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No. 27,540 

Friday April 21 1978 


„ Most 

pt ^CBj AUSTRIA Sch.lSi BELGIUM frjj. 



4 6l.6 

. s, i 

•T!|r m ........ _ 

- - 2 



Gats fan 

as long 

runs out 

• GILTS fell in expectation of 
new tap stock issues to-day. 
The long tap ran oot. following 
.. Wednesday’s exhaustion of the 

^d :‘3rigades urban short tap. Shorts lost J in heavy 
issued a black and selling, and longs The 
print hi Rome Government Securities ■ index* 
t showing that . Sig. dropped ».33 to 71.83. 

(3,':libe, kidnapped • STERLING was considerably 
-Vis alive. weaker due to further 

for an cx- strengthening of the dollar. The 

8245, and 

*'-Uj /' ^m^DtLers Ao jiei him P° un d lost I.95c to SI. 

bn rir. nca lift denounced as- false a 

Pv.-if! _ 1 ^ntn^rputpbrtiiig' to come |r95|-s*»rx — 


!hn n. 

-■ -lr.i 

; Bed'Bng»des that Sig. 
.feeii executed and hu> 
:Rl a reuuote lake, 
■showed Sig. 

'ttt&rcafy Issue , of the 
La Republic*. 
19. He . was dean 
^eating a. shirt and 
W' ia. better con- 
.l»K photograph 
after the kid- 

gave the Govern- 
irb’s Christian 
a 'deadline of 
GMT yester- 
the prisoners' 
New hope for 

rs jailed 

ahfctwo former dfirec- 
Bryant construction 
jailed at the Old 
'.periods of up to five 

e 8 

... ^. warning 

~ «r. : . toal&vr of Public Prosecii- 
^*3% {:• . " -w- * 

ilHSffU of The Paris 

; - tetelhgence shanty in 

- Mini 

its trade-weighted index fell to 
61.5 (61.6). Trading was active 
in the dollar, and its depreda- 
tion narrowed to 4.39 per cent. 
(5228). • 1 

• EQUITY leaders lost a few. 
pence in scattered selling. 
Trading was quiet. The FT 
ordinary share index closed 6.8 
down at 454.8. 

tf WALL STREET was 1LOO up 
that Tat 819.04 just before the close. 

Bo arse, too,, rose 
response to . the 
Minister’s policy state- 

-he contentrt- of court* 

i?..-5S- , "S£SSff-« G0tA.;i^ ?5j tn.sjres. 

Page 13 • •• U.K. STOtK EX 

- Concerns are now free to 
pTOgi*eSS ' the European Options Exchange 
tt c, p : . in Amsterdam. \ Share option 
i yaoce, U.S. Secretary trading commences to-day on ifee 

Soviet F^plS S,oPk teh;ir,E<! - Back 

’■ their first round of t . . 

Limitation talks •PLANS introducing income 
The -issue 0 f the U.S. tax .concessions to encourage 
ile was understood to share participation by employees 
A resolved. Page 2 were launched in the Finance 
Bill in the Commons, in response 

U.S. gold sales 

to stabilise 

foreign exchanges 

Dollar up 
on news 
of auction 



The U.S. is to sell nearly two million ounces of gold over the next six months as 
part of a broad attempt by the Carter Administration to re-establish stability 
for the dollar in foreign exchange markets and to bolster confidence at home. 

The gold S 3 lex— 300,000 ounces Japanese governments, also said The Administration, which w»s 
will he auctioned each month — that it is investigating ways in apparently been ready to sell 
will he reviewed after the first which it may accept payment gold since the French election, 
six auctions. . for gold in Doutchemarks after waited for as upturn in the 

Bui officials dropped strong the first auction on May 23. dollar's fortunes in the hope that 
hints to-day that they would con- The Administration, which has the psychological impact of the 
tinue heyond November, looking for ways to acquire sale would push the currency 
although the amounts offered at more Deutschemarks without higher still, 
subsequent sales may vary. issuing DM-denominated bonds 
The monthly auctions held by or similar instruments, which 
the International Monetary Fund are strongly opposed by Mr. 
are expected to continue as sche- Michael BlumenthaJ, the 

Treasury Secretary, and others 
in the Government. 

duled until June, 1980. 

Mr. Fred Bgrgsten. the 
assistant treasury secretary for 
international affairs, said this 
morning that the decision to sell 
gnld was “ one of a number of 
steps we are taking to curb 

Reactions, Page 4 
Feature and Editorial 
comment. Page 22 

Mr. Bergsten promised a de- 
Tt would help the dollar and c/sion soon, 
was an important symbol of the He acknowledged that the gold 

Administration's determination sales alone would not make -iks 

to becin the long task of cutting much difference to trade figures since 1975, and has the 

t.'.rlf. rlnfinit ho cu‘H ni- InRitinn The 11-R i-iirrentlv .• . . # . 

The new U.S. gold auction 
programme— two American sales 
were held in 1975 — has been 
worked out in close consultation 
with the Internationa) Monetary 

.Central hanks and forpign 
governments will ant he allowed 
to hid for American gold and the 
American auctions will take 
place every, third Tuesday of the 
moQth. The fund will continue to 
sell its 525.000 ounces on the 
first Wednesday of each month. 

The IMF has beeo selling gold 

! * 1 fi?C 1 L_. 

THE DOLLAR rose sharply 
yesterday and ' the gold price 
dropped in the initial market 
reaction to the news of the U-S. 
plans for sale of the metaL 

In active trading the dollar 
met strong demand and gained 
against all the leading Euro- 
pean currencies. Hie U-S. 
moves- on gold, coupled with 
signs or a tightening of mone- 
tary policy by the Federal 
Reserve, encouraged new con- 
fidence In the dollar which had 
begun to show some recovery 
in the past few days. 

The gold price dropped by 
S5| an ounce to $168*. its 
lowest closing level since early 
Jannary, as a result of the an- 

South African gold shares 
also fell to their lowest levels 

the trade deficit, he said. or inflation. The U:S. currently 

Announcement of the gold has 277.5m. ounces of gold in 
auctions coincides with a sharp vaults in New York and Fort 
rally on Wail Street and some Knox, which it continues to 
•improvement -ip the dollar’s value at the old official price of 
position overseas, prompted by S42.22 an ounce or a total of 
signs that the Federal Reserve is S11.7bn. 

tightening the money supply and The decision to sell some of 
that the economy is shaking the these reserves is a clear corn- 
effects of the coal strike and the promise between the view of Dr. 
winter. Arthur Burns, former chairman 

it will do nothing to dampen of - the Federal Reserve Board, 
speculation that the Carter and others who argued that the 

option of reviewing its four-year 
gold, sales programme next 

There was no official comment 
to-day from the Fund, but sales 
are expected to continue until 
the organisation has sold . the 
25m. ounces to raise money for 
a trust fund for developing 

Since the Fund auctions began, 
the selling price of gold has Bue- 

Administration plans to impose U.S. should announce that it was Stated If roto _S109.40 in Septem- 
a levy on oil imports after a prepared to sell all Its gold to her. 1876. to 5185.95 in March this 
year of Congressional inaction defend the dollar, and those who y? ar - !-• 
on the Energy BUI. argued that any gold sale was The U.S. has reserved the right 

The Treasury, in an important insignificant in the face of per- to sell gold for some years and 
signal to llie foreign exchange sistent speculation against the has notbeen happy to see the 
markets and to European and dollar. recent rise in its price. 

^Jfeey gunfight to Liberal Party pressure. Back 

■ -ni Page 

-w-iaaig men shot each other 
. ’. "’-a Istanbul gunfight ar ^ . . 

' b *^ 5X?“5 /Ftf" 1 ?! If Sharp rise in 

Ataturk University in *. 

Iwas eiosed indefinitely rnAn riinrr 
- -in which .200 Spell 01 tig 

CONSUMER spending rose 
sharply in read terms in the first 
idDobtinff ■ -' three months of this year, and 
.. was at the highest level since 

‘ soldiers have been early autumn of 1973. Back Page 

■..■rivstSfvrere arrested. 


il forces in renewed 

*ewed tipwn 

pt attacks - on staff 1 


. • COAL BOARD expects a profit 

L °f between £7m. and £10m. for 

ifi il 11 was the 12 months ended on March 

ttiyia «ns v 31, following output margin- 

ally ahead of 1976. Page 7 
• GREECE, Portugal and Spain 
should begin cutting back 
niug so. frequent in some national aid to industry and 
d Revenue and Social trimming investment in steel and 
rity offices in Scotland that textiles even before the countries 
s have had. to be screwed are admitted to the EEC, senior 
ae Soar, delegates at Che officials of the European Corn- 
ish Trade - Union Congress mission have said. Back Page 
berdeen were toW. •BRITAIN’S visible trade de- 

ficit with the rest of the EEC is 
gf|y . probably exaggerated by some 


>h offices 


hundreds of millions of pounds 
Margaret Thatcher, Oppori- as a result of the method of cal- 
leader. Is to viSit Iran from culation, an official analysis says. 
1 28 tq May 2 -for talks with page 

a »hah and. Mtrior JEmisters. # EEC is t0 send Mr. 

[ Lpwg. informer Christopher Tugendhat to Japan 

I implicated 45 people in next month to investigate treat- 
Shrten anff. packings has me nt of foreign banks by the 
i given special remission and Japanese Monetary Authority, 
ised ISf months early from page 33 

re-year sentence. . g SEVERAL North Sea oil com- 

•trnth was, jailed for. three panies have warned that they will 
-tbs at Hove, Sussex, for bovcott the sixth round of 
*ting- against a fence during licensing if new conditions, im- 
rigb ton-Spurs match. pose d by the Government, are 

juicer research unit costing implemented. North Sea oil 
P-900 a year to run is to he review. Page 37. _ ^ 

-up at Oxford University, the • QUEEN’S Awards for Export 
jerial Cancer Research Fund and Technology have been mane 
ounced- . ■ to a larger proportion of snian 

Sfiflent ! . Geisd of • ' Brazil companies this 

gsed- at a public ceremony record period, of British sale 

Praztifs- The mature of his overseas. Back and Page tv 

ess was not known. . .. • BOCM-SILCOCK has been cri- 

B: peejrte died and 150 were ticised by tb ® : 

ired when-flreworks exploded which .says gnee 

<r 9 - Trichur. Keralai' crowd tion In th.e anunal feed mdus 

Sag a Hindu festival. 

try is limited. Back Page 



V » 


Sees in. pence unless otherwise 
. mdicated> 


tbb : M5 + S 

7 Hotels •HST + 4 

eson Intul. V 320 + 8 

Brit. Home Stores -.177 
Brotherhood (P.) — IS? 

Give Discount to 


Pell Elect, 
eco Minsep 
Inds. ... 

'tOnair htnl 
en Owen ,.. 

ry (H.l 

Universal- Rjv. 120 . + 

, jr Prods. -t ...;..:110 + 

j | ffip- e Catto i.:-: 81 + 

Trljfl** 141 + 

! li**' -;^Leod Russel 217 + 

‘ipton -Areas 123 + 

U 230-4- 
... -189 + 
141 + 
... 160 + 
J. 77 4- 
...... 384 + 














sas-^pe 1882. .,..:. £93 - | 


Hawker Siddeley 
Lloyds Bank 
Midland Bank 
Bfothercare .. 


Turner and Nevrail... 173 

Burra ab Oil 

Cons. Gold Fields ... 163 
Cous. Afu«*i wn — 

De Beers Dfd 3" 

Elandsrand - ■ ■ 1 

Gld. Mines Kalgoorlie 48 

Ubanon «- 



St. Helena 

Union 1 Op- 266 

West Dnefontein ...ilo; 










10 - 








Building Societies urged 
to restore 


BUILDING SOCIETIES must act “The kind of reassurance that difficulties ahead\ and he ex 
immediately to maintain public the public has long come to ex- pected the procesp\to go on. 
confidence in their operations, pect from the building society While the Bui — c — “ 

Mr. Keith Grading, chief registrar movement needs to be enhanced Association had i 
of friendly societies, said in and reinforced. assess the exten 

London yesterday. 

“I believe there must especi- •*£; and «* assurances 

After the exceptional collapse lUy among the smaller societies. fJJ 01 ”* ■ ! 

of Gray s Building Society, where he an immediate reappraisal of ‘ ors C0UJ n 

* n •>* — and oacK. 

ding Societies’ 
cted quiekly to 
of the Grays 

pavings, depost- 
not get their 

£7m. was found to be missing resources ■ for setting up 

after the death of its chairman, maintaining in the future the The call for j[ compensation 
the investing public needed very highest standards of organi- fund was Likely tp be irresistible 
reassurance about standards of sation and operation, as well as and when established it should 
security they could expect from security." contain* provisions to enable 

the movement. Any society which could not repayment ^to people 

He told the Metropolitan reach such 1^^ standards shoujd affe^ed. 

Association of Building Societies seek a merger without delay "In There would te problems in 
—which represents London the interests of their members establishing a fund to embrace 
building -societies — that he be- and also of the movement as a all building societies, including 
lieved. there were still too -many whole.” those outside the association, but 

small societies. Unless the m, hi f r »„: tTar s id that they should not be insuperable, 
movement established volun- ™' e J !g- 15 ™ J.™ The question of a fund and 

tartly a compensation fluid to there were 334 societies now other matlers ar i S] - ng f rom the 

deal .with future collapses, there compared win 455 about five .Grays affair would be discussed 
would be mounting pressure for years ago. Many small ones had by him. the societies and the 
legislation to set one up. merged because they could see Treasury. 

since the beginning of the year 
in response to the fall In the 
bullion price, with - the 
Financial Times Gold Mines 
Index losing 6.4 points to 

The improvement in the dol- 
lar was reflected in further 
pressure on the pound, with 
the Bank of England again 
having to intervene to support 
the exchange rate. In spite of 
the official help, sterling 
with a loss of 1.95 per cent, 
at $1.8245, while its trade- 
weighted Index against a 
basket of . currencies - slipped 
from 61.6 to 61.5.'' - 

Tbis was the lowest level of 
the index since late July, and 
represented a fall of 7.8 per 
cent from the peak of 66.7 
early in February. 

The dollar rose against the 
West German Mark to DM 
2.0775 compared -with DM 
2.0480 on the previous day, 
and against the Swiss franc to«25 against SwJr. 
Iff 1 70. The trade-weighted 
average depreciation of- the 
dollar calculated by Morgan 
Guaranty narrowed from 5-28 
per cent, to 4ff9 per cent. 

£ in New York 

April 19 


*put I SI-SS5V-&5S8 
1 month [ 6.4&0.3& ill*. 
5 nmntba 0.800.70 ilia. 
12 month* i 2. P0-2.4P «li*. 

U.S. broker 

drops bid for 


LLOYD'S OF LONDON'S ruling ■ barring Marsh and McLennan 
this week that no outside in- whose own bid for Wigham 
surance interest may normally Poland is in abeyance— and Hall 
hold more than 20 per cent, of from acquiring majority \n- 
the equity of a Lloyd's broker terests in Lloyd’s otembers. But 
has sparked a major controversy the National Association of In- 
in the international insurance surance Brokers dismissed any 
community. suggestions of retaliation as both 

One immediate result is that uncontemplated and Jmpractic- 
FTank B. Hall, the American in- able. % 

surance broker, is not proceeding Mr. John Regan, chairman of 
with its bid for Lloyd’s b*°ker Marsh and McLennan, said: “ It’s 
Leslie and Godwin. an unfortunate act on the part of 

Hal), the third biggest quoted Lloyd’s” 
broker in the U.S. is angered by In. a brief statement yesterday 
the decision, and Mr. Albert 3. Leslie and Godwin said that it 
Tahmousb, it chairman and chief had been informed by Hall “that 
executive, has flown lo London in view of the statement released 
to discus’s the matter with Mr. by the Committee of Lloyd’s on 
Ian Findlay, chairman of Lloyd’s. April 19 in connection with the 
A preliminary meeting is admission of Lloyd’s brokers, 

'arranged for this morning. 

Hall places over S300m. of 
premium in the London insur- 
ance market mainly through 
Lloyd’s brokers Bland Payne and 
Sedgwick Forbes, where Mr. 
Findlay was once the chairman. 
Mr. Tafaraoash said yesterday: 

Hall does not now intend to pro- 
ceed with the possible offer re- 
ferred to in the announcement 
of April 1L Hall is, however, 
considering what further action 
m-ipfit be appropriate.” 

The bid for Leslie, if It had 
gone through, could have pro- 

if the merger of Frank B. Hall duced an offer of over £18m. 
and Leslie and Godwin had taken Leslie and Godwin’s shares which 
place there would have been a were suspended at 93p. resumed 
greater incentive for us to place trading at S5p and. after reach- 
more business in London. ing 91 p closed at 90p. 

"We now wonder whether Atari whether Marsh and 
there is any compelling reason McLennan or Hall would be 
for putting the same volume of accepted f 0 r admission as a 
business in London let alone in- Lloyd’s broker in the usual way. 
crease it The decision will Mr Findlay said: “Since it Is 
diminish our enthusiasm tor necessary before seeking admis- 
bringing our premiums to Lon- s j on tQ j, e a registered broker 
don.” J ... in the U.K. any foreign broker 

There Is a growing feeling would have to create a tJ.K.-based 
among the interested parties that subsidiary. 

h hrtikerT Iar Uovd? w°jS “ In turn, that subsidiary would 
!m!ric e tn reSnohasise yesterday be controlled by its parent oven- 
iu l d££r waT SSt a seas and therefore would be 
Shfoniitironp defined as an outside insurance 

“Weare just tryine to estab- interest, whose interests should 
liSh mVmSSU in the markeL” not be more than 20 per cent, in 

said Mr. Findlay yesterday. 
“ The working party that framed 
the recommendations was at 
pains to eliminate all issues of 
nationality or place of residence. 

a Lloyd’s broker. So there is 
little likelihood that admission 
would be granted in those 

Mr. Findlay also explained 

We are quite happy for outside that those members of the 16- 
interests to invest in Lloyd’s strong Committee of Lloyd’s who 
brokers? but there should not be might he thought to have bad a 
a controlline- interest.” close interest in the outcome of 

In New York' there -was dis- Wednesday’s six-hour meeting 
appointment at' Lloyd’s ruling had not voted. 

Rise of 14% for Forces 


THE CABINET yesterday agreed Ministers have been alanred 
a package deal for the armed at the numbers of officers and 
forces that will give pay rises other ranks who are leaving or 
amounting to nearly 14 per cent, threatening to leave the services, 
A statement will be made to the and there are already signs that 
Commons next week. MPs will not regard 14 per cent 

The special formula, hammered as sufficient to restore morale- 
out following signs of increasing jjj-. Winston Churchill, an 
disillusion in the forces on the ' opposition defence spokesman, 
level of pay compared with sa id in the Commons that if 
civilian occupations, involves a 10 members of the armed forces 
per cent increase in line with the were to receive a pay increase 
Government’s pay guideline. 0 f i eSB than 30 per cent it would 
A further element is included “ merely be perpetuating an 
of around 4 per cent, to cover already grave injustice.” 

- “<> *»«■''• » « 
ability for round-the-clock dutfSs- Continued on Back Page 

SheH may sue over nuclear deal 

by David fish lock, science editor 

ROYAL DUTCH SHELL may sue price was about S6 per pound, rial provisions. 

Gulf.-Oii of the U.S. in an The current price is more than This contrasts with the Gulf 
attempt to extricate itself from $40 per pound. annual report last month, which 

problems arising from the pur- Shell stressed yesterday that the accountants qualified with 
chase from GuJi of a half-share the uranium contracts now being the statement that they were 
In the nuclear company General contested were signed before it “unable to conclude on the pos- 
Atomic in 1973. boogbt its stake in General sible effects, if any, on the com- 

A' broad hint to this effect is Atomic. pany's consolidated financial 

given in Shell’s annual ireporl Since the annual report was statements of the resolution of 
to-day,, where it states that printed another supplier, Exxon, Last month General Atomic 
Sc&Jlop Nuclear, its U.S. nuclear has filed a counterclaim against lost an action in New Mexico 
subsidiary, would take whatever General Atomic, alleging viola- where a court found in favour 
action was appropriate to pro- tions of anti-trust law and fraud, of United Nuclear, which had 
tect its interests. General Atomic has agree- asked to be excused from sup- 

Problems have arisen because raents for the sale of about 25ra. plying General Atonic with 22m. 
three. - of General Atomic’s lbs. of uranium to nine U.S. ulili- ibs of uranium. 

uraniuto suppliers and three of ties at prices totalling about The principal reason for the 
its customers for nuclear fuel 6350m. judgement was that General 

are suing the company in actions Shell acknowledges in its Atomic had concealed from the 

which could cost it more than annual report that the issues in- court facts about the uranium 

S500m. volved are “complex and unusual carte j io which Gulf had 

General Atomic is seeking to by the standards of ordinary a ]i e «ed1v participated 
oblige the three suppliers to pro- litigation,’’ but says that their _ ” ‘ . ‘ 

vide 30m. lbs of uranium on resolution will not result in a Shell denies opting out. Page 9 
terms agreed when the market loss that necessitates- any fin an- Shell annual report* Page 26 


European news 2-3 Technical page 13 _IntJ. Companies 32-34 

American news 4 Management page 19 Euromarkets 33,34 

ST™**?®*** I Arts page : 21 Wall Street 38 

j?* 8 new s -T w’m o Leader page 22 Foreign Exchanges 33 

fjfrqnr il U.K. Companies 24, 28, 30 Farming, raw -materials ... 39 

— Parliament ... 12 Mining 28 U.K. stock market .r.. 40 


Gold: The Americans try 
to kill the golden calf ... 22. 
Politics To-day: How the 
Left came to love Carter 23 
The erupting political 
violence in Turkey 2 

Cleaning up after the 

Amoco Cadiz 2 

Namibia: A small gap 

divides the sides 5 

U.S. pressure on IMF and 
World Bank employees ... 14 

Why Aldeburgh is looking 

to the City 19 

Around Britain: Corby 
running to a standstill- ... 20 
North Sea Oil Review: 
Sixth round alarm bell . 


Apnintments ......... 

Awwfauroem Afrtr. 
Artaud Britain .. .. 
Burt notes Tor Sale 


EmorUhiamt CtUe 
Etftt. Option* Ex. .. 

Food Pricn 

FT-Artaarier null at 









Lex « 

Lombard 20 

Men and Matter* ... 22 

Money Market .20 

Property IMt 

Ratio* 20 

Safcrsam * 

Share Inform Mian 4243 

Suck Exth. Report 00 

To-day’i Event* . ... 23 

TV n d Radio 

Unit Trusts ..... 

Base Lea dins Rates 

Chelsea Bids, Stc. 30 

CMre Discount » 

De Baers 31 

East Asiatic JI 

Friend* Provident.. 2t 

Cranscr *oe. 37 

Legal and General 31 

j. Mowlent 25 

Ocean T«acwr* ... 27 

Rock ware Group ... 30 

Svrire PacIHc 2* 

wnlls Pa*®* 1 » 


the Scotch of the 
year and every 
year since 









Notice of Redemption 

International Standard Electric Corporation 

6% Sinking Fund Debentures Due 1987 







1* 1398 M« 3557 4981 8457 7614 8585 9937 11308 13462 14501 10880 18549 13537 20885 21349 23819 2M» 28845 29885 31508 325B4 33870 

20 1405 2471 3563 4991 6462 7818 8587 9993 11328 13464 14502 18887 13550 19539 20630 21352 23821 26093 28346 29977 31103 32586 33872 

2S 1410 2474 3563 4996 8467 7620 8598 10003 U38B 13466 14509 16915 18351 : 19541 20691 213S3 23846 26110 28348 2P984 31310 32592 33873 

30 1415 -2480 3366 5076 6477 7632 6598 10003 11414 13477 14321 16918 18559 19543 20692 21354 23849 26111 28349 2St££ 31531 32596 33875 

■S 1421 2482 3567 5060 6478 7044 8599 10008 11424 13488 14323 16920 18573 19549 20694 21355 23857 36101 28351 29991 31534 33597 33881 

S n i 43 Q 2480 3572 5088 6480 7658' 8602 10009 11423 13492 14524 16924 18576 19550 20695 213S6 23883 26723 28384 30008 31537 32599 33882 

53 1432 2489 3573 5091 6499 7673 8603 10010 11616 13494 14530 16930 1B577 19551 20698 21358 23870 26146 28365 30045 31551 32604 33884 

57 1433 2492 3575 5093 6500 7678 8606 1001 1 11621 13508 14538 16936 18580 19553 20699 21361 23676 28219 28374 30077 31554 32*05 83894 

60 1437 2493 3576 5"! -7 6509 7685 8807 10018 11628 13510 14535 1038 18581 1OT55 20700 21363 23877 26229 28375 30079 31358 32668 33899 

Cl 1439 2495 3579 S»H*1 6515 7690 8626 10020 11839 13627 14537 16944 18583 19586 20701 21364 23879 26230 28376 30100 31580 22628 33900 

fj" J4S0 2499 3616 .-.103 8517 7 696 8627 10021 11840 13631 14542 16948 38586 19557 20702 23385 23938 38232 28382 30127 33581 30600 3«MH 

65 1453 25U7 3821 5100 6537 7897 8628 10028 11549 13832 14544 16949 18601 19558 20704 213B7 23945 26237 28390. 30139 31596 32835 33916 

71 1450 2508 3624 5108 8540 7713 8632 10029 11061 13650 145S5 lSSSS 18604 195S9 20706 21370 24017 26247 28405 30140 31610 32636 3391T 

103 1460 2509 3636 5112 65M 7730 8643 10030 11633 13851 14599 16964 18605 19561 20707 21371 24022 26248 28406 - 30141 31813 3263S 33918 

m m 1?? 1 ssz m »ss im ?*** »s> is 1 . is* « as sr asa ass Sn im ESii sn? 

in Turkey 

0 re f; 

jarre ^ 

oin ic * 

By a Special Correspondent 

T: • ; mi 

107 1467 2515 3641 5 158 6368 7749 8847 10035 J1873 13712 14639 IB983 18611 10571 20709 21375 24028 26292 38410 30145 31618 32044 3M21 tow insmFWTr 

333 1469 2517 3652 5158 6578 7751 6656 J0OT8 11677 23713 24680 1*98? 38616 29574 20720 21391 24033 38319 28412 30146 S1619 32647 10927 j THE ENDEMIC political UOlence 

135 1478 2524 3688 5182 6587 7796 8683 10049 11698 13743 14095 1 

137 1484 2528 3709 5164 6636 7801 B693 1B0O9 11728 13744 14697 1 

152 1488 2238 3715 5169 6647 7802 86M 10149 11734 -13748 14754 * 

in Turkey has taken .a turn for 
the worse, with the -mflitants 
from the Left and in particular 
the Eight increasingly adopting 
bombing techniques similar to 
those used by the IRA Provi- 

Intelligence sources expect the 
violence to escalate and pose a 
yet graver threat to the country's 

Trying to torn ShemarSe noire. 

Political violence has been a IN THE WAKE OF THE AM0CO CADIZ 
part of the Turkish scene For vr 1 nK Mra TVY u/ r u 

nearly a decade. In the late ‘ ^ VW a ■ 

Counting the cost 

students and one of its- main 

njgts was theXJ&jiresence in BY MARK WEBSTER. -IN BREST* April 19 

sman^roims^urhtn 11 ^^^ IN THE. harbour at Brest, tonnes tofe -vitally important tourist region are the oysters. A 
STCltS?^pffw^S2JS!!*5 of oil-soaked sand and seaweed' trade. ... 5.000 tonnes of oysters wen - 

ij* . ae ? . “Over ga ined 9n » niliTip ud. a narl Of what the The imm'eriiate.TmBart- nf the flowed ls«it vear. worth at 


CTfiiirv**’ S ^ now been collected — but no one .the 1,500 fishermen, lobster 'far- of domestic production, 

rather thLiTv? « militants knows what to do with it . mere and oyster cultivators along It is still impossible t<” 
action • UKe arm pol * ce Thousands of solders and -the coast...- how many of toe oysters * 

^ _ enthusiastic’ volunteers have .; According to figures romuiled been killed off and how man * 

By 1971 the groups had scraped and shovelled thermite* w- to/chambers of Commerce be able to dean tbemselve 

earned ont a number of kid- from the beaches and the rocks. ©rest and Morlaix last year The producers in the mea. 

nap pings, murders, hijacks and Now 55,000 cubic metres of foul ^ sea yielded 1300 tonnes of are suffering a marked dr., flip 
bank robberies. The Govern- smelling waste remain. , fish worth Frs^^m. So fax. only demand, of between 

ments failure to tackle either Approximate figures released one or - ^ boats have been able per cent, for all seafood 

these or the reforms demanded by M. Francois Bourgm, Prefect t g0 out ^ grounding of Brittany. .J, nl 

by the constitution and growing of North Fimstere and controller vu^ tanker and’ they have been The same ends of coafiii UJ 

a^uri’v ! 

■jt ;ii c ii 

sn I# §s gs sk ss sss ns sss? stst m Is is# ill laii ssf sss sss msi sss ats s is- » ™u«*i u> of ji n ? . c,e ^; u f h m»»r>ft«Jii. '!»•««». «« *:*>**' 

514 1805 M09 3914 5486 6905 8081 9294 10428 12594 14048 15605 17575 18S65 19820 20923 21620 24903 26983 28928 30447 31950 33287 34335 the army led the Commanders tO S° me W*! Of the scope of -the The mOSt Valuable asset of The Chambers of -Comif. : 

519 1SU 2913 3018 5492 6912 B088 92B5 10429 12602 14050 15834 17379 18867 19822 20926 21821 24913 26368 28B29 30508 31051 3323? 34339 forCe the then Primp Minister Droblem. Of the on^ical CaTKO. . ' .... 

51^2 1630 2930 3917 5493 6915 8103 9302 10463 12618 14031 15639 17582 18873 19827 20927 21623 24922 28997 28944 30548 31B58 33291 34340 « C U 1 -vman TWnhpLl' ffll 000 tone^ is HOW on land 

523 1933 2938 3919 5501 6952 8106 9306 10464 12619 14052 15643 17598 18874 19329 20928 21644 24928 28998 28045 30554 31965 33235 34341 bUieyman Demirel, OUt Of Sr’irY t0neS 18 “°7 14- imnAPcIiln 

55(1 1835 2938 3922 3513 69S4 8107 9317 10486 12644 14053 15845 17615 18877 19830 20929 21847 24333 27085 28967 30556 31956 33M, 34345 Office. A String Of aiTOV- 74,000 haS evaporated, 25^)00. haS ll IS MipOSSIDie 10 tell 

lUA KL 1-1 oivn eein cftcn flirt O i mno i<MUo un’Li T7C1B iobai mmi 9rtam 51854 24037 27090 28973 30358 31967 33298 34347 , _, A a,v - . r . 

3^8 1 supported governments then been collected from the beachesi jn^^r manv nvstprs IvavR 
a«« began a crackdown which at 20,000 has been treated by the J 0W 
w43S1 1 first also saw moves against the Navy, 25,000 has sunk to the been Klllea, DUt 111 tlie 
extreme Right but soon was only bottom of the sea and fifiOO lus ynp anthn i* demand has 

5« 1740 2943 3H27 5522 6960 8109 9329 10489 12848 14054 35649 17628 18881 19831 20930 21854 24937 27090 28973 30358 31967 33298 34347 

SCI 1*41 2045 3945 5579 8962 8111 9333 10490 12650 14053 15650 17628 18832 19833 20931 21855 24949 27131 28987 30564 31063 33299 34348 

597 1882 2959. 3947 5615 6963 8112 9334 10491 12633 14056 15889 17829 18885 19634 20933 21707 24951 27134 29004 30367 31971 33309 34349 

898 1088 2963 3950 3620 6984 8113 9340 10494 12659 14057 15679 17637 18893 13636 20938 2J714 24956 27138 29014 30368 31078 33314 34351 

618 IB 93 3971 3955 0624 6968 8114 9348 10520 12861 14059 15680 17649 18894 T9841 20940 21718 24957 27139 20041 3058? 3197? 3 3315 34354 

625 ISM 2976 3957 5631 6976 8119 9373 10521 12665 14061 15706 17695 18895 19R43 20941 21728 24975 27190 29046 30570 31981 33322 34355 

637 1918 2978 3959 5643 6981 8120 9382 1052S 12866 14063 15756 17696 1B897 19862 20942 21739 24984 27197 29048 30571 31984 33323 34356 

649 1919 2979 3380 5649 6985 8121 9397 10529 12667 14084 15797 17769 18899 19863 20344 21748 24985 27198 29054 30608 31987 33325 34361 

664 1920 2880 3969 5668 6990 8124 9403 10532 12674 14088 15798 17770 18900 19865 20961 21753 24986 27209 29059 30611 31990 33326 34365 

874 1931 2981 7971 5095 6991 8125 8405 10533 12675 14069 15802 17818 18901 19887 20906 21758 24387 27210 29066 30613 31902 33333 3436? |rmv moved rtnf in'im l^nth the first Of the 230.00D tOUneS Of 

76 1941 2984 3486 5896 6993 8132 9411 10536 12881 14070 1 5836 17866 18905 19889 20968 - 21783 25007 27311 29087 30658 32000 33334 34370 jnoveaout in 1873 Doth the 

73 1959 2991 3ftH0 5709 . 7036 8138 9424 10538 12684 14D71 15843 17869 18940 19893 20970 2176S 25037 27214 291 20 30659 32052 33342 34372 militant and radical Left Were 00 ® 8 0“ mtO the SC*. Off 

80 1964 2933 3993 5710 7042 8139 9423 10543 12689 14073 15845 17877 18943 19804 209T3 31795 25062 27215 29127 30672 82053 33344 34377 badly mauled Brittany. Cleaning UP fe Still UTOV- 

653 1974 SCOS 3i*B 5717 7045 S143 8437 10545- 12681 14074 15846 173S0 16046 19902 20974 21SM 25083 27252 28129 30074 32058 33340 34378 aUiy mauiea. trmih 1 P«tO m r n mT cnstlv 

690 I960 3011 4000 5719 7047 8153 9457 10547 12604 14078 15872 17881 18964 19904 20978 21809 25067 27263 29134 30680 32057 33351 34379 Ulg iTOUDieSOme ana COSUy. .... 

06 inne 301S 4Q10 5722 7049 8157 9463 10548 12701 14080 15874 17889 19003 19908 20976 21814 25083 27267 23136 30B8S 32058 33357 34380 ‘ " 

report a complete halt In 
ings although the small an ' ' 
already booked are not ca'- 

- At the moment, there s 
no reason to doubt that b ; 
summer the major pirt' b: 
beaches will be fit 5f nt- 
beautiful as they were last 
The huge clean-up is » 
shifting the oil and the st- 

10 1W0 3018 4028 3723 7050 3162 9466 10549 12703 14081 1S880 17692 13025 19911 20977 21869 25084 17272 29139 30697 32060 33359 34405 

732 1936 3030 4050 5725 7053 8163 9467 10553 12706 14083 15926 17894 19027 19917 20978 " 21870 25099 17274 29154 30638 32063 33363 34406 I Jf'A I IIS idea Of What It COStS tO keep OVBT — - 

786 2000 3037 4056 5732 7057 8164 9470 10555 12710 14088 15960 17895 111033 19923 20980 21904 25108 2727 5 29156 30700 32064 33368 34409 rleanin jrrVbltW tWO lber8 (estuanes) Of Wrach 

767 2006 3045 4073 5746 7058 8188 9481 10558 12712 34039 15952 37917 29034 19925 20983 31919 25111 27280 29157 30704 32070 33369 34410 __ ^ . . 3.0U0 men On Cleaning- dimes. d Benoit Slid in the bflV Ot 

770 2011 3050 4075 5751 7061 8167 9484 10SS7 12720 14090 15955 17918 39045 19826 20986 21930 25114 27281 2P206 30711 32073 33370 34412 The return Of Mr. DemitUl tO But the Navy has COSted ItS lOpejVifji, ^ 0 ,+ S 

779 2017 3064 4083 5757 7065 8169 9488 10362 12729 14081 15964 17935 19039 19930 20987 21974 25133 27237 29208 30715 32074 33374 34416 oower an fl * n nnrfimlor liio- iHnnt a* at least- Ira fl-riav MOnaiX. At KOSCOff. the fiTSt 

780 2023 3071 4087 5759 7071 8170 9489 10563 12736 14092 15860 17937 19060 19031 20988 21979 25138 27298 29210 30716 32086 23375 84521 P^WEr ami, in parUCUiar.lUS atlOnS at at least rTS.UU. ft day, were 3g tetinwK of 

783 2028 3072 4101 5762 7072 8172 9522 10564 12737 1415* 159*8 17938 19073 19930 20989 21883 25145 27346 29219 30717 32087 33390 34522 DfOmOtlOn Of AlpBTSl&n TurkeS, Said the Prefect . ittoHlKle 

787 2033 3080 4109 5776 7077 8192 8525 1658* 12754 14159 15969 17939 19085 19953 2099H 21093 25149 27363 29221 30744 

790 2038 3091 4132 5777 7091 8195 9526 10568 13755 1+160 15978 17951 19091 19955 2U995 . 22062 25160 27380 29229 30749 

797 2045 3092 4134 5784 7094 8197 9527 10570 12757 14161 15988 17974 19096 19960 20996 22069 25162 27451 29238 30756 33096 33S93 34526 

798 2051 3097 4136 5790 7095 8201 9541 10572 12769 14168 15992 17981 19098 19961 20999 22079 25169 27453 29242 30761 32099 33406 34532 

2056 2107 4142 5809 7096 8208 9561 10573 12770 14167 15»9<i 17985 19100 19983 21001 22080 25172 27457 29243 30702 82103 33411 34533 

2068 8114 4145 5816 7097 8215 957t 10575 12795 14168 1600:1 17990 19108 19984 21002 22085 25183 27463 29268 30786 

812 2074 3115 4150 5835 7101 8217 9586 10577 12799 14172 16091 17991 19111 19985 21003 22093 25187 27465 29283 30791 — 

836 2079 3122 4153 5840 7106 8233 9587 10584 12815 14173 16094 17994 19113 19991 21004 22097 25190 27486 29284 30807 32110 33427 84547 

842 2068 31 25 4154 5804 7109 8243 9588 10S85 12825 24174 16097 18000 19115 298S0 21006 22214 25245 27469 29288 30813 32211 33429 34550 

2093 3149 4155 5871 7123 8249 9590 10S92 12841 14175 16160 18011 19120 20002 21012 ' 22127 25247 27470 29292 30819 32115 3343B 34552 

2098 3150 4160 5890 7131 8354 9993 10594 12846 14176 16166 18014 19196 20005 21015 - 22137 25249 27473 29295 30831 32127 33439 

859 2104 3157 4162 5891 7132 8255 9598 lOfWQ 12802 14177 16176 18016 19202 20007 21016 22140 25251 27547 29297 3 ‘ ' 

863 2116 3168 4172 5892 7139 8256 9606 10649 12873 14179 16185 18023 19201 20030 21020 23179 2S258 27585 293JB 3 

886 2121 3176 4173 5900 7140 8257 9612 10*50 12881 14180 18190 18025 19222 20032 21021 .22183 25285 27589 29323 

878 2137 3177 4207 5BI3 7156 8283 9628 10656 12883 14181 16192 18020 19223 30033 21027 22186 25286 27591 29333 

2140 3190 4208 5914 7166 8267 9638 10657 12891 14182 1S206 18030 19226 20034 21028 22400 25289 27592 29334 

2145 3212 4244 8001 7187 8275 9638 106*1 12907 14186 1*237 18031 19227 20CC6 21037 ~22404 25315 27594 29362 308 

885 2151 3223 4256 6008 7168 8284 9641 10682 12908 14189 16240 18033 19230 20042 . "21038 22414 25321 27596 29384 30884 32173 

2156 3227 4261 6016 7173 8285 9612 10863 12909 14208 16241' 18037 19281 20051-21039 22432 25325 27597 29373 30885 32184 3351 

3164 3232 4273 6018 7175 8288 9648 10669 13015 14212 16260 18CS0 19282 20054 21040 22440 25328 27399 29378 30887 32185 33518 

895 2169 3236 4277 6021 7176 8294 9663 10671 13040 14213 16262 18059 19283 20055 21041 22443 25341 27600 29382 30888 32187 33523 

idly mauled. ■ Brittany, cleaning up Is Stm proy- . weather is doing a lot to dlsi 

ing troublesome — and costly. ....: North ■ F i n i sr e r e is its., massive ^j a t re mains .' - 

r\ i L So far, the Army has giyenio Hj? n ^f dS co ™J2S? r twhl' But * hUe the beaches' mi ' 

136athS idea of what it costs to keep oyer jjj*. WnSh fit for tourists soon, it U ■ 

3,000 men on cleaning- duties. Ibers (estuaries) of Wrach mare difficult to assess - 

The return of Mr. Demirel to But the Navy has costed ttKApeiv'^ at % ™ w -SrihS P°tential long-term damag - 
>wer and, in particular, his- ations at at least Fts.1hl t-jMj.'ffifif w f? e aTloimL " { - 

omobon of Alparslan Turkes. said the Prefect ->:• - JJfJv Professor Michel Glemare- 

Jad of the extreme Right In addition, the Prefecthre has ■SS^an^f^e^OTOtS^SS ^ loslitote of Marine S« 
at/onaJrst Action Party, to already spent Frs^nu, given by toe oil rmSTto be ft Unrverslty ot Brest, Q 

iputy Premiership, saw toe toe Government for purchasing 1 - the seashore will take op. 

