticularly in the U.S- and Europe 
which had improved profits and 
operating rates. 

Dow also announced today that 
ft is selling its half share in 
Dow Badische company to its 
West German partner in the 
venture. BASF. 

At the same time. W. R. Grace, 
another leading chemicals manu- 
facturer. announced a 29 per 
cent, increase in earnings, from 
$49.6m. in the first quarter of last 
year to S64m.. equivalent to a 
rise in per share eaminns from 
65 to 90 cents.- Sales and opera- 
ting revenues rose from $9Q3Rm. 
to 5863.2m. Biggest improve- 
ments came in the company’s 
natural resource and consumer 
products divisions. 


Weather curbs 
Polaroid 


Authors iu revolt over share purchase 


NEW YORK. April 19. 
POLAROID CORPORATION 
announced net earnings for the 
first quarter of 44 cents a share 
against 43 cents previously. 
Over the period, total net earn- 
ings increased to $14.4ra. from 
S14m- on sales of $240. 7m. 
against $191Jra. 

The company said that first 
quarter earnings would have 
increased In closer proportion 
to sales if domestic operations 
had not been interrupted for 
six days because of severe 
weather in Fehruary- 

SaJes of camera* and film 
continued to be exceptionally 
strong in the first quarter. 
Agencies 


THE UNCERTAINTIES <rf world 
financial markets have made life 
tricky, to say the least, for banks 
with large international, opera- 
tions. So far «s the major: 
American banks axe concerned, 
one of tbe effects has been to 
shake up the geographical distri- 
bution of income and assets in 
such a way as to produce marked 
.changes in their balance sheets. 

On the face of it, it looks as 
if the big U.5. banks have begun 
the long retreat home after years 
of foreign expansion. The share 
of total- earnings obtained abroad 
has been shrinking, while , that 
attributable to operations within- 
the U.S. has been growing. In 
the case of -some banks, this is 
now a trend which has lasted 
two or three years. But on closer 
examination, it appears that, far 
from pulling back borne, the 
banks are actually expanding 
their foreign earning ba£e. The 
volume of loan business abroad 
is — many banks report — rising 
steadily, and in most cases faster 
than domestic loan business. 

These trends are best illus- 
trated by the 1977 annual reports 
for major banks, who are now 
required by the Securities and 
Exchange Commission to disclose 
in some detail where they are 
earning (and losing) their 
money. 

Of the large New York banks, 
both Bankers Trust and Morgan 
Guaranty reported slower growth 
in international earnings last 
year. At Chase Manhattan, tbe 
share of total income earned 


abroad dropped to -65 per cent, 
from 78 per cent the -. year, 
before, though, this shift was px-i 
ceptionaL due to' Chases rjh&tf 
loan losses in the -U.S. in' 

As one might expect, this trend 
was also strong- In the. regional 
banks who have traditionally 


•Most of the rise in earnings in 
the first three months of 1978, he 
■Said, should be credited to expan- 
sion of tbe California retail 
market, particularly, real, estate 
and consumer loans. . . 
r -First Chicago has also seen a 
tong Increase in domestic earn- 


GEOGRAPHICAL ORIGIN OF INCOME* _ 

. jm m 


UX- Bnrvp* Criteria Oditr US. Emm ***.'■ Oth& 


Bank of 


America 

66 


is 

60 

21f 

.4. 

Chase 
. Manhattan 



30 

22. 

34 

na. 

Citicorp •’ 


r 25 r :' -27 

30 

28 

22’ 

.20 

first 

Chicago- 

79 ' 


8^ 

83 

53 

< 


NOTES — •fifeoma before iceorftlov fafn//auei. 
t Including MUdh But and Africa. 

Z Brazil enff. 


balanced their foreign operations 
with strong local activity; •'* " 
Bank of America, the nation’s 
largest bank, but for all that's 
regional (Californian}' one, has 
relied on domestic operations for 
a steadily growing share : of its 
earnings for the past three 
years. While U.S. operations 
accounted for ' about half - • of 
earnings in 1975; this share-had 
risen to two-thirds by the end of 
last year. And, judging by com- 
ments from Mr. A. W. Clausen, 
the Bank's president, when pre- 
senting the quarterly results this 
week, home earnings have grown 
further stall, ; . ’ rv 


incs. Their share rose from two- 
thirds of the total in 1975 to 
□early four-fifths ' last year. 

. The main r&ason for this trend, 
of course, is interest rates. . 

While these have been declin- 
ing the world over, the drop has 
been less marked in the U.S. 
than elsewhere. Chase.- for 
instance, reported that its.net 
interest income (the difference 
between what it paid; for and 
earned on funds) oh U-S. 
business dropped from 2.52 per 
cent, in 1976 to . 1.99 per cent 
last year. But the overseas rate 
fell from 1.78 per cent, to 1.73 
per cent in ..the same period. ' 

Similarly Citicorp. the second 


largest bank in. the U.S, V’ 
a drop in 1 the domestic . 
from 4JB8 per cent to 4X " -. 
cent, but in tbe oversea Y-., 
from 3J.4 to 238 per cea : /*V 
* The growth in these ' 
domestic earnings most 
-fore be the. result of- : : f. 
profitable, rather than •„ ■' 
volume business. -But to - -. 
how. deceptive these figun :■*' 
be when trying to asses 
earnings base of these v'' 
one has only to look-, i .■ 
trends in loan volume, and '. 
appear to be stronger ovV. 
than at-home. . Y 

Chase’s average loan , ba - 
in domestic offices, for ex \ • 
declined slightly In 1971 '. 
rose by nearly a quarter it : 
seas offices, and this tez . 

was . confirmed by the ’ J,- 

results in the first quar ft 
1978. At Bankers Trust f) I] Lit***' 
loans have shown steady gl t* 
while the volume of dtr 
loans baS declined since th r - ; 
peak. 

Citicorp, one of the ft 
banks to have notched upV* 
growth in foreign earnings*' 
past two years, also re; 
higher : growth in loan v . 
overseas last year (17 per ; .. 
than fri domestic loan volt 1 
percent). . 

All this suggests tha 
banks are still heavily ov 
oriented despite the new S' - 
that they are all profess 
the domestic market tfaoui. • 
will obviously continue t. 
to the U.S. for a large j. ■:*’ 
their earnings until the s... 
overseas improve- ' 


Broadcasting 
slows CBS 


Top 500 sales record 


BY OUR OWN CORRESPONDENT 


NEW YORK, April 19. 


AN UNUSUAL authors’ revolt 
has been threatened by some 
well known literary names pub- 
lished by Houghton Mifflin, one 
of the leading publishing houses 
in the US. 

John Kenneth Galbraith, the 
economist and pundit. Arthur 
Scblesinger Jr, the historian, 
and others are warning that they 
might abandon Houghton Mifflin 
if it is taken over by Western 
Pacific Industries, a diversified 
company with interests in rail- 
roads and engineering. 

Nerves haveen taut at 
Houghton's Boston, Massachus- 
setts, headquarters. since 
Western Pacific disclosed last 


month that it bad purchased 
6.7 per cent, of the publisher’s 
3.28m. outstanding shares. For 
investment purposes” Houghton, 
which had a net profit last year 
of - S3-8m. on sales of $l34.4m, 
tensed itself for an expected 
merger proposal from Western 
Pacific but none has yet materia- 
lised. 

In the meantime, authors 
responsible for more than half 
the company's sales have waded 
in with warnings that they might 
up pens and go elsewhere 
should the 100-year-old publish- 
ing house lose its independence. 
* Our authors are very concerned 
■with Western Pacific's actions 
and are very sensitive to 
Houghton Mifflin’s indepen- 


deuce." said Mr. Harold Miller, 
the publisher's president and 
chief executive officer to-day. 

Acquisition of publishing com- 
panies has become something of 
a rage among larger diversified 
groups over tbe last year or so 
and purchases have been made 
at up to 20 times a company’s 
earnings. Houghton Mifflin is 


Reynolds 
Metals loss 


RICHMOND, April 19. 
REYNOLDS Metals* first quar- 
ter results were distorted by 


unrealised foreign exchange 
losses as reported unde r FA SB 


one of the few remaining inde- 
pendent textbook publishing 


pendent textbook publishing 
companies and its share price 
bas recently been selling for 
about seven times earnings The 
company has been- trying tn buy 
some of tts own stock recently 
but few large blocks have been 
made available. Its directors ovhi 
only 1 per cent, of tbe outstand- 
ing shares. 


losses as reported under FASB 
8. ' The company reported a net 
loss or 63 cents a share for the 
quarter, compared with a profit 
of 55 cents a share a year 
earlier! Full net loss was Slim, 
against a profit of $10m. on 
sales up 11 per cent, at 3608m. 

While profits from operations 
“ actually were better ” than in 
.the first quarter of 1977, they 
were more /nan offset by 
unrealised foreign currency 
translation /losses of about 
528m. f 
Agencies / 


THIS ANNOUNCEMENT flfVtflfiS AS A MATTER OF RECORD OTAX 


Bjr Our Own Correspondent 
NEW YORK, April 19. 
CBS, the world’s largest broad- 
casting and record company, 
reported a mere $0.7m. increase 
in first quarter profit to-day and 
blamed falling earnings in its 
broadcasting group for its modest 
performance: 

The company's net earnings of 
$33.7m. or $1.22 a share were a 
shade below analysis’ expecta- 
tions, while sales of $732m. were 
above most. predictions. 

Last year’s first quarter net 
profit was S33m. nr $1-16 a share 
on sales of $634.4 m. 

CBS’s television network is 
fighting hard to regain its num- 
ber- one spot in the ratings 
which has been ceded to ABC 
for the last is months. The 
profits figure indicates that com- 
pany is spending heavily in this 
area and its brief statement this 
morning acknowledged that 
broadcasting earnings had been 
reduced by “heavy television 
network programming expenses” 
However, the three other busi- 
ness groups, Columbia Group, 
Records and Publishing had 
turned in favourable results, 
said the company. Revenues 
from broadcasting were up 10. 
per cent'., the record group's 
sales rose 19 per cent., the 
Columbia Group's 21 per cent., 
and the publishing group’s 19 
per cent. 


BY OUR ;OWN CORRESPONDENT • NEW YORK. April 19. 


AT & T sees 
good year 


COMBINED SALES of. the. top 
500 U.S. industrial companies 
-listed by- .Fortune - -Msiaadne 
passed the Sl.OOObn. milestone 
last year, gaining. 11.9 %er ; ceat' 
on the 1976 aggregate.* .?•••'* • 
However, tbe 500 scored V net 
Income rise of only .615 peg cent 
compared to the 30.4--;3er Icent. 
advances registered in the 
economic recovery year ~oF 1976. 
Among the most . notable 
achievers last year way General 
Motors, which after three years 
recaptured the number Re sales 
ranking from Exxon^' Atlantic 
Richfield, which moved up two 
places to 13th, thanks tp AsIaskan 
oil revenues and the purchase of 
Anaconda . and DPFjv which 


«-|«IUVWUMU, UIIU JOjCM. • - . nmikll 

elbowed its way into the rank- 
ings by boosting its safes 2JL22 


Ess 2,122 

■H.: ' 


per cent after, acquiring a 
3400m. commercial bakery- 

Median profit margin of the 
Fortune 500 companies remained 
at 4-6 per cent, for the second 
year in a row, the highest level 
: since 1968. 

Companies with sales at Slbn. 
or more totaled 242 at the end 
of 1977, 15 more than the year, 
before, while the-*$5bn. sales club 
acquired three new members to 
bring its total Jo 39. 

Total sales for* the 500 was 
St.lOObn. Some 376 companies 
increased their profits last year 
and 22 lost money. Median 
’return on stockholders* equity 
rose 0.2 percentage points to 13.5 
per cent while median total 
return to investors declined 3.23 
per cent. - 


Marine Mdlanc^plans bid meeting 


BUFFALO; April 19. 


SHAREHOLDERS will jfet proxy 
material for a speria/ meeting 
of Marine Midland Bank to con- 
sider the proposed acouisftion by 
Hongkong- and' Shanghai Banking 
Corporation, Mr.. Edward W. 
Duffy. Marine Midland chairman, 
said in remarks prepared for the 
regular annual meeting. 


Mr. Duffy said the/pr&gy states 
ments would be mailed Hwithia 
the nest few months.** He 
declined to “discuss the rstpiift- 
cations of the partnership at 
time" for fear his comments 
might be misconstrued as solicit- 
ing proxies. 

AP-DJ 


MIAMI BEACH. Apri 
AMERICAN. TELETHON. 
Telegraph chairman, Mr. j 
Debutts, told shareholdi 
the annual meeting- to-da 
experience so. far this yei 
gests 1978 will - he a y 
stronger growth than -was 
pated at the beginning 
year. *• . 

AT and T earlier reportoi 
ings fdr the January-Mafti 1 
ter of $l-28m., or $181'. k 
against ?1.06m-. or ; $1.65- i 
in 1977, on revenues up 
$8-74bn. to S9B6bn. , • 

. Mr. Debutts said the ini 
came, despite a statement 
annual report that ft.woi- 
unrealistic to expect 4he 
degree of. acceleration, ip d 
experienced in 1977 to eq, 
through 1978. But he wi 
cautious about earnings 1 
rotes in 1978— last year’s 

was 15 per cent _• 

. Mr. Debutts said 1978>r 
spending would he about 't 
more, than the SGBbjj 
jected in the annual repffl 
difference is almost « 
attributable to revised esc 
of growth by Bell System < 
ing companies. - 

AT and: JT has -stLU_to : 
what information iiMr.t 
Department intends to ;t3 
trial, information - vote 
termed vital, for the prepa 
: of an adequate defence. 


tils doti n 


rr:.5 *v - 


AMERICAN QUARTERLIES 


AMERICAN HOSPITAL SUPP. PRUDENTIAL GROUP 


RALSTON PURINA 


[VIRGINIA ELECT. 6s Vi 


EUCTMCXWl Y TtUCMMCA&OWS 


First Quarter 1V» Vtn 

* s s 

Revenue 392.7m. 34&3m. 

Net profits 20.6m. 164>m. 

Net per share... 0.53 0.43 


INSTITUTO COSTARR1CENSE 
DE ELECTRICIDAD 


BECKMAN INSTRUMENTS 


Third Qinrter 1T78 • 1M 

S S 

Revenue — 88.0m. 73.0m. 

Net profits 6.0m. 4.0m.’ 

Net per share... 0.66 0.04 


US. $ 22 , 500,000 

MEDIUM TERM LOAN 


Third Quarter 1978 1977 

s s 

Revenue 097,000 1.3m. 

Net loss 54,000 16J10O 

Net per share... — 0.02 

SecMd Quarter. 19TB 1977 

s s 

Revenue I.Obn. 951.0m. 

Net profits 39:0m. 35.0m. 

Net per share... 0.36 032 

PULLMAN 

TRW INC 


First Quarter ' MW 
S 

Revenue 382.0m. 

Net profits 54.0m. 

Net per share... 0-51 


WELLS FARGO 


First Quarter 1WI 

S 

Revenae — 

Net profits 25.0m. 

Net per share... 1.14 


Net profits 

Net per share... 


6.0m. Net profits 3&8m. 
0.52 Net per share.... 1.10 


31.7m. 

0.96 


BORDEN 


MANAGED BY 


First Quarter M7I 1977 

5 S 

Revenue 844. Om, 824.0m. 

Net profits 2S.0m. 26.0m. 

Net per share... 0-89 0.S5 


CHASE MANHATTAN LIMITED 


Thisadverriscment is issued in compliance with the requirements of the Council of 
The Stock Exchange in London. It is not an invitation to any person to subscribe for or 
purchase any securities of Baxter Trarenol Laboratories, Inc. or its subsidiaries. 


p 

to REPi 


BRUNSWICK CORP. 


PROVIDED BY 


THE CHASE MANHATTAN BANK, NA 


COMFAGNIE FINANQERE 

DE LA DEUTSCHE BANK AG 


Pint Quarter l*n 1977 

s s 

Revenue 254.5m. 2fil.0m. 

Net profits S.9ni. 997,000 

Net per share... 0.45 0.61 


CESSNA AIRCRAFT 



THE ROYAL BANK OF CANADA 

PANAMA BRANCH 


UNION BANK OF SWITZERLAND 
IRNN1AMA3 INC, 


Second Quarter 1978 1977 

i S 

Revenue 36f».Om. 159.0m. 

Net profits 5.0m. 10.0m. 

Net per share... 0.62 1.15 


BAXTERTRAVENOL LABORATORIES, INC 


THE CHASE MANHATTAN BANK, N.A. 


CHESEBOROUGH-POND 


First Quarter 1978 1977 I 

s s 

Revenue 268.0m. 190.0m. 

Net profits 16.4m. 15.2m. 

Net per share... 0.51 0.47 1 


3 APRIL 1978. 


(Incorporated with limited liability under the laws of the State of Delaware, 
United States of America) 


This anaounccmcntappeacs as a matter of record Qnlj'. 


CONTINENTAL GROUP 

First Quarter 1978 



First Quarter 1978 1977 

s s 

Revenue 922.0m. 870.0m. 

Net profits 25.0m. 28.0m. 

Net per share... 0.66 0.94 


SHAKES OF COMMON STOCK 
/ (U.S. $i par value) 


c iticor : 

c Hasi 


DICTAPHONE 


First Quarter 1978 1977 

5 S 

Revenue 56.7m. 51.2m. i 

Net profits 2.8m. 1.4m. 

Net per share... 0.67 0.36, 


Dragados y Construcciones, S.A. 

$30,000,000 


Authorised 

.50,000,000 shares 


Issued and fully paid at 
10th March, X97& 
33,368,880 


Fr a CR! 


I 




ENGELHARD MIN. & CHEM. 


The Council of The Stock Exchange in London' has admitted to the^. 
Official List all the issued shares of Common Stock of Baxter®C 


First Quarter 2978 

S 

Revenue 1 .6 bn. 


Travenol 


ial List all the issued shares of. Common Stock of..BaxteB®j^ 
enol Laboratories, Inc. Partiadaxs relating to Baxter TrayeiioI : !^: A r : jr r 0 .. 

: y ‘ J.. fltmilnkl# ■?« ctofictirol c«*rn/'^ ftf T?vtpI*i<. "’A; v. 


Medium term loan 


Nej profits 25.0m. 29.0m. 


Net per share... 
FIRST BOSTON 


Amrobank voor Belgie N.V. Banco Arabe Espanol, SjV. 

(an affiHarc^of Amsterdam - Rotterdam Bank N.Y.) 

Credit Lyonnais Dresdner Bank Aktiengesellschaft 

Madrid Branch 

The First National Bank of Boston 


Flrwt Quarter 1978 

S 

Revenue 17.0m. 


obtained during usual business hours on any weekday (Satur^^^- 
and public holidays excepted) up to and. including 12 th May^to^p^ 


Net profits “685,000 137.000 


1978 from: 


Net per share... — 

• Loss. 


Manufacturers Hanover Trust Company 


First Quarter 


Revenue 236.0m. 209.0m. 


KLEINWORT, BENSON LIMITED 
20 Fenchurch Street, London, EC3P 3DB. 




AgemEank: 

Manufacturers Hanover limited 


Net profits 4.0m. 

Net per share... 0.24 


KAISER STEEL 


March* 1978 


Adviser to the Borrower 
Banco Central, SA. 




Flrul Quarter 


Revenue 174.0m. I50.0m. 

Net profits *4.5m- 4.5m. 

Net per share... — 0.61 

♦Loss, 


CAZENOVE & Co. ... 

12 Tc&enhouse Yard, London, EGzR 7AN. 


'Coup 












/ 


A 


^ ftiursday April 20 1978; • .;- 
% 


VTERNATIONAL FINANCIAL AND COMPANY NEWS 




33 




Germans may bar 

with Fiat 



-i 


_ A.A|rtj|RT DODSWORTH* MOTOR INDUSTRY CORRESPONDENT' 

-V 'l ' GERMAN - Cartel ■ approved by tie EEC..: A. 

•-. lAftias T®Bdated that .it. Is Tie Cartel Office’s inteirei- 
. " .T^i^to'«6jecit tc* tie proposed- tfon ‘tn the Fiat/Daimler-Benz 
' ^^tioif^rtgreemeiit between' -discosslohs was criticised to-day 
tKe« largest Ger-.by Sig. Giovanni Agnelli., the 
Hot: - company, and Tint president of Fiat. . 

-for Vffie Manufacture of 'Speaking before tie opening 
6KVT automatte gearbox of tie Turin Motor Show, Sig. 
ji'-bu3&s v Agnelli said tie agreement had 

IS 'rag "Second . time in been M jeopardised.” even though 
Iwefifo'that the' Gertnan a great need existed to create 
Vfltles-- have, come - out “European dimensions" in the 
.- crhss-Frontier agree- components industry to meet 
•-.- NYj<Miweeh iBadicg European overseas competition. 

‘ ' i reoifipanjfes;--; . Fiat executives indicated fast 

■ ; v . 'S ^ast nKmtlL tie Supreme night that they were determined 
• 1' Vuipbeld,tbe Carte! Office’s to press ahead with the negotia- 
‘».1A -ib* .the proposed* takeover tion s.- 

-•.s'. '-.^SiiclK clutch Tnaniifartur- Thesp lalks. carried on during 
■ ‘"'•jwufl .'JgS ,'GKN. -Britain’s the last XS months between 
- - f ‘ engineering company. Dai mien and IVECO. the Fiit- 

: trough .ttie deal bad. been dominated commercial vehicle 


TURIN. April 19. 

company which includes Magi r us 
Deutz. 1 another -West German 
company, are believed to have 
been informally approved by the 
EEC. 

The issue could therefore 
become something of a test case. 

The two vehicle companies 
believe they can only produce 
a heavy-duty automatic gearbox 
of their own if they can spread 
the. cost over both their ranges 
of urban buses, of which produc- 
tion amounts to only about 6.000 
units a year. 

If they are forced to abandon 
the joint project, they would 
almost certainly have to go to an 
outside supplier for the units, 
which would probably mean 
buymg-in from a U.S. component 
manufacturer. 


Vs 


■■■ * 


KZO heads back to profit 


CHARLES BATCHELOR 

^v " 

the Tail t^b-based chemicals 
Any. -hopes- to reduce' its 
-ATh the current year and to 
: -Tto profit in 1979. -It ex- 
to be- in the black in the 
• ■- -uarter of. 1978. retiring 
.-'AiHg board "chaifman. Mr. 
.. “'■■'Kraijenhoff told a Press 
. A. ;eave. ;• •• •••-_- 

. ,'AI whose* main activities 
.'. fibres, Chemicals, pbarma- 
...Is and .consumer products, 
•- : reported ' a net . loss 
' ' i. fS2S.9m.)'. in ' 1977 
a FlS.flin. net profit in 
Vote extrairdinary Items. 
\ f P t *isiss "to a oet loss of 
■ 1 * u I tm. fSTffi.lm.) from a loss 
n . , T53m.>lxen extraordinary 
UOJJQ y^are taken into account. 

•-‘j. ?roup hopes- for achieve the 
. .. A' ement in 197S by reducing 
-ys in- the fibres division. 
' . . through cost Saving, and 

iigfit fmprovemeiit in rhe 
r-of the Other* 

the- company again re- 

- h profit, it cart strait to 

from tax credits on 


accumulated losses. These losses 
amount to Fls.400m. in Holland. 
DM200m. in Germany artd 
B:Frs.i.3bn. in Belgium. " 

The company must continue 
with a drastic reorganisation -of 
some areas of. its business to 
achieve cost savings, and studies' 
are being carried out on possible 
further capacity reductions to 
the fibres and chemicals dirislons- 
in- Western Europe. • ' 

Talks are continuing with .U.K. 
group Fisons over the sequlsltitsu 
of - all . or part of Akzo’s 
crop protection products subsi- 
diary AAgrunol. This company 
faces limited growth prospects 
in its current markets and needs 
to ihvesl heavily in envtrprr 
mental safeguards and more 
research. 

Akzo may have to cut. back its 
workforce by another- 10 per 
cent over the neat few year? 
to reach its Optimum size; the 
■number of employees. worldwide' 
fell to 84.400 last yew -from 
91.100. The major- upheaval- it: 
Akzo is now over, however, .and 


rVlSS 


- Ajohn WICKS 


again 

ZURICH. April 19. 


the company hopes to start reap- 
ing the benefits of the early start 
it made on restructuring its 
troubled fibres division. 

Losses on the group’s foreign 
borrowings are expected to 
decline in the next few years. 
Akzo. is carrying out the 
accelerated redemption of a 
number of Swiss Franc. Joans, 
which accounted for almost half 
of its Fl$.44m. losses on foreign 
loans in 1977. 

. It expects to invest Fls.400m.- 
Fls.450m.. entirely from cash 
flow, in 197S although a figure 
nearer Fls.600m. would be more 
appropriate for a company of. 
its size. But the losses of the 
past three years have restricted 
its investment policy and it has 
lost ground to British. Swiss and 
German competitors in the U-S. 
* * ■* 

. ' Hoogovcns. tho Dutch arm of 
the loss-making Dutch-German 
Steel group Estel. estimates that 
its reorganisation plan will en- 
able. an at (east Fls.SOOm. in 
..annual reduction in costs in the 
period to the end of 1979. Thiv 
cut “should fulfil" the cum- 
pany’s aim of bringing costs and 
income in balance before the 
end of 1979. 


"^ABILITY Of Swiss tort- only against the dollar, but also! BASF DfiVOllt 
.--has _agiin ’taken' a turit particularly in comparison- with - r J 

■A .wOraeAip view’ of the'rthe West German mark 


it * ? * { | 


■-.-te .of appreciation of the '.The Chamber of Gommerbe 
currency; - accordlfllt «o rails on the " Government to‘ take 
: 7 iS Chimiber of Commerce, thiscintD account by continuing 
; :- ‘xpre^sey its- concern .at its Uyiltation'on the growth T. 
•V-atlon ' l)ie money supply (so that thfe 

recognising the efforts TnonetaJ*y disadvantage is not 
... s authorities to put- a Aggravated by an " inflationary 
; «- n the revaluation of the rise in costs i and by ’“.a more 
- -7 'anc. the Chamber claims gentfe treathfemi of .eatfipani# 
a competitive ability of by th*-tax. authorities." There 
.:,.;oinpani«. active '; fit 1 ex- should be no additional : fiscal 
“.irkeLs'and in SwiizerJand’bUd social, costs, nor. additional 
! ;; suffering seriously from administrative, rulings which 
A: jange .rate conditions. It would further*’ jeopardise Swiss 
: ~iif that the value of the' competitiveness. lhe . Chamber 
. .ranc remains high.' not urges. ..... . 


- By Guy Hawtin 

FRANKFURT. April 19. 
EASF. the large West Gennan 
chemicals group, to-day an-t 
bounced, that its Supervisory : 
Board is recommending a diwt- 
dend of DMB per DM50 nominal 
share for 1977. 

Kfor J976. the group paid aj 
dividend of DMS.W a share, but i 
although there will be a decline I 
in cash payout fnr 1977. share - 1 
holders who pay Federal German 
income tax. will be better off a.s ■ 
b restilt af the country's corpora- 
tion tax reform. 


Sacilor 
steelmaker 
turns in 
heavy loss 

By David White 

PARIS. April 19. 
THE DIMENSIONS of the 
steel 1 crisis in Lorraine became 
painfully dear to-day with the 
announcement of a staggering 
FrsJt^Bbn. net loss— almost 
SSOOtUi — at Sacilor, operating 
subsidiary of the Wendel- 
Stdelor group. The loss was 
more than three times (he 
previous year’s shortfall of 
Frs.723m. 

The company said its result 
reflected, one the one hand, 
worsening market conditions 
and, on (he other, the fact 
that results or the ambitious 
Solmrr stei complex at Fos on 
the Medilemnean coast near 
Marseille have for the first 
time figured In Saclloris 
accounts. 

Sariiors operating toss 
doubled last year to Frs.2.32bn. 
from Frs.].13bn. Depredation 
charges totalled FrsJ>64in.. In- 
cluding Frs.BSm. aecounied for 
by the group's participation in 
Solmer. 

The company Is omitting its 
dividend. 

Earnings fall 
at Alimentaire 

By Our Own Correspondent 

PARIS, April 19. 

GENEKALE ALIMENTAIRE, 
the French food arm uf Sir 
James Goldsmith's Anglo* 
French empire, suffered- - a - 
drop In earnings last year, 
blamed partly on Government 
price controls. The company's 
net profit in an exceptional 
nine-mouth accounting period 
from April to December, 
covering a changeover to 
calendar-year accounting, was 
Frs.I6.7m. (H 3.63m.), compared 
with F rs-28-9m. earned in lhu 
preceding 12 months 

The dividend, all but 13 per 
cent, of which goes to Sir 
James' master - company 
General e Occidentale. Is cut 
from a net Frs.3.80 -to Fr.sJi.50 
per share. 

At the end of last year, 
during which Sir James bought 
up all the shares or the British 
Cave it ham Food Group which 
his company did not already 
own. Cavenham's 98 per cent, 
share of Generate AllmenUlre’s 
slock was transferred to the 
master-company. Under the 
same reorganisation plan, 
which gives Generate 
Occidentale two separate food 
arms, control of the overseas 
subsidiaries Felix and Sanders 
International comes under. 
Carentuun. 

Gene rale Alimentaire’s turn- 
over in the. nine-month period 
totalled Frs^84m- compared 
with Frs.736m. in the previous 
12 months— slightly over par 
for the course. 


MEDIUM-TERM LOANS 


Active Brazil meets 
cheerful reception 


BY FRANCIS GHIUS 

BRAZIL contkies ro be active iff 
the medium term markets and 
seems to be able 'o raise longer 
term money ( 10-12 years) with- 
out problem. The latest loan for 
a Brazilian borrower is $130m. 
over ten years with three years 
grace Tor Mlneraeao Rio do 
Norte, to develop a bauxite pro- 
ject. , . . 

Other terms include a spread 
of 1* per cent, and no guarantee. 

I The borrower is jointly owned 
I by Coin panto Vale do Rio Doce. 
the Brazilian state holding com- 
pany. Alcan. Norsk Hydro. Rey- 
nolds. Shell and the Spanish 
state holding company INI. .Joint 
lead managers of the lnan are 
Orion. Bank, which is also agent. 
Irving Trust Co- and Royal Bank 
of Canada. 

Meanwhile, the S200m. ten 
year loan for Electrobras has 
been increased to S250m. with 
terms otherwise unchanged ta 
spread of li per cent, through- 
out and a state guarantee). Joint 
lead managers are Credit Com- 
mercial de France. Manufac- 
turers Hanover and Banpue pour 
lc Financement de I’Energie 
\iiciaire. •' 

The S175m. loan Tor the jiaipu 
hvdro-elcctric project nn the 
frontier between Brsrrii and 
Paraguay is understood to he 
going well, not least where the 
$75m. twelve tranche is con- 
cerned Together with the good 
response to the othe rlosns cur- 
rently in the market, this sug- 
gests that ten money for Brazil 
eould become a "normal" 
maturltv in thri months ti come. 

A SI 00m. for' Ecuador with a 
indicated maturity of seven year 
and a split Spread or H-U per 
cent, which Algemene Bank 
Nederland had been mandated 
to arrange has' ben delayed by 

EUROBONDS 


the resignation of the Ecuador- 
ian Minister of Finance. Con- 
firmation that the loan will pro- 
ceed is expected in the next 
week. 

Other loans being arranged at 
present for various Latin Ameri- 
can borrowers include SI 00m. for 
eight and a half years for the 
utility company Agua y Energia 
Elecirica. This loan, which will 
be state guaranteed, carries a 
spread of IS per cent, through 
out. Lead manager is Citicorp. 

Mexico’s Foreign Trade Bank 
is expected ' very shortly in the 
market for a S250m. loan. 

Corporation Venezolana de 
Komento. a state agency is mean- 
while'raising S58ra. for two years 
on a spread of | per cent. Joint 
lead-managers are Orion and 
Royal Bank of Canada. 

Nine Japanese consortium 
banks headed by Mitsubishi 
Trust and Banking Corporation 
have arranged a YlObn. long- 
term loan for the Agricultural 
Development Bank of Iran." The 
loan carries nn Government 
guarantee. Repayment will begin 
after a seven-year grace period 
and will be made in seventeen 
half-yearly instalments - Accord- 
ing to Mitsubishi Trust this loan 
is the first yen denominated loan 
to be financed by the pension 
funds of several members of the 
syndicate. The use of pension 
fund finance for such an opera 
tion first -became possible at the 
beginning of this month. 

One feature of th»» recentlv 
signed Saudi RyaJ SOOtp. .(about 
S87m.) loan for Redec is that, 
although the spread paid by the 
borrower is 2 per cent, over the 
Saudi inlerhank rate, there is a 
minimum rale of 7i per cent. 
The ryal interbank rate cur^ 
renlly stands at 3i per eent. 


$125m. new dollar issues 


BY OUR FINANCIAL STAFF 

TWO NEW dollar issues were 
announced Last night: a $75m. l5 
year bond with -a French State 
guarantee and an indicated 
coupon of 9 per cent, for Caisse* 
i Nations le . des Telecommunica- 
tions (CNj 1 ) and a S50in. Four 
year private placement for one 
of the leading German com- 
panies BASK which has a coupon 
of 7i per cent, and has been 
priced at 99i to yield 7.72 per 
cent. 

Deutsche B*rik will he running 
the hooks for the CNT issue with 
UBS (Securities) and Suciftfe 
Genera )e as .co-lead managers. 
There is Qain^ioated pricing but 
the yield os titis bond is expected 
to be sliRhtly higher than that 
orr another dollar bond outstand- 
ing for CNT which Deutsche 
Bank and- UBS (Securities) 
arranged last Septemher and 


which is currently yielding S.9 
per cent. 

The private placement for 
BASF is being arranged by 
Deutsche Bank and Morgan 
Stanley. 

The buoyant mood of the 
dollar sector of the market also 
led to the increase of the credi 
Commercial de France floater 
from the Indicated $33 m. to $45m 
with conditions otherwise un 
changed 

The United Overseas Bank 
S25m. issue was priced at par to 
yield 6.09 per cent, with terms 
otherwise unchanged by lead 
managers Chase Manhattan Ltd 
and Sa Ionian Brothers. 

Sterling denominated bonds 
were heavily traded yesterday 
with prices moving up sharply 
in the morning only to fall back 
later on in the day. 

The Deittschemark sector was 
also in better shape yesterday 


N 


ISIS JUft*ODNjCO«KNT APPEARS AS A MATTER Or RECORD ONLY 


- rf-: 




THE REPUBLIC OF SENEGAL 

U.S. $60,000,000 


PROJECT FINANCING FACILITY 


MANAGED BY 


_ •“N 






■ \ ** 


1 O'- 


CITICORP INTERNATIONAL GROUP 
- CHASE MANHATTAN LIMITED 
BANK OF MONTREAL 
; BiANGIJE EURdPEENNE DE TOKYO S.A. 

BANGfcUE INTERNATIONALE POUR L’AERIGUE OCCIDENTALE (BIAO) 

CREDIT AGRICOLE (CNCA) 

. . .FIRST NATIONAL* BOSTON LIMITED 
- SOCIETE GENERALE 
UBAP ARAB AMERICAN BANK 


i - - • L — 


C Mar-* 11 ;, 1 






m rn 9 -■* 

m *■ 


CITIBANK, N-A. .. ' - 

BANK OiF MONTBEAI. 

BANGTJE rNTEBNATIONALE POUK' 
L’AFRIGUE OCCXDENTALE (BIAO) . . 

tbs first national Bank of Boston 

UBAi 1 ^ ^ASAB AMERICAN BANK . . : 
BANCH7E SENEGALO^KOWBiTIXNNE 
NATIONAL BANK OF-NORTS AMERICA ’ 
BANQUE INTERC ONTINKNTALE ARABS : - 
■PROVINCIAL BANK O F CANA DA . 
(IN^CEEKATIONAL> LTMJTBD 
spy ft pri T.1T Y A77Y.A) UMTFBP ' 


pakOTZDEDBY " . 

THE CHASE MANHATTAN BANK, N.A. 
BANQTJE ETJROFEENNE DE TOKYO S.A. 
CREDIT AGRICOLB (CNCA) 

SOCIETE GENERALE 


B ANdUE BELGE LIMITED (mem be r op the 
SOCIETE GENERALS PE BAMODE GROUP) 

CREDIT DU NORD 

BANQTJE COMMERCIALE FOUR L’EUROFE 
DU NORD (EUROBANK) 

PKBANKKN INTERNATIONAL 
(LUXEMBOURG) STA- 
UNTON MEDITERRANEENMS de 

banques 


CITICORP INTERNATIONAL BANK LIMITED 

AGENT 


■% i 


- f ^ 1 




MARCH 1978 


Atlas Copco sales surge 


»Y WILLIAM DULLFORCE 

ATLAS COPCO, the Swedish 
rook-drilling and compressed air 
equipment manufacturer, to-day 
reported a 26 per cent increase 
in group first quarter sales to 
Kr.l.OTbn. (S235in.) and a 29 uer 
cent., rise in the order intake 
to Kr.l.2bn. This is the largest 
quarterly growl h in .orders in 
the group’s history. Preliminary 
calculations indicate that net 
earnings climbed in line with the 
turnover increase. 


STOCKHOLM. April 19. 

Reporting these figures to the 
annual general meeting, manag- 
ing director Mr. Tom Wachmei’s- 
ter underlined that the' growth 
had taken place entirely outside 
Sweden. The countries in which 

advances had been most marked 
were Britain. Brazil. Australia 
and the U.S. 

Last, year Atlas pre-tax earn 
mgs dipped by 12 per cent, to 
KrJ?97m. (SIM.Bm.l 


U.S. $120,000,000 

International 

Westminster Bank Limited 

Floating Rate Capital Notes 1984 





In accordance w ith the provisions of the Notes, notice is 
hereby given that, for the six months interest period from 20 
April” 1 978 to 20 October 1978 the Notes will carry an 
Interest Hate of 8% jper amium. The interest payable on the 
relevant interest payment date, 2G October 1978 against ■ 
Coupon No. 3 " iff be U.S. S40.67 

By The Chase Manhattan Bank, N.A., London, 
Agent Bank 


ri 


Weekly net asset value 
on April 1 7th 1 978 
Tokyo Pacific Holdings N.V. 

U.S. $51 .76 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $37.73 . ; • - 

Listed on the Amsterdam Stock Exchange 

Inform b H on: Pierson, Holdring a Piorspn N.V., Hervngrecfat $14, Amsterdam 


VONTOBEL EUROBOND INDICES > 


PRICE INDEX U-4 7* 

DM Bondi 107.34 

HFL Bondi & Noim 105.18 

U 5. 5 5vt. Bondi 100 37 
On -Doi|*r Bondi 98-“7 


, 14-5.74= 100% 

1 1 .4.7.1 AVERAGE YIELD 1 8.4.78 

107-63 DM Bond* 

104.62 Hf L Bond, & Not*, 7.301 

100.15 U.S. S Strt. to-di 8 625 

98.93 Ctn-DolUr Bondi 9,494 


11.4.78 

6 302 

7 411 

8 671 
9.SB7 



V 


BLAGDEN ANOAKES (FOLDINGS) 


uKrncD 


BAS ACeun^ED 


W.W. BALL Sc SONS LTD. 




CITICORP USTERKATIONAL GROUP 


aiCimn ivrr 


Nil 


NEDEBLANDSCHE 
MEDDENSTANDSBANK N.V. 


HAS ACQUIRED 


TRANSITRANK ZURICH 


™ B>PBta, S k ?S/J55»£iNVn!wSlf i: 




CITICORP INTERNATIONAL GROW 


MtlMif Iff* 


K • ^ 

1 9 Cu 




< :■!*- 


A#HOCLVO«TO SUBSIDIARY OP 

VROOM EN DREESMANN B.V. 

HAS rVKCUASLD 

SI 1,000,000 5.75.1- PREFERRED STOCK 

CONVSXTOITX INTO 400.000 SHAKES OF COMMON STOCK 


ft OTLET COMPANY 


a nm nun«n» 


o 


CITICOEP INTERN ATtONAI. GROUP 

ll«7 


The Grantchester Fund 


iC^er r* 

Grieveson, Grant and Co 


U.S. $5,636,500 

lAUunUMn lAcmrr 


uuMu nrammu 


CITICORP INTERNATIONAL GROUP 

""im ml 


• 

r-wrc-' 1 :?'.-"/;- •‘T’SS.'Sal. 




t#fe ) 




34 




INTERNATIONAL I IWM IAI Wl) COMPANY M \\S 


Financial Times .. Thursday 'April 20 197 



Australian news Dividends 

Hongkong Bank sells finance stake Sf d f at 

PV iakicC CflBTU «vnVEV Anrll 1ft ' 1TA T T Ullvi 


at 


L%^S* fc -V 


l*> | ^ 

|V>* * 

v; f *rj • . 


BY JAMES FORTH ‘SYDNEY. April. 19. ' 

NATIONAL MUTUAL Life A«n* "n l&e ground* that the purchase and Shanghai did not already The bank will also continue its 
rietinn Australia’s second larcesl did noi represent a take-over exercise control. present lines n[ credit. ■ ‘to 

nation. Austraha s ? g[fer ^ ljfe oB ; ce m tends to Hong Kong and Shanghai main- Mercantile, which amount to 

life-office, has Dou»nt ouin^ni kee p jls holding steady at Die tains that the sale is in line with SU.S.2Qm. (SAloni.i. of which 
control of finance company. Her- prc sent level. Stock Exchange the bank's policy to quit invest- about half is presently ‘.drawn 
candle Credit from the Hongkong listing requirements specify that meats where it does not have down. 

and Shanghai Banking Corpora- where directors hold control and overall control. No' sh . has : w, 

The WttoT ■££?*& BE £ remain TCraUaMuS ta^ab^t 

HSaffiS -aiwsftiar- fc ,, 

W » Wh0Uy ° WDed ,ttb - .tte. present. National 

30 per cent- stake, taking its queslion is whelher Hong Kong Through the recently- Mutual intends to continue with 
equity to almost bO per Lent. artd Shanghai had conirol before announced plans to acquire a S.l only 'One representative on the 
This will make Mercantile a i^e deal. per cent, controlling interest in Mercantile Board, 

partly-owned susbidiary but the a case can be made out that Marine Midland Banks, of New The life office became a 25 per 
life office does not intend to ihe bank did nnt have control York, Hong Kong Bank will have cent, shareholder in 1970 when it 
extend an offer to all holders. The because it was offset by the hold- an interest in the financier, Mid- took up 5.6m. shares at 87 cents 
National Mutual paid SA1.Q6 a , n ,» 0 f National Mutual and land Credits, and the merchant each. 

share, com pared to 77 cents interests associated with the bank. Interuiarine Australia. In 1964, Hong Kong and 

ahead of the announcement and chairman of Mercantile, Mr. J. B. Although it has severed .Us Shanghai had also taken up' 5.6m. 
90 cents after the details were R P id. The National Mutual did equity link with Mercantile, the shares, at 75 cents each, giving it 
disclosed. not consult' the Sydney stock Hong Kong and Shanghai chair- a 40 per cent, holding, but the 

it does not intend tn make an exchange about the deal because man. Mr. M. d. R. Sandberg will issue to National Mutual watered 
offer to remaining shareholders it took the view that Hong Kong remain on the Board. this down to 30 per cent- 


three years 

By Wong Sulong 


v « , 

. * . j’ 

V-:\ 




BY R. C..MURTHY 


KUALA LUMPUR, April 19. 


GROWTH in pre-tax profits at 
Philips India, - the multinational 
with a base in Holland, has. been 


UNITED MOTOR WORKS seen for the second year ''in 
(UMW); the Malaysian heavy succession, in 1977. Profits before 
equipment distributor, is to tax rose by 32 per cent— from 
Pay a 5 per cent dividend— Rs.68.5m. in 1976 to Rs .90.8m. 


THE TAKEOVER SCENE 


Debate grows on need for a new code 


BY JAMES FORTH IN SYDNEY 


THE SECURITIES Institute nf present, only companies with guarantee of equal treatment," The SLA. however, argues that 
Australia has called for a broadly their stock listed are under an the SIA states. tho time conic f or a Eunda- 

based national inquiry with the obliyation to comply with The SIA agrees with several mcntal reappraisal of the whole 
objective of a complete over- exchange requirements. of the AASE recommendations. , . , nd nf thp 

haul of company takeover prou- The rwuing Houses .^ S0C13 . but it opposed to the banning of ^" ]aIop . ^.!. c 3 lt s °L! sts 

sions in Australia. But, the in- ^ nn w hich represents merchant escalation clauses and oi. _ . j. j Qleres .A d parties’ he 

statute is apposed to several hanU activp p in th{1 CQ n.oraie disagrees . with its proposal that alt interested partis be 


of tiie AASE recommendations, 
but it oppused to the banning of 


stitute is opposed to several hank active in tho CQniorale disagrees with its Proposal van an vmewwa 

changes proposed recently by area sugees ted a system similar bas ®<* on l i* ^SSSShSdta w hich coSd be ev 
Australian stock exchanges and w thlt , g- the u.K. » P e f W .7 L debated ail£rin« 


Cautious against “urgent action 


that in the U.i\- macIe a - threshold " level, debated. 

The IHA proposed a code of requiring a complete takeover thorough 


The SIA is a professional body conduct which would be sup- hid. 

vrhich represents interests from por ^ e j by a legislative frame- — ■ ~ — 

the sharebroking. merchant wor j^ though the code itself **<* 

banking, corporate and legal . QU , d ant u. ineornoraied into straights 

fields H is one of several groups lhe legsijTlon. Tho IHA stpc . 19M s? 

which has made public its views enV jsaged a full time secretariat A^fr*u» sivc is» 

on the present takeover rules. reS poixsihle to - a supervisory Mu in. * *. m* » 

The debate on takeovers has panel, which would comprise a ao»«i« *jik we* 2 1BK “* ** 
heightened in recent months fol- number of eminent people drawn Can. N. Railway ?Jpc mss **• 
lowing a spate of bids, often in- from areas including merchant Cnim National raw isai .. "j* 
volving concerted buying opera- banking, sbarebroking. legal and JJJjP’jJJJ _ ;; " join 

lions on the sharemarkeL in accounting professions and f.cr sine uwt . j** 

which control has changed hands financial institutions. The Cor- gre flee iwt 

without a comparable offer be- porale Affairs Commissions ErVsMnVpTif*™ m 

in® extended to remaining share- would also he represented. The **»o sor inw. n«t. " 
holders. The practice arose of iha suggested that takeover £ r - *:» c 19M "J* 

lame holders, mainly institu- offers be made through licensed " i»: 

tions. attaching “escalation dealers who could be censured iri sijv ins? ®!j-' 

clauses” to sales of shares, which or have their licence withdrawn JJE ciwdi i if* 

provided for the seUer obtaining - f roles or the spirit of the SSSl SSWS S 
any higner price which might be co de were not observed. M'rhrlln s i pc isss ... . .jl? 

paid if a takeover bid arose. Thc Company Directors « 

State attorney -generals dis- Association of Australia (CDA1 Wstmn**r. 9p-- '8a 

cussed the need for takeover suggested that before any moves \VTf<«mrfiand spr ms ... in 
reform and the possibility of a were made to amend legislation. ^ nn: p Bk ^Jdc i»- 974 
takeover code similar to that a securities industries council be vSkiMre ^ lvri • 
which operates in the U.K. at a established, based on the prin- Wo 9p.' i«»3 . . ’ . irrj 

meeting in February. A further clplcs nf the U.K. takeover panel, ?«- 1391 991 

meeting is scheduled for May at CDA disagreed with critics who !*»«; iro} 

which it was hoped to reach de- maintained that such a panel K.-rri'imc-rriatioiiaiflDc jbs 7 9.14 
cisions. would be difficult tn translate to Rffst 9 P r isvj »<i 

- Several interested hodies were Australia. The SfA however. ^ i«i !! m 

invited to make submissions out- suggests that in most recent take- skk «pc twr . rat 


invited to make submissions 
which could be exchanged- and 
debated, allowing time . for | 
thorough deliberations and I 
contributions. 


equipment distributor, is to 
pay a 5 per cent dividend- 
tie first In four years — follow- 
ing Improvement in the com- 
pany’s results. 

. The group’s ■ pre-tax profit 
last year was 3m. ringgits 
<SUSl-3m.), and after-tax profit 
was 500,000 ringgits. This 
compares with a pre-tax profit 
of 1.9m. ringgits, and an after- 
tax loss of 700,000 -ringgits, iu 
1976. 

USfW staged its recovery In 
spite of a drop ' of 11.5 per 
cent, in sales to. 148m. ringgits 
($U$63ni.). This is thought to 
result from lower financing 
costs, as the company has cut 
down on a heavily over- 
stocked position, as well as 
from stronger demand for 
heavy machinery by the 
logging and construction indus- 
tries. 

Largely because of the 
depressed conditions in the 
logging industry, and the slow 
pick-up of Government activity 
under the Third Malaysian 
Plan. WWW’s results deterio- 
rated from a record net profit 
of 6.2ra. ringgits in 1973 to a 
net loss in 1976. 

Tbe company feels that It 
should do well in 1978, as the 
Third Malaysian Plan gathers 


(Sl0.8m.) in 1977,. But its profit- 
ability has not yet been restored 
to the level attained in 1971, 
when its pre-tax profits amounted 
to RsJ 15.7m. on a turnover of 
Rs. 465.6m. Pre-tax profit as a 
percentage of sales was' 11.4 in 
1977, compared to 9-5 per cent, in 
1976 and 24.9 per cent, in 1976 
and 1971. respectively. . 

Sales of tbe company,; engaged 
in electrics Land electronic* goods 
manufacture, registered a smaller 
increase last year than in 1976. 
Tbe turnover amounted - to 
Rs.79S.lra. t$94m.) ; recording a 
10.7 per cent rise: The improve- 
ment in profits has been achieved 
says Mr. W. MacLaiue Pont,, the 
chairman and managing director 
of Philips India, in the annual 
report, by overall efficiency in 
operations despite increases In 
costs, particularly due to. the 
increase in excise duties, cost of 
parts, wages and wage-related 
costs. 

- Philips India has altered its 
product-mix by taking- up new 
items in entertainment elec- 
tronics catering to high-income 
groups. It has been able to break 
into the Ki-Ft stereo gadgets 
market, which has been reserved 
so far to “ small-scale units.” 
defined by the Government in 
terms of investment up to Rslm- 


are, what Philips calls, "Hi-Ti 
international, stereo tuner .ampli- 
fiers " with separate loudspeakers 
and “ electronic hi-fi stereo, turn-:, 
tables." Small-scale' industrial 
units allege violation by Philips 
and other multinationals of areas 
of activity demarcated .by ;tfie 
Government Tuner amplifiers, 
according to Philips, are zitiJo 
receivers, for - production . of 
which it has an industrial licence. 