KOTO Sin 29243 30702 iiiOT Hi?? 345 M ?? p . uty . Premiership, saw toe toe Government for purchasing 
104 33415 34536 Right-wing militants increasingly equipment and paying volun- 

109 33410 34538 -« - S . “ - ' 

rienueramp, saw ine ujb uovennoeiu iur punauujiug j »>.. miltrvatnrfl ' , «*4- 

Right-wing militants increasingly equipment and paying V voluo- lobstS- f^mers at Roscoff ^! e years t0 tec ® rer i Ba t‘ 

inffltrating the state machinery, teers. A further aUocation of ^ teS3S-»^S5n5 estuanea ™ need a decad 

mi. , .. ... . . . . PVc 5m h» mncKv Koprr mwnf . ™ . 1 . A 

+ 133 3»4U nun H3K/ 10584 12815 14173 10094 17B04 10113 15391 21UU4 Aaiau Aiwu AOOur aaiiu T — .. , . : - . m&uaKCU XU UJUl^ULk OU . .. . ... . • 

4154 5804 7100 8243 9588 10585 12825 14174 16097 18000 19115 19838 21006 221 14 25245 27469 2928 B 30813 32111 33429 34550 The death toll rfntihforl h» haS ZZlOSUy been. SP*Dt (Tpatures fWPtnipht tn Among the UndjUipFani J f 

SS3 l£S SS ^ & SS SIS ^SU ilili iioil - li§7 i§?s l?iS SS? 3S S3 ISS tween un tt J[ vm before has been receiy«L.; . ? r f esh |roS^?Sto«^to * b 3 of the i&noco cSSffilS 

4162 5891 7132 8253 9598 10648 12BC2 14177 16178 18016 19202 20007 21016 22140 25251 27547 29297 30838 . 32135 33473 34554 donhled airain in 1Q7-7 tn Ma» mnnpvh» mma in-fmm 100 000 Tnheftprs rravfifih Said. -Were*, the - massive man 

33474 34558 
78' 345 

tween 1975 and 1976 and then uclwre occu fresh grounds further souto. But ot toe Amoco uaanrus^^ 

doubled again in 1977 to reach More money -has come m^from getting 100,000 lobsters, crayfish, said, -were: the- massive mori- 
215. Apart from this 3,000 people the EEC and a variety ofcagen- and crabs out of the water in four of sealife witota 15 kil ornate 
were wounded, with the violence ties, local authorities and private hours has resulted, is many being the. wreck, the mixture of oft 

stretching from universities and individuals. But without a c entr a frftlH&d, said M. Yves "Le Gleach -water down --to- -a- depth 
teachers’ training colleges to collecting system, people have of the Rimel Lobster farm at Ros- metres, toe solid layer of oj 

33518 34371 [Secondary schools and extending sent their money wherever they coff. . the bottom of toe sea and 

33523 34678 1 from the main cities to toe pro- wanted. _ Rimel. one of toe biggest lob- possibility that a thicker bar 

905 2174 3238 4280 6023 7178 8297 9676 10672 1-1041 14214 1*274 16081 19Z66 20056 21042 2245Z 25389 27637 23386 30887 32188 33525 34579 

907 2180 3244 4283 6024 7185 8299 9683 10875 1 
914 2183 3247 4288 6030 7187 8301 9889 10676 1 

fill 14214 1*374 1WKH 13206 ZU05* 21042 Z24ai -wooU ZIN7 Z«5»0 diwai iOXXt d4a79 I vinnial nnital, 

1044 14221 16278 18062 19290 20057 21044 22454 25396 27640 29388 30917 32196 33528 34562 j vmci Capitals. 

Communities which have been stdr farms in Europe, is now oil has collected between 

13U45 14222 16306 10063 19291 20058 21051 22483 25409 27648 29390 30938 32199 33533 34589 

1936 0 20153 2W69 22868 25S6 27725 294K" 31042 sS 16 33OT7 34728 Left find a RTOWtaE nunUteT ^ obliged to' 

W 22152 212 21 mi mil i SI™ gr0WlBe Dumber of equip them. : 

id the Government As two-tmrfls of Rimers supplies suddenly pollute a beach, 
to /lodge, feed and cm?? from Great- Britain, toe Among those directly afft 

920 2189 3260 4287 6031 7189 H302 9694 10077 1S046 14223 16317 1806S 19293 20059 21053 22489 25437 27649 29391 30952 32202 33539 34590, _ in.„ ir in , mmmnn n.nn nar-c ,p m n raiiiiu! .is memun . ua . 

923 2194 3264 4288 6033 7192 8306 9696 10679 13052 J4224 16327 18067 19299 20063 3105* 22525 25425 27650 29393 30956 32207 33543 34593 OVer 15 per Cent OF toe labour 2°^ 1 11 “ 8 OOnUnOD.runO. inat5 iem ii 1 

927 2199 3271 4290 6046 7193 8307 9699 10680 1SU»7 14225 16369 18105 13301 20067 21055 22553 25443. 27853 29395 30978 S22V4 33544 3*597 f orC( . inflation at hotw«ra qn democracy,’ 1 said . M. BOUTglD. Until tb^Y Can be Certified pUIC. tO Sink when toe WeathfiT W. 

939 2204 3272 4291 8051 7 199 8308 9707 10683 13058 14243 16403 18106 19303 20068 21056 22555 25444 27854 29409 30979 32215 3355* SW09 1 IorM innannn at hohraar, -an I ■” ' “ - ‘ * .... 

935 2205 3277 4294 6053 7204 8311 9709 1088G 13066 14245 16407 18108 19309 20032 21057 22589 25463 27655 28412 30996 32216 33360 34615 

1011 2209 3278 4312 6054 72 

1015 2213 3280 4353 6055 Ti . ... . __ 

2214 3286 4354 8056 7210 8310 9728 10708 13078 14253 16413 18114 19340 20094 31063 22599 

2222 3288 4382 6060 7219 8319 9736 10708 13083 14250 16419 18U - 

029 2223 3291 4388 6065 7226 8320 9740 10741 13087 14257 16420 1811 _ 

1034 2229 3292 4389 6066 7229 8333 9745 10742 13088 14259 16438 18117 193S8 20151 21067 22632 25533 2772* 29451 31020 32264 33583 34723 

1042 2233 3296 4412 6068 7236 8328 9758 10744 15093 14260 16472 18120 19360 20153 21069 22668 25536 27725 29452 ' 31042 32316 33587 34728 Left find a Prnwinp number nf wai ODUgea lO. lOOge, ieea ailU 11W " •£«- ~uuub uuw® ““^“7 ,«“« 

1068 2234 3297 4413 *073 7240 8330 9760 10745 13098 14263 16473 18123 19361 20159 21071 22077 25542 27731 294*1 31043 32345 33590 34729 jS" “““ Sowing DUmoer 01 equip them i 5 British market Will also feel the by the AmOCO Cadiz IS • 

1070 2242 3300 4424 6084 7243 8331 9784 10749 I30P7 14205 16478 13X46 19384 20160 21072 22678 25545 27746 29487 31050 32365 3S395 34730 listeners. lnn ninrb oinTi bnildov U Tnan P nil a ml 

1079 2245 3305 4521 6086 7274 8332 9788 10730 13 COR 14268 16482 18149 19367 20181 21076 22692 25534 27767 23494 31053- 32372 33801 34733 ^ _ , . But there 3TC 81SO long-term P™®? S 9?^' ^ „ .. DUUdeT M. Jefin ROUanO. 

loss 2253 3309 4524 *087 7279 8332 9770 10757 i3iu 14274 16484 18150 29369 Mira 21077 ^6?4 25563 27770 29528 3io74 32J73 83628 84738 Marxist parties are banned costs The authorities are. for /According to Chambers of Com- hasn t had a single order i 

ioso 2365 3321 4528 6092 72 I 4 lay? 9779 aoUa iliii 14280 10490 1 I 1 I 4 ii!?? ioi 67 21079 23772 2M73 27775 28566 aiORfl 32384 §3632 3*780 w ?*“*! instance, getting a dearer idea rtjrce ^UTW - for ^ North the gnker w ent a ground. 

1100 2271 3323 4536 6094 7294 8351 9780 10783 13120 14282 16504 18157 19378 20168 21080 22773 25625 27778 28596 31087 32887 3X717 34803 coa e copied from Mussolini and of what damage may be done to Ftoistfere,. _ti.000 tonnes of “ What is extraordinary IS 

1104 2278 3340 4M6 61OT 7332 MOO flU? 10765 13125 14284 16517 1 IM 4 1P384 20 i® 21^ MIm 25^5 37780 IllM 3§93 OT723 34MO G ° Ver “ m ^ at ^ }^.® r the fish, Oy StefS, crustaceans and 1 

1111 2279 3347 4547 0107 7339 8426 9801 10789 13134 14291 15323 18235 19386 2oi75 21085 22877 25670 27B8o 29605 3uo9 32396 33730 94848 pressure to repeal this. While the flora along the pollu*. "d coast- and Grabs) were sold last year, tised. Now no one Is rent' 

1126 2284 3375 4548 6108 7340 8427 9022 10770 13136 24303 16340 18236 1B367 20176 21089 2 2891 33686 27973 28630 31113 33398 3373T 34856 one pro-pekine: par tv has SUP- Ifn* Tt rpmaiTK fn hp epon wh-it worth PlS^Om interested but fhp Droblem: 

1127 2235 3379 4555 6110 7348 8429 9814 10777 13140 14304 16588 18237 J 9389 20178 21093 2291-2 25698 27978 29640 31118 32400 33732 34837 f * , 11 r ? mamS toccseen wnat worm pTSJnmi. inierearea. OUt me pruuiBID. 

ii»4 2289 3387 4557 6ux 7354 8443 98i7 10779 13141 14307 16595 18240 19392 20 i 8 i 21094 22918 25693 27979 28641 3iii7 32*01 S3733 34870 faced, the Communist Party of further damage will be done to Equally, important to the more senous. 

1156 2291 3439 4598 6113 7367 8451 9818 10700 13143 14310 16609 18250 19396 20183 21104 22931 25704 27965 29646 81124 32403 33734 34873 Turkev and its snlintpr urnnne 1 

1161 2297 3442 4600 8133 7368 8452 9822 10781 13144 14319 16618 182S3 19408 20185 21105 22941 25706 28011 23647 31133 32404 33737 34877 ,“Tj thra, J L - n-Wli K n * 7“ 

1162 2298 3444 4608 0140 7369 8453 9820 10785 13145 14330 16619 18298 19420 20186 21111 22943 25724 28018 296S0 31134 32409 33739 34878 U ® low , thOUgh Seem tO be SOme- , 

1178 2305 3448 4609 6141 7379 B4*C 9831 10790 13148 14331 16620 18307 19422 20187 21112 22JSS 25745 28021 29669 31143 33419 33740 34886 what tolerated by the DOliCe. - _ __ 

1181 2310 3450 4011 61+4 7385 8467 9835 10806 13149 14333 16636 18309 19426 20193 21113 23994 25743 28025 29672 - 81163 33421 33741 34391 . ■ • C /^TkTTl" 1 1 J ^ f\ 

1212 2315 3459 4612 6156 7394 8471 9839 10817 13153 14334 1633 & 18321 19427 2&193 21121 2 30 *9 25756 28041 29675 81164 02435 32742 34896 Mr. Turkes’s own bodveuard M 'v*AAl7 B ^ ftJ "Illy A1Y7- fTM/Vffr KJi 

1218 2334 3402 4613 0160 7395 8472 9840 10022 13163 14335 16650 18325 19428 20194 21122 23076 25785 28CH3 29*92 31170 32446 3*747 34899 w^ecenlly irSted f OT toSw- lTl6GK l¥lll r IIK EIV Til SfTOW ^ / 

1219 2329 3464 4615 6163 7396 8473 9841 10823 13171 14336 16656 18327 19431 20203 21123 23085 25775 28059 29694 81227 32448 83751 34900 reueauy arrested lor tnrow- 

1220 M34 3465 4620 6194 7410 847* 9831 10840 13178 14345 16660 18332 19440 20201 21261 23110 25806 280*3 29698 31247 32453 33753 34902 lllg a bomb at a local mayor 

1223 2335 3480 4623 6209 7414 8479 9852 10855 13191 14352 16678 18334 19441 20207 21265 23262 25827 28071 29700 31248 32456 33757 34913 _ f f>10 t-.j*,.- *T. 

1237 2354 3481 4636 6210 74X8 8481 905 8 10857 13194 14363 16602 1S335 19454 20209 212*6 23265 25 831 20075 2B702 31252 33459 33764 34916 Une 01 W® leaders Of hlS YOUth 

1248 2360 3484 4647 6218 7422 8486 0863 10881 13201 14371 16683 18343 19457 20211 212P7 23354 25837 28079 29705 31262 32461 83785 34919 movement, the Cnmmandns 0 r 

Greek GNP likely to grow 5 °/ 


ATHENS, April : 

1299 2375 34H7 4684 6246 7473 8498 9887 10935 13294 

1314 2387 3498 4694 6251 7492 8499 9901 10947 13296 

1318 2303 3500 4824 6281 7497 8500 9903 10949 13297 

1331 2394 3505 4628 6284 7500 8507 9909 109*4 13298 

1332 2399 3515 4630 6327 7509 8510 9910 10968 13310 

1335 2402 3517 4833 6336 7531 8511 9812 10975 133X1 

1337 2405 3524 4838 6339 7538 8512 9922 11048 13312 

Industrial production is up slowly in the second ha 
expected to rise by 3 to 4 per 1977 and its recovery Is expi 

03X4 OOfi I.S11Z 1-VHJ XB014 i04rU IViVV -UMJ 1 iXfini JU.D ZiTUl-i 32516 33BX3 345»UU u_,,„ J. . __ ,_L — iH UU> lUUUil 1CY1KW UL US trv iourrf rrwn n the PKnVtll Of UU.BUUVCS, LUC c». 

1346 2408 3526 4B39 6340 7548 8514 9932 no49 13319 14444 16817 18476 19500 20445 21328 23670 25947 28152 29917 31348 32521 33831 34961 have murdered on Ankara pro- Greek econamv Professor Jit ation of imeertaintv concex 

J549 *414 3527 4840 6356 7555 8515 9935 11053 13321 14443 16818 18477 19501 20463 21330 23674 25948 28165 29926.31352 32522 33833 34982 SCCUtOr investigating their QCti- rl * ,I “ S0 * eXPOltS. eSpedaUy textiles, CJOth- +CT ,V, .~~T~ 

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Jfr -no, m.. /. . . 

13M 2422 3538 4651 6392 7573 8521 9943 11106 13326 14456 16827 18485 13507 20475 21334 23607 25973 28181 29935 31360 32528 33847 34970 VJIleS - The Government 

1 367 2427 3535 4887 6394 7581 8533 9944 11114 13339 14467 38830 1850* 19511 20490 21337 237*2 25980 28185 29945 31363 32533 33843 Bulent Ecevit. thp Socia 

13X9 S 4 ? 9 353 9 129 3 7582 8538 "II 11115 13363 14471 1*833 18512 19514 20503 21339 23715 25981 28200 29946 31364 32548 33*9 mt : c iW??.?/ 8 

1373 2434 3340 4921 6417 7S83 8339 9952 11124 133E6 14473 18839 18313 19515 20530 21340 237C0 25930 28201 29947 31369 0Z537 - 33852 Cra ' leader. IS trvintr 

1379 2439 3543 4922 6424 7595 8540 9960 11151 13372 14479 16855 18517 19510 20073 21341 23776 20020 28203 29948 31372 32559 ' 83853 

1R«4 2453 3551 4928 6440 7600 8577 9970 11286 13427 14487 16S62 18540 19525 20682 21346 23814 26062 28226 29953 31374 32505 33863 

1^4 2455 3554 4934 6447 7602 8581 9978 11290 13431 14488 16868 18541 19532 20683 21347 33815 26086 28235 29955 3127* 32570 ' 83865 

1396 3461 ‘8556 4980 6449 7613 8584 9985 11298 13432 14495 16873 18543 18534 20G84 21348 23816 26088 28241 29963 813 

comp^rf *° cnltarai output and to sluggish Western- Europe In addition, diminishing in certain brar 
come to grips with the situation growth of output in manu- «« - of domestic of Industry were favourable 

it rahented when it came to factoring. d^LdtowirS imported ^SS tor ^ for ** encourag emen 

office m January. This vear. agricultural mi tout business investment 

The Debentures specified above will become due and payable and, Upon Presentation and Surrender Thereof (with all coupons appertaining thereto, ■ ^ . 

maturing after May IS, 1978), will be paid on said redemption dale at the W.C.G. Bond Window*— 2nd Floor of Citibank, NA, 111 Wall I NCCUntV 
Street, Now York, N. Y. 10043, at the offices of Citibank, NA. in London (City Office) and Paris, or at the principal offices of Sotiete Generate I w 

factoring. ^ 'demand towards imported manu- toe encouragemen 

This year, agricultural output factored consumer goods. busmess investment 
is expected to rise by about 5 per I ^ clwsu Professor Zola t as said 

cent, compared with a 4.9 per Governor Zplotas said iiidus- Government hopes to keep 
cent decline in 1977 trial investment began to pick tion below 12 per cent this . 

de Banque SA. in Brussels, Dresdner Bank Aktiengesellschaft in Frankfort, Credito Italiano in Milan, Swiss Bank Corporation in Basle, and Swiss Mr. Ecevit has blamed the 
Credit Bank and Union Bank of Switzettaad in Zurich, as the Company's Paying Agents. On and after said redemption date, interest on said Deben- previous government for arming 

tures will cease to accrue. i _ 

Coupons doe May 15, 1978 should be detached and presented for payment in the usual manner. students into various colleges. 

y . »■ i caL j ui . . « *. He has also admitted that even 

Inter nati onal standard uectnc Corporation within the police force there 

By: CITIBANK, NA. have been d^es- 

April 14, 1978. as Trustee He Is trying to strengthen the 

individuals and sending them as PSYCHIATRY AND SOVIET DISSIDENTS 

students into various colleges. 

Forcible detention ‘not justifies 

police force.” The bureaucracy BY ANTHONY ^RfWINSON, EAST 7 EUROPE CORRESPONDENT 

is being cleansed of the ultra-. ” 

^nH t ^rhn* a S>atA l hA<iiSif A KEPORT being prepared for Soviet ' dissidents. .. _ Andrei the Sychyovka Hospital : 
oSltL ISi.wSiJl 1 * 16 the Reyal College of Psychiatrists Sakharov, Tfuri Belov, leader of- Smolensk” which has one of 

^ff erS .treiPlng colleges by G eraw j Low-Beer, a con- toe Helsinki group working com- worst reputations for treate 
aultant -psychiatrist at Horton inirfeo on psychiatric abases, and of dissident intemees. 
^ounie-maRers from among the Hospital, Epsom, will contain the other . 'involved In monitoring .Belov was committed as suffe 
tS?ih 0 rc &rat professional evidence by a toe 'alleged politic* misuse -from' psychopathic tenden- 

nipaarr^i *.7f UB S Western psychiatrist that Soviet of-.psyritiatry la the Soviet but Mr. Low-Beer said: “Ip 

SSSSrtr LmouS dissidents have been detained Union. Mr. Low-Beer said he vraa flnd no symptoms of aggres 

SSS, in Soviet mental hospitals for searched and documents were or irrespoasiMa conduct, whit 
non-medical reasons. St* from ham by the KGB as the National Health definil 

retired Air rorce Marshall has Mr Low-Beer has just returned ha was leaving from Moscow 

been meeting opposition leaders. JSrrZSSJelS tn vSSS ^.tocowc^ At the- request of the wif 

Alexander Howden Group Limited 
• is delighted that 

The Queen’s Award for Export Achievement 197$ 
■ is being conferred on the 
Aviation Division 

of Alexander Howden Insurance Brokers Limited 




Every Saturday the 
Financial Times 
publishes a table 
giving details of 

on offer lo the public. 

22 Billiter Street, London EC3M 2SA 
Tel: 01-488 0808. Telex: 882171 

For further details 
please ring 

01-248 8000. Extn. 266 

■ V , 

ucvn meeting opposition leauere. ►___ fnur-dav visit to Moscow nnrt ' . «-<- uie request or xue wr 

including Mr. Turkes, to brief „? d a wifere said he was virtually S * : ^ S euy Nikolaev, who 
them on the measures and ask 51,1“ sent tobospital after lendin 

fSrthei? su^ n rt eiSUre8 “ d 8315 tSdiy. tlmt he examined a dozen bSegWd by people^ who feared “2*2^ 

for their support. former inmates of Soviet sent t?. laychittnc 

It is unlikely, however, that psychiatric hospitals who con- hospital* for tiwsir inoonvenieot 3 

these measures which even the S lder themselves to have been views . And ■ who . wanted - ** :£32SL,f ™ 

Government admits constitute forcibly detained because of their pprohylsfitic. verdict of- sanity” 

only a beginning, will slow down dissident views. He declared that from him in case their fears were to t 

the campaign of terror. in non e of tKfTMsey was there HieHHjM*.,.: . , •• . - STL d J 

Political violence ife hovering any evidence that their . heexnmiiied bTDr MoS^vkS. toe docto 

like a dark cloud over thl psychiatric health could have W M*s.^ Ludmila lAgapon whoas SaS wh^SS^NikoIaev * 
present Government Mr. Ecevit justified forcible detention hu£b^fie£ to Sweden rnJjM S^Suwd jaTahouted It 

has taken great strides in stabil- «r: Low^Beer. who said he was uiftrtottA bed herself mfrotrt “jSffifflJKSu 
ising the ailing economy and a fluent Russian speaker and had offiriais as part Other,. ■ ; 

towards solving the country’s 1 been a consultant psychiatrist campaign to be able , to rejoin - Mr.-Ldw-Beer said that in 
foreign policy problems. But in since 1965. met Mr. Alexander her tiusband Abroad. She. wassuh- report to toe Royal College, 
his war with the extremists he Podrabtnek. a young aurfliary-sequeatty sent to a psychlatiic.wiU. declare ‘that psychiatn 

i . ■ m,, ofhA Im laniiiiwr-'L^itor ’■ ■ Honnmtin - • iwi--*' hie Ka« nn ■ mlemifk*) - . ..If* 

seeois to have got nowhere. The medical workers who in January, bospitaL Reporting von ^ his being;, misused for pollt 
escalation is U great embarras- 1977. was a founder member of exanuat&nrof her, Mr. Low-Beer reasons'On a very wide scale, i 

escalation is a great embarras- 1977. was a founder member of exajmnatfoiror her, sir. i,ow-i«er reaso&s;en a very wide scale, < 
ment to him and a potential the Working Commission to in- said: .r"- - 1 '■ -Could . find no according r to Academit 
danger lo his admioistratlon, vestigate the Use of Psychiatry aJbnotsnaJity, jnst a. very angry . Sakharov and; otoers. conditi 
with some observers claiming for Political Purposes and author and vfrurtrated- woman who Is - In such hopsitais are terrible 
that the basic aims of the attacks OF Punitive Medicine,, a 265- determined .to i^ptii ^her hus- .’that fhe" professional status 
is to show Mr. Ecevit in a bad page Samidzat monograph on band^ :'*. ' ' j, doctors in toe Soviet Union gi 

light and weaken his otherwise political abuses of psychiatry in -He 'examaoed Yuri Belov, a them much less power to pur 
strengthening grip on toe the USSR. catholic who spent 14 years in the exclusive interests of tt 

Government of Turkey, Mr, Low-Beer met the leading psychiaoie hospitals, including patients than in the West. 

\ • J \ 




/' ... 


V z FiqacclaL Times- FirMay April 21 1978 





i Or i*y-lK»ERT MAUTHNEft 

.FRENCH Government's 
e*: - presented -by M. 
(rod : . .Barre, , . the Prime 
•■’to’, the National 
<bty . yesterday, has been 
J -*"mtxed reception from 
and the trade unions. 
'iniPSt positive reaction has 
■ from the . Patninat. the 

■h employers’ federation, 
which welcomed M. Barre's 
f’.^omiae that industrial prices 
■- Ir^Mlfhe fredd proaresslvely. But 
.the- Patronat stressed that 
ssively-could be interpreted 
-Jhr many ways and reserved its 
"position until more details had 
. been Riven by the Government. 

Both sides of industry com- 
mented favourably on the Prime 
Minister’s statement . that the 
Government intended to. imple- 
ment its social- policies only 
after full consultations with the 
unions and other representative 
economic groups. M. Francois 
Ceyrac. the president of the 
Patronat said to-day after a two- 
bour meeting with M. Barre, that 
tbe employers were ready to 
- '-‘ ^"bpen wide-ranging negotiations 
■ ■ i- : " 'with the unions nest month 
'-'4 " ".The main left-wing unions have 
-- adopted a negative stand on the 

- Prime Minister’s economic pro- 

•; " ^ gramme as a whole. The Com- 
f ... r -rnunist-led CGT. Frances largest 
^ -union, said M. Barre’s programme 

• was merely a continuation of 
the previous administration's 

PARIS, April 20. 

austerity policies and implied 
more sacrifices on tie part of 
the workers. 

Even the Socialist- oriented 
CFDT. whose leader'M;. Edinond 
Maire. has adopted a .more con- 
ciliatory attitude, -towards M. 
Barre since last month!* general 
election, issued a remarkably 
scathing statement 

The Government, intends to 
pursue an economic policy which, 
up to now, has proued incapable 
of resolving Any of the serious 
problems posed by the crises,” 
the union’s statement said. It 
could lead only to more unem- 
ployment and higher inflation. 

Some of the criticisms echo 
those made in the- National 
Assembly yesterday : - hy M. 
Francois Mitterrand-. -the Socialist 

The Gaul lists, too,; have ex- 
pressed 'reservations about M. 
Barre's programme, though they 
made clear that they would sup- 
port the Government in the vote 
•jf confidence for which it has 
asked- * • . . 

The daily newsletter published 
by the Gaullist RPR party said 
the Government had . failed to 
propose an effective employment 
policy. M. Barre continued to 
adopt the view that unemploy- 
ment was an' unavoidable disease 
which had to be treated instead 
of giving priority to the' complete 
removal of unemployment. 

New hope for Moro after Red Brigades’ bulletin 


ROME, April. 30. 

THE HEADLINE across the top 

of the Rome daily newspaper ly 
Messaggero to-day summarises 
accurately the present mood of 
l he country, and particularly of 
the political parties over the 
kidnapping of Sig. Aldo Moro. 
Bold type across eight columns 
proclaimed: “ Doubts. Anguish, 

The hope was raised this 
afternoon with news of yet an- 
other communique proportcdly 
from the Red Brigades group 
which claims to hold the former 
Prime Minister. Its authenticity 
has still to be established, jf 
possible, by Interior Ministry 

An earlier communique on 

Tuesday announced that Sig. 
Moro had died “ through 
suicide,” and that his body coudl 
be found in a lake on the bor- 
ders of the Abruzzi and Lazio 
regions north-east of Rome. To- 
day's communique says that this 
information is false and. by im- 
plication at least, was not issued 
by any Red Brigades faction. 

To-day's message also claims, 
again, in part by implication 
lhaf Sic Moro will be released 
if the Italian Government frees 
Communist prisoners within 4S 
hours from 3 pm this afternoon. 
The prisoners are not named, 
but are assumed to be people 
on trial in Turin on a range of 
charges, including subversion 
against the State. 

They include Sig. Reuatn 

Cure io, said to he the founder 
of the Red Brigades, but whose 
influence over the terrorists’ 
activities must now be marginal, 
if only because be has been in 
prison awaiting trial for nearly 
two years. 

Yet by all accounts it was Sig. 
Curcio. through his lawyer, who 
first threw cold water on the 
accuracy of communique 
number seven which announced 
the dumping of Sig. Moro's body. 
He is said to have greeted news 
of it with laughter, and subse- 
quently. with an expression of 
interest as to who might have 
written iL 

Today’s communique suggests 
that the false trail could oven 
have been the work of Sig. 
Giulia Andreoiti, the Prime 

Minister, and his associates — a 
carefully-prepared innuendo to 
plant tbe notion that tbe authori- 
ties might be fishing in very 
muddy waters indeed. 

Elsewhere such a suggestion 
might sound incredible hut in 
Italy it could gain credence. 
During tension in the late 1960s. 
left-wingers were initially 
accused of planting bombs in 
Milan's Piazza Fontana, whereas 
the trial of that incident, still 
continuing after more than eight 
years, has already thrown up the 
real prospect that elements in 
the security services were in- 

What the Red Brigades have 
demonstrated is an ability to 
throw the State and its institu- 
tions into disorder, if not 

despair. Police and army frog- 
men continued to-dav to search 
in the Lake Ducbessa area, indi- 
cated in the seemingly false 
communique, despite mounting 
evidence that this was indeed 
a hoax. 

In their psychological war 
against the “ bourgeois " State " 
the terrorists are clearly 
winning, at least In the short 
term. Sig. Francesco Cossiga, 
the harassed Interior Minister, 
insists that the State will hot 
be intimidated, but he -has re- 
peated this phrase on at least' 
half-a-dozen occasions .in as many, 
months. .. 

Meanwhile. , -a prison guard- 
was shot dead in Milan this 
morning as ho left bis home to 
go to work, almost a carbon-; 

copy of a ni utdSf in " Turin 
earlier this month.' ' The 'Red 
Brigades. ■ or anhny'mtnB' callers 
on their behalf, have been claim- 

ing responsibility. Sig. Curcio 
and bis fellow acthsad in Turin 

have already told the presiding 
judge that he. too,'. is on the 
assassination list:'. 

A recent opiniopjpoU appeared 
to support the : Government in 
its' stated resolve.- not to do a 
prisoner-exchange .deal -with the 
terrorists for Sig. Moro. But 
to-day is the first occasion in 
which -a specific . exchange has 
been -.offered, —and -Christian 
Demo&ats from, Sig. Moro’s poli- 
tical stronghold.' In' the. southern 
Bari region are already demand- 
ing a deal on- .humanitarian 
grounds. • - --■ 

Azores riot 


13 injured 

• -Si 1', 

Three measures to assist 
French private industry 


PARIS.- April 20. 

. THREE . SPECIFIC measures 
„ aimed to help French industrial 
-; enterprises in tbe private sec- 
tor strengthen their financial 
muscle are Included in the pro- 
-l- ij- gramme announced yesterday 
by M- Raymond Barre, the 
■■'V/ ' Prime Minister, 
r; i * For the fixst'time, the Govern- 
nent has given the go-ahead ■ 
. . t • for the issue of preference 
shares, based an practice in 
• many other Western countries. 
,'s The introduction o[ non-voting 
c‘ stock, which has been sought by 
.‘-■'i representatives of private indus- 
try. is aimed mainly qt small 
and medium-sized companies 
~ which have been reluctant to 
- - j* raise money on the stock market 
: for fear of losing financial con- 
!-s::i trol of their activities. Prefer- 
. ence stock will, and is the normal 
j- w tice, bear a guaranteed 
-7LT dividend. ; 

' A further proposal which has 
I ’ ; been widely welcomed id stock 
“ “-market circles is for extra tax 

relief on savings Invested in 
company shares. Dividends re- 
ceived by shareholders are 
already subject to a ' -rebate 
against corporate tax, known as 
avoir fiscal, and dividend* earn- 
ings of up to Frs.3.QD0:{$652) a 
year are deductible' from Indi- 
viduals' tax declarations.'* 

The new measure will greatly 
extend tax benefits ^exempting 
a set proportion of income which 
is invested in stocks: : What this 
proportion will be ba$ not been 
determined, and. It remains un- 
certain whether the benefit will 
be related to an individual's 
overall income. - • 

The third proposal - involves an 
improvement in th£ conditions 
under which companies can have 
access to soft loans -from the 

The proposed change . will 
mean more -favourable repay- 
ment conditions, and Ik seen as 
aimed at private enterprises in 
financial difficulties. ■ . l-j . 

By Our Own Correspondent 
LISBON, April 20. 
TWO RIOT policemen and II 
civilians were injured early to- 
day in clashes between demon- 
strators and specially reinforced 
security forces on the Atlantic 
island of tbe Azores, a Portu- 
guese territory. 

The incidents allegedly 
occurred between members of the 
illegal FLA Separatist movement 
and riot squads guarding the air- 
port before the departure of two 
top Government ministers for 

The police said they charged 
a group of a few hundred stODe 
throwing demonstrators and 
arrested five of them. This 
followed police accusations that 
demonstrators bad started shoot- 
ing and had blow up an official 

A NATO report from the 
Azores said about 1 .000 people 
massed in front of police head- 
reinforcements flown in on 
central government orders 

The report also said that local 
unions and other organisations 
wer studying on appeal for a 
general strike on the island to 
protest, against the latest ten- 
sions. The .atmosphere on the 
Azores archipelago has worsened 
since the week-end when Dr. 
Antonio Almeida Santos, the 
deputy Prime Minister, was 
beaten up by the Separatist 

The situation has turned into 
h lest of strength between the 
Socialist - dominated central 
Government and its chief politi- 
cal opposition the Social Demo- 
crats which rule the autonomous 
Azores islands. While the 
Social Democrats have officially 
renounced the Separatist move- 
ment. Government circles here 
maintain there are too many in- 
formal links between the break- 
away movement and tbe local 

U.S. Secretary of State Cyrus Vance (lert) with Soviet 
Foreign Minister Andrei Gromyko In Moscow yesterday. 
On Mr. Gromyko's left is Mr. Anatoly Dohrynin, Soviet 
Ambassador to the United States. 

Vance and Gromyko call 
for progress in SALT 


MOSCOW. April 20. 

Secretary of State, and Mr. 
Andrei Gromyko, the Soviet 
Foreign Minister, concluded their 
first round of Strategic Arms 
Limitation Taiks this morning 
and afterwards stressed their 
desire for progress in the 

The two men met for almost 
three hours, along with members 
of the respective Soviet and U.S. 
negotiating teams, and at a lunch 
following the meeting, each pro- 
posed a toast affirming his 
country's desire to reach a new 
SALT treaty. 

The two sides are not expected 
to reach final agreement during 
Mr. Vance’s present visit, which 
is to last until Sunday, but if 
there is progress in the talks, the 
way could be prepared for a visit 
next month by Mr. Gromyko to 
New York for the signing of a 
new SALT pact at a Soviet-U.S. 
summit later this year. 

There is general agreement 
that a new treaty is 90 per cent, 
complete but several difficult 

issues remain. These are con- 
sidered to be the question of 
Cruise missiles for Western 
Europe, limits on the Soviet 
Backfire bomber, which has 
become a political issue in the 
U.S.. and the question of iini'li: 
on modernisation of missiles and 
on the development of new Inter- 
continental Ballistic Missile 
systems (ICBMsj. 

Mr. Vance is known to hope 
that his visit, which will include 
negotiating sessions Ibis even- 
ing, to-morrow and possibly 
Saturday, will demonstrate that 
tiie two superpowers can settle 
their differences through negotia- 
tions, although the U.S. position 
remains that concessions will be 
necessary from both sides for 
the talks to succeed. 

There has been progress in fhe 
negotiations. The issue of the 
U.S. Cruise missile, which was 
once regarded as the most 
difficult in the talks, now appears 
to he ^11 but resolved. 

Mr.^Vance arrived in Moscow 
last, flight. 

£18m. EEC 
safety plans 

By David Buchan 

BRUSSELS, April 20. 

IN A MOVE hailed here as the 
first fruits of the EEC's recent 
nuclear hearings the EEC Com- 
mission has decided to ask 
national Ministers to approve 
two new nuclear safety pro- 
grammes. costing 28in. European 
units of account (£18.7m.) over 
five years. Half would come 
from the EEC Budget and half 
from governments and com- 

One of the research pro- 
grammes would study how. to 
take safely out of service a 
nuclear plant that has come to 
the end of its life. This, say EEC 
officials, is a problem that has 
received scant attention, even 
thougb there are now 20 reactors 
in the U.S. and Western Europe 
that are due to be decommis- 
sioned. Five are in the EEC — 
two each in France and West 
Germany, and the Dournreav 
fast reactor in Scotland. 

The other safety programme 
concerns the light-water reactor 
— the most common type — the 
Community — and is designed to 
complement work being done at 
the four joint European research 

• European Court of Justice to- 
day declared the 12 per cent tax 
imposed by France on Italian 
wines during the 1975-76 "wine 
war" to have heen illegal under 
Common Market law. 

Some 30 French importers of 
Itslian wine resorted to the 
French courts to seek reimburse- 
ment of the tax which was levied 
from September. 1975, to March, 
1976. To-day’s ruling bears on 
two of these cases passed on to 
European Court for an opinion, 
but will obviously have an effect 
on the rest of ,lbe pending cases. 

Bonn will seek joint 
action over energy 


BONN. 'April 20. 

WEST GERMANY intends to 
place a high priority on the 
formulation of a joint energy 
policy, and specifically a common 
policy for the coal industry, dur- 
ing its six-month presidency of 
the European Community during 
the second half of this year. 
Count Otto Lambsdorff, the 
Economics Minister, told tbe 
Bundestag to-day. 

Opening a debate on West 
German energy policy, he 
stressed the far greater- weight 
of tbe U.S. as a consumer of 
energy, and made ’ clear that 
Bonn intends to use the oppor- 
tunity of the July summit here 
to urge the Carter Administra- 
tion once again to enact energy- 
saving measures. 

The starting point for Com- 
munity efforts to buiid a common 
energy policy, according to the 
German Minister, must be a 
greater willingness on the part 
of member governments to show 
their hand and to co-ordinate 
what they do. The Community 
must also maintain a unanimous 
and liberal position towards the 

rest of the worlds . 

. In practical rterms, Count 
Lambsdorff made clear that he 
wants to win agreement among 
the Nine on coaf .-policy, a matter 
which. European- Energy Minis- 
ters are due to discuss next 

West Germany is shortly to 
place before its. partners a 
memorandum on the. coal indus- 
try. in which the Economics 
Minister said it would propose 
additional assistance 'that would 
lessen- the competitive disadvan- 
tages of European coal. He 
sought to disarm potential 
criticism by insisting that Bonn 
would not seek. - to "bring this 
about -by banning' coal imports 
from third countries, 

Conceding that, an essential 
condition for a' Community 
energy policy must be sensible 
domestic policies by each of the 
Nine, he admitted the validity 
of criticism that West Germany 
had dragged its heels, especially 
over the introduction of pro- 
grammes to save energy through 
better insulation of buildings. 

Japan-USSR fish pact 


MOSCOW. April 20. 

JAPAN AND the Soviet Union 
I to-day reached agreement on a 
new long-term fishing pact to 
govern fishing rights in the 
waters outside the countries' res- 
pective 200 miles zones. 

The new agreement which was 
negotiated by Mr. Ichiro Naka- 
gawa, Japan’s Forestries and 
Agriculture Minister, and Mr. 
j Alexander lshkov. the Soviet 
Fisheries Minister, calls for a 
more than 30 per cent, reduction 
Jin the . allowable . Japanese 

salmon and trout catch. 

Under the agreement, which 
replaces a 1956 convention on 
fishing in the north-west Pacific, 
J span may catch 42.500 tonnes 
of salmon and trout from waters 
outside the Soviet 200-inlle zone 
compared with 62.500 tonnes 
taken last year and must pay a 
4.5 per cent, tax to. the Soviet 
Union on the value of the catch. 

Fimm-iu Thus. Published daily e*«Pt Sun- 
d.i?H „ud holiday-. U.S- yiKTipnon SlfWl HO 
■jU riciffhu S*Miw main per annum. 
Vxond 1-lass PPM-ISC paid ai New Yarn; N Y. 


... .. 

... - -J. . 




. f 
£'■' ■ 


Vj grow i 

£N r S 

not jus* 

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Financial Friday ^riI‘‘2i'.':l97S 


Brazil sea 


by DAvro acu 

WASHINGTON. April 20. 

Cuba talks 
for leader 


By Diana Smith 

RIO DE JANEIRO, April 20. i 
THE DEATH o£ a labourer who j 
bad been working on a jetty near 
Harm enegi Ido Beach in tbe far 
south of Brazil— focal point of 
toxic chemical pollution which | 
ba$ plagued the area for three [ 
weeks— -has added new urgency! 
to research for the origins of 
the toxicity.- 

Sr. Elmo Molina was one of I 
four people admitted to hospital j 
last week, suffering from severe : 
vomiting and violent headaches. 
An autopsy is being performed | 

The pollution first washed 
thousands. Of dead fish and shell- 
fish on to the Atlantic shore, near 
the Uruguay border. 

After traces of mercury propy- 
lene and ethylenamine were 
found, a ban was placed on fish- 
ing In the southern state of Fio 
Grande do Sul. These chemicals 
were thought to have leaked from 
a 1971 shipwreck. 

However, traces of sulphur 

PRESIDENT Carter moved to- 
day to shore up support for bis 
tax reform package, which in- 
cludes a S23hn. tax cut. in the 
face of mounting evidence that 
the whole, scheme may be 
scrapped 1 , by the powerful House 
Ways and Means Committee. 

The Administration is argu- 
ing that the tax cut is neces- 
sary to support continued econo- 
mic expansion ■ nest year, but 
that it must also be accompanied 
by a range of fairly modest tax 
reforms Sp far, the committee 
has emasculated most of tbe in- 
dividual changes it has con- 
sidered. and most of those re- 
maining are not expected . to 


Mr. Carter- is thus faced with 
a difficult dilemma. He can cut 

his losses and press the com- 
mittee to go ahead with, the tax 
cut on Its own. or he can with- 
draw the whole Bill and that 
would inevitably be regarded as 
a major defeat. Mrs. Juanita 
Kreps. the Commerce Secretary, 
told another congressional com- 
mittee yesterday that .to drop 
the stimulus in the package 
could . .cause • the economy to 
falter and put up unemploy- 

The President's difficulties are 
compounded by the political 
divisions inside the Ways and 
Means Committee. Mr. Ullman 
said this morning, -"the- Presi- 
dent feels -his targets for- cuts 
are about right, but T think they 
are a little high.” He said that 
he would like to see an overall 

reduction of about S20bn. “the 
people . would like to have less 
deficits 'and less cuts/* 

..' But there i& also a sirens body 
of opinion inside the committee 
in favo.urof scrapping the whole 
Bill oo the grounds that, with- 
out some reforms, it would be 
better for the Administration to 
reexamine the whole question.. 

Meanwhile.. Republican mem- 
bers of .the 'committee are' for 
the moment unable In decide 
between the' politically attractive 
option of’ emharfasslna the 
Adminfctration*hy helping t0 kill 
the Bill, and the alternative that 
they might 'help to keep it alive, 
by proposing .even tarser tax cutz 
and new investmnnt incentives 
than the current Bill onvisases. 

"If this Bill turns from a 

'no reform ' Bill into a ' Christ- 
mas tree' Bill, then I will vole 
to kill th* whole thing.” one 
Congressman was quoted as say- 
ing to-day: So far. only, one ofl 
the President’s reform measures ] 
has passed the committee— it ; 
would end tax deduction for stale: 
and local petrel taxes. But pro- 
posals to repeal deductions for | 
some local taxes, to limit medical j 
deductions and to 'crack down 
on .tax shelters have all been 
swept aside. 

At ihc- same time.- and to the 
despair of those lobbying for the 
reforms, the committee hgs| 
voted to allow a separate deduc-j 
tion for gifts to charity, even by | 
taxpayers who do .not- itemise] 
such deductions. This could cost 
the Treasury as much as S3.6bn. 


By Hugh. O’Shaughnefty 

COLONEL- Menristn JJaiJe- 
Mariam, the Ethiopian head of ■ 
. state, fs soon to pay an official 
visit to. Cuba, where he fe 
likely to be publicly assured, 
of continuing Cuban support 
According Co Reuter, the visit 
should start lu the next few 
days, : ‘ • v'-' 


NEW VORK. April'].! £ 

Strauss announces three-pronged attack on inflation 


WASHINGTON. April 20. 

compounds, powerful fungicides 

and unusual activity of algae 
indicate that other factors may 
be involved, including a variant 
of the discoloration of sea water 
caused by abnormal reproduc- 
tion of toxic algae. 

The pollution has now spread 
hundreds of miles northwards up| 
the coast. Numerous residents] 
are complaining of burning in 
the lungs, | 

Yesterday, thousands or dead i 
deep-sea fish surfaced near the 
port of Santos in Sao Paulo 1 
state. No link has yet been] 
established, but this new phe-j 
nomenon has -increased fears off 
a huge ecological disaster. ' 

recently appointed to head the 
Administration's anti-inflation 
programme, has characteristic- 
ally wasted little time in getting 
down to work. 

Yesterday, he went to Pitts- 
burgh for a series of meetings 
with steel company executives 
Later, in an interview with the 
Washington .Post (whose chief 
political reporter he took with 
him), he outlined bis Immediate 
targets in the war on inflation 
Mr. Strauss said his first three 
targets are the Teamsters' 
Union, which -.said after ihe 
miners* strike -that it wanted a 
wage settlement like that 

awarded to miners, tbe Postal 
Workers’ Union, which begins 
new contract talks to-day. and 
the Environmental Protection 
Agency (EPA). 

The selection of this last body 
is a classic piece oF Strauss 
strategy. For many mouths, the 
business community has been 
citing the cost of meeting the 
myriad federal regulations, par- 
ticularly those about the environ- 
ment, as a major contributor to 

Mr. Strauss said he had 
already met the head of the EP-A 
and asked him to come up with 
some regulatory changes ' that 
might have an immediate effect 

on business' costs. 

.No better, symbol could have 
been selected and no better place 
In which to announce it than in 
Pittsburgh where steel companies 
and others have spent many mil- 
lions of dollars to meet anti- 
pollution requirements laid down 
by Washington. 

Mr. Strauss was' loaih to set 
specific targets in his drive 
against inflation but said that, 
to start with, his aims were rela- 
tively modest and that the 
Administration wants to "chip 
away” at wage. and price levels. 

But he made it clear he will 
fight any attempt -tn make the 
miners' three-year 37 per cent, 
contract a model for other 

unions. - I 

His intervention has not been I 
welcomed by the :U,S. labour 
movement which fully appre-j 
dates his formidable powers of 

E ersuasion. - Mr. George AFeaoy. 
ead-. of the.- FAL-CJO; would 
probably support him in the end. 
he said, for fear that he, raighi 
be able to persuade. Congress to 
accept something that the unions 
would like even Jess. 

Meanwhile, the President was 
expected to meet later to-day the 
chief- executives of 16 major cor- 
porations to try . to enlist, their 
support in the anti-inflation cam - 1 
paJgn. ,A similar meeting is 
planned ' later with labour I 



- Col. Mengistu met President- 
Fidel Castro ' last -year -when.; 
the- latter visited the Horn of. 
Africa and tried in vain ' to 
reconcile the Ethiopian and 

So mail leaders Main topics 
for the talks in Cuba will . be ' 
the situation .tn the Ogaden 
region of Ethiopia, after the 
repulsion of tbe Somali 
invasion with Caban faelp, aid 
the Eritrean problem. . 

Despite, western intelligence 
reports that Cuba has com- 
mitted. reinforcements to 
Ethiopia, which is defending 
those areas of Eritrea which 
have not fallen to secession ist 
guerillas. Cuban forces do not 
seem to have been involved In 
any drive to roil back .the 
guerillas. The Cuban official, 
position, announced. . - in, 

February, still appears to be ; 
that the Ethiopians and 
Eritreans should settle their 
differences within the frame- 
work of an undivided Ethiopia 
led by a Left-wing government. . 

The Ethiopian leader’s vistf . 
to Havana is likely to fix the 
future pattern or the co-opera*;, 
tion of the Addis regime .with 

Ac VITAL STEP towards reducing 
the regulation of .the U.S. airltoe 
Industry was taken last night -by 
the' Senate which voted to nine 
hr favour of reforming, i dfryesir- 
old system of .•gorerhinent 
Control. • • • T-$. 

"Haired by President Carter- W 

"an important sten in-.the'jfight 
against Inflation," tne Sepate vote 
mesas that attention will’ nb»: 
fociis ch the House' of 'Represen-r 
tatives where similar legislation- 
is being, drafted. T-. The Garter 
Administration . Jflay- / have- « a 
tougher political battle, fat getting: 
the legislation through Ihfe lower, 
house intact because' the airline 
industry is by do mean? 
enamoured of all 'its provisions. 

In essence, the Senate ' Bill 
would .dmticaliy/ 'reduce the 
regulatory' role of' the Civil 
Aeronautics -Board -which fa the 
past year bai been laying the 
ground for- a -mote sharply com- 
petitive era of : discounted air 
fares and -route competition. 

The legislation, would laltow 
carriers to enter new markets 
With little interference 'from -the 
CAB and to- raise -and -lower fares ' 
.with much greater freedom -on 
routes, where airlines are in com- 

AirUzies would , be allowed to 
serve one new -route in 1979 and 
another ni 1980,. and then two 
new .routes in each of the follow- 
in a three years._r .They could also 
raise fares up to 5 per cent/ a 
year and reduce -ibem by up to 

85 per cept a. year without O' 
permission. '. 

TheRfll differentiates bety - ' 
Idrge. and 'small carriers 
offers the former no. protect /. 
against > competitive challe- ; -' : 
ob - their .routes. Howe*' 
smaller carriers • can. desigr ■/ 
three of their routes as protet-.'.V 
services, for a _period of th.-v; 

The CAB wil be asked to rej .. 
to'. Congress every year on- v -; 
.state of “competition within f 
industry and will have en . ^ 
gency powers to intervene i-.'.:" 
decides that serious dislocatur .. 
being' caused to the industry. . 

-r Senatorial fears that so.-* 
communities -might ' be dec . 
services through airlines cope -. 
tratlng on denser markets h-‘ 
been allayed by a 10 -year guai-:;. 

tee of essential service elm 
Tbis prevents tbe abandonin' ... 
over the next 10 years of i ' 
community now being served. 

Passage of the legislat- . 
follows last week's proposal - 
the CAB' to allow airlines - 
reduce their fares up to 50 - 
cent without CAB- interfere! 
This could become effective ,i« '• •. 
in -the .year after .appropri-. 
time has elapsed for pul - 
comment. ">'■ 


A. £ P. profits down, AL 
and Alcoa well ahead. Inis . 
Steel . .strong first quart*.', . 
Page 32 * - - 

CEHeath double invisible earnings over 


tittle effect on 

, geli deficit i 


MINING i N Dt- STRY- - so u r" ces in The more modest .B ■ 
South Africa a/e* : confident the auctions would be unlikely; 1 • r 
•-' gold market wifi .be- able to, have a greater effect Howet? r .- 
- • absorb the proposed’ U.s; roM. banking sources . argue that,t_- : - 
sales without any. dram atie drop uncertainty of . tbe first.. E- -. 
In the gold price.' '. .auctions might further weak. ;• 

. : An announcement nh 'possible the price. .- ; ]. ■ 

••• U.S. sales had been expected for . Any dramatic fall in the gc.---. 
several months-. -and. industry rprice would have' drastic effaj'*-. 
-vi'\ Spokesmen believe the ‘market on the. South African econw . 
had already largely discdjinted ; through the- balance of . pt- • 

. the move. Today's 'drop in tjie mepts, where a '810 rise or ff 

• ■■' gold price is .seen as the ; itume- — — ■ — ; 

■jjy. diate p(iyTho logical effect Of ..-the . . . ja paiI1?S e -Finanee WOnistti ' ■ 
wove. - ;;; . officials welcomed ffiel tJfi- •• 

A spokesman ‘for'-lIte t, -Sbutfa : Treasury announcement 

v ■AfffcM ChamBer on«rri&' said H' wnriucrton gold from. “ bg”" 

t oTtmt fiVia^Tifdiithraiid • SillfTf "ts' a "s®— 

ounces which the U.S. Treasury that Washington is willing ti 

is committed to selling iu the defend, the' dollar, Reuter n 
next tes months was slightly less ports from Tokyo; But 4b* 

than fiqd been anticipated. officials said that the planna 

Although the move might have w * re 

a further depressing effect on Predicted tf,a 

the market, it was also a positive UJS. will auction addition 
step in removing the uncertainty . kold. 

created by the conflicting state- — ■ ■ ■ 

ments of TJ^S. economic officials, in the price, based on anou 

He also welcomed the decision gold production of 22m. fii 
to stage t the proposed' monthly ounces, results in an increa 
gold -auctions well apart from or decline in exports of sor. 
the DIF auctions, as an indica R220m. 
tion' that the U.S. Treasury was Thus, to-day’s fall of son 
not intending specifically to S5. if it proved once and f 
depress the gold price. all would result in RllOra. low 

The feeling in the mining in- exports, 
dustry is that the price is likely The current account is. ho 
to be broadly resilient, in spite ever, substantially in surplus 
of recent fluctuations, because present, although'there has b6 
of the continuing weakness -of a heavy outflow on capil 
the dollar and steady industrial account. Predictions of the st 
demand; plus for the current year ran 

Hoyrever. ’ observers . are from R400m. to Rlbn.. dependii 
divided on whether the auctions on the buoyancy of the go 
wiH have tile same effect as the price, 
early IMF auctions in further Given tbe limited extent 
depressing the price. It is argued the U.S. sales, and probah 
that the IMF almost half- limited effect on the gold pri< 
way through its planned four- observers here do not see t: 
year .auction programme' of 25m- move as having any politic 
ounces, current auctions motive directed against Sou 

have no appreciable effect on tbe Africa. 

Soviet sales unlikely 


THEi.U’A decision M Mlimearly . 
2m. jwAW.-of- gold id .the nest 
six mftntiis miy^ ^ have the effect 
of dissuading the; Soviet Union 
from making: major gold iales. in 
the short-I«ip'. ' - ' 

The details -Soviet: .gold 
sales are -kept strictly- secret, but 
it is believed Ihai^: the .USSR, 
whieh succeeding in reducing 
substantially ^the size of its trade 
deficit wilit the West last year, 
has;, no presing need to . make 
gold s'iles ,how. 

With' the big- U^. sales likely 
iq drive down the price of gold, 
Moscow is thought likely to wait 
until -the Price is higher before 
making gold'-sSles. although it 
woulfi-"h>ve no difficult ■ seilihs 
gold now. if it chose to offer 
somA . . . _ - 

A recent UB. Bureau of Mines 
report oh -Sbviet mineral Indus- 
tries' put- 1977 Soviet gold pro- 
duction at 24S tonnes and 1976 
gold sales to the West at 200 

tonnes, a 43 per cent, ns? or 
the 1975 figure of 140 tonnes 

David White adds from Pari 
The announcement or the U 
gold sates hud a limited ctFeci < 
the active Paris market, whe 
the gold price stayed above SI' 
an ounce to-day. 

The 1 kilu gold ingot foil I 
just under 0.5 per cent. 
FrsB5,400— -a drop of Frs.ll 
The dollar price at closing w 
down, to S171.37 an ounce fro 

$172.61. .. 

The Paris gold market tends 
be insulated . from tbe overs 
world market because of Freni 
exchange controls, thus reflectii 
the state of uncertainty or otbe 
wise only in the local foreis 
exchange situation, dcale 

The .market to-day was on 
slightly more active than that ■ 
yesterday. . with . gold dealinj 
totalling - Frs.10.8ro., compare 
•with Frsfim- 

' Feature Page 22 


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It's an achievement that makes us feel proud. 

$ 69 iil quest for technology 



of, ‘ThdnBtrta 1. ; Property <INPIV 
ai^Orised .Sffiim. in outlays' mn 
foreign .leehnoloay In 19< r. This^ 

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SSOQm.’ tqxcJudihg technology 

- , ra- 

iled ip imports af specific equrp- 
meiFt wWchr .lhe institute .nay 5, 4*' 
‘herd. ,fo aaTeps .flbanp^lb'L • 

Tjl e B dt » t*n. *. * Cov emment, 
■faeed with a S327m. techntdogy 
deficit ' m hav esrab Isbed 
new rules destined. Rraduaily to 

give tK flouRtry. jSutonomy; in 

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'ms»yr- : " T “'- 



Kfianaal ;TftesiTn&£ April 21 1978 

,re S 

c °ntr ft i 

Long crisis feared 

of Beirut Cabinet 

Peking and 
Hanoi stay 
on clashes 


Only a small gap divides the sides 




'■ '.|J.'’ ,: UUcal leaders began consul ta- 

• here to-day on forming a 

; S. ‘ *5 w Cabinet after the resign a- 

4 h b' 3> '' yesterday of the Govern- 
.. ^V]r n t of Prime Minister SeHm 
: Boss. \ . . ■; 

• Sarkis met Parliament 
■‘leaker Kamel Asad, who later 

- / • - , '-zvened a session by the 99oeat 

• • . . T - ■r’j.^rUament. '■ 

- ■ ^ i! Observers, however, do not ex- 

• ' early results. Some believe 

-■ -1 :i i-« ..aTOlonged political crisis- may 

■ ; in because of sharp differ- 

. \ .-.‘jes between ■ the country’s 

•_ K ristian and Mosrem leaders. . 
‘l'Or. Hoss told reporters his 
: s^blnet of technocrats stepped 
i-'m in an understanding with 
varfdent- Sarkis and that the 

• . -'Vin- objective - was 'to get 

. ' ‘VTOcal leaders to assume .re- 

• ■ ~ .. msibility for running the 

».-a ‘vemment. 

'=•: informed sources said Presi- 
- . ' Sarkis still prefers the next 

• “ '^-blnet to be headed by Dr. 

: -^ 5 S, who is a personal friend. 
..-J ^ other Moslem leaders. Mr. 

* Sb Salam and Mr. Takieddin 

: 7T77Tr~^ h. are also tipped to head the 
Cabinet. Both have served 

> i j flic BMW upytu iu n«*a 

7 — Cabinet. Both have s< 
i I' TTr - ‘->JPrirae Ministers before 

' "’‘il!-, ijannrfi in thp Ptmc hpw 

’ V-eports .in the Press' here said 
"•til uJ Cabinet resigned to pre-empt 
> irr^ unpts at provoking another 
tpd of factional fighting. A 
■phone call from the Chief of 
~ -—^jtary Intelligence while the 
rfnet was in session yesterday 
: reportedly a factor in the 
ision by the Ministers to 
en. The Intelligence officer, 
ior Johnny Abdo. reportedly 
* irmed the Cabinet that militia 
til) r ^ e predominantly Christian 

BEIRUT, Apnl 20. By Colina MacDougall 



quarters of Beirut were closing 
schools and erecting barricades. 

Later. Right-wing parties issued 
a call For the reopening of the 
schools and warned against 
attempts to close them. 

A conflict between - Dr. ■ Moss 
and bis Christian Foreign and 
Defence Minister. Fuad- Butros, 
was cited as another cause for 
the resignation. 

Under the Lebanese system, 
the State posts are shared on a 
religious basis with the Presi- 
dency going to the Christians 
and the Premiership to the i 

According to speculation in 
political quarters, President 
Sarkis is planning to hold talks 
with Syrian President Hafex, 
Assad as soon as the* latter re- 
turns Irom his current -State 
visit to India. 

About 30.000 Syrian troops 
constitute the backbone' of 'the 
Arab peace-keeping force which 
is under the command of Mr. 
Sarkis. I 

A row bad developed over the 
handling by the Syrians of the, 
fighting with Christian militia in , 
the Beirut suburb of Ain el- 1 
Bum man eh a week ago. Christian | 
leaders demanded that 'those; 
responsible for shelling the dis- 
trict be brought to trial. 

The attitude challenged what 
was described as the legality of 
Syrian troops here and that of 
President Sarkis himself. 

Observers noted the resigna- 
tion of the Cabinet left President 
Sarkis, as the sole legal 
authority. They added the 
President appeared to be deter- 
mined to have it out with the 


AEL’S BUDGET deficit for 
'-■MJlilg current financial year is 
■ly to be more than twice that 
. _ jected in the budget, accord- 
. ’ J to sources close to the 
,Y ^-ance Ministry. Wage rises 
: ■' Jeed this week for groups of 
• -eminent workers and the 
j- of tbe Lebanon campaign 
? " '.-y , believed to have increased 
projected deficit from 
•7bn. (£22m.) as passed by the. 
• - S- -sset to £ls,15bn. (£4Sm.). The 
i” /-‘get for 1978/79 was 
I79bn. (£5.63m.). Last finan- 
• : year’s budget deficit was 

B .fibn. - 

"orecasts that the rate of In* 
' ! .oa would fall from last 
' : -”i iris 40 per cent to 30-35 per 
-' in 1978 seem highly unreal- 

’ :*io • y.. .. ; T 7- 

■•■'■•li I II M II M ■■■! . ! » N 

TEL AVIV; April 20. 

istic partly because the" Govern- 
ment is likely to have to. meet 
the deficit by printing money. 

Employees received a cost of 
living bonus of 12.5 per cent on 
January 1, and a second of 7.5 
per cent on April 1. Wage in- 
creases of between 12-15 per 
cent have been agreed for botb 
industry and services, and a 
third cost-of-living allowance is 
.almost certain to be -paid oa 

While a proportion of this will 
be syphoned off in income tax ! 
and higher national insurance 
payments, especialy since. income 
tax brackets have been shifted | 
upward in line with the inflation, | 
there will still be a substantial 
infusion of extra money.. /. . j 1 

OFFICIALS in Peking and Hanoi 
yesterday refused to confirm or 
deny reports that Chinese and 
j Vietnamese troops had clashed 
1 along their joint border. Their 
unwillingness to comment sug- 
j gests that recent Western 
accounts o-f tank battles and 
casualties there may be accurate 
but that neither side is prepared 
to discuss them publicly. 

Tension continues along the 
Si no-Vietnamese border, accord- 
'ng to senior Vietnamese officials 
quoted by Western reports. In 
an interview, published in to- 
day’s Far Eastern Economic 
Review, an official. Hnane Tung, 
r-di tor-in-Chief of the Vietnamese 
Party newspaper. Nhan Dan. said 
the cause was a massive presence 
of Chinese troons " along the 
border and a loudspeaker war. 

There is speculation that talks 
about the border situation may 
be in progress in Peking since 
Vietnamese negotiator. Phan 
Hien. is thoueht possibly to have 
returned to the Chinese capital 
to discuss So rat] e vs, the South 
Ghina Sea islands, whieh are 
claimed by Peking. Hanoi and 
the Philippines. 

On the Soratley’s issue. Hoang 
Tong said in the reported inter- 
view that the Chinese would not 
even discuss the question, though 
he denied there had been any 
naval clashes there. 

Meanwhile. Chinese relations 
with Japan are raoidly worsen- 
ing as a result of last week’s 
Senkaku Islands incident. In an 
exchange of near-insults, the 
Chinese Ambassador to Tokyo 
has described tbe Japanese 
Prime Minister’s attitude to 
negotiations for the proposed 
Japan-China friendship treaty, 
which were interrupted by tbe 
incident, as “passive.” 

In reply, the Prime Minister. 
Mr. Takeo Fukuda. said tbe 
ambassador'was “impudent'’ and 
was interfering in Japan’s 
internal affairs. - 

In last week’s incident more 
than 100 Chinese fishing boats, 
some armed, intruded within 
the 12-mile limit around tbe un- 
inhabited Senkaku Islands, which 
fall under Tokyo’s jurisdiction 
but Peking claim as Chinese. 

While, the fishing boats have 
all withdrawn, the Chinese have 
not yet come np with a satisfac- 
tory explanation beyond saying 
the intrusion was accidental. 

This hardly seems credible in 
view of the fact that the crews 
knew they were in Japanese 
claimed waters and took several 
days to leave tbe area. 

,J Will you, won’t you. will you, 
won't you. WILL you join the 

THE REFRAIN from Carroll's 
Lobster Quadrille. perverse 
though it might seem, might well 
be sung just now by negotiators 
of five Western powers. 

For over a year, representa- 
tives of the U-S., Britain, Canada, 
West Germany and France have 
been ferrying to and from Africa 
trying to persuade the parties to 
the Namibian (South West 
African) dispute to negotiate a 
settlement of tbe territory’s 
future. Two weeks ago, the final 
proposals of the group of five 
were published. 

But both Swapo. the UN 
recognised liberation movement, 
and the South African govern- 
ment which controls Namibia, are 
playing hard to get. Despite 
their efforts, the five still do not 
know whether these warring 
parties will agree to dance to 
the tune and follow tbe steps 
which they have so painstakingly 

The Namibian initiative has 
run in tandem with the Rhodesia 
1 peace effort, and has tbe same 
aim of securing a transfer to 
i majority rule following one-man 
one-vote elections. 

South Africa's occupation of 
Namibia, long ago declared 
illegal by the UN, is to be ended 
through a UN supervised opera- 
tion which would carefully over- 
see a ceasefire, followed by the 
withdrawal of Soutb African and 
Swapo military forces and then 
by an election. Independence is 
scheduled for December 31. 
though the five admit that the 
timetable is increasingly un- 

Given the lack of trust between 
Swapo and South Africa, as well 
as between Swapo and many of 
the other inhabitants of 
Namibia, . the western powers 
have managed surprisingly well 
to reduce the gap between the 
two sides. 

■ There are probably now only 
two really difficult issues. South 
Africa has agreed to reduce its 

Dr. David Owen, the British 
Foreign Secretary and Mr. 
Cyrus Vance, the 135. Secre- 
tary of State, have invited 
the foreign ministers of 
Canada, France and West 
Germany to join them In an 
emergency meeting on 
Namibia- It Is proposed that 
the five men meet in London 
on Sunday evening or Monday 

troops in Namibia (now 
estimated at around 20.000) to 
1,500 “operational’’ men within 
three mouths of an agreement 
being signed. It has also 
apparently accepted that these 
forces should be confined to 
barracks (and be observed by 
UN forces) in tbe ensuing elec- 
tion campaign and be withdrawn 
totally before independence. 

But Pretoria insists that the 
men should be in two bases in 
northern Namibia, while Swapo— 
which according to some reports 
is still insisting that there be 
only L000 operational South 
African soldiers— wants them 
based far away in the south. 
Swapo fears electoral intimida- 
tion in the northern Swapo 

stronghold or sudden military 
action against Swapo bases in 
Angola if the troops remain In 
the nortn. 

The second problem concerns 
Walvis Bay, Namibia's only good 
port It has a different juridical 
status from the rest of the 
territory and is — according to 
Pretoria — non-negotiable. Swapo 
insists that it is part of Namibia. 

These are real problems, while 

morning. Mr. Vance and Dr. 
Owen are expected to inform 
their colleagues of the discus- 
sions they held last week-end 
with Mr. Plk Botha, South 
African Foreign Miinsfer and 
Mr. Sam Nujoma, the Swapo 
President (and plan -.future 
strategy in the light of next 
week’s special UN session on 

any number of practical difficul- 
ties could arise were an agree- 
ment ever to be signed. But the 
real question . now must be 
whether there is the political will 
on either side to close what is 
now a narrow gap. 

There are two opposing views 
of Soutb Africa’s intentions. One, 
cynically, bolds that Pretoria has 
all along intended to go for an 
-internal” settlement and has 
negotiated with dae western 
group only to gain time to put 
it into effect and to gain the 
sympathy of the west for at least 
trying to negotiate. 

Events of the past year are 
used to justify this view. At least 
until February, for example, 
when the South American Foreign 

Minister abruptly left a key 
negotiating session in New York, 
the western powers believed 
South Africa was more prepared 
to make concessions than Swapo. 

On -the other hand, though 
there have been changes to the 
original internal arrangements 
which have appeared consonant 
with western demands, the Ban- 
tustan policy within Namibia, 
which is anathema to Swapo and 
the UN, remains intact 

The contrary view is that 
Pretoria has derided lhat its own 
border with Namibia would- bs 
more easily defensible than the 
long Namibian border with 
Angola, and bas tired of &bs 
odium poured on its disputed 
rule of the territory, and. wants 
to be rid of the problem: This 
seems to be the impression (ft oa 
at least some of th Anglo Amer- 
ican team which met Mr. Pik 
Botha, tbe South African Foreign 
Minister, last week-end. Accord- 
ing to one source close to the 
meeting, Mr. Botha’s demands for 
clarification on u four or five 
points,” and the insistence that 
it must be the leaders within 
Namibia to-day who finally decide 
whether the package should be 
accepted, were more of a face 
saving xercise than anything else. 

And Swapo? Here again there 
are differing views, though these 
stem primarily from the belief 
that Swapo's leadership is 
divided. Mr. Sam Nujoma, its 
president whom western nego- 
tiators have found an obdurate 
and not very adroit negotiator. Is 
held to be less favourable to an 
agreement than some of his col- 
leagues. The western group how- 
ever draw some comfort from its 


T \ / 

\ llllfBUi ““’“•ft' 

\ ‘i/y? 

SOlllfl JFS1S1 < 


belief that the frontline African - 
states are encouraging Swapo to. 
adopt a flexible approach. Nigeria . 
was apparently instrumental in, 
getting the often elusive Mr. 
Nujoma to a meeting with Mr., 
Vance, the U.S. Secretary of' 
State, in Dar-es-Salaam last week- 
end while even more important,- 
Angola is believed to want a : 
negotiated settlement .in. 

So will the dance be joined? In - 
an apparent effort to provoke an > 
answer from both sides, the 
western powers have . en- 
deavoured to have the issue dis- 
cussed at the UN Security 
Council, but twice in tbe past ten 
days, the debate bas been post-' 
poned. Now, Namibia is to come 
up at the long planned special * 
session of the General ‘Assembly, 
due to open on Monday. The 
western group approach it with 
some trepidation, if only because 
of the fear that Swapo’s recogni- 
tion by the UN might, given the 
majority of third world and 
Soviet bloc countries in tbe 
assembly, tend to reinforce 
Swapo intransigence, . but the 
five, at least, are determined that 
the talking will go on. " 

Mining exploration almost abandoned in Rhodesia 


DUE TO the “deteriorating 
security situation " mining explo- 
ration has had to be “ abandoned 
almost in its entirety," the presi- 
dent of the Rhodesian Chamber 
of Mines said to-day. 

Speaking in Salisbury at tbe 
Chamber’s annual congress. Mr. 
Ivan de Zwaan, a senior execu- 
tive in the Anglo American 
group, said: “This cessation haB 
resulted in redundancies and 
retrenchment of labour” at a 
time of rapidly rising unemploy- 

But “perhaps even more 
worrying," he said, was the loss 
through transfer or emigration 
of experienced officials and 
skilled technicians. 

It would be “costly, difficult 
and time-consuming” to re- 

establish the levels of mining 
exploration achieved in recent 
years but this would have to be 
a top priority when circum- 
stances again permit. 

Mr. de Zwaan’s remarks about 
prospecting follow last year’s 
publicised decision by the .Anglo 
American ’ group — believed . to 
have been the largest prospect- 
ing organisation in the country — 
to withdraw its men from the 
field because of tbe security 
position.. .. 

Commenting on labour issues 
in the industry, the Chamber 
president said that while there 
were now many mpre blacks in 
training in the industry, fears 
expressed by white trade 
unionists that “ lesser paid and 
qualified” Africans would be 
brought ^rin’ to displace existing 

whites were “ totally unfounded.” 

Mr. de Zwaan said the industry 
would be faced with “ all manner 
of demands” for Africanlsation 
higher wages and social changes. 
He appealed for a “ balanced and 
pragmatic ” stand on these issues 
saying it was essential to main- 
tain the confidence of the whites. 

“Any policy which is seen to 
be the precursor to the replace- 
ment of whites by blacks for 
purely racial reasons will be 
certain to herald an exodus of 
skills which we need so badly.” 

However, quarterly results for 
three major mining groups in 
Rhodesia published to-day give, 
a somewhat mixed picture. Tbe 
country's major copper producer. 
MTD Mangula has announced a 
60 per cent fall in taxed profits 

in the first half of the current 
financial year. 

Tbe interim dividend has been 
cut to three Rhodesian cents 
from eight cents last year and 
over the year as a whole, the 
group is predicting profits after 
tax of between £1.95m. and 
£2 -3 m. 

- This presupposes a sharp 
improvement in profit . in the. 
latter half of the year with 
Mangula anticipating it will earn 
at least twice as much and pos- 
sibly more in the current year. 

Tbe Coronation Syndicate 
group, controlled by Lonrtao. has 
announced sharply higher first 
half profit figures attributable to 
its gold operations. Net income 
rose to (being a . South 

African-based group-, Corsynd 

SALISBURY, April 20. 

publishes its results in that cur- 
rency) from R556.000 in the com- 
parable period last year — an 
increase of nearly 240 per cent 

This is- attributable mainly to 
tbe fact that the Muriel gold 
mine almost doubled its profits 
from R558.000 in the half-year 
to March. 1977. to more than 
Rim. in the half-year just ended. 

The gold producer Falcon 
Mines Ltd. announces its esti- 
mated net profit has risen 34 per 
cent in the half-year to March 

After allowing for a much 
enhanced level of capital spend- 
ing in the second half of the 
year Faleon is forecasting net 
profits available for distribution 
of a further £470.000 after 
£92.000 in the first half 

lies unlike 

1 97 8 

We are pleased to announce that The Queen’s Award for Export 
Achievementfor 1978 has been conferred upon the Pullman Kellogg 
Division of Pullman Incorporated in the United Kingdom, 

The Award has been given in recognition of our achievement in 
increasing our exports more than seven fold In three years. 


We thank our clients in the petroleum and petrochemical industry 
for their confidence in our engineering skills and appreciate and 
acknowledge the efforts of all our staff in securing this honour. 





STRIKES TO press home a metal 
industry pay claim . cost . West 
German motor manufacturers a 
3 per cent fall in output last 
month. Even so, the industry has 
reported a pick-up in. domestic 
demand, in contrast to Febru- 
ary’s weak sales figures. 

. The Verband Der Automobil- 
mchistrle (VDA), .the industry’s 
trade association, to-day re- 
ported that on a calendar-ad- 
justed Work-day basis, March’s 
.total output of 367,300 units was 
3 per ' cent, below February’s 
343JL87 units. Yet production 
during the first . quarter re- 
mained. 'about last year’s level: 
Iil24J00 units’ against 2.124,743 

Fiat builds diesel care 


FIAT IS moving, into the expand- be powered . by 2-litre anro 
jag market for diesel cars; with engines produced at 'Ff§ 
tr new range of .engines for ite south Italy, 'a '-'plant ‘Fa 
131 - and 132 saloons, to \be jointly - with- Alfa ■ Rood 
launched in. June in Italy and in Saviem, the Renault sip 
fpost ‘■'European' " markets- this The engine range - W-% 
year/ Kat has_ set a target of . developed for- light vdics*. 
17.500 diesel sales in Italy this . In Italy, die'selstave-egj 
war and ‘ 3.000 elsewhere In competitive runaipg'qm 
ifctr&pe.' ■ . cause the price of <Eesef£ 

said at fo.e Turin" .Motor only about L150 si 
ShSf <&at it is ratio developing L500 for jpetroL But to 
diesels' for the . rest of its; car. models will’ cost between 
garage. J'. - t- * and LL2m. more than; to 

131. and 132 models,,. wilt dard petrol vehicles. 


paw’, Bain&g of London and resources, new mechan. 
ait*adhh i* Germany/ a Davy obtaining- finance arid' 
International company, and tional, administrative, i 
TmTiff of Warwick, have formed operative .adjustments, 
g-.hew' company.- Davy ^.Bamag built..- 
Tnrrig , to offer turnip -projects. •_■' •• ' ' 

tailor-made for individual’ g. Korea .pefcroCi 

South'; Korea- -is -to 

technology- It-.wU leoyer treat petrochernical r 

meat .of potable water, indnstrg complex, 'its , third: >b 
gg£irice. water, waste water and : -early, neift -year .for : .;co 

ffg^nSj 'JSSSf - ® • JStiJ. repoi 

rtater and general ^traM. Re^ Seoul, Commerce 

***§?■' minister Choi Kak-K 3 

Indies and plannmg toj commur that foreign investors 
vkming of water and waste water allowed to participate 
treatment plants. -project Golf Oil am 

IiQA pplii? study 

The ^inter-American Develop- 
ment Bank has agreed , to estab-. 
iish. a ‘Study group .to examine 
a‘“ re-evaluation of the -banks 
■fimctlons,- and 'policies AR-DJ 
reports!, ifom.- Varvcouyer. j. A 
resolution in toose 'terms . -was 
sponsored by -Argentina; Bolivia, 
Costa Rica* Dominican Republic, 
Honduras. Mexico, and Venesnela 
ax the!- bank’s: .‘annual ;-ww™£- 
TOy want the' ‘agency S pfinrt 
policy of . developing financing 
esami&ed/"with- ways to allocate . 