BOMBAY. Ap^V'; 


With profits after-tax 
Rs37^m. .(54.4m.) in IF - ' 
R&S5hc in 1976. ? 

bas stepped up its divide ’ 

l9"naH naitf ■ In IOTA 


12: per cent in 1976 * - r ' 

c^nt .in 1977. ' a 

An interesting as# 


Philips’ working result* ^ 
output exceeding ' ticeu 1 
installed capacities bej 
permitted levels in seve ^ 
20 product lines. 


Dai-Ei to expand in U; 


BY YOKO SHIBATA. 


TOKYO, Ap 


JAJAN’S ■- .Jargesr. ' superstore 
chain. . Dai-Ei, '. has recently 
boosted capital, of Jls wholly 
owned- U.S. subsidiary. Dai-Ei 
Inc. (Hawaii), 2 J .times to S24m. 
The capitaL Incre^e is planned 
to back Jhe ta)ting_over of U.S. 
retailers, according.- to. Dai-Ei ’4 
president^ ’.Mr,.. Isao 'Nakauchf. 

Tightening;-. cbntro.U on the 
opening of domestic retail 
chains imposed by lhe Japanese 
Government, ‘- and 'favourable 
business conditions -in the U.S. 
market, supported by the rising 
value of. tbe yeK- have moved 
Mr. Nakaucht .into U.S1- opera- 
tion. In: th?- UE. costs oE 
materials and wages have fallen 


as a result of the sbar 
the yen. 

■ The capital boost 1 ^ 
(Y3.3bn.) is considers h» 

Japanese retailer's over 
sidiary. The new rapit ... .- 
V£. subsidiarj-. equiv 
Y5^bn.. is equal to O’ 
than that of leading 
retail chains such s 
t Y4.Sbn.) t Nichii (Y4J 
Seiyu Store (Y3fibn.i. ^ — 
Dai-Ei established its „>«* 

sidiarr’ iu Hawaii in- 

order' to absorb know-I 

U.S. retailers. The 9 

has had an expansion p 

the autumn, when the ^-ri* 

.made unsuccessful. 1 ^ 

-moves. . ’ ‘ 


EUROPEAN OPTIONS EXCHANGE 


momentum during the second : in plant and machinery. 


part of the year. 


The new products introduced 


1 ' ■ July 

Option-'-' ‘i ;Prtnr .Cfr«e V«rf. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Beatrice Foods VTpc 1982 .. JM4. 


r.ntavcrken 7 It»c 1982 
Fnokoms Snc 19S3 
Slirhclln » ! oc 19S3 


Montreal Urban Si pc 19M 1811 


New Bniavwl>* 8pc I9M 


Now Hruns. Prov. Sdpr S3 1W>I 


J9I N-W Zealand SiPC 1936 99 

97 Nordic In*. BX. 7n>c WJ 

\>ink Hydro 73 d>* 1885 873 

891 Xortrar "Hoc 1W2 Mi 

9S Ontario Hydro 8 pc 1SS“ 

1021 Slnwr s:pc J982 . .. MM 

993 S. Of Scor. Elec. S' pc 10-' 

10H S'ceden fK'domi 71 DC lS-s-2 9;'. 

97i Sncdlsti Slate Co. 7Jpc « ^ 

Telmeic 9lpc 19°1 .. . l"n 

KM 3 Tcnneco Ttpc 1SS7 K» W 

971 Volkswagen TJpc 19S7 96 


99 Xorcurn j]pc 19S9 

984 Norway 4Jpc 1BS3 

nnt Philippines 6h>c 19SJ — 
105 Rnutnr Unklu 5rt>c 19SS ... 
981 S»-cden opr IB99 . — ...- . 
101) Taneriuuiotiahn Hoc 1893 

193 Trondheim Sipc IMS 

974 TVO Power Co. Ooc 1938... 

98* Venezuela *pc I9SS 

971 World Bank 5tpc 1990 .. 


Directors ( W-'dland Int. Kin. S* DC V5 
• U 1 r Vr-.. . 1 N annual r„al Brt Spo 1997 


971 Volkswagen TJpc 19S< 

971 

10t 

9?* STERLING H0MD5 

toil Allied Bn-wenr* Mlpc VI 
I** Citicorp i op..- 1993 — . 

psi CounauWs 9»pc 1RS9 . . 

' ' me a'r,.- IMQ 


lining their views. Tbe Austra- overs which attracted criticL^m swjdy 'Mom' 

» 1 _ c » mhnt.l.!K hnH honcfirl PrT l'nl.*U P1^-nln9pC 1!1S 


ECS 9-p>: IMS 

F.IR 91PC 19*H 

EIB 9 : .pc 1902 .. . . 

Fliunc- for Iwl. Sloe 
Flnamv Inr ind. lOpC 19»9 
Ft sorts I0!p-: 199“ ... 
O^tcincr 11 or 193S . . 

IN A »or 199S 

R<ronir->- lc.’oi 19SS 

S»ars in'.pr 19*s 

Total Oil Bipc I9S4 


mil FLOATING RATE NOTES 
]0li B^nk or Tokyo IBM 7ii| b pc 

9S| 8FCE IWM «DC 

9S: BNP 1633 81 lb PC 

ion; CCF 19® 8 pc 

p-,4 CGMF 1994 73 pc 

96; Crcd‘UOstalt 1994 7tpc ..... 
Credit Lyonnais 1BS2 Sdc... 
Dfl Bank 1B83 7 15 m. pc ... • 

CZB 1981 Si it pc 

lntl. Wsntmstr. ’94 7i5i,pc 

904 Lterds 19S3 73pe 

1«> LTCB 1983 8pe 

so Midland isn Spc 

S4i Midland I9S7 7Uu>PC . 

Ml OKB 1983 TJpc 

9(1 5YCF I9S5 Sipc 

»1 Sfit. and Oirrd. '94 7H«ip.- 
941 Wins, and Glyn« '94 8> tunc 


Bi-ectjam SZpc 199: ...» 

Borden 5pc 1905 - 

Broadway flak- 4?pc 1997 _ •. 

Offer carnation 4nc Iff? 

100* Ch<* won Spc 1098 

Mil Part 4IPC 1887 

90} Eastman Kodak 4>oc 135*3 
9T4 Economic Labs. 4; DC -1187 

10«2 Firestone ape 1988 

ion Ford 3pr 1988 

9*1 Pptwral Fleet r*r 41 pc 1WT 

99 Gillette 4;pc 1B37. 

9n 1 r.onld sdc 1987 

99 Calf unit WVc'rrn ape 1988 
narrtn 5nc 1192 ' 


TlnriCvweU Rpc 19S6 88} 

inn jrj B’rxr iwn --90* 

HUH rVA «t»c 1997 ... 98 . 

mil (n'-ticsoc o’nc 1985 1I0L' 

I00» ITT 45ac W*7 81. 

994 J wo Spc 1992 JJt . 

1001 KoinatPn 7* nc 1990 ' 13V - 

lonl j Ray McDennoH 4*nc ~S7 RS* 
100} MalSiKH'ia 6*nc 1980 .>... ..1151'.. 

I0M kriicbl rtw 1998 i. - 130 .. 

inn! J P. Moreau 4<oc 10S7 95* - 

1001 Nabisco 1!pc 1998 ...» 101 

1004 Owro DUnnlS 4Si)c 19C7 Ji;- .• 
105 J r ppnn»y a*p*- 19S7 “ 7T* - 

99, R.-rlon 42 PC ira? . Ji IBS 
1084 Rp^olds Metal* Spc TOM. 85* 


E. Kiki&k. - ■ 
K. Kodak.* 

E. Kodak"': 
IBM j 
IBM - 
IBM 

f.M ’ ’ *■ 

au ’* • 
on 

Phiiipa . 
Philips :• 
Pbilipa 
H. D. Shall 
K. D. bhell 
It. U. i-boft. 
I'nilmr . *■ 
Vim lever 
Vuileter 


-540 65*. j 5 

«: ■ S-.« l 

SB40 143, r 85 

. &26Q . _ I . - 
:-62»a -- 

650 — ! — 

. 660 -51, j 5 

,670 . t* IQ 

PaZ^O £ AB'-l S 
P25JJ0 1.40 1 

P37AO -- 

FI 30 SJ20 ' 11 
F130 .2,70 | 51 
•P140 

\-mn --r - 

P 120 j;- 2.40 j 16 
FISO]- - '1 - — 


.. - 1 


•• 41« • 

1 

-- 1' 

77 

■ ler# • 

20 

^ 8 i 

24 

, 3'u J 

14 

1 -1BU 

30 

! 5r a 

29 

; i 

2b 

; i.eo i 

50 

; 0.70 

123 

: 8.90 1 

30 

, 3.20 f 

71 

‘ °- 90 ! 

56 

- 3.30 ! 

13 






'. V«jr 

700p 85 ; 

7SOp 1 ,4| l 

«00p| 20 - 

300p so ! 
525 p . 34 
SSOp 22 . 

r i«P it : 


*S. — ■ • 

'SOOn |- *60 ; — 

885p| 34. ' ' — 

A£A I ‘ nn l 


biop a**. 

2 S0p - 28 ! 
275p {■ 17 i 


Autruti 

95 — 

\ 51 ’ - 

,''22.1 - 
■ 73 - • - 

.42 — 

- - 22 — 

‘ 31 — 

: . 57 , - 

44 ', — 

! ; r 26: ; — 

I 22 | ' 


\ftremher 

120 

75 . - 
46 ; 

78 ' - 


■ p ; c m 

. if i E ^ 

60 _ 

: aa 


«I Sandrik «dc 1K3 


Scarce: Wblie Weld ScraOtios. 


CONVERTIBLES 

American E.M»res* 4ipc '57 
Ashland ar 1W .. . . . 
Bah'ticV A Wilcox IJpc *97 
Beatnc~ Foods 4<iy 1W2 . 


irrt| snerry Rand 4 J nc 1W7 ... - SO) 

lUfll S'tulhh 4‘oc l“«7 ,. M1 . M 

T-r-*ro 4-on l»as • S 81 • 

Toshiba 4tpr- 1OT! . -1W. 

li-dan CarbMp 4{pr-lQS?- . N ... 
97 Kirnnr Lamhorr 4 4 no 1IN7 63.' _' 
91 B'^rnor Lambert 4fpc 19SS *V9 ' 

97 S"n>i .Inc 1988 SSi 

Source; Ktddnr. Peabody S*nn- 


. . .'i.r '• 


..j' akflf Finland I 


r. 


■maun 0 


Jian Associated Stock Exchanges shareholders had benefitted*. voT™ spcTsw 
(AASE l recently announced The institute believes that the 
their suggestions involving a need for urgent action is more WO tes 

number of amendments tn the apparent than real. Us view is Anslralla 74|H . 19S4 

companies Act to prevent favour- that much of the impetus for p c u c-aoada 7}pr jasr 
able treatment of some share- change is based on a concern that Br Coi.mbia Hjd. r-.pc S3 
holders, including the banning of all shareholder should be 

escalation clauses, and wanted guaranteed equality. ec s ripe wsr 

amendments to existing lesisla- “The irue principle nenneat- 

tinn giving them power over all ing takeover regulation should be j?ec jssi “ ..7 
who deal in listed securities. At equality of opportunity, not a euso r.nucii sipc i»w . 


hp Can. Pac. *lpc l»M 
Dow Chemical 8pc 19SK 


ECS 71 pc IBS! . 
ECS Sipc 19S9 .. 
EEC 7* pc 19S2 . 


DM BONOS 

RFCE 37PC 19S9 "... . 

bvde «:oc i9s* y. 

crc Sipc 19R8 J . 
97 Denmark Sipc »S4 
Bfi) ECS 51 pc 1090/ . . ... 

954 E1B St pc 1990f . .. ■ 

luoj Elpcirobros ape- iasd .. 
99! Euraiom b'.fC 19t 7 . . 
97; Euroffou aov 198S .. 

97 Finland SJbc IBM . . .. 
»*1 Konnuite 3Ipc 1990 
97J McxkP fix' 1995 
US N»w 29aland 51 pc 1988 


Bank of Tokyo Holding SA 

(Sodete Anonymc Luxembourg) / “ 


■The Nippon Credit Bank, tpitai Notes < 

Negotiable F loading Rate U.S. DoBl f M , 

; .Gfectificates- of Deposit ; 1 =.‘ 1,1 

. . Maturity date: 2 3 October, 19-79 . ; - • i : ; - V 







"v^ V. J 

'-"a 

. I 

■ ... '"J 


y) -’.1 

1 

1 

■ 

•'■'V , ' :V 1 


j 




m IpIBlMilfS 

I ' • ''.-I- : 'V: «■ ' ■ •- 


U.S. 035,000,000 Guaranteed 
Floating Rate Notes Due-1981 






i- " V- 


For the six months 

April 20th, 1978 to October 20th, 1978 



|WKGS 





In accordance with the provisions of the Note, notice is 
hereby given that the rate of interest has been fixed at 
8 per cent and that the interest payable on the 
relevant interest payment date, October 20th, 1 978, 
against Coupon No. 4 will be U.S. $40-67* 


In accordance with the pro visions of the 
. of Deposit notice is hereby given that farthe . ' ' jj. — 

. initial three month interest period from 20 April ly HAN FTOB \ fC- 
to 20 July 1978 the Certificates will carry an, ^Wcot- 
Interest Rate of 7V.z% per annum. . k .\ b.UOO.O 

. AgentBank . 

The Chase Manhattan Bank, N. A. , ^ 

London ’ ’ ' '* 1 - s 


By: Margan Guaranty Trust Company of Now York. London 
Agent Bank 


: : 


Akzo nv 


registered office at Arnhem 


The annual general meeting of stock- 
holders will be held on Wednesday. 

10th May. 1978 at 10.00 a.m. at die 
RAI Congress Center. Europaplein. 
Amsterdam. 

Facilities for simultaneous translation 
Into English are available. 



• Our consolidated pre-tax profits 
again exceeded Llui 

© Passengers carried in summer 
1977 totalled arecord J 1 7,0 00 compared 
■with 105,000 in summer 1976. 

• In 1977 we introduced a new and 
successful programme from Manchester 
Airport, where we at once established 
ourselves as a major operator: 

© Confirmed bookings to date for 
summer 1978 total 152,000 compared 
with 87,000 a year ago, an increase after 
adjustment for season length of 66%. 

© We expea to carry between 
155,000 and 165,000 passengers this 
summer with a load-factor (percentage 
of aircraft seats sold) in the region of 90° b. 
It is too early to give a forecast of profits. 
However, subject to unforeseen circum- 
stances, they should easily beat our 
record of £137 million pre-tax. 


O In our policy of controlled 
expansion the next logical step is to 
tackle the London market and plans are ■ 
in hand for a substantial programme 
from Luton Airport in 1979. 

• In the autumn of 1977 we intro- . 
duced a shareholders' concession 
scheme. This has proved to be very 
successful and we hope that our entry 
into the London market will enable many 
more shareholders to take advantage of 
this scheme. 

© There is dearly an exceptional 
opportunity for controlled growth from 
new departure airports, particularly 



Agenda ’*'■ 

1 Opening • . ' ■ 

2 Report of the board of management for ■’ ^ 

the financial year 1977 ’ ?> 

3 Approval of the annual accounts and ; \ 

consideration of the proposal contained 
therein to omit the dividend V 

4 Determination of the number of members ' 
of the supervisory council; appointment " '• 
of members. of the supervisory council - . 

5 Determination of the number of members/: 
of the hoard of management; appointment 
of a member of the board of management "’ 7 

6 Annual decision concerning Issues as ■ -- • 

required by the London Stock Exchange 

7 Any other business 


annually recurring agenda item in re . J 
compliance with the requirements of the 
London Stock Exchange concerning thi ‘ ; 
listing of Akzo shares on that stock 
exchange * | 


mk 


within an expanding overall market. 
This, tosetlier with She Company's 



This, together with the Company's 
position in the forefront of advanced 
computerised systems in the tour 
operating field, should ensure our 
continuing growth. 




CnpicsoT die IKTRcport and AccnumswnbeohLijwiHrimv Tl ie S»^cn?Lirj'. Horizon %Iid tii^Is Li mii'xl, Tl-i P rrvid tree i . F-i-niinghamBl? 1M>. 

■M 



A&i' 

III 


The agenda, the signed annual financial--; 
statements, as well as a list of personal 
data on the nominees for the supervisory V 
council are available for inspection by 
stockholders at the Company's office, . ’ 

82 IJssellaan. Arnhem. *• 

There and through the undermentioned 
banks stockholders may obtain free copies of * 
the aforesaid documents. 

Stockholders who wish to attend the ’ 
meeting should deposit their shares in order! 
to establish their identity not later than " 
Wednesday. 3rd May, 1978 for a period of 
seven days at the Company's office Arnhem, . 
82 IJssellaan. and with the following banks;' 

■ In the Netherlands with Amsterdam- .. . 
Rotterdam Bank N.V.. Algemene Bank 
Nederland N.V.. Bank Mees St Hope NV. - 
Nederiandse Credietbank N.V. and Pierson.. 
Heldring & Pierson N.V. in Amsterdam, 
Rotterdam. The Hague and Arnhem, in so far 
as said banks have branches in these towns; . 


fn the Federal Republic of Germany and 
ht West Berlin with Deutsche Bank AG. 

: Berliner Disconto Bank AG. Bank fur Handel 
tmd Industrie AG. Berliner Handels- und 
Frankfurter Bank, Dresdner Bank AG. 

.Sal. Oppenheim Jr. & Cie end Saarlandische 
Kredltbank AG in Frankfurt a.M,, West BerUn, 

- Dusseldorf. Cologne. Hamburg, Saarbrucken 
and .Wuppertal:' 

m Belgium wfth Generate Bankmaat- 
schapplj N.V^ Bank van Parijs an de 
Nederlanden Belgie N.V. arid Kredietbarik N.V. 
In Brussels and Antwerp: 

In Ltwembourg with Banque GdnArale du 
Luxembourg SA. in Luxembourg; 

in the United Kingdom with Barclays 

- Bank Limited, 54 Lombard Street, -London 

EC3P 3 AH; • 

\ in France with Lazar d Frbres & Cie, 
Bapque da I’lndochino el de Suez, Banque 
Nationale de Paris and' Credit Lyormeia in 
Paris: ... 

V jn Austria with- Credltanstalt-Bankverein 
: in Vienna; ■■ 

in Swrtzerhmd with. Swiss Credit: Bank, 
Swiss Rank -Corporation, Union Bank of . ■ > 
Switzerland In Zurich arid Basle and.iheir. 
.branches, and also, with Pieter & Cie. in, 
.Geneva: •J’ J 

.- In the United States of America with ’ 

The Chase Manhattan. Bank NA. in 
New York. N-Y. ... 

Copies of the anoodl rtpOft Wirra!so"be 
: available for collection by stockholders 
dorlng.the period op to -10th May, 1578 at . 
KM. RothschTId and Sons JLtdw New Court, 
St. SwHhin's Lane, London 6C4P 4DU. 


- i* 


; l , ! j : . - - 


.."r 




,-q : .!}:» .?m 4 

Vn: : ; «n 

!*;?5 

v: ^2 ?s*si r 




■ &ku 


L 


stes 


-Thp-supwvisocy cmncfl 


Arnhem. 19th April. 1978. : 


S ed 

Sij?Si*ia 




JJ Vi} ie 


AKZO 













*■ <1 »'X. 





■ 


/ , 


‘flips 

iin g( 


:* •*. .• ••••,: -.-*■ .» • 


; ; ■- v -^ v " 

W^^f^Ot^/UMiTED : 

_ (Ii>eorperyt*d ln fcBodista) 

jW'. A' Mfwin* or mt Messina group o* companies - 

*|l|U comatia er'. . H7 Geyiian. _PJ.C.. R-N. (Rffdj. CMrtrvua; 
VJ l>« c *^^ ,rty Swfet *- pMiACMJ H. -C. -l*w«0t;. 

*r . . .rf/ j . -: ■ J; whwwp . i 

- . .- . ;W»tfc5?nrl»n_-JG«irmw . -• - ; - £ 

\ DftTLAliATION 0T .DIVIDEND AND INTtRIM HE PORT - : - 
, Vr»C< IS' HERMY tJIVIN tint tHWIdemf No. 38 of 3 cent* -per unit 
i* k-h«» Uiiw tfJcijwd'iiwWo to ttoekhottigrt regist*r*rf in the books oJ 
. V&WW ■*t-ao**--til buaiDMS Of) Friday, 12 M»v I STS. Toe dividend I* 
Ttbe.Mirrwcv of «hoda*Ja and warrants fa payment. suMect to 
frj >»- Xo otrol - COMOM. - t»m B y op* tad from UliMry, JouJinaaMirg amt 

Jr. *%b or - »WJOt. ‘O Junal 97p, 

livSwd*. d«r»Bla- ■trow t6i ‘London aad -JoffapnasburgoWeiM will bo »«M 


:• .-' j .7'wk-M Hotfr d^lfted-atyrtHo of stockholder* registered in tl 

• I M , '^£o»nv JtaoUJrt business on Friday. 12 May I STS. Toe 
••• i- ^.yin Ttiw- eurxePcv of ibodwla and worniB fo wriwot 

■■ .:rc^.sWs«iaTStf*«- r“ J ?“'. ., 

d«y»Bla- ■tram- t6i ■Uondon *ad J[rtwnii*»buro o»cra will bo Pi 
:%■;■ *. Oiew**"F*w.^{ {* 0 *# 'countries It toe rw tv of ovebaoso ruling on 2 js 
-3 k!h S dega n .Bon-nK itiont jtarenoltfeja tax n tbo^SBe m ioK will 
..'• V.-frowJhwd^g^dMo to . ipfrcboidy* whose addresses in tin un 

'■V* '^5 anMIMl DtfHWM Umnint t* MlHanM n-u. 


-'W|ps 

l ‘ N Pandi-l ' 


mT* ' t °'- • »bf"a*PW*rs w&ose addrtaoes In Tt« -Mur* 

K wr^iom 1WMJB etymon* to residents of tjie United Kingdom. 
Island*, the 1 * 1 * or tun, Zambia and Tinxuia. Unices the 
f* b*+or* tttMiWMjm, to dJvktena* due to each m«mbM 
-t Mocked savtooe account In their earns wltb'a commercial banK W 
yin .corn ■ Interest at the ruling cate lor blocked tqnds. 

^..X^-SSmlBShS -*•**“ b * "»* is- MW 

Lr :.;r -o«U^tin^ pewLTi 

f Six monOI ended - - 

i 31.2.78 SJiS.TT 

ffoesi ■ ITOBSJ ■ 

M4.sS? M, 8S1.70 ii 

Iss ?2-SOO — * Sf8 

P". ' s _ ■: 269.600 132.700 2,1 OZ 030 


■ ■- ••’ » 77 - 

- iso pa y production and 


•Rur^BSw 

5.905 °“* 3 6.(29 . 


. . orfcod- durio* no 

Side Vat 


liAiwiTu 90 frr and yap. account 

(Mifwtfpn. 

•1 f* 1 " 

.i.pfMt 

- I net}- dH’fdeotfs and Rtfndry. town* lem 
ter cxnacduor* 

wtot* taxation 

. .T ' ' 

'■''fBfr twWon ‘ 


(INCOME STATEMENT) 

a&fir^nak 

<9 .rm°oo^ m 

»->7« 3.513 

1043 2^52 


^ suNDptr statistics 

“ OPTIONS Fv ' 

espiw fKPtodfXiiri i*r Eeea|;odw ol year 
af laUHHf-jiaifa ot itocJc 


inlnos fOps. oort «. 

1 etc unit ol *toc)c 


RM493.000 KWEOOJQO 
BbSdPS.a&Q RbST S O.OpO 
29,000,000 ’ '2O.0flO.000 
4 J cent* ~ i i .o cents .. 
SiO wu B.O cents 


; -. •••-.,-■ tOMMENT -ON NSSULTS - 
• resell of «>e recent Isspr ou y nen ta in die coeev Mice, tin devsluaBan 


Rnodtslcd dollar and lb* i»- per 'cent 'increase Id the tbroiigbput «- 
Shift n is esDmdtd that under or**ent coudltfons the eraat for tM 
If be In tbe 1 * 9(00 of Rht2.S million to Rfrfj.o million. ■ 


"HE MESSINA iRUOPUIA) pIVEUSPMENT COMPANY LIMITED 

Secretairle* 

• . P.VJ a. T. Tkkmf 

v*. I. So fence I 


vu. j. Wlifon 


dtee Hoiue. 53 jmmssob- Assobe 
Hirrtson Street, JohaoneAuro. 
Jreeneoat Piece. London' SWlv 1 


t Central. Kiuounr. 
(PU 


NOTICE OF BATE OF INTEREST 



Uflioa BaqSi of Fjydand Ltd. 

“ ' {htarpoiktiu^BdM'MfASd^etVtiBUyi'' 

: 3:ni>ating Rate Capital Notes due f9S2 

'■■■ ' -^.sccdrtsnc* with th«..br*iriil*Av of thf Aftney Ajwwenj 
: - ... n Union fcanfe' of FinUnd Ltd., wd Citibank, N.A.. dated ** 
“'*• ’ April. 1 9?7, notice it hereby given ^»t thT &*te of Interest 
• ' " *' w fixed at 8% and thljt the .interest-j»yable on ...the relevant 

r Payment Dace 20 October. i?78 agamit Coupon No. 3 

US MO .67 and has ieen corqpgttd on thd actual number of 

r apied (183) dividett.b^-360. ■ . - .y .-.c'*? 1 ’ 

• '' r i- Citibank. N.A.. London 

if. 1978 _ '~ : \ f Agent Bank 


ND DRAWINGS 

WINCE OF MANITOBA (CANADA) 

7% 1969/1989 U A 15,000,000 

m\ 8. 1878, Bonds for tp« gjaaotaat of UA M»,08(> have 
drawn for priemptjrii- Ip tlje preseace of a Notary 

onds wfk he reixftfedrped ceppon (jlue June 17, 1979, and 
ng attached on and after June 1?. 1978. 
imbers of the -drawn Bonds are as fellow*: 
to 13688 Inch; 13We’and 13691; 1369S tb 137W incl.: 
to 13819 incU 13823 to' 13852 tnej.: 13963 to 1«73 incl- 
it purchased in the friarket: If A 150,000 
M unatiiijrfi^id: Ua 9.7&0.800 “ - . . 1 
ti dine drawn Bpndp: 

nd 2168; 2187 to WOO incl: 3233 to 2235 ipcl.;-2340 and 
2245 to 2248- ificl:; 2360 to 2364 incl.; 2474 and 2475; 
• 2489 incl. 

bourgi April 20, 1973; 

, The Trustee. 
KREDUSTBANK 
S.A. Luxembourgeelse- 


IICtDADI DC PORTUQAL, 

E.P.— H.P.P . .. • 

9H.'1«0 UA J3.BpO.DOO 
HI S. 1978. Bandt Jar. £Af 
il UA S14.00D n»se' besn 
rcovmutton la me pi*se(K* 
irv Public. 

onus will . be 'rolmblirsM 
io. ii »nd iit» loliewliva 
in sod *Rrr June 17. IB7». 
awn debenture^ ire those, 
mvtaastv redeemed. .Included 
noe taeglnniQg st ' , 

99 up to 1479 Inti.- 
Subject to emoruettlpo: 

UA 314.000 . 

una mortis id: UA 1.139 .000 
10 drawn Doom 
to 50 incl. 115 140 to 146 
to 177 Incl. 202 210 2BS 
295 2RS 302 ,*Ad S®3 3ll 
352 to 355 Ij*cL - +*P 
444 .bnd (4B 456 to 460 
SO 475 loci. 408 535 U 
624 731 ana 732 735 3600 
SCI. 3605 to 5507 loci. 5612 
5 5660 3691 -3609 -to 3702 
3714 «o 3717 incl: 3791 
4495 4493 »nd 4494 4525 
1 4573 to 4BT7 iftcl. *600 


THE 

PHILIPPINE INVESTMENT 
COMPANY &A. 

Sociptfi Anonyme 
Rijiiiirtd Office: 

LUXEMBOURG. 14. ruf Aldriofsn 
fteetrere d* Commerce 
Section a No. 9.927 

NOTICE OP ANNUAL GENERAL 
MEETING OF SHAREHOLDERS • 

... T** Annuel General Meeting of 
5 bars holder* of THE PHILIPPINE IN. 
VKTMENT COMPANY S.A. will be 
held at io registered office. 14. . rue 
"Wring* n . Luxembourg, on 29th April. 
I97B. ar J| o'clock *.m. lor the 
P“ r Pf»* of considering and voting upon 
the following mitten: 

1. To approve and i&cfpt the reports 

Of! 

*. she director* 

b. the Kuutory eudieor. 

2. To approve the balance sheet and 
Prant and lost account as at the 
31*1 December. 1977. 

1' To declare a cash dividend In 
of die fiscal rear 1977 of 
S0.30 per share. 

4. To discharge tbc directors and Che 
im-tutory auditor xrlth rppecc to 
performance of their dude* 
onring the fiscal yo»r ended 3lit 
' December. 1977. 

5- T° M eet directors to sonre untH the 
D*XI innubl general meeting of 
•harahoMer*. 

*. To elect the sspusory auditor to 
*srvi until the next annual general 
meeting of sharehoiders. 

7. Anjr ocher business. 

The shareholders Jr t advised chat no 
quorum far die statutnrjr general 
n, f* e, "9 H required and that decisions 
wMI be taken it the miJoHry of the 
,lur ” present or represented a« the 
meeting with (hi /enrktion chat no 
ihsrebakier cither by Wen sell or by 
Piwy can vote for a number of 
srurci in‘ excess of one fifth of the 
share* issued or two fifths of the «h*r B » 

C resent or represented u the meet- 
>E- In order to take part at the 
statutory meeting of April 2Brh. 1978. 
the owners of btarnr shares are 
required to deposit dielr ibares five 
bun nett days before the meeting *t 
the registered office of the Fund. »4. 
rue AMringen. Luxembourg, or with 
the following bank: 

Banque Gfn£rale du Luxembourg. 

S A. 

14. cue AMringen, Luxembourg. 

The Board of Directors 


CMC. BAZAARS (1929) LIMITED 
(Incorporated In the RbouWic 
o« South Africa) 

NOTICE To 6% SECOND 
CUMULATIVE PREFERENCE 
SHAREHOLDERS — DIVIDEND No. 79 
NOTICE 15 HEREBY GIVEN that 
'the baif-rwrty dividend ol 3 r i has 
this day been declared oeyjble on the 
30th May. 1979. In the currency ol 
the Republic ol South AJnce. to ail 
bolder* of 6% Second Cumul*ti»e 

K aference Shares registered In the 
ok* ol thr Company at the etas* 
Of business on tho 5tb Mav. 1979. 
The usual non- resident shareholders' 
tax of is** will be deducted where 
{ispllubit- 

S The Register ol Members will he 
kMdd In J3h*nne«twrp and • London 
rom 6th to 14th Mav. 1979. both 
days inclusive, for the purpose of the 
above dividend. 

By Order of the Board. 

J. 5. PARNALL. Secretary. 

Registered Office: 

O.R. Building. 

Bloc. Pritchard and President St*.. 
Johannesburg. 

London Registrars: 

• Hill Samuel Registrars Limited. 

B. Grcencoat Place, 

London swip ipl. 

. 19th April. 1 9 79. 

‘ U.S. 540,000,000 
- ELECTRICITY SUPPLY COMMISSION 
(FSCOM) 

Guaranteed Floating Rate Note* 
due 1978/1990 

Io accordance with the terms 
of the guaranteed floating rate 
notes due 1978/1990. the rate 
of interest for the interest 
period from 21st April 1978 
‘_tD.23rd October .1978 has been 
! fijced At SM_-par.ceDt. per annum.. 

1 % v Agent Bank 

MMWTMERS HANOVER LIMITED 

RECTIFICATION OF THE NOTICE 
TO HOLDERS OF 
EUROFIMA NOTES OF 1977 
DUE 1983, HAYING APPEARED 
ON APRIL 10. 1971 

Please read 7$% 
instead of 7% 


BANfc LEU Ml UE-I3RACL t.M. 
(Ipcarporatpd In israol) . 



BRAZILIAN STERLING LOANS 

DECREE LAW No. *019 .... 

STATE OF BAHIA 5% GOLD LOAN .1904 


NOTICE IS HEREBY GIVEN that tor the 
Slfikino Fund, or iht above -Loan for Ma> 
Iflri: bonds lor a aomlnal amount ol 
£2,590 have be« .burchaaqd and Cl. *40 
drawn lor redemption. 

The Inllewind arg the number* ol me 
bonds drawn for redemntloo at oar on. 
ist.’Mav .T97B .slier wkWi daw a« >n- 

,B 'r i 5 SS°V* n Ao C iS"-of Ei 00 oomma. 

« 37 

Series *-C' BwkJ* . ol £20 nominal J 

value- each w £740. 

BIOS 6617 710* 7*92. 

8476 B8SG .93X9 .SBT2 JH” 

IIODB 11*89 1 194*2 IJ4*9 T 39£§ 

13*46 1411* 14T41. 15303 . lS7aa 

16292-1*659 -17921' 18461 19115 

1«?5 20857, . 21 1|2 - 22247 U2B4 


Tel Aviv. 

20th April. 1979. 

A member eotmad io attend and «OM 
at the Above .."Meeting is entitled to 
appoint -OM-. 0 C- mora eroxlev to attend 
and vote In hh place. A «ro*v w> 
appointed n*cd not b* p nuembur ol the 
Company- 


CORRECTED NOTICE 

THE UONG-TERM 
credit rank of japan. 
LTD. 

Negotiable Floating Rate 
UJ5. Dollar Certificates of . 
Deposit 

Maturity Date 20th October 
1980 

In accordance with the provi- 
sions of the Certificates of 
Deposit notice is hereby S'ven 
that for the six-monrh interest 
period from 18th April 1978 to 
18th Octobtr 1978 the Certifi- 
cates. will, carry an interest 
Rate of eight and one -sixteenth 
per cent. (8fV°c.) per annum. 

Agent (tank 

Manufacturers Hanover Limited 


THE TRUSTEE- 
KREQIC?BAN1( 
k. LnxexibouriitofK 



LEGAL NOTICES 


rindlaysBank Limited 
Interest Rates 

ndlays Ba?ik Lis^ited asBotmce that 


fro® to 7J% 
with effect JBrom 20 Ajml 1978 

interest rates paid op call deposfts wifl fe:— 
call deposits of £1,000 and over 4% 

(cal! deposits of £300 -£999 3%) 

s of interest on fixed deposits of over £10,000 
be quoted off request. 

t “'~ Grindlays 
'Bank 

JLHnrted 

''Office: 23 F^ocSurth Sfwit, U*utoa gC3F 3 ED Tel: fll-826 0545 


No, ODSlOOB of 1»7S 

Tn the HJC B .COURT OF JUSTICE 
diancerr . DNlslmi ComBanir* Coun M 
I Iw Mailer Of CAHOLHUBST LIMITEn 
and in ihe Uauer of Tbc Computes 
Ad. IW 

KOTICR. J6 HEREBY GIVEN, flu' a 
Pjiiiion for Hie nindbiR up of ihr (bore- 
nqmqd Company by ibr Hixh Cpuri of 
Jnsilct" vwim ihc sia das of April 
IWF mwaratpiL tg ibp. ,bk 1 noon *»v. 
PALMER A HARVEY LIMITED whosr 
n-slaier'.-d offlev la sngafi- ai 43 Nuw 
Mnnh Road. LomUm. ‘ N.l. IThnli-salfe 
Tobaeconlata A Confoetkincrs. a CrrdHor 
of rhe above-named Company, and that 
ihe said Petition la directed U> be beard 
tx'forr the Conn allnne ai She Koval 
Courts of Justice. Strand. London 1VC2A 
SLL. on the 8tb day of May 1 578. and 
any creditor Or con tributary of ibe said 
Com pa nr desirous to support or opimw 
the nwiWnp of ua Order on the saW , 
prrlfioo may appear ai ih** time of 
hearing, iu Person or by his counsel. 
Tor Ihar purpose: and a copy of fhe 
Petition will be. tarnished by ibe nuder- 
eijnwd fO stay creditor or contributory 
of ih* *sud Com os rrr r«moinn* such 1 
nn payment of ihc rccnlated charge j 
for the same. 

ASHLEY KALMS, TRAVEL'. A CO.. ; 
SS I xmtl 00 Road. 

Goutbi-nd on Sea, ] 

Essex. SSI 10Q. - . I 

R--I- DW TID W8 Tolf ont; UHS3 
Rnlicitors for the Win loner 

NOTE — AW person o'ho ini('in1i tn 
a puea r on ibe hovrin: of the said Prntlon 
m ns) s-.-nre on nr wnrt hr po<n in the 
abpvv-ribm-'d naiirc in wnun= uf hi* 
jntptl'tnn so tn do The noun* muyi stau - 
She n-ittt" address nt tho p.-rsoli. nr. 
If a Hrm ihe n-inw and‘addn'« ol ihe 
firm and idi«i be sicned by ihe person 
or firm nr 1 m or their solkitor «tf any 
and must he wned. or. if pns»cd. mu-l 
he <3>m hv post in- snfflrient irnie tn - 
reach ifr ibove-namrd not l»wr than 
Mur n cJprk :n Ibr. afternoon of ibe 
Jib day of Ma* 19TB. 


APPOINTMENTS 

Sotheby’s 
new group 
director 

Sotheby's has appointed Mr. 
Gordon Bnuitnn to the Beard of 
SOTHEBY PARKE BERNEV 
GROUP. Mr. Bruoton. who is 
insmagini: director and chief 
executive of the Thomson Organi- 
sation. will also become chairman 
of the Bemrcte Corporation, on 
May 31. 

■* 

Mr. Robert PaUliumon ha* been 
appointed sales director of the 
Controls Division of ROTORK in 
addition to his position as direc- 
teur central of Rotork Motoriza- 
tion SA. Paris. 

★ 

Hr. Mark Harmon, of Becker 
Securities Inc 4 Chicago, is to join 
SHEPPARDS AND CHASE, stock- 
brokers, as consultant on traded 
options. Sheppards and Chase are 
also clearing members of the Lon- 
don Traded Option "Market which 
opens to-morrow. 

* 

Hr. H. E. Tbrelfaij and Mr. R. G. 
Milne have been appointed joint 
managing directors of JLANGLEY 
ALLOYS, a member of the Low 
and Bonar Groun 
★ 

Mr. Barry G. Davison has been 
appointed deputy - chairman of 
POSTER BROTHERS CLOTHING 
CO, and continues as managing 
director. Mr. Michael P. Adams 
has become assistant managing 
director and remains chairman 
and managing director of the 
group's retailing subsidiary, 
Adams Chlldren-swear. 

* 

Mr. Dennis Efi/i and Mr. Michael 
TTusler have been appointed 
executive directors on the Board 
of SPERRING5. They are manag- 
ing directors, respectively, of two 
main subsidiaries, Sperrings 
Stores and Sperrlngs Newsmar- 
kets. Mr. Maurice Stone, a direc- 
tor and .secretary of Southern 
Newspapers, has become. a non ; 
executive director of Sperrings. 

, Mr. Patrick Cross joins, the Sper- 
' rings Board as a mm-exeruiive 
alternate director and continues 
as secretary. ^ 

Mr. Penis W. I'lmms has been 
appointed president of SAND. 
WELL AND CO., of Canada. Mr. 
Tinimis was borne in F.ncland and 
\i*as. with Bnwaler U.K. Pulp and 
Paper. In 1MH he became a con- 
sultant to Sand well before join- 
ing MacMillan Blnedel where he 
whs made president and chief 
executive. 

★ 

: Mr. F. W. Ritchie has been co- 
opted a director of BURNDENE 
INVESTMENTS. 

* 

Mr. F. M. Hughes has been ap- 
pointed an executive director of 
SERCK. He is chairman of the 
group's, operations committee. 

* 

Mr. David G. Roberts has 
joined HOWARD TENENS SER- 
VICES as central chief account- 
ant reporting to Mr. Robert Grier, 
group financial director. 

Mr. Charles MaseflcJd has been 
made chief lest pilot of the Man- 
chester division . of BRITISH 
AEROSPACE, aircraft group. He 
succeeds MrTTony 'Blackman, who i 
has left to lake up another ap- 
pointment in the aerospace in- 
dustry. ' 

- it* 

Mr.- D. J. 'Raby has been ap- 
pointed assistant tnanamng dim?, 
for of MAY AND HASSELL. For 
i he past two years Mr. Raby has 
been nn sccnndmenl lo iho asso- 
ciatert'rompany, Hallam Group of 
Nottingham. 

* 

Mr. II. E. Roll has retired as 
rhief excnnive of MSL GROUP 
INTERNATIONAL and becomes 
non-exeeutivc chairman. He Is 
succeeded by Hr. Garry Long, 
who has been appointed group 
managing director. 

Mr. Bob Jennings has been 
appointed estates ■ director and 
Mr. Alan Sharpe, operations 
director, on the. Board of 
NORFOLK CAPITAL HOTELS. 

*r 

1 Mr. John Bay has been 
appointed engineering direrlor of 


previously the region's distribu- 
tion engineer. 

■*r 

_-Mr. Robin Sen has _heen 
appointed financial controller or 
SLEEPEEZEE. . . 

* 

Mr. Hugh Lee has been elected 
rhnirmar of the Social Services 
Committw? of the ASSOCIATION 
OF METROPOLITAN AUTHORI- 
TIES. 

*. 

The following under secretary 
changes have been made in the 
DEPARTMENT OF EDUCATION 
AND SCIENCE and the UNIVER- 
SITY GRANTS COMMITTEE on 
the appointment of Mr. William 
Rcld. at present accounlant 
general, DES, as deputy secretary 
ai the Scottish Office and the 
retirement of -Ur. Edward Moss, 
under secretary al the University 
Grants Committee. 

From May 29 Mr. Richard Jame- 
son. ai ores^m under sriTPJary 
in charge of Schools Branch l 
will transfer io finance branch, as 
(he new accountant general, and 
Mr. John Thompson, assistant 
secretary in finance branch, 
becomes head of Schools Branch I 
on promotion in under secretary. 
On April 24 Mr. John Spence, 
under secretary in arts and 
libraries branch, goes to the 
University Grants Committee. 
Mr. Lawrence - Bran den, an under 
secretary at the Treasury, moves 
to the Department of Education 
and Sricnce as under secretary, 
arts and libraries branch on 
May 2. 

★ 

Mr. Martin Green, having ac- 
qui'wv 1 an interest in ASSOC- 
IATED TOOLING INDUSTRIES 
has joined tbc Board. 

* 

Mr. Johan T, Poldcrtnans has 
jottied ihe Board of INVEST- 
MENT RANK OR IRELAND and 
remains responsible for the Bel- 
| fast branch. 

* 

Mr. George Cartwright has been 
appointed to the Board of TI 
TUBE PRODUCTS and also be- 
comes director and general man- 
ager of [he company's Washing- 
ton. Tyne and Wear plant. 

■* 

Mr. J. N. D. Moody has ■ been 
appointed director of finance of 
PITNEY BOWES. 

* 

Mr. R. F. Hunter has been »p- 
nomferl managing director of 
HYDRO-AJR INTERNATIONAL 
Mr. P. Recce, depury chairman 
will now devnfe full time m the 

company's range of activities. 
.Mr. J. F. Carrick has become dir- 
i prior of finance and ariminisira- 
Hon. Mr. R. J. Griffin, director «r 
maryjfacJure and dovelopmcnf. 
and Mr. A. Hanson, director oT 
I marketing. 





£ 


Clydesdale Bank 

BASE 

RATE 


Clydesdale Bank Limited 
announces that 
with effect from 

20th April 1978 
its Base Rate for lending is 
being increased from 6|% 
to 1\% per annum. 


of Scotland 


INTEREST RATES 

The Royal Bank of Scotland 
Limited announces that with 
effect from 20th April 
1978 its Base Rate for 
lending is being increased 
from 6i per cent, per annum 
to li per cent, per annum 


The maximum rate of interest 
allowed on Deposits lodged for a 
minimum period of seven days or 
subject to seven days’ notice of 
withdrawal at the London Offices 
of the Bank will be increased to 
4 per cent, per annum. 


Bank of Ireland 

announces that the 
following rate will apply 
from and including 

20th April, 1978 

Base Lending Rate 
1 \% per annum 


Bank of 

New South Wales 

iu 

Bank of New South Wales 
announces that with effect from 
Friday, 21st April 1978 
its base rate for lending 
will be increased from 
6i % to 7i% per annum 

Bank of New South Wales, 

29 Threadneedle Street, 

London, EC2R 8 BA. 

Incorporated in Australia with limited liability. 


National 
Westminster 
!m^Br Bank 

Nat-West announces that 
with effect from Thursday, 
20th April, 1978, 
fits Base Rate is increased 
from 6i% to 1\% 
per annum. 

The basic Deposit and 
Savings Account rates 
will be increased from 
,3°o to 4% per annum. 



ART GALLERIES 


AG N£W GALLERIES. •? ?j_PW. J^na St. 

w.l- 629 6176 ™.«EE CENTURIES 

OP BRITISH PAINTINGS. Urtll 28 AbtII. 

M oq-'-Frl. 9 30 - 5 30- THure. wttll 7 . 

BROWSE & DARBY. 19- Corfc St. W.l. 
5ICKERT. Mon.-Frl. 10.00-5.30.. Set. 

10.80-12.50 

COLNAGHf. 14T Old JWml . St.. W.l. 


COLNAGHI. 14. Old Bond St W.l. 
01-4*1 .7408. INDIAN PAINTINGS— 
Mbq(i»l aDd Rainut 1500-1950. Until 
8 Mpy, Mon. -Erl. g.SQ-5.30. Sat', 10 -1. 

CO VENT GARDEN GALLERY LTD. - The 
Trpqie- Gl,d.- VislonJr* WaserceiDurs 
W <J. OimbtrUrm* Views ol W«t 
Afrit*. West Indies. MJurlttu* anti 
B-nqin 1B*iO-9D Open «t*lly 9 45-5.30. 
tab. 12.30 Thun. 7. 20. Ruuotl SL- 
W.C.J. 01-836 1139. 


qro»e. N.W.8. ART in RELIGION. 

FOX GALLERIES. Exhibition of the X*Jm- . 
Ingi bv BriiKb anti European' Arilm I 
from 1700-1965. 5-6. Cork St rest. 

Laotian. W.I.-Tst. 01-734 2626.- Week- 1 
Oars 10:6. Sit. 10-1. j 

MALL ART GALLERIES, The Mill. SW t. 
Recent Paintings bv ROBERT HU.L aim 
6ICHARD WALKER. 10-1. Until April 22 



Williams & Glyn’s Bank 
announces that^ with effect 
from 20th April 1978 
itsBaseRate foradvances 
is increased from 6VM 
to 7m perannum. 

Interest on deposits at 7 days’ 
notice is increased from 
3% to 4% perannum. 

M1I1BI fiDR BANK LTD SI 


THE HONGKONGBANKGROUP 

BASERATES 

The Hongkong and Shanghai Banking Corporation 

and 

The British Baiik of the Middle East 

announce that their base rate for lending is being increased, 
with effect from 20th April, 1978, 

To 71% per annum from 6|% per annum 


c- 



36 



BOO 


Financial Times Thursday April 20 1 



BY C. P. SNOW 


■ T r Z . ■■ ^ . T . ■■■ died just before the appearance 

Charles Dickens by Edgar John- of volume 4 of the superb Ox- 
son. Allen Lane, £9.00. 601 ford edition of Dickens's Letters. 
P a ?®3 This is a wonderful collection, 

Letters of Charles Dickens VoL with Kathleen Tillot- 

awBSgjarta^af-s 

Macs —and wonderful because it 

speaks for Dickens at a crisis in 
Henry lrring and the Victorian his writing life (and under the 
Theatre by Madeleine Bing- surface in his personal life too], 
ham. Allen and Unwin, £7.50. As a writer, when Dickens be- 
312 pages came more artistically self- 

— - — conscious, he found it much' - 

Edgar Johnson has now pub- harder to be satisfied with, or 
lished a shortened and revised settle on. his initial conceptions, 
edition of his great biography The dashing spontaneous flaw of 
of Dickens, and issued it in one bis youth was behind him. 
volume. There is really nothing Some of those early novels 
to add to what has already been couldn’t be said to have bad any 
said about Johnson’s work. The initial conception. Now he was 
two volume edition was pub- looking round for a new way. 
lished in 1853. It stood out at Notice bow the knockabout 
once, and still stands out, as one hilarious humour gets forced 
of the most splendid of all after this period, except in Darid 
literary biographies. It is there Copperfield. He had become 
for good. bored with it However, though 

The new version is in the same be was at a loss to find major 
rank. Johnson hasn't made many designs, his marvellous verbal 
new biographical discoveries, creativity went on bubbling, and. 



Fiction 



BY (SOBEL MURRAY 


'Tbc Season by Frances ^ variously..' offered: £ v.v . 