£• V 



A breathing space for Plessey 


THE SUDDEN decision of the the end of the next decade, annual rate of about 8 per cent same airports, siting’ US can 
International Civil Aviation that interval, it is From nothing in IMS, passenger be difficult expensive or even 

Organisation to adopt an Ameri- expected that ILS technology will traffic has risen to 620m. passen- impossible, 
can aircraft landing aid is a big adv ““ e further, so that the gers a year worid^de by 1977, This has led to much research 
disappointment to Please, of the and is likely to ruch lbn. a over seve«d years to find a 

TRSB rather than its present con- y fiar 1Q mid-1980s. Keeping suitable alternative. Most avia- 
figuration. pace with this expansion has Don technologists now agree 

alttemative Doppler system. 

However, the ^appointment - meetmein Montreal began already imposed major strains that Micftwaie Landing Sys- 
{? ^ nnstoonelhe onApiS A^fAmericans intro- on the aviation community, in terns (MLS), are the best These 

!L P S°slstpm' duced some last-minute pro- the provision of adequate air- Involve transmitting a wedge- 
tQ°ten f veare Orieiiially P« ab with the support of ports and ground transport shaped, signal instead of a 
it was planned to' proceed to Australia, the Soviet Union and systems, and not least in the single, narrow beam, with a 
goal specifications within 18 West Germany. That led to the proton of en route naviga- wide sweep- and a greater de- 
months, with full production cruciai vole - tional and. airport terminal land- gree of elevation in front of the 

models available in about five The Montreal meeting has } n g ensure a continued runway, thereby creating a 

years. been significant In that it has j eve i ©f safety along with greater area of space in which a 

At Wednesday’s meeting of not only highlighted a struggle a flow ^ ggpeci- bigger number of airliners can 

the IGAO it was agreed that the between two rival systems for a f the increasingly *on- be accommodated at any one 
existing Instrument Lading world market that is expected gested ueas on ^ final time. Thus, MLS offers the 

f-T^T implan t mwifMtUS? t0 smount t0 more than £lbn - aSroaches to airport runways, chance of -increasing the rate at 
will not SSme o^Sete S 0TCr ** ne3rt 25 ** ars or so - apprDaC “ ra which airffaers can land in the 

1995 n 1 but also a clash of technological -One of the most important busier years - that lie ahead, 

Plessey believes that that will philosophies between Britain of these latter aids has been without in, .any way reducing 
give a breathing space either to and the U.S. the Instrument Landing System safety. 

develop its own variant of the From the business viewpoint, (ILS)-, a device which sends out Qj ere j s general 

A ^nl 6 I S,e 2 P T r n nl! do single manufacturer or a, radio - beam m a fixed direc- agreement on MLS as the most 

era Dime ^wfth American com- country will get a monopoly of taon and angle f ™“ T J he n en ^ a ° f suitable system for tiie long- 
| an ies the prospective business, for a run '^?\ provicfcng a path tanri future, there is consider- 

The decision followed an whatever new system is eventu- down which an airliner can uy j^ie difference of view as to 
unexpected vote on Wednesday ally chosen all the world’s even in poor weather. which methods of utilising it 

proposed by French delegates to avionics (aviation electronics) But, for all its merits, it has are best There has been some 
a conference in Montreal that manufacturers will be entitled drawbacks, some of which are danger that there might be too 
had earlier been to share in the business under more critical at some airports many different MLS systems 

decision 3 m dl5array wlh no the ICAO’s rules. But, inevit- (for example, in mountainous available, causing confusion and 
° The voting was 39 in favour of ab ly- whoever happens to have terrain) than at others. Among perhaps even jeopardising the 
an American- Australian variant developed the winning system these are the fact that the ILS safety that everyone wants to 
of the U.S.-developed Time will have a headstart over its beam is single, fixed, and nar- m aintain. Thus, the Interna- 
Referenced Scanning Beam rivals in winning orders. row, with a limited number of tional Civil Aviation Opgamsa- 

(TOSB) system against 24 votes At the root of the whole frequency channels, and that tion, through its All-Weather 
for the U.K.'s Doppler system. struggle, which has now been the beam mh be distorted by Operations - Division, set out 

^ e n O a ^»m IIt ,m t0 tn 1Ce i e ««-4 ai u on tor years, is the fa ct signal reflections from sur- some time ago to consider the 

tikely to mean tbatW systems that world air traffic is relent- roundittg buildings or high variants,, and to choose between 
will not be installed much before lessly expanding, at an average ground. This means, that at them. .. 

France in 
by Frsl.2bn. 

By David White 

PARIS, April 20. 
EFFORTS TO -restore .France’s 
payments balance, reaffirmed as 
a Government priority by M. 
Raymond ' Barre, the Prime 
Minister, in his policy declarer 
tion to the new National 
Assembly yesterday, received an 
encouraging response in the 
March trade figures, which 
showed a seasonally adjusted sur- 
plus of Frs.Llflbn. (S258m.)i 

The figures reinforced Feb- 
ruary’s return to a surplus and 
backed up the recovery, set in 
since last autumn. In February 
the adjusted surplus was a nar- 
row Frs.64m. after a big short- 
fall of Frs.lBibn. in January. 

March exports, at Frs^L13biu 
were 3JS per cent higher than 
February’s and. 18.6 per cent up 
on March last year. The increase 
in imports, . which totalled 
Frs.29.94bn. after adjustments, 
was kept down to 4.9 per cent 
over February and to 8.4 per 
cent over the 12 months. 

The exceptional setback suf- 
fered at the beginning of the 
year, however, left France’s 
adjusted first-quarter trade 
balance Frs.598m. in .the red. In 
the same three months of 1977 
the deficit was Frs.5.4bn. 

Saudi oil 13% down 

The daily average for Saudi 
Arabia’s crude oil exports In 
March was 13 per cent down at 
6,812,450 barrels, James Buchan 
writes from Jeddah. - Araraco’s 
share was 6.653,323 barrels a day, 
Arabian Oil Company 137,645, 
and Getty Oil 41,482. February’s 
daily average was 7,509,609. 


THE EEC is being ftrgeff by the . to remove the punitive' duty-^ pliers, and that the- spirit 
U.K. textile industry to resist roughly 50 per cant ad valorem agreements is not being."’ 
tariff reductions on fibre, 1 textile —on -wool doth exports to mat by the deflection of tradi :■ « - 
clothing imports -:ih ’the. market. ' - v ' . ”• " ' 1 ' • it was a matter of cone. .*■ / 

GATT -Tokyo Round talks unless 1 There full reefpro- that other EEC countrit 
other wuntries, and w particular city in tariff . reductions in L the not' producing import i.; • 

British Textile Coafederatioh; already' low duties autoeraBy/’ mepiber state, 
where the current U.S.- -_anct he states.' ■ ■** - Qn current prospects ;■ '■ 

Japanese approaches are .dear Elsewhere in' toe report 1 Dr. industry in the UJL Dr: ; 
CTlbed by the president, ' Dr: Smith warns that the extent to points out that the mai .. 

Brian &nith, as profoun^y-dis- which the new .-’Multi - Fibre mains sluggish at preset 

satisfying. >..>;.vArrangenw!nt agfee4 f .at;the end no prospect in sight of a; • 

Dr. Smith, who is .c hni n n a u of of last^ year benefits the UJEC to -the boom conditions . 1 '* - 
ICI Fibres, points out that EEC will depend’.: ver*:. largely on early 1970s. Neverthel 

tariffs on textiles and clothing proper enforcement of tile -pro- spite of Its vicissitudi ' 

are already among the lowest, m -visions. -* • British textile industry j. 

the world and that substantial ' “Prompt dnd . comprehensive the strongest, moi .. 

reductions now need to be .made ' monitoring inessential' to ensure aically efficient and most ' 

by major EEC trading partneni : that quotas'' ari, hot being thre in the world. It ha-.. 
such as the U.S. The initial offers - exceeded,, that - other trade, slimmed down substantir.: . - 
from Japan and the U.S. had chi*. Covered .bjej agreements is not force of events and was n«\ - 
tained, however, only a token ■ becoming'. -excessive,- ; 'and that prepared to meet the ch'.. ; ;.- 
move towards harmonisation. In restraints are sought at an early when an upturn did co' \ - • 

particular the U-S. offer did little singe with /hispoOflcant new sup- states. . 

Call for more Japanese investment 




: We export our materials testing equipment throughout the 
world, for laboratories engaged in construction or educational 
projects. Many of onr customers are in Third World countries 
where some exporters fear to tread. ECGD insurance takes away 
the major worry. 

A PROPOSAL that Japan'mi^t .talks to-day with the .Com- members, notably the 1 * 
invest more directly in the EEC, -urisafeni and ire to meet their are said to be more hesil ^ 
and export rather less to^ ^ the; counterparts from UNICE, the Mr. Jenkins also relter .. 
Community, was today put to k European employers organisa- the Ke^danren team... 
team of top Japanese Indus- tlon ’ here to-morrow, in what necessity for Japan to ma 
trialists, led by the preaident wen here as “-the practical stantial 
of the Keidanren, Mr - Tosfciwo foUw up.” to last month’s joint current multilateral tra* 
Doko, by the EEC Comm&sioii EECJapanese ministerial -com- 

president Roy Jenkins and his niunique. * Semw from . 

colleagues. . ” Mr. Doko 3s understood to ^ 

Tho Kmdanren ^ ave welcom'ed the Commission’s to Washington on^Apna. .- 

The Keidanren . team, held^ that Japanese dmeuss world steel > pne- ” 

investment 1 should be the subject According to Japan s Mini ; ■ 
of further study. UNICE repre- International Trade and .- 
sentatives also said they would try they will -discuss the . : 
favour Japanese - companies set- bflHy of estabuahing a 
ting up plants in Europe — pro- committee to handle m tern;--: 
vided these were genuinely steel problems. ^ 
created -new .jobSi and were “not • The U-S. Treasur 
just warehousing' facilities for announced toat welded -at 
Japanese imports.". The official pipe and tubing from Jap 
position of toe Confederation of being sold dn toe UB. at te.,.- 
British -Industry, - which- is qffi- fair- value, AP-DJ report! .-. 
Hated to UNICE, : is - that r it , Washington- The case te. : 

favours direct . Japanese invest- referred to toe U.S. In tens 
ment, hut oomp UNICE Trade Oommtissipn 

“A contract which goes bad could be really damaging not just 
because of the immediate loss-although that hurts -but because of 
its effect on a company’s ability to finance its future development. 

“ECGD ’s premiums are money well spent. ’ 5 
Mr. T. G. Clark, on the right, is the Managing Director of 
Engineering Laboratory Equipment Ltd., Hemel Hempstead, 
whose !,£i, 8 oo, 6 oo exports - ^s.^ypaL ai^goi^g to 120 countries. 
Mr. Stuart Rennison is Sales Director 

Italy steel export talks 


ITALIAN PRIVATE steel manu- 
facturers are to hold talks with 
British producers -in Brussels to- 
morrow to try to agree -an upper 
coiling of Italian steel exports 
to the. U^K. - 
In Milan last night, Italian 
producers reached, an .outline 
agreement with -West, German, 
French end. Benelux manufac- 
turer V establishing monthly 

Italian steel, export . limits this 
[year of 24^90 tonnes.' to West 

ROME, Apri 
Germany,. 21,000 tomu 
France and 2.000 tonne*/. 
Benelux. In return, the , 
producers, would confer 
Community steel price 
tions. . . -*“y 

Apart from, the still Unre 
question of Italian expid 

Britain, the European 

have yet to define the . 
steel products affected'^ 
.export lifnits and tjie m * 
to enforce these upper 

'Germ^ft car output do%ry builC 



in that period of 1977. 

According to the VDA, 
demand for the industry!' ' 
ducts is stagnating. Ship 

Commercial vehicle ma 
turers have done parole . 
badly, with exports down 1 
cent in the first quarter d 
compared with the pr 
year. Shipments abroad dc. 
from 50,649 units to 41.40Q 
' Diana Smith adds fropi 
Janeiro: Volkswagen .of 
exported $53.7m. woril ... 
vehicles, motors, gearbox* . 
other parts in the first £ ' 
of 1978 — 58.6 per cent, moi - 
the same period of 1977 ir- ' 
and 30 per cent more in ▼' 


India, Syria pact 

India and .Syria 'have agreed 
to. step up their trade with a view 
to-helping Damascus reduce 1 the 
excessively adverse trade, balance 
jt has in rel?.tion : to India,, our 
New Dhlhi . corespondent writes. 
.! fiiiBa ;is to import - 10.000 
metric tonnes of rock phosphate 
from ’Syria on a trial baste. If 
[Urn phosphate is- -sui&We 
[tor “the fertiliser fiidustry; .im? 
p^ts Iwfll be increased. • :. - J - 

S. : Kor^-pefcro 

. Soato' Korea - -is -to . 
SLObn. petrochemical ra 
fomplex, its . thifft>." 
.-early- hejft year., for : .:c 

in -' 1082 . . AP-DJ repor 

Seoul, Commerce 
minister Choi Kak-Kyu 
that foreign investors w 
allowed to participate 
-project Gulf Oil and 
are .reported to have show 
interest in the project 

ECGD insures from date of contract or despatch of goods. Cover, is available far contracts in sterling or other approved currencies for: Continuous sales worldwide of raw and processed materials, con-, 
wrmw goods and production-line engineering goods Q Sides to and by overseas subsidiaries of UK firms Q Sales through UK confirming houses and by UK merchants □ Single large sales of capital 
equipment, ships and aircraft □ Constructional works contracts □Services. ECGD also makes available: Guarantees tobanfes providing export finance, often at favourable rates i of interest, including 
'project inar»g and line& of credit, to overseas borrowers □ Guaranteesfbr performance bonds □ Guarantees for pre-sfupxnent finance Q Consortium contingency insurance [J Cost escalation cover. 
Also available: Cover for investments overseas fl For full details call at your local ECGD office. ' 

To m:Ucr an appointment or for infbnnHUon <xmract dir Information Officer, Export Oicxlits Guarantee Dcpartmcm- quoting reference FTQ - at (Ji3^oi^Bdte^LecdA,MandKster, Birmingham, 

Cambridge, Bristol, Londro West Er 4 » Croydon or Tottenham offices; or Joan Swailca, In forma tion Scakm, ECGD, A l d c nrinnh igy House, Londad ECaP 2EU (Tel: 01-606 6699. Exm. 258). 


Israel cement pi 

Approval in principle has 
granted to an application 
local group qf entreprenet 
the West Bank to estate'-., 
cement plant in corijunctioi . ■ ~ 
a French - company, Fiva' ‘ 
Babcock, L Daniel writes ' 
Tel Avrv. The investing " V 
estimated at S40m„ daily -k ; " 
duction to reach 1,000 tom';.' ', 
cement. •.’*. 



Arab mission to t ; ; 

About 100 Arab bu ' 
leaders from • ten countries ; 
opened, two* days of taP ■ 
Washington aimed at 
U-S^Arab trade. . Reuter -rij. 
Treasury - . Secretory ;MU 

Blutnenthal and Comm 
rotary- Juanita Kreps lea> 
Government partidpatiMr 
tolk5.:: ’pie group vdii ate 
New Torir Houston; Eos "Art 
and Chicago before- retn . 
home on May 3, 

\ ' 


/ S 



*1* FBraxueaaJ TSnes Friday April 21 1978 

S dominions 
' ~ , lifeboat’ 

> Sv^ban cut 

- ?r-J- «£*?>■*- V.-T ■•.•- ■•:■■. • 

' v ;- y ^ & MARGARET REID 

'-- nJflTFED DOMINIONS Trust, 

- largest beneficiary of tbe. 

- - Setabai"' launched by the 

1 • , *■' T - r. l,\.Soik of England and the big 
l ' - -\r I' ‘Hate foiuvand-u-half 'years ago 
~ - : Uiriug the secondary' hankiiig 

:-' '■“'■• V. vJ J t.Hste. -bas ndW cut.ifs bor- 
‘ 15 iii'Wjogs from support fund to 
• It:- ^ielow £3O0m. 

it; v us present £290m. loans total 

- - : ,%* tbe lowest for several years 

"* : -s iv^jad Is less than (w«4i:irds of. 

■ . ' ‘ £460m. of lifeboat money 

•- V:,» group had on loan at the 

: - ffcak of the crisis in 3974*75. 

' a- sign of- .the finance 

- •> ■'./*\Doese group’s improved cons- 
ignee, Hr. Lea Mather, Dotted 

* *?*■ 

^ 'odminions chairman, said yes* 


lnvest W$ 

1 C 

jrday: “We want, to try and 
let rid of the lifeboat tag as rar 
UDT is concerned. We are 
borrowing from the big 
acting as a consortium 
i=r-, t a market rate without pen- 
- ‘ ' m \tty because there ta no risk.” 

Y‘ - r -*tr ^But the company has not yet 
^^fduced Its support group bor- 
'.■T?:-' ijj'bwlngs, to the point where ft 
■ • 'an prudently leave the life- 

altogether. ■ These funds 
" f :!s&till account for about two- 

:■ tirds of the deposits of the 

q _ ''arenl company. 


* tie “Our borrowings ' from 

. private and company depositors 
good and rising and .our 
. : - • ' :, i Tt^'orro wings from the Joint 

•■’ \ i^och banks arc going, down. 
-- his Is happening gradually; it 

/“.'■‘ViCijii. a question of confidence” 
B S"*Zi It. Mather said. 

. ..7. - I'i j. If the present £290m. of bor- 

*" :1 swings from the .support 
Croup can be got down in tittle 
- about £20<hm, this lifeboat 

• -- ,\?jjjVi°ney could well be funded 

- v : jto a medium-term credit 

~ ■ ■j.ri v'mm some or all the banks. . . 

- -7 Somewhat similar arrange- 

— • * lenis were made when Bow- 

' nker and Keyser Ullmaun 

XDOrt tallr'- " l “‘ led ” ,nm 06 m * 

*■ 11 ifllal The olher large borrower 

s,-— 'om the lifeboat which still 

■' 31 as something approaching 

- . --' v 650m. owing to It is the more 

- . . - f,V| obi em -vexed First National 

.1. - ■" -T.inance Corporation, whose' 

'^.'i r’ceaf.. accounts at nearly 
' ' • s*t!H>rrowings were put in the 
' J90m. . 

•' ’ t tx -s Asked yesterday about sug- 
’ ■' hYpslions that a take-over offer 
" - . • • ; £ - ■.-light be on the way for tbe 
■ •• ;^,xiiited Dominions Trust group, 

* : ’■= ijjtri ilatber replied: “I know 
■ . - - f.r-np bidder.” . The shares last 

• - closed Ip .down at 3»p. 

Coal Board expects 
£7in.-10m. profit 


TOTAL OUTPUT of the National 
Coal Board rose marginally in 
the past .financial .year— by 
100,000 tops— compared with tbe 
previous year. ; ’ . * 

The NCB will declare a profit 
over the 12 months ending March 
31, but probably less than, -half 
last year’s net surplus of £27.2 m. 

Sir Derek Ezra, speaking iu 
London yesterday, hinted r that 
profits would be around £7m.- 

The two factors' which have 
saved the Board from declaring a 
much lower output -figure, and 
possibly announcing a loss later 
this year, are. the contribution 
to output made by tfpencast 
operations, and the early success 
of the productivity scheme. 

Opencast output rose by 18.6 
per cent., from lllm. tons to 
13.3m. tons. At the same time, 
deep-mined output fell by 2 per 
cent from- 106.6ra. tons , .to 

The fall in deep-mined output 
would have been greater .with- 
out the contribution of the pro- 
ductivity scheme, which boosted 
the figure by 1.5m. tons. 

The effects of the bonus 
scheme, which began in most 
coalfields early' this year, .have 

also shown in productivity 

In the last quarter of the year, 
output per manshift .(CMS) — 
the standard measure of produc- 
tivity — row by seven per cent. 
over the last quarter of the pre- 
vious year. 

OMS at the face readied record 
levels in the last two weeks of 
March, standing at‘ 174.6 cwts. 
0 cwts more than the previous 
record set in May 1975. 

Face workers earned an 
average of £2250 a week in 
incentive pay last month, except 
m South Wales and Kent, where 
productivity schemes were not 
fully operational. Other under- 
ground and surface workers 
earned an average £10 bonus. 


Accidents rose slightly, from 
515 in 1976-77 to 520 in the past 
year. There was an increase from 
21 to 24 fatal accidents on under- 
ground haulage and transport 
systems. The total number of 
deaths rose from 3S to 4S. 

Sir Derek said that tbC 
increase in deaths was in no way 
attributable to tbe incentive 


Sales of coal were down, by 
2. 2 in. tons on 1976-77, to 118m. 
tons- The drop Is accounted for 
by the sharp decline in demand 
from the steel industry, the 
NCB's second largest customer. 

The steel industry look 14m. 
tons of coking coal last year, 
compared with 17.7m. tons in the 
previous year. 

Increases in sales to (be elec- 
tricity industry — up by 500.000 
tons to 75.5m. tons — and to the 
domestic and industrial market 
made up part of the shortfall. 

NCB officials admit that there 
will be a problem in the short 
term is finding markets for their 
increased production. 

While the Central Electricity 
Generating Board has agreed to 
take around 5m. tons more this 
year — providing prices remain 
stable — it will probably .reduce 
its requirements later. 

With an expected continuing 
depression in the steel industry, 
the NCB Is looking to Europe to 
take a much larger proportion of 
exports than it has in the past 

The EEC is considering a pro- 
posal to subsidise coal transport 
costs, which would help U.K. coal 
to be competitive within th<> 

Business; jet sales total 400 


WORLD SALES of British Aero- 
space’s HS-125, the business Jet 
aircraft have reached 400, vorth 
£2 00m.. with the latest 'sale 
announced yesterday to the J. A. 
Jones Company, of North Caro- 
lina, a tJJS. building, and- con- 
struction company. •; 

Of the total 80 per wot have 
been exported to 28. countries, 
and the value of this business 
about £145m. The largest market 
has been in North America with 
229 aircraft sold, representing 
exports worth £114hn. 

The HS-125 is Britain's .best- 
selling jet aircraft since the Vis- 
count of the 1950s and'lJKJOs. 

The HS-125 has been-developed 
through a large number of 
variants, each offering, improve- 
ments in performance .and capa : 
bility. The latest version,, the 
Series 700, -has increased speed, 
cabin area, range and greatly 
improved equipment Standards 
over the original aircraft whim 
made its first flight m 1962. •/ 
It has .flown more than la- 
bours in world servicer- any is 
►roving to. be among the cOnfgii- 
: “ major; "export- .s\iccess«# t ‘of 

British Aerospace. the company’s factory, at Ches- 

So far. 42 of the new Series ter, to meet increasing demand 
700 version have beeq sold, and for the aircraft especially from 
production is b eing increased at overseas. 

Safeguard for Welsh jobs 




THE Welsh Development 
Agency yesterday helped to link 
the Scottish chain-making and 
engineering group Wheway 
Watson with Loveridge, a small 
Cardiff manufacturer of lifting 
equipment, in a step intended to 
strengthen Whew ay’s opera- 
tions in Wales and safeguard 
jobs in Loveridge. 

Wheway has acquired 
Loveridge from its parent. Con- 
structors John Brown, in a share- 
exchange deal. Tbe agency is to 
take a 6 per cent, stake in 
Wheway worth £1684)00. a sum 
larger than tbe - value of 
Loveridge. . 

By the time Loveridge is 
absorbed Into Wheway. the Scot- 
tish company will have 100 

people working for it in Wales 
and its operations in the princi- 
pality will be strengthened. 

According to the agency, 
Loveridge did not fit easily Into 
the John Brown set-up. Brown 
specialises iD engineering design 
and Loveridge is a manufactur- 
ing operation, largely concerned 
with wire-rope pulley blocks and 
other lifting equipment 

may leave 

By Stuart Alexander 
MR. ALLEN RUSSELL, director 
of marketing at Leyland's truck 
and bus division, is believed to 
be leaving the company just one 
year after joining following a 
clash with managing director Mr. 
Desmond Pitcher. 

Tbe row is thought to have 
centred on. the control of the 
marketing operations of the four 
parts of truck and bus. 

Last night Leyland would not 
comment except to say that Mr. 
Russel! was not available. 

He joined the company from 
Ford, where be was director of 
truck product planning, and only 
a few months after Mr. Pitcher 
took over at Leyland. 

His role was one of central 
group marketing director report- 
ing directly to Mr. Pitcher. 
Recently he helped in the re- 
organisation of the truck and bus 
overseas marketing operation as 
Leyland Interna rional handed 
over responsibility in Europe. 

Each of tbe four sectors of the'! 
division — buses, heavy trucks, 
tight and medium trucks, and 
parts — a Iso has its marketing 
director and they also report 
directly to Mr. Pitcher. He had 
planned the .split of truck and 
bns into sections as part of the 
reorganisation when be took over. 

Truck and bus, now renamed 
Leyland Vehicles and based at 
Leyland, near Preston, in Lanca- 
shire, is one .of the profitable 
parts of British Leyland. 

The retirement was announced 
yesterday of Mr. Geoffrey 
Warren, deputy chairman of 
Aveling-Barford and chairman of 
Goodwin Barsby. 

Agreement reached 
on tanker lanes 


A SCHEME to keep laden oil 
tankers and other vessels carry- 
ing dangerous cargoes at least 30 
miles from the French Island of 
Ustaant was agreed yesterday by 
tbe United Nations maritime 
agency, IMCO. 

The organisation’s safety com- 
mittee met in London to ratify a 
scheme proposed earlier this week 
by a special working party and 
which is almost identical to the 
proposals put forward by the 
French authorities at the end of 
last week following last month's 
Amoco Cadiz disaster. 

Some details of the new scheme 
were resisted at first by Britain, 
mainly concerning tbe fact that 
the plan involves tankers switch- 
ing fanes to enTer another lane, 
off the Casquets rocks, further up 
the western approaches to the 
Channel. Under yesterday’s agree- 
ment. masters will simply be 
recommended to turn at as broad 
an angle as possible into the 

Casquets -separation scheme. 

Tbe new scheme includes a 
six-mile wide lane for north- 
bound tankers, with a six-mile 
no-go zone between that and 
new lanes for non-dangerous, and 
coastal traffic. In all, tankers 
will be barred from coming 
closer than 30 miles from the 
Isle of Usbant 

Tbe French are planning in- 
creased radar surveillance, 
which will undoubtedly lead to 
a marked increase in "the 
number of vessels reported - to 
their governments of registra- 
tion. Nothing proposed yester- 
day will increase the penalties 
for misrouteing, however. Tbfe 
maximum fine in Britain for 
example, is £100. 

The main problem for tanker 
capit&ins resulting from the 
decision will be that in The 
tanker lanes they will be ana We 
to fix their positions by land 

Oil areas handed back 


OIL companies have handed back 
to tbe Government about 11.168 
square miles of exploration terri- 
tory in the North Sea under the 
conditions of past licences. 

The blocks were allocated in 
1972. under the fourth round of 
licences. Under the terms of 
these concessions companies had 
to relinquish at least half of the 
original licensed area within six 

Mr. Anthony Wedgwood Benn, 
Energy Secretary, said yesterday 

that of the 102 licences covering 
253 blocks. 39 covering 92 blocks 
bad been surrendered. The re- 
maining 63 licences, covering 
261 blocks, would continue in 
force but for tbe reduced areas. 

Oil companies normally retain 
licensed areas if. they have made 
an oil or gas discovery or if they 
feel there is a chance of a dis- 
covery being made in the future. 
. Of the 21.657 square miles 
ori ginaUy licensed under the 
fourth round, Bi per cent, has 
reverted to the Government 

Drugs makers challenge Ennals figure 


THE DRUGS industry yesterday 
challenged figures which the 
Department of Health produced 
in its campaign to reduce the 
National Health Service drugs 

Mr. David Ennals, Health 
Secretary, said that tbe nation’s 
spending on drugs had doubled 
in real terms over tbe last ten 

But the Association of the 
British Pharmaceutical Industry 
claimed yesterday that tbe 
spending-bad risen by only 40 per 
cent since T967. 

The price of medicines charged 
by manufacturers was less than 
8 per cent, of total Health 
Service expenditure. 

The Department of Health was 
quoted as saying this week that 
the number of prescriptions 
written by doctors had risen from 
295m. in 1974 to 3S0m. last year. 

The association said yesterday: 
“ The 1974 figure was for England 
and Wales orily, while the 1977 
figure was for the whole of tbe 

The Department had omitted 

to say that part of the reason 
for tbe rise in prescriptions was 
the increase in life expectancy 
and the growing needs for 
medicines for an aging popula- 
tion. • 

Mr.- Ennals said that about 
£30m. a year would be cut from 
the £600m. a year annual drugs 
bill, mainly by cutting generally 
available drugs such as slimming 
pills, tranqutiisers, laxatives and 
vitamins. Cuts would be made 
at the discretion of individual 





By Peter Ridded, 

Economics Correspondent 

BRITAIN’S visible trade deficit 
with the rest of the EEC is prob- 
ably exaggerated by “ some 
hundreds of millions of pounds ” 
as a result of the method of cal- 
culation, according to a Govern- 
ment analysis published to-day. 

An article prepared for Trade 
and Industry magazine shows 
that an estimate of the visible 
deficit with the EEC based dh 
calculations of country of origin 
and destination was £1.37bn. last 
year compared with tbe pub- 
lished figure of £lB9bn. 

Mr. R. W. Green of the 
economics and statistics division 
of the Department of Industry, 
Trade and Prices, points oat that 
trade balances between countries 
will vary according to the method 
of attribution adopted even 
though the U.K.’s balance with 
the world as a whole is unaltered. 

He points out that problems 
can arise because although goods 
can be consigned from one 
country they may be produced in 
another. For example, imports 
from other parts of the EEC Into 
the U.K. include some cereals 
which are produced in North 

The article points out that in 
practice it is extremely difficult 
to measure trade balances with 
other countries on the basis of 
calculations of country of 
origin or destination. A typical 
definition is that the country. of 
origin is the last country where 
substantial processing of goods 
has occurred. 

The other main methods of 
calculation are based on the 
country of the seller and pur- 
chaser of the goods, and tbe 
country of consignment The lat- 
ter is used by the UJL; the con- 
signment method looks at the 
country of the first shipment of 
the goods to the U.K 

Tbe consignment method 
added just over £620m. to tbe 
U.K.’s visible trade deficit with 
the EEC last year compared with 
the country of origin method. 
The gap was £744m_ in 1976 and 
£512m. in 1975. 

•::: by michael cassell, building correspondent 

' IE VALUE of orders won by inj&e three months from Decern- 
■j'ntractors for U.K. building #r 1977 to tile end of February 
"'irk slipped in Fcbriiar*- were 6 per cent, up oo the pre- 
“ '.cording to the Department orrious quarter. When compared 
' •' e Environment / with the level of contracts being 

jRrovisional estimates suggest won in the same quarter a year 
' rat the current price value/of earlier, orders in the latest 
: ntraetors* ordevs obtained three-month period under review 
drills the month fell to £®2m. were 16 per cent higher. 

V -ainst £671 m- in January/ The ’ Total- orders last year were 7 
>tire represented a con si^r able per cent down in value on 1976 
.^ iprovement on the £442 in. re- while tbe value of construction 
- eded in the same ufoath of output declined by about 2 per 
’■ -*77. * . . *. cent. 

‘ The department Jays that It seems clear that the reces- 
:: -' : hen expressed in constant sion, which has hit all sectors 
"rices adjusted to exclude sea- of the civil en gineering and 
r nal variations, total new orders building industry, has bottomed 

out. as evidenced In the most 
recent official figures on orders 
and output, although only' a mar- 
ginal improvement in activity is 
expected to be recorded In 1978 
when compared with last year. 

According to the department’s 
latest figures, new orders in tbe 
public housing sector in_the 
December-February quarter 
tfere 6 per cent up on the pre- 
ceding three months and 7 per 
cent, higher than a year before. 
Private housing orders were 
down 2 per cent, on the previous 
quarter but 34 per cent, better 
than during the same period 12 
months earlier. 

'* diesel t 


V Korea?" 



We are honoured to receive 
the Queen’s Award 
for Export Achievement 1978. 

In more than 140 countries Petter Power Generation 
is providing vital electrical power where it’s needed. 

Over a three year period Petter has increased 
its exports fourfold. Exports now represent 80% of 
the Company’s total turnover. Hospitals, construction 
sites, factories and .planners of ru ra! electrif ication 
schemes and. telecommunication systems around 
the globe recognise Petter as one of-the world's 
leading manufacturers of high performance 

HAWKER S.DOELEY generating equipment. 

Petter Power Generation Ltd. 

: .H amble, Southampton S03 5NJ, England. Tel : Hamble 2061 
'- STD 042-.122)Telex: 47626. Cables: Petter H _3 

■ HawkarSMWy Qroup wppflw m«tanlcal, ant •!»«»» avripmmnt with wmid-wWe nl» and irrfe*. 


We are proud.that RacaJ-Dana 
has been honoured with the 
Queen’s Award for 
Technological Achievement 
Always in the forefront of 
innovative high technology, 
Racal-Dana has, in the 
9060 Signal Generator 
series, pioneered a new 
range of synthesized' .. . 
generators for the precision 
testing of radio communi- 
cations systems. 

The patented design concept 
of this advanced series offers 


the user significant ~ ■ 

performance advantages not 
previously available from any 
manufacturer. • : H 

This achievement was made 
. possible by the great skill and 
dedication of the . 
RacaFDana team of 
people, and the Chairman 
and Directors qf Racal 
Electronics Limited wish 
to express their sincere 
thanks to everyone inside and 
outside the company who 
has contributed to this success. 


Winners of Nine Queen’s Awards in Nine years 

Racal Sectronics Limited, Western Road, Bracknell, Berkshire 







^^elal-T^esfe&y-Ap^- 21-1078 

.:..r < 


cm sets Budget fiscal policy I Sun pian Bryant directors jailed 


risky, say Greenwell 


to print 
edition in 




# re 


Financial Times Reoorter 

THE U.K economy should be 
able to grow at 3.5 per cent, per 
annum for the next four years 
and create lm. extra jobs, Mr. 
John Green borough. president of 
the Confederation of British 
Industry, said yesterday. 

But public spending would 
need to be held back to reach 
the target growth rate, he said at 
an American Chamber of Com- 
merce lunch in London. 

THE GOVERNMENT has financial deficit, which differs 
adopted a risky fiscal and mone- from the borrowing requirement 
tary strategy in the Budget since by excluding certain financial 
the likely outflow of ‘funds from, transactions, 
sterling could easily snowball .This is -expressed as a per- 
out of control, stockbrokers W. centage of Gross Domestic Pro- 
Greenwell and Co. say_ in their duct after adjusting for inflation 
latest Monetary Bulletin. .. and external factors not caused 

They argue that the monetary ky developments in the domestic 
aggregate which will indicate 'economy^ notably the rise in the 
inappropriate fiscal policy will °i f price . in 1S73 - 
be domestic credit . expansion, 
and this will be nearer. £iba, in CoiUDfired 
197S-79 than the £6bn. figure * 

indicated in the Budget speech. The trend is compared with the. 

rn ,„ ^ nf ctor , level of notified vacancies and it 

The now of funds out of sterl- - „ ntaA tW - ~,i 

sector financial deficit Is incom- 
patibly with some of its other 
forecasts.* * 

The brokers stick to their view 
that funds will flow out of 
sterling and inflation will rise, 
which will result in additional 
Government revenue from taxes. 

Consequently the public sector 
financial deficit may be somewhat 
lower than the Treasury's fore- 
cast s for 1978-79. 


A/ Our Glasgow Correspondent 

- w - ♦ u “* tw is noted that' the expected real 

ing WTH-heJp to reduce the stance 0 f fiscal policy in 1978-79 

I similar' t0 

Similar growth rates had. been 
achieved in the past and were 
possible again. 

Mr. Greenborougb attacked Mr. 
Denis Healey for failing to 
reward industry in his recent 
Budget, and reiterated the CBf’s 
recent pledse to lobby for tax 
cuts up to £900m. . 

“ Business received virtually 
nothin? and the Chancellor 
missed an unprecedented oppor- 
tunity to encourage middle 
management to take risks. We 
have to turn on the chaps at the 
sharp end of business," he said. 

therefore., the amount of gilt- - 

However, in spite -Sf. the 
England . m»ds to ■sell will . . parallels Greenwell “ are not sug- 
less than^dicated m the Bu^et^ est i n g. there wiD-be a repeat of 
speech. .This is a risky strategy dismal events of 1973 and 
because an outflow, of funds can 1974L ^ commitment to 

easily snovyball. out* of control.” HiOnetary targets and "the aware- 
The bulletin' examines in detail ness of financial 'markets will 
the real stance of fiscal policy stop this from happening.” 
set out in the Budget, This is The bulletin says w the 
defined as the public sector Treasury’s forecast for the public 

The main impact of this will be 
in. the following year. Higher 
inflation wiil also reduce real 
fiscal expansion, which will help 
to make the fiscal and other fore- 
cast compatible; 

It is pointed out that bearish 
expectations have already led to 
a rise in gilt-edged interest rates. 

“ When the flow of funds out of 
sterling loses momentum the gilt- 
edged market is likely to attract 
investors. Substantial official 
sales of gilt-edged stock may 
occur somewhat sooner than the 
Chancellor implied. This will 
also help to curtail excessive 
monetary growth.? 

THE SUN newspaper bag 
approached George On tram, 
publisher of • the Glasgow 
Herald, to contract print its 
Scottish edition of about 
200,000 copies; 

‘ Although negotiations have 
only just begun. The Son hopes 
to have rcaebed agreement by 
the beginning of next year 
when Outram is dne to move 
into the former Scottish Daily 
Express and Scottish Daily 
News building in Albion Street. 

. The building is being re- 
equipped with .photo-composi- 
tion equipment under a £10m. 
scheme for the Herald ' and 
Evening Times newspapers. : 

Kepone not a killer and safe 

The £SQ9m. tax cuts, comprls- 
ins a 2p reduction in standard 
rate income-tax (£700ro.) and 
alterations in higher rates, would I 
be financed by reduced public 
expenditure, less cash for the 
National Enterprise Board, and 
money from the public spending 
contingency reserve. 

The CBI had no guarantee 
that its campaign would succeed, 
but it would lobby as hard as 
possible. Mr. Greenboroueh said. 
The nation was beginning to 
accept that business must be 
profitable to survive. 

Earlier, Mr. Hugh Parker, 
president of the American 
Chamber of Commerce in the 
U.K.. said that the balance of 
legislation had tilted too . far 
against the private sector in 
Britain. Only a stronger CBI 
could highlight the practical 
consequences of these shifts. ' 

to foe incinerated, say makers 


THE CHEMICAL Kepone was not 
a killer and it was guaranteed 
there wonld 'be no danger if ' it 
were incinerated at the com- 
pany’s plant at Pontypool. South 
Wales. Re-Chem International 
said yesterday; * ... 

Kepone was a mildly toxic 
pesticide. Mr. Tim Garrison, of 
Allied Chemicals the American, 
manufacturers said In Cardiff. It 
caused trouble only when mis- 
handled in manufacture. 

Local people-, threatened to 
blockade . the Pontypool plant 
recently when Re-Chem . con- 
firmed it planned to burn -10 
tonDes.of Kepone products there, 

and the Health and Safety Execu- 
tive put a temporary ban on .the. 
operation. i ... •>. 

Kepone bas been banned in the 
U.S. after chemical Sorters com- 
plained it bad. damaged their 
health. --■• 

Dr. Arnold Coleman, Re-Cham ‘ 
managing director; said Kepone 
had been described quite Inaccur? 
ately as a killer. “ Kepone Is just; 
another -chemical,. ;We already, 
destroy far more' toxic chemicals 
at our other three plants in 
Britain. ...... • . .- 

- TTher* is - no 1 '-chance . of 
Kepone's getting into .the atmos- 
phere. It would be shipped - 
from America in a. sealed con- 

tainer and in drums which would 
go straight into the incinerator.” 

Mr. Garrison said there were 
no- suitable incinerators to 
destroy the 55-gallon drums of 
Keoone in the U.S. 

Re-Chem claims to he wnrld 
leaders in. chemical waste 

- Dr. -Coleman said he had abso- 
lute confidence the executive 
would give the go-ahead for the 
destruction of the .chemical. He 
had not given up hope of allaying 
local fears. - 


Mr. Bert Hard I e, managing 
director and chief executive of 
The Bun and the News of the 
World, said yesterday be 
believed that If it had Scottish 
printing facilities The Son 
could greatly increase sales 
north of the border, where it-' 
Is in competition with Mirror 
Group newspapers’ Dally 
Record and also to a lesser 
extent the Daily Mirror itself. 

Mr. Eardte said that at 
present about 170,000 copies of 
The San — published by News 
International— are being trans- 
ported dally from London to 
Scotland, rising to a peak of 
200/100 daring the summer 
tourist season. 

The Son is not planning an 
increase In its editorial staff 
in Scotland, which is only three 
ion realists, all based in the 
News of ibe World office In 

A DIRECTOR and two former live years and banned fromlhold- 
directors of the Bryant construe- ing: a company directorship for 
tion group were yesterday given, ^similar period;.; ML Raymond 
jail sentences of up to five years Samuels, $x, & Knowle, ,vTar- 
on corruption charges. wlckshire, who was' sentenced to 

The three men had pleaded four years’ 'imprisonment; and 
guilty at the Old Bafley to Mr. Ernest HubtalL.« i .of Longh- 
charges arising from the correp;. borough, Leicestershire,;**^ was 
bon of Ml Alan Maudsley,- the given three year? 
former .Birmingham -City archt-- - The- allegations" jaipl vefl ' the 

tect who was biraelf .jailed for entertainlng^f Mr'; ilaudsiey on’ 
corruption in 1974. - ■ - .V;: f 01 *^ ** WrtflBd visits 

Earlier this week, |fr. Alan to placet spehas. Ascot race- 
Christopher Bryant chairman 'course. Seirteocine tbe meiL-Mr 
and managing director of Bryant Justice' Mriford Stevenson said 
Holdings, was deared by aq-.01d the company had - converted Bir- 
Bailey jury or two charges aheg- mineham - into - a- "municipal 
ing conspiracy to corrupt .Gomtanli* . 

He told the court he bad 'never " 

had the slightest suspicion' that PpvnlciTm ■ . 

corruption 'was. taking -place an'd , ;' ' . . 

had no idea that documents wfireJ' He.coAtiiin ed: “No one can 
being- falsified and names deleted Took at the many closely typed 
from hotel bills." o Jpa^eS recording Tegular bribes 

Bryant Holdings is a i'tfyxT distributed -by the Bryant corn- 
engineering, housebuilding, and pahy without a feOHftg of revul- 
property development : _ Eronp/si’on-" 

based in Solihull; Weri.Tlidiaii&r ^Addressing .Barwick. a senior 
In its last . financial year it. director in "the company, the 
ported' a prekax' profit of £2.6fiijfc -judge, said: “Tt Is guite. obvious 
on a turnover of £65m. - "V-rf TjSiat .you'- lent yourself to .a 
The group’s Interim- figures scheme designed to’-brfbe' a large 
published last month -show ed a nu m ber of people from whom, 
first-half pre-tax figure' oF^llTSL If "was thought worth while to 
against £1.07m. for the corres-. btiv favours." 
ponding period the previousyeir^ - Recipients ' of.-, sifts -ranged 
on a reduced turnover. pr£S2^ frbm clerks Of worksuo tc alder- 
a gainst £33 m. before. '-•**■ men', Chairmen of committees. ‘of 
The group, in which Taylor. various kinds and, indeed, ahy- 

1 You were very honestjjL 
in in your dealings witi”. 

Woodrow recently purchased, a one who had influence. 

5.25 per cent stake, v operites- : I- folly appreciate' and," *n- 

throughout the UJL and bas -deed, give weight, to the fact that 
recently started contracting 1 you. HubbalL- once the balloon 
operations ip the Middle .Easp - . iad. gone up, exhibited a degree 
The three men sentenced'yftK of f ran kn ess which^ f - think was 
terday . were Mr.; - Kanrice’ qwtc iiicnTTsistent with^the tradl- 

Barwick, '52,. of 'Lapworrh.'Wai-' tiqhs of -the company “by whom 
wickshire. who was. ladled: ./o^' ybu were employed. • ■ 

open in your dealings wit!” 
-police. But that; unhappRy, ? r ' 
■after the trouble had broker 
. “ Corruption on the scalef *- 
this case his revealed is a- : -.y- 
serious matter of public, int' ■ ' 

.It is not in tuy view to • 

: Mr.'iBrian Appleby, QC 
Hubbalt said he was bast . 
s, decent, honest and hanr-v 
Ing inan. He hid been amp] . 
by Bryant’s all : Ms working. - 
and had made his way up 
a quantity surveyor .to com 
director. /. 

Mr. Escott Cox,' QC, foe y- 
wick, said his client had. jt. 
the . Bryant 1 company . str .. 
from school and rose rapid. ■ 

. “ If he bad a fault and hi ' ' ; 
or he would not be here, jt 
an excess ' of .zeal .and loyal .-. 
the ctFnxpany and to its found- ; had not been : 
instigator, .of, the corruptiq 
the company, said Mr. Cbx.' - 

Mr. . Philip Otton. ' QC. 
Samuels, said his clJenift j - ■ ■ 
usefulness was that.' he w 
bachelor readily; available. \ 
make up a party and. on occa: 
to organise one. ' 4 "?■' -■ 

- Samuels first went on a go - . 
ti-rp to Ireland 'in' - 1967 
replacement Tor HubbalL '.. 
first these -trips were enjoya’ . 
said Mr. Otton. - 
• But after Maudstey . forini 
relationship with his glrlfrl-. - 
a 'Miss Saul, he would.. - . 
excuses to get to Ireland as bi - 
as possible.. As be became r-. 
greedy and demanding Sadry 
and the other directors felt, : - 
hafl to fall in with his wtshi' -. 

. Rontypool residents met last 
eight with the aim of getting 
the Re-Chem plant shut down. 

Board mill 
deals signed 

Financial Times Reporter 

BAA loses 

Ports nationalisation warning 

airport bid 


THE BRITISH Airports Autho- 
rity's £2.Sm. offer for Newcastle 
Airport has been rejected. 

The North East Regional Air- 
ports Committee said yesterday 
that the bid was entirely un- 
acceptable and would have to be 
improved , substantially ML the 
■take-over was to go ahead. 

The committee also wants an 
assurance from, the BAA that it 
will continue with plans to 
extend terminal building, expand 
the cargo depot, build a new 
station and improve passenger 
access to aircraft. 

MR. JIM DAVIDSON, deputy were now faced with the “lia- efficiency and cost effectiveness 
chairman of the British Ports bility" of having to take men of ports, was crucial to the 
! Association, said yesterday that from outside the ports on to the British economy." 
there should be no further dock labour register. » Dr: A. W„ Taylor, chairman 

nationalisation of the ports. He also believed that legisla- of the Tees anc£,HartIepool Port 

The monopolistic ports industry tion would discourage develop- _AHthority;\'lias "JjMn appointed 
would remove .competitori, and ment of work— warehousing. ‘and chairman of the British Ports 

the ports would lose their ada ^material handling— which could Association, 
lability, initiative and indepen- rejuvenate docklands and pro- Dr. Taylor, wh o f _ reti red . as 
dence. He-was -speaWng-at-ttor viffe employment foT'nieh leav- chairman of iCf Petrochemicals 
association’s annual lunch, ing the docks register. Division in 1976 after 30 years 

attended by Mr. William Rogers, Mr. Rodgers has asked the with the company, replaces Mr. 
Transport Secretary. National Ports Council, in dis- Donald Bedford. BPA chairman 

Ports under the umbrella of cussion with port authorities and since 1974. Mr. Davidson remains 
the British Transport Docks other groups, to analyse the ports chairman of ’the National Asso- 
Board handle about a quarter of industry and to recommend plans ciation of Port Employees as -well 
British ports’ annual tonnage. for the future. as becoming deputy chairman of 

Mr. Davidson said that docks He said that improving the the BPA. / 

signed the main contracts for an 
£S3m. extension of its Working- 
ton pulp and board manufactur- 
ing plant 

The' new plant is scheduled to 
start production in 19S 0. 

Beloit Walmsley of Bury is to 
build a 5.4 metre board-making 
machine with a capacity of 
100,000 tonnes. 

Taylor Woodrow Construction 
Is to undertake the civil engin- 
eering work. Site work is due to 
start this month: Civil consult- 
ants tp the project .are. Bahtie 
Shaw and Morton of Glasgow. 

Thames Board Mills, a sub- 
sidiary of Unilever, is to recieve 
, £23.5m. in Government subsidy 
for the project About 255 jobs 
will be created in the mill, and 
A further 350 in the forestry and 
transport industries of Scotland 
and the North o' England. 

Scotch whisky 


rise' by 7 % 

EXPORTS - ' of . scotch Wk ■ 
. totalled.; 24,775,000 proof gall 
' in the flrst three months of Ij 
an increase of 7 per cent c . 
pared with' the. -same period^ 

’ year: \ ' . ' .. . . . .. !*•- 

TLtfUoi AttyDOM 

Value was £14Z37m.; a rec 
■ for thfe first, quarter and 17 - 
ce4L tip on the : correspond, 
period last year. . .. . 

FT raao given Wincott 

1 '/Last year 'Scotch whisky/, 
ports earned a'' record total* - 
£5 12m. . . 

■ .x.- .y ; 

BHchael Lafferty of the Ftram 
rial Times yesterday received’ 
the 1027 Wincott JEoacdattim. 
award for the beslV financial 
journalist under 28 from Mrs. 
Joyce Wincott at a luncheon 
in London. - Mr. .Lafferty will 
receive £358. The awards are 
for outstanding aduevement 
in economic an d/ financial 
journalism. The' senior award 
— financial joumafcst of the 
year — goes - to Christopher 
Fildes, who wins 1 £700. Mr. 
FiJdes is best-kn/wn for con- 
tributions to Investors Chron- 
icle and Eiir^money, Tbe 
provincial avvai-d, worth £500, 

goes to . Beriiard Dineen dt tire' 
Yorkshire Tost; TWs' yeaS- tho ‘ 

from outside - the customary 
financial and ~ economic 
columns and it highly com- 
mended a; series on wages, 

' productivity and inflation in 
The Times by its editor, Mr. 
William Bees-Mogg, who re- 
ceives a special award of 
books — the collected works 
of David Ricardo. The Wincott 
Foundation commemorates Hr. 
Harold Wincott,. former editor 
of the Investors Chronicle and 
a Financial Times columnist, 
who died in 1969. ' 

Sales in the home market 7 " 
■“much. less'. buoyant -follow 
the last increase’ in excise'd! 
whfcfi- added : 31p to- the &£'■ 
price of a bottle,” saidihe Scq 
Whisky AssbriaUSn/Taxaccwf ' 
for 80 per cent of the sell 

The latest Customs and Exc 
figures "illustrate the way 
which Government income I 
fallen following the most reo 
increase in excise duty. 

“ In the first 10 months of 1 
financial year just ended revet 
from duty on Scotch whisky i 
by almost £25m. compared w 
the same period of the previi 
year,’’ the association adds. 

Housing aid ( Carved emerald brooch 

of £144.6m. sold for record £|m. 

to London 

By John Brennan, 

Property Correspondent 
THE HOUSING Corporation 
plans to finance 9,600 new or 
renovated homes in London in 
1978-79 at a cost of £144.6ra. 

London bousing Is to take 37 
per cent of the- corporation’s 
expenditure next-year, more than 
£89 m. for house improvement 
and conversion and £54m. for tbe 
eonstruction of 3,600 new home. 

The corporation is spendidg 
11 per cent more on London 
this year “in recognition of 
both the scale of housing need 
and the ability - of London’s 
strong network of non-profit 
making registered association* 
to make tbe best use of the 
resources available to them.” 

Tbe inner London boroughs 
that will share the bulk of this 
finance are: Brent.- Camden, 
Hackney, Hammersmith, Harin- 
gey, Islington. Kensington and! 
Chelsea. Lambeth. Lewisham, i 
Newham, Southwark, Tower 
Hamlets, Wandsworth and West- 
minster. . - . 

For England as a whole the 
corporation is to make housing 
association loans of £38S.0m. Its 
housing programme this financial 
year Involved the building or 
Improvement of 31,000 homes in 
England and 2,000 In Wales. 

AN EMERALD and diamond 
brooch .belonging to the Duke 
of Northumberland sold for 
£250,000 (plus the 10 per cent 
buyer’s premium 1 at Sotheby’s 
yesterday. It was an auction 
record for an item of jewellery 
sold; in London and the price — 
paid -by Hilton Jewellers — efts 
coraforably- -above forecast. 

The brooch was probably miuie 



for .the third- Duke of North- 
umberland in ..-about 1820, but 
it incorporates large' emeralds 
almost -certainly brought back 
from- India by ' Clive, whose 
grand^dangbter. married the third 
Duke..,'' T. 

There- is Mughal carving on 
the- -Targe emerald dating back 
to abnxt 1620 and this would 
appe&r "to be : tbe earliest known 
example-of Mughal gem carving. 

Ali told the jewellery sale 
realised £545^98, • with ■ 13 per 
cent: bought in.' Moussaieff paid 
£1&0QL an unmounted 

sappblrd -vvelghtng. 6J15 carats. 
An riherald, pearl and diamond 
bangle of about 1S45 sold for 

ACSotbeby^s anction-of l»th 
century. - drawings and water- 
coloprs totalled £88,969. with 11 
per ^eph bought in. A 1925 vfew 

of Bertin by Lesser Ury sold 
£7,000 and Le Massage, 
Felicien Hops, made £3,1 
Another watercolour by Rops, 
Tentation du Livre, also sold 
£3,100. Rebeka und Elizer 
Brunnen, by Joseph Rc 
fetched £4,400. 

-Christie’s held the; first. 
of a Continental picture auct 
■and brought, in £226.690. ■’] 
Winter Stret - Scene - by « 
Bias chi sold for^.. £14,000' ) 
another ’winter scene- by. Biani 
;this time : of lie coasts for £9.i 
The Flower Girl, by Fedei 
Andreottl, went for £9,000. 

: The sale continues to-day. 

At Sotheby’s Belgravia a I 
nard Leach St. Ives stonew 
vase was bought for £1,900. ' 
same sum secured two lots 
stoneware produced by the K 
tin Brothers. A vase by Mark 
Marshall sold for £1.600- 
auction Tecord for this pnttei 

Mallets, the London dea 
paid £13.500 for a pair of 1 
George II giltwood side tat 
with marble tops in a sale 
Christie's of English furnir 
totalling £184,140. A maftog; 
bureau cabinet probably m: 
by William Vile made £13, { 
In other lots, a Chinese Cnrom 
del lacquer 12-leaf screen of 
late 18rh century, made £9i 
the London dealer Woods Wih 
paid £9.000 for a set of 
George T gilt-gesso side ebs 
paid £7,800 for a set of eii 
George 111 mahogany open ai 
chairs and a pair of match) 


lb fill this space an ad. must be 
legal, decent, honest and truthful 

With effect from the close of business 
on Thursday 20th April 
and until further notice TSB Base Rate 
will be 7 j% per annum. 

The Advertising Standards Authority 1 

Write to: The Advertising Standards Authority Limited, 
15/17 Ridgmount Street London WC1E7AW 


CehliM Board ' ; • 

P.O. Box 33, 3 Cbpffi^Avenue, LondonEC2P2AB. 


io s' 




Kianaal.^mes Priday.AprJ 211978 

■ . - Ei?S- 

save more 

" -■ K»rm Done, Chemicals 

•- t ' Correspondent' -•_• 

•■‘“-r. j. rHE CHEMICAL industry, 

- (fading user 6 f : energy both as 

<j|jpi'el and' -feedstock. Is taking 
" ' X* to improve Its conservation 

■ Jmperial Chemical Industries. 

• . -• v.^ 1 '-..fee o£. the largest XJ.K. .torn. 
i» ■■■^^SnIes;..' i liBs 'irut.. : the average 
- : '*y r r _ pnount pf energy it uses to make 

■r -' ^ i : ^^jistanSanJ weight .of product by 
:•- . : -v V^'jJtoutlS per cent since 1972. 

.. It" estimates that If yusage -had 

-- - . - Vipntinped' "at the: 1971 rate, it 
.■.:' , ?i , ..Seuld -.have! cost; aa extra £«lm 
.^-i^tyear. j'i / : * ' 

- .r- * -f C-Tbe ; most* significant saving* 

- . ""■■■• ' } % -i-iave come from ( lhe', use of radi- 

• ‘ VteUy new pferils and processes. 

.? oqttt energy expenditure has also 
r h. J ‘‘i- ? : >en cut by the 'better running of 
: * tmting plants ; and by "process 
‘ ■ .... modifications. - - 

' - v’.rf/V-^n the speciality chemicals 
' : 1 frbctPr, Joseph Crosfleld, a sub- 
’■ - tirijdiaiy of TJuilever, has cut its 
' .-•• -.■* foergy use by about lfi per cent., 
announced yesterday. . 

• ro-. 1 / :i j This has been achieved partly 
’ ' * L r '‘ : Sri y re-cycling of heat energy and 

' "!- partly by - plant modification. 

'irosfield now spends about £4m. 

• Mi-j-,. year on oil, electricity and 

- - . 'V '»■•* iJ'-atura! gas,. an annua! reduction 

. si j: £500,000. 

. : ' . / Total spending on energy sav- 

i- : i£*g projects over three years is 

4: ~ -3>out £l.m. And further expendi- 
. '• . i.^nre has -been sanctioned to im- 
‘ i -. v-.'-Hi.. rove furnace design. , 

. ' However, the greater part on 


Shell, denies Liberal 
claim of ‘opting out’ 


THE SHELL oil group last night written to 1,500 small garages nation of 1077, the importance 
denied allegations, that 'It had in rural and urban areas telim* all ached by customers to the 
opted out- of its "social retailers that. Over in* .next five Shell brand confirmed the value 
responsibility** by ending supply years. It, would not b„- renewing of this asset and the need to 
contracts with 1,500 “-petrol exclusive supply contracts. ' preserve it.** 
stations. ' Under these contracts. Shell ' Dr. Austin Pearce, chairman of 

Mr, Malcolm Bruce, deputy supplied petrol, at a discount Esso Petroleum, says in his 
chairman of the Scottish Libera, when local competition forced annual report that Esso is not 
Parly, said yesterday that he had duwn pomp prices, provided making an adequate return on 
written to Sr. William. Rodgers, advertising equipment and downstream businesses. Compc- 
Transport Minister, ' expressing helped with maintenance and titive pressures prevented coin- 
h'ls "concern” at the move. decoration, panics charging prices that 

“It seems to me mat Shell is in future. Shell would be pro- would be permitted under Gov 
opting out ni its . social pared id sell peiroJ id these sites ernmeni regulations, 
responsibility to supply petrol on on a commercial basis but it Even so. volumes of nil pro- 
reasonable terms iri country would not renew dealer con- ducts handled by Esso last year 
areas.” he said. tracts. Contracts involving small grew a little and were ahead of 

"If other major oil companies deliveries were not a commercial the national rate of increase, 
were to follow suit, the results proposition. Shell said. The report also says that Esso disastrous, making life The Royal Dutch/Sbell Group's Is expected to spend an extra 
In rural areas — already suffering Jatesc annua! report says that £lhn. on North Sea exploration 
high cost — prohibitively exoen- because of surplus capacity and development in the next five 
si-T!.”. throughout the oil business and to seven years. 

Mr. Bruce also called on the strong competition. ‘ the group The group was already com 
Government to consider a was concentrating its investment ruined to spending Elhn. on pro 
flexible petrol tax to encourage in the reiail sector on renewing jects like the Brent Field dev- 
parity betwen urban' and rural assets and restructuring net- elopment. 

petrol prices. - works to obtain greater effi- i-ahnnr Vpu-c. paee 'll 

Shell said that Mr. Bruw had ciency. Labour new* rage n 

his facts wrong. The group had “In the difficult market sit- Shell and Esso reports, Page 26 

last night written 


chemical -industry’s total 
consumption is still 

SynAi.i icrgy consomption is still 
ttfoteounted for by a small .group 
Ur large companies. Amdne. them 


large, companies. Among them 
P Chemicals announced last 
jar that it was spending £25m. 
l 40 energy saving projects. 
%+r * * Albright and Wilson, the 

HSe hV whom chemicals manufac- 
* ’ (Direr, says that it Is now saving 

tergy at a rate of £2.5m. a year. 

£•■ . V. JL : ?Cf Snce it began a campaign to stop 

• - -4Tt;.v-q p^iergy' waste, lt is aiso planning 
*' • f.?“r •'-.?« ^ further £l.7m. saying through 

- -- '"vestment in new equipment 

- - . planL 

- ■- The Greater London Council 

soon to carry out the first stage 
, . a survey into waste produced 
industry and commerce. 
*-. ; .“ t :d)r. Gordon Taylor, chainnan of 
zs& GLC’s public services and 
-• 'ety committee^ said “We 

ow relatively little about the 
:r >:".x?aste produced in London’s 
i .“iz: 0,000 industrial and com- 
ircial premises. The results 
>m this major London-wide 
■' ^rvey will enable the GLC to 
'-."recast the quantity -and types 
■ '"•■wi- it. industrial waste -and plan for 
: * - " . safe and efficient disposal weJi 

, • -.s'ct the i asp’s” - ; 8 

BR renews attempts 
to sell station site 


THE British Rail Broperty Board Five industrial / warehousing 
yestefday met Birmlagham local sites_ totalling 820.000 square Feet 
authority representatives -to dls- on 35 acres in Birmingham, Wot- 
cuss the derelict six-acre Snow verhampton and Halesowen are 
Hill. Station side. - under development, while a £7m. 

In 1973 planning consent was scheme at Walsau Station was 

started in January by Prudential 
nominees and the Rugby-based 
Viking Property Group. 

East Anglian 
bus company 
loses ££m. 

granted for offices and a sports 
complex on the centre-city site 
but the scheme was abandoned 
after the property market 

BRPB is prepared to sell, part 
of tbe site and bos reopened 
negotiations with the local autho- 
rity. which owns a small -corner. 

Developers are to be Invited 
to submit proposals for offices, 
a leisure centre and possibly a 
casino. _ • EASTERN Counties Omnibus 

Three and a half acres ot the Company, which operates ser 
site are reserved for a bus and vices in East Anglia, made a loss 
train interchange, with offices 0 f more t h an £569,000 in Norfolk 
built above. last year, £136,000 more than the 

. However, . uncertainty about previous year. The company may 
the way In which the develop- get a subsidy of £300.000 from 
ment land tax -would be applied Norfolk County Council to keep 
seems likely to limit interest by buses on the road, 
developers unless tbe local autho- The county highways and 
rity can offer incentives,, under Transportation committee, which 
the Inner Cities ' Renewal meets next week. Is being recom- 
Scheme. • ... mended to pay the £300,000 sub- 

The Board has sold 280 acres sidy which is £50,000 more than 
of Its property to West Midlands last year. The bus company 
local authorities in the past^O raised fares in January by 115 
years and sale of another ^2 per cenL but says increased fares 
acres is' being negotiated. 1 are not matching rising costs. 

Merchants urged 
to support 
paper industry 

Financial Times Reporter 

PAPER merchants were told by 
their association's new president 
last mghi that they should give 
better support to the UJG manu- 
facturing industry. 

Mr. Tony King-Smith, president 
of the National Association of 
Paper Merchants, said at tbe 
anoual meeting ’ that over- 
capacity in the ..industry was 
creating a weak market, while 
production rests were still rising. 

Merchants should reappraise 
the support they gave through 
sales promotion to British paper 
and board manufacturers- A! 
the same time the mills should 
take a positive attitude towards 
the merchants. . 

He said; “ The very survival of 
the British paper and board 
manufacturing industry depends 
on the strength of the home 

“.Without a . strong British 
paper and board manufacturing 
industry our position as distri- 
butors, of these products would 
be seriously eroded.'* 

19 7 8 


'Wfeseeitas something to build on, 

URM Overseas Limited are honoured to receive the 1978 
Queen’s Award for Export Achievement. 

And, to be honest, we^re also a little awed. 

Because it’s, the first time this honour has ever been 
c6nferred upon a specialist supplier of building materials. 

If s the result of much hard work over the last few years. 

We’re part of UBM Group Ltd, the Builders Merchants 
who offer a complete service to the Building Industry^ 

To us, the Queen’s Award isn’t the end of our adiievemen ts. 

It’s only the start 


UBM Group Limited 
cau OfTk 


Group Hi 
Avon Works 
Winterstoke Road 

Avon BS99 7PL 
Tel: 0272 664611 

UBM Overseas Ltd 
Ashton Road 

Avon BS99 7EW 
Tel: 0272 633315 
Telex 449102 UBMO G 

: 2 :-.iZr 


- ■: 


■■ / , 

H <i f*? Ei 

a i i«iu 

' A brood 
H‘oro £im. 

a i 


■ a 
* . 


For Minet, one success leads 
to another. 

In 1973^ we won The Queen’s 
Award, the first Award ever to 
be made in the field of insurance 

This year, we’ve done it again. 

Which makes us the 
first insurance 

;r' >•* 

■s i ; ' 

brokers to receive this coveted 
Award twice. 

Doubling our overseas earnings 
in the last three years alone is 
significant in itself. 

Being honoured in such a 
tangible way makes a notable 
achievement that much more 


The name that's recognised 
for insurance around the world 

Minet Holdings Limited, Minet Hcruse, 66 Prescot Street, London El 8BU. 



Her Majesty the Queen has made 107 Awards to 
British companies for export achievement this year 
and 17 for technological achievement. The following 
were among the winners. 



Export Achievement 

than three-fold over the past three years. 
Export markets axe world-wide, the most 
important market area being North 
America .where a subsidiary company has 
been established in California. 

and the Middle and Far East. Over a 
three-year period, overseas earnings have 
nearly quadrupled. - 

3 Alginate Industries 

THE ONLY U.K. manufacturer of alginic 
s*id and related products derived from 
seaweed, the company exports to marker* 
throughout the world and has more in * n 
doubled the value of its exports, which 
represent about 75 per cent, of total s 
aver a three-year period. 

i The Associated Portland 
£ Cement Manufacturers Ltd. . 

A LEADING manufacturer of cement and 
allied products which also supplies plant 
and equipment for cement manufacture, 
& well as offering consultancy services in 
tins specialised sector. Its products, under- 
lie brand name Blue Circle, are exported. 
Conover 100 countries. 

Ellers & Wheeler (UJK.) 

THIS SMALL company exports natural 
and special butter, cheese and milk 
products to Holland, Belgium, France and 
■ Germany. - They are probably unique as 
exporters of specialised batter and this 
.overall achievement in exporting dairy 
products to countries which traditionally 
-supply these products to the UJv. market 
Isa notable one. 

Invicta Plastics 

and other games, as well as a wide range 
of plastic products which are exported 
virtually throughout the world. The value 
of its exports has increased more than 
five-fold over the period covered by ihe 
application and now accounts for well over 
50 per cent of total turnover. 

Jusferini & Brooks 

Elliott Turbomachinery 

Balfour Beatty 

CIVIL, electrical and mechanical engineers; 
and contractors,' this company, whose 
previous export achievements were recog- 
nised by an Award in 1973, have 

■ ttrexpantf their actiriix es-on a wqrl d -wwfe- 

• basis and more tfera doabteft therr over- 

• seas earnings oyer a three-year period. 

Bland Payne Holdings 

THE PARENT of a group of international 

■ insurance and reinsurance brokers which 

• has concentrated on developing overseas 

• markets and in acquiring expertise Ln such 
‘ specialised areas as oil exploration insu r- 
’ a nee, the company’s operations are world- 
1 wide and it has established local offices Ln 
; ail the important markets. 

MANUFACTURERS of steam turbines, 
lubrication and sealing systems and com- 
pressors for oil. gas and petrochemical 
industries, the company's principal 
markets are to Eastern Europe, the Middle 
East, Canada, Latin and South America 
and the value of the firm's exports have 
■increased seven-fold over a three-year 

A SCOTCH WHISKY distiller and blender, 
which has won two previous Awards and 
b as continued to expand its export sales 
. which now represent some 97 per cent, or 
its total sales. Its main product •! & B 
Rare is sold in virtually all countries other 
than those few which prohibit the import 
of Scotch whisky. 


The International Division of 
EMI Records 

national sales and marketing of gramo- 
phone records and pre-recorded tapes, this 
division exports in oyer 200 countries and 
also earns pressing fees from overseas 
companies which manufacture the pro- 
ducts under licence. Over a three-year 
period, overseas earnings have doubled. 

A SUBSIDIARY of the Eastman Kodak 
Company of U.S.." Kodak is the largest U.K. 
producer of photographic materials and 
equipment. The principal export markets 
are in Western Europe and Nigeria and 
the value of exports has almost doubled 
over a three year period. 

Ever Ready Co. (Holdings) 

Booker Agricnttare 

EVER READY manufactures batteries and 
battery components as well as electrical 
accessories, exporting to Africa, the 
Americas, the Middle and Far East, and 
Western Europe. Over a three-year period, 
exports have nearly doubled and now 
form 40 per cent, of total sales. 

PART OF Booker McConnell, the company 
provides management, consultancy, tech- 
nical. training and other services for 
agricultural and agro-industrial projects in 
tropical, sub-tropical and arid areas. The 
skills employed include: agronomy, agri- 
cultural engineering; irrigation and 
drainage; pedology factory engineering 
and technology; project planning and 
design; manpower development and train- 
ing. Over a three-year period, overseas 
earnings have more than doubted. 

Ewbank & Partners 

THIS FTRM of consulting mechanical and- 
electrical engineers specialising in the 
power generation field offer a wide range 
of services including engineering and 
management consultancy and project 
management on engineering, financial and 
organisational matters. 

Fisons — Pharmaceutical 

British Steel Corporation 
_ (Overseas Services) 

THIS SUBSIDIARY of the British Steel 
Corporation provides integrated packages 
. for the assessment, planning, construction, 
and- operation -of new or existing steel-, 
related developments overseas. ' This 
includes technical, management design, 
engineering, financial, commercial, and 
operational services, as well as training 
for both management and operatives. 

THE DIVISION manufactures a wide 
range of medical veterinary dietary and 
toiletry products of which medical pro- 
ducts make up 80 per cent, of exports. 
Exports, which have almost doubled over 
a three-year period, are made to virtually 
all countries in the world the most notable 
product being “ Intal,” a treatment for 
asthma, for which the Division received 
the Queen's Award for Technological 
Achievement in 1971. 

GEC Measurements 

Conference Services 

THIS SMALL company of conference 
organisers, co-ordinators, and administra- 
tors specialise in the organisation of 
international conferences held in the U.K. 
by overseas associations, or by associations 
where the majority of participants come 
from overseas countries. 

Costain International 

PART OF the General Electric Company. 
GEC Measurements designs and produces 
measuring instruments and protective 
devices for use with electrical power 
systems. The company exports to all areas 
of the world and has recently made 
significant advances in Bahrain. Brazil. 
Dubai. New Zealand, Poland, Sharja and 
Venezuela. Over a three-year period, 
exports have more than doubled and 
exports form a substantial proportion of 
total sales. 

The Electronic Exchange 
Division of Plessey . 

PART OF Richard Costain, Costain Inter- 
national is an international contractor for 
civil engneering and building construction. 
It also provides design procurement and 
construction and insurance and manage- 
ment services including the supply of U.K. 
goods and services for the civil engineer- 
ing industry. The principal overseas 
markets are in the Middle East and over- 
seas earnings have shown a substantial 
Increase in each of the past three years. 

Grest Exports 

Michael Davis (Shipping) 

THIS COMPANY of export merchants and 
managers exports electrical contracting 
materials, automotive parts and accessories 
and -some other goods principally to 
Nigeria but has recently opened up new 
markets in Thailand and Kuwait. The 
value of the firm’s exports has increased 
over 20 times over the past three years. 

International Aviation 
Services (U.K.) 


MICHAEL DAVIS (Shipping) is a firm of 
specialist packers and shippers of furni- 
ture, reproduction furniture, antiques, fine 
art, glassware, china and related fragile 
freight have increased their exports more 

THIS COMPANY trades as IAS Cargo Air- 
lines and is engaged in transporting a 
wide variety of cargo, including Uyestock. 
It. provides exporters with a regular air- 
cargo service tfl Africa, Asia, Australia 

The Pullman Kellogg 
Division of Pullman Inc. 
in the U.K. 

THE DIVISION is responsible through two 
companies in the U.K. For the provision of 
a fully intergrated engineering contracting 
service specialising in the engineering 


Export Achievement 


Coronet EM 

Pumping equipment and 
generating sets 

Costain International 

Civil engineering contractors 

Principal Products or Activity 

A. & J- (Staples) 

Stapling equipment 

A. E. Autoparts 

Engine components 

AG A Navigation Aids 

Marine navigation aids 

The Cryogenic Systems Division of 
Air Products 

Cryongenic process plant and 

Alginate Industries 


Aliose Fashions 


Anco Production (Portsmouth) 

Men’s clothing 

Arto Chemicals 

Synthetic robbers, etc. 

The Associated Portland Cement 

Cement ^ 

B & W Loudspeakers 


'Balfour Beatty 

Civil engineers and contractors 

Bearings ( Non-Lube) 

Thermoplastic bearings 

Blacks of Greenock 

Camping equipment 

Bland Payne Holdings 

Insurance brokers 

Booker Agriculture Internationa! 

Agricultural consultancy 

Boythorpe Cropstores 

Agricultural storage equipment 

Bradbury. Wilkinson & Co. 

Security documents 

Braithwaite & Co. Structural 

Structural steelwork and 
steel storage tanks 

British Steel Corporation 
■- (Overseas Services) 

Project services for steel 

David Brown Tractors 

Agricultural machinery 

Frans Buitelaar 

Meat, livestock and meat products 


Marine coatings 

Carnation Foods Co. 

Evaporated creamers 

'Hamish Cathie Travel Scotland 

Travel agents 

Q an Laird Fashions Scotland 

Ladies' and children's outerwear 

/Conference Services 

Conference administration 


Petroleum products 

'The Magnetic Media Manufa touring 
Division of Control Data 

Computer disc packs. 

D j B Engineering 

Articulated dump trucks 

Davies Turner 4 Co. 

Freight forwarders 

Michael Dav'rs (Shipping) 

Specialist packers and shippers 

Dawson-Keith Electric 

Generating sets 

Thomas De La Rue & Co. _ 

Security printing 

Dundee Fabrics 


Biers ft Wheeler (UK) 

Dairy products 

Et cometer Instruments . 

Meauring and test instruments 

Electro sonic 

Electronic control equipment 

Elliott TurbomocMneey- - 

Turbines and Compressors 

The International Division of 

EMI Records 

Records and tapes 

The Clay Division of English 

China Clays 

China day ! 

Ever Ready Co. (Holdings) 

Batteries and electrical equipment 

' Ewbank and Partners 

Consulting-engineers and ■ 
project managers 

' Farrow Irrigation 

Irrigation equipment 

The Pharmaceutical Division of 

Medical, veterinary and dietary 


Refractory sliding gates. 

Forest Thinnings 


GEC Measurements 

Integrating meters, protective 
relays, etc. 

General Instrument Microelectronics Integrated circuits 

Glenhill Furnishing 


W. R. Grace- 


Grest Exports 

Export merchants and managers 

Gunson’j grotex 

Colour sorting equipment 

William Hare 

C. E. Heath & Co- 

Structural steelwork 

Insurance brokers 

Hestarr Dennis 

Specialist vehicles 

L B. Holliday & Co. 


The Aviation Division of Alexander 
Howden Insurance Brokers 

Aviation insurance brokers 

International Aeradio 

.Technical services for aviation 

International Aviation Services 

Cargo airline 

International Generics 

Toiler preparations and 

Invicta Plastics 

Plastic toys, games and housewares 

J K Lasers 

Pulsed solid state laser equipment 

f lufcLh 

f-ftw CD 

Mr. Jim MoorfooL ehsurman of Kodak, with an EK6 Instant camera (left) and an IAS Cargo Airlines DC8 freighter: 

design procurement and construction of 
oil refineries^peirochemicai and -chemical 
plants. ■ . - 

Ratsey and Lapthora 

are specifically designed for use by the oil 
and gas industries arid exports are made 
worldwide. • principally to markets which 
are oil and gas; producers. 

projects. Its overseas 
creased more than, 
three years.;: 

Marconi Avionics 

THIS COMPANY, a subsidiary of the 
General Electric Company manufactures 
advanced avionic systems for aircraft, in- 
cluding head-up displays -weapon aiming 
systems, automatic flight control systems, 
airborne radars and radio navigation and 
communication systems. 

Hydrographic Department, 
Ministry of Defence 

compiles, produces prints and distributes 
a series of navigational and miscellaneous 
chans- and hydrographic publications. 
These Admiralty charts and publications 
Facilitate the safe passage of shipping In 
all parts of the world. Sales of these 
charts and publications are worldwide and 
over the past three years the Department 
has more than doubled its direct export 
sales, which now account for over 50 per 
cent of total sales- 

The Pacific Steam 
Navigation Company 

THE COMPANY operates liner shipping 
services to the Caribbean and Latin 
America and has doubled its turnover in 
the past three years. All the Company’s 
ships are British built and two new vessels 
will shortly enter service. . 

Fetter Power Generation 

P E TTER POWER, a -Hawker Siddeley 
Group company, manufactures diesel 
generating sets. It exports world-wide, but 
principally to the Middle and Far East and 
to Africa. Exports have increased more 
than four-fold over a three-year period and 
have now reached over 80 per cent of total 

SAILMAKERS since the days of sailing' 
■ships, and weavers of sailcloth since 2965, 
Ratsey and Laptbom exports to Africa, 
Australasia, Middle and Far East. North 
America. Scandinavia and Western 
Europe. Over a three year period, exports 
have nearly trebled, and form nearly 70 
per cent of total sales. 

SheernessSteel Co. 

THE COMPANY^. exports steel bare and 
rods for - cohstzaefton and engineering' 
applications to AJride range of markets in 
Europe and the developing countries. The 
value of its .exports has Increased more 
than five-fold oyer a -three-year period.. - 

rieas earnings haviil nlpl* 1 1* il 1 
Lsix-fpld over thej I * * 

on stri 

Transportation Systems ’ 
Market Research 

Royal Doulton Tableware 


THIS BRITISH- RAIL- sti bsidiary pr 
transport consultancy services malnlj 
the railway industry, comprising msS* 
research feasibility studies,, engines 

design. • supervision .- of . construe ; 
financial and. management' appraisals, ; 
training and computer, projects- ' 

THE LARGEST U.K. producer of china, 
handmade full-lead crystal and hotel ware. 
Royal Doutton exports two distinct ranges, 
domestieware and hotelware and has 
secured markets . for these products 
throughout the world. Notable- orders 
which have been obtained included special 
items for King Hussain -of Jordan's Silver 
Jubilee. The firm have, been consistent 
exporters for many years and the value of 
their exports has increased substantially 
over the past three years. 