Oliver. The Bodley Head, Sarah's r self-discovery • Is 

21S pages " . unplcasafll; and : slow, and her 

Sleeping Dogs by Frank Ross, gradual, undemanding -of the 
Macmillan. £4.95. 287 pages - ■ village and th*. changes wrought 

- — —— • by commerciabsin,; property 

Night Season by Christiaan • Bar-, development,' tourism, smuggling 
nard and Siegfried Stander. and archaeology is also slow. By , . 
Hutchinson, £4B5, 256 pages the end, and with help, she bas i-V/- 
Laura by G. M. T. .Parsons. bMerstood the .changes in the R 

• ; M en v <i co village, nut her self-aiscoverv is- 


dards when they take what they 


Andre Deutsch, £350, ' 159 viUage» but her self-discovery is-. * 
pages less complete. She has isolated 


— . — — — . ' '- ■ i one genuine relationship,- and re- 

A young woman*, part-sophisti- solves to try to pursue it A 
catcd by an eight-year relation- perceptive and skilful. noveU 
ship with an i experienced .(rider Frank Ross's 'Sleeping Dops is’ 

man: a^stnaUi-almdst' unspoiled a splendid espionage thriller. 
Turkish village on xhcrJfedlter- The baric plot involves four 
ranean coast: changes in. bofti In characters, the “sleeping dogs ’* 
a nuts be LL that ia=. what- Frances 0 C the title, who have been care- 
Oliver’s Ttie Tourist Season is fully infiltrated - into, a small" 



about: that is afl if -is about And- American town by the KGB some -Christiaan Barnard; n 
yet it is a book that demands to 20 years ago. and left to dig in. ethical dilenw * 

be read ana savoured '^efuUy, become accepted^ American. It , ,nT 

and it Ungers in the toad-/ also involves Sam Hanlon, a CIA and knowinz ih * 

agent. sent in 17- 'years, ago 'when HSi, IhS*' 1 


TERHC 


agent sene in «"• yeans ago when nF^uiiiaijon he neith* 

.heSS^S-.?; 

Probably there aren’t many facts the more so since he wasn’t -rf* a a je^ner? through 58 whom we ^USthSiT ' ■ tbe f our » deirly,.. through T ’ — • 

about Dickens which bad wnting great novels in those Hennr Irving applying his make-up — a drawing reproduced in Madeleine Bingham’s book reviewed to-day experience -the novel Part- jealousi- and accident/'' ‘ 

escaped his tireless scholar's eye years (1S44'1846). it comes out 1 "V * SSSSated ves. mid oS- « 1 ^ ^ years ’ i!t wiUl a lawsuit by 

(why couldn't an Englishman in these splendid letters.^ . . . . . . _ . five families have become very ja^ce and her husbai, r 

hare produce something as Dickens had almost all the verbal Tb CTe was P|enty of aspiration, Sheridan, and she has desereed Irving if wc now saw him on JPSgJ-gf* SS awl close, andthe ^majority of the a ]so. dramatically, hi 

masterly’) % compress 8 this gifts and be used them as one but not much fotgiveuess going all of it. She knows the stage, the stage? Without any doubt, ?f ..“SPiL, *5* charatters know nothing of all xbc question of eutiu ... . 

material inta nno vZmf John- of thT mast versatile of aH round. Dickens might have and has an understanding of he must have had the greatest and with aspects of heireif frozen this. Peace is disrupted when a t n the oast. during ’ 

M-a&aaSfJa English KtaUrriters. 1 H realised that he, too, was likely men and women that is tough- gift an actor can have, a gift parelysed^pari «pe^nce^ series- of messages between offi- f u but important fire'/ - 

erittaa commStSy. pSwnaUy. He let himself go. You can to be a fallen sinner. minded, at the same time affec- far more essential far more S ^ “iride the Kremlin secretly Charles foil in Love v . ' 

I regret this, and riiaU continue find here an attack on fhe United. Henry Irving was the nearest uonate and entirely unsenti- animal, than technique When S* h “ °PP° ses . wnrld detente - a a voung medical st\’ - 

to" use the fuller version. His States much harsher than any- one can imagine to a mentaL book oo Irag is to w«s aette, ywitoddijt toto w » piuu,^ .- -American-Russian- nja * y have driven h'. 

critiS chapters have not met thing in Mortm Chuzzlewit He Dickens in the theatre, as the best of her biographies. For at anyone else. Shaw, who was SShaoSS Chinese Summit in" the UB. A— suicide. Further, J. v 

with much approval, but Dickens was as disappointed about the magnetic, as dominant, as much her kind of insight, it is a help an enemy, reluctantly conceded and activates the Kingflsh celL involved in covert •" 

is by a long stretch the hardest United States as idealistic ^er than life, as jarring to to be nearer her own time. She as much, but otherwise wanted « conveyed mattewii- Sam Hanlon is faced with fear- action, and f orcttrtj * ; " 

of all English novelist s for any liberals were disappointed in aesthetic persons, as Dickens can and does get n d of a Jot ro lell us that Irving was old- credibly. some de<dsaons ^ divisions of him. too. All the '* 

kind of criticism to get to terms the Soviet Union in the 1930s- was himself. Not surprisingly, of the u on sense about Irving fashioned and ham. Beerbohm, ■ ™ Jii«gp sne B^ppens . on is loyalty.-his friends begin to die issues are interest it> 
with The impressions of Venice are Irving had a deep feelmg for and Ellen Terry. Of course she a much cooler judge, thought ^ rea P y JP * puzzling, “accidental” deaths: twined in the novel. ..... • ?.-» - 

The present techniques of more brilliant and much truer Dicken’s novels, and often acted was his mistress. Madeleine that Irving’s admirers, .were sreaier went.tnan ^oe ran iore- he is himself suspect: he encoun- up, more or less, fm?* ~ i- 

ocademic critidam have shown than the over-heated passages in in adaptations (his Jingle was Bingham says. No one in his much more right than wrong. iers a ruthless young man with woodenness in the 

themselves totally inadequate— Pictures from Italy. He wrote one of bis earliest successes), senses doubted it then, or should Whatever was said against him, eccenurics are eiinou^n a murderous Dobemann. repre- and occasional - 

which is why it took gifted out- to Miss Burdett-Coutts with It appears unlikely that the two do so now. Ellen Terry made he was a great actor. We can sentative^ of- the CIA and on motivations. - - 

sidets such as Chesterton and deliberate sensible advice about of them actually met Irring a profession of sweetness, and only guess at his effect upon us. 10 Jl the spot when - people die. G. M. T. Parsons w .. .-» (0 

the Wilsons (Edmund and bow they should treat their was only 32 when Dickens died, some of that was ceouine nature: When one reads the con j ^ nA. Finally; be has to decide about some 40 years ago,. ffPl\{j » 

Angus) to re-establish Dickens as assembly of fallen women, and still obscure. Perhaps it but Madeleine Bingham, like temporary Press, it doesn't make . his closest friend— to help him success of her first. 

a serious artist, heaven help usl Dickens was at his most balanced was as well that they didn’t. Max Beerbohm before her, per- his famous Hamlet sound in the pl a ] -a? ympa thp tea - esca P e or l® 1 him die. has just been persuac 




It sounds essentiaHr lazy men,, the tea- 


tbeir due. 


Zt is sad that Madeleine House condescending 


they were, sometimes seem too received much prai.se for her and she usually got it. 


borne, studies 


Vanbrugh 


U1CI6 ouu.wuc fewuw u - . ts iw ,noon U1U iu JOObUUW, UlO rt£iauUU5U>H& — 

enough, be played that way at of the- wives,-, and of Hanlon’s promise in Laura a ._ T 

of Stratford to-morrow. presence is beginning to. change ^, t> , fclV m...* seems tome an unfim? - 


Two solutions 


BY REX W1NSBURY 


The Dilemma or Democracy by 
Lord Hailsham. Collins. £450 
23S pages 


What’s Wrong with the Modem 
World? by Michael Shanks. 
Bodley Head. £3.95, 176 pages 


sumption ... the day of Lords, a Bill of Rights for the 
reckoning will come.” individual, a written U.S.-style 

In a cooler, less Biblical constitution for this country, 
style. Shanks writes: On behalf of his theory of 

“ We have, individually and limited government, he argues 
collectively, been demanding that. 

more from the economic “In place of uniformity it 

system than it is capable *»f offers diversity. In place of 

delivering, at current levafis equality it offers justice. In 

of technology ... if inflation Place of concentrating it 

starts to rise again, if unem- «*!“«■ Power. It offers pro- 

ployraent remains at present tection against the oppressive- 

. levels, democracy could be- n . ess unions and corpora- 
come unworkable, to, be re- H ons - , , . . 

P^ce<f cither by (<it.llt.ri- , 

an Ism or M.ifila-sfvle anardiv." a member of the NEDC) the aim 


Si/ 


Woari ft os t7fl naees more fr °m the economic In Place of uniformity it 
Bodley Head. £3.95, 176 pages gystem , t u capable tof offers diversity. In place of 

These two thouehtful and delivering, at current levafs equality it offers justice. In 

diriurbfnc^ booksar^remarkable 01 technology ... if inflation P ace of concentrating it 

foTtte ? similSties rath« than starts to rise again, if unem- f^ses power. It oilers pro- 

their differSc^ and ?amr more Ploj-ment remains at present tection against the oppressive- 

S&'JZSES b t a- - ' imons aDd coipor ” 

separately. The authors axe any- b fe Fo^Shanks (as perhaps befits 

thing but similar - Lord Hail- ^,^ or S a -sSe aoarcbT" a memb er of the NEDC) the aim 

sham, every man’s thinking High “'sra or atama-styie u«eo>, rather is tQ broaden ^ 

Tory: Michael Shanks, chairman for consensus between unions, 

of the National Consumer corporations and government to 

Council. ex-Financiai Times sham calls it a new constitution. flnd a broader, more enlightened 

journalist author of that Shanks calls it a new social con- social contract t h an the limited 

trendy diagnosis of the ills of tract— but what is a constitu- one that we are familiar w jth. 

the 1960s, The Stagnant Society . tion except an elaborate social So where one would seek to pro- 
But both paint a picture of a contract? And in practice, is tect ^ individual against these 
Spendthrift societyi living beyond Shank $ call for agreement under dominant producer interests, the 
its means, in a sort of economic his social contract not to spend other would entrust our fate to 
and political Rake's Progress more on welfare and subsidies them by putting even more 
towards some awful political than the nation can afford, any responsibility where power un- 
doom. With the greater verbal different to Hailsham’s call for doubtedly lies, 
panache, Hailsham writes: — “ limited Government "? This is an important differ 

“We are living in the "City One should not, of course, ence. politically and emotionally: 
of Destruction, a dying country overlook the differences. Hail- but it should not obscure the 
in a dying civilisation, and sham s Is essentially a • poll- consistency of the analyses 
across ,the plain there is no tician’s manifesto, in effect an offered — or the general consis- 


by william Weaver 


UlUW 


5ST5SJ fion «rfth WsduV his friend, seems tome an uMrit-: . - ' 

Jiuage, at least as^ much as d the approach nf the Summit rather than a finished .. . . ... 

ShSWS indZSlFuJiZ Wto5SSifof5£Sta£ It is a late Victor*:.. 
ruinea terapie ana quicKiy. leave ^ linrocn1ltoH two sisters, Laura am -:;' 

again. Sarah forms mi unconven- ^ ^ a dream Laura ha' r 

tiSS. £* Stak ^isutas plot Nell dies throughLa, 
men. and then ju^es them by hnSrai Juterwt to a dream which comes- ; " . . , . 

her own very individual stan- 3Pteregr 10 ats0 . m0 re convindngi---. ” - 

^ Night Season, by Christiaan stage in .Aura’s yotr 

Barnard and Siegfried Slander hood. -when S^e rejec: 

I IT lyyifiS is ' not surpriangly; fhe story of striding eomadw . 

w* a South African doctor in an in pamting and m -. -V • • i .* 

■«; - intense moral dilemma, with a a “ ll3 

BY WILUAM WEAVER background of political unease ' gj 55 

and danger. And given that it is * 

not surprising, it is a readable treatnienl— of - 

Angel of Death by James Ander- and entertaining novel. spends : • 

son. Constable, . $*£5. 217 The plot is meaty, concerning uig from Nell s Oea 

pages. . , . . A ... the present and past dilemmas i of tewlf. ^ 

the doctor, Chartes de ia Porte. As It" . 

Some time ago, with bis The Hi* present problem as that he ^^tough itft 

Affair of the Bloodstained Egg discovers hhr former vS?oid n5“ ' 

Cosy, James Anderson unwarily lalso a doctor, has terminal writ e a- 40 y ar _ - 

Christie^ His P bo^-had^some ' TT.TC. T^.0 QNOMttC INDICATE— . 

StaoSSfaid^SSt ( tte e°S: ECONOMIC I C I I 1 1 

Wodehouseian 'Ofmsties). but J«gp r ^ teSlS' LEISU 

was not a complete success. This 100); retail sales v alu e (1971 -■ 1 . ^^-^gg-jQC 

new novel pays 2omage to Dame (excluding school leavAs) apd mifille _ , - - 

a — t- v TVn totioinallv ndnisted. \ _ 


son. Constable, '•. Jf £5. 
pages. . .ft 


Vicky's drawing of Victor Goilancz 


Golly! 


BY ANTHONY CURTIS 


new novel pays Jiomage to Dame (exciui 
Agatha in. a different way. The seasonally 
author here simply takes over 
a memorable Christie plot (that ■; ~ ■ 

of Ten. Little. Niggers, also known 1977 
as Ten Little Indians or And 1st qtr. 
Then There Were None), grace- 2nd qtr. 
fully . acknowledges his source, g r d qtr.- 
then creates an interesting 4th qtr. 
Variation on an Agathian Theme. qcL 
I Here the setting in an OnassiS- 
Kke yacht, with a cast of 'iH- Deft 


m^ufjen^peeringrordere. jetafl^sales vol^T g |F|C| I 
LI rales value (1971=100); registered meg- 1 W LU-OU 
school leavdts) and unfilled, vacancies -IOC, _ _ ; ^ 

InS^^Mfg- \sne.. detail Retail 

prod- output mder - vol. value P‘°y ~ ' •• ■ - • - 


" 216.4 
222 A 
2312 
,239.4 
2343 


wicker gate offering a way of update of his Cose for Con- tency of the solutions offered, in — „ ■ ■ ■■ ■ - 1 ■ " "" r .. - ■ meut at the prospect of next sea- Bnnar< ^,tlv 

escape.. . . one cannot go on aerpatwm, and be has some very terms of restored social discip- Gollanot: The Story of aPubltsh- soa - a p i umSi which characterise T 1978 

for ever borrowing money and specific political proposals — pre- line and national (and inter- . »ogHo us el 928-1978 ^ySheila gp publisher, to a fuller ex- {jjrtjiu to die except the un Jan. 

spending it on current con- emptive reform of the House of national) self-restraint. Hodges. Goliancz, £7.50. 256 te St SaTvirtor GoUancz. The *!S&?S*EEia who SSL. 

Jg author brings him gloriously to gSt it is hifh!? unlikelTtbS 

The history of a publishing life through his memos, his — 1 _ — • — — j s« OUTI 

house is no light task. The wealth blurbs, his advertisements, bis 
of material overwhelms the letters to authors, his tantrums, 
conscientious chronicler. But h* 5 infectious enthusiasms. It 


403-1. 2363 
1063 • 246-0 _ 


u; : r : 

% ' 
k — 
k 


STI 

STOCKS 


Tito and Trieste 


BY ZARA STEINER 


Tim Ra^ " r " Trieste bv Geoff rev . t0 , acco « nt of . tb « Jr 0 " 1 es-Intelligence Officer, there have been several memor- was 50 years ago when be left 

iw wre tor » ne«e oy tieonrey Division s last campaign against there is a good balance mam- a bj e publishing histories: his post at Ernest Benn to start 
?Sa ” uuam JSJlDDer » the Germans which culminated tained between the general and Michael S- Howard's Jonathan his own firm. Before that he bad 

H_zae_pan.es in the crossing of the Po River the particular, the over-all Cape. Publisher, for instance, or been a schoolmaster at Repton uw - en muum s unnappaoie - rum istqtr 

Sir Geoffrey Cox's book is a on April 25, 1945. campaign- and the individual going hock a tittle. Arthur for a couple of terms and he is in west Wales, where 2nd qtr. 

gripping account of the last Drawing on his personal ex - incident. Waugh's history of Chapman and combined the outlook of a born sonie pasty murders mar the 3rd qtr. 

battleground iu the Mediter- periences and memories, Sir k i® only iu the later sections Hall. Charles Morgan did a educator with the shrewdness 01 natural peace (threatened also 4th qtr. 

ranean of World War II and one Geoffrey recaptures brilliantly of this book that Sir Geoffrey rushed hut readable job on a fearless literary impresario- by a fast-breeder reactor). The pet. 

of the first confrontations in the the mood of battle, the reactions turns to the subject to which his Macmillan. Royal A Gettmann a His first list conuuned books on solution involves rather a lot of. yj 0 v. 


Persons Unknown by Gwen uwusu 
Moffat. Goliancz, £3.75. .174 
pages. '• " — _ — 

.1927 

Gwen MoUat's unflappable Miss ist qtr. 


housing starts (000s, monthly average). 
Consumer InvsL Intmd. Eng. 
goods goods goods output 


• • • • tlH 

Metal Tc:^; 
mnfg- o-. 


ZHi 

S 2E s 




vi tait. uiub kwui* viiiawuuo Atm wi vniiiw ■ 1 u\. 4 * _ . _ — » — -- r . - A n_.* M .1 :n ------- — - - ■ — jxu • . 

Cold War. Sir Geoffrey is an of soldiers and civilians to the l ‘tie refers. Tito was determined thorough one on the house of current affairs, fiction, thrillers complicated explanation, but— p ec 
experienced journalist and an tides of war, the rewards and to seize Trieste and annex it and Bentley in .4 Victorian Publisher, and. won plaudits from fellow ^ wittl all ^ author’s books 197; 


experienced journalist and an tides of war, the rewards and t® seize Trieste and annex it and Bentley in .4 Victorian Publisher, and. won 
excellent writer who has already costs of victory. He not only the surrounding area to his new Sheila Hodges’ Goliancz must publishers 


—there is 


5 authors boons 1 1978 
wealth of afffiHjan. 


... ,N w 


published an important book of writes warmly of the New Yugoslavia. With the Germans now’ be added to this company, generous of men to their rivals; tionate scenic description, which p e b' 
memoirs about his experiences Zealand troops with whom he beaten. Churchill was anxious to Like w a u^h she writes from the and me J“«»becarae. richer and ma kes tlie places almost more 


Intelligence Officer served but does full justice both forestall the Yugoslav Partisans point of view of a loyal employee richer with the years. important and more rear than 

to General Freyberg's to the bravery and the fanaticism for he saw in Tito little more of the firm who witnessed and An early attempt at paperback the people. As usual, too; the 

V Zealand Division, of the German troops whom thev than an agent of Soviet expan- contributed to its evolution oyer publishing misfired but the writing Is always very fine and 

lalf of this book is fought. As one might expect “on- It was the Prime Minister many years. If there is anything introduction of the Left Book spare. • 

who decided that Allied troops connected with Victor Goliancz Club scored immediate and last- — — 


as an Is 
attached to 
2nd New 
Almost half 


and more real", than. 
As usual, too; the 


EXTERNAL TRADE— Indices of export and impt; 
(1975=100): visible balance; enrrent balance; oil bah 


of trade (1975=100); exchange reserves. ■ >. 

Export Import Visible Current On T< • 

volume volume balance balance balance tr . 


[were to try to beat the Partisans Ltd ihai Sheila Hodges docs noL mg success until the end oF the j ud ge Me Tomorrow by Ham#*' 


Hill Samuel 
Base Rate 


Alexander’s warnings that he cot worth knowing. 


know we may be sure that it is war. It contributed significantly 


to the growth of Labour move- 


could not guarantee the morale | It was often said that Goliancz ment in this country in the way 


Hill Samuel & Co. Limited announce that 
with effect from Thursday, April 20th, 197S, 
their Base Rate for lending will be increased 
from 6 per cent to 7£ per cent, per annum- 


to Trieste. know we may be sure that it is war. It contributed significantly ton Jobson. Collins, £3.75.ii94 

Alexander’s warnings that he Q ot worth knowing. to the growth of Labour move- pages. 

could not guarantee the morale It was often said that Goliancz ment in this country in the way — ■ — — ■ . 1 — . 

and discipline of his troops if was a one-man band: in a sense no publishing venture has ever Some readers may object; to 
forced to fight the Partisans only this was true but what emerges done before or since. After the Mr. Jobson s tricky denouement 
earned a sharp rebuke perhaps most strikingly from this war VG himself turned more to (and others may have seen it 
Churchill’S pressure on Truman volume is the stroog support works of philosophy and religion coming), but this book is flu* 
produced the desired results. Given m the -great solo trumpet- for his pet projects including bis tlnguishei by the umtsnaUy: 
The President agreed to com- player by the humbler members own highly successful antholo- clear characterisation Of the CCth 
nj it the Americans to supporting of ihe orchestra who stayed with pies and autobiographies. He tral figures, the narrator and mx 
an advance on Trieste thoueh he firm, and the number of remained however a good busi- woman mend. Smaller -roles 
clearlv wished to avoid •commit- virtuoso instrumentalists who nesstnao which he insisted was are also sharply defined, affd— 

played with it for varying lengths a prerequisite oF a good pub- whether Uae final twisf works or 


a-a1oft ra the a Y < SSs°in 'the of"'t I'me* i^ , fore''ihey ^rnade ‘tiieir tishen ~ His ‘ best-seUing'' aulhoii, not— the book" is ^thoroughly 


Interest payable under the Bank’s Demand 
Deposit Schemes on sums of £500 up to 
£100,000 will be at the rate of 5 per cent, 
per annum. Interest rates for larger accounts 
will be quoted on application. 


Butterworth. 
ISI pages 


if by Midbael 
Collins, £3^5. 


Balkans. '^Gencnti^Freyber" was nam «s elsewhere: these include ' Daphne du Mauricr. A. J. Cronin, enjoyable reading. 1 

Dreoared-lo move and it was the Michael Joseph, Norman Collins, Phyllis ' Bentley (Miss Hodges ■ „ — ■■■v r 

lod P New Zealand Divirion w-hn Hilary ; R«hiiaieiTi. John Gross gives interesting close-ups of X Sp< t kSLJ^S& 

eneaee d in the race aeainxi the anrt ^'Ics Gordon. them all) remained loyal to him. BUUerwoim Loams, SW?- 

viSm". "Jte™ w!i?h “nded wtlal Oomlnt.'^ the imok how- They and countless lesser lights W 

in a virtual deadbeat hut which ev0r 15 patriarchal figure whose works have appeared in nF -QSitHaC 

aave the ultimate victory -tn- the whn funded the firm in the famous yellow jackets have it 

Aitied PttwS Sr T-SffSv Henrietta Street in 1928. No one stayed with the flourishing, still ""I*?. i^2SSfti!S£ 
nraihiran!- Lsrrihps tilt ean . have possessed the in- independent VG imprinL now in nwhllsKiiinP nmriPPaccnrc VtfMl- 


Thls is one of Michael [Batten- 


Craohicaliv describes the duel V,UI , nai,e vvwmucv me m- muepenueni vu impnm. now in {in _ Dr pri ep „ecnr« 

f ™ P J,h in ' >PPrt«- for hooks, th. the .raprtlc. hands of M. 


within ' 


1 sr Livia - Lon8 nay u 

tion and attitudes of ihe! “instantly rencwca excite- continue. it is spread thin, and in the latter 


Hill Samud&CaLimited 

X00 Wood Street 
London EC2P 2AJ 
Telephone: 0I-62S SOU 


tion and attitudes of the 
Partisans (based partly on 
Yugoslav sources), the diplomatic 
conflict which followed as seen 


conflict which followed as seen \ A • 

jhe ^tfal^^and S | AmUZOnd^ BY H UGH O’SHAUGHNESSY 

Sir Geoffrey also describes the! Assaull on tin* Amazon by other ^ant^o *keS 

PTrhanoK hPlwoPn Churchill nnrt Rnnrne Gnllanr? e _- ■ , . ^ 


it is spread thin, and in the latter 
half sometimes seems forcecL^n 
enjoyable read. nevertheJe^ for 
the undemanding. - ■*-: 


The Impostor by- Helen McQoy 
Goliancz, £3.75. 182 pages 


exchanges between Churchill and Richard Bourne. GoJIanci, } t as their vision of Arcadlsu^ f* 8 lon ® 

■5ZSS- ».%• “f «*• «• P.8.. 


APOLLO 


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I Stalin’s desertion of Tito, anj- kSdfauor — — — Playan important :paxt Iff: thi? 

| action which opened to question Ai lust 3 thoughtful book on latest novel. It begins, iff ;■«“ 

those very assumptions which Amazonia! Richard Bourne has “ Although ( give a high atmosphere of quiet, reriratoea 

shaped Churchill's initial decision already made a name for him- priority for the real preserva- horror: a young woman' ! .waices 

to occupy Trieste. Though Sir self as* careful and lucid observer lion of the bulk of the rainforest in a psychiatric cunic.-.-wmi 

Geoffrey handles the story of tin- Brazilian political scene 1 do not think that economic having been in an autotaODSe 

exceeding I v well, his focus is 1 with his book about the populist advance could nr should he accident. Firmly, the psychiatrist 

really on the conflict in the field. | leader Getulio Vargas. His latest excluded from the region.” he contradicts everything -she re- 

One would like to know far more) work chronicles the efforts of the * a , v s adding: “What 1 do feel calls. When she is reteased«“tne 
not only about Churchill's . present sorics of military govern- strongly is that poor Brazilians, outside world continues to 1 refuse 
diplomacy hut. of crucial Im-jinents to develop this vast area among whom I ■ include, the to take her 3t her word. No one 
po dance ’ for historians of the of six million square miles. Indian groups, should benefit is what he ?ieems. Gradually, 

Cold War. The reasons for Mr. Bourne steers a sensible from the economic development this closed atmosphere opens. out 

Truman's positive response, the-emirsi' between thr extremes of that takes plate, and that tin* to embrace industrial espionage 
hardening uT his own line and] opinion or those who on the one modes *>f development should murder, and other forms of 
the conclusions he drew from [ ha op kc the area a new harmonize with preservation of .violence- A carefully gauged 
Stalin's actions. J frontier area to be brought into the forest wherever possible” escalation of excitement. 













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• ipan/ producing three unique and highiy-proRtable consumer 
iucts. with international mass market appeal, seeks established 
butor/s in U.K. selling nationally to chemists, grocery, 
irtmental. hairdressing, C.T.N. outlets and hotel groups, - 
jirals, national institutions and industr. Similar distributors for 
jrt markets also required. 

it products will be supported by extensive T.V. and Press, 
■rtislng and only companies with proven track record of 
volume sales capability will be considered. - 

Principals only please write to Box G.f7B6, 

Financial Times. 10, Cannon Street,.EC4P <BY 


ENGINEERING COMPANY 

aged in the manufacture, sale and maintenance 
jeavy engineering plant for home and overseas 
kets. Excellent range of plant and equipment 
'led workforce and experienced management. 

T/0 approx. £150,000 p.a. currently but with 
-1 order book and great potential. 

Details from Box G. ISO 1, Financial Times, . 
10, Cannon- Street, EC4P 4BY. 


Pension Funds and their Advisers 

PRISES 300 PAGES AND CONTAINS DETAILS* 0j£ 
‘ FUNDS AND THEIR ADVISEES TOGETHER WITH V 
ARTICLES BY EXPERTS INVTH1S FIELD. 

Price £1330 inc. p: & p.lrom 

- A.V. FINANCIAL REGISTERS . LTD.,. / , 

- . \ 9 COURTLEIGH. GARDENS; NWIL • 1 J ^ 

p^Mi 'mi— 

SPORTS/LEISURE 

-ile company wishes to acquire majority interest in com- 
as involved in the Sports/ Leisure sector.. Up to -£250.000 
.able. The companies must be. financially sound, with good 
gemenz and scope for expansion. Manufacturing, property, 
"‘esaiing. retailing considered. 
i Bo* G.1782, Financial Times, 10, Cannon Street, EC4P 4BY. 


| Li! ’’’ H Dunn &Hargitt offer you a new 

I I — ^ way to invest by participating in 

JlJliri a multimillion dollar group of 

*u«ersTT commodity investors. Proven 
3 record of success. 

All participants receive detailed account records 
monthly. Minimum investment $20,000, 

T° investigate this profit opportunity, write for 
j£3§E|j|fc2^ the “Dunn & Hargitt Opportunity 

Brochure" or call Dunn & Hargrtt 
Brussels 640.32.80. 

When writing: Dunn & Hargltt, 

I Research, Dept 12a Bte 6 


BOILER 

-NUFACTURER 

■■ • , 

partner for substantial 
••c or ocher arrangement 
."Jiinue financing, manu- 
and marketing of boiler 
"'50KW to 600 KW •’■rjje.- 
ed design, high efficiency 
British Gas approved, 
■rable sales potential. 

r finuflo a! and industrial 
mnd in the first /nitouee to: 
G.I790. Financiol Time*, 
ion Street. Land on EC4P 4BY 


<i5TIC FABRICATION 
J5INE55 FOR SALE 
In North West 
‘ mover £500,000 p-*- 

sts in fume removal 
; t fans, ducting, scrub- 
etc.) Sale' at NAV. 
. £7QJJ00 'plus freehold 
premises 

ox G.J794, Financial Times, 
lannon Street, EC4 P 487. 


IE TELEPHONE COSTS 

! fits beneath individual 
t computes and displays caH 
'■ou speak and can be supplied 
. tautomers for less than £1 
'Jistnburors required ebrough- 
for chu exciting and 
. product. Contact: Plunmve. 
•n* House. HerehfHs Lane. 
■ Tel: (0532.) 481685. 


)R SALE 

dlands Company engaged 
iirfacture of ladies and 
childrens wear, 
in excess of £150,000, with 
tcellent profit record. 
tils arailable at Bax G. 7737, 
Financial Timet, 

Zonnon Street, £C4P 48 V. 


CAPITAL 

LOSSES 

't losses, soon to be 
• available at marfcec rate 
commission. Up to 
£lt million. 

ex G.179S, Financial Timet, 
Zqanon Street. EC4P 4BY 


orth West 

England 

> SELL FOR CASH 

ipped steel fabricators, with 
ty far considerable I»b mediate 
. Good order book, reliable 
workforce- 

at G.IS05, Financial Times, 
lunnen Streor. E C4P 4BY 


INTER ions. Reception Areas. 
Boardrooms. Shops. Clubs, 
tjstaurznia, Detlgn eonsuRancvr 
design and construction, 
bsnves Associate* Limited. 
}*o«. 

IN commercial property »eRs 
partner to provide deposit 
A oaro*. £40.000 required to 
50% Interest in PJOP****. 
ram Lionel xutper 722 1121 
=6 04U ibome>. 


STEEL 

STOCKHOLDING 

Private Steel 
Stockholding 
Company 

INTERESTED IN BUYING 
SIMILAR SMALL/MEDIUM 
SIZE BUSINES5 
Apple la confidence Box G.J799. 
Financial Times. 

IQ. Cannon Street, EC4P 487 


INDUSTRIAL MARKETING 
IN W. GERMANY 
Based on many yean and wide 
experience in International 
Trade we organise an effective 
distribution network of in- 
dustrial /technical and allied 

products. 

Write Bax F.7D07. Flndnclal Timet. 
70, Cannon 5treet. EC4P 48V. 


ELECTROSTATIC SPRAYING 
CAPACITY 

Manual. and electrostatic paint and 
urethane spraying capacity at oik 
Hampshire and Essex factories avail. 
Urethane insulates and strengthens 
giving produces "egg crate" thermal 
protection: Ducting and copper 

cylinders etc. ideally tui table. Manual 
plant is mob Ha. 

GEORGE KRAEMER & CO LTD-, 
WMtcterdi. Hants 2162 


SHEET PLANT 
CORRUGATED CASES 

. A person who Ms considerable tech- 
nical and commercial knowledge of the 
corrnastod container industry requires 
a backer to finance the setting-up of 
a sheet Plant. 

- Consideration will be given to any 
proposal anu absolute confidentiality . 
is both guaranteed and required. 

Any interested party Is invited ta 
write to Box G.17B8. Financial Times. 
ID. Cannon Street. EC'S P *BY. 


A Quality 
Furniture Shop 

in a prime »ltt dose to Sloanc Street 
. and Knlghtsbndge for sale as a going 
concern for £50.000 to be inclusive 
of tbs' letn. stock, fixtures and 
fittings and goodwill. 

Write Box G.J797, Financial Times, 
70, Cannon Street, EC4P 4BY 


BOURNEMOUTH 

3 STAR HOTEL; 52 bedrooms all with 
en suite bathrooms. fiiHy licenced 
with cocktail and bar lounge, exten- 
sive modern rests u rant, 3 residents 
lounges, superb kitchen quarters. 
Excellent car parking. Price: £290,000 
with fire precautions completed. 
Contact.- HOTEL DEPARTMENT, 
GOAD5BY & HARDING, 

37/43 St. Peter’s Road, Bournemouth 
Tel. 0202 23491 


PRODUCT SUITABLE lor Sheet Mcrai Com- 
pany for Sate £70.000-^0.*- Turnover. 
Write Box G.1792. - Financial Times. 
ID, Cannon Street. EG»P 4BY. 
ADVlRTtSER WISHES to scouire tor cash 
significant holding m small to medium 
sl» manufacturing company with Boara 
. control. Cbmpoov must be well estab- 
lished and show S»Od_ growth imrentiai- 
Please write Box J F, in2' 6,a 

Times. 10. Cannon Street. EO*P 4BV. 

HIGH CLASS Joinery Contracts Sougjrt. 
Recent work oak stairs ami bank front. 
Newbury (0635) 42796. 


- A 


RoGtrided in Balgiwn and U.K. 


•a/ J-L 


SHIPYARD 

For sale by share transfer: 

Marine insurance brokers agency. Travel bureau licence and 
repair shipyard, transformation and servicing of pleasure craft, 
the whole business in full exploitation. 

Surface area: 4000 — Elevator: 45 tons — Modern equipment — 
Highly profitable — ^ Room for extension — Personnel and staff: 
25 to 40 people — Locality: C6te d'Azur. France. 

Particulars and written information available — No inter- 
mediaries — Discretion assured. 

Write to Box No. C 18-1 15143 
Publicitas - CH 121 1 Geneva 3. 


FOR SALE 

PAINT MANUFACTURING COMPANY 

Producing our full range of interior and exterior emulsions, 
preservative and textured paint products for home and export 
■markets. 

Freehold factory recently re-equipped with modern plant. 
Management team. Turnover currently f 150, 000 p.a. with 
great potential. 

Principals only apply Box G.1S02. Financial Times. 10, Cannon 
Street. EC4P 4BY. 


QUARRIES WANTED 

Large international mining company wishes to 
purchase companies operating in- aggregates 
and/or sand and gravel. Any size - considered. 

In first instance send details to the^ 
.Finance Director, Box G. 17.48, Financial Times, _ 
"V ' ‘ 10, Cannon Street^ J3C4P 4BY. 


CASH FLOW 


RELEASE YOUR OWN CASH 
. BY DISCOUNTING 
YOUR INVOICES 

95% paid by return 
-on approved accounts 
Phone Bolroa 10204 ) 693321 
Telex 63415 . 

MRS. BENNETT 
Silverburn Finance (U.K.) Ltd. 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best fwiee foj 
your low -mileage prwtige motor-car! 
Wr urgency require Koils-Soyce. 
Mercedes. Dalmlw. Jaguar. Vwwen 
piu, BMW, Pone he. Ferrari. Maierra. 

Lamborghini-, jensen-- Convertible. 

Rover, Triumph and Volvo Cart. 
.Open T.dJtft * weak 
. Collection a nyw he re in UJL Cwh or 
Ban ken - draft oavilable. Telephone {** 
for a. flint price or our bower will call. 
ROMANS OF WOKING LTD. 
Broakwood (04867) 4567 


ISLE OF MAN — 

OFFSHORE TAX SAFEGUARD 

Grasp the opportunities in * to - ..*?* 
area. We specialise in the tormetipn 
ql companies Including nominee 

appointments. secretarial services, 

general agency work, tele* and genera ] 
consultancy Including commercial 

placemans. 

Full details from P. A. Brown. BROWN 
BROTHERS LIMITED. Victory Houle, 
prospect" HUT. nongUi. isle trl 
Tal.t 0624 25661. Telex: 628241. 


ISM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM." Buy. save op to -40 p.c. 
Lease 3 jreirs -from £3.70 weekly. 
Rene from £29 per month. 

Phone: 01-641 236S 


MANUFACTURING 

FIRM 

OPPORTUNITY • 

3ue t» retirement of a paro'ciparin* 
shareholder /director offers are invited 
for acquiring— takeover— or merger of 
a small manufacturing company in 
London N.W.5 as a going concern 
with or without 6.0D0 square feat 
freehold premises. 

Manufacture of instrument and clock 
dials and scales, clock cases and 
battsry clocks. Export and some line* 
have no competition. Would suit big 
concern in need of dials and scales 
firm in clock or similar trade in need 
of increased turnover. Also outstand- 
ing opportunity for private business- 
man with drive, ability and capital to 
become participating shareholder/ 
director. 

SALTER REX 
Crown House, 

265/7 Kentish Town Road, 
London NWS 2 TP 
Telephone: 01-267 2071 


VERSATILE ENTREPRENEUR 

with extensive domestic and overseas 
business experience available to under- 
take specific contracts. Past assign- 
ments include successfully creating an 
African Off-ihoro Bank Corporation lor 
client's ax benefit and being appointed 
in additional member o# a team 
engaged in sensitive foreign nego- 
tiations. II you are concerned to 
ensure that your interest is fully 
represented In overseas business I 
could be of service to you. Substantial 
propositions only please. Absolute dis- 
cretion and highest references assured. 

Write Box G.7772, Financial Times, 
10. Cannon Street. BC4P 487. 


YOUNG 

ENTREPRENEURIAL 

M.D. 

seeks liki-minded individuals ro fully 
exploit specific viable projects in a 
wide variety of fields in ehe form of 
a consortium. Particularly interested 
In hearing from those with either 
sales /marketing, accounting, purchas- 
■ ing or property backgrounds. Brief 
details required to establish initial 
contact and preliminary discussion. 

Write Bo* G.7808, Finandoi Times, 
70, Cannon Street, EC4P 4BY. 


NYSE INVESTMENTS Co . DURHAM 


The most precis*' forecasting s/stem 
available anywhere. Names of stocks, 
buy — and/or sell instructions, dates 
of buU-cops and bear-boctomt 10-14 
atone hi in advasmt. Subscription or 

management. 

. GML 

CP 54, 1000 Lausanne 4, CH. 


COMPUTER SERVICES 
Successful small management and com- 
puter consultancy with international 
connections offers minority sharehold- 
ing m their software services company 
to an individual or individuals with x 
good 'mixture of sales' track record, 
talent and connections. The base Is 
in the City of London. 

Reply In confidence to Boa G-1798, 
Finandoi Times. 

10. Cannon Street. EC4P 4BY 

start an import/ export agency, i 
no capita! required. Established over 
30 years- Clients In 52 countries. Send 
large S.A.E.— Wade. Dept. F— P.O. Box 
9, Marlborough, wilts. 

MORTGAGES FOR .EXECUTIVES £20.000- 
£50-000. NO FEES. Palmer. Bank* 
Associates.- 4D2 6691. 

INVESTMENT OR TRADING COMPANY 

with good assets, warned lor cash, all 
replies In strict confidence to Boa 
G.1789. Financial Times. 10. Cannon 
Stree:. ECO? 4BY. 

£T a WEEK lor EC2 address or Pfcwe 
messages. Combined rates 4- telex under 
£3 a week. ‘ Prestige offices near Stock 
Exchange. ^ Message Minders Inter- 
national. 01-628 0695. Telex 8811725. 

OVER 40.000 SCHOOLS AND EDUCA- 
; TIONAL ESTABLISHMENTS can oe 

I reached by mail The Educational 

1 Addressing and Mailing Service, Derby 
House, RedhlH, Surrey, RH1 3 DM. 


Merstham 2225- 


GLASS HBRE STORAGE 
TANK MANUFACTURER 

Purpose bmit factory, 90.000 sq. ft. 
Good current order, book. Substantial 
ox losses available. Receiver wishes 
to tell business as going concern. 
For further details contacts 
Bernard Phillips & Co, 

76 New Cavendish Street, 
London, WIN 8 AH. 01-580 0714 
(Mr. 1. Halted or Mr. N. Aapdln) 


ENTREPRENEURS 
Ample funds backed by experienced 
management available ta help smaH 
companies solve problems of expan- 
sion, olrer-trading and recovery. Alio 
new ventures. Companies concerned 
with specialised use of nraeeriab of 
particular interest. 

Full particulars to Box G. 7793, 
Financial Times, 

70. Cannon Stneu EC4P 4BY 


ENGINEERING COMPANY 

East Midlands — long established sheet 
metsf/Iight fabrication company For 
Safe with reputation for quality work 
in ferrous and non-ferrous materials. 
Lease b hold 6.000 sq< ft- factory 
modern plant and equipment, excel, 
take specific contracts. Past assign- 

Pleaje telephone 01*831 7130 
■ext 342, Monday-Friday. 

GERMAN licensing consultants iwav Frank, 
tort Airport help finding suitable manu, 
torturers or sales agents. Write Box 
<3.1807, Financial Times, 10, Cannon 
Street, EC4P *BY. 


y, 

MINERAL 

PROCESSING 


Majonntematmnal company is seeking to 
purchase medium-size private company in the 
United Kingdom concerned with mineral 
processing. For preference the company should 
have a good profit record and equally good 
potential. Continuity of management would be 
required. Interested proprietors should send 
details in strictest confidence to the retained 
■ advisers: 

J. M.L. Stone & Co. Limited 
71 Burlington Arcade, 
Piccadilly, London; WlV 9AF 
Telephone: 01-734 1184 . 

Telex: 24554 JASTONG 


SOUTH AMERICA 

TWO OPPORTUNITIES ARE AVAILABLE FOR 
INVESTMENT BY ACQUISITION 

SALT HEAVY MACHINERY 

A Company owning Sale Lakes Large Company supplying rail- 
with extensive production for ways, building construction, 
human consumption and in- agricultural silos, industrial in- 
dustrial use. Strong balance stallacians. etc., etc. Investment 
sheet and considerable natural around S25m. 
reserves. Controlling interest 
involving about 514m. 

Enquiries to : — 

DOUGLAS KERSHAW 


64/65 Grosvenor Street, 
London, WlX 0BB. 


Tel: 01-493 2142 
Telex: 21284 G. 




METAL PRESSING AND BENDING 
SOUTH WALES 

A South Wales Company has substantial capacity available In 
its Press Shop, wirh metal presses with Capacity of up to 300 
tons, and in its Metal Bending Departments. Good material 
control and dispatch facilities available in the factory. 

Enquiries are invited from firms or companies interested in 
obtaining such facilities on a sub-contract basis. 

Enquiries to:— 

Ref. TRH/310. R. P. V. Rees, 

DELOITTE & CO., 

Tudor House, 76 Cathedral Road, 

Cardiff CF1 6PN. 


FIXED INTEREST MORTGAGES 

FOR OWNER OCCUPIERS OR INVESTORS 
Interest rates can only go one way — UP 
Take advantage of low cost fixed interest mortgages — Now. 
■ Contact S. A. Parnes or M. C. Green 


23, MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 1252 


.. / \v WELL KNOWN 

ELECTRONICS COMPANY 

Prtdndng a full - range of Amplification and Musical 
Instrument Sound equipment. One of the world's best known 
names. Selling to home and overseas markets. T/O £300.000 
p.a. Currently with good order book and enormous potential 
for a substantial increase in sales. Full range of equipment 
and stocks. Trained labour forte and management available. 

Pritictpals onlp apply Box G.1803, 

Financial Times, JO. Cannon Street, EC4P 4BY 


OLD ESTABLISHED 

SMALL ENGINEERING BUSINESS 

Engaged m the manufacture, maintenance and repair of 
electric motors and pumps. Skilled labour force and existing 
management. Well-equipped premises — London. T/0 £140,000 
p.a. approx. With good potential. 

FOR SALE 

For details write Box C..1SQ4, Financial Times, 

10, Cannon Street, EC4P 4BY. 


GENEVA 

Full Service is our Business 

• Law and Taxation. 

• Mailbox telephone and 
telex services. 

• Translations and secre- 
trial services. 

• Formation, domicil iatiem. 
and administration of 
Swiss and foreign com- 
panies. 

Full confidence and discretion 

BUSINESS ADVISORY SERVICE 
3 nic Pierre-Pnuo. 12AM Godovs 
Tel: 36 05 M. Telex; 23342 


FOR SALE CLOTHING 
MANUFACTURING 
COMPANY 

highly rated witnln the trade mainly 
concerned in production ol learner, 
■uede and sheeps Kin coats. The lost 
audited turnover approaching 
£150.000. With Irenhold property 
situ ted In West Midlands the business 
bt offered tor sale at £65.000 to 
Including stocks, work m progress and 
all fixtures and fittings. 

Write Bo* G.17B4. Financial Times. 

10. Cannon Street. EC4P 4BY. 


FOR SALE 

Mon tidy Consumer first pub- 

lished mid- 1 976. sold through all ma|or 
retxil outlets. Excellent growth poten- 
tial, covers expanding leiaurie Geld. 
£6,000. Principals only to: 

Box C.1766, .Financial Times, 

10, Canaan Street. EC4P 48Y. 


DESPITE THE RECENT 
RECESSION 

In certain sections ol the shipping 
industry, sound kma-term investment 
opportunities still exist. . Old established 
operating subsidiary o' major British 
snipping group can oner one or two 
Investment projects complete with 
management or will your 

vessels on world-wide basis with same 
care and thought as entrusted to their 
own fleet. 

Writ* Bo* G.1275. .Umes. 

tO. Cannon Street. EC4P 4BY. 


FOR SALE 

MANUFACTURING 

OPTICIANS 

with numerous connections 
within the optical world 
FOR SALE 

Principal* only please repir to 
Box C.1783, Financial Times , 
10, Cannon Street. EC4P 4&Y 


Luxury Sailing: 
Yacht 

One of several assets cf a 
holding company. 

Due to a change in policy, this 
yacht is for sale, or alterna- 
tively, property will be con- 
sidered in exchange, in London. 
Bournemouth, Poole or prefer- 
ably, South of France. 

Price region £50,000 to £200,000 
Principal! only please contact;— 

Mr, Smart. 

WALKER. MORRIS AND COLES. 
Saliction, 

Abbey House, 

11/12 Park Row, Leeds. 


AMALGAMATION/SALE 

SPECIALIST FURNITURE 
MANUFACTURING 
COMPANY 

with substantial ax losses, i good 
order book, plenty nf scope for 
extra production and spore capacity 
for expansion, in a Development area 
/qualified premises) Factory with a 
long and attractive lease, would con- 
sider amalgamation or sale to 
maximise potential. 

Write Box C.J77T. Financial Times, 
10, Cannon Street. EC4P 4BY 


Copywriting, Translation ana 
Typesetting for Advertisements. 
.Point of Sale, Brochures, . 
Contact: David Mealing 
Pan-Arab publications Limited 

01-439 3303 J 


UNITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. E.C.I. 

01-678 5434/S/7361. 9936 


PLANT HIRE 
BUSINESS ACQUISITION 

Sought by public company wish- 
ing to expand its activity in this 
field in Scotland, The North or 
Midlands areas. 

Write Box G.17BS, Financial Times. 
10, Cannon Street, EC4P 4BT 


ACQUISITIONS ft MERGERS BY AGREEMENT 



Our business is 
merging your business. 
Successfully. 

36 CHE SHAM PtACE. L0MD0N SW1. Pi-235 4551. 

DISTRIBUTION 

GreenbanJk Distributors Limited, a new subsidiary of 
I the long established and highly regarded T. M. 

! McAteer Construction Group, is now considering 
accepting commissions and agencies from U.K. 
companies interested in doing business throughout 
Ireland. Depot, close to the new Port of Warrenpoint, 
where all modem facilities are available. 

The Group is closely allied to the Construction 
Industry, but the new subsidiary will consider ware- 
housing and distribution of any quality product and 
would also be interested in direct selling on a 
commission basis. 

Please write with full details to: 

The Managing Director, 

Greenbank Distributors Limited, 

Newry E5T34 2PB. Northern Ireland. 
Telephone: C0693) 4511. Telex: 74302. 

. OLD ESTABLISHED 

MANUFACTURING COMPANY 

Engaged in the manufacture of a range of brass and copper 
products and a full range of crested giflware for home and 
overseas markets. Operating from freehold factory premises, 
Midlands. Skilled labour force. T/0 £400,000 p.a: Full order 
book. -Good potential. 

Write Box GT800, Financial Times, 

10. Cannon Street, EG4P 4BY. 


COFFEE EXTENDER 

Continental developer of natural additive for 
blending with coffee wishes to; contact potentially 
interested U.K. companies. 

The product closely resembles pure coffee in taste, 
has high customer acceptability but is significantly 
cheaper than the pure product 

Write Box G.1S06, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


SWISS COMPANY. ' 
tpociiliiing in. distribution »nd whole- 
tiling of ethical and piraphimuctuii- 
c«J products would like to. represent 
manufacturers in Switzerland, inter- 
ested also in veterinary products lor 
domestic animals. WeH-euablished 
company yrlth representative* covering 
all Switzerland. 

Details please to British representative 
E. S, PRIOR A SON LTD.. 

256-242 Wimbledon Par*: Road, 
London SW19 6NL 


A Widely Experienced Inter- 
national Commercial & Bust-; 
ness Consultant leaving -foi 
Terahan on 14th May will 
undertake 

TOP LEVEL BUSINESS 
COMMISSIONS. 

D AMMAN & CO. LTD. 

01-722 4282 or 01-629 2228 


PLANT AND MACHINERY 


SWEDISH HYDRAULIC 
HAND PALLET TRUCKS 
For Immediate Sale 

introduction price 60% less than market prices ! 
Our price £78 each FOB Gothenburg, Sweden 
■ Technical details: 

# Capacity 3,000 lbs. ' • Overall width-lOjin. 

# Forkiength 45 in, . 0 Weight 135 lbs. 

Container and quantity, prices negotiable. Contact in London 
until Saturday, 22. April. 

Ring Mr. Manson 


or write to 


Mr. Manson 

Tel: 01-935 9601 Ext TT3 

The Swedish Trade Commissioner's Office 
73 Welbecfc Street 
LONDON W1M SAN 


FOR SALE 


MACHINES AND INSTALLATIONS FOR 
COCOA AND CHOCOLATE MANUFACTURE 
automatic moulding plant lor plain or titled 
chocolate; CARLE S MONTANARI crem 600, 
chocolate rolling mills, roating machines a^. 0 . 

MACHINES AND INSTALLATIONS FOR 

PAPER (MANUFACTURE 

complete paper making machine 1962, . .. 

2.100 mm, capacity 2i tons'24h by 40 grs/in 3 ; 
pulpers 1975, .refiners, drying cylinders . 

2300 mm, calenders 2000 and 2300 mm, 
winders and rewinders, paper cutting machines. 

MACHINES FOR THE TEXTILE-INDUSTRY 
automatic rlbbpn weaving machines, automatic 
spool winders, plailihg' machines, trimming 
machines, cord machines, winding machines, 
galloon crocheting machines a.s.o. 


INDUSTRIAL BROKERS 
jygfl INTERNATIONAL 

1082 GG Amsterdam Tel : 020-444.6S 

Van Leyenberghlaan 199A Telex 16125 Ko! 


de kok 


Tel : 020-444.651 
Telex 16125 Kokam NL 


GENERATORS 

1 to 1000 KVA. new lets from manufacturer corn pie to ready for push-button 
start skid mounted/trailer full control panel iuu safety features silencers 
b arteries continuous raced at Q.Bpt '5Dhz (,candbf racing 10 per cent, greater 
KVA value). 

Examples X 

100KVA 80KW CUMMINS NT49SG £5B07 

250KVA 200KW. . CUMMINS NTA8SSG £11500 

500 KVA -400KW CUMMINS VTA23O0G £25466 

7I5PCVA 572KW CUMMINS KTA2300C' £36622 

Terms — Payment before delivery no middle men end users -only 
Mr. Stuart. Racex Led.. Cirrle-How. South. 65/67, Wembley Hill Road. 
Wsmbfey. Middlesex HA9 BOP. Telephone: 01-903 64S5. Telex: 923421. 


GENERATING SETS 

DORMAN 400 KVA 
* GENERATING SETS 
Bruw new skid mounted units.* Com- 
plete and reidy ro roe it £36.850. 0Q. 
Each delivery ex stock. If required 
could be mounted on trailers at 
extra eosc. Other sizes down to 
50 KVA ilia available ex suck. 