THIS COMPANY; a subsidiary of Shnoh 
Engineering, deigns and manufactures 
specialised; plan ts for the treatment of 
sewage -and. ljade .efflaenr and special 
requirements are. incorporated to suit the : 
specific needs of. the territory when the- 
plant is to be installed. 

Tufting iHdusfries 

THIS VERY SMALL' . company ex?‘.> 
tufted bedspreads - and dressing.^, 
made by two associated ^bsidiaries p! - 
Slimma Group Ltd:, itself a.-subsidiar 7 
TobiaL . .- > ’ 

Ruston Gas Turbines 

A MEMBER of the GEC group this com- 
pany manufactures industrial gas turbines 
in the range 1,500 brake horse-power to 
6,000 brake horse-power. . These turbines 

John Taylor & Sous ■ 

A’ LEADING) '--'group of consulting 
engineers specialising in feasibility, study, 
design and, contract supervision at igiU^r 
■ supply and pumte- health engineering pro-, 
jeets. The Company has undertaken pro- 
jects' in most parts of the world and in- 
particul&r has had continuous experience 
in the Middle. East oyer the past YO years 
on a number of important and prestigious : 

Wiggins Teape 

WIGGINS TEAPE is a manufacture 
. commercial and speciality: papers w 
have been exported to some 150 comr 
throughout the world. Previous -ex 
achievements - 'were: : j-ecqgnlsed --by 
«raxut of Award&j a -1966 amd~197T j8h i 
company’s present achievement in m 
doubling the Value- of :its .exports'. 
three year period is particularly 
wqrtby in that It covers' a' period of.-* 
sharp recession In - the world paper mar 

• . - ..... . . :. ; r 



Technological Achievement 

The Nondestructive 
Testing Centre; 

varieties and , devised cultural methods 
which are claimed to have increased the 
productivity and profitability in the main 
growing areas of Kent and Sussex.' The 
-research station" is grant-aided, by. the 
Agricultural Research Council. 1 . 

' THIS CENTRE, part of the United King- 
dom Atomic Energy. Authority, gains the_ 

Son with Rolls-RojtrS^oi^fechmquer fti 
high energy radiography.' The process is 
used in the development of gas turbine 
aero engines where ft is claimed to have 
brought about major improvements. 

. shortened timescales and provided positive 
- data where only inferences were available 
-beforehand. • 

The Fhannaceixticals Divison 
of Imperial Chemical 

- were: granted sl licence- by : the Nati 
Research Development Corporation 
carry out the commercial exploited# - 
the product ; The new technology is^h 
established world-wide for the. produfl ‘ 
of components for the, building and al- 
in dustries. such as' pipes, cladding paf , 
formwork; ducting and housing 

Racal-Dana Instrument} 

THIS DryiSION gains the Award for the 
development of Tamoxifen, . an anti- 
oestrogen drug which is used in the treat- 
ment ob' breast cancer; the drug is- 
markete# under the \ trade name 
‘‘Nolvadex'’ Exports now account for 
nearly /O per cent of total sales. 

GJB Offshore 

THIS DIVISION of the Plessey Company 
manufactures electronic exchanges, for in- 
stallation in public telephone networks, 
these electronic exchanges are specifically 
designed to meet the needs or the over- 
seas administrations. The Division exports 
to the Middle and Far East, Africa, South 
America and the USSR- 

CJB OFFSHORE, a subsidiary of John 
Brown "hud Company, gains the Award for 
the design and development of production 
platform facilities and support structures 
for use with the Thistle Field in the North 
Sea. where it supports a total of 60 wells 
and is installed in water depth of 530 feet 

The Plant Protection Division 
rof Imperial Chemical 

of Raeal Electronics and gains the Aj 
for the development of synthesised s( 
generators. The instruments work in 
range' 100 KHz to 160 MHz and: 
designed primarily for the support 
testing of the “ Clansman ” range 
Military communication systems, it is 1 
programmable. Exports now account 
some 25 per cent of total sales. 

PORTAKABIN exports portable accommo- 
dation units principally constructed of 
steel and timber for industrial purposes, 
offices. living accommodation and 
recreational use, etc. 

Dowty Mining Equipment 

THIS FIRM, a subsidiary of the Dowty 
Group, gains- the Award for the develop- 
ment of. control systems used with 
powered roof supports in mines, T-he 
product enables powered supports te be 
advanced in a shorter time cycle, thus 
improving productivity while maintaining 
operator safety. 

East Mailing Research 

Award for the development, in collabora- 
tion with Wye College, of hop plants of 
greatly improved performance due to free- 
dom from virus infection. The research . 
station also identified wilt-resistant 

THfc DIVISION gains the Award for the 
development of pirixnipbos-metbyl. an 
insecticide which is claimed to be both 
versatile and outstandingly safe. The pro- 
duct is marketed under the. trade name 
*■ Actellic.” “Silosan’’ and “Blex” and is 
used to control a wide variety of pests 
I deluding, among many others, ants 
aphids, caterpillars, fleas, mites and 
mosquitoes. It has applications in agricul- 
ture. horticulture. pufetig . 'health, and 
domestic situations. 

The Advanced Projects 
Department, Test Operatic 
of ftoBs Royce 

THIS DEPARTMENT, part of the t 
Division of Rolls-Royce Ltd., gains 
Award for the development, in collal 
tiori with the Nondestructive Tei 
Centre at Harwell, of techniques for ti 
high energy radiography in the devi 
ment of gas turbine aero engines. 

The Research and " : 
Development Department of 
the Pilkingtoh Group . . 

THE AWARD is gained for the develop- 
ment of alkali-resistant glass fibre for the 
reinforcement of cement . 'products. The 
pioneering work was donfe by the Building 
Research Esrablisbmenfc'.Shd ^PUkington's. 

Department of Hop R< 
Wye College 

the Award for the development 
collaboration with the Fast a la 
Research Station, of new. varieties of 
plants, with- increasing brewing valnd 
disease resistance; combined with fret 
from virus infection. The new vari 
are claimed to -give higher yields ani 
proved . profitability. 

James Johnston fir Co. of Elgin 

Woollen goods 

-South Wales Switchgear 


Justerini ft Brooks 

Scotch whisky • 

Kangol Wear 


Kodak . 

Photographic apparatus . 


Scaffolding systems 

Mabey ft Johnson 

Unit construction bridging 

Magnetic Components 

Magnetic recording heads 

Marconi-Elliott Avionic Systems 

Avionic systems for aircraft 


Electro-physiological instruments 

Minet Holdings 

Insurance brokers 

The Hydrographic Department of - 
the Ministry of Defence 

Charts and hydrographic 

The Roval Ordnance Factories of 
the Ministry of Defence 


A. H. Moody ft Son . . 


Alan Newman ■ • • 


Ogdens (Otley) 

Construction equipment 

The Pacific Steam Navigation Co. 

Ship operators 

Frederick Parker • 

.Asphalt mixing and related plant 

Petter Power Generation 

Generating sets 

The Electronic Exchange Division of . 

Plessey Telecommunications * Electronic telephone services 


Portable accommodation units 

The Pullman Kelk>g Division of 
Pullman Incorporated in the 
United Kingdom 

; Petroleum and petrochemical 

Ratsey ft Lapthorn 

Sails and sailcloth 

Rowntree Mackintosh 


Royal Doulton Tableware 

Pottery and glass 

Ruston Gas Turbines 

Gas turbines 

SGB Export . 

Steel scaffolding and concrete 
form -work 

The Serdc G la con Division of Serck 
Audco-Yalves International ' 

Automatic process control valves 

Sheerness Steel Co. 


Shetland Boats 

Glass fibre cabin cruisers 

Shubette of London 

Ladies’ and children's outerwear 


Sewage treatment plant 

Simon- Vi cars 

Cake and biscuit manufacturing 

The Link-Miles Division of 
The Singer Co. (UK) 

Might and armoured vehicle 

Hugh Smith (Glasgow) 

Heavy machine tools 

Solent Can n try 

Soft drinks 

Space Decks 

Steel racing, steelwork 

John Taylor ft Sons 

Consulting engineers 

ifanspbrtatiori Systems ft 
, . Market. Research 

Transportation consultancy 

.Tufting Industries 

Dressing-gowns and bedspread] 

UBM Overseas 

Building materials 

Ypnfe Horse Distillers - 

Scotch whisky 

Wiggins Teape 

Commercial and speciality papi 

tesfaological Achievement 

Tfie Acoustical Manufacturing 
- Company 

An audio -frequency amplifier 
• circuit 

'.ftfe Nondestructive Testing Centre 

: oftbe Atomic Energy Research. 

» Establishment - - 

Dynamic studies fo gas turbine, 

-'BJDC'Subocean Services 

Unflcrwate rweWing 

Bropkdcai Electronics 

Signal recovery instruments 


North Sea oilfield' production 
platform facilities 

powey Mining Equipment 

Control systems for .powered 
-mine roof supports 

-&it MaHing Research Station • 

New varieties of hops 

The Powder Forging Division of 
., -Y3*N Forgh** 

Powder forgings 

The Mon d Division of Imperial 
\ Chemical Industries 

Inorganic oxide fibres 

The Pharmaceutical Division' of ^ ; 

", ; . Imperial Chemical Industries 

“ Tamoxifen " for treatment of 
breast, cancer 

The Plant Protection Division of 
Imperial Chemical Industries 

A broad spectrum safe insectid 

The Researhc and Development 
- Department of the Pfikington ■ 

Glass fibre for reinforcement e< 

" cement products 

-The Research and Development Unit Application of digital technique 
-. ' of Quanta! J -.In television broadcasting 

Racal-Dana Instruments 

Synthesised signal generators 

The Advanced Projects department. Dynamic studies of gas turbine 
Test Operations, a# RoDs-Roycc engines. . 

The- Research Institute of Smith - 
Kline ft French Laboratories - 

** Cimctidirie" for -treatment of 
.peptic ulcers . 

The Department of Hop Research, 
Wye College . 

New varieties of hops and hop 
planting material - 



• :wgv 



$|g V .. r ; >'iF5&ailda]v^m^-J’rl4ay April 21 1978 






AUEW resists 
pay restraint 



•THREAT banging over the 
arnock steel plant in Ayr- 
. where 1,400 are employed, 
?-was - the focus yesterday of a 
"trade union pledge to oppose the 
run-down of the Scottish steel 

Bfr^. £ill. Sirs, cbaiman of. the 
: Committee, told the 

TUC in Aberdeen that 

iAirUori' movement would not 
idly by-and .see the closure 
angampck tir. an area' where 
•British;-. Steel'- Corporation 
ted.fer .TO periCeat- of- all 
Ur-;'-- ' 

> was - given unanimous sup- 
rfar'-a z-esojwtf go calling on 
" ’Government', -to deliver 
feed; investment.- including 
eic - arc • steelmaking- at' which the Glen- 
fc mills J:wi II depend. 

. . -iThe resolution also called for 
^ selective controls of steel 
imports,, new jobs in the steel 
areas— some of which already 
i- . have unemployment rates of 

twice the Scottish average — and 
for a shorter working. week and 
early retirement for steelworkers. 

Other plants identified by Mr. 
Sirs and other speakers as 
threatened were Ravenseralg. 
Halfeide and Craigneuk. 

. The ren-down or closure of 
older plants planned: hy the 
Corporation as part of Its drive 
for viability is a major political 
issue in Scotland. 

One delegate criticised the 
steel union leaders for. agreeing 
to co-operate in further, produc- 
tivity talks before winning a 
promise of new investment. 

While tackling the threat to 
jobs at local level, the unions are 
now considering an offer from 
Mr. Eric Varley. industry Secre- 
tary. -to create sw.'^eais for 
Worker directors on the main BSC 
Board. Mr. Sirs believes that 
cciuM give unions an important 
lever on future investment 

The Congress reaffirmed its 


'any ATTEMPT Jo impose pay indsutry's minimum pay rates 
controls in the next wage round but. as a new national agreement 
support for the GovemmentV Will meet a chorus 0 f condemns- has only just come ‘into effect. 

Devolution Rill Unions are ore- non f rom ,hr * Amalgamated ihc committee may defer detailed 

oarine a -eamnalin to ai «... „ Union of Workers consideration of these until later 

Y« v*,c ! B, N.* Ubour M national commin ee 5 when it to the year 

posed after the Bill receives' - meets next month. Members of ibe national rom- 

Royal .Assent. j THE National Union of Bank Or the engineering section’s 26 mittee will also have to Face a 

Mr AI..T Kireon or th* Tran<i- ' Employees is refusing to man a divisions. IS have tabled resolu- pressing internal issue — amalga- 

DQPt WftrkPN Wtt Ih* Riiitich * new Midland Bank sub-branch t ions on free collective bargain- lion— when they meet in Worth- 

TUO Cvufu did not like he ! being h.iill for Ford car workers ing. They all resist . the inp next month. 

ideaofJ referendum I* claimed 1 a ‘ Halewood. in a further continuation of wage restraint in 

?* 2 a ° S on?n i? abu» and woum' at,em ^ 1 t0 slC111 anv move any form 

Clve ^he in i*e Wf *rds eMcndinc bankinp Some of the resolutions are 

give the Press the chance to i u , in a form which could 

repeat . the one-sided line it 

’ phrased in 

pursued on the -Common Market ; The hank , is tn open at ihc 'Juk the Government C ?f llS pay 
referendum. . ■ beginning with next month and . ^ ;j iric . Jk' 1 

Ford is considerin’ introducin' 1 2*1® e 

Delegates also carried a reso-, ’ T ' i T"! 'X c Jw.per cent, are again applied. . 

lution asking for the. Employ- i aV* 'll, ^ -‘ <>ne insinu-K the union to 

mem Protection Act to M,dland ’ on “ s I resist “all forms of restrictions 

strengthened -on trade union i 01 ^ 5 ^ w resffr d a r lha , 

S 1 .?" 1 " M lt - I PLv C ' Forri *w«t specified that the 
r.runvuck and the IBM surveys, [bank - * oprnine hours .had lo take 
They backed rhe Jong-nmnlng Jn1(1 ac . coun , lhp compayiy - ( shl/l 
ozhi for union recognition hyi 

Successive' attempts to bring 
the AUEAV* s four semi-autono- 
mous sections into a fully-merged 
union have failed and the execu- 
tive says in a report to the 
national committee that this has 
i he present 10 created a “very poor ' public 
image** and was causing other 
unions which might have joined 
the AUEW to seek amalgamation 
on any future wage negotiations ** elsewhere. 

while another culls upon the The national committee's dis- 
union to " support any members missions on amalgamation will 

u<ui wr iiniuii renu^nuiun ny < system 

print workers and journalist. si a- 

involved in industrial action as 

i a result nf the Guv eminent's ini- 

•hSel* *•? vzt ™. ; -"op™ ■M t^ui.iii! '**££! susslISsu 

I position to Id per cent, nr other 

publishing grnup h, W d ^ *'*■ 

he the prelude to what promises 
to be an important dehate when 
the full conference of the four 
sections meets the following 


r MaSr* Shell clerical staff 

- :fc. 

called on strike 


- LEADERS of 600 white-collar 

'illino « j workers at' Shell oil terminals 
11 - indu^L throughout Britain yesterday 
* called their members out on an 
- •; / -1; official atrike from B a.m. this 

...” morning over a pay dispute. 

V The clerical staff, members of 
the Association of Scientific, 
Technical and Managerial Staffs 
l A ionjrj s T and ACTSS, the white collar sec- 
u ‘"3(11 tion of the transport workers’ 
. r . union, deal with the tanker 
*- • drivers who pick-up oil at the 


4B Shell supply depots. 

Most of the tanker drivers 
belong to the Transport and 
General Workers’ Union, the 
parent union of ACTSS, and 
Shell officials fear that the 
effects of the clerical workers' 
dispute could -be serious if the 
drivers either refttse to cross 
any picket lines or to lake 
delivery tickels 
Shell and Esso reports. Page 
26; Shell contracts,. Page 9 




e . I e c .. pri “-tf' ,r in m .vippui ( <in,> The executive reports that 

irom i_ until o or b p.m. on lne ;olher tr ade union which became engineering section arrears have 

Th, .Pricing «Mk .null) «.li:jr VO,Vea h «" , “ " f bce " red “ reti ' r ™ £3 - 600 0 “ 

.J. i . t j P o- V ,,nn -its opposition to wage restraint.' £2.400.000 and that membership 
e / 1an,larr \ -w hours for Many divsinn* have submitted — after the removal of members 
j ** '*? ,flov would ■ rnoiminns denumling hie . in- in arrears — had shown a net in- 

By Arthur Smith, 
Midlands Correspondent 


-."i- a 


Builders offered 10% 


* ! - UNION leaders yesterday agreed 
'■-■-to recommend acceptance of. a 
— ^ 10 ner cent, pay offer covering 
700.000 construction workers. 
The deal includes improve- 


l\ . . • 

-S'Djlia llhlTK 

- ments In sick pay over the pre- 

- vious employers' offer and. the 
-.-straight pay element has been 
v rejigged by placing more oh the 

- basic rate. , . 

-. The transport and General 
‘^Workers’ Union, which, along 
""with the Union of Construction, 
Allied Trades and. Tecnicians, 
agred the .! deal . • ■ yesterday. 

dropped its immediate claim for 
a 35 hour week. .... .. . 

The employers agreed, how- 
ever. to discuss proposals for a 
shorter working week in the 
future and to start talks on 
introducing a fourth 'week’s 
holiday in two years Time. 

The deal, which has 'still to be 
ratified by the Department of 
Employment, would ’'lift crafts- 
men’s minimum pa yto £6(L20p. 
including £HL20p of supplements 
and a £6 guaranteed miOgnum 
bonus. ' ^ 

STRIKE action by foremen 
Leyland Cars Rover plants 
spread yesterday, but the com- 
pany is struggling, with (he co- 
operation of manual unions., (o 
maintain output. 

The strikers meet to-day to 
consider whether to continue 
(heir action. The disruption 
conies as a severe setback lo 
efforts lo meet the hacklos of 
demand for Range Rover, Land 
Rover and saloon models. 

Sonic 400 supervisors walked 
out in protest at continuous 
working during meal and other 
breaks. The system is an alterna- 
tive to night shift, which were 
opposed by production workers. 

The foremen yesterday 
appealed for support to fellow 
ASTMS members and 136 paint 
technicians at Solihull, and 
supervisors in the engine and 
transmission plants, joined in. 

in Mv- engineering crease of 10.948 to 1.180,104. 

receive the £6 shift payments for ; cr p aS ;es 
late nooning covered hy a long - 1 
stand ini» agreement between : 

Midland and lhp unions. 

NUBE. which has been resist-' 
in? attempts to introduce | 
changes in hanking hours, said 
it supported the Ford project ' 
hut there was no ju*>l ideation for 
ihe hank opening outside normal ; 
hours. Union shop stewards at \ 
the Ford plant also supported I 

tliiQ vinu 1 1 

Industrial action against the! - BY OUR LABOUR CORRESPONDENT 
sub-branch was aimed at alter- 1 

Basnett attacks trade 
union competition 

ine the proposed opening hours J THERE is still loo much “com- officials that if the genera! 

Midland said »he proposals had , petitive trade unionism" which council had not rejected pro- 
been mil tn both t hr Association J wastes time and resources. Mr. po«aN Iasi monih lo give larger 
Scientific Technical and ; David Bason t. general secret a rv unions automatic general counci i 

,ni,rp,l I TV- 1 1DV I, r’ , , «. P ... 


Managerial Staffs and NHRE I of jhe General and Municipal membership il would, in the 
ASTMS had agrpod hu( N1 (RE l Workers' Union, argued in a opinion of those who supported 
had failed to make a formal i statement emulated fa officials the proposal, have made the bodv 
mr.nih Q j- union >eslerday. more representative and more 

He suggesis ihai the trade democratically composed. 
union inovpmrnt should review “ Thai rejection may lead to 
its slructuip so that more a questioning debate at Congress 
amalgamations could take place. It will certainly place greater 
Mr. Basncti. who is this year’s emphasis on the need for other 
chairman uf the TUC. told his developments. 

repnoncp until earlier ihi* month 
Midland, which has hcen 
■si tidying lhp idpa nf introdup- 
»ng more lat» afipmonn onenins 
eenpriMv is seeking further talks 
with Ford 

Perkins sit-in 
vote to-day 

Hansard dispute talks 


SEVEN thousand engineering 

H Four men aL'British^Leviand's I worker* employed by Pcrkins'THE ADVISORY. Conciliation members of the National Gra 
car assembly plant at Cowley 
voied yesterday tn pnd ihe sane 

tion. including an overtime ban. 
which they imposed two weeks 
ago. They did so after hearing a 
report on two meeiings earlier 
this week on the foremen's pay 

of Peterborough will vote this] and Arbitration Service is to phical Association, at the station 
morning on whether to hold a , intervene in a dispute at Her ery office's St. Stephen's Press 
sit-in. | Majesty's Stationery Office which to-day. 

Shop stewards are demanding i has held up production of Han- The dispute. 'over amounts of 
the aciion in support of a pay sard and the Londnn Gazette, agreed overtime, has been effect- 

for re-Socating at 

For firms. 

..for families 

King's Lynn offers manufacturers, 
importers and ex porters one of 
tire most modern docksalong \ 
the East Coast with regular 
service to Hamburg and a. cargo 
liner service to Greece, Cyprus 
and The Lebanon. 

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

King's Lynn offers housing at 
every price level; good shopping, 
good education and hospital 
care, plenty of recreational 
facilities and a wonderful choice 
of country and sea-side to enjoy. 
The Royal Estate at Sandringham 
Is IS minutes away; beautiful 
beaches and the Norfolk Broads 
are all Immediately accessible. 

For furtherdeute piece wrlm or telephone: Ken Faulkner, E*paniion/Pub1lc Relations Office/-, 
Wcm. Norfolk District Council, Clifton Howe, Queen St., King's Lynn, Norfolk, fet: 0553 



claim because the company has 
refused to improve its latest offer 
of 10 per cent., . 

Normal working resumed yes- ing production of parliamentary, 
lerday. and an ACAS official will -papers from the press for almost 
meet'- machine rnnm workers, four weeks • 



are proud to have won 


the Queen's Award for Export Achievement ^ 
for the third time. , . . 

Hugh Smith (Glasgow) Ltd. (a member of _ 
the Low & Bonar Group) is a world leader in;.; 
design and construction of heavy . machine - 
tools for use in shipyards and "industry.^ 


97, Hamilton Hill Hoad, 

Glasgow. G22. 

Tel: 041-336 4141 



1. ; VjVjfk-.d ft 
-I nrl . li<! fe 
< ! lv ■!!' R”»l 

:■? i -a *> 

>.. ■ 


■1: ; x 

• ' i 




19 7 8 


is proud to announce the receipt of 


This award has been granted for the discovery 
and development of histamine H,-receptor 
antagonists. The twelve-year research 
programme has culminated in the introduction 
of dmetidine for the control of gastric arid 
secretion and' treatment of peptic ulcer disease. 

The research work has already proved its real 
worth to patients in the United Kingdom and 
seventy-seven countries throughout the world. 

a SratthKbne company 

SMITH KUNE WRENCH LABORATORIES LIMITED Welwyn Garden City. Hertfordshire, England 






Premier stresses pay 

role of public sector 

will try 
to restore 


THE Prime Minister yesterday 
placed strong emphasis on the 
role of the pithlic sector in any 
Phase Four pay policy which 
might be introduced in the 
summer when the present phase 
conies to an end. 

He was answering Mr. David 
Steel, the Liberal leader, who 
made clear in the Commons that 
the Liberals w r ant to see a Phase 
Four brought in. 

Mr. Steel said that his party 
was dismayed at the response of 
the Scottish TTJC to appeals from 
Mr. Tom Jackson, of the Union 
of Post Office Workers and Mr. 
Sid Weighell. of the National 
Union of Rail way men. for union 
co-operation in Phase Four. 

Mr. Steel suggested that in 
future meetiirgs with the TUC 
the Prime Minister should make 
it dear that the Government 
would stick to Phase Four, pre- 
ferably with the agreement Df 
the unions. 

This brought a taunt from the 
Tories that Mr. Steel's view was 
yet another signature un the 

death warrant of the Liberal 


Mr. Callaghan replied: I am 
not vet in n position to discuss 
what happens after this phase 
of pay policy is over. 

“As far as Mr. Weighell and 
Mr. Jackson are concerned, both 
of them are m the public sector 
and it is in this sector where the 
Government has a special respon- 
sibility and must take a view 
about pa}-” 

He recalled that comments had 
been made by other trade union 
leaders in the public sector, 
notably by Mr. David Basil ett of 
the General and. Municipal 
Workers' Union. 

- u would he quite wrong at 
this stage to do anything other 
than try to win through on the 
current pay round,’* Mr. 

Callaghan added. ' 

The Government would then 
be able to present the trade 
union movement with a state- 
ment that inflation was coming 
down and would stay in single 
figures for the rest of the year 
anti that much would depend on 
being able ..-to maintain it in 
sin n le figures during 1979. 

Mrs. ' Margaret Thatcher, 
Opposition leader, told Mr. 
Callaghan that the real problem 
was low output, with insufficiency 
of skilled labour a limiting 
factor. “ One of the reasons for 
that i« that differentials are not 
sufficient to give proper rewards 

Tor skill and extra responsi- 

She urged the Prime Minister 
to discuss with the TUC pro- 
posals to restore differentials. 

Mr. Callaghan agreed that 
many of our problems were 
caused by low productivity. But 
the question of skilled labour 
had been discussed on a number 
of occasions at the National 
Economic Development Council 
and was under review by em- 
ployers and trade unions. 

This brought an accusation 
from 'Mrs. Thatcher that he was 
dodging the question. We would 
not get sufficient people training 
for extra skills until differentials 
were restored. 

Vacancies in skill centres 
were being filled by foreigners 
and until differentials were re- 
stored, re- training programmes 
would not be taken up by the 

Mr. Callaghan observed that he 
did not ohjeet to foreigners fill- 
ing the vacancies in the pro- 
grammes since they went hack 
home and tended to order goods 
from British firms, It was not 
for him to restore differentials 
hut was a matter for negotiation 
between unions and employers. 


attempt to restore the key clause 
in the Wales Bill deleted on 
Wednesday’ by an alliance of 
Conservative, Liberal and 
Nationalist voles. 

Amid laughter in the Commons 
yesterday. Mr. James Callaghan 
agreed with. Mr. Gwynfor Evans, 
the Welsh Nationalist leader, 
that the effect of the unexpected 
Conservative' vote for the exclu- 
sion of the clause woul.d be to 
make the legislation operative 
without a referendum. 

“What the Conservative Party, 
which is opposed to devolution, 
has voted for is that the Bill 
should come into force immedi- 
ately after Royal Assent without 
a referendum being held.'' Mr. 
Callaghan said. Conservatives 
bad suggested the Bill was a 

Tories angered by ‘speculation’ 
nvpr nartv nlans for NITS 

Conservative leaders claimed 
yesterday that they had voted 
against the clause because of 
objections to one sub-section 
which provided for the Com- 
mons to override any voie in the 
Lords against a Government 
order implementing the legisla 
tion. . 


They ' agreed, with some 
embarrassment, that deletion of 
the entire clause could mean 
nut only that the legislation 
would be implemented without 
a referendum but’ that devolved 
powers would be handed over to 
a Welsh Assembly before it had 
been elected. 

PRESCRIPTION charges should 
be increased and suiiic limited 
changes made in the administra- 
tive structure of the National 
Health Service introduced by the 
last Conservative Government. 
Mr. Patrick Jenkin. shadow 
Social Secretary. told the 
Commons last night. 

But he joined with other Tory 
MPs in repudiating a claim by- 
Mr. Da rid Enuals, Social Ser- 
vices Secretary, that The full 
range of proposals under con- 
sideration by Mrs. Maruuret 
Thatcher and her shadow 
Cabinet would mean the end of 
the National Health Service in 
its present form. 

The Minister had to batilu 
against a barrage of interruptions 
from the Tory benches when he 
accused Opposition leaders of 
favouring the introduction of new 
health servire. fees, including pay- 
ments Tor each visit to the doc- 
tor and “hotel charges" for 
stay? in hospital. : ? 

Ha also insisted that a recent 
speech by Sir Keith Joseph. Mrs. 
Thatcher's chief policy advu>cr, 
indicated a desire by the Conser- 
vative Party 10 move away Irnm 
the existing position with the 
National Health Service almost 
entirely financed from general 
taxation tu a situation in winch 
insurance contributions were its 
main source oT finance. 

This, he maintained, would in- 
evitably lead to a two-tier health 
service, one for Uie rich and one 
for the poor. 

Tory MPs complained that Mr. 
Ennals was indulging in specula- 

tion about possible Conservative 

With longue in cheek. Mr. 
Gordon Wilson, deputy leader 
of the Scottish Nationalists 
suggested ina letter to Mrs. Mar- 
garet Thatcher last night that 
Tory peers should' promole a 
similar amendment to the Scot- 
land Bill in the Lords. 

The Conservative vote in the 
Commons could not have been a 
mistake, he said. “ Presumably, 
its intention was to abandon the 
referendum and to secure the 
immediate implementation of 
the Wales Bill. 

“It would he quite wrong for 
Scotland to have to go through 
a referendum and wait for its 
Assembly when Wales has been 
Treed from such a requirement.” 
policy, despite the fact that Mr. 
Jenkin had stressed that final 
decisions would not he taken in 
advance of the report by the 
Royal Commission on the 
National Health Service. 

• Mr. Jenkin, who described the 
present state of tile Xafioaal 
Health Service as “ sick.” cited 
recent industrial disputes in 
hospitals as evidence of a deeper 

“From Cornwall to Cumbria, 
the message is the same— saSRtn? 
morale, lengthening waiting lists, 
falling standards, industrial dis- 
putes. pay anomalies, staff 
shortages, hiiilding work years 
late, forced closures, and so on," 
he declared. 

Mr. Jenkin contended that the 
state of the National Health 
Service was a reflection of Bri- 
tain's poor economic perform- 

The Opposition was not ask- 
ing for a massive new injection 
of funds into the NHS at the 
present stage because this would 
be unrealistic, but Conservative 
MPs believed that better use 
could be made of the money 
that was available. 

Thy indicated that they would 
support Government moves to 
restore the clause at the Bill's 
report stage if the restrictions 
on the Lords' powers were aban- 

In. the administrative sphere, 
an improvument could be ob- 
tained by allowing- most decisions 
to he taken at district health 
authority level. 

Amid Labour cheers, Mr. 
Ennals argued that Mr. Jenkin's 
willingness to indicate where the 
next Conservative Government 
intended to make administrative 
changes would increase suspi- 
cions that the Conservative pro- 
posals for introducing new 
health service charges were 
equally well advanced. 

He underlined the fact that, in 
relation to the hospital service 
as a whole, there were few 
problems arising from industrial, 
relations. The exceptions .usually 
occurred at local level and in- 
variably-received great publicity. 
‘‘Our health service, is too 
precious to be marred by 
irresponsible industrial action,” 
he declared. 





THE PROPOSALS for the em- 
ployee share ownership form of 
profit sharing will* apply from 
April next- year. They provide 
for income tax relief to he given 
to schemes which must first he 
approved by the Inland Revenue.- 

A company deciding to launch 
such a scheme can make a, basic 
amount of up to £500 available 
each year for each employee to 
receive in shares. The Bill does 
not lay down any other rules or 
limitations for how a company 
should decide what total amount, 
or what proportion of total 
profits, to allocate. 

All full-time employees with 
five-years or more service must 
have the opportunity to acquire 
the shares, although it would bo 
open to an individual to refuse 
an allocation and ask instead, 
subject to any pay policy restric- 
tions, for a cash handout. Such 
handout would however 


qualify for income tax. A com- 
pany can include employees with 
less than five years’ service if 
it wishes. 

A special trust would be set 
up by a company to manage the 

shares, and -a participating em- 
ployee would have to agree tofts 
shares remaining with. the 
trustees for a minimum' period^ 
of five years. -If however' be 
died, or lost bis Job on account 
of injury, disability - or. ■ re-' 
dundancy, the shares could be. 
sold , or disposed of 'immediately: 

The shares would be part -p£ 
the ordinary share capital of. the 
employing company, .; or ‘6V-. 
controlling company; They would 
not attract income tax' liability - 
at the stage when they were' 
bought and allocated, nor would 
they attract any income tax car 
their subsequent; growth in vahie} 

When the shares, were Said- 
after the five year period.; they 
would be chargeable to' income' 
tax at tbe rate of tax then being 
paid by the participant. Bin the 
tax would only be paid on a per- 
centage of the shares original 
value (or of the sale proreeds 

if. less). ' 

-'This percentage would be. 
tapered away to nothing accord- 
ing to the length of time the 
shares had to be held:, between 
five and seven years, tax would 
be -paid on 50 per cent of the 
•value; between. 7 and 10 -years 
on 40 per cent.; between. 10 and 
13 years on 25 pre-cent.; between 
12 .and 15 years on 15 per- cent. 
.After 15 years, no income test 
would have to be- paid. 

- Employees would have, to pay 
TEe rerently reduced :. capital 
gains tax when they sold the 
shares on profits kbove the 
acquisition cost. . The. company 
involved would be able .to set off 
-the initial cost of the shares 
against corporation tax, as with 
-ordinary wages. ' . , 

Dividends would be payable 
direct to employees who would 
be taxed on them in'the normal 
way. The employee would also 

be able; to choose wheth, 
take up .any' rights issue < 
receive^ money ‘Aram the sal - 
saeb- issues-. \ - : 

Tbe finance. Bill does not, - 
ever; lay down whether thej 
-mg' rights' ^attadhed ta-'df. 
fthpuld be exercised indiridi- 
by the" employees, or collect!.' 
■ try "tbe.. trust 

Special, rules are .a3so-.- 
down : . lor- 'company recoas - 
tfOHS ■ and amalgamations.:--, 
intention of the Bill is .to se. 
continuity of treatment se- 
as is practicable when' ' the i; 
ing of shares originally alloc' 
Is replaced by a different 1 
i tig. ' - - 1 ~ : 

The InTand Revenue win 

approve any schemes which 7 
share allocations above £5T. 
year but provision is made, 
an employee accidentally re 
ing mare than £500— for exaj 
from. two different employe, 
he worked part lime for k 
than one company, in sur 
case, the full value of the sh. 
without any tapering, wouli. 
liable for income tax when. . 
were sold. ■ " 

Lower tax band costly on staffing 

for open 

By Roy Pertnait, 
Scottish Correspondent 

Mr. Ennals said discussions had 
taken place with doctors' leaders, 
nurses, midwives and trade 
unions in the health service and 
he hoped that these would lead 
lo a code of practice being drawn 

The aim must be to “define the 
industrial parameters" and im- 
prove local dispute procedures. 

DPP warns on publication after 
MPs name secrets case colonel 

Prnserutions warned last msht 
that puolii-atinn of the name of 
“ Colonel R " — I hi- intelligence 
officer in the Official Secrets 
Act rase— -epu Id be contempt of 
rourt. even though he had been 
named by MPs ui the Commons. 

The warning came after four 
Labour MPs. Miss Joan 
Richardson. Mr. Christopher 
Price. Mr. Rohert Kilroy-SIlk 
and Mr. Ron Thomas, all Uf>ed 
the colonel's name in ihe Hr.use. 

MPs gasped and one Tory 
backbencher shouted “ Disgrace- 
ful ” when Miss Richardson 
named the colonel durins a rail 
for a debate on Press freedom. 

Mr. Price used the name when 
he asked for a debate on the 
Official Secrets Act. and Mr. 
Kilroy-Silk again gave the 

colonel's name when he asked 
for 'an assurance that the Gov- 
vernntent would legislate I his 
session on the Official Secrets 

The. nanie was also mentioned 
by Left-winger Mr. Thomas In an 
attack on Attorney-General (Mr. 
Sam Silkin) for interfering in 
the democratic proceedings of 
the National Union of 
Journalists conference. 

The DPP's slatemenf saiff: 
‘The legality of revealing The 
identity of “Colonel B.” a wit- 
ness in the prosecution of Aub- 
rey. Berry and Campbell. Is the 
subject matter of pending pro- 
ceedings for contempt of court 
before the Division Court of the 
High Court rif Justice. 

“It is not accepted that des- 
pite the naming of the colonsl 
on tht -floor of the House of Com- 
mons that the publication of his 

name would not he a contempt 
or court, even if it was part of a 
report of proceedings in the 

Sir Barnett Cocks, former 
clerk of the Commons and edi- 
tor of Erskine May. the “Bible” 
of Parliamentary procedure, said 
last, night: “I think the Director 
of Public Prosecutions is wrong. 

“The proceedings of Parlia- 
ment are protected, if you re- 
port without prejudice a fair and 
factual account of what was said 
in the House of Commons, who 
is the DPP to tell you that is 
wrong? You are reporting the 
High Court of Parliament. 

“ If there was a request from 
the Speaker nf the Commons, 
then you would have to think 
of your position. But the DPP is 
a civil servant, supposedly 
answerable lo the -Attorney- - 

PROCEDURES „ for making 
government and the Civil Service 
more accountable could be 
adopted by the proposed Scottish 
Assembly and hav#an- influence 
on Westminster, according to the 
Scottish National Party. • • 

In a policy document to be dis- 
cussed at the., parti conference 
nest month, tbe SNP says that in 
a devolved or an independent 
Scotland, Parliament must exer- 
cise effective control over govern- 
mental power. 

‘.‘One of- the great failures of 
the U.K. Parliament has been' its 
acquiescence in an ever- 
increasing transfer of real power 
to Ministers, their Ministries and 
outside bodies. This stems from 
the relative weakness of — and 
lack of information obtained by 
— ordinary backbench MPs." 

Tbe party proposes that in the 
Assembly a Scottish Parliament, 
standing committees parallel to 
the main Government- depart- 
ments should be able to review 
activities by the Executive and 
have full powers to auestion 
witnesses, call for nvldence and 
make thorough investigations. 

Prof. Neil MacCormick. chair- 
man of the SNP policy group on 
covernment. said jesierday thai 
the Official Sccrois Act could 
stand in the way of thp 
Assembly having a* much open 
access lo information as the party 
would like. But members of the 
A-iemhly executive would hr 
able to instruct their civil 
servants to disclose much more 
than Whitehall civil servants 
were now able to do. 

The S.YP als<» wants the 
AssemMv to dn away with the 
patronage which Prqf. Mac- 
C.ormick claimed now existed in 
Scotland in the astohiShinely 
large number of bodies to which 
members were nominated by the 
Secretary of State. 

The number or such ‘bodies 
would be cut and a committee 
elected by Parliament would 
scrutinise appointments: 

Ministers show signs of new 
attitude to metrication 

Next week’s 



THE GOVERNMENT is now re- 
thinking its tactics to push a 
balch of controversial metrica- 
tion orders through Parliament 
against the opposition of the 
Conservatives and a small hut 
threatening minority of its own 

The first signs 'of a change of 
heart came last night with the 
abrupt withdrawal from next 
week's Commons business of a 
short debate on two orders, 
dealing with potatoes and various 
foodstuffs. It will now be im- 
possible to have them in opera- 
tion by the original target date 
of May 1. and new orders will 
have to he brought forward. 

The real kicking pnint, where 
the Tories and perhaps -0 or ‘25 
rebel Labour MPs make common 
cause. Is the clement nf compul- 
sion at present contained in 
certain "f them, reinforced by 
the ihreai of fines of up to £50 
for offenders, 

The whole topic; which is 

understood to have come before 

the Cabinet yesterday, is particu- 
larly deiicaie for the Govern- 
ment, not only because it raises 
the possibility of humiliating 
Gammons defeat, but also on- 
account df its electoral implica- 

Both Mrs. Margaret Thatcher 
and Mr. Boy Hatterslcy, the 
Prices Secretary, insist that 
metrication will not be an issue. 
But senior Ministers acknowledge 
the danger that Labour could be 
labelled the party that finally 
suppressed the traditional system 
of Imperial measures just before 
a general election this autumn. 