OXFORD DIESELS LTD., 
Pry Sandford, Abingdon, Oxon, 
Tel: Oxford 730074. 

Telex 837604 


GENERATORS 

Over 400 seta in stock 
7kVA-700JcVA 

Buy Wisely from the manu fittu rars 
with full aftersales service 
CLARKE GROUP 
01-985 7581/0079 
Telex 897784 


GENERATORS 2-3,000 KVA «aew and used 
Immediately available. Keen competitive 
prices. Centre* Ltd. 1073522) 3053. 
Telex 840537. 


f. 










; feiariciiltimes 'Thursday 


38 


WALL ST) 

R] 

EE1 

O 

: ' ^ 


+ FOREIGN 


Up five despite 



move 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, April lfl. 


. , ■ , ... .... sharps 1430ml - because nf imbalance of ordera. on th e results and proposed divi- 

FOLLOWING \-ESTERDAY'S set- shares.. -although this S 1 " E-Sort^ nenia ted issues led the In contrast to the generally dend increase. JehnoU and Grand 

[VriTnn nmfit-iakina Wall Street 3.89m. compared withyesterda.v Electric Arm trend. Portfolios were weak Passage, among Department 

^SSSS%^ to-day. ifdtnTv^t Y^o?da E «oto C r .1* pi and Stores were stores, were other firm exce* 

*SS» ^ BlSf^ M to ^BRUSSELS— Profit-taking caused “Slices, gaine. furih* 

“ a „ initial ris, tke aiock Efc iKBTffi g™ » ~ ^ "* 

market sustained a reaction meet -Wrtwr^to^a^of *?SSLg!L - mSSSmi Network Hoboken lost 90 to BJrs^.455 AJrtaba moved aHead on -plans 




GOLD MARKET 


April 19 


• • 6oldBnllion.| ft 

jsMjs SSassstejsIf 

ssrtttMsss sssws -“$?»•' 

new factors to influence the; dealings., 
market. 'The pound opened.. at 
$145445-18455 in .terms of. the 





ass« ^S?S mmrn sffigtsw 

Federal Reserve Bank of New higS^^Heoblein rose Si Electric Y55 at Y8S5 - AMSTERDAM ■ - stlfdy jSei 

York had entered lo Wj. American Airlines, which CANADA— Stocks picked up although against the trend, Galerias Precii 

ket to drain bank J**"® 5 ‘ also declared its first dividend from early fresh dullness to end per put on Fl.l and Stavenburs jnts tfl 7 - ^ 

Federal Funds, the jjy “°“* y since 1971, put on SJ to Sill, and „„ a mixed note yesterday after FlsJ.8. ^nationals. recovered 5J15 „ — ^ ^ 

market rale, stood at fit per CBS were up at S51J. another active trade. The Toronto A™»S Dutch Jnternatjona^ Qragados were again over-bid and 

of I lewtett-Packard advanced 82 to composite Index closed 04 harder Royal Dutch retreated Mggg a d^n Ced 8 to 238. _ 

analysts that »t was s72 container S2J to $2S?. at ^087.8. while Golds rallied 14.4 Fls-2 to 

»dit policy. . Tandy 814 to 838 1. and General more to 1J237.S. Papers gained 1.0a by the. 


Privileged - - 

SPAIN— Market was fairly 

yesterday, although 
Preciados receded .4 
points to 7a. In contrast, FEMSA 

Internationals, 55S222?*®**®. U655, vfalle 


of 


fndicattiglo 6 ^ that it ™. ^TSStSSSS^f’STK W. « 1 IIKa white daSTniiM IM rHi - » 1 mm, «m 
righteninc credit policy. . TaB dy $11 to 8381. and General more to 1,237.8. Papers gamed 1.0a by the . announcement mtpB 

However, shares later regained on an d Gas SIS to al 1U .07, and Metals and Minerals losses incurred through currency ^*1 ^ gdSaa 

their poise, and the Dow Jones ^ improved 9.5 to 9145. However, movements. . trnnmed by proflt-takm*. 

Industrial Average, after rising to aueriCaNSE Market VaJue Oils and Gas ended 17.4 down at GERMANY — The weakening H ong Kong Bank put: on 10 
k 12.72 and retreating to 7fl7.o6 b 0 .i7 to 13*». 1.438.7. trend persisted,, although most ^ t0 SHK14.90. while Hong 


HONG KONG — Share pn«a 
J4XBC improved further in early deal- 
were later 


for a" Gain of Index regained 
for a gd Volume 3.95m. shares (4.31m.). 


improved to 803.04 .. . 

4.77 on the day. The NYbE All 
Common Index finished 19 cents 

extremes 1 of ssi^f Tnd OTHER MARKETS 

while gains finally outpaced ; i 

declined by 872 to 625. Trading 
vnlumc came to a heavy 3o.06rn. 


day 


WEDNESDAY’S ACTIVE STOCKS 

manac 

Sin* If* 
md»ri 

Sony *17.90*' 

Amor El«*c. Pnurer 330.4/w 
AnccIl’O 

Gulf Oil . 2M-oM 

American .Airline* 24J.SW 


PARIS— Shares were often issues ended above the day's K 0ag Land SHK7.40. Hutchison 

wisher in busy trading. Brokers worst. . . . Whampoa. 8HK4275, mid Swwo 

* ‘Laid buying was encouraged by .Mnong leading ChemicaLs- and pacificT SHK6.85. gained ; 

reports 1 from business a™ official ElectrlcaU. BASF lost <0 pfenwgs each . However, Jardine JJatheson 

.feSfA ssa ;ws s-sfhs 
r ^sJq 3 sssc^-a Eum °” 

as DU °J ,an ^- ecause operators v«« n «wm 5 * were mixed witn 


F-ntlsh Peotilm. 
PnlamM 
EiStman KndaK 
n. Si'arl*- 
M*»r>rnla 


:sa.:on 

SS0.MI0 


23H.4IH* 


CloyinK 

prir>? 

At 

2li 

71 

24i 

Hi 

141 

41* 

m 

411 


TOKYO— After 
reaction, the market 
renewed strength yesterday 
institutional investors ."«>vely ™DL 1Uartn „ 
boush. leading issues. dr.^ e™olui-nn„.. 


prices. 

AUSTRALIA— Markets 


dollar and improved toj $L84&}- 
LS470 before lunch. Tradtug, how- 
ever, was vnthia a v«Y : -narrow 
range- of 8L843Q-L84V8- for The_‘ 
whole day and sterling dosed av. 

SLS435-LS445, a loss of lOipaiiita 
on the day. Its trade weigWed m-. . 
dex on Bank of -England-, figiaes, 
slipped from 6L7 to 61^ tlie 
worst closing level Jance- late 
July last year,, bavin#, stood - at 
61.6 at. noou : arid 61.7 in -eariy . 
dealings. Recent pressure os ;the . 
currency seemed' to- fiob&de 
slightly with any intervention .. by 
the Bank of England -on a very 
small scale. - 
The recent improvement in the 
UJS. doUar seemed to pet«* ! out 
as renewed fears over th&. TLS. -'•»»-* 

trade , deficit saw the gyrengy CURRENCY RATES 
lose ground in places. Againstjhe 
West German mark it eased “ 
slightly • to DM2JHB0 .^.from.-- 
DM2.0482i having been -dbwn-tp . 

DM2.0410 at one point, while -tw 
Japanese yen improved "to Y 2 21. 4 5 
against. Y221524 .previously. v& , 

On the - other hand, the!. Swiss C mad i m i.-. i . 
franc eased to- Sw Jrs,l SOa&{ at W™- ' ' 


opened 


______ 

their positions movements ranging to DM1.50 in on a weaker note, but picked up 
.. aaei .„ U1 new monthly both directions. later to close mixed on balance 

ins encouragement ^ Account which begins to-day. Public Authority Bonds d^- after * moderate trade. 

Wall Street J .nucht in nlaved fresh declines to 30 


recent sharp rally on 


UCKIIH , , 

heavily sought in played fresh 


+ 1 and also heartened by the dollar s anl 5 C fnati on 0 r further EEC and pfennigs. . SA6.34, moved ahead 

7i- better performance „ tl,e state aid. with: Usfnor, VaUoorec, sWITZERLAND—Easier-indined jgyg high of SA6.46 

+ , yen in Tol^FO- The • Nikkei-Dow Q,i ersc j, a tf]] 0 n and even SacDor, in very quiet dealings. rise of 10 cents — bi 


+ 

— i 
-rll 

f I 
-IS 


Jones Average nJKSSTKf SSS^SSSt, 
postwar record high of a.s»o.S4, 
with volume -amounting to 390m. 


Indices 


BHP, after Initially trading at 
to a new 
for a net 

,v-.j a cents — buyers were 

which announced a Frs5^8bn. in Insurances, however. Zorich encouraged by an upturn in steel 
i«ac fnr 1977 being unquoted Bearer nut on 150 to hw.Frs.r0.0ou production 'in March, pointing to 

^higher BHP sales. 

Rises an«l Fails 

Apr. 19 Apr. 18: Apr. 11 


K.Y.E.X. ALL COKM.OK 


1978 


MEW YORK- d0W jo ™ 


Apr. 

19 


Apr. 

IS 


Apr. 


ff' 


Apr. r 
14 I 


Hijrh 


Low 


62.35.' 52.16. H.69 61.94 


TSTo" 


Since u-impUM n 


82.69 

.17)4. 


49.57 

<6a3i 


iMiim rnwied I 1.921 

K.sm ' 872 

Fn|i« I 625 

Unuliiiuinl i '424 

Ven Hiirhs — 

New Um> — — 


1.929 

437 

1.109 

383 

39 

25 


1.941 

1,046 

539 

367 

261 

17 


Apr. 

19 


Y/- 


Apr. 

17 


Apr. 

14 


*E m T 


High ■ !>)« 


High • 


kohtbjeal 


137*? 


...... 111.2/ .i..« iii.il m-*' ! ’££ -ii“?ra? ,S 


Apr. 

19 


A|»r. 

15 


T 


Apr. I 


14 


ff-m^B'nds* 89.42 89-55; 99.56 89.54 89.2 7 89.21 


90.80 

i4,-L 


89.M — — 


Tmn*i»ir*. 

l.'lihtiM.. 


217.72 216.16 218-M 215.77 209.58 207.44 219^ 


1 12/4) 
8.51 


139. 

*9.1) 

102.84 


278.80 15.25 

<I;2i6S) ; i?/?,J2i 
103.52 IDAS 


lurtuiinfi. 

«7ombm"d 


150.54' 150.97 161.47 180.21' 
187.19' IB7.21 187.95 188.34 


106.551 104.87 >06.» ««■ « 1B5 -“ ’JJff 1 gS ,204^, dM JQHAKHESBDBtt 


TO BOR TO CemptHliei 1087.6 1087.2 10B1.4 106^6 


1 ™l>i l y : . V' 1 ' 35.060 38.960 83.900 62*280 51.580 26.210 — 


Indii-rr )■• 


1*7.4 
219.8 i 


184.6 

209.0 


1979 

209.0 


195.9 

209.0 


hj,ib o? index dianaed from Aunubt 'J4. 


April 

ia 


l'rei - 

llWI- 


Uilih 


l'JTt 

tj.w 


I nit. ir. neM 


Apr. 14 Apr. * 


- aisr.31 Yewnjjo i»pp«>*-) 


— 5.86--- 




fr 6.-16 - 


4.48 


Anstxalial‘1 471.07 470.16 


STAND ABU ARD POOKS 


Balgium »■•* 
i Denmark** 


99.45 


»fa.4o> 
/ 4-1 1 
100^8 lOO^S- 


137 


“mufi.u nipTiTi'a France 


Apr. 

19 


Apr. 

18 


, Apr. 


Apr. 

14 


Apr. 

15 


Apr. 

12 


High i Low • High 


:'fn<tu»iruit‘ 105.58 


*r.vmi*witi> 95.86 


102.91 104.15 102.33 100.03. 
95.43 94.46 92.92 90.98, 


99.08 


90.11 


, 134.84 , &M 

,lt'1/7J> *40«/32i 
129.06 4-40 

‘itl)W73> i lf*i)32i 


Germany”* 

Holland 


USA 

95.09 

(it..*. 

*.LS 

R4.T 

f*A 

<9;Ll 

-ft.l 

177.2 

j«2.8 

■W *1 
elz.i 

n:i 

go.* 

ilO/Si 


llO/v'l 


*41.13 

itiAi 

5M.4A 

il2.li 

ds.Ou 

**5'2» 

»7.« 


Spain 

Sweden 


Biab 

L^nr 

181.47 iY7y4». 
187^3 |17;«» 

162. bO tL6/2i 
170.62 iJSO/lj 

1091.4 fl7(4> ! 

SSS.2 faOiii 

r Z1B.7 IlfZ) 
l! 214.4 Mi 

IB*. 5 (18;*) 
194.; IIA.-M 

Apri ■ Prc- 
19 • vinll* 

iy/K ; laic 
Hu-h j Iflv 

M) M.06 95-9* 

do.au 1 of-oc 

. ilOih 1l1.il 


Banks. Financials, Properties 
and Transport improved near the 
close. Bonk of NSW ended 4 cents 
firmer at SA5.40. However, Stores 
had ' Myer 3 cents off at SAL67. 

Among Minings, CRA advanced 
1 8 cents to SA2.35 and Northern 
Mining It cents to 85 cents, but 
| Hamersley declined 5 cents to 
i SA2.00. 

Oils were again generally sup 
ported, but the two oil shale 
speculative^ reacted, with Central 
Pacific losing 20 cents to SA4ia 
land Southern Pacific 15 cents to 
SAl.55. 


ir< 378:16-571.44 5i9.l6 &»./« 
*19-*i iALi 

Swit-erl'di'i 288-B 1 2»-'-U W0.« 

. I «.4t i lOiii 


NOTES : Overseas prices shown oelow 
nctade S premium * Beljuan dividends 
are after wutihoWlnc rax. 
e DM3* rtennm unless otherwise waled 
V Put.ano (k-nom. unless otherwise stated 
* Kr.lBO' denom. unless otherwise « alert 
•p Fre.500 rienom. and Bearer shares 
unless otherwise staled. 7 Yen 50 denom 
unless otherwise -staled. 5 Price at time 
of suspension a Florins, b Schillings 
t- Cents rf Dividend after pending ruuns 
and/or scnti issue. * Per share, i Francs. 
a Grass, div. h Assumed dividend after 
«vnp and*or rUdiis issue. ((After local 


177.2 

«Wi4i 

irju 

i*-4i 


Indices and Base ftaica isli oase v*luwl {aIM u » free, n Francs: indudhm 


,«** Tiff fuT, 
luw •JSl'Sfi, 


X'ear ago is|>pni>x.i 


i«l 418.11 413.68 416.11 

il9*l *4|1> 
304.14 300J8. 304.14 SfilJM 
■ 1 19 -4, ; 



100 excopi NYSE All Common — 50 
Standards and Poors — in and Toronin 
IIIU 1 inni the last named Basert an I0iai 
t Exdudlna bonds. 1 4t® Indusinals 
i 4U0 lnds.. 40 Utilities «n Ktnanco and 
■.*H Transport. t9> Sydney All Ord 
t|;i Belgian SB 31/12/W. «”» Copenhajwn 

SE 1/1/73. ittl Pans Bourse 19« 
if Coratncrzbiuat Dec.. IK2. *W* Amster- 
dam. industrial 1970 -!.ri Hang benu 

Rank 311/64 mill Milan 2 1 awTWW 
New SE 4/1/68. ib* Straits Times 1966. 
■c i Closed. <*i* Martnd SE 
td* Stockholm Indusirta) 1/1/58. (H Swisr 
Rank Corp tu> Unavailable. 


WWac div. p .Mom a Share split. .« Dlv 
amt yield exclude snodal payment, f Indi 
caled div. u UnofllHa) trading r Mlnonts 
holders only, u Merger pmidme. • Asked 
z Bid. I Traded. * Seller, r Assumed 
vr Ex nahts. xd Ex dividend, xc E* 
serin issue. xa.Ex aU- a Interim since 
increased. 


„ CENTS 



* » 1 


JvkttJPwidBySjMt 
' ifAgHUdr; • '■ 

Lxa jit t-L » * ' 


m>i .m: 


(£94^01) 
Aftcrn’n ftx2r£ i7*K65i . 

i[£84.&9&).. 


i#l= 

£3 

1 


.GoldCoS [ ; 

SSSSK.|*i79.'wi- i' v. 

- ; ; - jc&97>98}- ■ |fe: ; 

•3f , w,'8ov r gni r i^ 535i ‘535* . j]j5 •. . 

.rf£29-30) • {uES 

0Id- 6^wwS 5354^5534 : tsa 

](« 


.-4- 1 


if* 


Gald-CtBOs..'.; 

(Iltterww’ajjl 

J£nurenMld..i5 179-181 
“■ 


Its 

a 


irsTcSovYgM 


(££ ■- 

f£S- 

Ml-; 


QldSnv , egn»^!V«6_ . r „,. 
PE291«-30U) 
—isaTBix-zazuiga ■ ■ 




FOREIGN EXCHANGE 


on-stage before cios^stiiUAbwn 
at SwJBYS.1.9170 -.-from liauMthemrk 

SwiFrs.1.9090 on Tuesday. - -Dotctrgmider 
Using Bank of England fiaites, Twmhfnuic- 
_ie - dollar’s index ■* imnroyed . 
slightly -to- W.4 from 89 A Go^jant 
on -TSi an ounce in famy active spMopw^ 
trading to closest SI74JL74}.. The fiwodiMiltroaa 
Krugerrand’s premium over^its Swisw frape.;^ 


Ibsjk 


■April 19 | AjMl.lB 


0:667205 
; 1JU1Z6 
2.41624 ‘ 
15.1026 ' 
59 .1284 
6^2892 
“2-51448 
R.68168 
‘5.68398 
1058^2 
■2 7331 7 i 
'6.63034., 
; sa:Q646 
5.65764 
■ 2.34924' 


0.6769 2Q 
JJ4947 
clASOBO'. 
1&5579. 
39.7082 
, jngiit- 
&55230 
■2.72079 
8.73799 

- 1074.30 ‘ 

1 276. IBS' 

- 6.70633 , 
99 .9891. 

'.6.72969 
. 2-38273/ 


• Li SUritott 

" April-19 

Dart . 
SpmA 

Kbw Yort-.l Eli 
Vontrwl— V* 
Amtfesd&m 1 4 

KraiseM; J- p* 

CoponhaiEOD 9 
Frankfurt—! 3_ 

1JW38-1.B470 ' 
sLinM.»'- 
418T4U.B6 
68.55-66.90 
10.R-1B.48 
3.7SA-5-7S* 


listen.*. 

— 

auiwi : 

Oslo. 

Purfj 

Scocbbolnu. 
1hkyo_ 
Vienna — 
Zurich........ 


r~^i 

**5 


8 147 A0-147 JDI 

111 2 il.H4*-l.BS7i| 
8.8B44UM.. 
9.43*49- 
BJ&4-8-49i 
410-416: 
27.10-27 J0- 
3X1-5^4i 


J 

9lS 

■7 

Big 

6la 

1- 


Gran* 

SU 4 r 3f 


tv 


' iV l 


t-Rates jdvea „ 

Financial- tranc 58.79-5929. 


OTHHR MARKETS 


EXCHANGE CROSS^RATES 

♦ prtn a ;Fi*nkturc|JfOT' YtnJcj 


Frankfort 
Non-York ' OiAW 

Parts ! 024J*U- 

Bmsseis.,...; 1466*® 

London. ; 3.77A-T&' 

Amet'tbun J|0R57r 
Zoxicfa— • .95^68-712 


12.0455-04431 44=6767'' 
et7M9 







415 
4U1S305 


k nrmiii ' ["' fillifali 


6.4Z2-432 5.768-776 
3.122&5SH.LB37068 
14.458-478 T 8.4&4S3 
- 68.6B.7b 

68.7665 J — , 

^4&559S4.01764f225l 

te.0fi52-05&2l3dB27J3W 


•33.78^8" 

4UB62 


mfiO-I-lOf 240, 6- LO 


14,8843 

4jBi-OSi- 


OT20MS1J — 


"Za35S ’ 


Argentina.! 137 MRS . 
AutfiaUa _(1 .G08S-1 .B260| 
Unuttil — 

Ftojffissd-— . — - j 
Greece |S7A2963J0aji 


Koo '. 
Ar aroHi - 

Austria *“ 


107X020 

61^4-90 


16J84-TO 
5^564 
ill* .135-186 


9^13-9^44 

12/-153 

0^09-0-613 

sa.rehS8.96 

4.38-4J8S6 


L r J. 8 In Toronto Ita. 2=114 J 1-86 Canadian carts. 
Carudiu S ik Vtnr^sBTJl43 cento. V£- ^fniQhlL680M«l. 

£ terttrig hTMUan 1B3660-16SWBV. ■ ' - “T - 


HpngKoup 
Inn....... 

Kuwait: — 

Laxemb’tK 
Uaisysbu.. 

N. Zealand . 

tiandi Arab! 6-32-6.42 
pure .1 4 JfrA.50 
S«. Afrtca— 1 1.SB16-1.B1 71| 

L'.d ' 

Canada..— 


pal 

C.5. cents -1 87.21-87.24 


iDemotfi 
iPimnae. ; 

i&reeca^- - 

lwaly„„ ; - 


1ATI6-1k197MapBi!~ 

Xetbcrr.-- 
Norway. 


EURO-CURRENCY INTEREST RATES* 


Bate chren for Argentina 


cusii si 

®%r forestry 


April* 19 ; Sterling 


tsbort terra... | 
7 day* notice] 

M(>ntb_ , 

Three month* 
rfix mootlu.... 


One year ■ 


8i a a 
8ia <9 
8A1-914 ■ 
. 9-Sia 



1 ilutclt' 
U^ADoUarj Gulldera 

'Swire 
. franc 

W. German 
murk 

- 7^ . 

: ; 741 
81«wBl*- 
8M«a‘- 
»*-»»■• 

■ 6Tg«W 

6a*-7 ; 4i*-4*a* 

•64,-7 '! 4Ja-4«a.. 
612-6** ,4t*-4la:. 
7l 3 -7Jft • 4*6 -4Sg- 
71ft-74* I 4 1*43* - 
7I*-8 [ 4A*-5- 

- 

■ 4*-m 
. x-l* 

SJB-Ste 

35a^te- 

'St i**-. 
35B-31J. 
36a-3 la 


forward rates. 

“ - ” -i One mouth 


,<ri» 


Euro-French deposit rata: twu-day si-si per WTO .*** 

onc-moDth 84-Si per cent: three-month 8H14-8IS16 per cent, ato-minith sf*4 P*«r cent.. 
one year SUis-lDlfe per cent. * ,, 

Long-term Eurodollar ^- cenL Pa/| 6 lt,«U. 


XgwYorfc.iO.4ShO.56 e. pm..'.flL2g: 
Montreal ,j0J5-O.15 c. 'pfflQ'JI.': 
Amas'daaa.2-1 c. pm ‘ - 

Brussels j.;2S-15 c. pm . 
Cop'nbart.*4-6 on d1» - 
Frank! urt >2l(-lU pfpm 

50-180 c. di* 

Madrid;... i20- 100 c- dts 
Milan... ...'3-9 lire rtw 


TO, 


cenc; three year* u»lo ,334-9 oredl* 


one-umnth 8^03 wr-Sfflt; ihrewnontli 7:00-7.13 .per cwl; attruumth 7AB-7Ji9 y^«....|^grapm ^ _J»U 


SB ■£ 
I6C ' 
Sat-.. 
BOO- 
:5Q4 
llfrf" 
;i5-i 
if.i«- 


per cent.; one rear 7<.70-7«- per. cent. 
Bates are iwminar calling rotes. 


Zurich 13-2 c. pm 


74ad 


Short-term ' raiea are call fhr aterilns- U.S. 
days' notice for CufltlBrs .shd SwlM .tranca. 


doUars and Cansdlaii doQanr two 


Slx-monlh forward doHS^tS 
Ermomh 2JM.ec pm; -" ■ 


GERMANY ♦ 


April 19 


Price* 

Dm. 


i+^TjpjT]T=r 


OVERSEAS SHARE INFORMATION 


NEW YORK 




April 'April 
IP 


IP 


\bh>it laht • - 
A'lilievsunrapb • 

A >lna liifcila* 

Air .. 

Am 

.Mirui.Uuniiuluin 

.Mi.’e 

Alk-p. Ludlmn— 

Allei'licny.IV-ner 

Allici LTicnii»*l.. : 
Allied ^tore* .. 
A ili# I'lialnier*... 

} MAX | 

tintnula He>t ...| 


58 
18'ir 
38 1„ 
264a 
49 is 

27 >« 
43ig 
19‘a 
1812 
40 * 
23 

28 
35sa 
2712 


57 h 

18*ii 

37s« 
27 
49ia 
26sa 
43 
195s 
18*; 
40t; 
23 'e 
Z8U 
36 
27 


Aiurtl 


Stuck 


V 18 


Vnraing Crlas*.... 
CPC Int'n'iional 


. kiaoc 

! trucker .Vat 

j « 'raw n ZcUartach 


: t umoiius UDciiie 

gill...: 


I Curt ini W'rigl 


50*4 

45 

28U 

27 

31i« 

38*a 

20ia 


501« 

45 

29U 

27»g 

illfi 

37 H 

1936 


Sl.a-k 


April 

19 


April 


Julias Mam lllc.. ' 
Juhiumn J ohn*H>n 
Juhuonn Conttul. 
Jo.vilBiiufni-lnr's; 


K. Mart C-orj*- 
uiiiin 


Ain-.T. Airlineo ■ 
Anier. Hrand*. • 
\m;r. Untfdi.-aii 
.Amer. Can. \. • 
Am«i.t vuiambl 
Amer. tle«-. Pun 
Amor. K-.jhl-*-.. 
.Anicr.Ri'nicPnri 
Amer. Melinl- 
Ame-. Mmun. 
Abler. A*!- *;«■■.. 
Amei. ijtau’lai'l. 
AmaT.>mr*** • • 
AiiM.r. T*-1. A Tel. 
AnwltL 

AMI- 

\MP 

\ CD f--\ 

Anchor H<« Uinc- 
Anlien-er Hiwli. 

IrniniNlVl. 

A.M 

A lamer* Oil 


11>4 

47*; 
4313 
39 
26 
235a 
35*4 
285s 
231* 
45s 
43 
391* 
021; 
61 mi 
321a 
171* 
88*3 
J4I4 
27 
215a 
27 i b 
20 
10*4 


Ami..- 

A-IiWuirt *Til. ■■ 

AH. Ilk-IillcM 

Ant- Until Pie. .. 
AVI 


A net PpHlui-t*. . 
Rail U*- hlc-i. •• 
ftank Anicu.n. 
ll.ink.-r- Ti. N.Y. 

Rsrticr Oil 

HatterTmtcn-l.. 
Ik-alil'-e F,.*L. 
H».*-l"ill Uiv kt'IIM’D 
Ml A Hun ell... ■ 
Pendn • .- 
Hi'iitfiiet t-«nu 'H 

Hvlhlflu-ni 94 wl. 

Black .V Uc-Vei'.. 

Hfwinj; 

V»;lrP Lav.-wle... . 

F.irilL-n. . 

Horn "arncr .... 

Rrnnlll Ini 

r.'.fi^tR *A" 

Bntful Myer* 

Fnr. Pn. VDIt . 
Knakwny 

Hrunsni.k 

Buirt ni- Bra- . ■ 
Rii'1.1. 

Rill." a A\ rIi Ii . 
Fill-line t»n Vlhn 

Rtii-n'inih- 

(‘■inphell nimp . 
ijumiliao IV.-ili.'. 
t.aiinl llaa<iul|*li.. 

CaniBtiiiii 

I'amci A firn'.inl 
i.aitei Hanley. 
i.alerplIlarTrn. I- 
lK". 

«. elanc*u Corpn .. 

1 ljirral A S.1V.... 

aVnaiuu-B’l 

1 i-»-mt A iumi .. 

1. h«M.- AlantiBlIau 
I'liemirel Bk. N 1 
t. fai*dai!h 
1 hewws.oivtii... 
i' ; h !■.«#' ilridye... 

t fi'iniinl'iit 1 

ChrVfclcr 

tjpemnu 

Cm.-. Mila.'ton... 

« H letup 

t.itie* servU-c 

City Investing- •• 

i'i«.it Cola 

liilimle l^i In 

I nil in a Aibmaii... 
«: vliiinbta Da* 

* .Alumt-ia Pin. -. 

1 '.Tirthu-tl-n Knp. 

l.',^tihiib! kill K*j 

«''m'«v'rh Kiliwm 
■*A|n'(r'rh ml Bel 
1 »mm. SaieUlH'.. 
t'nmpHlcrtelfll'.'f 

* nnii. Lilr In*.... 

* <101*1 

*"hti. fidin.n N.Y.' 
I'nUfoi •...' 

t'-MtlK'I N«t.U*-. 

‘ ^nsumtr IVwcr 
* niitinctual Crp. 
o.*nti Denial* 
'."ijlincnlal Tele. 

'..nnin.l U*la 

C.«sp»-.r In-i"'*....^! 


177b 
30*a 
48*4 
28 :* 

9 

227a 

50 14 

25 

24 

3718 

29 

39 

241, 

38‘* 

1831 

371; 

2*a 
221* 
161; 
oB5r 
27 ij 
281/) 
2B3« 
Ilia 
14'n ' 
32M 
14*s 
301, 
14 ‘.a 
185 4 
Z&h 

6*n 

3BI; 

66^4 

315.1 

15»a 
11 
26 1« 
12 
177* 
51i„ 

5 1 ifc 
39*4 
1618 
2258 
35*4 
31 
42 
245a 
3IS ; 
SO 
19 
13 
22, 
26*4 
231, 
50t* 
14 mj 
40 t 6 
20-6 
1 1*4 

28 sa 
17i« 
I8ia 
371; 
1658 
271; 

2*s 
391a 
X0»s 
52*4 
Slifl 
22 7« 
2A'a 
37 'n 

22 'j 

31 
U&s* 
1*"* 
2" •« 

48 


105e 
47 1 S 
4aU 
39 
26*4 

23*2 
35*1 
28 1; 

23 
45fl 
42.s 
3*ij 
32*s 

61 54 

31 >4 

16>8 I 
2812 
131* 
265) 
21*; 

26 <s 
19*4 
lOsa 

18 
30 14 
48 

28jis 

91, 

23 

5U 

25 

24*4 

36a 2 

29 

39 

23 <h 

37*; 

187s 
37»t 
2 -4 
21 j* 
lbi? 
37sa 
2B 
27'« 
29ii 

115, 

' 141« 
31 <8 

14 

30l S 

15 
19 

33 >2 
618 

387g 
665a 
31*3 
15la 
lUi 
26 is 
12 
n: 8 

52 

51*2 

36 Ta 
16ia 

■ 2213 

34 
30*a 
401c 
245a 
3158 

• 507a 

1914 

13In 

at; 

25sfl 

- 23ia 
50 
145g 
. 40'S 
. 21*a 
U5a 
”28lj 
' 17 
1814 
371* 
I31i 
27ss 
2*2 
3958 

luia 
32i« 
211; 
225* 
2359 
3713 
2258 
30 ■() 
265, 
151; 
27.1s 
47*1 


i Dana 

I Dart industries.. 

j Deere 

1 Del Mnnie 

* UeLU-na 

Uenuply Inter... 
IfeUict Bditfin ... 

' DlaiiHinddfaamrk 

Uii-iai'homr 

ni^ita Euuiy 

Disney iWnltt 

Hover Cerpn 

Uo«- Ltiemiol.... 

Draw 

I*re»BCr 

U11 Pont 

Ui mu InaJustriei' 

Hi^le Pli-faer 

[ hjiol Airline* 

I Kanluisn Kndak.. 
I Esiun 


24 5, 

40 
26?b 
26 

91, 

■1912 

16lg 

241g 

15 

41 sb 
36ia 
445ft 
265s 
29 
39*4 

1131, 

171; 

19i» 

8 

48 

361* 


25 la 
385, 
26*4 
26lg 

9j, 
19 1* 
16U 
24 la 
145g 
41>i 
36*4 
44*« 
255* 
291 b 
40*8 
11258 
17i 2 
19 
7*3 
461* 
36 la 


. KnlsurAluiilinl'in 
! Kaiser ludatf ties 

I Kaiser creel 

1 Kay 

Kuuntx-utl 

Kerr lldiw. 1 

K'ulde AValter—..: 
Klmheriy Clerk .. 

toppers ; 

Kraft . 

KnijterC* 

Levi ftrau'S 

LIM-vU* .Fund..., 


31 

C9 

3018 

n3ig 

27*8 

325* 

2 

22 
TO in 
265(1 
47 7g 
31*8 
44 
21 is 

4512 

3158 

301; 

28s« 


305, 

681a 

301a 

33 

265, 

32*2 

1>* 

aiss 

10 

25&g 
47 
3U ig 
43sg 
22 
465* 

3 lsg 
505 b 
28 ig 


Stick 


April 

19 


April 

18 


Kevlun Hi* 

li'iiynnlrta Metals.. SO** 

UeviKiW* R- J '. 5 0s 9 

Hi.'-li'wn ilerrell.. 23 
lloekn-ell Inter.... 32*a 
Hxhni A Haa* I ' 33 1» 


4258 
301* 
575* 
225, 
325e 
33 ta 


Apni 

19 


Knval Uuieh 67 ig 

in'K ... ! 14Tg 

121 , 


5858 

15 


$Ufk 

Wovl^fifih 
Wtiy/ 

/jLlfllB 15 <3 

Xuniili Ra<li«... C 15‘* 
Ui«.Tr..n>4» 1980' 194-;; 
rS.Trw»**:2;7i'i78i 181* 


Apri 


201 ; 

44» 


KiiivD/s- J2l, • 121ft, 

l'vilcr system-..' 17 Jg 175ft 


iR. ti.*« 

I KI l*an» Nat. l**c 

Eltra ; 

* Rmcnuin Sleet ne 
Emer.v Air FrYulii 
KniliBrt 


23 5, 
151* 
305ft 

03 
42 
34 1; 


h.nI.i 

Z’t. 

KujelLard...*.— 

241ft 



Ethyl 

19 ig 

Kkxkd 


Fairchild Camera 

331* 

Fe.i. Dept. St«w. 

371* 

t'ireatvne Tire. 

141.9 

! Ftf. Nat. 

28 

I Flcsi Y'an 

211* 

| Flunk ifte 

335* 

Florida Power.... 

29?« 

Fluor 

a 6>* 

F.M.C 

23la 

Ford Motor 

4Bje 

Fiireni'Jtf Mrk.... 

19 


34 

Frauklui Mint. 

8'ft 

Freeport .Miner, 

20fft. 


27 Sg 

Favjua Indr. 

lOtft 

fi.A.F 

121* 

naanett. 

401* 

'tri.fi. Auier. Ini . 


H.A.T.A 

26 


IS 5® 

i fien. Dmami. r . 

501ft 

- ■ 

495b 

licucral Fool.... 

Z8W 

General Milk. 

271* 

ricueral Mot on.. 

65 

fien. Huh. fill... 

18-'* 


27lft 

Gen. Tel- Kiwi 

30fci 

« on. Tyre 

243* 


7*4 

rieiireia Parifi<'. 

261ft 

rienj OU 

1621ft 

Gillette—' - ... 

271ft 

fni(iilri«.-h U- F... 

213* 

fimniycai' Tire. 

173ft 


. 281, 

j Grave W*R*i ^ 

. 26 


227ft 
15*4 
31 
33 
41 *b 
35 
2ift 
24l e 
275, 
19ift 
465s 
32U 

37Sg 

145ft 

28 

21 

23 

2958 

35'i# 


J.i&ptt firuup 

Lilly i Klii ' 

Lit iun ludiist... 
lax-klieedAlr.r'ft 
l>me Star linla .. 
Liu; lilainl Lid. 
Unualana Laml..' 

Lnbriaol 

Lucky Stores. ... 
J.'kC V‘iaif»*'»H 

Mai'MlItan 

Mao' K. H 

Mtn*. Ba nuvei ...' 
Mb|b-o.. .. ..... •• 

Mmatlnni Oil 

Marine MidlamL 
Marshall Klrtl ...• 


321* 
43 ig 
tfl ** 
22 
185, 
19 
221 * 
391, 
137* 
6 ift 
1153 
405* 
32 H 
347; 
431; 
151 a 
23*b 


31'ift 

425, 

175« 

21*4 

185, 
19 
21*: 
38. g 
13 ig 
6if) 

nu 
401] 
523* 
34 ig 
43 ig 
15'a 
2312 


t ra le way n Lures.. 
[Si. Jut- Minerals. 
; Sl. Kiwi- Paf**r.. 

; Santa Fe l this 

Saul Inveat 

Snv.>n tnda 

Selilit/ Hnratap.. 
Srhiunibei’Kcr 

.SOI- v- 

t Scott Pb|C» 

ainril Mr; ....... 

Scudi' Hin* 1'*“i 


4058 

26'j 

265, 
35ig 
6 ig 

55, 

lilt 
67Sg 
17*4 
145, 
2 1 ig 
8U 


41 

26is 

255a 

355* 

6sa 

51* 

1153 

68 

1612 

14iB 

21*2 

8 


201ft 

<4>b 
46l* 
155, 
155ft 
t94y 

. 18148 

i .ss.90 i'ay’hilh'v 6.23V 6.14i 


Abli 

A'-iaiu VerMch...i 

bUAV - -I 

BASF '—I 

-A- - 

teyer Hypo...... 

Havel Xeretnsbk 
Ultetni.N'ert.tvrt* 

Uoinmervtnnk 

LoiiliUummi 

iMimier Uen/..». 

ueuussa 

UenilU! 

UeuL-che Bank 


i'i 


18 ' 1.9 
20 1 4.7 
17 : 6^ 

16 I - 

i—l | 18 ■ 3.2 
1-13 ; 18 : 3.0 


86 . 1-1 
472 1—3 

214 , 

136.8-r0.7 ! 
138.2-0^ 
282 
300 

170 ! — 5 | 
231 -1 • 

74.6 -0.9 j 
29515 — 1.3 ! 
256 +5 ! 
16T -1 j 
2911.-2.4 


17 : 7.4 


CANADA 


23U 

48*a 

IB 

34 

8 

231a 
27 (a 
1014 


May Dept. Store" 

. MCA 

1 MrlK-nuett 

| HcDuuuell 1 >ju*- 

Mvliraw Hill > 

1 Mcniurvk 

< Merck 

1 Merrill Lvncli 

Mesa Peunleuin.. 

MUM 

Minn .Mw^A Mt*j 
Mobil C«n» 

MuUsanto 

UvTjjan J.P 

Mutorala 

Murphy Aril 

Naliisvu 

Sahs'Cliemhul... 
National Can 


235* 

431g 

;7 

271, 

2058 

38la 

53*4 

iaig 

357ft 

327ft 

47 

641b 

495* 

i6Jft 

415, 

465g 

495ft 

305ft 

16*8 


235g 

435ft 

26 * g 

275, 

205a 

35ag 

525* 

18 

351* 

325* 

47 

63^4 

49. - c 
46U 
4018 
36*4 
491, 
31 ig 
16 


1 "lilampr*... 

scasram 

■"enriciG.D.i 

Tsears lU’ehm-k— . 

sKUlO 

Shell Oil , 

shell Traiia|wrt... 

I Sniiini 

Si*>uude Cnrp 

Siniplh-ii) Pat.... 

Sm*iei 

SinilliKiinc 

Siflilifii 

Suullnluvn 

Suutlieni Lai. K*i 

Sutitlwm fii 

Stliu. Nat. He-....- 
Suutliemv P«i-1lii i .| 
SuutbentHall way - 


29 1 v 
225 a 
13*4 
24 J , 
32 
a3 
a85g 
38 <; 
34 5ft 
lJ.i 
21 
61*4 
4 I* 
£71, 

2n >4 

I6I4 

s25i 

325s 

48 


2Big 
22 Ig 
12<8 
245ft 
32 
325ft 
SBig 
a7i; 
a4 12 
1*4*2 
20»a 

99*3 

is»a 

271; 

25 

161ft 

33*4 

32*4 

471; 


Abmbi Pkper '•* 

.Vj^uira b'thile 

Al'itu .A In illinium 

Aljjoi'iH steel 

Aabetfaw 

Hank »i Montreal 
Hank Xm« 'll** 
lt.-.ftin-e#- 
Ik-11 Trlt-plnnie.... 
H.,1% \ Bllvvlml- ! 


1ZS# 
4.5U 
31 
19 <4 
i8T; 
19 *B 
1944 
O'.'a 
35U 
i5ig 


1258 

4.50 

30*4 

187# 

385, 

193a 

20 

b J « 

555ft 

255, 


BP 1 . »ii". Ir 

Umx-Kii — 

Mrlutsi 

i CaiuaiA I'.mer...^ 
|t,aiiiii..u Mines— 
i 1 . hub-ih 1 viitenl.. 

: Camilla .MV LlUl- 
" Can I nip Bilk Corn 
, 1 aiiH-ln Indus*--- 
I t.an IWlI*- 
1 tali. Pm-ilir Inr.- 
| Can. sn|"-r UiL... 

Carlnut'VHeei'e.- 
, lavwir AlKStws.'-! 


U=* 

391i 

lOift 

26>t 

151ft 
49. g 
49ia 
2B5e 
27ift 
655« 
195* 

271ft 
33i, 
241* 
7*8 
26 U 
164 


j ini. North Inui... 

lirevhuiind 

Bul‘r fc ITesiern.. 

Ouirutl 

Htliburinn 

H »nna Mining—. 
yarnlHJluesei. ...; 

Harris Corpn 

Heinue H- 4 

Hcublein i 

Hewlet* PaoKald.i 

Holiday luu- 



ironcyweli 

Houser 

Ho»pAJuni„\iiier.^ 29 

Houston X'at.Uai, 26J* 
Hunt (Pb"\iChm' 

Hutton I K.P.i ' 

LC. luduatries... 

I N.Y 

I nw raoli Uaml.... 

lulanii Steel 

liuHm 


23 

136s . 
131# 
243* : 
56 
345« 
165a ; 
49 - 

36 j 
277ft J 

72 ; 

16ift 1 
31 ; 

49 ig 
126s 


Ilia 

151* 

235g 

401a 

553b 

37afl 

14 


267g • 

22 

171ft 

285* 

261ft 

8i* 
23 
131* 
135« 
245*. 
»7»S 
341# 
16 
481ft 
35ig 
271* 
701* 
165* 
313* 
481ft 
125* 
29 1* 
26ift 
111* 
155ft 
231* 
395* 
55U 
385g 
13ia 


Nal. Ltisi111*“rs... 
Nat. Service 1ml.. 
National Steel.... 

Naouniir 

NCR 

. Neptune Imp 

j New England EL- 
New b'u- a -lauii Tel 
\ invars Nluha sk 
Nl"M"ra Sliaie. •• 
N. 1* liidiiirtrie".- 

NiinulkA'Tesiem. 

North Sal. On* .. 
Ntliu Stales Pwt 
N th west Airline* 
NtbweM Aim-urp 

.\MltuH SlIlKlIL .. 

Uti-ltleaiil retn*l 
.1 Ini Ivy liatiier.. 
Olllil UdlB.HI 

Uiin : 


231* 

15 

3H; 

3658 

485* 

181, 

22 

34 

14 »4 
101ft 

171ft 
261# 
38 Sg 
24 Jb 
255n 
231# 
195* 
23 
47*4 
181* 
1558 


23i* 

14a, 

3158 

34.* 

481* 

IBS, 

21 ig 

34 
Mil 
10 V: 
171* 
2&Ir 
377; 
245ft 
25!# 
23/8 
19 i 8 
23 la 
481ft 
181. 
155ft 


SPHlLUIKml 

S’ii'1 Haasliare*- 

sp..tr> Hutch.... 

Spcm Kami 

S«*uili 

Standard Brand". 

Stii.DiiCaiHuruln 
Slii.t'il in-tiaua... 

■Mil. i.H I *>ht. 

ataufT ClieniH.-al. 

Sierliuy liruc-... 

~l.iiW.al.er 

Sun i.'o. 

auint-tnnd 

Syillex 

Tta-bUKolor 

I'ektionix 

i Tcloly m- 

! Tele* 

fcnein 


247g ' 
ls6U 
19 
s8 
2412 
23 
40*2 
i85e 
t35| 
41*4 
14ia 
53ig 
40t~ 
39 
261* 
9*3 

38-. 

785* 

4ig 

307; 


245. 
£658 
19 
aBig 
245* 
23*2 
405, 
-i 8*2 
b35i 
41 lj 
141" 
S39g 
40 ' 
385ft 
25 
912 
38 
78>, 
4 3* 
30 ‘e 


i. Iiieilaui ..." 

Lviulni.v — — 

Ci»ll~ Uni luirrt.— . 
Coll'U im-r Gaa--. 
t.»wkH Itewiiiivee 

l I I'I H I II lii'-b 

Lta.ni Licvliill ..... 
LK-uln-n Allure..- 

I loll I tliuea.l 

Dome Prtrnfeuni 


155, 

1658 

f3.2a 

37 

125, 

{95, 

1312 

28 

tlflig 
18 
- 19 
581ft 

3.9 a 
»5* 

18. g 

27 
27 
17', 
65* 
1 1*4 
8 

t85g 

74 ■>, 

bTift 


15 ig 

16 't 

{3.2o 
37 
12 a, 
9 >4 
121 ; 
27 Jj 
1191; 
17 >4 
19'g 
&U 
3.85 
. bi# 


L> twicer Bank—. 248.8«i.— 0-7 
UrekerhofI 4emi.' Y40 
UiileiiUfiiumc 

HHjwe Umii 

Harpener. 

H.ech't 

H.ara* , 

Horten — j 

■van und me.... 

K.ratadl - 

Koulh.il ' 

block net Urn IOC. 

KHU 

iMu|.p — ; 

Ijiele..... -..- J 

La> n ell I THU l(W.-.[ 

laill hanui — 

•I AN I 

vl"une>iiianii I 

iletallite- ! 

M.iucheuer Kuck.j 

Neckermann 

I'leu.-au LtM IUA'. 

lilieuiAAetf .b'ecl-i 

i 



~n,l /ui-iici .".-I 

i l.V'-eii A.fi 

• aria 

* KM.A 

1 item > A AA'eet Ilk 
\ ..iL-nagen ' 


198 it 1.5 i 
112.6—0.6 

283.0 -2 

131.7 +0.4 

44.1- 0.2 
125 -l i 

139.0 ' 

301 +3 

210 -t0.2 

89 —1 . 

175.8 +0 J , 
94.8-1.3, 

287 +1 , 

1.520-10 ! 

107.1- 1.4' 
182 .-1-5 

165.5- 1-0 
202 +2 

512 

112.5 

110.5- 1.6 
185.3 +0.2 

§ 36 -3 
76.4 - 1.1 
245 +4.5 

124 —0.6 
174 +2 

103 -1 
2B5&I — 1 
198.5-1 


19 

17 
14 

18 
18 

4 

13 

12 

9 

16 

4 

10 

9 

20 
20 


3.2 

3.3 

4.4 
3J3 
3.6 

1.4 
3.0 
5.3 

! 3.2 


TOKYO T 


April W 


•Price* 

Yen 




4.5 
4.0 

3.5 
3.3 
4.8 


A-abi Umn.-M... 

Canon.. — 



r. hlnnn 

Uai Nippon Print! 

Fuji Photo.. 

Hitachi — . 

Honda Mote**, — (_ 
Hoine Food. 1.19^ 
... itoh -1 *36 

lu>Yok»in.^..".1.350 

■lawn .'■! 817 

J-Y J- 1J.7OT 

Kaiuai Elect. Fw. 1.170 
Komatau 353 

Kuto.<ta 287 

KyMod. eraimc .. 3,730 
Mauuibiuind... 770 
Milautaabi hurt., 
MitNiblsfal Heavy 
UUtfiblkbi Lor*... 
Milam 4 Lo.-..~...j 

Miuualnhi 

Nippon Deoau... 




344 +8 
509 !+4 
625 i+2S 
365 •— 9- 
367 k-1 . 
620 id: — 

841 : -'ia 

615 l+il4 


2.0 

1.2 

2-0 

2.7 

1.6 

SJS 

2.6 

1^ 

1.5 

i ?- 6 

i l:i 

i« 

i 8^ 


12 • 3.4 


1 3.4 
10.6 
. 3.3 
3.3 
4.2 
2.5 
, 1-8 


16 

20 

15 

17 
11 
14 
12 

18 
10 


278 

.141 

462 

352 

580 

1.410 


! 15 

;— 30- | 38 
1 + 16 

i 

+ 3 


4.3 
4.2 
2.9 

3.0 

4.4 

4.0 
5.7 

5.0 

2.5 


Nippon Sbmpan.- 690 
.MManUniork~I..' 825 

Pioneer 1,850 

3auju biectne-.- 268 
sehiMii Prolab"..' 914 
sbiaeidL- 1.160 

nnV. 2.000 

taiiboMatilie..... 256 
taherfakbemicni. 395 

lUb„: 2.130 

ieu>u : 118 

i oktu Marine 635 

i •* in bled Hu* 1 ! 1.120 
i v* ro mn vo ...... 326 

i ui. v - n ;hilaun...'i 151 

loiit ' 130 

m\rt* Mnira- 987 


1-2 
1 + 17 
| + 60 
[+13 


2.6 
ajY 
20 . 1.3 
10 , L8 

12 | 4.3 

13 | 1.4 

14 ; 2.0 
20 J 1.7 

15 : Oil 
12 . 0.9 

16 : 1.0 


AUSTRALIA 


Apr. 19 


Aotf.# 


acmi: 

Ackvm 


IL(2bc«nqu 


Acra« Auatxalia. 

Ai i lo* MditrTrdp. foSne Sl| 
Am pot Kxploretkpn— 


I * ■■■■■»« »>». 

Attpoi JBBterteoni.. r — r -4 

».■■*■■■« ■■■‘I 


Aa*o6.Euip taper SI——' 
AaaocjUoa. IndMUirev. ' 
Antf-^Foondatton Joyeet-, 


..t0.67 

*0.90 

t2.20 

tL30 

10.78 

{0.90 

.H.70 


Avdimea -•( +“-5*., 

Auri. OU & Chw— .tOW 


Auri. 

Blue MetaJ Ind..... — — ; 


D. 


]+0d)T 
.'tl.06*Y 
11.18 iWUH 


+ 110; 48 | IX 


Km Prapneta t y—. 

HH Sooth."..". 

Uanioo. United Brewery' — 

UJ-Coie*. — — 

A.SM tsi'^-*". 

£09*. GoktfieW* AtwL 

vWlallid «lf_. 

uotizinc Kiott nu».„. r — "■ 

CoaUtn AtidraNa. — 

OumopHnhHertSlL — 

tesOMt 


W.10 

-OS! 