Government whips are nnw 
busy sounding out tbe dissident 
backbenchers, led by Mr. Andrew 
Bennett. MP fnr Siockpnrt North 
and Mr. Nigel Spearing (New- 
ham NWi before making up 
their mlnrjs 

Even Labour's an ii-meL ricalicm 

lobby concedes that a switch is 
inevitable in the long run. ft 
appears likely to many of them 
that at least the most contro- 
versial orders will be re-drafted 
to remove the element of com- 

. At the same time; responses 
are coming in to the appeal for 
support on metrication issued 
this week to interested bodies by 
Mr. John Fraser, Minister at the 
Prices Department. Among 
otheTS.the CBI quickly expressed 
its strong backing. 

Leader.' Page 22 

Levy approved 

REGULATIONS which Impose an 
80p levy bn air passengers to 
mw?t the cust of security 
.measures were . approved by a 
Summons committee yesterday. 
The regulations become opera- 
tive to-nturrow week. 

COMMONS business next week 
. will be: 

MONDAY: Nuclear Safeguards 

-Bill and Electricity (Finance) 
Bill, second readings. 
TUESDAY: Wales Bill committee. 
WEDNESDAY; Remaining stages 
of Innei Urban Areas, Home 
Purchase Assistance and 
Housing Corporation Guarantee 

THURSDAY: Finance Bill, second 
reading: Trustee Savings Banks 
Bill, remaining stages: Ship- 
building (Redundancy Pay- 
ment®) Bill. Lords amendments. 
FRIDAY— Private members' Bills. 
The House wilt then, adjourn 
until Tuesday. May 2. 

I^ords debates are: 

MONDAY: Scotland Bill, com- 

TUESDAY: Scotland BUI, com- 
' mfttec: Housing (Financial 
Provisions! tRcotiand) Bill. 

third reading. 

WEDNESDAY;. Debate ° n 
.southern Africa. 

THITtSDAY: European- Assembly 

. Flections Rin. report:* O hwT*' 
lion nf Wild Creatures find WiM 
Plants (Amendment)' Bill, 
rennrt: Solnmon islands Inde- 
nondence Bill, second re*dins: 
debate nn inviesticatlons 
Invnh-ine fnrrihte nn’rv hv 
nFteiaW *1 inland Revenue 

and other departments. 

A LOWER band of income tax 
at 25 per cent for the first £750 
of taxable Income is introduced 
in Clause 12. This is expected 
to cost the Exchequer £l-3bn. in 
197R.79 and £1.6bn. in a full year. 

The new band is likely to tfe 
expensive in -terms of the staff 
required to operate it: In a full 
year the extra staff required is 
estimated at 1.300. 

By contrast, if the Chancellor 
had' decided to make equivalent 
cuts of £1.6bn. through raising 
personal allowances, there would 
have been a staff saving some- 
where in the region of 600-800 
as tax-payers dropped out of the 
tax net altogether. Added to 
the fO.fibn. in the full year 
already allocated this would 
have boosted the rise in indi- 

vidual allowances from ±40 la 
£160 and the married allowance 
from £80 to £330. (The assump- 
tion of a steady relationship {hk 
tween revenue cost *nd altering 
allowances Is fairly realistic-; at' 
this level.) - ' 

The new lower rate is available 
In duplicate to married couples 
both of whom' work. The wife's 
earnings, if assessed jointly jwitb- 
tfaos of her husband, free 
of tax ud to £985 and the mar- 
ginal rate on the next £7 50- to" 
£1,735 will be 25 per cent.. But 
this does not raise the. threshold 
of £ 7,000 at which thes couple 
move from the basic •>_ ■ 
As our table shows, for those 
married couples whose earnings - 
are high it will be advantageous' 
to be taxed separately. ■. . 



Married couple’s carped 
' income allowance- 




Taxable income 

£1,500 at 25% 
£5,500. at 34% 
£1,000 at 40% 
£1.000 at 45% 
£130 at 50% 

. £375 



£ 6 $ 

Tax liability 



Income . ' ,Q 

Single penon*a allowance 

Taxable’ income 

£750 at 25% 
£4,090 at 34% 


r 4thermomi 

£3,160" l Tax liabffity for couple 

£3 ■ • 

4 - 

Tax avoidance 


MEASURES against four tax 
avoidance schemes are spelt out 
—as forshadowed ia the Chan- 
cellor’s Budget speech. By far 
the most important of these is 
the retrospective _ action- ■ taken 
against the “commodity carry" 
scheme in Clause 26. 

■. The scheme, which used part- 
nerships to create technical 
losses which could be set against 
tax, is outlawed from April 6. 
1976, before it was first 
marketed, through the subclause 
which rules out relief where the 
loss was sustained in a trade 
carried on in partnership. 

Subclause 1 (b) goes even 
further and rules out relief 
where “ the sole or main benefit 
tbat might be expected to accrue 
to that person from his interest 
in that partnership was the 
obtaining of a reduction in tax 

The “sole or main benefit" is 
a powerful catch-all phrase which 
is bound to prove water-tight in 
the courts, though no one is 
likely to try to test it. It is 
stronger than the similar expres- 
sion “main object." where a 
degree of intention has to be 
established. The. last time the 
phrasing was used to- eliminate 
avoidance schemes was in the 
1976 Finance Bill 

It is believed that this Clause 
will not affect ' anyone genuinely 
involved in commodity trading. 

The other schemes ruled out 
are the sale of land with right 
to repurchase, in Clause 27; 
avoidance of CTT charges on 
discretionary trusts. Clause 56, 
57 and 60; and an insurance 
scheme involving associated en- 
dowment and term life policies 
lo avoid CTT, Clause 6J.. 

Varied iid for small business 

THE BILL contains a large 40. The first gives an individual 
number of the reliefs for wnaU wbo makes losses in any 1 of His 
business already announced in first four years* trading bn Tus 
October, 1977, and at subsequent own account the -right t& earry 
times. ' ' these back for up to' thnefe years. 

Many of these require litffe' This enables him ^ carry losses 
elaboration.' The corporation- oS- back Jnto4the years' before . he 
rate of 42 per cent remains tin-' -Started tiis'*~wn ' business — as 
changed, but this applies up to already- announced. Counted .-with 
a higher ceiling of ; £50,000. .th"e : ••already existing' carry for- 
Between that figure and £35,000 ward\ previsions, it- , provides 
the effective marginal ,*rate goes Consiaerably greater flexibility, 
to 66 per cent., so thht by this and the possibility of accelerating 
latter level the compifny is pay- any tax repayments available in 
ing an effective 52/ per cent the early. years of his operation. 
overalL J The second incentive to invest 

The profit level tie low which is given to the provider of loan 
the Revenue will m>t require a capital, oT to a person guaran- 
elose company to distribute its teeing the traders borrowing. If 
available trading profits as divi- the loan is made, or the guaran- 
dend is raised fo £15,000 for tee given, after April 11, 1978, a 
accounting periods ending after capital gains tax loss can be 
October 26, 1977. For companies claimed by lender or guarantor 
with profits up ' to £75.000, the if and when: the loan becomes 
amount to be regarded as die- irrecoverable or the guarantee Is 
tributable will • never exceed called. The : relief excludes loans 
those profits Iks half of the and guarantees between husband 
amount by which they fall short and wife and between associated 
of £75,009. Apportionment of companies. ' 
income is a Damoclean sword Passing a , family business or 
which falls each year on only a a family -, company down- the 
handful of companies. generations wlU bo rpuch less ex- 

In vestment in new small busi- pensive' as a result of clause 37. 
nesses Is to be encouraged in two This holds over the capital gains 
ways, set out in clauses 25. and tax charge ou gifts of those assets 

until the recipient himself s* - 
them. Agricultural land quaU_ . 
for the relief, even where r ; 
donor- was jiot. himself a fam 
so also '.do ' trading assets ?[t : 
shares la family .compa 
time they pass from. 

beneficiaries, or- when ohe^- 

t&fi&nt -succeeds anotirer.^ 
.'.The increase Tn the 
-transfer tax - threshold , 
£15,000 to £25,000, and me 

van cement nf each other tax b 
were announced last Octof, 
Clause 49 contains the di 
legislation. - 
.The Chancellor indicated 




October-thathe was also prof r:v,; • ; - , ^ -.i 

ing to reduce by 50 perrent^-— #v - ( »m: *ai A 
value charged to tax wherelj,^' w ' ■ 
incorporated businesses and 
trolling shareholdings were hi" .• _ ' 
ferred. A second reduction,-.-- 
value was prtmrised for 
of minority shareholdings 
quoted companies, this 
the rate of 20 per cent Boi 
new 20 per cent reduction 
the increase from the previo 
-per cent to 50 per cent, we 
be limited to the first £50 
of transfers made. Without 
fanfare, itris limitation has 
omitted from clause 51 of 

Mortgage tax relief 
remains unchanged 

Value added 

tax changes 

CLAUSE 9 sets out the £10.000 
annual turnover above which a 
trader is required to register for 
VAT, thus becoming liable to 
charge tax to his customers and 
to file the periodic returns 
necessary for paying that tax 
over to Customs and Excise. It 
also specifies the £S,500 figure 
below which be cad deregister. 

What is also made clear in 
Clause 10 is that in future the 
Customs will be able to cut 
through red tape which has pre- 
vented deregistration when a 
trader failed properly to file all 
his returns — a solution as 
welcome to uncomprehending 
small traders as to hard pressed 
Customs men. 

Tax disclosures 
to the EEC 

THE LIMIT on property loans there vve re attempts to have It 
ranking for mortgage interest indexed'-in committee, 
relief is to remain at £25,000 for The sums involved in raising 
1978-79, says Clause 16. or lowering the relief threshold 

Since 1974, when the limit was “WUgf 1 Me compared w'rth the 

introduced, and March 1978, £I ?V r “ ^ ^rtgage interest 
houses in the £30,OOO-plus market e - ^ xchet iuer eaeh 

have risen by about a fifth over T®* 1 ; in ^enueif the 

the nation as a whole. So. to keep limit .vjere reduced to £15,000 for 
pace with the rate of inflation in example wouTd be UDhkely to be 
bouses, the mortgage relief limit more whde if itwere 

should now be in the region of ra ^^ a t 0 wou lfi 

£30,000. probabJy be- less than £lm, 

The figure was set in 1974 as .It should be sorted that pne- 
the maximum amount o.f borrow- 1974 borrowings carry full tax 
Ing for “an only or main resi- deducibility until 1980 under 
dence” for which interest could the. transitional arrangements m 
be claimed for tax purposes. The the 1974 Ant These loans, even 
limit has to be re-enacted every if more than £25,009, will ttiere- 
year — the result of a 1974 com- fore .give ; unrestricted ■■ interest 
promise at Report Stage after deductions for another two- years. 

to divers 

DIVERS and diving supervi. 

Self-employed abroad 

TAX relief for self-employed all for genuine business reasons, 
people and members of partner- The longer qualifying period re- 
ships resident in the U.K. and duces fh& enforcement problem, 
working abroad is introduced in The- deduction to be given is 
Clause 22. it Is- similar to that 25 per cent,- of -that part of the 
brought in for employed indi* profits from' the trade which is 
vfduals in the last Finance Bill, attributable, on a time basis, to 
The qualifying period before the number. ; of days working 
relief is available has been abroad in the year of assignment, 
doubled, however, to 60 days. Very. fcw-People are expected 
This is because it is much more to benefit from .this provirion, 
at a self-employed individual’s Among' those who will find it a 
discretion whether or not to be usefid corisult- 
abroad than an employee’s and ing ehgi niB€I ' s and architects on 
because of the greater difficulty fairly -iang assignments, . for in- 
to establishing whether it was stance in the'Middle East - 

THE" Inland Revenue is em- 
powered by Clause 62 to disclose 
information to other EEC taxing 
authorities. This provision- is 
made necessary by Directive 
77/799. but it represents no 
extension of the provisions 1 
already incorporated into- the } 
Double Tax treaties between the 
U.K. and each of the other EEC 
states. The treaties enable the 
Revenue to *wap information 
mredcrj fnr the prevention of 
fiscal evasion. 

working in the North Sea 
other offshore waters will 
taxed under Schedule D, 3S i 
employed, from 1978/79. irisi 
of under Schedule E (PA\ 
Clause 24 lays down. 

The estimated, cost of this ■ 

cession to the Exchequer i 
full .year" is £Im., altbo 
revenues will be reduced by I 
in 1978/79 as the divers gain 
benefit oF transferring from 
As You Earn to income tax i 
a year in arrears. 

The justification of the cbai 
over given by Mr. Robert S 
don. Financial Secretary to 
Treasury, to the Commons ear 
this year is one that it is fea 
other industrial groups may 
to exploit in future. . 

He defined the distinff 
features of their work as 
danger which it entails, tl 
vulnerability to long-term be: 
hazards, the exceptional tra' 
ling difficulties involved and 
hortness of their working lif 

Capital gains 
roHover relief 

A CHANGE Is made by clause 31 buildiogi- ' it " could not . .Itself 
to those who qualify for indiis- benefit -if it .was not taxable. .. 
trial building allowances. p re - ' The .company .and. -the autho- 
viously they , were allowed to rfty-c^r now : elect, jointly that 
those responsible for the expen- the grant of the leasn, and the 
diture on construction of a build- premium "paid by- .the ;Iessee-'on 
ing. or its purchase new and the grant, sbal . Qualify, the. lessee 

unused. Where a public autho- for "anotypnees^ . . 

rity constructed advance fac- ance provtsfans are writteb bit Secondly rolkiver relief will n( 
lories, but was unwilling to sell the grefltf-shati qualify the.lessoe..|be. available to the Individb 
Ibem outriclit. It could not pass who ace connected from' using; who owns and replaces an ass 

■ V- : _ T I . . Hit «rn/4 

CAPITAL Gains tax rollover 
lief for the- replacement of bt 
ness assets is relaxed in t 
directions by clause 38. First 
individual or company carryi 
on two or more separate trai 
can rollover an asset disposal 
one against an - acquisition 

One of the problems in tl 
area to toe past has been toe i 
certainty, as to, whether t 
Revenue would accept that t 
activities could be regarded \ 
all r part jof one eonclomcra 
trod®. Taxpayers could seldt 
obtain advance clearance on th 

ihe entitlement to allowance* to tbe flexibility provided, by this] which; is used fnr -tradinc pi) 
id the clause '^ bblito ta? benefits, f poses by his family company. 

a company which only leased : 



>,*, V : ■ 

April 21 1378- 





Makes the fuel go twice as fair 

a required. Conservative cost projections prime covers to ta»t Pump 

it- The intention is to continue for individual units made b^r the schemes Is the subject ttj_SSQm-. 


grant ~h»» provided 1 WM of 

equi pm e n t that tain separate AIMED AT what could be - 

these acoustic emissions into an highly lucrative European mar- The mienuon is to roaimue ror “■? *-£■ ^7^mmit4uDded programme, 

energy spectrum which should ket of some 46m. central heating development with the turbine/ company start from a tac Govemment-ttinaea 

showthe l^Mesting engineer installations, growing at an compressor unit along toe byes ctoo ft? Eu^e to catch up and keep up 

whether hi* vessel is safe or has annual rate of about 2Jm., is a of a gas bearing supported with one of --2° r * ®pnven aur^e £ have been 

accumulated . dangerous amounts U.K.-backed project which seeks design with no lubrication, metal tional ^ 5tem ’ T ^“ ^ 0S ^f.,^ r0 P H Tttie 'promise Is for 

of <iair> »» Some work' of this to cut fuel consumption, per to metal contact taking place £65 a year compared with £150 recogn extension of U-K. 

IctocLhas been -done to the U.S., installation by half. only on -start-up and stopping so and allowing *?«; a *£ ^ “?£ mSSfactwtol 5thin say. two 

Behind that ' bald statement that wear would be min i m al. annual increase in fuel prices, it ac 1 U K 

several years of work at ' — s — 7 

but isa completely new lincof 
res e arch to Britain. .. lies 

industry has a 
'in.'- the research. 


.'.1 *}£'-; t . - ■ manufacture of. vessels wdihi na 

- K- a. 1 o^.-.lBCHNIQpE being, used at contain . cooling" "water -to ©lec- 
“ University for testing pres- trical generators, because it is to 

*-■ .; Jfjka vessels made of glass rein- tighter cheaper and does not re 

interest Glowed *” Centra} "Resources Uses any fuel 
'or Instance which has readied such a pro - 

follows that a user who installs 
a total Glyrrwed system would 

On the face of it, the Ranktoe 
beat pump is at least five times 

auj *«*v« a iorai heat pump is at least nve umes 

w. ■ we ica cm vu. cv>. _v" ■ — n “■••u uoo icbvu™ “ »-£**- _ . - . __ cave something like £1,350 over __ a <e.(. n t .« Mniric unit heat- 

tfee-CEGB has jeewitly hegun^lo mi sing stage that a^ large EEC "^^•SlreShi'S^Jd ™ SSI .despite the 

higher ^ _ r 

energy into comfort. This cogent 
and j 

use grp in place ofTnetal to the grant 0 foPftirther development p s - But any fuel cooldbeused ^ it 2 e ^ t - de * P 

manufacture of. vessels which has been awarded- . P Considering only fuel and ^ment raimot be ignored at 

The essence of the pro jeet : is the . R ^“. . unit & 10 * w boiler costs with the heat pump a time when industry and 

sCJS® ^ade of glas rein- aghterr’cheap^r ' and does not refrigmtoc) “hteh wS^take nominal heat output is ££ Sn^mttoui ^system’ C St^fm eS£?ted to ^Se it*** ***** 

a £w2se SSSS*S«S ^S¥SSS &jssm& 


gsar^ssEoms ?shs 2 s ssaa 

grp h-gej* . tAtS* £. to operate «****„ “AST «“ “** Eur0Dean lead ITbJMA S8S 

nuiv(nau> than os per cent, comparable 

Work: along similar lines is in with a good gas or oil-fired 
Wh main one Is that the direct-ama progress at Harwell. In Italy, boiler. Electrically driven 
u A, hi.? ™umn would riot into any Rankine engines are under study pumps, on toe other hand are 
* warm P air P o™°warrn-water based for district heating schemes, preferable to any other form of 
hLTne ?vstern witoout the need while in Japan they are in use electrical heating. 

unto twenty time 5 -Stronger “»***«>«« *'«——»«*' "T-iZr+u* uuwv».«*.v section to for heavy industrial applications. Farther details of the project 

•■■‘■ : '- r tSa?iSort?-SSSS5 than they "S? ^ makmg^hiw^e . the non-tbxic-and several possible tor the di stril juood «cti w the U.S.. a development from Glynwed Group Services. 

■ ’■ "-‘^Sdrtobe ' u minesweeper HMS Wilt on., the candidates have been studied. It bfaltered. lt could operate in jui nmme which embraces Headland House, New Coventry 

' ' ^rotessor Harris says: “Some first ,srp Sh*P in the world m JS used Jn the thermal “S 1 " ^ reSble and Stirling, Rankine and similar Road, Sheldon, Blrmm'&bam 

- - Z? StfrLFSu’tL S rSelfe^n^ “ SmS comPusuop en E in e , as 1 B26 3AZ. 

vessels designed 


and naval service. 

cause at present nobody knows s ° tJjat visible ngas of ' ■ aam 
W Md why they faiL^ age ^ be compared wito the 

At present products of this acoustic energy data.^ Sutore- 
5d are proi-tested to twice the gently, field- writs wiil Je-made 
Id they will be used at, but- to power stations or gejggS 
iof testing may itself damage and the acoustic “fingerprint 
, structure of glass-reinforeed .of real pressure vessels .wUl be 

TAXATtyjriJtt and Weaken them. - ' taken for comparison with the 

Display to 
meet most 
user needs 

CUSTOMISABLE is the word 
used to describe Logica’s intelli- 
gent visual display terminal: A 
user buying it from Logica 
obtains a unit on which he 
specifies his own requirements 
from a list of options. 

' In the past, many such 
terminals have been a compro- 
mise between the requirements 
of individual users and toe con- 
straints imposed by manufacture 
in volume. With Logica’s' new 
unit the customer can choose 
any combination of features 
from an extensive list . which : 
includes 132 or SO character 
lines, up to 30 lines per screen; 
software control of editing, pro- 
tection, validation and process- 
ing of data pins scrolling and 
paying; down-line or local pro- 
gram loading: emulation of stan- 
dard terminals, with • extra 
features, and up to 64K bytes of 
memory, among other charac- 

Logica has developed this 
VDU on the basis of extensive 
experience in the design of 
Terminals for special applica- 
tions and developing custom- 
built displays for client assign- 

Logica on 01-580 8361 at 64. 
Newman Street, .London W1A 


a tough 


Performance improved 

IBM installation it had saved 
the next minimum upgrade, an 
economy of £162,000, and put 
back purchase of a new pro- 
_ cessor by one year. 

qppAKlNG to the annual Tes- ment but wish to get into total Performance measurement to 
- - data European users’ conference systems measurement which large installations, however, can 
taCannes recently, DM Plan- includes I/O. . peripheral^ have many purposes. A .lucra- 
Snerice-president sales, said terminals, communications and tree market for Tesdata. is m 
Tesdata sales last year were software. airline systems, where it gets 

il45m that approximately 30 The reasons are easy to used for monitoring efficiency, 
ner cent came from Europe, summarise. Systems evaluation eliminating bottlenecks, and 
Associa- P“ ihstthere were over $25 m. and performance measurement, generally seeing to it that the 

and tnai l£ e re . . ♦„ a^iall-p rininc. «iimv ITPIPc oro kr»nt m 1n.de4 as pOS- 


In the case of Air France, 

sues anu. weaxen uiexu. - — *■7^“ __ i~i . 

iesearch^at Bath aims^at find-, rcsultsofthe preliminary: opra- COppER Development Associa- that' there were over $25m. and performance measurement, generally seeing to it id 

; a way of testing the matenal tory work. t tjon with the support of the main T „ Kr > at j,> Q uc systems le adin g to. actually doing some- CPU’s are kept as loaded 

bout subjecting it to excessive ffiSmBSm of cast and T SSfi expwts to totoT to iiiprove throughput is stole without any systems 

■ Ids. The kind of microscopic » jj w^,vht SSStoium bronze, is msjaUed._ Jesdata «P«ws to dL^inline among- dation- In the case of Air ] 

Mage that occurs during proof an installation 

with its” sound wrought aluminium bronze, is i^^^coxne *$20m^ worth" this a growing discipline among" dation _ . — . 

Ko^ g the a ind P tSSl I1 Ses S the next 18 months a b™ V &* tSed lar^SS^atS 

firAssr'" s7s,ems 2^‘Assrisrs 

the equipment provided by the 
supplier, Univac, Air France hav- 
ing its own software system. Now 
it has become part of the evalua- 




11 business 

The SRC Dbwn, Bath BA2 7AY. 0225 6841. P n “ nee ^ wm ^jude th e !>ro- •'" x ^ a ^"Muipment is used by provement and a sc.3in. increase Hon process miring ue pimmase 

duction of a manual providing lareTinstaUation, skilled staff to earnings without any equip- of new equipment (three Univac 
full details of material proper- JSSKanies. who^are not just ment or personnel increases 1140 CTU^) and wiaed m toe 
ties, standards, typical applica- cont J nt t0 d0 simple processor As tor the delay m upgrades, decision makmg process to try 
■ j ji ■ j • tions. shapes, forms and sources memory hardware measure- Rank Xerox reported that in one to arrive at a configuration. 

iccurate thermometer ^ « j^sss $ss, — • 

^WAY has added x high ao- probd^topotrand for drivtog its spectoc ataaJninni 

acy model to its hand-held,- - four, < -segment LED displays. ferenCg wi ^ P be be i d ft London 

tery-powered digital thermo- Together these dK^.J 6 ?^??* early to 1979. 
er series. have-not only, contributed -to the _ bi en d of strength, 

[odel 8055 is intended for use ow parte count and, toerrioro. COTrosion res istance. weldability, 
a range of platinum resist- low production cost of the .in- hricat i on an( i foundry pro- 
temperatnre probes. . These strument, they have klsj-JgnJJ* of aluminium bronze has 

tude both the five standard cantly reduced power co^nmp- P-i? b een recognised by many 
“’•"S. types aviilabte" fromJenr tion. With sBndanl *7 tatt- i“f, ^udSS^TKoS Na^r, 

, and versions manufactured tenes. up to 1^. hours rontinu- fulfilling the exacting require- 
^‘-‘=meet specific, customer re-.oufr.Tise g P^^ 16 ; meats of Marine, offshore and 

• vr- Aments. - - ..... optional lpfl500 aangaoefie i dr rocess plant environments 

• r r-T-.r. has a temperature range of kaltoe cells, 4o • hours cantinur . include pumps 

■ ' "z-;; 1.9 degreesC to +198^9 de- ous^ or 100 hours intermittent use impellers, marine 

■- jsC, to a rMOlutioj. oTOJl Is . fellers, reaction vessels and 

-^reesC. . It embodies a -high -Jenway, -26 Bloomhuls .finuia- ij Dewor t heat exchangers, gears 

: - - -mrtion of modular circuitry, .trial^Estate, Rayne Koad,:Bra6- 

if or ltoearizafiQA. of the. Jree^ Essex. ,0376 262661 ■ 0 f/ : its copper inf orma- 

If not exactly the odd man out, 
the Univac installation is not an 
everyday one for Tesdata. Most 
of the systems they have sold 
to have gone to large multi-site, 
multi-system CBM users, even if 
at the start they are not used to 
all the users installations.. 

■ An example of the large multi- 
site user is to be found in Deere 
and Co., of Molines, Iowa. It has 
four computer centres, three to 
the U.S.. and one in West Ger- 
many. These are interconnected 
the company indeed has 280 
data transmission lines. It also 
has nine 168s, three 158s, a large 
number of disc and tape drives, 
and nearly 2,500 terminals* 
Hence it has had to become 
deeply immersed in software and 
hardware monitoring and 
measurement: In this sort of 
situation even a 1 per cent in- 
crease to throughput can be 
worth hundreds of thousands of 


Switched on ; 

FINGER TIP touch on a brushed " 
aluminium plate is sufficient for-, 
on-off control of lighting with the 1 
-Midas • touch dimmer control, 1 ■ 
says Superswitch Electric i 

Lighting brilliance is increased f 
or diminished, or held at the -1 
desired level, by more prolonged*' 
pressure, and the - control is ' 
located to the dark by an amber- ■ 
indicator light which works at 
maximum brightness when the 
switch is Off. . 

The control automatically 
adopts the “off” mode so the" 
lighting will remain off to the 
event of bulb failure, and ilium- . 
iiiation of the indicator light will 
show when the power has been 

More from the company at 7. 
Station Trading Estate, Black- 
water, Camberley, Surrey GU17' 

9 AH (0276 34556). 


Looking for 

EIGHT CITY and regional -indus- 
trial development bodies from 
the Canadian province of Ontario 
are coming to the UJC. over the 
next few weeks to look into 
business opportunities. 

Contact wiU be sought with 
British companies interested in 
expanding their penetration of 
Canadian and U.S. markets 
through expansion of manufac- 
turing operations, new plants; -x 
warehousing and distribution • 
facilities. Joint ventures and - ., 
licensing arrangements are also- 
on the agenda. 

Arrangements are being;., 
handled by the Business Develop-: 
meat Branch, Ontario House, 
Charles 11 Street, SW1Y 4QS,; 


electrical wire &eable? 

Thousands of types and sizes in 


cONDON 01-5618118 



; immediate delivery 


1 ( 0224 ) 32352 ^ 5 ? 

101 6373567 ExL409 

u> divers 


-,.il OV^ 

tion service. Copper Development 
Association WiU provide 
prehensive, advice on aluminium 
bronze from , the design’ stage 
through material selection to 

Manufacturers supporting the 
programme are: N. C. Ashton, 
Boulton Foundries, Delta 
(Manganese Bronze ) . Langley 
Alloys. Meigh Castings, 
Mckechnie Metals, Stone 
Manganese Marine and Yorkshire 
Imperial Metals. 

The manual will be available in 

September. Enquiries should be 

addressed to: Aluminium Bronze 
Enquiry Service, Copper Develop- 
ment. Association, Orchard 
House, Mutton Lane, Potters Bar, 
Herts. EN6 SAP. Potters Bar 
507 XL 

Keeps fungi 
at bay 

low. toxicity, developed fo r, in- 
dustrial use wherever stringent 
standards of- hygiene are needed 
on internal surfaces usually prior 
to redecoration, is announced by 
Liquid Plastics. London Road, 
Preston PR1 4AJ, Lancs. ■ 

Aaa pre-treatment to walls and 
■ ceilings that are to be coated to 
Steridex, Bioridal Wash, promises 
a highly durable fungistatic 
membrane as protective coating 
in hygiene-sensitive areas. It is 
said to be - virtually odourless, 
highly resistant to water-based 
chemicals and will wit hstan d 
scrubbing with scouring powder 
Without damage to the semi-gloss, 
low .reflective finish. 

Initial teste indicate an effec- 
i tive life-span in excess of two 
years, and tests conducted to 
BS 1982 (1968) show no regrowth 
Iof. heavily contaminated areas. 

| 0772- 587S1. 


Shaping of 

EQUIPMENT for the shaping of 
laminates by what is known as 
the post-forming process is to be 
marketed by Evans Rotork, a 
new company set up by Rotork 
of Bath. Somerset, following its 
acquisition of toe Evans Division 
of - Royal Industries of Phoenix, 

In, the post-forming process 
laminates are softened by heat 
and bent to conform to almost 
any two- dimensi onal curved or 
shaped surface. By this means 
it 'is possible, for instance, to 
produce smooth curvey edges to 
the laminated tops and doors ot 
bathroom or kitchen units and 
thus'- avoid inclusion of corners 
which might trap dirt or show 
dark edge lines. _ . 

Evans Hotork is now ouenng 
what- it calls the basic starting 
kft — the post-forming machine 
alone— or a complete production 
line which would include a glue 
sprayer, index table and bonding 
roller, mitre saw, router and 
joiner. The equipment is such 
that it can be used both tor 
producing stogie units and mass 
production work. 

XVUUdJ v ^atuiaUy proud to have been honoured with the Queen’s 

Award forExportAchievement-butare even more proudofthe achievementitsel£ 
In the last three years, our exports of British-made Kodak products 
have almost doubled-ftom £44 million in 1975 to £83 million in 1977. 

Kodak products are used, not only for amateur picture-taking, but 

in the service of industry com- 
merce, science and medicine- 
in fact wherever there is a need 
for image recording. They 
have built for themselves a 
worldwide rep utation. This is 
the philosophy on which our 
achievement has been based. 
And for all 11,000 of us at 
Kodak Limited, it’s a philos- 
ophy we are proud of. 

Kodak isatiadeimzk. 

19 7 8 


!--?"xir.' 1- rrr errr~ . 



IS so 

at the World Bank 


r ?*' N 



MORALE ‘ AT . the International counterdjaises of- this Mad. It 
Monetary Fund and the World is far from easy to sort them all 
Bank— two multilateral financial out What is dear -is that both 
institutions which employ more organisations- are npder closer 
than 5,000 people from' 130 scrutiny In Washington than at 
countries in Washington — has any time -since the ; McCarthy 
seldom been lower. The penoa and fiiat certain members 
immediate cause of discontent is W Congress seem to regard them 
heavy American pressure to.&s a prim? target for criticism, 
malte both- institutions cut the-* ™? r Cpngr^onal case against 
real salaries of most employees, the World Bank wag stated in an 
Im the words of one U.S. official, article last month by Congress- 
thev are “overpaid and over- man Clarence Long, chairman of 
narked ” - . , .the international operations sub- 

H - ' • _ . , , . comminee'of the House apprppri- 

£utthe debate about salanes— a ^ ons committee. It -is worth 
and such things, as first class air q U Qtine oiie paragraph at length 
travel-,' subsidised lunches, and as ^ shows how suspicious many 
low interest loans — is a symptom congressmen have become of the 
of ~a much deeper concern, atony Bank an d ^ aims. (The Fund 
employees have come to believe j n f 0r lesg prtticlsm, 

that the U.S. wishes to change perhaps because its role is less 
the nature -of the organisations aasy to understand).- - ■ 
and that Congress, in particular , r nreient writer feels" 

knows little and cares less about lmo^SSt *3mt the drift' 
** they axe trymg to do. ^JjSStSSii 

Mr. Fred Bergsten, the spending and has .resulted in 
Assistant Treasury Secretary un responsiveness to the 

responsible for U.S. relations American taxpayer, who put up 
with the World Bank, is a firm the money,, in extravagant tax 
supporter of both bodies and dis- free salaries, benefits and travel 
misses the charges as for bank employees, in aid to- 
“ ludicrous." But they are widely dictatorships - and " violators - of- 
made even by some American human rights, and in subsidies 
employees at the bank wbo enabling steal and other Indus- 
recently asked President Carter' tries abroad to undersell U.S.. 
to* stop unwarranted Treasury -industries that cannot get similar 
interference in bank affairs. • • ‘ low-cost loans." . 

British employees, in a similar Fared — i! 1 "^ ^5-n 

letter to the U.R. executive- the Administration, which is still 
director, said that. “we strongly trying to get Congress to accept 
believe that the pressure which.' a massive increase in appropna- 
the U.S- Government has exerted^ tions for both the Bank and the 
orf this Institution is not based’ Fund, has been tarced to give 
on any real concern for the ground. It has given way. For 

developing countries, our on imuauic. 

personal rivalries, domestic gressional .amendment which 
political expediency, and inter- instructs the ’ U.S. executive 
national diplomatic trade offs." director of the Bank to oppose 
The air is thick with charges and loans for certain commodities 

that compete, with U.S; prbducts. 
(Sugar from Swaziland is merely 
one example.) 

There has also • been .pressure 
on both bodies to prevent lend- 
ing to some countries on- “ human 
rights " grounds, pressure which 
still continues. In the view, of the 
employees, at any. rale,. the U.S. 
has been least helpful'-lh the ‘case 
of salaries, its willingness ‘to go 

'figures abont'jcoinparatiye salary 
levels .. in- the -'U-S-, western 
Europe, and elsewhere, and to 
see whether employees ‘are In- 
deed overpaid^ .yie Bank and. 
Fund have jbtatiy' bom missioned' 
a study by management consult- 
ants. It will riiot be ready until 
late ' summer., to - the Interim, 
both organisations prepared to 
pay their staff ia full 7. per cent 

U.S. pressure to reduce salaries at the IMF and 
the . World Bank .is a symptom of a much 
deeper concern. " Many employees have come 
to believe that the U.S. wishes to change the. 
naf tire of the tWo organisations. 

along with Congress prejudices increase based on the increase 
may already have dune, lasting of the cost of living iq Wash- 
harm to the two organisations. Ingt'onra' the. jrast’ year. But the 

Employees of the Bank and U.S. lobbied .hard against it, even 
Fund are not especially popular using its ambassadors in sev- 
with the U.S. civil serviced There eral countries to put pressure 
is great resentment of what many on finance ministers. 

Americans believe to be exces- The Americans agreed with 
9ive tax-free salaries . paid- to the great reluctance fo-an increase 
non-U S. staffs, and a range of of balf the amount proposed, 
otfier perks. ’ American officiate make little 1 

The’ official American, view seC ret that it -is.. their- ihdina- 
is’ that IMF and World Bank ti00 that saTaries of non-U.S.’ 
salaries are out of line with employees should be cut by 
comparable salaries m the U.S.. between 5 and 10 .per cent, in 
and even- with those Jn the purchasing power over the next 
German civil serin ce. The U.S. three years. Though Americans, 
is pressing the vfew -that they working for the organisations 
should be. based on a weighted do pay tax, they do. so on. 
average of salaries paid in the a very favourable basis ■ of 

TT S ortvato and nuhlic sectors. -x-oecrviant whioh Wuhinntm' 

together with the civil . services WO uld like to - abolish. • As a 
of a few other Important donor result their : salaries after tax 
countries. . . would be cqt -by up to 20 per 

In' an effort to find* objective cent This has caused an outcry 

within the two "organisations ; on 
the grounds jbat ft proves that 
the U.S. has taken a decision 
before seeing the evidence. But' 
UB. .officials -say that they are 
prepared to change their minds 
if fc the new figures contradict 
those on .which they "have taken- 
■their position. \ 11 

Critics of th&, U.S. position 
argue- that - it . is - harm tog the 
Bank and Fund 'in two ways,. 
First, that the publie attacks on 
the r staff, salaries made -by Mr. 
SUehaei ■ Blumenthal the 
Treasury Secretary, - and others' 
have. ■ undermined -the institu-. 
tiouls standing on Capitol. Hill 
and have, played into .the hand 
rof ; their ■ ■opponents there.*- They 
have 'also undercut the position 
of .staff , working on ■ overseas; 
missions. Second, the critics 1 
argue -that the U.S.- attempt to: 
keep, down salaries will- inevit-. 
ably threaten, the. multilateral 
character. o£ .-the two ■■ bodies. 
They argue* that it is now in- 
creasingly hard to recruit staff 
ot the- right calibre from much, 
of - ■western Europe, Brazil, 
Japan, and gome other countries.. 

• Borne -emptoyees believe that, 
the U.S, is really trying to reduce 
■ the number of- western European 
employees, (not the, British,- of' 
course who' are still extremely 
well paid in comparison with UJC. 
salary levels) and thus ensure 
that more of the decision making 
can .be dominated by the Ameri- 
ca us. The U.S. is,, by far the 
largest donor to. the bank 
and the largest shareholder - in 

the prmdgie -of multilateral.: ai£ 
or - has proposed so . large ’ an 
increase of appropriations^ The 
■U.S- does not- want'- to end the’ 
salary differential existing, in’ 
favour of the Bank and Fund,' he 
main tain^ but to limit its extent- 
1 - ’ But it- is very hard to •measure 
this differential, - comparing 
'salaries to tbosein the Tp£ or 
the EEC or the OEGDj, or private 
industry. There are very Impor- 
tant intangible factors which 
seem scarcely to concern some 
American officials. For . instance, 
^although ’a, change 'is promised, 
U.S. law stUT - prevents most- non- 
U.S. Bank and Fund wives from 
working.. Many employees spend 
iong weeks away 'from home hi 
inhospitable places. Wives who 
- speak no English, .ch^.dren. of ; 
ijQon-U.S. officials', wtid go through 
.schools have tp. leave the coun- 
try after university,, even though 
■they have grown-up in the U.5. 
The only -way around Is to’ apply 
and be accepted as an inurcigraafr 
-which is complicated and may 
not suit the 'fetmily conce^ne4: , . 

It wifi be up to the consultants 
to take account of all these fan 
tors but there is no doubt that 
■for the moment the UB. atti- 
tude has poisoned the .attno- 
'sphere, however 'well . founafed 
" some American objections mas? 
be. Many employees, even .those, 
at senior level,' in- both : orgaafi 
rations, fear that thesp-past 
weeks bave seen only a light 
' skirmish compared with .-'-the 
arguments that will break out 
.when- the - consultants- have' 
finished their work. Certainly 

Australia and NewZeal^ v. 
Banking GrotiBiarrtfted ! .:f 

O’ a" 
* - 

rv s 

. * 

r r 

r s 

its bas^ rate wiflbe 

Wk the 

. per^nrrum ; =: 



kithe State a( Vcfigla. AinteaBa v>fth limited Cabffity) 

7tCiStnhin,^ondqn E3C3V3PR Tel: Ql-623 7111 



manly rejects this charge, raying, tions faces a very difficult .task 
with some Justification, that no In trying To’ sort them' out to 
previous administration has been the satisfaction of everyone 
as committed as the present to concerned. f 




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Tel.: (0302) 20344. Telex: 547248 Grestex G 


19 7 8 

:Tbe Queens Award far Industry .1978 
has hem granted to the Sbeerness Steel'Cornpany Limited. 