+0JI1 

-o.os< 


BRAZIL 


*•*' Ajjar- 13 


T'rico 

Unis 


Acre 


Banco do B rari l... 

Harm-n Ittul......... 

iwioi MiiuiriUJf 

Lpjaa Amer, OfJ 

Pctrobra»PF_ 1 
Pirelli UP 

Sons* . Crux OP. 

unip ra — 
Vale Bln DnrePK 


-1.07 MUfc 


2J58 

1.15 

1.77 

3.05 

3.88 

2.50 

8.61 

7JJ2 

1^4 


SSL 


Or, 


MARKET RI 


+02: 


+03 

+OJO 

-tOjp 


Voi; CrJU-Bm. Shana^t 
Source: Rfo dO-JaPelro 


+ 5 
+ 28 
—20 
‘+39 


■ + 6 

l + BO 
+ 2 
-2 
. + 20 
-6 
— 1 
+ 9 
+ 17 


12 

-30 

20 

40 

11 

15 

30 

10 

11 


2.3 

1.6 

OJ 

to 

2.1 

1J 

0.7 

I4A 

1.0 


eider Smith..— ——4 

BJt induetrie* — — — f 

Oeri. Praneny Trurt 

Uamen.^ — 

Hcukei.. 


+6.46 
10.80 
+1.83 
'11.94 
12.74 
t8.45 
.12.15 
Ttt.35 
tixa 

. + 1.37 

-f 1.06 | 

*1.95. ,+9.03 
18.18 —0.04 


OSLO 

. 

' April ; _19 

Pi ice ; 
Kroner 


‘-0.M 

'+0J1B 


_ L 


1-0.05 

+ 0.02 


ucJ.iYumaiia. 


a 3J& 
12 . IS 

10 xs 

10 . 3.B 
20 ! tfl 


Source Nikkn Secuntiei. foKya 


UU>r. Lopiief. 

leaning 1 laluvtnta^ — - 
Jones ttkvl/tL....:."...— — > 
Meniia bxpkmtloa— *— . — l 
SUM. Hind 1 hr*..— I 
1L*(3 Bmjwnuro..— — ■ - 

iL-botm* iiuermUanal..--: 
.\Jttb Broken H’dlngs ibO> ; 

via ttirktae." .. — — 1 

Jii reatebJ — 


• l.i< >11.111 i..n Bridge 125 


Lh'iiitar . 

LllUhllll 

FaP-u'-e Xiekie. 
F..ni M..i>.r Can..- 


17lg 

135ft 

20 Jg 

75 


lfl‘2 
27 
27 
17 in 
bU 
11U 
8 

67+2 
731* 
68 U 
125 

1638 
+ 1312 

201ft 

75 


AMSTERDAM 


Al+il 19 


■KGT 

n+. 


+ or 


Oiv.Yid 


Tewr>> Potr.leum 
I evai>< 

TlMv^llll 

LV\a> I usi. 111 

T >■%"<• Uil .Y (.ran.. 
If\4> l liljllea ... 

Tune lw , 

! TiniettSlirrvr 

I Timken ] 

1 TraiiMnerHn j 

| Inmwv. 1 

! Trail" t own 

Tmu-uav lntr*u : 


9ig 
26 3* 

17 >4 
75 

3l '4 
2U 

43 

U7i* 

48 

CSOg 

141g 
18+4 
35 
24 >4 


OvwwasSbipe.— ; 
On-euK L'urolflu" 
Otveusi lllinol*.... 

I'actte Hen 

Paciilr Lisimny . 
tar. P»-r- A !»■;■ 
tau.\in'Vwrl«i Air 
Parker Haiinlfln. 

PreUaly tut 

Pen. Pw. 4 U..-. 

Penny J. C 

Pemuoil 

Peuple* Drti*: 

Pe«[je>. fia» 

I'epalin 


23 

60 U 
isOlft 

24 
195ft 
21tg 

54s 

24gg 
234ft 
21Jft 
38>4- 
k9>4 
7»s ' 
3612 
1:85s i 


22TJ 
60=4 
20 is 
24ift 
194* 
fcl's 
55g 
241; 
234ft 
219ft 
39 
28~ft 
75 g 
361ft 
284, 


Tran" Oiirlii Air.' ■ 17ig 


TiavaHeri ; 

In Cunt mental ... 


33 
19 1 a 


9* 

26 ig 
18'» 
721; 
324g 

2b. ig 

42 

27 l S 
4B4* 
3a5, 
ia. a 
l*>i 
3b»l 
24 U 
17 
324* 
19 u 


.1 l.vli'lar r... -• 

j tiiani Yel'wkuiie 
t.1.11 tut Canada . 

. lliii'l*rsU.l’4ii- 

j Hi.illnu<+ 

• H.-iiir »>ll ’A" .— 

’ H ii.ir.i.11 May Mtv 

. Ili..i--.ii bay 

Hu. I'. .11 iUlfcGa* 

f 

I lui|.tHriiil Oil 

I I ll*T 


Zbifi * 

,1112 

30 
bin 
32 
43 U 
ldt 
18Vg 
43 
1 74, 
3t> 
ZOIq 
18U 


261, 

Hie 

30 


32<* 

43U 

mu 

18<g 

431; 
17 IR 
3U 
20 14 
17'. g 


! T.li.YY 

3Jtlit-«ntury Fo, 

r.A.L. • 

t AJitrU 

CJ..1 

C.U.P 

I nliever • 

Unilever XV 

L‘ uii ii 1 Uanrarv—. 
L' 11 ion Carhidc. . 
I. <ii< mi CiHimiervt' 
1,'ulun Oil Calif 
L" nluli. 1 'act He 


Intervi. , n+ Kitvrgy 

i IBM 

I lilt. Fla v. *■+!•.. . 

I Inti. Harrreter... 

. ln+l. SJiaAChem 
I Inti. Miilt\fv"l».. 

i Ini'ii 

| Inti. F»iier 

IPO 

iur. llci'lirirr • 

! Int.Tel.A Tel... 

[ inteni... 

1 f<*«« Beei .. .. 
j IT internal inn«i. 

I Jim Waller 


8>, 
263 . 
211 * 
29 i* 
40i* 

21'i'g 

16 

3B>2 

29 

1 l^K 

30 >* 
l'* 

325> 
11 ’* 
305g 


8-5, 

2515e 

205< 

za 

40 U 
21+e. 
151; 
39 
28 m 
UU 
30U 
: li A 
30 ‘a 

11-g 

; 31 


Perkin F.lmer • 

Pet 

Pfirer 

I J'lieif* lfcidge..... 
I Pliiladeipbni Be. 

! Philip Mi>ni> .... 
i Philips Petrvl'm. 

! PitrJjiuy 

Pitney !Vrwt+„... 

PitLMtlHI . 

Plcwy Lul.U»K 


181ft 

34i. 
Z7Tg 
24 ' 
18 >S 
62 
30+4 
*74 
22 
£2-8 
I7tg 


18U 

35 

27 5g 

235; 

lase 

615* 

305ft 

37 

-2U2 

22)2 


36;n 
28 ig 
24 1 g 
23 <4 
BU>k 
201 ; 
a6ia 

54 /ft 
14U 
40. 'j 
8lg 
■49 
47»* 


37 
27- f. 
23+a 

20 ig 
2ul; 


| In. In . 

1 lulanii NauU*"-, 

i liiC|..'vPi|ieUJne 
! Kaivi KnaHUWe-l 
1 Liunu’l FiftkuJI 1 

, Ijt.lnu Oni.'O 

U. •null'll BUrelt. 

: FenSiir* 111 

‘ M.-Iiii 

Mi. in : I .irpH 

N-miida Minre ... 
■ Niinvii |EUCW---. 
Nlbii. Tekentn.™ 
NuiiiHC.Oil fc 
u«kuiv"iPW''";-: 
tan III- Cuiipre e- 


11 
lo»e 
14 Sg 
14U 
8 

3.95 

lUAft 

DU* 
jsB's 
ziH 
kbU 
16. a 
29 1 8 
*6111 
ssn 
1.80 


IMa 

JUi| 
142g 
14 1 2 
8 

3.95 
19t 2 
IZJg 
*3«s 
j 3 j 4 
1:7 
17 ig 
29'ig 
27U 
3*; 
1.75 


Mh-hi tPi.a/i 

\„.mmFI.1SUi 

I M tv 111 lluki P ..liX 
IaMEV 1H.IC1.....! 

I .Xiiim+iank iFl.2ui| 

| bljenk.irt 

. loan YY'rei '>■■(+ .It' 

| diirlirin I cuen«i* 

1 KiMfviei iFi.ru>....' 
Knnin N .V. Bearei ■ 

I KuiMt-4jmV«Fi.U' 

I LI itf bn"»»*e*iFU 
• HeinekLiniFi.Kti-.t 

I Huiiuh It.i Pi. I0t'., 

| K.L.SI. it -lUn- 
1 in .Mullen ItfO.— 

| Naaidni iT'.IOi... 
N»lNi»i In».« + i.|ir 
sc)' 1edUk1Kl.il 

\Vil .MulHkiFlxUi 

i U v ■ K1.LV1 , 

\ an i.'itiineien 

1 taklnv.i i+'i.tfJi... 

: Plllllpr 't’l.iyi 

I lijubi'hY ^rt+'i.lb* • 

| Ilnlwirl JL'i ; 

■ i;..lm»niFl.ri;i j 

iii.mii«jil , 'i Jt'i... 

I «|.*vrtiMiili+iK .A. 

9 m veil I hi re * 

! alrvui Uri'iF ./L>; 
liwl.i ltar.U.*l*.S' 
| Limevt+iFi— 'bi.,.1 
» lkini{He«.1iiiiM. 
rtwl lanMii, Kanfcl 


108.5 +0.3 (.21 1 3.3 

25.5 -0.7 

-366 —1 I.Y23.5. 6.6 

82.9 \-44| 5.3 

77.241 +0-3 23.5i 5.8 

84.5 -0.3 
112 -1.5 

68.0 

283.5 +1 
155 —2.5 

62.5 

34.5 -0.6 

99.7 

27.0 


BRUSSELS/ LUXEMBOURG 

Apru 19 j P<+« I + wt | Fr-. YKL 
I Fra- | — Net 1 ' 


—10 


23 1 5.4 
70 1 6.1 
25 1 7.4 

27.5 1.8 

32.5 4.3 

94.5 5-b 

22 ; 6.4 
14 5.5 

10.26' 7.7 


60 

1 112 

—20 IOO 
1—3 , — 

177 

1+20 ,430 

',-50 :15Q 
-20 1 85 
—90 '170 
•-10 142 


3* 

6J 

7.t 


12 4.8 


8.4 
2.8 

4.5 

7.7 

5.6 

4.8 
6.3 


17 6.7 


25 -0.7 
133 -2 
43 —0.4 

36 —0.5 
107.5 -2.9 
54.2 n + 1.3 

196 

150 

126 -3 

38.5 -1 

26.3 -0.2 
74 -3 ; - — 

163.5— 0.8 .YZ55 7.8 

121.5- 0.5 - -■ 

131.7— 0.1 14 5.3 

126.8 —2.2 53.75' 8.5 
255.8+2.8 19 7.4 

135 .u 97i 

107.7— 0.1 ■ 30 
119 -0.3 *2.6 

38.2 +0.2. 20 
430 - 4.1 33 


.Yrbed ;a.i« 

u*. 81 x. Lamb— . 1 1.670 
bekett-H" ! 1.795 

L.B.If. Lenten t^..j 1.400 

uticberii j 360 

LHKa 12.450 

Eleclrr*e< ..........16.300 

r'aiNlgue.Val '2A45 

-i.b. I nun- bin..-. 2.100 

Ueraert 1.35D 

HiAnkm 2.456 

inierctiro 2.030 

nrelietiaitk ....... 6.690 

lji Ku\-aic BeiBP. ..5.820 
Pan Hunting....... 2.320 

r’etnihm^ 4.170 

•iv Gen hamjue..j3.066 — - _ _ 

own Haiftlnu, *1.955 ni'— 10 >140 I 7*2 

X'lma .3.365 216 [ 6.4 

2.520 

I isctinn Bie.+. — 2.670 

It- U - I 950 

m Mm.il-lUi.... 762 
t I+ii'n Mnntacne 1 1.520 


:+ 10 .265 
+20 305 


73 

6j8 

7J> 

B 1 

6M 

n,o 

3.7 

aa 


-55 

—20 


52.2S Xtr 
174 4a 
204 . 6.7 


:+2d 
— 20 


.v2m! 7a 
170 i R* 


1-3 60. 

-10 lioo- 


tttur b* plunu um.——. - 1 
rtunKi Lwi.+Me— — , 
8 a.-k. 1 Ul: Lot man.:—.—--; 

«f»"U -WRb 

rautoiaoA Minina..—.—, 
dpugui Exptoratlon..— ' 

LiaKb oil.. — 

W»uont — — '1 

Wesurn Mining (S0ee*i»|. . 

Wool worths..^ — +; tl*6 


11.47 
tZ-00 
10.69 

t 2.05 ; ..... 
10.26 ; .. — 
tl.15 1 

rtl.14 J 

+0.16 1 

+XJ96 ' 

+ 1.67 -0.05 
' 124S5 
teas 

11.17 
tl.66 
tO.08 

joao 

. {.1.63 
t8.78 
10.84 

ioao' 

10.17 . 
1L71.. JfMI 
K)J4 |+(Lfll 
11.30. H4d»2 


91 


■BUMJ 
107 


W™ - 


TO*. 


.Bergen taa fc..»^.| 
borregaaxd 1 

CredtHi-aif ; ... 

Kotfnof.— ~ 272JS0— 3J ; 
KrecUlkaaete —I 106 — 0 J 
Norsk BydrafcrAiC 192 — 6 J 
Storebrand-— 86-25^+Orf-.. 





PARIS 


April 19 


Prlue 

Fra. 


i+w. - 

! ~ 


JOHANNESBURG 

HINES 

April U. ..... . * 

Anglo American Conm. : 

Charter OoBEoUdated .... 

Eaat Driefontan — — ■ 

Elsbnrx —.. — 

Harmony 

Kinruio ........... 

Kloof . .. .. 

Rdsienbum PUUnam ... 

“■- SI- Helena . . 

StmUtvaal • - v 

-W3 Gold Fields 5A . 

Onion Corporation 

I — ■ De Beers Deferred — 

! BbrvDorottilriU „ 

East Rand Pty. ... w ..— J' j. 

Free Sale Gftdtil «r 
-DJI | President Brand 
IJI1 i PreaWtan Steyn 
SUlfomcln 

Wrikom . — ■ 

Wesi -Driefoioein ■ *. 

Wbstero Hn hU n grt. — - 
WoMarn. Deep . 

. •■ . INDUSTRIAL 

AEGT — 

Annin- Am er. 'industrial ... 

Barlow .Rand — 

CNA -Urtesnftems - 

Carrie "Finance 

De Beers Industrial 
Edgars Consolidated 
Edgars Stores 
Everaeady SA 
Federate VoSisbelegstn&s 
Gmuennans Stores 


i-olTi 

WIJH 



SwTTOl 
%■ 




■V;.^ 



SWITZERLAND • ___V- 

Pnw 1 + or • Die- 'Tld- 
Fra. — S 1 % 


A pril W 


4.0 

0.6 

7J 

1.2 

3.7 


39*1 

34 

1014 


Pi ila pjiiI. 

Pi.itaiRHU' Klee..... 
PPti iluilltf-Kre- 
Prw.tor t. amble.. 
Puli ra?r»v Klei.+.. 

Pull mall 

Piir<f-v 

I Qiiaker Oat- 

1 Rftpl-I Amwiren- 

iin.ytheun ...•■ ■ 

i Wl - Y 

| K+puMk Steel..,. 


30 
15 
27. +p 
801s 
^3U . 
27ia 
17>i 
21U 
T.il 
40 V. 
27 la 
24i, | 


i I'nirvyai 

1 L'uitci Brand". 

■ I a Baunirp. , 

i L riGrpnum 

1 1'iSSue 

I Lrj Steel 

j l . Tcrbuuluj;iet». 
j l V linlutf ric+. .. 

\ ii~iui» Hint.... 

1 Walgreen 

171, j Warner- Ouiinin. 

, tVanwr-ltfinhe+t. 

i Wiuie- Mau’iiiPni- 
j We>ifc-F*nj<». •• 
U'eateru tanm+l 1 
; U'l+tevn -V Ame' 

) Q'+iern L-nicn. 

1 iVeifiloitliw Kiwi 


30 Ig 
I3I4 
17 in 
SOU 
t.3 
27it 
174g 
2l 
7.; 
39Je 
27>; 
24Aft 


7-'t 
7"g 
31 iff 
24 
26>* 
26 'ft 
39ift 
22i, 
14 

2U'ii 

38>a 

2fli* 

23*4 

27*i 

a5Vj 

Ibis 

19 


ta.ili-Feu«teJM>i 
Paul, i «n. Fri »•- 

. .... 

361* IfaqikiMJ;... .S.EJ 
54Jg ! Plans L au A YH1-. u.88 
I Flan-rUevolupml 
! PiiMurCtirpond 11 

! Prnv — 

I ijitiftiei.* Stursom 

j ItHiiiicr till 

! llreti sb»» 

1’u.i Alpuin - 

liuvnl BU-oT Can 
1 liuvnl Trtl«t 


Idn, 

40J* 

HI* 

4Big 

47lft 


75* 
7« 
311s 
23 rg 
26. a 
263, 
09<ft 

21.g 

14 

19*4 

a7> ; 

28 Jg 
22» h 
27 >2 
35 
2Zia 

161ft 

191 h 


Wcmhi'i. ...... . 

We)4+lwewwr 

: IVInrlimul 
: White Lon. InH 
j William*. 

[ Wlnrauvin 


in. InH • | 2 
L- J 

in ElrtW 4 


25 m • 
25ig 
31; 
22'; 
17.J 
27Jf 1 


25’i 

kAlft 

dal- 
22 '* 
17 1 -, 
27 Iff 


Sivjarr B"»ouree»; 

Sea^raine. 

nln-il Caua«la-- - 
s-horritt flJimw 

: slcbcm U. 

1 Tiiiii|noiis»."" 
Mwl .■[ • 

iKv|i Kwk * • 

Texacw Canada- 
i r.inuitu DulH-B**' 

• Tiaiitf AuPlpc Cu 

i riaii-. U>»ui« Miv 

j l'n/»* 

I llliin tra." 

, 1 M. 

' 11 nli.er Hiram— 

• "ret Tr*e* 

II ■".tun 


22^8 

12i, 

14 

1.16 , 
all, 
10 1 

29': 

I81* 

8 

26 
15<4 
4.90 
2b 
n 37 
5t4sg 
2.46 
a Oil 
Ibis 
mu 
■ 9* 
till* 


40Sg 

o5>, 

lD'4 

4.00 
'U.9D 
22 Ig 
12^4 
15 rg 
1.20 
51Jft 
S. B 
31>4 
294* 
18 


COPENHAGEN * 


April 19 


I'nue 

Knmei 


;"+ _ or 1 Div. Yi- 


Aluminium J.J90 —30 

uBC ‘.V~ ‘1.59b 1—10 

V iU* Uetgyi fT.lOf 1. 188 g 

IAjl PU Cert-...: 855 — 5 

U". R« !,«« 

-rertT -111^4 f’j,®* 11 .— JO 

r.iectrawall 

KiHTliei lUeorfee).,; &75 • . , 

Hurt nuAltCerl-. i7B.OO0 [—5001550 'i P-7. 

U,u »rt*.n 17,800 ,-BO . 55 -.0.7 

ImertoOd B , — '....i5.850 -—25 1 20 < M 

JelraolUFr.lOO}.,.|l,460*a:+15 « 21? : lA 
AVat.etFr.UB>... ,3.150 1 

Du Wes 2.270 


6 

10 

22 

22 

22 

16 

10 

5 


S3 

3.1 

1.9 

8.0 

3.4 

5.7 
3.1 

3.7 


;mii v .a .1 702.1-0.4 1 4i;f 0.6 

XirmueU - i+’r‘ < t - Mlfl, +3 |2f- 

\u Liaind«a— ,-e.' 8W-0 r +® 

Aqiiinlne— ^i— j -438 .+ X3A26^W 6.0 w ,.. w — ------- 

‘uit^ — 4*s0 —3 3-0 1 Guardian Assurance (SA> 

Uxi.X- Oervaia— - r ^7«JJ. + 7J1 ■ 463, 8.6 : j,t.\ . — — • 

^anetuur T.bbO i+ *8' W 1 4.6 1 McCarthy Rodway 

U.I.T. Ak-atei. 1.142 I— 28 : 58.2 5:1 ; qr Bazaars 

Lite Uao^aiie.. .i 343 ' + 33 12 1 3.5 1 prenrinr mDUhr 

ukih MwJitet— ...' 434 '—3 .11J5 2.6 f-Pre+nria Cement ..... 

crartli U>ui Fr' 4 [ 1XS.2'*ZX’ 12 ■ 9.6 j Protca HokUngS - 

ureuaor Loire.:— i 77 i+2.5. — 1 — I Rand Mines Properties ... 

liiimtt.-. 789 *+36 173 1 0.9 Rembnunft Group' 

rt. E*fctnjlea.i—.j 18U‘+03 :MiWU3l R«co • — 

Dm. -Oo-irtealaAl 187,"" ' “ ~ 

iipetai I... 1 61 

facquet Uorei — 4 10? 

i Tto'^Oate' and NatL Mis. 

MX. 33 
W3&? 23 
123 2.9 
5 i 1,7 

19jsn.fi 

73 8JB 
73 23 
15; 4.1 


“fZ— Report 


dig 
2b 
15og 
4.Bu 
£5lg 
3.25 
24 H 
4.45 
40ig 
loag 
141" 
Mag 
I 111; 


.Yi+ferabanken-.- I 
.mi m'st r M . H.+.. 

LlauvKe dank | 

Ba-n Arlan C0...1 

1' uuiitfniikeii I 

+oi. 8\ earner ...| 

Fur. tapir 

Ha nil cl "lent 

j.N'iii'uIf.iKnJU! 

A mi I Katiel. 

Uueialirik 


+ la 


146 
424 

1351* 1 

159ar 

1814' 

334 , + l .. 

Bill j 

187 Iasi.... 

260 +2 
352 -Hi 

181a —1 


11 

15 

13 

12 

13 

12 

8 

12 

13 

12 

12 


7.5 

3.5 

9.6 

7.8 

9.8 

3.6 

9.8 

8.6 

4.2 

4.8 


10 


iientKon B-fF.iioL. 

Pirelli sUPl+JjO' 
sandiu iFr.SbOl— 

Uo, Pan Carta.l 
.+:bin<UerOji>HX| 
dmrer C*» (F-JflOj, 

■nruwalr ■F^Wk', 

;»i*s BailUfPJOO 

d wire fHe.F 0601.^4.350 j-23 
Lnlrer BBnk.«..-!2 ! 966»l 1 -5 


12.160 

278 

;3,600 

462 

300 

33d 

816 


, : »B6.sVai7 

-15 +a5.7i 33 


-s 
r 2 

bi 1 

bri 

1—2 


358ai— 3 
.350 U*25- 


AurlTli l» fc .-.--.|I0.680 + 150; 44 


PMtatLiiuift— 1321* «: 

' Pravinabana 13Btft*0 — 

;oph. He+enrtaen . 375 "■ U 
;nperfrt« 


184 +2te 


8.3 
11 I 8.0 

11 , 3.2 

12 6J5 


VIENNA 


April !•* 


Price i + nr 
% ■■ - 


7 Ift 

71* 

- 

.... 342 

.. 265 


10 

2.9 

Ai 

AS* 



9* 

3.4 

44 

1S.«« 

34 'j 
15lft 

■ p. rtf u 

585 

92_ 

-X 

—2 

38 

8. 2 


VIA 

SA 

XB 

8-! 

4JJ 


>i' s 
^pect. 

*V'T m ^ 


0 piai«H 


"Ir* 


Latarae — 

UVreai.. ....... ....-I 613 , j— 2 

"L4*jii nd -...'.'l«74fi' , + 14" 
UabutiA Phenix--!X06d . — 10'. 
Ibcbeiin ■■»"«... ,1^05 J+16 
Unet Hernwavr..'- . **3 - ; *-15 
Mtmiinez. — 18 J :+2JS 

PMliM 1 171.5—1.5. 

tacbiney ...: ; 86 -+Z.0 

L.256 :+2 
.taufeotrUtraen..; 364 —I 
Vbdaiu 



dadEo'Uecfalnqne, 


208 . + 8 


upa o m g 

Kbcme-Po4iieB>'— 

nil Uubatii 

7SI- Kna'isou' -.«! 

»mSz — 1 

rwmsrenkme-;. 1 
LtWBfflD Brandt ^ 
Otfnur 1— . — ■ 


689 i+6 - 
76 ;+L6 
146^+2* 
X70ff+26 
274-8.^0.7 
788 --9 
198.1—0.9 


2SJ&+3J8I — i - 


86.6-5:7 
27 ( 4.6 
9 12.0 
MA9iao 
39 

■2X6’ l 9 X 
263; 3X 
•1BJ* 8*1 


4.3 

« 

83 

SA 

2.1 


STOCKHOLM 


Unisec 


sUrariO’es ,, '«aDd A . 

• j_. ■■ /Dlsconnf of 3SL*, .. 


SPAIN* 


MILAN 


April 19 . 


rrwe 

L»re 


+’ur"|Div. [Ytiu 
- lUrtgi'i-.’ 


AN 10. 

.uvunn ......."..'.I 

+'wi 

Do. Priv.....— 
Funnier 
lUireibent 


,! 92^ -2 

.1 398 .+ 8 
,;i.926 1 + 21 isty7;« 
.il,645 + 13 ' -160 .9^ 

. 79.6 +4^! - . — ^ 

.1 10.486 + 8S ■ 300 X® 
142.76’ +7.7B 


April IB a 


L+-4T 

I Krone I — 


;ut». 

ru: 

Kr. 

*. 


164- 45 
158 +1 


AClA'AoiKrJriiU 
AfptltfvariSiKraj 

Canto... I»s7cj— 1 
LWIutoaa— ..^'.1 .’248 : ‘{+3 
b)«.t-lux 9 JKR;. 145 ' j_+|. 


■fifi 

.6 

a 


2X 

3.1 

Sfl 


riM 


AW1M9..: 

Aslattd ... 

sassjsss^»--jjs 

Banco Cratral zl 
Banco- ftrierlor ...— > . ™ 
Banco. -General ■■■-— Hi 
Banco. Granada (1JW1-, 
Boned Hlroano S 

Tiajico T <* ( f Cal. (l.Mi ' 81 
B. rnd. Medtierraneo ... 
Batuo Popular' 

Bfcnco Santander f238> 

Banco urimHo n.OMi— 
Banpo-' viarara 
'Banco ZarasoftaBO'— 
Binfcanlaa 


- - RG t? •’ * :r*v j . 



10- 5.1 

iio *J0 
,63.1 4.4 
5 .4.6 


Banua Andalocia *»lfY 

Babcock Wilcox ... — gll A 

«° 1 il 


b^enm *B7KkOUj 1 
[fmopeatReci : SXR+O.OJ TT \a~j> 

•SSSS^ry.-iSS**-: 1 . i'jf'.f 


Dcagndw 
imaobanH 

... r E- L Aragonesas — 

4>- -4.4 jEapaMta .Sne 

;d4 i W Expf. BJO Tinto 

K ’ -■ tL0W> ..'. 

Fenora..fLM« : . 

eat ttwdwto* 
firapo Yebnmw 

WMr ala. ■ 

iterdne+o — 

ObUTK ' • -• U' 

papeteraa HeunW« ' • 
Petrrfibcr —•••.. 
'pmrohrHf 




I Bid. : AiArrt 

1 New riock. 


Traded. 





Tv-- 















, . ^ * "5 ‘Why sell meat when you can sell water’ 


slice rises 


Si 


Consumer Affair* . . claimed, can help them mahe 

fftspondent sausage- hased-es- fat, sWji and 

m^ctiarsme' JSSMKE SStH 

Knt - SimJ " y 

Mstany further- devaluation D3 L .?* Water ‘ 
te-^SreSniwaiid ^at next Beia3 prices efrvsuxsages, 
rs^njeeunz' of EEC farm according to the Meat' Trades 


. BRITISH BATCHERS are 
• being -offered machinery apd 

! li.— “ ■ .v.t « £1 .4- 


shown' techniques Which, it is . Journal. ' 


advertisement in the national 
butchers 1 paper. Meat Trades 


'•“•.-J meeting, only - the 53p 35p a pound for a Heel’’ of ‘sausage’ at that' sort of 

"■^v JK Wndtiie mdsiZt and up to 70p fo* most, type* pnee” . 

•'’=*. s^fepuf* fcKran^ "pi?po£ls “pork ** sausage. -. - j4 ' Beef sausages, the law says, 

*- ?- lM [£*• OToadt? ■ endorse -Mr. Mr. Fred Holroyd, w&o-xnns. 10 contain at least 50 per 

objectives in the Holroyd Food. Machinery, ■ of ; meat, of which 25 per 

P . ^4toyn= -tarm. price review. Radstock, near Ezth, hasti*- mus * ® e heer. Pork 

r °REl5b „ Jiim To : resist- any i-ited butchers to, a demonstra- have to contain at 

* S toss es in the support prices of tion on May 7„ .1 ‘ ,easls ® 5 per eenl * meaL 

-.T which , are in structural [ ■ “ : We shall - : Be“~ 'making. .Mr. Holroyd, whose company 

.us. 1 - Jike-'-milfc. -beeF.sugar sausages at I2p a pound and , “has a turnover or £l-5m. a 
' w h e a t . I n y&neral,-tbey- injecting / term SHag 'pork' to year, stressed that, he was not 

^'E&erg'sft ouid be- no sharp produce, boneless, skinless, de- . a hqlcHes^ merely an engineer 

7^> a Bse in support pneee. fatted, cooked ham withont- importing secondhand machi- 

. ’>• j; ;$Wr' also*: -called : for freer anyweigbt -loss. -In fact, - it ■ nerv from Europe, recondition- 

GOTiujinniTjv for might weigh more. ing It and selling it to British 

■•-i’i H 1 RF 1 - ‘ T Wljy sell meat when~yon butchers. But. he-, said, 

V “ . : countries, and jor : the caa sell water,” says a Holroyd sausages could be made as 


Federation, range-front 40p to ■ 
k, , - 1 r,. - u tu>«r " 


The Meat Trades Federation 
said:' -* Wc deplore this ap- 
proach to any aspect of retail 
meat sales. ' Anything which 
savours of taking advantage of 
the. public is to be deplored. 

“It Is quite impossible to 
make a product worthy of 
being dignified with the name 
of ‘sausage* at that' sort of 
price.” 

Beef sausages, the law says, 
have to contain at least 50 per 
cent. meat, of which 25 per 
vcm must be beer. Pork 
sausages- have to contain at 
-least: 65 per eenl. raeaL 

Mr. Holroyd, whose company 


• *7 il &W also*:' 'Called ; fo r^ freer any weight -loss, -in fact, - il 

• “ ‘ 'rSr.'to -tberr Gonujinflitr for mlghf weigh 'more. 

b &T “why sell: meat when -you 

1 v._- - ^£rct countnes. and -for -the <• wv 


BY CHRISTOPHER PARKES 

cheaply as 12p a pound by 
emulsifying fat and rind and 
adding vegetable proteins. 

He claimed soya protein was 
being used . extensively by 
U.K. butchers. “Some are de- 
placing lean meat with soya.” 

Mr. Hoydroyd claimed that 
many local authorities did not 
have the facilities /or checking 
the true meat content of pro- 
cessed products like sausages 
— only the “protein count." 

Asked about hi sadvertised 
declaration “Why sell meat 
when you can sell water,” Mr. 
Holroyd said that would be 
changed. 

“Il was probably an nowise 
nay of putting il,” he said. 
“We've done a silly. Whether 
it's a fact or not is by the 
way." 

He said (he weight of a ham 
could be increased by 22 per 
cent, and the use of tecbniqnt<s 
to do tmhis by raising the 
water content was common in 
Britain. A look inside the 
vacuum packs or sliced ham in 


retail shops would show 
clearly how much water was to 
lie found in processed meats 
nowadays. • 

Processors and butchers had 
somehow (0 make up for (he 
loss of bone, skin and fat in- 
curred when making cooked 
ham*. The injection into pork 
or polyphosphate chemicals 
with the “cure” Increased the 
meat’s water-holding capacity. 

Machines sold by Mr. Hol- 
'royd. it is claimed, raise this 
further by tumbling the meat 
around in liquid. The bounc- 
ing bruises and breaks up the 
meat tissues to make them 
more sponge-like and enable 
to take up more moisture. 

Common in West Europe, 
Mr. Holroyd claimed, these 
machines were now coming 
into increasing use in Britain. 

Mr. Ron Lickorish. editor of 
Meat Trades Journal, said (he 

advertisement was “not 

tactfnl.” 

He said that although there 


Call for U.S. clamp-down 
on sugar imports 


BY OUR COMMODITIES STAFF 


; ,355 countries, andjforrthe can sell water," says a Holroyd sausages could be made as vacuum packs or sliced ham in He said tha t althou gh there 
. -i -SjixJn of the- tax. op the .sugar- — — — — - • — 

; ' JSain ^coiismser groups d Grant aid for^l f^oll fnr TT C pliSIllTJ-dftWFl 
I, hj^'thai thie-EEC might sub- sugar research;: 1U1 tlallip-Uvnll 

' tenures Pf- AGR3CTWOTE . j 

** sssgr**£i <*ssg: OH- SU&ar MTOOFfS 

^"^rald be -no extension, ment. of- sugar cane • varieties Vli kJUUUl Alii MKWSL 

0T1| , said, of protectionism dr of resistant to. frost, sail,-*® . . 

^terventiotr support buying drought. : r.‘S^ • by OUR COMMODITIES STAFF 

« inrrthe-.Jainb and fruit Since the sugar cane industry - 

^ began on the Indus River . In THE U.S. International Trade terested in what Carter does subsidy of 25 05 units nf account 

^-'^-^shalli-press- strenuously - at I Pakistan scientists hope to find Commission yesterday reeorn- than in what the ITC says." he per lOO kilos, rattled the market 
. Sweek i s : ■ Lukemhoiirg meet-|there several wild species With mended that President Carter added. “Il is as well to remeni- a little. Tne amount was some 

the^igSiihunt restraint-on 1 these. sp.ecJaL —qualities, . .the clamp. -down harder on imports ber thai he ignored the com mis- 10.000 tonnes above recent 
‘v'-a.'k” Mf* JsUkin. said after ihp department sdid. _ ' 0 f sugar which have been sion completely a year ago.” tenders. 

: r t& P 

- :,y-. Ti&rxsrsi « si :? i- X’Vrss 

5 ~ — — * — * — '• • : merchant said, are at the root of The Commu nMarket’s weekly York, the August position closed 

' ' ' • ' • * ’j_: ® os t' ? f current .unrest in tender, at which 48.000 tonnes C0.975 a tonne down at £105.75. 

idThlHfT'* Wa o All Aqcn i^orld markets. of whites were aproved for ex- The London daily price for raws 

ill t:1 1 kjCtt till Ldoli MlUUlU The ^de is far more in- port with an increased export was set at £99 a tonne — down £2. 


surpluses^ which at* so; traits are; related. 

■•••• ,^ r -» and wasteful," he said. -Reuter ' 

forth Sea oil cash should 


-S'hARDp^ 


e used for forestry 


OUR COMMODITIES.-STAFF 


Optimism at rubber talks 


OF"Britaiii’s North’ Sea production _ “ The U.K. has the — - 

;c -; venue abould be-set aside land and climate to grow. trees ' BY OUR OWN CORRESPONDENT 

■ 'expanding:, the nation's faster than major suppliers in ^ 

. nr . industry, according to Scandinavia and Rusia. yet 92 .REPRESENTATIVES from the it is presented to the rubber 
• * mnomic Forestry Group. per cent, of our requirements of Association of Natural Rubber consumer nations at a negotiat- 
j memorandum 'submitted timber -and wood products, are- Producing Countries (ANRPCj ing conference in Geneva in 
•h- rif Northfleld’s committee met by imports at a cost exceed- |>egan their meeting here to-day • September. 

nd ownership the group ihg\£2bn- per -annum.” to work out details of the Last Fehruarv at a meeting 

Y .his' policy would reduce d«v - 4 structure and operation nf the with producers in Geneva, the 

nee- on‘ exports and . Additional' investment- -in proposed International Rubber Rubber consumer countries 
: ' ute' extra employment forestry, including that from;in-- pj-j C( . stabilisation Agreement, agreed to participate in a rubber 
*' : tunities in rural areaY’The s l! tu . l i ot, . s ... Should, he welcomed, -- .-Delegates were optimistic that price stabilisation scheme under 
-er of marginal- land tft “ e Stoup says. . they would be able to finish work tbe auspices of the UNCTAD. 

I rywoulffThave little- elfectv In -ai free market- institutional on, the dratt or the agreement It is hoped that rubber pro- 
il' r rr iri»lfurat ' prodnction; • . it investors would provide a source during the four-day meeting. The ducer and consumer nations will 

; — o f flnauc erfor-tbe future devetop- draft would then be submitted be able to reach agreement by 

document is critical .of meht of the industry and should to the various governments of the end of the year on the setting 

- -untry’s low level of timber not. he discouraged^ " ".. 'the. association for study before up of an International Rubber 

TMMODITY market reports and prices 

— riov- ' «<rrr a Y o ' noon: Wlrebars. three months £787-. - - LEAD— Down. The weakness of copper, when Lnndnn fuund underlrtna strength 

-jr, Mr. I ALA' ■■. Si U. r; », ?.$. Cathodes. cssh'Kffr stale hull liQOidjrton. si op- toss and if. close ai rhe- m-per end nf the day's 

proand. .'The' tower Kert f iW »owM.F<£ ?. S3, K gaaing ranfl °' "Pon> ClU and Duff^ 

„ ^pecnH^Ts--' T.H-H^U-tl, eerier: Eahtaxd ^^ *^1 ~ . fl% Vc^nuy. +'..t 

•f metal fain from £7 IS on ifce opened on* -a steady note bim^auhip- cjio at this pomi but B ih^n-arter Hie . *-01.0 A Uo*6 . — . Busmeae 

: >r day's Jaw of £7K to ooeaily caroe off Co £5,S«0 m the ;mon^ prkx KJIVC VST oaam to (an to " 7 . ! n " n,f 

:-rlv aflenmcilL This downward hw rims refleeunji the manrfual fait bcf Drc . jMidlrE ar rroa 5 on the twrb. J'vStiotri M 

rnefted olf crop-loss \seHJh8 and („ tfre fljitait*. price la& of any Tuhjovur liia-i mimes. ***y 20*5.0-48.8 20.0 JM5.0 1878 

- irket mavi-limlT wthom-*^ phyaca^lPtereri. ««bW *lxh bed^e njrn0 ' , ' ;r .onmes. _ July... 1826.0 27.0 * IS.O 1840.0 18P5 

: physical baanuas bWna done. scHJub. ->ln - HJe afternoon, however, jhc • ;+ "H f-«". ,+ m s<-|ii .....1855.0-60.0 -.3.0 1870.0. 1885 

J)n<j*istlsju>rt. covenns .un the emerseiice -d(. U.S. physical business and LLAU Ufiuia . t — lln.nuciai — Dee 1780.0 85.0 —0.5 1800.8-1765 

-qk Tbr -prtce back up to £7B0 the dowMam In sterilnc saw Ihe pnre — — - — r— -p Man b 1748.0-48.0 — 6.0 1751.8-17SD 

il eased afresh » dose ai raTly io : dose at I5J00 on the late kerb- . . . .E *■' i - t- . May 1718.0-24.0 * 4.0 1700.0-1692 

Turnover 22^73 lounes. .. ; . . TnrnaverUJOO immes. . ■ ( ash..:..... 300.1-1.5 -TVJ , 298-3 ,-9.25 July 1B82J-84.0 —10.0 1685.0- 1675 

pwio. rr+o If-cr; I*.™. |t+^ Jols "ui 1 3M ' b ' 7 -B ' <& “ Sales: 4.0CO (X413ilois df'iiTmimM* 7 

-^1 orffcwl J. — I Unofficial — ■ XIM-f I pffU-lal l — [Un.^-d*. — , u +\ ~ - Intemailanat Coco* Organisation iU3. 

— "| — : — ! - . — k ^ H — l r — — I — - • — cenit par pouad >— DaJtv price April 18: 

• '.27 ■ • £-• High Grade £ • r f J £ Morning: Cash £301. three months 1311 . i«ji ii5J.77». indteamr puces April 10: 

■rs . ! ’ ■ C«3|— — i 58*72.5 [-78 5870-80—60 10. 8. 8. 7. 8. 83. 9. 10. 9.5. 9. S3. T»day a v crane 1U0.S9 . 1SS.8T>; 22-day 

-... 6B2*3.6-12i I 890-.5 .-n.6 i roonth»- 5860-5 k-75 587O80-37.5 Kerb: Three months 1309. 7.5. 7. 6. After- average 139.37 038.711. 


KUALA LUMPUR. April 19. 

Council, which would operate a 
buffer stockpile for the stabilisa- 
tion of prices. 

The ANRPC expert grmip met 
in Colombo early this month to 
draw up the draft text oF the 
agreement, which covers buffer 
stocks, their . operation, contri- 
butions by member countries 
and legal and administrative 
aspects. 

The current meeting is being 
attended by representatives from 
Malaysia. Thailand. Singapore. 
Sri Lanka. India and Indonesia. 


were machines and techniques 
nailable to allow such 
processes to be carried Out 
“they would not be used by 
reputable meat processors.” 

Sir. Holroyd declined fo com- 
ment fully on the use of a hone 
crushing and emnlstfying 
machine featured in his adver- 
tisement, other than to say It 
would be used mostly in 
emulsifying boue for pet foods. 

“Makes short work of ox 
heads, tails, etc. - Big — big 
— big output. Has been known 
to take whole camels,” the 
advertisement reads. 

• The Baeon and Meat Manu- 
facturers’ Association said a 
reasonable quality, boneless, 
defatted ham of the type uow 
filling 50 per rent, of the -U.K. 
market would normally contain 
82 per cent, meal, 15 per cent, 
water and 3 per cent. salt. 

A meat industry expert said 
the normal uptake of water in 
conventional processing was 
about $ per cent. 

U.K. barley 
exports 
hit record 

U.K. BARLEY exports Feached a 
record 366,689 tonnes In March. 

| according to Customs and 
) Excise official.?. 

j This compares with the pre- 
1 viou*. single month record of 
311.707 tonnes io February and 
onlv 7,051 tonnes in March J977 
Exports far this year, have 
been running sharply above 
! those of 1977 with rhe cumulative 
total for January to Marrh 
reaching R75R02 tonnes against- 
only 15.743 tonnes in the same 
period last year. 

Trade sources said EEC and 1 
third country buyers had been 
attracted to U.K. barley by its 
comparative cheapness. 

They added that exports in 
2977 were exceptionally low be- 
cause of tbe 1976 drought’s in 
pact on the crop. 

INDIA NEEDS 
FERTILISER 

By Our Own Correspondent 

NEW DELHI. April 19. 

IN SPITE OF increased capacity, 
fertiliser production in India fell 
short by 200.000 tonnes in the 
year ended March 31. 

According to an official esti- 
mate. the current year's fertiliser 
imports may touch 2ra. tonnes. 
Already 1.2m. tonnes have been 
ordered from abroad. 


Senate gives fresh 
lease of life to 
U.S. futures body 


THE SENATE agriculture Com- 
mittee voted to extend the life 
of tbe Commodity Futures 
Trading Commission for six 
years, essentially in its present 
form and with largely ua- 
dimjnJsbed authority. 

It rejected a last-minute 
Administration proposal to 
abolish the CFTC and turn its 
function over to a new sub- 
Cabinet agency with a single 
bead. 

The committee also turned 
down .proposed amendments' 
which would have trimmed CFTC 
powers, turning over some regu- 
lation of future in financial 
instruments to tbe Securities and 
Exchange Commission and the 
Treasury Department. 

The action was by vocal vo f e. 
without objection. The measure 


WASHINGTON, April 19. 

to reauthorise the CFTC oow 
goes to the full Senate and must 
still be considered in the House 
of Representatives. 

The Administration proposal to 
replace the CFTC by a new! 
agency was made in a letter sent 
only yesteday by Mr. James 
McIntyre, of the Office of Mana B e-' 
ment and Budget. 

Senator Patrick Leahy, chair- 
man of the agriculture sub- 
committee which prepared the 
CFTC legislation', objected that 
the proposal had. hen received 
after weeks of hearing?. - ■ 

The measure as passed by the 
committee provides for suspon-' 
sion of almost all com modit y 
options trading until the CFTC 
can prove to Congress it can 
successfully regulate such deal- 
ings. 1 

Reuter 


Copper leads metal 
market decline 


BY OUR COMMODITIES STAFF 

COPPER PRICES fell back 
sharply on the London Metal > 
Exchange yesterday as a wave 
of speculative selling hit the 
market. Cash wtrebars ended 
the day fU.5_dQtyn.ai. $890-25 a 
tonne. 

A further “ bearish v factor 
was the calling: off late on Tues- 
day of the strike at the Peruvian 
llo copper smelter. The owners ' 
of the plant bad earlier declared 
force majeure on shipments of . 
blister copper because of the 
stoppage. 

' Declaration of force majeure 
yesterday by Rio Tin to Patino 
S.A., on cathode shipments 
because of a strike at its smelt- 
ing and refining plant in Huelva, ~ 


southwestern Spain had httle 
effect on the London market. 

Rio Tinio Patino produces 
ahuijt 100,000 tonnes of cathode^, 
a year. ‘JO per cent, of which art 
for export, mainly to France, 
Belgium. Italy, the U.K. and 
West Germany. 

Tin prices fell modestly again 
in London yesterday with the 
cash standard metal price closing 
£50 lower on the day at £5.875 
a tonne. The Penang price was 
reduced overnight and London 
prices followed in spite of a little 
U.S. industry buying. 

Lead and zinc prices also 
moved lower, reflecting the tone 
in copper. Cash lead fell £925 
.to. £299.25 a tonne and cash zinc 
£9.5 to £384 a tonne. 


Ukraine sowings slowed 


Oats— TKTr. tv-si nil • re.r?. re* mt>. 
Maue i other than hyUrvI for seedms>— 
69.73. -1 9 S. I as. X2J fa ts. WT mil. 
Buckwheat — All nils nail mls>. Millets 
I.. 40. .rest nil 1 77.40. .re* mi< Grain 
sorghum — T9.&4. p-st nfl i7S«4. rest nfli. 

Hour Lev'®*— Wheat or Mbreri Wheat 
anil Rye Hour — 12-22 (Same Ryt Flour 
—135.54 1 13531 ■ . 


.• physical baoltwM belna done. seJUnij. fln - Hre afternoon, however, the • ;+ "t 

ihgchistljihnrt. covering on the emergence -& U.S. physical business and LLAU Ufnoia . t — 

-qk Tbr -price back v0 to £799 the downturn in sterling saw the pnre ■ - ■■ — - 1 - • ■ 

it rued afresh » dose at rally io : dose at £5300 cm the late kerb- .... . E *■' 

Turnover 22-273 tonnes. .. . . Turnover! 4300 tonnes. * . . <■ aih.. d 00.5-l.5-ll-} 


a.m. ' ■+ nr| l-.tn. «* 

(Jfiiola . ^ — | VnniiKiai — 


SUGAR 


r c . 
299-3 -9.25 


■*, — i i — — — . rt T iTT r ~ ■“ ‘ ”^ M i ‘ “ • ■ i 4 niuQflu.J «fB-£ 1 1 1 30fi.&*7 — B.VB — 4 

'?| | CiwBiai f- pfTU-tal jDmdrWa.f - ^‘1^'.] ;" 5 ? 1 ' 5 ^ \ 

— j -£-^£"1 -Xi-rfK HiA Grade £ j £ J r t j £ Morning: Cash nOL three months Eli. 


'7 ' ; ~.'-- 

6B253.5-1» I 880-.5 
709-8- 93.-163 ‘ 707-.5 
.-ttt- 693.5 ^-1S i — . 


f-tt.B 3 months. 5860-6 
—11 -SeOlem'tJ 5876 


-11 'Seetlem’t: 
Standard 


High Grade £ « * J ’« I £ Morning: Cash £301. three months 1311. 

i 5872-5 1-78 5870-80-60 U»- 9. 8. 7. 8. 83, 9. JO. 9.5. 9. S3. 


5870 80—37.5 Kerb: Three months £309. T.5. 7. 6. .Vier- 

— [ noon: “Diree tnomha £SM. 7. 7.3. 725. T. 

i 6.5. 6. 5. 6. 6.5. 7. 5 “Kerb: Three momhs 


‘I ■■■■■■■!■■ Cash...-.'— 5872-5 -79 1 587O-BO-S0 £307.5. S. 83; 10. U..10. 9.5 

• 60W-3-(-r4i r eee- 3 , 8 s months- 5860-5 -n 7 5870 80-373 ZIKC-Oecllaed irf line with other basc- 

-.„l 699- Ar2r-J4 699-3 !— 6J SettiomV.' . 6875 1—60 I — i — - metal -prices. Forward metal came off 

— nil 683 —143 — | ...... "Stmlt> E- - :15BO l — S I — 1 — - to 3201 -in 'the rooming nogs prior « 

.L.1 .— J — 64 . I,.. — jk'e»r York’.' — «,.*487.50 -5>*. rallying: io £295 owing to short covering. 

"•'■'araatetl Meial Trading returned Momlng: SutKlsrd. ask 0875 . TS. Iom tl bowew? S Jtth^ih? 

.viho morning nash urirebars traded three, moffrtra £S.SM. B. SO. Kerb- 

V three months mo. 93, -9,- 23. Siawurd. Usrre montha £5370. 73. >0 J 

,10. J0.5. 10.V9. catuodeS. , three Afternoon* -Standard, cash £5370. three on_jhe_k^ : jrurngver_a.®IO loones. 
•■£099. 98.5. 'Kerb: WirebarK three months -£5.960, 70. Kerb: Standard, three ■ j -f.m. •ti ' |..<n. + or 

£709. 9.5. 8. 8.5. 8. 7. 73.- : After- months £5.575. 8#. 98. =30. 8S. 90. 93. *lkC | OfE.-l*- • — lUlktlDvni- — 


RUBBER 


idex Limited 01*351 3460. Three months copper 7052-711.2. 
aont Road, London, SW10 OHS. 

Tax-free trading bn commodity futures. 

The comraodJiy futures market for the small investor. 


Conti 



-y.ra. -■+■*(' i-.m. + or 

/.I. VC OJBi’-t*. . j — I L'nuffki". — 

UV**b l* f • 1 iT ' 

286.8-7 .-1BJ 2833-43-9.5 
m.flitb»- 895.5-4 -llj . 291 .5 -JOi 

**nvnr.... ' 287 1-11 i - | 

i J im.We»d •— ■ | 29 i ,.... 

Morning Cash £287. SS-5. three months 
£293. 92, 91. 92. 93. 94. 9*3. 95. 94. 93.5. 

93. 933. Kerb: Three mouths £2933. 

94. 935. 83.. Afternoon; Three -months 
£293. 92.5.- 92, 41. 913, Kerb: Three 
□tooths J2S4.-943. - 

Cents per pound, t On previous 
uiioSleial close. 3SM per picul. 


SILVER 


M&onT ^ 

Do yon know: Conti’s opinion on 
. t ' ; jCotiee 

it may Jbe diSTerent from wbat yon 
expect,. 

For this Report ring or write to: — 

ContiCommodity Services Limited 
World 'Trade Centre, London EX 9AA, 

■ Telephone: 01-488 3232. Telex: 8S7438 

or our Agent: : 

Personal Portfolio Services Limited 
. . 36 Moorgate Road, Rotbw-ham, Yerkshire 
.... . .. _ telephone: 0709-78364 


Silver was fixed I55p an ounce higher 
for spor- dchveiT In the London bullion 
market yesterday at 277.1 p. U3. cent 
fUtrlraJenia of the fixing levels were; 
Spot SlMc. up 4.0c: three-month 5i8.Bc. 
op X«; str-momh 529.1c. up 3.7c: and 
1 '-'.month 9515c. up 5. 7c. The metal 
opened ; at : _ 2755-278ip 1 3O9i-310c> and 

remained Steady to close at 2754-278*0 
1 5081-303 ic). . 


'ILVtiR fiumoa 
f4t* -fixing 
troy eg. 'pnotnjt 


L.M.E. 1+ or 

- cK*e i — 


UNCHANGED opening cm the .London 
physical market. Little Interval through- 
out the day. rioeins quiet. Lewis and 
Peal repon that the Malaysia go-down 
price was 206 >205) cents a kilo (buyer. 
May>. , 

N«fct " 1 i” " 

R.S.&. Yn.l'rday‘» Prvvinu* ■ llUklnesa 
— cliM , i'Iuoo I »lune 


Mar 50.50.5B.60i 50.45.50.50 60.75-50.46 

■liui# . .. 51.10-51.16' 51.15-61.25' 51.15-51.00 
Jly-Sept 51.95-52-00. 51.80-61.30i 52.10-5U6 
uii ■ Dec 52.95-65.Dff. 52.96-52.00 55.2ffM.80 
Jan-Air. 54.40-64.45. 54.60.54.55 54.&ff6430 
Apr- Joe 55.70-56.76 65.6ff66.05i 55.90.55.70 
Jl.v-sep. 67.15 5735 57.25-67.40 57.20 
tVt-Uw 68.55-M-S5 58.70-50.96, 58.70-5836 
Jan Mar 59.80-60.00 M.OO-6J.5D, 60.00 

Sales: 274 (SSOi lots of IS tomes and 
24 (20i lots of 5 tonnes. 

Physical dosing prices i buyers i were: 
Spot 36P isoniei: May 50.7ap t50.75pi: 
51p fBamei. 

SOYABEAN MEAL 

ik tenjay + "r-r . But. Iren 
: Clo*e I — | Done 

•£pert»>noe f 

April 158-00-4031 + 1.0 1 - 

June 123.60-29.0 + 0.90 1J1.00.27.00 

Auau*l 129.50-293 150.M-2630 

October 126.00-263 t 0.2S 127.20.2639 

Vvxmler ... 320.60-21.5 -0.10 12230-20.00 

FeKruarv 121.70-25.0 -035 - 

A|»ril 122.06-24.5 -0.75 

” Sales: 162 isame) lots Of 100 tonnes. 


■ipni j 277: Ip '+1.85' 277.1 . .+ 1.1 

> mf*mha-.i ««2.4p . :+1.9 2b2.l5p .+1.05 

tnonibs- 2B88y 1 + 1.9 - - 

motiths. 1.5^3. Ip 1 + 1.9: — i 

LME— Turnover £66 <333 1 lots Of 10.000 
ounces. - Morning: Three momhs 2S2. 
2.4. 3.3. 2.S., 2.7. 23. 23. Kerbs: Three 
momhs 2312. 13. 23. Afternoon: Three 
months 2817. 83. 823. 23. 13- 13. 2.4. 
Kerbs: Three months *S823. 2.3, 2.1 2, 
1.9. 1.7. 13. LA. 13. 13. 


GRAINS 


COFFEE 


Market Reports & 

by.. ^ 




Inter Commoditu 

Limited 

Specialists in 'Fundamental Research 


To: Inter Pftmjnodfties Ud 

3 Lloyds' A.venue. Landoa:HC3.N 4DS 
.Telephone: 0} -381 J JOI - 

a»esend me vmir Markel Reports for 4 weeks free of charge 
I without obligation. 


. Telephone \'o 


In quiet . coodWons London opened 
steadier, reports- • Ores el Burnham 
Lambert. Early local short sellers were 
out of tune irilh ihe general steadiness 
and to udd- afternoon value* moved 
higher Dealers sold one reason for the 
strength was an unconfirmed report that 
Brasil was possibly about to revise its 

current crort e stimates downwards. 

: fYewerday’;, ‘ 

COFFEE [•■<*»» +_«-| Bmones. 

i£ pe r tonne j 

May ^6503564 + 56.5 1650- 1496 

Julv -1410-1420 * 56.5 1420 1566 

Seuiembnr .< T367-I5BS . +S4JJ 1582-1501 
>,jt-e>Qber— 7505- ISM *48.S 1565-1275 

Januaay 1S7B-I285 ' + 45. 0:1260-1 260 

ilartjh- .124B-JS8 +56.0‘ . - 

May — :--- ■. 121 3-42 « +32Jh — 

. Sales:. 1,95* ,79801 -lets or 3 tonnes. * ' 
ICO .lOdlcaur prices^ for April 18 fU.S. 
cents per., po&ndi: -Colombian MUd 
Arablcas 04.50 (ITD.OOi; other Mild 
Arab lens ■ ■ 18334 H9436>: unwashed 

Arabicas 170 A0 (333.24 >; Kobustas 145.00 
1 145.36'. Dally average 164.12 '164.3*V 
Aft ASICAS^The markel ' had a very 
quid day with value* riostnp £2.M to 
Eo a higher- reuons. DEL- . Fries* ' in 
order buyer, seller, change, business— 
Aanl 298.90-73 JR: +5M: SOS-OiMO i«. 
Jonr 187.50®; +S.M: 1ST 30. Aw. 

175-00-30 00; ”*8.23: .ail. Dot. I3B » 
60.00:' +3-00: nil. Dec- HnsO-to.W: 
+4.00; nil. Peb. W^ff-tStA*. v3,73. ml. 
April 1 $6.00-46. W; +4.98: mL Sales »L 
lots Of 17—30 kilos. . . . 

cocoa ; 

Win* a weak Loroinn opening prices 
remained static until A' err York opeaiBS 


LONDON FUTURES— fCAFTAt — The 
market opened unchanged on old crops 
and moved io 10 lower bat sood commer- 
cial buying was noied and valuta quickly 
moved higher with a firmer fob marker 
belpiog the rise. By the dose values 
had climbed up io 110 points higher wlih 
a good ex-store trade In barley encourag- 
ing short covering In May. . New crops 
were always svady and hedge selling was 
easily absorbed. Values firm between 
65.93 higher with heavy profit-taking limit- 
ing wheat's rise against barley. Ac!) 
reports. 


!ie►terI1a.v , ^| + o«• ,Ye*ior«bi.\ *r * or 
M'nthi •+■*«• I — ■ no* — 

Mat I 95 30 i+ TlO' 83.90 [+1.10 

I . i 5.50 ' + 0.801 81.10 <+0.90 

Amv. 1 86.95 . + O.60' 83.60 i+O.SS 

Jan. 91,45 i + 0.701 86.10 1+0.80 

Mar. 93.B O I+O.B5 - B8.30_|+0.76 

Business done— Wheal: May 94.70- 

95 90. Sept- 86.00-36 50. Nov. SSjffSLW. 
Jan. 91.23-91.30. March 93JffM.sd. Sales. 
196 mis. Barley: May 62.7ffS3.U. SepL 
M.eo-Sl.19. Nov. S3-13-M 6U. Jan. 85-Sff 
86.10. March ml. Sales. 283 lots. 

IMPORTED— Wheal: CWRS No. 1 13J 
per cent. Aprtl-May 95 JO seller Tllbnry. 
U.S. Dark Northern Spring No. S 14 per 
ceiii. April-May 86.33., Hay-Jhne 85.73 
sellers transhipmem ast Coast. 0.5. 
Hard winter ordinary unquoted. Austra- 
lian wheat tmquntetT. 

Mateo: U.5-r French Mar 395.75, June 
1QGJ0 sellers transhipment. Eos Coast, 
S. AIrtcan Yellow Uay-Jnoe 81.00 seller. 
Kenya Grade hree unquoted. 

Barley: unquoted. 

HGCA— Location ex-farm spot prices. 
Other ml liras wheat— No prices. Feed 
wheat -Hertford 90.30. Feed barley 
Reriford 73.78 

The L.K. mnnclarv toeflidcm lor the 
week hngtnnina April 2* will r<-mam 
onrhatigod 

EEC DAILY IMPORT LEVIES— The 
iollmrinB EEC leva-s and premiums art; 
effective Tor April 20 in units or account 
a tanae. In-ordcr current levy 1 nluS May. 
June jnd Julv premiums mlh preriOUs In 
brackeisi. Common wtaeAl— 83 92. 0 32. 
OJ52. 0 32 iSi.92. nlL idl. nil*. Durum 
wheat— 13032. rest oil • 1SH7L rest till*. 
Rye— 51 37. rest nil *S1 37. rest nil). 
Barley— 7 j. OS. rest nil (73.09, rest mil. 


LONDON DAILY PRICE for raw 

War 09 00 i£JW. 06> a term- ctl lor 
Aonl-May-Jun? shipment Whit- sngar 
dally price was fixed at £19(30 *£283.30 *. 

The marker fell away at the opening 
with the decline led by the prompt 
May position reports c Caamikow. 
However, good support was apparent 
scale-down and prices recovered 
around 30 points from the lows by bre 
close. 

Smier ‘ I 

Href.* jYestends) '* Previous i Bueuins 
Coni tit. j CIum! t 'Close . bun- 
t-cun. . ; I 

* i . *~* — 

£ i«r ujime 

May.. .. lit 0.9M 1.00 102.10-62.26 10230 10. 2S 

Auu 106.70-03 j 4) I08.7O41 b .76 107.264)4.60 

L*t*t :10t. 30- 04.35 108.76-08.80 110.SO-04.15 

lire Ill2.69-12.55 113.SB-1S.40 U5.76-ll.60 

Msreb . 113.55-18.50 i2fl.2M0.40 120.75- 19. 0 

M»v 1 125. Off 2:- .23 124.00-24. 10 U4.60-22.26 

Au il ,12630-27-00 127.M-2AOO 126.00 

Sales: 3.981 i3.t>bJ* lots of 50 tonnes. 
Tate and Lyle vx-reflnery price Tor 
granulated basis while sugar was CM2 40 
isame a ruoue lor home trade and 
£161.00 i same i for u-rpon. 

International Sugar Agreement: In- 
dicator prices i US. cents per pound. 
Tob and Stowed Caribbean porti: Prices 
. for. April IS: Daily 7.37 ( 7.681: 15-<lay 
average J.67 <7.69>. 

EEC IMPORT LEVIES— Hie follow- 
ing Import levies (or white and sugar 
are effective tor April 19 in units of 
account per 100 XjIos twilb previous to 
brackets!. White sugar (denatured and 
nan-denatured i 27.40 isamet. Raw sugar 
S.1S I2LS9L 

WOOL FUTURES 

LONDON— The market was slightly 
better In a light trading volume, reports 
Baebe. 

i Pence per kiloi 

Atwm Iiaii~Tester»f ’y s' + ori Suamen ^ 

GittwHVol. Cko-e — ! Uvk 


May 227.0-29.0 +5.0 227.0 

July. 251-0-52.0 +2.0, — 

Uctofier 255.0-57.0 — 

Dtuomber ... 254J^0.0 + 1-0, — 

March 289.M2.0 -‘0J — 

Mar 259.0-42.0 — 

July 840.W2.0 — 

October ...... 248.ff47.fl — 

SYDNEY GREASY— Close tin order 
buyer, seller, business, sales i — Micron 
Contract: May 341.6-S42.B- 342.5441.8. to: 
July 347.0-347 J. 317.4-347.0. «: OcL 350.3- 

331.0. 351.0- S31.6. 6 : Dec. 33B.IMS8-. 
35S.1-3S8.1. 2: March 3663«7.0. 367 j- 

367.0. 3: May 370.4-37U.3. 371.0-376.5. 11: 
July 372.6-373.0 , 373.3-3^-3. 1: OcL 373.3- 
375 j. 375.2-373.1. 3. Total sales: 51. 
BRADFORD— There was a complete 
clearance at the 1.4m. kilos offering fol- 
lowing wide competition. Compared with 
ihe previous sale on March U. picks 
were 3 per cent, dearer but supers 71-16 
Per cent, cheaper. Fine topmaking were 
fully 2i per cent, dearer, half-bred* 24-5 
per cent. down. Kenia firm. Massams par 
io 24 per cent, dearer, Radnor and Welsh 
all 3W per cent, dearer. Swaledale 5 per 
cent, up except Casir and Pick, which 
were par to 24 per cent, cheaper. 

COTTON 

LIVERPOOL— Spot and shipm ent sales 
amounted to B8 ironies brmgmg tbe ratal 
for the week so far to $74 tonnes, reports 
F. w. Tarrersalls. Renewed business hi 
a wide variety of types was recorded. 
Add id ratal contracts wore Placed m 
Middle Eastern Qualities. 

MEAT/VEGETABLES 

SMITHFIELD forlce? In Pence per 
Dmind > — Baof: Scmilrh killed sides 5E.3 
to 36.0: Ulster hlndauarrers 68.0 to 69 0. 
far ecru after, 37.0 to 390: Eire hind- 
quarters 68 0 io 70.0. fr>r«iuaner» 37.0 
tn 39 0. 

Veal: English fai- *>5.0 rn 78-0. 

Lamb: E nulls'll small, nea* season 66 0 
to 72.0. imported frnren* *4" PL 4fi3 
to 47.3. PM 45 0 In 45 S- PH 43.5 lb 44.8. 

Park: EncHsh. under lt» lb* 38.0 M 
«.0. 100-120 lb*. S7.0 m C-9- U6-1M lbs 
26.0 m 41.0 

MEAT COMMISSION— Averse? ratsrock 
prices at represcnutivc market', on 
April 19 C.B. — Csllle. 89.»P Per kg hr 

.•-n64*.: U.K Sbt\*P. UO.Bp Per kg cat 

dew i + 1.3a: C.B -Pick «- T " Mr kg Iw 
i +0 4*. England a»d Wiles— Cattle 
numbers «p 3? per cent average price 
E8.3j> 1+0.42); Sheep numbers down 8.4 


per cent., average pnee I4l.7p f+l.lri: 
Pig numbers up AT per ct-ni.T average 
Price 6 ! 7 o ' +9.4i. Scoriand— Canle 
numbers down 10.6 Per cent . average 
pnee US 04p ■ +1.23 *t Sheep numbers up 
4 6 per rani., average price 1S3.6P <—0.2*; 
Pig numbers down 45.8 per cent., average 
Price 69. Op i + 4.7i. 

M1.C forecast rates oi U.K. MCas for 
we,»h coinm^nLins April 24 • previous 
week's figures in braefc-m. Kresb or 
rhlll*-d beef carcaSi-a: Vt.Ctp Her ku. 
< 38.43i. Green bacon sides: U6022 per 
tonne i?Sd.!2i. 

COVE NT GARDEN (prices in sterling 
per paefcag-.- except where otherwise 
stated i : l mported Preduco : Oranges— 
Spania: Bluods 2.20: Cyprus: Volcocla 
Lares 13 kilos 2.4O-X60; Jaffa: Shamood 
3 73-4.05: Eannian: Valencia Lates 2.00: 
Moroccan: 2 30-2 66: Texas: 3.S0. Lemons 
—Italian: 100/120B 4 00-4 20; Cyprus: 2JU- 
3.30: Spania: Small trays 25<-50s 1.60: 

Californian: 3.50-4.06. Craeefrml — Cyprns: 
15 kilos 2.50-2 M: 20 kilos 3.09-3.80: Jaffa: 
20 kilos 3.09-3:73: U.S. Ruby Red 13 Wloa 
4.80. Apples— French* Cold-n Delicious 
26-lb S4s 2.30-2 70. 72s 2.763 00: 40-lb 5.40- 
6 00. Golden' Delicious, nimble pack, p-t 
lb 0 12-0 73: Italian* Rome Beauty, per 
lb 0.13. flokk-o Delicious 0.11-S.li. U.S * 
Red Delicious 9 OO-S .-ji: S. African- 
Dunn*« 6 40-6 SO. .louatt.an K 80. S'r.rking 
Delicious 8 W-S 30 Oitlean Granny 
Smith 7 <to-7 26: Vew Zealand- Cox's 
Orange Pippins 182 234 7 00-s 00: Denish: 
Per lb Cot's n 194.18. Soaruns n.jD-011. 
'•ears— South African- . Canons. 
Packham's Tnumph 6 96-7.40. Reurre 
nardy 6.30-7 im: Dutch- Cnnlenmce per 
lb 0 14: Belgian: Conference 0 10*6 12. 
Grapes: South African: New Cross 5 88. 
Rarifnka J«i Bananas: Jamauan: Per 
lb 0 13. Melons— Chilean: White 4.50. 
Green 5 sc- Colombian. Green 3.00. 
Avocado*— Kenya: FiK-rte 14 ■'23s 4.56-4.60: 
South Urie 8 n Furrte 4 sn-» sn straw- 
berries— Israeli: 0.45: Spanish: 0.45-0 56: 
Californian- I 00. pineapples — ivory 
Coast: 0.40-6.90 each. Onions— Dutch: 
large 2 60-2 40. medium l Off 1.20: Chilean: 
hips appror. 5Wb 33s 4.30; Italian* 2^0: 
Canary 4 00 Caasicoow— Kenya: Per lb 
0.40: Canary: 0 40. Celery— Spanish: 15s' 
36s 5.06-5.30: American: ?ts 5 60. Potntaes 
—Canary: 5.30-3.70: Egyprian: 3.70-3 96: 
Cypris- 3.96. CaulfRewers— Jersey: 5.90. 
Cucumbers— Durrh- 14 1 6s ISO. Tomatoes 
— Canary- S 00-4.60: Jersey rmr lb 0 40: 
Dutcb: 0.40: Guernsey: 0.33-0-40. 

English Predoce: Patatnes— Ppt 56-lb. 
whites -reds 5J)0-? 40. l*iute*-P*r 12s 
1 Beetroots— Per 2«-fb 1.10 Twraips— 
Per 29-lb 0 50. Carrata— Pm* hag n hh-l no. 
Parsnips— Per W-lb n Sfl-1 00 Onions— 
Pit 36-Ib 1 "6-2 0" Swedes— P .t S 9-lb A 50. 
Rhubarb— Per lb. outdoor n nsji io. 
Cwcpmbers— Per reay 12'?4a l. 90-2 46. 
Mushroom*— Per lb n m. Aaplaa— Per th 
Bramlrys 0 1 3-D 19. Co+*s 0’-nn= l > P>pp|ns 
0.16-0 20. Listen's 0 694119. Paarp— P-»r lb 
Conference p 3241 13. Tomatoes— Per lb 
English 6 <n. Greens— Per craie Kent 
fi.Sfl. CaulMewars— Per lls 2 .60-3 00. 


COLD WEATHER was causing 
problems for farmers in the key 
grain-growing area of the 
Ukraine, Izvestla reported. 
Soyring of spring cereals was 
behind last year. 

By April 17. 6.16m. hectares 
had heen sown as against 7.44m. 
last year. 


PRICE CHANGES _ 

Pnces per tonne unless "liJCnWfe 
slated. 


MOSCOW. April 19. 

Last year was a record in the 
Ukraine, which produces about 
one-fiftb of the Soviet Union's 
grain. Farmers sold 18.1m. 
tonnes to the state. 

The U.S. Department of Agri- 
culture said favourable growing 
conditions in China continued in 
the week ended April 18. ‘ . 


U.S. Markets 


l\pni 19 +01 

Moo ib 


sen 

' 1 . I 

Ll '680 L.J...J 

L68D 

1 ^9aO-95' 

Sfl;O-60 


CopMen.-a-b W. Eter-|£6B0.96I— 1IJ}£666 
5 ninnt h* .Io. -Io, |£707JB^-11.0!£680 

Ua-bLwburtB C6B2.5 r— 9.0 i£e 56 

S month- "to. do. |t;6B9.2Bi-^JJ -£671 

Gi>ut .Tim* of . S !/««[ +O.IB s 186 

Lea-1 Lw-h |£299.SS— fl.ffl;£300 

3 oiiinih-. j£5Q6.75|— 8.7BIC311 

\..-Lu- ; l . I 

Free Slarkel iclf lb) 1 * 1-93 | ‘ ■ 61.9 

, ‘ 2.03i 2.04 

I * I ‘ : I 

Platinum troy oz..l£XL7 50) ^.|K1145 

Free Market _;£1 12.75 +0.2611115.7 

(Jui -Kfctiver t iri.ri.if> 130-35!.. — ..1*150-53 

•Silver tmi'oz. !277 1. \+UStA7BMp 

* mum b>- j288.4u [+ 1.9 |481.46p 

in. 0.^1 . _.ijl 5.87B 1— 60.0.LO.I62.5 

Jiiinnilu £5 875 ,—50.0; £5.775.5 

Winiriini:-.f|«ll». II.+ 1A0-45. ;>l+7 i3 

tin -wkIi 11*284 —9-5 :CH74.*> 1 

ommiiIi* ;£ 29 1.25- 10.951 i27B.25 i 

Pm - hi ei« >860-600; ,s5o0 

Oils l ' ' 

i. m+>nui iPhin |>540s !...— ..'5645 

un.niinim |*743 I.:. — '£681 

Linear' I Ciiideiri...:5557 1 + 2.0(5312 
Paira Malajau i*6Q0a j — 10.0’ *=60 


Seeds 

Cum** Philip |s?4B0f I... iS425 

Snyatwan tL'jJ.i....|s30l.5r;+’0.6 i&294 

Grains I ■ • 

barmy SBC ♦ | ; i 

Home Future*... f£B3.9 i + l.l l£75.9 

il+l-ee ; i ' 

Kenan No. iAm|£105.76*, -JEIOO.5 

Miieau , 

Au.1 Keijpi1ac.;£95.5y U 0.26;£90 

.No> H»ni wiiiu-i ■ ; i ..J ; 

biusii-Ji 3Ii>iiiu:..!£100r 1 i.JciDO 

Oom 'Ui|>mei)i....,L2.027 : + 12.0 £1,914 

Future July I £1.628.5! + 14.0l£X.B58 

Coffee till ure... I 

July it 1.4 IB ' + 6BA-CI.424 

Liumi (mfex .. 69 35 * — 0.25’ 69.05c 

Uui4«r tiki ; 50i ).*.. .1 47.311 

-ugariHawi -99 1-2.0 £95 

Wwiwt»*L mlo- 1 275y ' ~.'27Qp 

” Nominal, i Unquoted. » May-Jnne 
t May-Aug. u June. •• April-Jnne. y April- 
Has. : May. x Per ton. j 


Aid boost for 
Bangladesh 
tea industry 

MRS. JUDITH HART, Minister 
for Overseas Development, has 
approved a £22m. grant from 
Britain’s aid funds to Bangla- 
desh to help rehabilitate the tea 
industry there. 

This allocation will he used 
over the next five years to 
reverse tbe decline in tea pro- 
duction and to improve the con- 
ditions of tea estate communities. 

Tea is the third most important 
Bangladesh export, hut since the 
loss of the West Pakistan market 1 
in 1971. there has been a decline 
In production and in the living 
conditions of the tea esta*.? 
workers. 

The money will be used for 
replanting, fertilisers, crop 
diversification, forestry. and 
technical co-operation to help 
with the running of the industry. 

The project should improve 
Bangladesh's balance of pay- 
ments bv reversing declining tea 
output ’ and improving the 
quality, as well as increasing 
employment 


FINANCIAL TIMES 

Apr [9. Apr. 13; jiunlh ftqoj Year 15 

239.82 ;c40.72 j 234.26 *274.85 
(Base: lolV l. 1957=100) 

‘ REUTER’S 

April 19 A pi 1 lSjMiuiUi «ei4 J'ear nun 


£44 5 .9 1452.0 [ 1401.7 j 173 7.7 
(Baas: S+Wwnber 1*. 1031=100) 

DOW JONES 

Tlow i A pi* Aj*fi' I AlunUi fat 

J-uie- ! 19 18 I ■Ui«* witu 

1 I 

->!■« ....'St 9 58 561 15|S58 45i4S3.00 
Fmiirea'^5a.Sgiaaa.l6f544^7t+££-52 
(AveraiB IBM- 2 3-26 — 1001 

MOODY’S 

April ifoatblYear 
Moo<lv' 19 IB «qo 

■*pio Commtv '.90S .7:906. 1: 902.7 *48.2 
(December n. IB3t=IB0) 


GRIMSBY FISH— Supply fair and 
demand seed. Prices per stone at atUn'a 
ride (unprocessed 1: Shell cod l3.3fi.SL20, 
cwUfnss £3.06-54.66: iarcr haddock £330. 
£4.20. inedinm haddock £3.60-14.00, small 
haddock £2 JO- £3. 40: terse plaice £3. 70. 
£120. medium plaice Q.4ff£4.40, brot 
small plaice f3.QMj.ffl: skinned dosilsh 
■ larcel E6.na. medium £6N: lemon sola« 
ilarsei £6.00, medium- J4.00. 


HIDES — Leeds, Firm. Ox 31-351 Hln> 
49 jp per kiln. 2&-30J kilo>> wilhdrawn 
32 .op. 22*23 kilos withdrawn 60.3p. Lisin 
cows 54. 4p per kilo. Coll under 4 kilos 
wiihdrawn 150j>. 


Copper and " 
sugar ease: 
coffe firm 

NEW YORK. April 19. ; 

COPPER dosed lower on disappointed 
Commission House liquidation. Precious 
metals finished slightly easier rol lowing 
strength of ihe U.S. dollar. Sugar ended 
easier on chartist and local selling. 
Grains eased- on commercial sellfrub 
Cocoa fimahed mixed. Coffee closed 
hifiher on rumours of a revised Brazilian 
crop. Bache re pons. 

Coca a— May 1S1J6 U33J5i. July 146.70 

■ 147.761. Sept. 143.35. Dec. 137.85. March 
133.1(1. a lay 126.35. July 127.05 seulenienis. 
Sales: 1.971. 

Coflee— ’ c " Contract : May 177.75- 
J-.S6 > ) 76.33 j. July 157. 73- 157. 50 H56.SSi, 
Scut. 141.60. Dec. 127.50. March 120.56. 
£ljy 117.5fflIS.D0. July 114.06-1 16,06. Sept 
li0.00-115.0U. Sales: 615 lots- 
Capper— April 5S.E0 1GU.IO1. May 58.70 
• «6 78\ June 59.30. July 59.80. Sepi. 00.50. 
Dec. 62.30. Jan 62.S0. March 63.80. May 
64.80. July S5.S8. Sew. «i SO. Dec. 68.30. 
Jan. 6S^D ketUemenis. Sales; 11.000 lota. 

Cettan— No. 2: May 57.15 iJT.jfli. Juljr 
39.4ff5S.45 1 58.37 1. Oct. 60.30. Dec. 61.13- 
6120. Msrrii 622K. May 62.S3-fc.90. July 
63JII-64.00. Oct. E. 73-63.73. Sales! 505.006 
bales. 

"Cold — April 173.60 H73.40I. Mu* 17390 
(174.001. June 174.30, Aug. 176.40. On. 
178.60, Dec. ISO. B0. Feb. 263.20. AprU 
2 S3 50. June IS8.50. AUc. 19IJM. OtT.^194.00, 
Dec. 19850. Fab. 199.70 suiUements. Sales: 
10J30D Ini.*.. 

♦Lard— Chi case loose 23.00 iramel. 
New York prime steam 24.50 traded 
■24.50 noiu.i. 

'Maize— May 25Bi:i38 (260'. July 2574- 
25a; >237(1. Sept. 236-255], Dec. 2574-257*. 
March ->631 ■264. May 266J. 

tpiatlnnm — July 2D8.M-2ne.20 >307.301. 

Oil. 212.30 i211.30 1. Jan. -. , l6.7ff2IA9l}. 
April 22o:sff221.00. July 224.90-TJ5.16. 
Sale*- 1.264 Iota. 

'Sliver — AprU 504.80 1 507.00 >. May 305-86 
. June 509.28. July 513.S6. Sett.' 

o-'0 36. Dec. 532.20. Jan. 53S.20. March 
544 JO. May 553.60. July 361 10. Sept: 
369.70. Dec. 5S2.90. Jan. 387.20 scrCe- 
menis. Salei: 11.000 lots. Handy and 
Harman spot bullion 504.06 <305.001. ■ s 
Soyabean* — M ay 7:3-725 <T22l. July Til- 
712 1 715'. Aug. OSS-SM. Sepi. 0551. Nnv. 
S29+ 6301. Jan. 634-633. March 041. May 
M3I-645- 

n5oyabean Meal — May 1 79.06-1 TS.Sff 
! rial Mi. July 162.00-182.S0 1184 80 1. AuBi 
181,30. Seal. If 3.50. Oct. 170.50. Dec.* 
U3.1M68.20. Jan. 170.00. March 173.30, 
May 174. Off 175 .00. 

Soyabean Oil— May 27.4W7.30 <27.3Ji, 
Jnly 28.75-28.60 ' 26.601. A nK. 25.95. Sept.- 
ojun, Oct 23^5-23.60. Dec. 12.D5-52.9a, 
Jan. 22.73, March 22.70. May 22.35- 22.45. 

Suear—Mav 7.30-7 33 i7.61-7.B2i. JidV 
7 71-7 72 > 7 80-7.81 >. Sept. 7^. Ocl. S.07- 
S OS. Jan. 9.40-3.63. March S.'S. May 9 D8. 
July 9.23-9.35. Sent. 9.43-9-6U. Sale*,: 
4.433 lu 1 '. 

Tin— 493.00-S00.00 naked <561.00 askedt. 
-Wheat-May 2221-355 i 324J.. July 357- 
£3: .sail. Sept. Sai-330. Dec. 337. March 

^WINNIPEG." ApnJ 19. + ♦Rye— May 

moo bid 1114.30 bld>. July lil.ia 

■ 112 00 asked >1 OcL 116 JO. Nov. 112,00 
pom- Dec. 112.10 nam. 

“oat»-Ma.v 84.00 bid 'Si.JOt. July 
SO.OO bid 179501. Oct. 79.50 bid. Dec, 

“MrtHW 83-00 iSiaii. July Sl.w 
asked 'S1.00 asked). <>cl 80 JO asked, D£S- 

m nft bid. 

5 * Flaxseed — May 259.50 <230.50 bWl, 
Jnly 259.20 asked f237.00 oskedl. Oct. 
262.10 asked. Nov. 201.00 asked. DeCj 

” b '*WfiMt—SCWRS 13J per cent, protein 
cvineni df SL Lawrence 167.29 flB7.75». 

All rams per pound ex-va rehouse 
unless oihenrise Staled. "Ss per troy 
ounces— twi ounce Inis, t Chlcaco looae 
«s per 100 lbs— Depi oi A£. prices pre- 
rinus day. Prime Steam l.Ob. NY bulk 
tank cars. * Cents P-i 58 !h bushel es- 
u-an.-bousL-. 5.000 bn she i 1019. 4 Ss per 

froy ounce- for JO ounce units of 99 9 per 
ccm puriiy delivered NY. *. Coma per 
troy ounce ex-u arehousc. I! New '* f* '* 
-omract In Ss a shor< ion for bulk Iota 
nr 100 s!»n ions delivered f.ob. cars 
Chicago. Toledo. St Louis and Alton. 
— Cents per SB lb bush-i in store. 
, c.’-nis m-r ?4 lh bushel, li Cents per 
4* th bushel ex-warohouep. f? Cents per 
' pi ib bii'htl ex-warehouse. 1.000 bushel 
I lois "SC per tonne. 





40 


STOCK EXCHANGE RKPORT 


Financial Times Thursday; April 2<3 19 




Equities up again helped by revival in British Funds 


Share index up 8.1 more at 461.6— Short tap exhausted 


Aecrant Dealing Dates 

Option 

•First Dedara- Last Account 
Dealings tions Dealings Day 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May 10 
May 2 May 11 May 12 May 23 

* “ Hew lima ™ dealings max taka Rian 
(ran U# a.m. two bedims dan earlier. 

Equity markets continued in 
good heart yesterday, fresh buy- 
ing interest being stimulated by * 
revival in British Funds. Sentiment 
in the latter was given a sharp 
boost by the Government broker s 
decision to reactivate both the 
Short and long tap stocks, which 
in turn alleviated recent fears of 
another 1 per cent, increase in 
short-term interest rates in the 
near future. A good demand 
developed for the shorts where the 
tap was quickly exhausted and 
final quotations recorded rises 
extending to ft. Gains in the longs 
extended to i and the Government 
Securities index rose 0.41 to 72.16. 

Demand for the equity leaders 


Following the previous day's 
tussle between buyers and sellers, 
the investment currency market 
yesterday more markedly re- 
flected profit-taking after another 
good business. The premium 
opened slightly easier at 115 per 
cent and fell away further to 
dose at the day’s lowest of llQi. 
per cent for a net Joss of 4$ on 
the Overnight level Yesterday's 
conversion factor was 0.6664 
(0.6547). 


2} to 128$p in front of to-day’s 
annual results and Tilbury Con- 
tracting finished 5 dearer at 253p. 
Elsewhere, Ruberoid continued to 
reflect satisfaction with the 
annual figures and rose 4 to 3Sp. 
Heywood Williams improved 3 
more in a thin market to 91£p t 
while Johnson-Ri chard Tibs, 
114ip, rose a like amount, stimu- 
lated by hopes of developments 
in the Hepworth Ceramic bid 
situation. Be tter-than -expected 


Banks firm 


urns again of fairly modest pro- 
. - 


portions but, with stock still m 
short supply, prices were quick to 
respond and the FT 3CHshare index 
closed at the day’s best with a 
rise of 8.1 at 481.6 for a two-day 
advance of 14.9. Gains of 6 were 
fairly numerous in the index con- 
stituents, but Dunlop were a 
solitary dull spot at 79p, down a 
penny, awaiting to-day’s annual 
results. 

Secondary issues met . selective 
support— rises led falls by 9-to-4 
in FT-quoted Industrials — while 
company trading statements and 
the occasional burst of speculative 
inteerst helped enliven the day's 
proceedings. Among the sectors, 
Banks recorded some useful gains, 
sentiment being helped by the rise 
in base rates and hopes of an 
increase in bank charges. The 
IT-Actuarles index for the sub- 
section rose 2.5 per cent, to 193.33. 
Official markings of 4^68 com- 
pared with 4.608 on Tuesday and 
5,180 a week ago. 


The major clearing banks made 
useful progress helped by Press 
suggestions that their charges 
may be raised in the wake of the 
Price Co mmiss ion's report. The 
1 per cent increase in their 
respective base lending rates had 
already been discounted fallow- 
ing last week's similar rise in 
minimum lending rate. Barclays 
closed 10 higher at 353p and 
NatWest added 9 to 2S2p, while 
Lloyds and Midland were both 7 
higher at 270p and 360p respec- 
tively. Discounts mirrored the 
finned trend in gilr-edged. Clive, 
a further penny dearer at 79p, 
continued to attract support in 
front of to-day's preliminary 
results, while Alexanders put on 
4 to 238p as did Gerraid and 
National, to 166p. Antony Gibbs 
hardened 2 to 42p in response to 
the increased dividend payment 
in Merchant Banks where 


140r 


Motors and Distributors 


F.T.- ACTUARIES 1M)£X 



Gilts in demand 


British Funds had one of their 
best day’s for some time yester- 
day. Fears of a further hike in 
short-term interest rates, which 
hare recently he/d the market 
back receded into the back- 
ground when the Government 
broker reactivated both tbe short 


and long tap^ stocks at the start 


of business. Re-established at Stfj, 
the short tap. Exchequer 8} per 
cent, 1983, met 'with some, lumpy 
buying and was almost immedi- 
ately exhausted; the market price 
ended at S3 f, up f . A heavy trade 
ensued in the other shorts where 
gains ranged to ft. A good de- 
mand was also seen for the long 
tap, Exchequer 101 per cent., 
1995, which was reactivated at 
88} and closed | up at '87. Rises 
of i were widespread throughout 
the rest of the longs while, in 
undated issues. War Loan firmed' 
i to 34*. 


Hambies improved 3 to 166p. 
Hire Purchases picked up on 
lessened fears about dearer credit 
and Wagon Finance ended 5 
higher' at 47p, while UDT put on 
3 at 40p; the announcement of 
the sale of a partly-owned South 
African subsidiary had little 
apparent effect on tbe UDT price. 

Composite Insurances moved 
higher In thin trading. Royals 
added 7 at 3fi0p and Guardian 
Royal Exchange rose 4 to 2l4p. 
Elsewhere, Sun Life relinquished 
a penny to 96p followrinc the 
interim statement and Hambro 
Life, at 305p. gave up 3 or the 
previous day's rise oE IS. London 
United, at 152p, hardened a penny 
more on further consideration of 
Monday's announcement of record 
results and the proposed scrip 
Issue and share consolidation 
proposals. 

Breweries continued to move 
ahead, but trade remained light; 
sentiment was helped by a 
broker’s circular suggesting that 
companies would benefit from the 
Budget measures. Bass Charring- 
ton finished 4 up at 154p, while 
Allied, 87p.- and A. Guinness. 176p. 
put on 3 apiece. Dist filers moved 
up 5 to 180p and A. Belt 6 to 234 p. 

In a much improved trade, 
Building issues held -widespread 
gains with AP Cement up 5 more 
to 232p and Tunnel B 7 better at 
245p. In the Contracting and 
Construction sector. Richard 
Costain, 248p, and Taylor Wood- 
row, 34 dp, put on 4 and 6 re- 
spectively. John Mowlem firmed 


annual results helped -Royeo add 
2$ to 4ip, while renewed specu- 
lative buying lifted Brown and 
Jackson 3 higher to 71p. In 
contrast, Montague L. Meyer 
eased a penny to 76p after 
acquisition news. 

Despite the chairman’s cautious 
view of prospects, ICf remained 
a firm market, and in good busi- 
ness. closed 6 to the good at tbe 
day's best oE 341p. Further small 
buying in a thin market lifted 
Allied Colloids 4} more to Tip 
but, in contrast, Stewart Plastics 
eased 4 to 224p. 


hardened- 2 to ffip In response to Unilever, to 488p, whfle Boots 
Press comment Overseas issues were 3 higher at 206p. Elsewhere, 
bad contrasting movements in Horizon Midlands stood out with 
Sony, up 10 more to 740p, and a rise of. 10 to. lQ3p lii response 
Pumps' Lamp, 35 easier at 93.5p, to the . proposed, dividend- 
toe latter on. doiiar premium infiu- boosting rights* issue, and. Eesto- 
encea. bell gained. '4 to' 154p- following 

A favourable Press assessment the results. -Wade ■ Potteries 
of Che annual figures helped touched 37 p on -the higher .first- 
Hawker pick up sharply and close half profits before closing s .penny 
14 up at the day’s best of 202p. firmer on balance at: 34p. 
Other 'Engineering leaders -also Speculative support was .forth- 
gained ground in thin conditions coming for Vinton- -which added 

8} £o -99p. Early - profit-taking 

" _. recent bid hopeful Johnson Group 

Cleaners took them down to -94p 
before a resurgence ' of - specula- 
tive ■ demand in tbe later, stages 
prompted a rally to leave a dose 
of 10 Ip, up" 2 .on the day: Leigh 
Interests put on .3 to 146p-in a 
thin market gnd gains of around 
4 were -recorded in Royal) 
Worcester, 129p, Slebe .Gorman, 
164p, and Dnnbee' Gmnbex, lgflp. 
By .way- of contrast, Walker .and 
Homer fell -2}- more -.to- lljj- on 
further consideration-, of the -in- 
terim profits setback.. 

Motor -Distributors, attract e d - a 
reasonable trade -and -closed 
firmly. H. Perry stood out ,af!75p, 
up -8. in -^rout of .'to-days' pre- 
liminary ■' figures,, while Appltyari 
responded- to ' the annual* report 
with a rise of .4' to-S3pl BSG In- 
ternational closed a shade - 1 better 
at 41$p oh further consideration 
of the results,- arkf-Hanger Invest- 
ments- 2 harder ; at -28p -on: second 
with Tubes 6 better at 36fip ‘ about the. pUpoed 

GKN a like amount dearer at264p; attracted ^SUpphrt ■'and: rose "2 to 
the latter s price was incorrect in Tjjjp while -gains'’ of ^ ’.3 ;Were'-seen 
yesterday's issue. Secondary stocks in Charles : Horst,-. 93p,, .and Tare 


to 770p in. a reasonable trade and 
Shell rose. 7 to 527p. Ultramar 
rere particularly firm fttf 
15, while Lasmo gained ; 10 v to 
156p. CO 1 North Sea dosed' 12 
dearer at 900p following news of 
the acquisition of the -stake, in 
Hampton Areas. . - •-'... “i .. .; 

Still reflecting specnkhfvB 
-interest, J. £L Sanger improved 
another 3 . to 3Sp. Rousted -edged 
forward IJ'-to: 31p- following 
-acquisition news, while renewed 
support took ■ United- City 
Merchants up 2 more to 64p.;> 

Attfcougfi trade, was at .4 
reduced level. Investment 'Trusts 
were again widely better. General 
- Commercial rose 6 to X32p, -white ' 

Canadian , and Foreign, '105p; "and 
Continental and Industrial, 183jp, 
put oh 4 apiece. Atlantic Assets 
eased :to £5pon news of the . com- 
pany’s purchase of a 29 per- cent 
stake in its managers .Ivory 'and 
Sjme before rallying to dose only 
margin aSy easier on balance at 
S6ip. In Financials, speculative . .- 
interest lifted Hambros Trust 3 best levels 
to 30p and Authority Investment ' The Gold 


FINANCIAL TIMES STOCK WDICi 


■y y : 


Government Sow, 
Steed Inta>HC»~A_J 
Industrial Qtdhmj^j 
Gqki 
OnL Div. 

8amln^TTdS£ftiIbCl( 
P/B KsdoOw^K*!)— 
De*ling* marked 
SqalSy runwrar 
' Bqulty bsigatastoUt. 


.‘Apr- 1 Apr. 




_6SLI1.'71.«|' 80.4,7} 
•14,666! 14.780 


.. r- 

14.485. " ■' 

1 „ 


Noon- 457.7. 

2 PJU.4S3J. 3 p.m. 4SO.T. 

-LatMt. Index 8826. 

Based on S per raoh comaxtira nr 72fll=rPi ' J 

Basis jpo GovL-Secs-'-u/iO/isar fixer mr; war.- lod. Otd; 

M HJt/S. - SK AMtrttr 1 M* ■■■■■. . <• 




; Mines UUS/35. - SB AcUrtty Jnly-Ded' 1012. 

HIGHS jwb tibws 


S.E.ACTI 



.1878 , ; ' . 

Since Compilation 




7 .'Low- 

- Hfefe 

Up* •. 

: j T 

Cruet. 6ow— 

Fixed. lot.™ 

. 78.58- 

81.27. 

.®rtJ 

:71.s 6 
,.(MK j; 

1 74.84" 
(17 Af 

127.4- 

mm 

JsaV 

(gEWMT) 

48.18 . 

•011/76) 

sm^ed J LBe.l 

lodostnes ."J 155.2 

Specula the-. 36.7 

...J -1D4.0 

lnL-OnL^. 

GoUMlae*. 

3 497.3- 

.m- 

168 JS- 

m \ 

-433^ 

1ZQX 

•:m . 

>548.2. 

4«t 5 1 

49-4 

wm 

43.5 

£26/10/71) 

b-riBr.VVraffpj- 
"U ilvBdftedV'170.0 

ladostri&fo.J 168 j8 

Speculative.. .1 35.1 

TotaL. i-f 111.1 




.. 

\:V 


'y.- 


London-registered Finai^ ■!! : 




.. . index recovered Gold Fields rally strong’, • 

31 to 39Jp. Awaiting tiHtMrroWs 3 j to KLl_^atot an. accnmnla- tote tcade to dose 5 b 1 '-- 


preliminary 
improved 3 to 
idle and fea 


S, Pearson toVe loss ot 14.4- over the previous at 170 p, after 16.-, 

- - v -- «» ’were: five days. tJon Tmst, with results 't - 

itureless. - ■! Among -tiiejbeavyweiglxto Rand* to-day, put on 4 moretb>i:: 

Dawson International figured ‘fouteta dipped to £33i. f ollosvirig & two-day gain of 8. 
prominently In Textiles, rising. 10 the. reduced r.March^ « qa^terly Nortbern M i.m g were 'i 
to 112p on revived bid sp§cnte- Prefite- On the other hand Harte- . Anstralians - optimism 1 ' 
tion. British EnkaJon finished: -a- i»nt L .on , ito^SO|' 'reflecting Mmnan i>. s ,!«*. p«nt. iri 


were Irregular. Babcock and Of Leeds,. 5flp- -'Amcmg -Cdm- 

■“ente, Dnnlop finished’ a jpenny 


Stores good 


A firm trend prevailed in lead- 
ing Stores. Technical influences 
a^ain played a major part in 
bringing about gains of 6 and 
4 respectively in Gussies A 2S2p, 
and Marks and Spencer, 146p. 
whiTeUDS put on 3 to 88p as did 
Barton A, to lt6p and Deben- 
hams, to 101 p. Secondary stocks 
were also higher with Home 
Charm up 6 at 132p following 
Press comment on the results. 
John Menzies added 4 at I62p in 
response to the increased divi- 
dend and profits and Owen Owen 
edged forward a penny to 70p 
in front of to-day’s annual figures. 
Allied Retailers put on 3 to 2L5p 
and NSS Newsagents firmed 4 to 
106p. 

Electricals had the occasional 
firm spot. GEC rose 6 to 242p, 
while BICC. 117p, and EML 156p. 
put on 3 a piece. MJL Electric 


Wilcox were wanted at 122p, up 
4 but Weeks Associates shed that gSKSSJS JSllF?' ■ *?**** 
much to 31 p. after 30p, on p Wh{rh 

appointment with the preliminary. Collett Dickenson Pearee, which 
results. Hollite lost 5 to 133p and- tiie -prerions. day ;m xe- 

Taylor PaUister declined a similar to the higher, annual, pro- 

amount to SOp in a thin market fits, ran back- sharply . yesterday 
. „ . . . . . _ , . .to close that- much -easier at 58p, 

In Foods.. Associated Dairies after 54p, -oil concern about- the 
were supported at 224 p, up. 7. inland' Revenue's' /Intention to 
while Biscuit manufacturers made jaunch' . ' crfininal ' prdceedings 
fresh progress with Associated against the company Elsewhere 
rising 2 more to Sfin and United ^ Paper .^4 pricings. British 
4 to 134p. Cadbury Schweppes, an printing hardened 14. to 4S4p- and 
FT 30-share index constituent McC^uodale added 4 - at 2&p. 
from yesterday, finished a penny - r 

harder at 54ip. Spillers held at PrimArti^c tvottAr 
273 p after easing to 26-Jp on the rr0 P^ rD . . 

Threat of industrial action in the Property shares -encountered 
face of the proposed closure of useful demand- wUch continued 
some of the companv’s bakeries: in late dealings. -In the leaders. 
In Supermarkets, William Low Land Securities finned 5 to 19Sp 
eased 2 to 98p on the first-half and English Property li to 30£p. 
profits setbark. city Hotels lost MEPC ended 2 dearer at 

a pennv to 108p in front of to-dav*s lUp. Secondary issues notable 
preliminary figures in otherwise, for firmness included Great Pori- 
quietly firm Hotels and Caterers- which rose 6 to 368p, and 

United .Real, 4 up at 232p. 
Berkeley Hambro improved 3 'to 
87p: Fairview Estates rose 4 mote 
The miscellaneous Industrial to lllp on demand J n a thin 
leaders took Tuesday's technical market after, reports of the con- 
rally a good stage further. Helped turned rise in house, prices, while 
by a sharp upturn in gilts and Rush. and. Tompkins .closed' 3 
fresh demand in a market short better at lOSp. : 

of stock, Beecham put on 8 to ‘ Burmah' featur^ Ojls, jumping 
830p, after 635p, and Glaxo rose 7 to 54p after - the'- much-bettsr- 
7 to 532 p, after 533 p. Turner and t Han-expected '- annual- results. 
NewaB added 4 at ISSp as did British Petroleum .edged forward 


non. uitosh rawaKiii unJSHWE-a : camoanv’s 5 per cent it- 

shade better at 10*p oir the, Chair- the miproved profits in the , last dSnd l ; I 

man^optimistic statemenL^wMe qmrter, “ . •• SSmptST 14< 

Courtanlds. Ulp. and- Allied Lcwesr -pneed msues to move f n ^ shares to aJL978 hif' . 
Textile, 13Sp, put on 2 ;ajafecu. ah^d included Ventewpost, 15 conrinc Rio-Tinto — the 1 " <- ^ 
Tobaccos edged higher with'itiuM dnner: at:138p and Doornfon teln, holder in the venture— is * 
closing a penny better at - 76p and 17 higher at 231p- Marginals re- lff j» hi,rh of 217p ' ' 

BAT industries Deferred ;3vdearer-sponded to^ speculative . interest '1 * 

at 2S8P. ; with - Durban - Deep 22 up at 162 p ‘ ' 

Edworks came to the ,'fMe -ii ^ 15 t0 *** ^ that ' 

South African Industrials, xifing 5 ". : pent of the company' 

too 1978 peak ot 42p^ 1 , 7 ; ■ ' South. Alncan Financials were 01 ^ company. f 
_ . . erratic. ^AmwaT? dropped '-10 to' Elsewhere. Yukon Cot: 

Rubbers attracted .an nnpnmiti 505p and ' Up Investments 6 to rose 6- more to a high 
business and many ^1^^1978 210p, the latter lor .a .two-day loss owing to persistent-; bus.:-: 
. were vTCorded. BradwaD .©F 10: On the other hand Vogels thin market while Su~r 
rose 5 * to a^.l^H.-jnCT rose 4 to 50p owing to- a Cape, hardened a penny to a hi:. . 
of 4ap in response to . mbst a p tia fl y demand. - - - owing to Irish- buying. 


i 

. * 




^ r ’ C. 


Kr* *• 


- -;i v=; 


increased profits, . whili;'- ' 

79Jp, and CastIefieUL,^0p^p(kt.(in 
3 apiece. Guthrie - were >abo 
wanted at 25pp, up 1 Sr 'Lmmva 
featured Teas with- a rise'-bf 20 
to Z45p on fresh- speculative in- 
terest in a thin market" McLeod 
Rnssel were also- good -late -i at 
2 lip, up 7. on the 'profits., and 
dividend forecasts. ’ • ' r 7 ; 


Golds recover ;■ '/lr , 

South African Gofds.: moved 


Horizon Midlands np 


ahead for the first 'thoe -hi' -six 
trading days, reflecting .- tbe re- 
covery in the -bullion prjce, whicb 
was finally 75 cento 1 better at 
$174:375 per ouneja.; : ' . 

A firmer trend in overnight U.S. 
markets saw share prices marked 
up here in. the. morning- and 
improve further as Cape; buying 
became apparent In-tSe. afternoon 
interest waned and; prtc^f altered 
slightly but the emergence t qf U.S. 
buying in tbe after homa brelness 
left prices at or around. ^the*dayfs 

'. '■'r ■ il-.i-r. 


i’f J 


NEW HIGHS AND LOWS FOR 19; 

tNt 

UK 


_ Tft« fqltotwtnD . soearftfes auatad In th« 
Share kiforsnattan scrtfc* YesttnU' 
attaJa«d new uia)n and lows -far 1 


NEW -HIGHS (101) 

■ FOREIGN BONDS C3> 
.AMeRfCANS.m 
CMADUNSOI 


Unlnex 
XeflJCh A- - 
Avenue Close 


INDUSTRIALS t» ' 
Walker,* j' 

motors mV v 
iHTOPERtYn)':’ 


« - 


>i» * 


CHEMICALS rfl 

A STORKS (6) 


. SHOES (21 

. Garnar Scotbtah- Strone * J- ■ 
Bright UJ. ’ 


oRAmnr 

ELECTRICALS 14) 
ENGINEERING M> 
FOODS (1) 

- INDUSTRIALS IB) 
INSURANCE ft) 




m 


RISES AND F4 
YESTERDAY 


SOUTH AFRICANS (9U 
TEXTILES CM 
TRUSTSCZ71 
. OILS 121 

OVERSEAS TRADERS HU 
' RUBBERS 
MINES m 


British Funds 
Cun. Dorn, and Foreisn. 
Bonds 


Up IP 
TB ;> 


XL 

m 


NEW LOWS (10)' 
_ .auiuBiins.d) 

Parker Timbe r ■ . . • 

DRAP1XY A STORES Cl) 
House of Lerose 

ENGINEERING Cl) 
Bronx Ena. • . - 


Industrials 
Financial and Prop. 2SD 

on* 


Plkmathm 
Mines 


Recant Issues . 

Totals 


; : 







Barclays Bank Limited and 
Barclays Bank International Limited 
announce that with effect from the close of 
business on 20th April, 1978, their Base 
Rate will be increased from 61 % to 7i% per 

annum. 

The basic interest rate for deposits will 
be increased from 3% to 4% per annum. 


The new rare applies also to Barclays Bank Trust Company Limited 



Reg. Office: 54 Lombard Street, EC 3 P 3 AH rck. No’s 4S839 , 920880 and 1 026167. 




BASE RATE 


The Bank of Scotland intimates that, as from 20th APRIL, 
1978, and until further notice, its Base Rate will be increased 
from per annum to 7£% PER ANNUM. 


' LONDON OFFICES— DEPOSITS 

The rate of interest on sunis lodged for a minimum period of 7 days will be 4% per 
annum, also with effect from 20th April, 1978. 


LEADERS AND LAGGARDS 


Tt« rollawtaB iaWe shows the percentage chooses? which hove taken Mace since December 30, 1917, In On principal 
equity sections of Me FT Actuaries Share Ittdtan. It also con t a las the -Gold Mines Index. 


Minins Flwuca 
Gold Mina FT 


Oversea Traders 

Office Equipment 

Tobaccos 


Metal and Metal Formfog 
Insurant* Brokers 


Motors and DbtrflMors 

Textiles 


Mechanical Erafuetrina 
Wtaos and Spirits 

EnglneertaB CMitmcttra 

Toys aad Ci 


Packaging and Paper — 
Bank* 


Newspapers and PaM Wring 
Breweriw 

CspKxl Goods Group 


Caasumer Goads (XoadaraUe) Group — 

Entertainment and Catarina — 

imnnrrla] Granp 

Investment Trusts — 

iltHtan index .. .. . i-m n — 


+ 447 


— 551 

+ 333 

Olb 

-UJ 

+ 3-22 


- 5-M 



-Mh 

-f til 



- UN 


- 751 

- L2S 


- . - 757 

- IA 1 


-75S 

-;Va 


- 757 

—;"2J8 


- T.44 



- 8-15 



- 75T 

— X4S 


- 4.18 

- 3.77 

Electricals 

-*51 

— 4,fl 

— SJ7 

Mouschold Goods . - 

—10.28 

- s.sa 


-ii.7a 

- 551 


—ms 

- 550 


-1257 

- iar 

- 5-M 

- 555 

- i» 

Dlscouat Nooses 

Hire Purchase 

t Percentage cbaibica based on Tuesday, 
indices. 

-1450 

.. -1W2 
April 18. 1978, 


OPTIONS TRADED 


DEALING DATES 

I Off/ I *icf 


First Last/ Lost For 

Deni- Deal- Declare- Sottle- 
ings In/s lion meat 

Apr. 11 Apr. 24 July ■ 6 July IS 
Apr. 25 May 9 July 20 Aug. 1 
May 10 May 22 Aug. 3 Aug. 17 
For rate indications see end of 
Share Information Service 
Stocks favoured for the call 
included Premier Consolidated 
OIL- Burmah Ol], Consolidated 


Gold Fields, Town and City 
Properties, Hawker Siddeley, 
Audlotronic.' 'Northern Mining, 
Lenons. NatWest Warrants and 
EML Puts were -dealt in Prit 
chard Qeaners*~ and H. and BU 
Johnson-Ri chards Tiles, -.-while 
doubles were arranged in St 
Kran, Wniiam. Press and Adda 
Internationa). A- short-dated call 
was transacted -in. RuneD Elec- 
tronics. 


,7r- 

•• -7^ 




f.4 


FT— AGlTf ARIES SHARE 



These indices ax/ the joint compilation of the Financial Times, the Institute, of : Ai* 

and the Faculty of Actpades 


-L‘ui 


ACTIVE STOCKS 


Denomina- 

No. 

of 

Closing 

Change 

1978 

' - 1978 

Stock tion 

marks price (p) 

on, day 

high 

low 

BATs Defd 23p 

14 

25S 

+ 3 

289 

227 

id n 

J4 

341 

+ 6 

385 . 

328 

Beecham 25p 

II 

630 

+ s 

67fi 

583 • 

GEC 23p 

11 

242 

+ 6 _ 

278 - 

233 ‘ 

Grd. AletropoJifan 50p 

10 

1031 

• + 11 

. 10B 

S7 

1 Shell Transport... 23p 

10 

S27 

+ 7. 

.533 

484 

BP 21 

9 

770 

+ a 

884 

720 

Barclays Bnnfc ... £1 

S 

353 

+ 10 

353 

296 

Burmah Oil ...— fl 

S 

54 

+ 7- - 

57 

42 • 

De Beers Defd. ... - B0.05 

s 

333 

. — 

354 

285 


s 

332 

+ 7 • - 

610 

■ 515 

Boots 23p 

7 

200 

+ 3 

231 

184 

Hawker Siddeley 25p 

7 

202 ’ 

+ 14 

208 

. J6S 

Spillers 23p 

7 

274 

— 

33 

26 

Whealshenf 25p 

7 

199 

+ 3 

202 - 

118 


RECENT ISSUES 


EQUITIES 


Iwuo 

Hri-.v 

ft 


105 


1373 


K.V. 


26-4 


High 


ua 


liOW 


Ub 


Sli.vk 


<“■* | 


ra«n« Hul Mays. 


130 


6.75 aa 




7.B 8.8 


FIXED INTEREST. STOCKS 


2P 

it 


Hi 

- IS 


55 

pi 3 , 

Hi«b| 

■H. 

1 t.p. i 

i • 

■ +;r 

SIM 1 

F.P.I 


88MS, 

loop 

IOj 1 

; f.p. 

80/5 

HOP 

F.P. 


KBisf 

"A 


1 

37 is 


F.l*. 1 

2li4 

lOSl 


F.P. 

88* 

lair 

-w . 

y.p I 

9r6 

JOt-f. 

V 

F.P ' 

28.7 

lOi'i 

« 1 

F.P I 

1 96 

uw 

■■ 1 

F.P. 

14,4- 

tifrf 

t-aa i 

!t^5 1 

8rt» 

it la 


Uiw 


Slwk 


•|« : F ar | 


O 1 


ilpiAfiuii, lii-iY. lu.T^,aiM. rn ......... 

SHSUjiAmer. Kx|tp-; lnr T»n. V<nsi«ip ri2...„ 
UMii jAriult&c« |G.J lOlsi Ziul Gam. l'rcf.„.., 
100u Brtiuiiu -J% Omiv. l'iiiIi. Ufcri. 2uU I'rpt 
37 Ifisujrt MbIbv. 1^1. Murt: 'o-Mb.—v- 
B8l£p* ,; i(«riiB | Wining- Pn... ;; ..... 


JiHik \ tiuie' 10^ Cum. l'rel"., 

Meoaes iJ.I Gum." Prl — ..... 

Mi.I-^h-CK Wor« 1% Kwi. I'n. LacJi — , 
87 JIbUm Mlst'-iu. Uiik. Iji.WM — 

i ! ->| ;W. Unnivk'li Siunnfj l*ri 

iA iTiirk W,i W 1 1* DriJ. !**« — 


1011, 

ice, 

IO- 


03il> - 

, 

110p ■ 

.lOOp!...... 

27 

9 SAp 1 ..... 

toap—i 
ioap — 
-iw ' • 

1U1 i 

H 6i: 1 



FIXED INTEREST PRICE INDICES 


El 


“RIGHTS” OFFERS 


IsniwI =“ 
Feicel 52 
1*5 


Latent 

UeuuiL-. 

DbW 


1978 


Stock ' 




Btgh 1 !*»« 


UkMing 

VrfcM 

Pt 


f- Or j 


.British Government 

Wei 

T 

W»’ 

xd '«U»- 

Toiay' 

xiaflj. 

xm 
to date 



. . ] 



I 

Under&yean— 

U6.49 

-m;;. 

- - 

333 

7 


117,13. 

12L11 



207 

3‘ 

Over 15 years 


: 4.97 

4 


13722 

11432 

,+MI 


.178- 

5 

Aii stocks,'— , — — 

J— 

‘ A78. 


FIXED - INTEREST 
‘ VIELDS 

Br. Gort. at. Gross Red. 


Low 


5 years.. 
15 years.. 
. 25 years.. 


M orfhriw . / . ■? ytvm. ■ 

Coapons 15ye®rs_,i..^. 
;25 years 


High 


5 years., 


Coupons- '- IS yeart. 


SSyeara^.." 


IiredfleaahJej. 


-Wed. 

Apr. 

.19: 


-6J4 
2 Q&t 
111 * 


2038 

1190 

.1200 


W0. 

1231 

12JA 


IBM 


*Tu* 

API 

.18 


M y 

3 Uf > 

iu; 


fiv: 


3W 

11^ ;•" 

3ZJ: 


10.5 i- f ; 
32i. i.: 
• 12.7 : 


2A5‘ 1 


60 

106 

68 


X|| i artK 51/Bl 7*pnil iSZpinibulkweli.^j.........--.—.--.-^- T 74pm; 4-1 

• \,| ! _ ' ggpm' 2ipni' toniioo £ U&oohotsr AMnmaof.. 38pntj+j . 

; t'.P. : 29/3| 10, 5i d4 L lb |\Vannnti*cb» — 84 . 



. ■->/ 

^WeL.5prtil8 

Coeidny 

ilmfos 

:T; 

.■rtWay 

. 

Thun: 
April- 
13 * 

Wed. 


■ __ ; 

■ Index r Yield _ 
•- :Sa. -} 


. 1*. 


PTuewlBy.Mot-. 

- I . 1 -..j 


Kenuouauoa Oin? usually lasi day lor ovauiix freo ol altffip 4«y- ' OFtturw| 
D3S«l on prasp^ois Mrimaiu u A*su»n*=d dlvklenn and yield- u Forecast dHndOB d: 
t-nver I)3 um( on pre^luus tear’! eaminjes. » Dhndewl and rvekl m-pmspoctas 
or lit he t ufficiai estnnaies Tor 1BJS 0 Groua r ►Igurea ustaned I.CWer allows 
fvt cvnrvnnar of stew* JN» now nitton* lor di«dsDd or r ankhig FW rutnetoa 
dnidt-nds * Flacffia oriw to public, jrt Pw» unless otherwise nwlcatw- i [sw# 
bv leader. HOtf«rvd »o holders of Ordinary Mans as a rights. ■•’lagtW 
by way of cuHUOtssnaa •* Minimum tenter Price II Rwmrodured H Issued 
in omnvction with reorganisation menwr or ta»m»er . 1111 ImrodncaflO " Issued 
'*> lormer Prderenw ■holders ■Allatmem lewrs (or rultJ-paJd). • ROrtSlMMl 
Ot partly-paid aBOtanta. louen. A- witb trgrnuns. 


15 

20-yr. Red. Deb & Loan s (35) 


69.52 

16 

Investment trust -Prefs.' (15) 

:54JB^ '18,96 

64.61 

17 | 

Com), and ladi.. PrefS. (20>. 

7i^aj: 12J8A 

71.48 




1 54.86. |;84i48 
.71.82 j .TUB t ■ 7EJW 


89.49 

64.48 


60.07 

66.14 

73.01 


60.44 j. 60 
55.82 ' 56 
72JSB t 72 




■i RedsoUMloo rid*, h U t aad ; Jaws- recwSL -l»ss dales and sotaes. -and WEHiiuvui changes- are published ; 
bsaea. A new list of tha i ■■iiliwnin b swaHsMR 7 ffeow the PubUsberih th* : RoaBtlal Times; Bracken He 


Street. Landoo. CC4F «RY, pri« Uo. h3r , #«*'^ 


,>>■ 






















































UNIT TRUSTS 


OFFSHORE ifeND 1 
OVERSEAS FUNDS j 



Westminster Amur. Soc. Ltd. 
fr’/uTifr 9864 _■ „ . 

S-.is±i5‘ = ' 

rcial Union Group 

^UUMterrtaftECa. - 01-288 MOO 

-.,..,8*21! 58 \j:Sz 

. ■ t\tm Life Imorancc Co. . 

' BrpUna WC2A 1HE. 01.3420282 


Lloyds life Assurance - \ 

20. CX (ton St^ECZ* 4MX ’ \ ■_. 

. Bh.QUfcApr.e_s-t -X27tW — ■ 

teljE = 

London Indemnity A GnL Ins. Co. lid. 
lA80.TfiB^rtnHy.Retaiaga«5n. .. 


4 Food — . 1765 MSJ — 

Pen-Fd_ TV2 73.7 . — — 
n.Fnnd._ 2090 ...... — 

:•«- PBn. Fd. • ' 201. G 

■ Pen. Fd .. 3782 — ' 

ft®. Fd .. 1215 — 

d In. Pol. 555.5 —4 — 

J lnsunuUx Co. Ltd. 

■.BLE.C.X : 01«85410- 

Mar. I5_.mi5 ~ | 

^ijiw.sstiKn wA 

j «;ft Commerce I nsur ance ■■ 

nr St- ijmdg&'KTRSFK. 01*4393881 

7^1Fd.^....|122B 1320) 1 — '•■ 

."T. Life Axammace Co. Ild.f 

“* e Hsc- Woking. GU21.1XW 04862 5033 
md Act— (95.3 - MOA-HUf - 


~ The London. ft Manchester As*. Gp.* 

Kent. 038357333 

2ZL7 . — ' 

1285 — 

*73 - 

ML4 ...... — 

106.4 — 

. 125.4 ' — 

.815 — 


Widows' Group 
POBox802.E«McbursbEH165BU- 031-6568000 

Inn^y^ei5M3.-J 1 W.* 97.4] — 

lnv.Pfci'.SerlesS N2.0 9S.9| — 

Inv. Cash Apr. UL_ .{77.0 10221. .. — 

R*. lit. Tr. ApnIS. 11343 140.... — 
M*d. Pen. April 1232*33 25071... — 

Solar Life Assurance limited , 

.can err 013422205 

■ 131.51 *ow — 

114.3 - 

153.0 +15 — 
1215 +0 7 — 
1057 . — 

1044 -0 4 — 

131^+05 - 

• 114.1 .. • — 

142.6 +14 — 
1212 +0.4 — 
1055 . . - 

104.4J -0 4 _ 


-, _ Chance 
Uoiv Energy _ 


The British life Office Ltd.* UO 
Reliance Hae.. T^abridse Wen*. XL 0888 22371 
BL British Life — ..J47.1' . 49A4 +83] 532 

ELBalanred* — — 142 J • • 45M 543 

BLDtrlderxf*., 1[W4 * 4Z6oj . ...J llUl 

-Price* April IS- Next dlUU day April 26. 

Brown Shipley Jr Co. I id.* 

Mngts; Founder* CL, XC2 -. 4U-6008620 

BS Unite Apr. II _..&07.9 218.*—..} 442 
Do. CAce.iApr.lt.. 1259.1 27241 ■.....( 442 

Ocrealc Treat* (a) (£> e •, ■ ~ • 

Financial.*. PS -5 • 3&M +1.51 433 


American. (463 

(Accum. Unite)--. — 473 
•Australasian . 0.1 

(Arrant. Unhs)_ 48Jb 

Commodtar .... 64.9 

(Accom. Units)- — W.9 
Com pound Growth. 954 
Co m e i si on Growth 553 
Conversion Inc. _ 55 2 

Dividend 1115 

lAccum: Unitat._. 2066 

European 482 

lAccum. Units)— — 46 7 

Extra Yield 78.4 

(Accum. Units) 1043 

Far Eastern 46.7 


39.M +0.' 
U8.U *»' 


(Accum. Units). 

Fund u Inv. T*u__ sag . . 623 +13 AM 

LAccum. Urdu) Mb 74J +16 AM 

General 155.9 160.4 +2-4 

(Accum. Units) 238.1 2573+37 _ 

Hieh Income 96.8 1027 +0.1 892 

(Accum. Units) - — 157 0 167J2 +16 B.92 

Japan Income 1526 163J +03 107 

LAccum Units) 1529 1U4 +05 1.07 

Magnum ... 1844 • 1973 +2.0 3.97 

(Accum Unite) Z30.2 MU +26 3.97 

Midland 1548 164.9a +1.4 72* 

(Accum. Unit!) — . 256* 2733 +23 724 

EtMiey. — — 737 78J +L0 4.98 

(Accum Unite) 746 79.4+10 4.98 

Second den. 1569 1703 +12 551 

(Accum. Unite).. .. Z34 5 254.4 +M 551 

Special M54 1541 +1.1 430 

(Accum. Unite). \1S2JB 1947] +13) 450 

fipocUised reads 

Trustee 1364 1429 * *22 6.76 

(Accum. Cans i 259.6 273.9} +4.C 6.76 

Ckutribond Apr IA. 1U9 J -It 1066 
Chtrild. April 18 136 B ISA* ..... 859 

(Accum Unite) 166 J 168B A 29 

PeaLEx-AprUn.. }lZ37 1303} 616 

HaauUfe Management Ltd. 

St- Gcm-ge’s'Way, Steccruiac. 043856101 

Growth Unite.- |482 . 50.7| — 1 451 

Mayflower Management Co. Ltd. 
14/18Grcsham St. EC2V 7AU. 01-0068000 

Income Aprilll —1103 16 MJJ1 J 812 

General ApRl 11. .(675 7UJ 1 516 

Mercury Fund Manager* Ltd. 

30. Gresham SL.BC2P2ER. 01-8004555 

Mere. Gen. Apr. 18 1168 7 17M ..... ABO 

ACC. UtS- Apr. 18 — 219 1 2332 40 

Merc. InL Apr. J8... 616 65.2 164 

Accm. Ute. Apr 18- 663 703 ..... 164 

KereJSxt.Har.30. 200 2 2085 4.71 

AccnULUts. Mar 30.12388 298 J( — . 4.71 

Midland Bank Group 
Unit- Trust Managers Ltd.* (a) 
Coortwood House. Silver Street Head. 


+0.4 9.75 
+ 1 4 810 
+2 6 8.10 
-0.2 273 
-0L2 273 
+0.8 8M 
+11 869 
+0.6 252 

+06 252 

+13 AM 
+W AM 


M & G Group* 




■*:ilncm..; 953 
-.tlniL — 953- 
. Acc — _ 95 0 
. Idcdl... . 456 
. lnlL._ 950 
-K. ACC.... 95.0 
f A Teem. 950 
, cd. IniL. . 453. ' 

■?; d. Acc..^_ 95.0 , 

.. - d-Incm.'. 95.8 - 
±lnlt-~. 95. oX 
•^JFUAcr..95tf - 
s Incnx. : 953 

‘ ' 

-Si MID — v 950 

" . • ACC. :. 95J1 ‘ 

'£>'] lncm.^, U . ' 

ncm. 73.7 

*=r .in«/A +.W05 ■ 

*!' r. Insurance Co. Ltd. 

• ; C obm Tcnm-PL. EC3. - Ol-fflflSdai 
3 ■ April 4 ^.1717"’ •. 788| ... -1 — - 
5; iar Insnr/Mldlaiid Am. ■ 

BedleSt-RCa.- ' 013881212 

ll- \ Unite. ;Jfi8.4 . ;■ 5871 +«-* 614 
;0 fe Law Xife AAs. Soc. Ltd.* 
Read, tflgti Wycombe MBA23377 

ri dIir"£o29. 10*J 

rett F..^. 106A SS +0-3 — ‘ 
fTFd. . . 



~GC3R 6BQ 01-808 4B88 

ib.J’iail - 


SJd = 


Lpril TO. April IA 

Merchant Investors Assurance* 

U5. Hi Street, Croydon 01-0869171 

Cpov.^Fi. 327.7. - 

'sS e ^?Man. Fi M13 ‘ — 

Mer.ImrKy.Fd-_ 1503 — 

= 

SI r 

CoqvDep. Fen*— _ . 138.1 — 

Kan. UkL Fans. 1803 - 

NIL I^ensioas Ltd. 

MUlon Court. Dprkin*. Surrey. SOU 

■ 4 f 3 M =. 


NeleaGthlacCap.ji 
Nest sob 

NelMad.Fd-CafcZ 

NelUHLFd.Acc_> 


66 - ■ 49.01 —J — 
^Aprilf/ _ 

75 503 .... -1 - 


- Ptar New CWrt Frepwly see uader 
... Rsthyttfld Asset unpaal 


BASE LENDING RATES 

it5 •i. Bank - .7^%. m Hill Samuel'.., .§ 7*% 

Irish Baziks LtcL 7J% . C. Hoare & Co. &*% 

.■f-sican Express Bk- B% 9& Julian S. Hodge > 8j% 


C. Hoare & Co. t 6i% 

. Julian S. Hodge 8j% 

: i-e » Bank 64% ..Hongkong & Shanghai ?i% 

Bank Ltd ;.. 74% Industrial Bk- of Scot 6$% 

Ansbach6r;....w -74% • ;Heyser UHman 7J% 

...^o de Bilbao ...... 64%- Knowsley & Co. Ltd. : ... 9% 

% of CrediLfc-thnce. 6J% , Lloyds Bank — : 6 i % 

Cyprus'=i.,... 61% laondon Mercantile 64% 

of N.S.W. : 64%.. B. Manson & Co. Ltd. £ % 

“i* 8 ' ue Beige Ltd 64% Midland Bank 74% 

du Rhone : 8 %'M;SaniueI Montagu ; 64% 

ays Bank 64% ■ Morgan Grenfell 74% 

Ht Christie Ltd.... 84%' National Westminster 74% 
•* ar Holdings Ltd. SJ% Norwich General Trust 64% 
7 ^Banlr of Mid/Easi 7J% Security Trust Co. Ltd. 7|% 

n Shipley-! 74% - p. s. Kefson & Co.! ... 71% 

:• la Permanent Tst. . . 74% • Rossminster Accept’cs 64% 
oI C & CFiru Ltd. 8|%,. Royal Bk. Canada Trust 64% 

-r Ltd: S % Schlesinger Limited ... 74% 

'l : - ■ Holdings 8 % E. S- Schwab ............ 94% 

^ erhouse 'Japhet.. Bl% Shenley Trust 1. 9|% 

^v/tartons 61% 'I Standard Chartered ... 74% 

Cf. Coates S|% Trade" Dev. Bank 64% 

: -i : dldated -Credits... 64% ■ -Trustee Savings Bank 74% 

- .erative Bank- * 74% -Twentieth Century Bk. SJ% 

jr> thtan Securities... 64% ' ■' United Bank of 'Kuwait 64% 

• ;: Vt Lyonnais d4% - WUteauray Laid law % 

yprus Popular Bk. 64% Williams & Glyn's ... 74% 
■ in Lawrie t 64% Yorkshire Bank 7J% 

• 1” ■ Members of the AccepUos Homes 

?h Transcont ,S % .committee. 

London Secs.. 6j% • 7-0 g y deposit* 49s,. 1 .month aeposus 

. Nat. Fin. Corpn. 84%- 4i% 

Nat. Secs: Ltd. S- % t 7-Say ueposiu on somsofiiOBOT 

- 1 Gibbs it% ss srjfr «v° 

ound Guaranty.. . fi|% t ^ ^oafa 0 wr ri.ow *r. 

lays Bank + 5. 1iea»iid denoMta 5%. - 

■■ eSS Mahon.. 64% 5 Raft- also aaphes to SierUne hri- 

ros Bank .......... 74% secs. 


Son ADImee Fond Mangmt. Ltd. 

Sun AUUaeeBooae. Horsbam. 040384141 

- 

San Alliance linked life Ids. Ltd. 

Sun Alliance BhbM. Horahan O403 84H1 

Equlw Fead— laAS+LR — 
F!xe&)t«**tFa_. Mil iota +0.2 — 

Property Fand 1M.4 109.* .... — 

International F4... 1B&JB 2106j -11 — 

Deposit Fond- 955 100 9j . — 

Managed Thad. — 1«27 10&7j*0« — 

Son Life of Canada (U.K.) Ltd- 

224. Cockspux SU SW1Y 5BH 01-930 5«0 

Maple UGrtb 1 mi |...f — 

MnpWLLMangdlJ. 1205 — 

Maple LI. Efrty. -JTl 1196 - 

Perot Pnjfu- cad ~ 1994 I ... . I - - 

Target life. Assurance Co. Ltd. 
Taroet House, GeLdunue Rd- AyVe^hury. 
Bucks. — AHestMOy (0296)5941 


+ 0 *1 •— 
+0 4l - 


M- 


Transiateratdlooal Life Ths. Co. Ltd. 

2 Breatn BldgAt'EDtINV. 01 405648; 

Tulip Invest F4_ Q31.1 13801.... — i 

Tull? Mon 5d.PU+ 1047 25.2 ..... - , 

Mm BondV'd. M7.7 • - 1133 ...._ — I 

Man Pen.Fd Op: UB.8 .135-7 — , 

Man Pen. Fit Acc . [116-1 122i| .. — I 

Trideat life Asstuhace Co. Ltd.* | 

Henslade House; Gloucester 0+52 36541 { 

Manatfed. 11195 12651 +04 — ; 

GUi Mjd ll45.5 1543 -1 0 — 

ITPpeftsr .._,_M6JI 1553 ... — 

&iulTy'Amerieaa_taL3 863( -0.9 

rk. uuHyniml-uSr iasa+ 1 ? — , 


Genarli 

Growth Aceum- 
Growtli income 
HUth Income 
I.TTJ. 
index 


Ut.5sd +<L2 431 

453+0.1 53* 

i ?S&4 +03 3.1* 
3ia+OJ2 .953 
353+05 .3J9- 
2 s3+03 4,92 

Sn +03 35* 

57 laf +0.7 430 

223 +03 532 

Boapt. April 10 161.0 626| ...Z\ 450 

Canada Life Unit T*l Mngrs. Ltd.* 

2-0 High SL. Potter* Bar, Haria. P. Bar 51 122 


Cm. Gen DisL 136.1 

Do. Gen. Accum _ 935 

Do.lne.DteL H.9 

Do. Inc. Accum (43 0 


Ul P. Bar 51 122 

3851+031 459 
*0+03^ 459 

347d+0.1 7S2 

453+00^ 7J2 



Gill Edged 1203 . 1275 -10 — 

Money- 1217 1282 +03 — 

International 96.7 102.4 +25 — 

Fiscal.-......: 123.4 1306-21 — 

Growth Cap__^_ 1295 1319 -12 — 

Growth Aec 127,7 1352-13 — 

Pens. Mngd. Cap., llio 119.7 — 

Pons Mngd. Ace _ U67 1235 — 

Pens.GuLDep Cap.. 1013 1B7J „.. — 

PensUtd-DepAcc.. RM 6 1UL8 — 

Pens. PpUr-t&m..... 1123 . U89 — 

Pe n» Ply Ace il6s 122.1 — 

TrdL Bond— M.9 . 361 .... — 

■TnJi Cl Bond. ■ 993 — . 

■Casta value for £!00 premium. 

Tyndall As^a ran cW Pension sV 

IA Canine* Road. Bridal «2T23K4J 

3 «fd> Mar. 1&— ..1212 — 

SSSfiSQ £:~: SS ::::: = 

■ &S :::: = 

S way Pen. Mar. 18.. 1434 -... — ! 

ii'sea-j lnv.Mar.18 64 b — | 

Mn.Pn3-WApr.3_- - 1660 ... — 

lie. Equlte Apr-3 _ 2468 — 

Do Bund Apr. 2 1778 .... — . 

Uo PronAtfr^_« ' "M — 

Vanbrugh Life Assurance 
m -43 Maddox SC Ldn W1R9L.A • 01-W948B3 
Managed-Fd.. — ...0413 14&M .. — 

ErioityFii-x.- 21 7-2 22L7 +13 — 

lntal. Fund 968 101-9 -16 — 

Fixed 163.9 . - 1786 +0.4 — 

Property Fd — 1388 Z46C — 

CashKand ,'._5l73 . l511 — 

Vanbrugh Tensions limited 

41-43 MaddexfifeUfeWlR-SLA - 0MSW823 

MauaR+d — WJ 993| ... I — 

Equip- W 5 IOC .. I — 

l-lsed imeresL WL* .96 71 +01 — 

Property 1955 100 6] | — 

Guara nteed see I ns. Base Rat«’JabIe_ 

Welfare Insurance Co. Ltd.* 

The Lea*. Folk** otic. Kent. 030357333 

MoDffmahrrFifc. | ... «5 J ... I - - i 

Kw oilier fana», please refw >o The London it 
Man Chester Group. 

Windsor Life' Assur. Co. Ltd. 

lHigP+*»riiel,W«iiOiw-'. -Windsor 6814* 

Llo I«- Ptens..i_J655 ■ -7U| I- — 

FntnreAisdGitejb.r ; I - -.I — 

FulureAajAwt^O'.}; . 43 ,D — : ■ 


Capel (James! Mngt Ltd.* 

100 Old Broad SL.EC3N1BQ 01-5080010 

. Capital. B-3 83.41 1 4.48 

Idtotoc — J73J 77 *( 1 7J9 

Prices on April 10. Next dealing May 8 

Carl in l Cut FA Mgr*. Ltd.* UKO - 
Milburn House. Newcastle-upon-Tyne 21)85 

CarUol |64A |6.9ri+L2i 468 

Do. Accum. Unite-_-w7;l 79 S' +13] 468 

Do- High Yield b*9 4LM -1 887 

Do. Actrtnn. Units .-H*4 JOH — 4 *87 

Next dealing date May X 

.Charterhouse Japhet* 

1. Paternoster Row. EC4. 01-2483800 

I CJ.Iznematl x.gJ-2- - ZZ5d 802 

Accom. Unite 245 252a .... Z02 

CJ. Income 33 4 356a 755 

CJ Euro nu 2 64 282s S5S 

Accunv Units 30.4 32-4n 353 

CJ. Fd. Inr Tvt. — SO 26.6a 3.7* 

I Accum. Unite &Z 380X1 3.74 

Price April 12. Next d eaU na An ri 10. 

Chieftaia Trust Managers Ltd.*(aXg) 

,30/31 QuaoaSL.EC4B 1BR ‘ 01.2483832 

Americans |tZV190 ; ZliA-^TQ) 1.71 

High Income — 1395 .. 480e» +021 987 

loCftroMllunal T»i — fcy22.9 246J ....J 3.C 
Basic ReMCO. Tstppr 25.7i| +05) . 4J6 

Confederation Funds Mgt. Ltd.* (a) 
50 Chancery Lane. WC2A1HE 01-2420282 

i Growth Fund..— -. B8.7 - ■ 406| -^.| 458 

Cosmopolitan Fund Managers. 

3a Pont Street London SWixSGI. 05-2358326. 
Chcmopoin.Gth.Fd. |166 178) ; — | 558 

Crescent Unit TsU Mgrs. Ltd. (a)(g) 

4 Melville C res. Edlnburgfi 3. (Hi-228 4801 

Crescent Growth „ 125.9 27M +0.U 432 

Cres. Inlern^.1. — »-9 60,g -03 050 

Cros.HUh.DteL.— fC8 448+03 921 

Cres. Reserves 1385 4161 +02J 451 

Discretionary Unit Fund - Manage r s 
22. J3kmifieldSL.EC2M7AL. .01-8884488 

Disc Income U580 U0( 4 5.49 

E. F. Winchester Fond Mngt. Ltd. 

Old Jewry. ECS O1-8MU07 

Great Wlacbemer— 067 U8 1 6.71 

GLWlnch'er 0*saasIUA 20lj .....J 488 

Emson A Dudley TsL Mngmnt. Ltd. 

20. Arlington St. S.W.1. 01-489 7351 

Emson Dudley TW. |64 7 £«6af — 4 380 

Eqnitas Secs. Ltd.*taXgJ 

41 Btehops*a>e. ECS 01-588.3891 

Progressive -- — 1164.0 ' ' 6781 .:..V 422 

Equity * Law Vu. Tr. BLV <*XbXc> 

AnterehamRd^HigbiVyeonlKjr. 0484333T7 
EqolCyALaw R8.4 ~65<ad"+0^ 4M 

Framllngton LniL- Mgt-LtiL. isi . 

5-1. Ireland Yard. EC4BSDH. 01-8488871 

ip 1 a sa--i Z3 

lot. Growth Fd. 1 (97.4 1DR +.J 2.48 

Do. Accum..!.— 1998 50681 . — 4 2.48 

Friends* • Provdt. Unit Tr. Mgrs.* . 
Pixham Rod. Dorfcinc- ' -~ - ' " 03088085 

Friends ProrSJts.. (405 . 43.31+0-21 .464 

Do. Accum |51.6 »0)+0j] 464 

;G.T: r n( t" Managers LwL* 

! l&Tla'dMiy Cireus EC2M7DD.. . 01«8B73) 

GT Can Inc. -_i..|?6.4 : SLA 3,90 

Do Ace- -. 91.9 --97.7} 3 1 * 

G.T. InC. Ed. U » — 16»9 -OB8 . — 850 

C.T VS *Qen-+. D&5. ,-«&3 — . 126 
GT. Japan fcGe^l !bJ . 3®3 ..... 180 

«Gl PwteS*Fci~,-: 153,0 - tnfl 4 ,oo 

GT-tari/FOod 109.0 1159) 250 

&T. FDOrYdsF(l._ S3 5 + S6« ..... 7.10 


Do.Ad^fin. fi 

K75&;— 

1 ftfje pn Mj i _ L 

Do Amn. — )< 

Highw5d. b 

Do. Aftum U 

Equity Exempt*... K 
Do Accum.* 1. 


Sheffield. SI 3RD. IhU07427BM2 

Commodity 6 Geo.. l«>b 65^+0.21 571 

Do.Aomun. 168.8 74J +0J 5 71 

Crowth— 7-^.__-_{3fc * 39A -05 357 

DO. Accum. S» 422 —06 357 

Cspll^. &7 2B6.-02 355 

Do (28 8 38B -05 3 35 

ituw^. JL_..W3 517 +0 4 6.42 

Do. AhCum. B51 5B.9 +0 5 6.42 

ZM^rnajional MM 50* -12 2_» 

Do Ansn... K.3 S3J -15 250 

High Yield p3 1 621a +0J 869 

Do. Aflm ELb 65J +0j 6 69 

Equity Exempt*. .. Bfl2 0 107 t» 5.42 

Do Accum.* (102 0 107 W( ...... 5.4Z 

‘Prices at Mar. 31 Next deal rag April 38. 

Minster Fond Managers Lid. . 

Mioder Bae. Arthur SL.E.C.4. 01-8231050 

Minister Apr 17 ...132 9 3JLJ — J 604 
Exempt Uar.31__ .1878 9L0| — ] 550 

MLA Unit Trust Mgemnt. Ltd. 

Old Qneen Street, SWiH BIG. 01-8307333. 

MLA Units 1368 37.84 | 450 

Mutual Unit- Trust Managers* (aXg) 

18, Copthail Ave. EC2R7BL’. 01 GOO 4803 

MntnaJSet Plus. --MS3 521) +□« 68S 

Mutual Inc. Tg [645 68.74+03) 7 77 

Mntcal Blue Chip ,.|40 6 44Jj +05^ 689 
Mutual High Yld. 1561 603j+0j| B.7B 

National and Commercial 
31 SL Andrew Square. Edinburgh 031 .586 0161 

Income A pr. 10 03 L2 Udgj-li^ 4.78 

CAccaro. llnllsi p9 6 laM-Sot 6.78 


(Accum. Unlte>__. 

GeoeralApr.il 
iAceum.Umtsi 
Europe Apr. £L 
l ACcum. Uni tei 
Sped 2x March 11. 

SSpecL fix. March 1 

Recovery Apr. U — .... 

•For tax exesnpt funds only 

Scottish Equitable Fnd. M grs. Ltd.* 
38 SL Andrews Sc. Edinburgh 031-5560101 

income Unite (478 M OM --J 5* 

Accum. Unite.- Ei BM J S3» 

Dealing day Wednesday. 

Sebag Unit Tst. Managers Ltd.* (al 
POBoxSILBcHbry. Hse.E.C6. 01-3365000 

issasssHai a 

Security Selection Ltd. ' 

13-10, Lincoln's Inn Fields. WC3. 01-831*0368 

Unvl GthDXAcc — (23-1 2481 J 1C 

UuriGthTttlnc_p5 218) — .J 382 

Stewart Unit Tst. Managers Ltd. (al 

4& Charlotte S<i. Edinburgh. 083-8383371 
Stemit American Fund 

Standard Unite B95 635) I 152 

Accum. Units fe4 68.0 — J — 

Withdrawal Unite -(M-O 520| J _ 

Stewart Britteb Capttal Fund 

•Standard _..IX24.4 134.9) — .1 165 

Accum. Unite (l425 1548) J 385 

Son Alliance Fund Mngt. Ltd. 

Sun Alliance Use-, Horsham 040864141 

aweawKW" 

Target Tst. Mngrs. Ltd.* (aXg) 

3LOrethamSt.ECa. Dealing; 03963041 

TargK Commodity. 015 SL9| +05| 4^ 

Target Financial 56.7 62f +06 453 

TargSEquS__Z »0 378 +0.7 620 

Tar|ri^A^ 18— (008 2078 6.10 

•no G XcTljoit Ji 2665 275.7 650 

Target GUI Fund— UM3 1XA -VI 3.08 

Target Growth »9 +0J 

TaiwetlntL C5.7 27.6 -0.7 1.79 

30J -08 L79 

JU. +02 )B 

1555 455 

295n +03 SJSO 

Tjt Prof. P35 158* -02 1150 

cSyne Growth FtL_ll7 7 198| +oH 4-8* 

Target Tst. Mgrs. (Scotland) (aWb) 

IB. Athol Crereont. Pidin. a 031-2208*21(2 
Target Amer£agU^.* 23 £ —0 71 129 

TargreHitetlc^fe.* 41^ +8.^ 587 

ExtralDCOtDeF1L...i570 62^ +oi| 1053 

Trades Union Unit Tst. Managers* 
100, Wood Street. E.C3L 014283011 

TV UT April 1 1*84 515>4 4 552 

Transatlantic and Gen. Secs. Co.* 

01-99 New London Rd. Chelmsford 0245 81851 

Barbican AprU 13 ..(725 76.7] 583 

lAccum. Urate. I - U*0 115J 580 

B«bExptJ4ar29_. B.O 875 ..... 389 

BitckmApri] I3_... 758 792 ..... 4 2i 

(Accum. Units) 92.0 96.4 428 

rolcmco Apr. J4 — J15.9 ia.1 6g 

I Accum. Unite) 1400 1476 ..... 6.13 

Cumld. Apr. 10....... 495 52* -0 7 6.91 

I Accum. Units i 542 578 -0.7 A 91 

Glen A^ - 18 48.6 51-9c -12 524 


FTjng.Apr.10.. 1 SUS4769 - 

Free World Fund Ltd. *. 

Butterfield Bldg. H a m ilton. Bacmnda. 

NAV March 31 1 SUS17264- ( | — 

G.T. Management Ltd. Ldn. Agts. 
Pack Hre.. 16 FlnMany Circus. London ECS. 
Tel: 01-638 813L TUt 886100 

U.T. Pacific Fd. 1 SUS12.95 |-086| 189 

Msuaperemf (aw aiUattl UHL 


c/oBl of Beramd a Fron t SL, „ . „ 

»^f-a 

G.T. Bermuda Ltd. _ 

Bk. of Bermuda. Front SL. Hamltec. Bmda. 
BerryPuc F. — ( 5US43JJ5 091 

G.T.SFd 1 SUS6.74 1 ._.] 0.74 

G.T. Mgt (Asia) Ltd. 

Hate Maun Hse, Harcouit Rd. Hong-. Kong 

GX Bowlr^d-'Z f H n«12 J W^1-oj^ i» 
G.T. M a n ag em ent (Jersey) Xt*t 
Royal TsL. Hse.. Colomborte, SL Holier. Jersey 
G.T. Aria SterU ng.-|£12.69 1352| 1.48 


Bask sf Bermuda (Guram H * 

31-38. Le Pofiet. Goamrey. 64SUM2B8 
Berry PacSrtt—psaoo 27260*1 


TarwetlnlL 
Do. Rrinv. Units 
Tarpellnv. 

C^MGrowthFd, 


fAcrum. Unite i 

Marlboro Apr 18..- 
lAgcvim. Unltei_ — 
Van.Gwth.Apr 18. 

(Accum L'nilsj 

VanHyApr. 18- . 
Vang Tee Apr. 10.. 


Vang Tee Apr. 10..IC.7 
(Accum. Usits.1 — .BJ 
WIckT Apri) 13_ - [573 

(Accum. U trite) |U-0 

Wick Div. Apr. 1464 6 
Do Accum.— . ... [715 

Tyndall Managers Ltd.* 

18, Canyngr Hoad. Bristol. 


792 ...... 428 

96.4 428 

1221 623 

147.4 ..... 6.0 

52* -0.7 891 

573 -0.7 891 

529* -12 524 

666 524 

49.7 ...... 331 

56.7 ...... 3 01 

486 ..... 5.95 

59.4 3 . 95 

705 837 

433 -05 8W 
45 7 -08 890 

60.7 5.45 

72.0 565 

677 9.15 

74.7 925 


1.9 -97/ 

«*9 T258J 


J*G. A A. -Trust'!*) (g) . 

|& Rayleigh Rd- Brentwood (02771227200 

{g. 8A £f«8 fifj+tUI 4JZ 


(Arcnm. Unitsi [179 6 18fag-71 « 6.75 

CspuApr. 10 (1198 124i -0.4 337 

■ AccuriL Units) |1460 151-4 -02) 337 

National Provident Inv. Mngrs. Ltd.* 
48, Grpeoetaurch Sl. EC3P3HH ' 01*234200 

N J 1 Gth.Un.Trt _ 143 8 J6.7I .._J 395 

lAccum. Unitsi* H7 96 OJ — .. 3.95 

Nnoteeas. Trust ..p48 lflj ij J 3.05 

(Accum: Outer* ■ ..(129.4 12221 1 3 05 

-Price* On March 30. Next demTug April 
•Prices on April 19 Next dealing May a? 
National Westminster*(ai 
181. Chenpasde, EC2V BELL 01400 6060. 

Capital (AcctaiLl 1624 672 -0.1 447 

Ex&athc 645 69.4 +0.4 -750 

-Financial 348- -372 -Q.1 5A9 

Growth Inv KJ 924 -0.4 520 

Incoms 94.2 +02 675 

Portfolio Inv Fd 665 710 +0fc 5.40 

Umvorol FcUd) f588 «2J -U1 227 

NEL Trust Managers Ltd.* (aKg) 
■Mlrtoi) court, Dorking. Surro’. ■ ■ sou 

Netsar pe « 6l«4 +0.71 521 

Ndstar High Inc. . .(47 7 S0^*«i 872 

Far New Coort Fund MaaagesTAL 
see Rothschild Asset Management 
Norwich - Ibiod Insurance Group (b) 

Pte BOX 8 Norwich NR I3NC- 060323X00 
G roup Tut- Fd 13226 3396(+2oi 523 

Pe*lrf Trust Managers Ltd. (*KgKr> 

2S2 High Holborn. WG1V 7ZB 01806&H1 

PeaH Growth Fd Bl a 231d! +0^ 529 

Accum Unite B.« ^3. 529 

Pparllnc. _..Kl 37 +03) 739 

Pearl LiuHTat :_ps.7 38g ^ 552 

(^ccuro. Uniter—. 142.5 482|+0.3( 552 

Pelican Units Admin- Ltd-MgHx) 
amnata»SL,Manrh4«ier - W-B65885 

PBlican Utuls [T7-I S2M+0-*i S27 


< Accum. Unitsi 

1 Accum. Unite 
Exempt March 20 
(Accum. Units). - 
CanynttoApr. 18. 
(Accum. Unite). - 
Irtt. Earn Apr ID 
lAccum. Unitsi— 


(Accum 

Scot Inc. Apr. 19 — 

l and— wail Gmn) 

Capital Growth 1 

Do. Accum. 

Extra Inc. Growth. 

Do. Accum. — 1. 

Financial Pritty 

Do. Accum 

High Inc. Priority 
International 
Special Site. 

TSB Unit Trusts 4y> 

Zl. Chantry Way, Andover. Hants 
Dealings (0 0284 8343 
I bTTSB General — «-3 

thl Dp, A ccent S3J 57L 

(bi TSB Iiuoine 58.1 61' 

ibl Do. Accum. 59.3 63. 

TSB Scottish 76 9 819* 

tbi Da Accum 182.4 87. 

Ulster Bank* (al 
Waring Street. Belli fit. 
tbiUister Growth— P5 8 38! 


101* -?3 7g 
131t -3 4 7.81 
1256 —0.6 4.03 

1726 -Oi 4.03 
1122 .... 767 

1556 .... 787 

972 -IB 5.78 
1202 —2 6 528 

2384 -28 5.41 

365.4 —2.8 5 41 

139.4b -AZ 551 
1586b -23 551 
1596 -23 9.19 


_....! 110 

Anchor GUtE^c._k9.7B IMri ...J 1364 
Anchor la2arT&..085 -/~J 297 

Garten ore Invest- Ltd. Ldn. Agts. 

28C. Maty Axa.Z4mdou.BC3. 01^2833531 
Gartmcre Faad Mngt- (Far Bret) LUL 
1503 Hutchuon H re, 10 Barcoort Rd, HJlonK 
HK*Pac.U.Tst__^^TO UM . — J 270 

ImL Bond Fund — Jsusails )UE| ._,..( 820 
GartuMre l aw— I .Mn|L Ltd. . 

P.O. Box 32 DougUaJoM- 010423911 

Interns tumal Inc. ..pG3 ZtA-OJS 114 

Da Growth p»2 6291 4 4.91 

Hambro Pacific Fuad MgmL-Ltd. 

2118 Connaught Centre. Hong Kong 

sssftsfciw = 

Hambro* (Guernsey) LtdJ 
Ha m b ro Fund Mgrs. (C.L) Ltd. 

PO. Box 8S, Guernrey 0481-28521 

C L Fund IIM.0 ' 3.98 

load. Bond SUSDM 91 1083S .....J- « 40 

lxn. Equity 5USQ035 18Ul ....J 230 

int Sves. *A’ SUSP-02 1.^ — J 880 

let. Stgs. ■»' lUfflTM 107) -__4 258 

Price* on April 18 Next dealing April 38 

Henderson Baring Pnad Mgrs. Ltd. 

PO. Box M723. Naasau. Bahamas 

Japan Fd, (OS17to , 1RMJ .1 — 

Prices on April 13. Next deeding date April 19. 

Hill-Samuel & Co. (Guernsey) Lid. 

8 LcFebvrc St. Peter Port Guernsey. CJ. 
Guernsey Tsl M60 155 U +1.1) 360 

Bill Samuel Overseas Fund. SA. 

37, Hue Nocre-Damc. Luxembourg 

miSDM HM1-0.10J -. 
International Pacific Inv. Mngt. Ltd. 
PO Bax R237. 58 Pitt St. Sydney. AtuL 
Javelin Equity TM..IS891 201) | __ 

JX.T. Managers (Jersey> Ltd. - - 

PO Box 104. Royal Tst H*e, jereeyOS34 27441 

Jersey ErtroL Tst- I1A30 152.0) | _ 

As al Mar. 31. Next sub. day Apr. 28 

Jar dine Fleming ft Co. Ltd. • 

48th Floor. Connaught Centre. Hong Kong 

J«rtllneEstn.TSL_| 5HK22 98* 320 

Jardlne J^pn. Fd.5r( SHK31752 0.90 

JsrdlneSiA. 5US2 .92 .... 2j«0 

Jardlne FlemJoLr .( XHK936 .... — . 
NAV Mar. 31. -Equivalent SUSBaStt - . 
Next sub. April 28. 

Keyselez Mngt, Jersey LtaL 

PO Box 98. SL Heitor. Jersey . tEng. 0V8» 7010) 

Fonrelex..— IJJ13W ijjfl 4 380 

Bondselex ptSlM U735| J -~ 


Schroder Ufe Group 

Enterprise House. Ajrtauwulh. 070527738!' 

laiarnatloiil Puub 

tEqutty- [116 8 1243 +SJ| — * 

SBqnHy 1206 1282 +0.9 — ? 

£F7xedlntere«t-_. 1366 145J -2J — • J 

SPIxed intereoL — 1088 lllA +06 — ’ 

tM&amgod 129.0 137-2 +2J — t 

managed 1U2.4 1193+0.7 — !. 

J. Henry Schroder Wagg & Co. Ltd.< 

iao.Cbeapstde.ECJ2. 01 588400a 

Cheap 5 Apr. 18.....) 1099 -002 264; 

TrateJgarMac.31 — 1 IUMOBB5 - » 

AsiacFd. Apr. 17 _BrSM3l UO* 3^^ 

Darling Fort BAUO 1.91 ..— 499“ 

Japan Fd. Apr 6. ...^5651 7M| ..._J 0.1AJ 

S^ttry AsftWhqec Intentitional Ltd.* 

P.O. Bo* 338. Hamilton 5, Bermuda j) 

Managed Fund-— RUSIBV 1*UH 4 — J 

Singer & .Priedlander Ldn. Agents J 

20. Cannon St, EC4. 01-348 984& 

Dekalonds . __|DNMM tSISMUOl 636! 

Tokyo TsL Apr 17...I SUS5&25 J 175 s 

Stronghold Management Limited 

P .O. Box 318 SL Keller. Jersey, 0534-71400? 
Commodity Trust- 19460 9958) — J — ‘ 
Sur invest (Jersey) Ltd. (a) > 

P O Bex 98. SL Heller. Jersey. 0534 7307 % 

American In&TsL- (£834 84M-010I 1.19; 

Copper Trust.—. — (£10.85 U-B7]-CU4| — * 

Jap. lodes TsL M32.B3 1228|-0O5| — 

TSB Unit Trust Managers (C.L) Ltd.; 

Bagatelle JM..SL Saviour, Jersey 0B34734M 

i^S?4a--:ISi S3 I IS; 

Price* on Apr. 19 Nres sub. day Apr. 38 . 

Tokyo Pacific Holdings N.V. 

i nfinite Management Co. N.V., Curacao. 

NAV per share April 17. SUS51 78 
Tokyo Pacific HldgB. (Seaboard) N.V., 
Inti nuv Management Co. N.V.. Curacao. 

NAV per share April 17 5US37.73. * 

Tyndall Group 

P.O. Box 1258 Hamilton J. Bermuda, 7-2700 ' 

fOSSMSdm 

3-Way inL Mar. IB.. 




ots — **■ 

1134} J 3030 

142.6] .. ..( 

Virion Houses Douglas. Isle al Maa. 9034 2S430 

ManaMd Uar’lft dU76 134.4( 4 - . 

I iid- Intnl Dfagmat (C.I.) Ltd. 

14. Mulcaafar Street, SL Helier. Jersey. 

l> ! B Fund ftJSMJI 1*1461 .... 4 813 

United States Tst. Inti. Adv. Co. 

14. Rue Aldrtnger. Luxembourg. 

UB.TtL In" Fnd I SUS10B5 I-0J21 L(» . 
Net Basel ndue April 18 

S. G. Warburg & Co. Ltd. 

30. Grasham Street. ECS. 01-4004905 

Cnv.Bd.Fd. Apr. 18.. | SUS949 I +0511 — - 

EnKy InL April 18.. SUSIAM -01)3 — 

«;rS.SFd.M*rJl...L iUS655te; 1 “J - 

MrEur.Apr.5 .—ffUSDUl 163?) ( — 

Warburg invest. Mngt. Jr&. Ltd. . 

1 . Charing Gross. Si Heller. Jsy. Cl 053473741 

CMFLld-.MArchOT. WS12JS 1UM — 

CMl Ltd. Marob 30.^364 : 33^1 — 

MtalsTsLHar.13 £17-98 — 

TMT April 13. ... -ggiRJH 16J| — 

TMT Ltd April 18...IC9.74 9.99( .. .. — 

World Wide Growth Management* . 
10a. Boulevard Royal, Luxembourg- 
Worldwide Gth FdT SUS1336 1— OXFH — 


883 +88 824 

820 +03 *B* 
J7.4 +02 1855 
43.0 +02 1059 
163 +0J *65 

280 +01 4.85 

62.9 +OA 867 
325 -U 2.72 
3151 +0 2 562 


B +0JI 360 
+o3 7.17 

+0!4| 7.17. 
—0.31 286 
-0.4) 186 

02*285231 
3851+02} 334 


NOTES ' : 

- - » 

Price* do not include S premiuin, except Where indicated 4. and arc In pence unless oLhecwtse ’ 
Indicated. Yields % ubown in Inal rdimn' allow tor a)) buying oxpenm a Offered prices . 
Include all expenre*. b To-ttar's prtcea. c Ylnld bared on offer price: d EMI— led, g ledirir 

opening price. b Distributlonmeaf U.KLUxes. p Periodic premluiixinanrantse plans.* Single 

premium insurance, x Offered price Includes all expenses except agent's conamuhm. 
y offered price includes all expenses If bought through managers x Previous day"* price. 

V Net ol tax on realised capital gains unless indicated by *. 9 Guernsey gross. * Suspended. 

4 Yield before Jersey tax t ex- subdivision 


CLIVE INVESTMENTS LIMITED ' -.g 

1 Royal E?cchange Av*, London EC3V SLU. = Tel.: 01*388 llOL-s. 
Index Goide as at Ilth April, 1978 (Base 100 at 14.1.77.): 

Clive Fixed Interest Capital ^ 132.70 

Clive Fixed Interest Income 1HB.S6 « 


Unit Trust Account & MgmL Ltd. 
King William SLEC4R8AR 01-834B&1 

Friars Hre Fund 173* 0 1466] J 465 

Wider Orth. Pod., -BB.3 28H .._..7 <53 

Do. Aecttm. - - BZ.7 34 5} J «J3 

Wider Growth Fond 
KlngWllltamSLE04R9AR 01-B23 4951 

Income Unite — SO 3 29 -2d J 4J£ 

Accsbl Units K.i 33^-^442. 


CORAL INDEX: close 459-4G4 


INSURANCE BASE RATES 

f Property Growth .s . % 

t Vanburgh Guaranteed S^S% 

i Address shram under taEiugncc and Props riv Bond Table 
















































































































































































































43 


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April 20 1978 


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> •: -:•§ 


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Wade PoKs-lOp- , 
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INSURANCE — Continned 

8tock ! Mm 1 - "1 Net NSt13j[|VB] 


606- 

108 

957 

165 

£273, 

303 


jSU (So? Alliance £1- 


93 


SanUfrft) 


(155 

£173* 

258 


679 ITilitwHar.aK, 


Trade Indaoeiiy 

Trice! are S2 5Q_ 
sniss Fiber — 


Mm 

542 

96 

937 

165 

£26% 

278 


+1 

-1 

+17 


Mr 
Net 

2035 
t3 42 

Bflz 

^ lqZ4j 



MOTORS, AIRCRAFT TRADES 
- - - meter* and Cycles 


29 _ 

272 (1 
53 
7 
M 

£14% 



18 


M5.16 


17j 5.B 103, 
Q12%! 4bj |l 338 


Commercial Vehicles 


120 

63 

W 2 

73 


58 

78 

64 

125 

120 

70 

24 

£21 V 
[184 
90 
119 
11 
55 
290 
44 
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115 


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44% 

26 

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45 

87% 

78 
49% 
56 
38 
32 

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89 

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112 

£170 

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42 

84 

79 
60 
87 
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10 
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175 

56 

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a 


82 (4RP.IBMSU— 

49 B»dteif(30p) 

9 Peak Invests. Mp 
57Jj Flaxtons — 1—- 
55 VaritTnUerUp. 


102 

54 

20 

76 

66 


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46 

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55 
109 
88 

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78 

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32 

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55 

86 

93 


Abbey Paneb_ 
Airflow Stream. 

Annifnt Eq. Mlp 

Atm. Eng*c— ■ 
Automotive—. 
BluandBm-w 
Brown Bros lOp. 
jDamaCorp.— 
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BaiApaSp — . 
Ffifihl BetneDiBe- 
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SnpraGronp lffp. 
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Woofhaufll.i — 
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54 


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10.7 

112 

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38.6 
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4 

4.2 
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Garages and Distributors 


Adams Glbhon_ 
Alexanders 5p_ 
Aprieyarriliip— 
Alston Ifo&r: 

34VBSGJntMp 

35% Braid GrrapSp- 
Brit C 2 r.Anc.lOp 
qc-gji ion— 
Cashes N)p_ — 
Cow,e(TJSp — , 
Uavjj Godfrey —I 
Dorada 


r 19 
84 
35 
74 

68 

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30 kHanheULamJ 
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HamstmlT.CJ_ 
Han we lia 
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Heron Mtr Grp. w 

£128 Do. lOpc Cov. _ 
72 HnrstiCb&rlcci. 

31 Jessups Ite .'1 

65 gunning wr _ 

64% Lex Service Gip- 
48 Lookfli-, 

73% LynnALyon . 

23 Han Chester lOp -.i 
NelsM David 5p. ( 
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Pern (H.) Mltl. - 
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TateofLeedu— 

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74 

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■ 104 

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175 

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59 

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155 

44 

61 

5.6 

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2.9 

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203 

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3.7 

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NEWSPAPERS, PUBUSHERS 


,172 

296 

55 

65 

95 

US 

152 

152 

347 

-76 

92 

72 

133 

132 

59 

278 

185 

44 

168 

150 

238 

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V 


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67 

85 

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£ 

153 

134. 

155 

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m 


[Assoc. News 1 146 

MsaR»fcP.2toJ 333 

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ftBem 3ro!herfc— 

lBristolPost 

(CoIJinF William- 
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Biijy Jtifl'A‘Ste..j 
G-lfid. Allied 'A* 1 
Gorrfan AGotelu. 
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L'pool D PratSBpjJ 
MarriiaU CiT-IPp 
Mewilni— 
PeartaoUmgnanj 
Pyramid Mp— 
RoutledgeAKP. 

Sharpe fWN) 

Uwmsnn — 

lld.Newspawn 
Webster* Pnlap 
WKsonBros.20p. 


• 59 
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US- 
132 
132 


-2 


+1 


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4.02 
187 
♦2.13 
4.9 
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4.68 
4.68 
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13.63 
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4 5 
6.5 
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13.96 
89 
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197 

13.98 

134 

♦138 


43J 5.41 63 


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2.9 

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4.2, 

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73 
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7.6 
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343 

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PAPER, PRINTING 
ADVERTISING ‘ 


' W7B' 
High low 


PROPERTY— Continned 

-1 



347 

109 

72 

315 

156 

a 

87 

77 

115 

iS 

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£174 

270 

228 

47 

70 

27 

98 

24 

2B2 

148 

292 

20 

19 

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89 

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262 

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Regalian... . 
Rrgioual Prop—. 
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Samuel PioiMt— 

Sca.Metrop.20p 

Second CSor 10p. 

5k n» f)i R [ t» 

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(216 Stock Cooversn- 

(172 StmleyiBHnv 

31% S wire Properties 
56 Town Centre — 
22 7bwn*G(yUp_ 

82 TrnffardPwt 

19% U.K. Property 

242 Utd. Real Prop- 
119 Warner Estate _ 
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72 

296 

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228 

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252 

119 

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15 

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0.81 

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423 


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14731 


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59.0 


174 


418 


34.4 

12.7 


SHIPBUILDERS, REPAIRERS 


®7 
112 
206 
(175 
56 
30 
124 
220 
1 2% 
67 
017 
91 
95 
34 
97 


16>2 

60 

68 

95 

29 

64 

47 

36 

38 

42 

58 

33 

57 

41 

27% 

66% 

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tetPrinti n a. — _ | 

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teualPnlp.— _? 

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(CaostonlStrlT— 
pipnoiiMSjpJ 
Cl«yilUchanll__ 
ICoUettD'sonlOp 
Cutter Guard 




. East Lancs. Ppr. 

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Ferry Pick 10p_ 
FltlJas Hotdrngs. 
GemGrmlOp.. 
BamBanJtSois. 

| £16% tPGTDCt*. 

64 biveiertCrp 50p-. 
L.tP.Posiar50p 
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, BoreOTerr.lOp 
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Oxley Print Grp_ 

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Transparent Pgr. 
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[206 Haddington (J.L. 

1 7&i Watmouglru 

11 Wy u h W awnSp-l 


22 

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64 

101 

39 

15 

80 

67 

58 
19 
19 

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49 

59 
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115 

43 

67 

£23% 

67 

211 

240 

74 

170 

92 

£40 

37 

57 

122 

81 

188 

69 

60 
51 
36 

216 

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3.18 

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102 52 
133 2J3 

5.4 7.8 
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110 (4.8) 

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5124.9 
10 13.6 
92 93 
65 0 
5 2 85 
45 65 
4.4163 

105 55 
8.4 63 
85 53 

6.0 7.7 
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72 63 


PROPERTY 


[230 

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20 

74 


58 

69% 

CU7 




P16. 

53 

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17 


90 


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so 

25 ~ 
37 

£145 

£125 

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lAZTif Loudon 20pl 
LABnatt London —I 
Uanlpnoted Stores [ 
[AaBc® HMgs — 
Upa. Prop*, lflp. 
(Aqni&Seen5p_| 
fAvesmeCTseaOpI 
BsaikAGomlOp. 

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Brzxton Es t ate -| 
Cap. ACotmttes. 
Da Warranis — I 
Canfing (htapteJ 
Carrington Inr.i&i 
CDtrevtoelB]20p| 
DaCtaSOp — 
Chestemeld— 

ChownSeei 

CbareSjb'iyEnt— 

Cits Officer 

darfee Nlckolls- 
CoetroISecs.lOp 
CcmExdaageW 
CMzyJfewT.lfe-, 

sssra 

DmerBtoaV 

|DoB%peCav._ 
DM^cQis._ 
Sta.ftA*ency_ 
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PropJnv— 


PrtrviewEdalOpI 
GUgstaJlto-— - 
(8uinrU5KsZ 
SLFmtland50p- 
&een£BJlpp— 
GreeamtSp-B 

bZun/ap 

HatouerelOp- 
HELand.HK$5- 
ony Property— 

S=’ 

Land Sec*. SOn— | 
|,Da-5%«Cev,53J 
DnLtWCoOT.WI 
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M 35 W 
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157 

181 

295 


294 

200 

150 

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235 

42% 

39 

145 

255 

20 

B4 

138 

116 

140 

46 

115 


22 

65 
67 

104 

36 

78 

60 

41 

48% 

50 

66 
39 
70 
55 
36 
76 
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115 

525 

120 

42 

97 

145 

125 

325 

102 

160 

76 

560 

65 


141 

58 

59 

73 

30 

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55 
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31 
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39 

125 , 
£80%(£72. 
37 
116 
115 
70 
35 

31 
110 

89 
12% 

50 
64 

56 

32 
31 
37 

58 

44 
16% 

18% 

46 
64 

49 

45 
87 
41 

60 
138 

37 

74 
15% 

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82 

51 
62 
41 
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63 
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22 
99 
67 
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56% 

38% 

48 
31 
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62 

50 
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9 

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64 [Hawthorn t_ sta. 
129 ls*an Hunter £1. 

135 lyotper 

260 (Y arrow 50p— 


70 





131 

+1 

6.86 - 

1.1 

150 


4.65 

0 

260 

— 

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SHIPPING 


K * Com. SOp- 
MoBrns-Sp- 
FiaheriJi 

Forti era Withy £3 

lHunnefGib>a.£l_| 

yacofrsij. I.iSIp- 

loo. 0 Seas Frtre-I 

Lyle Shipping — 
Man. Liners Ka.. 
Mersey Dk. Units 
Milford Docks a 
Ocean Transport 
iP.tO.Dddll- 
HcudonSm.50p 

■ Da A'SiJp 

Bondman iWJ— 


267 

125 

142*4 

220 

292 

38% 

31% 

125 

220 

lSxR 

68 

120 ai 
95 
95 
39 
101 


-3 


+1 


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5.B1 

153 

t7.43 

10 £9 

cU.85 

337 

4.90 

5.10 

2.72 

835 

♦5.95 

4164 

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IBJL6 



SHOES AND LEATHER 


(AOebonelOpf— 
[Booth Untnl) — 
Fbotwearlafs— 
(GaraarScotblair 

mesdlain.amsSp-1 

Hiltons 20p 

IK Shoes 

Lambert Hit B)p_ 

KewboMftBun'n- 

]01ivcriG)‘.V 

.PittardGrp 

'Stead* Sim '.V.. 

{Strong* Fisher- 

Stylo Shoes ... 

rrfirnwWiEll^J 
(Ward White— 
iWearra 10p.„ 


17% 

60 

60 

95 

35 
76rt 
54 
39 

43 

61 

36 
57 
42 
36 
68 
24 


-l 


-3 


227 
317 
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9.8 65 


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41 


3 81 7.51 55 


8.3 


5.0 

5.7 

85 

52 

122 

5.7 

11.9 


8.81 0 


SOUTH AFRICANS 


80 lAherconB03O~ 

115 

+3 

♦Q29f 

17 

% 


525 


Qfr3c 

2A 

12. 

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210 


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5.7 


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-3 


L2 

7.4 

95 Grtnms‘A'80c— 

120 



06 

4 

100 Hulett'sCpaRL 

125 


4Q31c 

Lfl 

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286 [>SBazaus50c_. 

325 

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f 

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1028 

nill 

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145 fier Tntfint 'ATDt 

145 


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58 S_A.Bmn.3te_.. 

75 

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560 


Q52c 

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55 Uniaec 

63 


ma 

0 

10.0 


7.1 


3.9 

5.7 

24 

6.0 

10.9 
66 

4.7 
49 
19.6 
2J2 
63 
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♦ 


TEXTILES 


5 A 

29 

25 
85 
79 
10% 

45 
53 

40 

27 

26 

28 

46 
38 
■15 
13 
34 
58 
42 
21 
73 
36 

. 46 
1102 

24 
58 
12 

S 

41 
69 
36 

19 
48 

25 
18 

20 
21 
84 
50 
20 
27% 
19V 
41 
2b 
23 
23 
18 
46 
44% 

48 

41 

34 

36 


Allied Textile — 

Atkin* Bros 

Beales 1 J.i20p.— 
Beckman A IDp . 

Blackwood Mon. 

Bond SL Fab. lOp 

Bright iJohm 

Bn grey Grp 5p— 

BriLEnkalon — 

Brit Mohair. — 
Bnlamrlmb ®j>_ 41 
CmrdtDnndeei- 

Carpets InLnOp- 

Carr'gtn\1>elU- 
Cndn-tnd.. 

Coats Patons- 

Corah 

Couitflulds— 

Dal%DeMS,7| 

OOTtherd.i.- 
DswsanlnU.— 

Da ‘A’.— 

DixuniDmidi- , 

EBrlf 'D4 3ll0p| 
FostCTiJohni- 

fldd^PSt.»“' 
HieldBros.%>- 

ffigfiams 

HoUMGrpSp-. 

Hnnrfra y , , — 

m-gwjrthM.aip 

Do ‘A'SDp 

Ingram iflilOp.. 
Jerome rHldgs. ), 

Leeds Dyert- — 

Leigh Mills- 

Levcxap 

Lister 

Liies(B.)3)p 

Mackey Hngh_, 
Maetinnoo Scort 
Martin 1 Al20p_. 
MUlerlF.ilOp — 

Montfort 

Sorts Man/J — 

Nora Jersey 20p-. 
Parkland-A' — 

Pickles IW.ifcCa 

Da-.VNV109. 
R-K-T-lOp— 
RadlerFasluOQS 
Reed (Wray— 

RdimeeSUtSOp^l 

Richards lOp — . 

SiET.ZDpi 

Scott Robertson . I 
SAerslnLlCp — l 
Saw Carpets 

Shiloh Spinners- 

Sidlawl&daSOp-| 

Sirdar 

Small & Tldmas _ 

Sn. ITscota Li3M_ 

Do.Prir.U200- 

a»ncerlGeaJ_ 
Stoddiud'A’ — 
StrondBikyDr'iL 
TenHCoosnlate- 
Text'rdJray. IQp. 
TomkJnsDns- 
Tootal 

ysi 

Trafiwd Carpets 
nicorillelOp — 

Vita-Tex 30p 

Yorks. Fine W.ah>. 
Youghal 


d6.49| 

3.34 , 
+252. 
S4.90 

J0.82 I 
2.6 
146 


1.71 9.71 


17]215i 


165 
2.10 . 

fzS 

piiiil. 


+1 


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+2 


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+2 


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0.75 

279 

♦439 

d332 

134 

234 

5^: 

03 
45 
d33 
1.65 
3.70 
146 
3.49 
124 
t0.5 
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1067 
10.67 
4.69 , 
[fd3.94 
t4JW 

3 

till 

& 

A 02 

l*ffl 




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flP 




+1 


1978 

High L«r 


INV. TRIKTS—Continued 

Stack i Prica f 1 "-* 


1 

72 
itlOO 
63 
82 
12 
72% 
70 

fil2 

79 

30 
44 

4 

j65 
190 

K 

» 
& 
|Z2B 

67 
90 
75 
.74 
006 
617 
085 

4Wj 
81 
,90 

152 

46 
39 

119 
138 
83 
641 
014 

(L03 
98% 

89 

to 

A 

67* 

75 

T 

65 

55 
82 
92 

31 
187 

78 

76 
£9% 

*S 

670 

75 % 

n 

604 
L29 
134 
LSI 
048 
49 
51 
6 

640 

56 

90 

601 

V 

25 
31 
13 

w 62 

b.im 




.56 I Cedar bo _ 

124 [Cban'ia.fae.a. 


(C^wTtesi — 
City A Can. Inc.. 
’DaCte.ffl)— 


48% ICitr*FW-!nsc_ 


85 

62 

7«a 


(CityfclnternTl-l 

(fityofOstorf— ■ 

a*ff«honne50p- 


6% (ataon bnsldp- 


lnv— 

“B" 

Colonial Sea. DU. 
CuotineiinfctoiJ. 
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Cumins Inr_- 
Dnnaeflne.)(SOpl 
Du. 1 Cap.) lOp— 
DebenmreCorp-. 

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. Jaminfm £ . - 
lurayton Cornel- 

Da Coda 

Do. ppr Eastern 
, Da Premier --- 
DuaNestlnc-SOp 
Do.C»piia]£l— 

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nbmgbAmTIst 

a. mv.mn~ 

clralnr.TsL. 
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EnK.45coLln<r_ 

Equity tor. »-P 
Estate DudaO- 
F.ieC-EnWRust. 

Fajnilrlni'.Tsi— 
FirstWAm.- 
yortngniCM— - 
FU.G.LT JMlft 
Fundi m-est Inc. - 

Do. Cap 

G.T.Japan-^ , 
GeafcOomrt'cL. 
GeaConsofcfld... 

Gemrti Funds- 
„ Do.Conr.lOp.— 
taen.InvMt®s— . 
iGOLScrttirt) — , 

Glendwoulnv. 

I Do. 'BT — - 
tolnnarrepbr- 
Da-B-Ori— 
kaobelnr-, 
[GoFfttEuropfe— 

[Grange TniSf 

[GLNorth'nlnP— 
(GrcenfriarlnT_ 

Gresham lnv 

Group Investors. . 
Guartiafllrr.Tit— j 
Hambros 
Harcroslnv. lOp. 
HUli Philips 
Hn me Bids. “A’. 

Do. “B" 

IcofuodiK — 

Do 

IndnstriaMk Gen. 
Iri.Pac.Se.HKK 
Intemafllnv- - 
laLlnv.TSc-Jsyil. 
Iair.inSweess.._ 
tnvestort'Csp.-.. 
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Iodine Sec. HEEL] 
Jersey ExL PL lp 
Jersey Gen. O — 

Jos 

lore [jrr.lac.10p 
OaCajk*—-- 
Bcystoaehc.SOp-i 

Siispiidelnr. 

LakeYiewlnv.- 
Lsne.4Lcn.Inv. 

Law Debenture - 
LsurdSflg.Bes.Ip_ 
iLedalm-.IncJSp 

Do.Qip.5p 

LeVaOoaeUnv. 
LnnA Abdn PldSpj 
Ijm. Atlantic — 
LooAnstlavJAl 
Loo. 4 Gait. 50p.. 
GKto-iHairrtkM^ 
Lon.6Lenhox.__ 
Um.4lir.lflp— 
liaj.4 Lomond- 
Loo.61fflntn». 
Lon. fcProv — 
Lon. Prudentials 
Lon. 4 S' dyde._ 
L 0 n.T 1 t.Kd— 
Undudln- 
M&GDBtUne.Wp 
Dc.Csp.10p_- 
On Sod Dmi Int Hip 
Do.Cap.flp. — 
Man.4Lan.50p_ 
Meldnunbre— 
Mercantitabw— 
MeRhantsTtt_ 
Monks Inrest-L. 
|UonL Boston lOp 
1 DaWntt.£L_, 
(ModoyalEl), — 
iMoorgaietnr 
UloorcideTnut-, 
S^tSASUSl-! 
[NewThroalne- 
DaCsp.a — 
^Da New Writs 
tN.Y.&Gartmoro. 

1828 Inrea 

Nth. Atlantic Sec 
Nlhn. American. 

Northern Secs- 

004 Assoc. In»_ 
Outwichinv — 
Pentiandrnr— 
Profr Se Int 50pj 
Prorinnal uties 

iRnebnru 

tHeahnwk Inr..„ 
|Righls* Us Cap 
River* Mere.— 

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„ . (£61% £46?* Robeco IBnFBO 
riglB 467 Do Snb3h'sFB 
3ip46 36% BntincoN\'F150. 

Do-Suh-SbiFH.-l 
Romney Trust — 
Sawdrinnntfioc. 
Do. Cap — — 
RiXhtduld In.5l]p_! 
Safeguard lnd._ 
St. Andrew 1st _ 
Scot.Aia.Iav. 
ScoliCooLlnv- 

Scot Cities 'A'— 
ScoL East, lnv — 
S 00 L European- 

Swetinh Inr — 

Scot. Mott. £Ttt. 
ScoL National — 
Scot Northern 
Scot Ontario.. 
ScoLUld lire — 
SeotWeaern — 

E -Westn-'B - —, 
MlianeeTft_( 
Great Nlhn. . 

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SecunilnsT Sc 

2j 1^6]400 poo 'fetoctHBiter.'tt^ 

* iShlres lnv. 50p __ 


53% 

sr 

212 

1260 

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24 

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ll 

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123 

27 

155 

62 

163 

55 
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60 

74 

63 
58 
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170 

258 

37 

70 

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36 
49 
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1120 

73 

125 

97 

88 

72% 

72% 

84 

71 
68 
60% 

56 
97 

55 
65 
90 

67 

56 
48 
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78 
26 

260 

69 

68 

[600* 

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1147 

107 

62% 

374 

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m 

228 

41% 

44 

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125 

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38 
87% 
£11% 

34 

20 

26 

6 

55 

1103 

53 

95 

61 

16 

59% 

% 

64 

1173 

48 

H78 

90 

79 
2«» 
20 

40 
33 
62 

41 


TOBACCOS 


310 

269 


227 


81 


52 

138 

[210 

91 

|220 

124 

170 


(BAT Inda 
DoDefiL 


+8 (1181 


380 p30 praUnMJlOpL. 


n% fciPetial 

45% Rntianmsl2%p.- 
55 Seamen Hn. dp-1 


51K S PI tMB fijS 


65) 53 
^ JL4 


TRUSTS, FINANCE, LAND 
Investment Trusts 


(Ambrose lnv. Inc. J 58 |— 


45%- 

96 

99 

50 

(130 

44 

77 

39 

134 

131 

64. 

90 

iO 

82 

a 

i 


Bp 

53 

47 . ^ 

37% American Trust- 
36 American Itt-'B 1 
84 Anglo Am. Sec*_ 
43% Acglo-IatDiv._ 
(104 Do. Asset Shs.- 


36 
70 1 
(30 
006 
D06 
■49 
69 


| 

.9 

m 

146 

97 

3 

255 

9 

89 


50 Aberdeen Invs. -I 
118 Aberdeen TresLl 

95% AOsaln 

77 ADJaneelire- 
AHiucsTnnL— .1 
AaHtojdlnaSOp. 
Da Capital 50p_l 




p 

66 

>56 

P14I 


Da Cap- 


57. -1 1- - - - 


Do.Cap.50p — 

K ahtv.OAl)— 
town lnv. — 

Atlanta Bah. 10 jl 

Atlantic Aaria. 
52% AHai Elect — - 
73 AuL£Int(9hi}.| 
48 Bankerflnv.. 
45% BenyTruat- 
. 6 ' BahopuateFrop.. 

M BM& 

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34% Sukm. 6 Gan- 
60 British Assetn_- 
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58% Calta lianlrt- 

56 Da“B"_ 

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L2|aUjg5 J194 |&aepi4lBK.np^ : 


, .90 CHD &Poreiga- 

&23 bf)2 CEpitBlINaL-. 

100 Da-r. 


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94 [Carliollnv | 


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m 

107 


+1 


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-11 - I - I 

SJ1&5 
S3 28.9 
12 718 
0.7 48.4 
4.4 3X6 
52 292 
6.7 22 J 
23 62J 


+% UL87 


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6.0 24.6 
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I0|4.fl34L2 
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4.7(30-51 


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pffil 


58 glzeweD 10p — 

“* [Sphere lnv 

[SUTlDtlOp — 
’SPLIT Cap. lOp — 
[Stanhope Geo — 

Hodibwl«tInr._4 

^SsIoBar! 
rahrot Growth — 
IpaQ^n — - 

64- 

, DafilzX Loan— 
pte Invert Inc— 

TnniSe*nic— 
Trihroohnwl— 

ITtnStimlcii— 
trustees Carp— 
[Tyneiidelnv — 
(radronliiv — _ 
106% mi Brit Secs— 
[DU. Capitals — 
.vSOekQnP— 
fcS.6 General TK- 
JfeTnatFnadSL- 
rradngResmitra- 
59% W.C«.fcTe*BslOp 
WemyKlnv.D— 

69% IwSnh^— — 
65 | Da“B“, 


26 (Yob- £ Lanes— 
jYortgreen lOp— 


U 

131 

455 

52 

£% 

93 

2 1 * 

92 

63 

78 

7^ 

7gi 

70 

226 

183 

103 
166 

70 
25 

3% 

61 

212 

147 

177 

124 

136 

32 

175 

61% 

198 

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112 

213 

101 

67 
84 

71 

68 
106 
117 
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265 

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46 
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119 
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81 
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109 
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81 
102 
92 
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62 

104 

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961 

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52 

75 
86 
30 

168 

73 

76 
58% 

600 

47 
170 

70 
175 
121 

77 
198 
129 
114 
151 
246 

42% 
44% U 
5% 
128 
54 
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S* 

22 

29 

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205 

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22 
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174 

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225 

68 

101 

158 

122 

160 

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133 

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125 

104 

58 

117 

18 

91% 

174 

830 

81% 

74% 

290 

182 

80 

76 

354 

31 

5 

72 


♦4.07 
13.05 
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r-1 

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15 

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IB2 


C9ri 


23 

1.1 

6.75 

437 

SP 

26 

2.45 

♦5.94 

396 

1990 

17.61 

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FINANCE, LAND— Continued 


U7I 

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62 138 
74 

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18 
330 

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204 (167 


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11 

131 

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61 

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148 

156 

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450 

144 

9 

190 

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415 

24 

306 

19 

£2312 

533 

69 

306 

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178 

246 

139 

150 

150 

77 




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51 

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70 


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330 

13 

25 

183 


94 

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53 

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134 
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71 
42 

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875 
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54 

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23 

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388 

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156 

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335 

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306 

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203 

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8« 83 


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OVERSEAS TRADERS 


305 

80 

115 

73 
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310 
230 
£63 
450 

74 
400 

25 

19 

70 

49 

775 

99 

235 

225 

54 

A 

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60 

96 

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250 

190 

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325 

66 

1350 

21 

9 

67 
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68 
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350 

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lAnsL Agric. 50e_ 

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(Tozw Kans. 2 Jp. 

, DaSpcCav.tO.. 
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305 

80 

115 

65 

31 

305 

216 

£60 

450 

74 

400 

24 

14 

71 

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80 

180 

175 

33 

6 

149 

366 

47 

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64 

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IF78 

High Law 


RUBBERS AND SISALS 

!+ orj 


95 

79 

15 

43 
220 

65 

134 

57 

12% 

250 

79% 

93 
59 
47 

145 

94 
35 

44 
73% 
£28% 


200 


75 

65 

SP 

165 

53 

95 

57 

56% 

41% 

29 

69 

48 

30 
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55 

£18% 


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Anglo-lndones'a— 
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Bird (Africa) 

BrathralllOp 

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Chenooesc lOp. — 

Cms.Pitmt5 U$p 

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Ldn. Sumatra 10p_ 

IMalukoffiai 

MalDyalam % 

Mnar River lOp — 
PlanUicaHUgalDp 
[Sungei Enan£l — 


Price 

94 

79 

14 

45 

220 

65 

134 

57 

10 

250 

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93 
59 
47 

137 

94 
35 
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15 

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India and Bangladesh 


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385 cm 
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212 
222 
ISO 
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22 
181 
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115 

23 

263 

263 

245 

420 

23% 

202 

166 


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Asamlnvs.n..— 

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Jokaiil 


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193 

292 

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5.9 

4.9 

106 


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3.7 

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1.6 

263 

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35 

263 


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65 

212 

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27 

390 


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3.6 

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7.3 

8.4 
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13.0 

6.9 

5.8 
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5.9 
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185 


500 

160 


Sri Lanka 

[123 [LunuraEL 1 145 |+20| 5.5 | 15| 5.7 

Africa 


[390 [BlantyreU- 
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435*1 50.0 

145 13.0 


17.4 

13.6 


MINES 

CENTRAL RAND 


385 

416 

£36% 

178 


93 

33 

351 

152 

391 

52% 

104 

73*1 

60 

780 

63 


140 Durban Deep RJ._. 
244 EaaRandPrp R1- 
£29% Ranj«bnt'nEstR2. 
7B% (West Rand R1 


162 

+22 

_ 

292 

+20 

tQ5c 

£33% 

"iv 


122 

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16.4 t 
15 63 
6.7 6.4 


EASTERN RAND 


57 % 

18 

235 

76 

[275 

35 

67 

37 

37 

517 

31 


[Blacken HI 

EastDaggaRl 

EJLGLUSfrO 

Groo trie! 30c 

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MsMonlein RJ — 
V.InkelhaakRO — 
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26 

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tQ20c 

12 

333 

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— 

81 

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292 

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2.8 

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12 

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10 

42 

+2% 

— 

— 

41 

617 

+3 

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t086c 

0.4 

17 

42 

-1 


— 


FAR WEST RAND 


445 

931 

104 

313 

712 

238 

153 

£11% 

502 

562 

527 

282 

*g% 

2B9 

£19% 

241 

783 

201 


B 

214 

589 

154 

192 

890 

408 

440 

«9 

213 

I £11 

(123 1 
|g6% 

1163 


[Bljn»r25 

JBid/eJsRl. 


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DiwrnfonldnRl — 

EaaDrieRl 

EbndsrafldGhlSfeJ 

EIsburgRI 

Hartebeest RI — . 

Kloof Gold Ell 

Libanon Rl— — 
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StiHoptein 50c 

Vaal Reefs 50e — 
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W.Drieftl 

Western Areas HI. 
Western Deep B2_ 
Zandpfin Rl 


308 

872 

81 

231 

649 

183 

99 

£10% 

450 

458 

442 

215 

£32% 

138 

£17% 

166 

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187 


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[225 


48 

34.6 


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2.31 8.9 
14 8.9 

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17 


10 

15 
23 

32 
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23 

33 
73 

16 
27 

24 
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OF.S. 


95 

£17% 

121 

413 

134 


75 

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59 

(284 

66 


£10% [750 


789 

883 

199 

302 

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1582 
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1144 
190 ■ 
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Pres. St eyn 50c— 

|St. Helena Rl 

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— 

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14 

27 

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296 

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669 

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9.9 

25 

150 

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— 

252 

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11 

£26% 

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ii) 


111 


FINANCE 


515 [424 [Ang.Am.Ctml50c_ 
[311 246 Anglo Amer. 10c __ 
£17% £14%Ung.Am.GoIdBl- 
700 I&21 Uag-VaalSOc. 

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[Com Gold HeMe_ 
[East Band Coa lOp 

[Gm. Mining RS 

CbfldftalifcSA.se -1 

UolmgCons. B2 

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139 
164 
_ IB 
06% £14 
£12% £11 
03% £10 
180 L40 
158 126 
1122 97 

£11% 860 
58 50 

412 . 375 
[210 161 
41 29 

£13% £11 

232 182 
292 238 
53 40 


Patino NV PUS ___ 
HsudLaidoal5a_ 
Selection Treat— 
Sen trpst lHc— — — — 
SilminlnffiJ^p— 
[T*raaLCon&MEl_ 

JU.C. Invest Rl 

[Union Corpn.fi2Sa 
(VqgelflZbc^ 



DIAMOND AND PLATINUM 


£37% 
1354 


£30 (AnritbAmlnaku, 
64 Blstops^ePiLffleJ 
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54 LydenbmcU%c_ 
71 Eus.HrU.3Dc 


£35 

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57 

71 



4 102 
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NEW JAPAN SECURITIES 

Tokyo, Japan 

.New Japan Securities Europe Limited 
1 Moorg*M. London EC2ft BJH Tel. 806-0781/8 
•Frsrtfcfttrt Oftkm: 7 W. 590929 


MIN^— Con turned 
CENTRAL AFRICAN 


1878 

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210 055 |Phtemi «> JB e. . . — 1 


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IantarI2%p 

Kamnntlng SJKlSO . 

SaillnghriL. 

Malay Dredging SHI. 

APahang 

Pengkalea I0p 

Failing SMI 

Saint Pi ran 

South Crafty lOp_ 
South Klnla SMO50 
Slim Malayan SMI. 
Sungei Besi SHI — 

Supreme Corp. SHI 

TanjoDElSp 

Tongkah Hrbr. SMI 
TronohSMl 


35S 

78* 

11 

69 

450 

300 

50 

55 

183 

53 

53 

150 

240 

178 

68 

87* 

90 

IBS 



COPPER 

96 | 70 pfeailnaRMO | 88 | (*Q30c| L% t 


MISCELLANEOUS 


9 

300 

335 

206 

46% 

950 

45 

162 


9 

220 

730 

|7g 

[120 


Burma Mines n%p. 

anu.Miuch.iae~. 
MoithgateCSl ~ 
ETi 


Sabina lud&CSl^. 
[ThraExptn.S3— . _ 

fiftadj' Minerals Hip -1 

Vakoo Cons.C53 


9 

265 

335 

206 

31 

887 

43 

162 


+6 


Q30c 

95 


121 

Q7c 


Ui 

* 


251 

* 


&3 

7-2 


43 

21 


NOTES 


Unlen otherwtae Indicated, price* and met dhrtttaads are <a 
pence and dewantnMiciw are ZSp. Emtinatrd price/eareinca 
raitoc and eoraa are baaed m latest anreml reverts and acceanta 
and. where peaaihte. are updated tm baH-ywIy Bgnres. P/Ea are 
enlratated am the basis of net dtatribnfcan; bracketed figure* 
u per eeaL or more d lf few n c e U relenlstrd 00 “nCT 
distribDUon. Coven are based m " n i a a rli—w " dUrikudm. 
Yields are baaed auadddto prices, are gross, adfrutad to ACT of 
34 per eeaL aad aDow Cor seine ef declared dtatxfhwtiean and 
rights. Securities with dewemfnrtimw ether than sterling are 
qaeied laclaahm af the lnreatroeat dsllar pccr nl pm. 

A Sterling denominated aecorttlee which lntinttolareataeBk 
dollar premium. 

• "Ibp* Stock. ’ - , 

• Higha and Lows marked tlma haw* bee* edliuted to aHn«r 
. JOr.rigbts issues for eash- 

t Interim since Increased or wmaed 
t Interim since reduced, passed or deferred. i 

U Tax-free to mm- refli dents on appli c a tion . 

0 Fi cores or report awaited. 

It Unlisted security. 

0' Price at time of snspeosioa. 

9 Indicated dividend afler pending scrip «Dd/nr right* issues 
cover relates to previous dividend or forecast. 

•* Free of Stamp Duly. 

6 Merger bid or reorganisation tn pr ogres s. 

4 Not comparable. 

4 Same interim: reduced final and/or reduced warnings 
In dl rated 

$ Forecast dividend: cover on earnings updated by latest 
interim statement 

t Cover a II our for convention of shares not now ranking tor 
dividends or rankfng only for restricted dividend. 

4 Cover does not allow for shares which may also rank for 
dividend at a future data No P/S ratio usually provided. 
W Excluding a final dividend declaration. 

9 Regional price. 

U No par value 

a Tax free, b Figures bated on prospectus or other official 
estimate, c Cents, d Dividend rale paid or payable on part 
of capital, rover baaed on dividend an toll capttsL 
r . Redemption yield, f Flat yield, g Assumed cUridond and. 
yield, h Assumed dividend and yield after scrip issue. 

1 Payment Irom capital sources, k Kenya, m Interim higher 
than previous total, n Rights Issue pending « Earning* 
based on preliminary figures, r Australian currency, 
s Dividend and yield exclude a special payment, t I mBcq fa g 
dividend cover relates to previous dividend, FIB ratio baaed 
on latest annual earnings, a Forecast dividend: cover based 
on previous year's earning*, v Tn free op to 30p to the L 
w Yield allows for currency clausa y Dividend and yield 
based on merger terms, z Dividend and yield include a 
special payment - Caver does not apply to special payment. 
A Net dividend and yield- B Preference dividend passed or 
deferred. C Canadian. D Cover and PIE ratio exclude proUta 
of UJL aerospace subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official esti m at es for 
1977-755. c Assumed dividend and yield after pending scrip 
anchor rights issue. H Dividend and yield baaed os 
prospectus or other official estimates for 1878-77. K Figure* 
based on prospectus or other official estimates for I07& 
V Dividend and yield based on prospectus or other official 
estimates for 1978. N DtvUeod mid yield based on pconpectns 
or other official estimates for 1978. F Dividend and yield 
baaed on prospectus or other official estimates for 1977. 

Q Groat. T Figures a s sumed - V No significant Corporation: 
Tax parable. Z Dividend total to data ff Yield based on 
assumption Treasury BUI Rato stay* unchanged until maturity, 
of stock. 


Abbreviation s: W ex dividend; c ex scrip lane; «r t 
all: ri ex capital distribution. 


1 rightists* 


“ Recent Issues ” and “ Rights " Page 40 - 


This service is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom fora 
fee of £400 per xniunn ter each security 


REGIONAL MARKETS 


previously listed only 
issue*, most ol which 
are as quoted on the 
Albany inr. 20p 
Ash Spinning — 
Bottom-. — 

Bdg*wtr.Bst50p 

Clover Croft 

Craig ft Bore El, 


Craig ShipLEL- 

BBtsSi s 

^LWdmuth 

SSBEt 

Sheffield Brick 


loose/ shares 
in regional markets. Prices of Irish 
are not officially listed In Lojuhnit 
Irish exchange. 


23 


45 

.... 

24 



269 


22 

talli . 

430 

— ^r 

40 

..... 

65 

M , til 

57 

...- 

14 

— — 

47 


20 


150 


80 


147 


250 


53 


129 

vU— 

15% 

a, 

46 

— 


efrafamt.i 50 1-1 
cwno—l 85 | 


SindaU 


Conv. 9% *80/82. 

Alliance Gas 

Arnott 

Carroll fPJJ— 

dondallrfn 

Concrete Prods.. 
Heitan (Hldga.) 

Ins. Corp , 

Irish Ropes. 

Jacob 1 

Sunbeam — - 

T.M.G 

Uni dare— 


£94% 

63 
290 
93 
98 
1Z7 
40 

186%*) 

132* 


65* 
29 . 
17D 
95 


ft. 

+v 

+5 

-1 

-3 


+7 


OPTIONS 

3-month Call Rates 


Indri striata 

A-Brww 

AJ. Cement— 
B.SL R 


Babcock 

Barclays Bank. 

SSfSSrq 

Bowab - 1 
BLA.T- 


Deh gnh«iw*~ 

UiStlllm^H 
OiuUuH 


Gen. Accident 
Gen. Electric- 

Graad"Med3 9 

G.UAvCr 

Gnarrti»n 
GXJ1 

HswlterSldd- 
House of Fruer. 


.LCJ.. 


“IBM" 

LCX._ 


Inraresk j 

KCA 


Ladbrokfl — _ 
Legal 4 Con. _ 
1 Lex Service — 

Lloyds Bank u 

l “Loto” 


London BrickJ 

Lonrho 

Lucas Inds— _ 

Lyons U-> 

“Mama"- — »_ 
Mrks-ASpner 
Midland Bank 
Mil 


Nat West Bank-, 

1 Do. Warrants 
PitODfd. 

PJessey— 

R.B.M. , . 

iBank ore. ‘A'J to 

IntL — J 


Reed 

Spill ers — 

Tesco 

Thom.— _. 

Trust Houses-, 


Tube Invest. _ 
Unilever— 

UkL Drapery -J 
Vickern— , 
Woohnnths__ 

Property 
Brit Land 
p.Cotmties.1 


Peachey 

Samuel Props., j 
Town & City _4 

Oita 

BritPltrolom- 
Burmah OiL-_, 

Charierhall _| 

Shell 


lunramar. 
Mines 

Charter Cons. J 

Cons. Gold J 

ISic T. Zinc— | 


A selection of Options traded la given on the 
London Stock Exchange Be port page 


<b 












44 - 


■* - - - . - -VI 


£ Relative Strength 4 


Rdatfrestrengffitftte difference between a good 
and a tad investment We supply idatire 
strength charts for Britain's leafing c omp anies; 

plus all the other price information necessary lot 

successful investment 

Write or tdqihoaw for a free sample. • 

CHART ANALYSIS UMlrtD^ 
IHMBhhonpt^LondtBiEOM^Ea 
Tdi 01483 4476 



.Thursday April 20 1978 


Barre outlines plans 


for economic stability 


BY ROBERT MAUTtfNER 


PARIS, April 19. 


THE NEW French Government's 
programme, presented to-day to 
the National Assembly by M. 
Raymond' Bane, the Prime 
Minister, confirms both the 
Government's aim to pursue its - 
economic stabilisation policies 
and help hard-pressed industry 
and the lowest-paid workers. 

Industry has lODg complained 
abont crippling price controls 
and tight profit margins, but has 
been told by the Prime Minister 
that prices will be freed “pro- 
gressively and irreversibly/’ The 
Government has promised to in- 
troduce a number of important 
investment incentives. 


Anxious to show the country 
that It can count on a large 
majority in Parliament after 
last month's General Election 
victory, and in spite of Gaullists' 
reservations, the Government 
has asked the National Assembly 
for a vote of confidence on M 
Bane’s declaration. 

It should obtain the required 
majority, since the Gaullists 
have made it clear that they are 
not spoiling for a fight at this 


stage of the administration's life. 

Explaining the Government’s 
overall economic policy. M. Barre 
said that’ it would continue to 
give priority, to the fight against 
inflation, ' a stable and "strong 
currency, and bringing the trade 
balance back into equilibrium. 

But the Government would also 
aim for the highest possible 
growth . rate compatible with 
these requirements. The Prime 
ill i n ister did not indicate the 
growth Tate for which the Gov- 
ernment aimed. 

Measures to stimulate invest- 
ment include the creation of 
non-voting Preference shares 
which do not currently exist in 
France, and special loans from 
the State soft-loan agency, which 
the Prime Minister said would 
be considered as' a company’s 
own resources. 

It was essential that the exces- 
sive Indebtedness of French 
companies should be reduced, 
and that their self-financing 
capacity should be restored. 

The Government is also offer- 
ing substantial tax concessions. 
Company and income tax. with 


valued-added . tax and social 
security charges, will be frozen 
at' their present levels through- 
out the current year and next 
year. Tax rebates will be given on 
industrial shares, and the scale 
of interest rates will be revised 
to promote long term invest- 
ments.' 

■ The Prime Minister said the 
Government, intended to per- 
severe with its policy of main 
tainlog the purchasing power of 
wage-earners, but the general 
rule remained that wages and 
salaries would not be allowed to 
rise faster than prices. 

Though it would take steps to 
raise the minimum national 
wage the Government's long- 
term aim would be to replace It- 
with minimum, wage levels for 
each industrial sector. 

A minimum income for 
families with many children 
would also be established. 

ML Barre said that France 
would pursue the previous 
Government's foreign and de- 
fence policies. 

Details, Page 2 


British Aerospace opposes 
move to buy U.S. jets 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


BRITISH AEROSPACEJ yesterday 
.■ntered the controversy over 
:J.K.-U.S aircraft collaboration 
In two separate statements, it 
rejected arguments that British 
Virways should buy the Boeing 
737 . short-range jet and at the 
same Lime it responded non- 
commitall; to suggestions that 
Britain should join Boeing in 
developing the bigger 757 jet 
airliner. 

The nationalised aircraft manu- 
facting group maintained that 
British Airways should buy the 
British One-Eleven instead of the 
737, and that the Boeing offer 
of collaboration on the 757 was 
not as good as was claimed. 

Commenting on the British 
Airways' plan to buy 19 Boeing 
737s at a cost of £140m. to 
replace its ageing Trident Ones 
and Twos, British Aerospace 


said that 11 bad put forward Us 
own plan for an unproved ver- 
sion of the One-Eleven “ which 
we believe is technically and 
operationally satisfactory.” 

British Aerospace Said that the 
investment* in the same number 
of One-Elevens would be £129m„ 
and that British Airways’ claims 
of higher profits from the 737s 
must include' “ a considerable 
potential margin of error.” 

“ From the middle of the 1980s 
aircraft in this category with new 
technology engines will progres- 
sively become available, and it is 
unlikely that any aircraft now 
chosen will be in service on the 
major BA routes until the 1990s. 

“Until this time, the BAC 
One-Eleven is a highly suitable 
and profitable aircraft and its 
purchase would avoid the high 
cost of introducing a new Aircraft 
type. 


In its second state. rhe 

Boeing uffer of col la «n on 
ibe proposed 757 twin engined 
short-haul jet. the 0 K group 
disputed the figures given by 
Boeing for the proportion of work 
coming to tins country. 

Boeing has insisted that the 
UJL could have 40 per cent of 
the work cn the 757, covering 
wings, landing gear, engine 
nacelles and rear, fuselage, and 
that this figure would rise if UJt 
engines were used .and if final 
assembly and flight tests were 
undertaken in the U.K. ■ 

British Aerospace claimed 
yesterday that the work offered 
by. Boeing so far amounted to 
about 20 per cent, of the aircraft, 
and was no different to that 
offered some time ago by Boe