The directors and employees wish to express their 
appreciation to aU the custtmers and suppliers who have . 
helped to make this honour passible. 



Sheemess Steel Co. Ltd, 

Sbeemess, Kent, Telephone: 0795$ 3353 Telex: 965764 
London Office: 10 Storey's Gate, London, SW1P 3A5T 
Telephone: 01-839 7621Tdex: 91S962. 

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AH enquiries totfie Press Officer, ‘ 

financial Times, Bracken House, 10 Cannon Street, 
London ED4P4BV. Tel;01-248 8000(ffltt 7J23). 

; <‘ l * 

Group Gold Mining Companies 

(Aii 'compsrn'es are incorporated in fre Peputii.c cf South Africa] 


Reports of the directors for the quarter ended 31st March, 1978 

Vaai Reefs Exploration Elandsrand Gold Mining The South African Land & 

& Mining Company Limited Company Limited Exploration Company Limited 

romufle 7 200 000 Grade 

chares oi 50 cents each 


9.0 grams per ton 


Tons milled . 

Yield — <ttt 

Gold produced- — kg 

Revenue per ton milled ...... 

Cost per ton milled . . . . 

Proftt uer ton milled 

Revenue ..... . . — 


Profit .. . . „ 


Toni treated . . , 


Oxide produced— kg 

Profit on sales . ... . 


Working proftt— Gold ... 

Profit on sale oh 

Uranium Oxide _ 

- Sofofiui-k: Acit l 

Net sundry revenue* 

•loyaltv to 

Souttnraai Hofcflnos Limited 
e s timated . . . 

“roftt before taxation and State's share 

Of PRilit „ , , , ... v ... mm 

Taxation and State's share of proftt*— 

Proftt alter tax and State's share — ' 
• estimated 

Capital expenditure _ 

Dividends declared— amount 

— per share 

i pen levi e s - estlma**-* 
Estimated consolidated proftt alter taxa- 
tion and State's share of . profit ol 
tin company and its wholly-owned 
subsidiary. Western reels Exploration 
and Development Company Limited 
-Includes net revenue of R255 000 

Mar. 1970 



Dec. 1977 

Dec. 1977 

1 892 000 
16 285 
Km -35 
R52 874 000 
R25 36O00D 

1 809 000 
15 90S 
RIB. 02 
R79 358 OOO 
R50 372 000 
R28 086 ODD 

7 165 000 
64 126 
R265 737 000 
R191 658 000 
R74.079 000 

1 170 000 
248 433 
R4 189 000 

1 287 000 
250 794 
R8 774 000 

4 786 000 
f 016 955 
R16 950 D00 

R25 360 000 

R28 986000 

RT4 079 000 

4 189 000 
14 000 

1 084 000 

8 774 000 
18 000 
2 321 000 

16 950 000 
68 000 
3 883 OOO 

30 947 000 

40 099 000 

94 980 000 

3283 000 

3 368-000 

8 4 62 000 

27 365 OOO 

36 731 600 

86 518 000 

.7 751 OOO 

4 191 000 

14 254 000 

RIB 614 000 

R32 540Q00 

R72 264 OOO 

RIO 681 OOO 


R2t 236 000 
R11 400 000 

60 cents 

R428 000 

R4Z 233 000 
R21 8SD 000 
115 cents 
R1 516 000 

R19 617 OOO 

R32 534 000 

R72 270 000 

ISSUED CAPITAL: SO 322 S2s shares of 20 cents each 

Net expenditure on mining assets was as follows; 

Quarter Quarter Year 

COM ended ended 

Mar. 1978 Dec. 1977 Dec. 1977 
R11 40ft COO R14 O&o 000 R4S 595 ODD 
Net expenditure on mining assets for the year ending December 31 1978 u 
estimated at R7B 000 000 ^previously R7G 000 000). 

Orders placed and oaf Standing on capital exoendlllire contracts as at Marcft 31 1978 
totalled R34 634 ooo. 

NOTE:— -Prior to commencement Of production, expenditure wilt be capitalised and 
rerenua earned, after any taxation payable thereon, will be credited to mining aueta. 


Gold revenue 

Sale ol salvaged equipment and scrap 

Sale or capital Items 

Net sundry revenue . . 

35 cents each 






Mar. 1978 

Dec. 1977 

. Dec. 1977 

R1 072 000 

R1 805 000 

R6 722 000 

84 000 

135 DQO 

1 017 000 

51 OOO 

002 000 

1 898 OOO 

149 000 

239 000 

751 000 


Men/Mawial Shalt 


Depth (a date . 

Station cutting 

Orepass raise oo ring 
RockfVeatnatlon Snjtt 


Death to date (final depth < . . . 
Station cutting . . . . . . 



Mar 1978 

, 1 9Sffl 


Dec. 1977 
i metres! 

.1 9 33 
1 522 

Dec. 1977 
1 933 
4 079 


Operating and salvage costs . 

Surplus belore taxation 
Taxation— estimated 

Surplus alter taxation ... _ 

2 195 




2 180 
1 610 

1 356 000 

2 781 000 

10 396 000 

1 045 000 

1 085 000 

6 879 OOO 

311 OOO 

1 696 000 

3 519 000 

69 000 

381 OOO 

B31 OOO 

R242 OOO 

R1 313 000 

R2 688 OOO 


During the ouarter ended March 1®*® 

_ total of 1 123 metres iqoarter ended 

December 1977—463 metres: was developed In the foptwaH of the v.r 

.... ... .. .C.R. hortton 

within this company's Tease area from Western Deep Level* Limited. In addition 
haulage development outside the staHon area continued in a northerly direction 
towards e— underlying reef on the 1920. and 1998 levels During the ouarter ended 
March 1978 a total of B26 metres was achieved (quarter ended December 1977— 

100 metres'. 

The Venferadprp contact reel has been intersected in the menimateeial shaft at a 
depth o* 1994 metres. The reel was sampled and the wr«e ol 13 sections gave 
■value* ol 2.71 git gold and 0.06 fcgft uranium over a tree width of 40.9 cm. equivalent 
to 111 cm git gold and 2.63 cm kplt uranium. _ . 

As Stated In the prospectus, the shaft system was. Sited In an area which was expected Aprfi 21 1978 
to be low grade so that richer ore would not be locked up in the shaft Dinar for 
the life o» the mine. 

Prospecting expenditure . . RIIO OOO R103 000 R462 000 


The company continued treating waste rock and crushing-plant slimes from renom 
locations on tha Rand. Mrfl tnreugnput lp« the March quarter amounted to 
161 000 tons roecember quarter 210 000 lonsi. 


Drilling Of We twq surface boreholes SRK.1 and SWP.1 in tho arc* to th* south and 
south-west of toe mine workings Is continuing. 

Orders placed and outstanding as at March 31 totalled R114 000. 

For and on henuif Of the hoard 
N. F. OPPENKCIMER i Directors 

M. S. McCRUM / 

tor the quarter 'December 31 19T7 net 


Construction work for the establishment of the mine continues to be ahead of 

In the comoany's 1977 annual report ft was stated that the mine is expected 

to come into production In mid- 1979. ' , . 

For and on behalf of the board 

Western Deep Levels Limited 

expenditure: R107 0001 being the company's Share of revenue less operational costs 

in terms of the trlbuting arrangements with Budelsfonteln Gold Mining Company 




ISSUED CAPITAL: 25 000 OOO snares ol R2 each 

Tonnage 3 OOO OOO Grade 144 grams Per ton 

April 21 1979 

. Advance 



No. -1 4 152 

No. : 4 298 

No. 3. ...... 1 232 

No. 4 3 515 

No. 5 5 80S 

No- 8 10 331 

Ouarter ended 
March 1978. 

Quarter end'd 

29 309 
32 472 
128 BS2 








trial in 























1 919 

3 841 

2 506 

1 576 

1 831 

2 546 
















2 468 



2 582 

59 3 


2 104 






2 020 












2 695 



East Rand Gold and Uranium 
Company Limited 


Year ended 
December 1977 
' C * .rear 
No.' 8 

Ouarter ended 
March 1978. . 

Quarter ended 
December 7977 
Y-ar ended 
December 1977 

The dividend of 60 cents a share declared during the quarter ended December 31 1977 
MS NJd on February 5 1 978. 


Estimated axoeiKflturc for the year ending' December 31 1978 Is R72 Ooo 000. 

Orders placed and outstanding on capital expenditure contracts as at March 31 1978 
totalled RIB ISO 000. 


Included in the above are the following figures In respect of the South Lease Area.- 
Tonnage 2300 000 Grade 10.0 grams Per ton 

ISSUED CAPITAL: 40 OOO 000 shares Ol 50 cents each 

Slimes treated— tons - 1 733 000 

Production — - , 

sulphur in pyrlre — tom jj 2»6 

uranium Oxide Kg . J hff 

sulphuric add — tons ■ ■ ; • _ ... 609 

The company formally came into production on February 25 1978 1 with Wt recovery 
of the hrst uranium. Sulphuric acid oroductlon commenced on March 14 and (he 

first gold bullion was poured on April 1l. . . . . 

As envisaged in the original financial foretssi ol me prelect, sales 
to end-Ma/rh was minimal and. a* a rejulc. there was an ooerallng loss of 
R895 000 m the period under review. 

The tonnage of- slimes treated covers the lull uuarter while the production Mures 
relate only to the Period from February 25 to end-Mardi and are reiatlyelv low m 
comparison with the- tonnage of slime t reared because ol the need to build up circuit 
Inventories and operating stockpiles. 


Net expenditure on mining assets was as follows: ,, ... 

Ourter Quarter IS.rwntM 

coded ended 

Mar. 1978 Dec 1977 .Mar. 1978 
R12 181M0 HI 5 396.000 R94 703 000 

Net expenditure on mining assets since the Inception of the company bo March Si 

Orderi"olaccd and Outstanding on capital expenditure contracts ns at March 31 1978 
totalled RS 696 000. 

NOTE:— 'Prior to commencement or production, all expenditure was capitalised and 
revenue earned was credited to mming asset*. 


Tons milled . . 

Yield — git r . 

Gold Produced — kg 

Rewwe per . ton mured 

Com ner ton milled 

Pra *if per ton milled 



Profit “ . 


Tons treated . . . 

Yield— kg t 

Oxide produced — irq 

Pnrtf on laJov . . . . 


Working profit — Gold 

Profit on sale n< Uranium 0>Me 
Net sundry revenue 

Profit before taxation and 5tale's share 
Ol profit 

'Taxa'fo- and State’s share ol profit— 
estimated . . . 

Profit after 

tax . end State ‘a share 

Capital expenditure ... . 

DMdends declared — amount 

. . — ner share 

Loan levies — ret I mated 


•Sar. 1978 

Dec. 1977 

Dec. 1 977 

764 OOO 
11 117 
R36 55 
853 PBS non 
R2S 567 nr-O 
R27 923 000 

741 noo 
14 K5 
10 866 
R31 64 
R38 18 
R51 719 OOO 
R23 445 000 
R28 294 QOO 

2 977 OOO 
41 479 
ft 29. 4 a 
ft 29. 8 7 
HI 76 B83 000 
R 87 753 000 
R88 930 000 

219 OOQ 

0 72 
47 303 

192 D00 
42 724 
Rl 40S 000 

747 000 
167 410 
R3 249 000 

R27 "71 OKI 
40i non 
934 OOO 

R2a pea nno 

1 405 000 
948 000 

R88 930 000 
3 249 000 
3 053 000 

29 3311 POD 

3D 547 OOO 

95 2 S2 000 

15 117 OOO 

15 481 000 

45 025 OOO 

R14 221 OOO 

’rTsis OOO 

RT 655*000 

R15 166 000 

-R4 55fi*onn 
Rit 975 nno 

47 5 te"v 
Rl 673 000 

R50 207 000 

R20 fi’S 000 
82.5 cants 
R4 B71 DOD 


Tons rallied 

Yield— grt . 

Gold produced — kg 

Revenue per ton milled 

Cost -per ton milled 

n rott per too milled 


Cost - — 

Profit ..... 


Tons treated — 

Yield — kgit — 

Oxide produced — kg 


Working profit — gold 

Profit on sale ol Uranium Oxide 

Add! : Net sondrv revenue f expend *turei* 

Capital expenditure— new South -uranium 


, —Other- • 

Mar. 1978 



Dec 1977 

Dec. 1977 

569 OOO 

R 78.35 
HI 6.73 
R25 6SO BOO 
RIG 139 000 
R9 521 OOO 

544 000 

S 348 
R26 463 OOO 
R15 762 000 
RIO 701 000 

2 120 000 
2D 71 e 

Rl 3-97 
RB5 899 OOO 
R5E 282 000 
R29 617 OOO 

346 000 

389 000 ' 
. 0.20 
73 828 
Rl'652 000 

1 297 000 
0 21 
268 339 
R3 080 000 

R9 571 000 
872 OOO 

Rl 1 701 000 

1 652 000 

R29 617 000 
3 080 000 

10 393 000 
255 000 

12 151 000 
(107 0001 

32 697 QOO 
<842 000) 

RIO 648 OOO 

R12 246D0D 

R31 855 000 

Rl 192 000 
4438 000 

R5 TS3 000 
R8 325 000 

15 496 000 

R5 630 000 

R11 478 000- 

R21 096 000 

April 21 f 978 

For and on behalf of the board 


M. S. McCRUM 1 Oireciars 

Carbon Leader 
Shaft area 

No. 2 

No. 3 

Southvaal Holdings Limited 

The attention of shareholders is directed to the report oF Vaal 
Reefs Exploration and Mining Company Limited. 

Quarter ended 
March 1978 
Quarter ended 
December *977 
Year ended 
December 1977 

Shaft area 

No. 2 

NO. 3 .... 

* This company's share of revenue less operational costs In terms of the trtbuting 
arrangements with BaVelsfontoln Gold Mining Company Limited. 









_ • WOW 





cm. UK 

10 331 




3 546 



12 00S . 


85.6 . 


'2 491 



45 864 


• 72.9 


2 395 






' — 


. r— 




7.5 ' 










2 695 ' 

' 4.58 ‘ 


1 790 




1 228 



1 B42 




1 BOO 



Veal reef' 

Quarter ended 
March 1978 . . 

Quarter ended 
December 1977 
Year ended 
December 1977 
■ C reel 
Quarter ended 
March 1978 .. 

Quarter ended 
December 1977 

Year ended 

December 1977 
Area umfer tribute 
fo.and developed 
by Butte inoetein 
n« Included in 

Vaal reef 
Quarter ended 
March 1978..-. 

Quarter ended 
December 1977 
Ywr ended 

December 1977 8 327 

Estimated re^KHture^ the year endfog- IMwmber 31 1978 is R4&000 000 of 
which R26 40Q D00 Is In respect of th e new SouHy uranium wa n t. 

Orders placed ami ootstandtoS on capital oxp eiuUtare contracts as at March 31 
1978 trailed. R1 2 311 OOP. 

1 068 130-4 13-11 1 709 



For and on .behalf of the board 

W. ft. lAwrig • DlrTctl>rt 

April 21 197ft 







An announcement was 1 published on February 10,, 1970. 
and copies thereof posted to all members, stating that in 
future dividends would be declared by these companies when 
the actual operating results of the relevant accounting period 
were available rather than before the end of the period baaed 
on estimated results. Accordingly in respect of any dividends 
- which may be 1 declared by these companies in the financial 
year ending 'December 31 1978 and ; subsequent years, the 
declaration, publication, record and payment dates will be fixed 
. some five weeks later than has been the pattern in the past. 

2. Development values represent actual results of sampling, no 
allowance having been made For adjustments necessary in 
estimating ore reserves. 

The Orange -Free State Group's results appear on another 
page in this paper. 

Copies of these reoorts totil be availabTe on request from Oie 
offices of the transfer secretaries: . , 

Charter Consolidated Limited, P.O. IP2. Charter House, 

Park Street. Ashford. Kent, TN24 8EQ. 


Ouarter entfetf 
March 1978 
Owner enrifirf 
December 1977 
ve»r emled. 
December 1977 














3 6316 

4 327 





76 51 

158 32 

3 244 

5 B26 





8 153 




4 456 



8 260 



132 90 

3 761 


44 13 

32 974 




2 534 



1 6«0 




121 7 

66 6 



3 0?B 

1 752 



2 54ft 




2 036 

7 991 


80 0 


2 697 



1 1 897 - 

' 6S6 

60 3 

31 .28 

1 886 


— . 


The dividend of 4 7.5 MntS .» &hare declared during the ouarter ended December 31 1977 
was Paid on February 3 197ft, 


Fstimaled expenditure fo? tnq year ending December 31 1978 is -R26 OOO OOO. 
prefers ni««i arvd owtAtiAmSIng on capita! expenditure contracts u at March 31 t97S 
totalled ii4 soo QOu. 

Far and on behalf of the board 


April 21 1978 

East Daggafontein Mines Limited 

ISSUED CAPITAL: 3 730 OOO shares Of R1 r»ct> 



Royalties ana nolo revenue 

Saks of salvaged equipment and scrap 

5a Iq of capital items 

Sale ol waste reel: dump* , . . 

5undnr revenue . ,- 


Costs pi ciean-up and salvage operations 

Surplus before taxation 
Taxation— estimated 

Surplus alter taxation 

Dividend aec'ared — amount . . _ 

■ —Per share. . 

* Aller writing back nrovislgns totalling R88 000. 



Mar. 1978 



Dec 1977 

Dec. 1977 

R243 000 
‘ 200* 

76 POO 

28 OOO 

R291 OOO 

21 000 
112 000 
49 000 

Rl 011 000 
389 000 
1 345 OOO 
210 000 
125 OOO 

349 000 

683 000 

3 080 00D 

50 000 

1 OOO- 

547 000 

299 OOO 
159 000 

682 000 
279 000 

2 533 000 
827 000 

Rl 40 OOO 

R«Ol 000 

Rl 70S OOO 

RT4 1 000 
20 cents 

20 cents 

For and on behalf of she board 

m. s. McCRUM I Oirecton 

Anri! 21 1978 





Chevron takes ‘ 

CHEVRON Oil Service Company 
is- to be the first- tenant of the. 
until now, ill-fated Army and 
Navy office scheme, “ Southside,” 
in- Victoria Street; S.W.l. 

Chevron, the holding company 
ofjStandard Oil’s U-K. susidlaries, 
has taken : a 25 year lease on 
3&000 sq'.foot of the 135,000 sq> 
foot block • that Esso Europe 
baicked ont of as a potential ten- 
ant earlier this year. 

Richard Ellis, sole agents for 
Electricity Supply Nominees, the 
electricity supply, industry's pen- 
sion fund and . developer', of the 
f 4a.5m. ■ ' scheme, has booked 
Chevron - ffir the first section of 
th£ office space ’at a rent pretty 
close to the £15 a sq. foot asking 
reju. Ellis reports that there are 
now “several 4 ' companies inters 
eAed in taking the balance of .the 
office space. • 

Debenham Tewson and Chin- 
nocks acted for Chevron on the 

The Southside scheme has 
been dogged with problems in 
retent years. ESN financed the 
scheme, and now has effective 
100 per cent control t of the 
development. But its initial 
partner. Amalgamated . Caled- 
orjian. ran into a mass of prob- 
lems. Am Cal was haP owned by 
thfe late lamented Amalgamated 
Investment and Property, a share 
later sold by its liquidator to Sir 
Hugh Fraser's Scottish and Uni- 
versal Investments. The other 
half of AmGal was owned by In- 
ternational Caledonian Assets. 
Intcrcal was itself owned 28.4 per 
cent, by the now Lonrho-be sieged 
SUITS; 17 per cent, by House of 
Fraser and the balance . by 

merchant bankers Nobel 

House of FrasexV on whose site 
the scheme has been built, 
leased back the -11&000 sq. foot 
department store under the 
Southside office accomodation for 
its Army and Navy business. 

After A£P*s collapse and the 

pared to take the whole of the 
office content^ was - unable to 
obtain Westminster City Council 
approval to change the non- 
department store retail space' ttf 
office use. Esso left the scene 
and until to-day’s news of the 
Chevron letting, Southside has 
been the largest single modern 

LORD: Rayne’s London Merchant 
Securities’ shop-and office scheme 
.at 163-170 Tottenham Court Road, 
W.i, has been achieving some 
fancy retail rents for an off- 
centre sile. Joint agents Hillyer 
Pafker May & Bowden and Davis 
and Company., have let the five 
shop units ’ under the scheme, 
ranging in size from 900 to 1.500 
square feet-, at'-an average £10; 
a square Toot— and that is fax: 
unfitted shells. • 

The - agents achieved close to 
£8.60 a square foot for the 30,000 
square feet of office space in the 
block from' EMI’s hotel and 
restaurant division. EMI. advised 
by P. J. Williams, seems shy of 
announcing its move. But it 
failed to tell- its neighbours that 
it was travelling incognito. 

.... •Firi^^al^iraes ;21- ; 1958 

The criticisms are unjust, and- on proposals for - taxation of ^earlier. this year - at • rather- ZfcialialV Stuttgart, BXIIlbaicj |r* 
ie Federation’s ■ 1977 annual, private non-residential car park- Jess .thkn the £350J)00 .a.. year, pew: top-fioor.. tenant.. -"Bay 

gressed In the past' four years Covering ' squatting " ah’d’ new for me upper floors tot the: 
towards becoming aD effective measures for housing insulation bnildin2 Sub-leases, bdtevetf 
voice for the whale industry and hniisine.fmnravemriif grants. 7 ... 

ose the Portland House offi 
as its London representai 

‘fttBce. : , .r .- - ' 



voice for the whole industry. and bousing.improvement grants. ; t »« veari shoild *^ ce ’ ' 

It is earlv davs for a *PF is working . with the \ toadiame Nation 

It is early days for a victory ^ “ »Wijg ; wiai the aJUri PLUie: iwuon 

den battle flag to wave at- its accountants' on new proposals , and the;Commerclal Bank 

laden battle flag to wave at-ife accpimrants' on new proposals 
Critics. ; But the' .Federation is for " U7 7 en ! u ' c -°5 accounting, 
able, to list a whole series of systems. for the industry and has 
minor successes in „ being- '^a n acuve id petitioning for 
dreepted onto industrial and a i« r . ahonS km 
Government committees as f 1 ?*??' affecting , ihe 
property’s representative. Apart ■ • - - - 

from Past President - Victor . kittle of- .this work attracts 
'Lucas’s continued- 'membership headlines. '. But it all ..adds up. : 
of Ahe Council of the Codfedera- Federation critics might ask, 
tion of British industry.' and th* -^ Q * a P- art the necessarily. 
National Economic Development Partisan professional, ."property. 
Council for the building itodus- bot}Jp * wouJd bolber with thrae 
try, BPF representatives turn up backroom tasks if the- 

on dozens of less pnblidy viable 1 ' etIera 11011 ' d,d n0t • 
bodies, - The - Federation's annum' 

‘ -general meeting will be held at . 


Gooch and Wagstaff. acting 
for Mllhank. has lined - up’ 

SINCE its formation in 1974 the- 
British Property .Federation has 
been accused of muhv things. It 
has been treated as an ineffectual 
talking shop,-, accused of being’ 
dominated by the major property 
companies at the expense of its 
private landlord members. And 
the. Federation has been ebareed 
with having insufficient political' 
-muscle to-be. more .than a social’ 
complement to the industry’s 
existing pressure groups. 


properly Working;p^rid« 

Neville Conrad’s chairmanship, 11 . 

Is hammering out -amendments ® 

to the Standard Form of Bufld- Insurance broker Laurie ' 

Mflbank has now completely;: 

tracts Tribunal, and has sub-, 
mitted comments on the Govern- 
ment’s proposals for Inner City 
redevelopment to the. Environ- 
ment Minister. Written evidence 
was provided for Sir ' Harold. 
Wilson’s committee on the work-' 
fogs of the City’s capital markets; 

sub-let surplus space in -Its- - iwi«»ginawaMnaB * «-* ■ - ■ -.-i jcaria-M — - _ 

heaflauSCTS iutemati^al banks -and reversfonaiy investmeng4jjl| ^48 

fa fiasiB XhaR . a iaaiof U.S. stockbroHnsr when the Property ; _Sej3J ‘ Jt-V 
Street, E.CZ. ."firm for the'sriaf* J vn^'r'AgttUiy’s' 21-year lease exp « - ■* 

Korea, which, was advised 
NrtiaitiElIis, join the G 
man bank, on the Tower floe 
’ And Debenham Tewson a 
ChioriockSv ■: introduced i 
U.S. stockbrokers, Opp 
heimer and -Co. . •! 

.IN al'particulariy long re - : . 
Sicmacy . deal. Bhgllsh Prop ', 
'Corporation has sold its 3£j> 
sq'ft Windunore Hill .office fr 
to the John lAing Pension T 
'for £946,000. 

The 14-year-old EPc bio cl 

Biff Lalw g 1 * ■ admet, Adam J 
: jbiizn, explains ^ that the Trpsti 

wzm *-* 

Street, E.C2. • . - ; ^ : ' for thp ' spafce. - VHeatL ' Agency's 21-year lease expirT , 

Hfllbank, which took 'a'XOw-" .bf-ithe list- -fa --IQffi. Mr. Heptiurn expeete.wii^Jl 

year lease on' the Gty Gfat 'man bakk^ Wurttemberglsclie - -^ ra ° 3a 
po ration’s rmurinshmem . k^^:^ 

property market crash AmCal’s 
equity in the p roject was dashed 
and a £4.3 hl SUITS loan to the 
development company had to be 
written off. The City row that 
broke over fliis loan forced Sir 
Hugh Fraser to reduce his busi- 
ness interests. 

As the trials of its iniual 
development partner faded, ESN 
then ran into another problem 
-when Esso, which 1 had been pre- 

office building standing empty in 
Central London. - 

. Ellis has the distinction of also 
acting as letting agent on the 
next largest empty London office, 
the 110,000 sq. feet former Sun 
Life Assurance’s city head- 
quarters at 107 Cheapdde. That 
building will- not, however, be 
ready "for occupation before 
September -wb'eq refurbishment 
work is completed.: . ■’ 

SIXTEEN years after Stock Con- 
version Investment Trust started 
its site. * assembly work . in 
Camden’s Tolmers Square area,- 
the Council has ratified plans for 
a mixed commercial and resi- 
dential redevelopment uf the 

Stock Conversion sold out its 
interest in the land to Camden 
Council.- for. £4m.. two years- ago 
after' countless unsuccessful 
planning battles, and some spec- 
tacular publicity fights with the 
local residents’ associations. 
Having taken over the 2.65-acre 
site, Camden Coiinril has con- 
-sfdered aJternathae. plans for the 
redevelopment ' and finally 
ratified proposals:, for a 200.750 

u-*Z ir I it* dramatic uplift in rentyfronrt 

luqale Lamiesbanif Giro- t ^g North, London Tax bfficeV’ 
• . '' • •• ‘ -ai driving test centre. _ . 

• . , - . ' Tearson’s, acting .for “ an 

rp f • , , . . . .; Se_.templete after ‘'an-' iiopdfrilly named . property cbmpa 

I HllTlAnS SmiarD 1 C if n rl- rv start. . -So far’ no- CEPC) were pleasantiy surpr 

m . VllUVI UUIUU V J.'C v lollC'U .--refinancing partner has been men-, by the price- But.Laing: has 

■ , turned, and Greycoat; so often qnalms about the. block's is 

square feet office and 134 house carried- .out' by the. coundf. fS’^ 011 - « 'is • the only sigififi, 
development at its last meeting partnership with Greycoat- Lqri-ahMd ^ . .. office accommodation in-.- 

on Wednesday evening. don Estates, a joint company. set"'' w ' . .. a Winciliiiiore Hill aTeay Vand ** - 

After council approval, the up by Sir Robert McAlpine . bu,k - ° 1 Hepburn looks' to’ cufrent -oT 1 " ' 

new.£llm. project will be sub- Sons andr the ubiquitous^ 1 Grei='“9* :iK:e 'i® to- be bunt- :m~ three- .■ ■ ■ , “ . 

ject to public consultation. But, coat Estate. Greycoat was blocks - from four to of over a foo j.:- 

as local associations that opposed advised by Jones Lang WoottelL- * e7en Coreys .high- along the comparable ... North Lon. 

Stock Conversion's plans seem-in who will be the scheme’s Boston a ? d S° 8ds - schemes .with Ipsa ... imprest 

favour of the council's latest agents; ' • • ■ bsmer of “once buildings co mmuni cations and local am • , 

ideas, there is unlikely _to be Greycoat and MoAlpme ■ help t ?j mi i?T tr ^ ffi( L?* 1 ^ e ties ’ . - - “ ' 

material opposition. now begin negotiating In dghin-from the residential core of the . J 

The revised scheme, prepared with the council over financing -** 1 ®’ w bicb will fnclude leisure . . _ *— — =- 

by Camden’s consultant archi- and .construction demiis r of the^^P^ties, shops, and .craft work- ^ 

tects, the Renton Howard Wood: buildings, which are expected^' th hbpps as well as hbusing; for 134 . ^ 

Levine Partnership, will, .be -.take around two and a-half y^» families- - ' ' ' - ‘ *W- *® ’_\ T *: 

Plage 18 




K) for lndu: 

Provincial Offices 

Bi rmingham 

McLaren House, 70,000 sqit. remaining. 
160 private car parking spaces. 

Nottingham •; 

aty Gale, 117,000 sqft Air-conditioned - 

offices. 3 76 car parking spaces- 


Windsor House, 10,52 5 sqft remaining on 


Sovereign House.Pentagon Centre, 
93,500 sq.ft fully fitted air-conditioned 




Greyfriars, 43,000 sqit. of superb air- ■ 
conditioned offices. ■ 

Suburban Offices 

Sutton, Surrey 

7,400 sq.ft New office building oppuiv \ 

BJELStatioa ; _ 

Streatham,S.W.16 • 

1,070 sq.ft./ 2,945 sqitTwo moden . : ; - j 
units. Immediate occupation. 
16,200sqit New air-conditioned’ofriLes, 
centrally situated. / 

Tolworth,Nr. Surbiton / 

8,285 sqit Excellent refurbished modem 
offices. Immediate occupation. 

Lambeth, S.W.9 

54.710 sqit New A / C office building close 
to Victoria Line Station. 

Tooting High Street S.W.l 7 

2,620 sqit Entire floor in modern building, 

centrally situated. 

Two of the 



To let 

Buckingham Street WE2....:.^ 6,000 

Mayfair whole buHdmg<4 

High Holbom self-contained building 

St: James's prestige buiMnigf 

Waterloo Place SW1 . : . r ... s .,., ; .. ; .4,35p.sq% 

Furnished suites W2.1.1,5d0-7 f dbd sq.f£ 

Clients' requirements / 

Central London . freehold 3,000 sij.ft. 

Regent Street 2,500 ^q.ft. 

Piccadilly...’ j 

Mayfair : 1,50tf sq.ft 

GkMmmm ^ 

4 Storer Warehouse 

ENFIELD, Middx. 


Single Storey. Warehouse A Offices 
50750 sq. ft. TO LET. 

. Rent £\ 3D per sq. ft. p jl. axd. 

FELTHAM, Middx. 

5t000iq;.fi. ;.:j 

Warehouse -r- High Office content 

'New Fattory /Warehouse Units 
3^50 sq. ft. -38JJOO sq.ft. 1 
Tp BE LET - 

Chartered Surveyors s : 

103 Mount Street, London WlY 6AS 
.Tel: 01-493 6040 Telex: 23858 



7^0 sq. ft. on one floor 

New lease at under £350 per sq. ft. 

N.W.I0 — Car parking/centrai heating 


King & Co 

Chattentf Sarvryats 
1 Snow Hill. London. EC1 
Telephone 0V236 3000 Telex 085485 
Manchester • Leeds • Brussels 







7,250 SQ. FT. '* 

Lifts, Central Heating, Car Parking 

Resident Commissionaire 

to LET 

Apply Sole Agents 

39 King Street London EC2 8BA 
Telephone: 01 -606 3851 



Hans Crescent ^ KNK5HTSBRIOGE 
— \t7 J 









m \ 

GRAFF (Jwlrs) £ VT ^ w 



RUSSELL . : */ , 


Magnifioent Leaseholdshoppremises 
Open Retail User 

Closing date i2-30pm Thursday 25th May 1978 


60.000 sqt ft. 

Factory inch 20,000 sq. ft. Offices 


Warehouse . ' i-“‘ 

. 20^000 sq. ft.. • . 



W are ho use/ Factory 
36J300 sq.ft. 



24,00Csq.f r. r ." - 

Last remaining- New Warehouse Unit 


Chartered Surveyors ' 

1 Snow Hill, London, EC1 

01-236 3000 Teiex885485 
Manchester, Leeds and Brussels 



^ 7 Wakefield : 

Warehouse/ Industrial Units To . Let 
It:" !' 4 , 150 — 9.500 sq. ft. 

Rents, from 75p per sq. ft, . 

BifZk'Wils pr'femFsei wich oin Crete” floors "and insulated roofs. 
. Services availabiel^ ^Ample vehicle parking facilities 
-r£i '7 • - ■ , estate officE.-traff6rp.park •• 

; MANCHESTER Mir iAU '..’ '•"* 

*’ * 061372-56^ --.7" 

|pn SCOTT 

Berkeley House, 20 Berkeley Street, London wix 5AE 
Telephone 01 ■ 493 99H . 

Chartered Surveyors Property Consultants: 

(7 miles Heathrow 
6 miles West End) 
Offices to let 
7,500 sq.ft. 

Prime shop to let 
880 sq.ft;' 

Offices to let 
1,176. sq, ft. 

70 Jermyn Street 7 

London . SW1Y 6PE- 
. 01-9301090 7 

Modern office building 
To let- 
3,800 sq.ft. 

tvt E 

Ajiirat: wr* 

£Jyou have a premises problem 



pfe:ii Irtaa ■MsasiSaiiaiaEagrgg 


sii yi 

iAfft. Middx. 

i ■ 






" i 





S. Sussex 

s 20 Gfosvenor Hilt Berkeley Square. London W1X 0HQ,, 

* i % ?* ^t»i.«j 

A/aevelopraent by Crown House Properties 




OTFICESm 20, 000 sq. ft. 




HIGH standard of finishes 



Hole Agents: 


7-8 Downing Street,- Cambridge. 

Tel : (0223) 63291 


Si # 1 



10.000 it. 


17,000 sq. ft. approx. - OFFICES 

; Self-contained building. Lift. CH; Car parking... 

. ' ' No Premium. 





18/29 Soufujnpton 5t- 
Covent Garden 

London; WC2E 7JA 
01436 339? 

By order of 

East Hertfordshire District Council 




SITE to let 




Interested Developers shonld apply 
for further particulars quoting 
Ref. L.A.C./S.H.R.M. i {rrnLs nitd Sole Agents : - 

Hillier Parker 

May »■ Rowtlcn 

77 C.rosvenor Street London W1A 2BT 
Telephone: Ql-fi29 7666 

and City of London. Edlnhursh. Pans. Amsterdam, An* frail a. 

an ideal locatson 

■ Office Building to Let 

All enquiries to SOLE AGENTS 


i paa;:tEpr. : ' Eit.- , 93a , ; 

Telephone cr-J30'5256 - 


London 50 miles 
Between Ml and A1 

Chailey House, overlooking River Ouse, Bedford 
1&200 sq. ft. prestige offices. (Connells) 

Harpur Centre. 18,800 sq. ft new offices, 
in unique development behind historic Blore facade 
on town-centre site. Own parking. (Kilroy). 

Elms Industrial Estate. Recently-built 
factory/office premises. 32,000 sq. ft. 
(Designed, built and financed .by 
Hunting Gate Developments Ltd.). 

For narticulars of these properties and most medium 1 ■, . 

and targe business premises available in North Bedfordshire apply to.- 

D J Phipps, Chief Estates Surveyor, 


1. ' T 0 wn Hall, Bedford. Telephone: Bedford (0234) 67422 

■ «••• 
•» ♦* •• •• 

am :: •••**:::: ;;*•* :: :: » •• 

..... :: tur : t 



E . col lent Modern Self- New warehouse 

roni-nned offices 

5,900 & 8. 150 sq.ft. ' To Let 
Leases lo be Assigned LONDON E3 
EUSTON ROAD, NW1 H.Q. Factory & Offices 
Excellent ground floor 146.000 sq.ft. 

Show room.and Offices Lease to be Assigned 

2.100 sq.ft. ‘ BASILDON, ESSEX 

To Lol Modern Factory with land 

ISLINGTON GREEN, N1 on 7.1 aue: 

Ver . Modern Office Suite For Sale 

4. 100 sq.ft. . . 

To B* Let at £3.90 per sq.ft 
Might Divide 

For further details and other space news contact. . . 



Factory with land lor 
expansion . 

33,860 sq.ft, on 2.93 acres 
Fdr Sale Freehold- • 


Single' Storey Industrial 
147,675 sq.ft, on 6.45 acres 
For Sale Freehold 

3-4 Hof bom Circus 
London EC5N 2HL 
Tel: 01-353 6851 
Telex: 25916 : 

■ rc~t 

Land for 


5.78 ACRES 


Particulars from: Wanning Officer, Arun District Council, 
■ -AiJS , Makraven Road, Little Hampton, 

West Sussex BNT7 SNA 

Telephone Number Littlehampton 6133 


Modern Factory 

& Offices 

5,842 sq.ft. 

Contact f 


01-353 6851 


Chartered Surveyors 

01-493 6141 

Welsh potential 

With Its large, multi- 
skilled workforce, proxim- 
ity to major markets and 
national/intcmational com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- ; 
em development scene-The ' 
news" in Clwyd is about 
sales, not strikes — and 
it's a great place to live, 
too. ‘ 

Talk to us about the 
low-cost sites and factories 
plus extensive financial aid 
■ available lo incoming in-, 
dustries - we’ll make you 
a deal you can’t refuser. 

' . Contact Wayne S. Morgan 
County Industrial 1 Officer i- 
Qwyd County. Council, 
Shire Hall, Mold (tel. Mold 
, 2121) for free colour 

( brochure. 

By Order at Barclays Bank tla. 

LOT 1 Main St. Bank Premise* with 
accommodation over in multiple trading 
position, all with vacant possession. 

LOT II Warehouse/Swe with large, 
garden and direct sceen from Market. 
Development potential. Subject to 

doting Dote for Tender! 

1 7th MAY I97B 
So (a Agents: 


Esutn House, 12 Fore Street, - 

Tiverton. TelLj(0^1. 

f 0 West Country Offices 


-Financial Times * FrS^y Aprtf .21. 19T8 



today, the res a new entry 
point to Scotland's industrial property 
cnaricetThe Scottish Development Agency. 

We have over 3 million square feet of 
available factory space strategically 
sited throughout Scotland, and the 
financial muscle to help solve your 
investment problem. Here is Just a 
selection. (All sizes are in square 


Coldstream (2 at 2,500) 

Eyemouth (10,250) 

Gabsfitefs (2 at 2500) 

Hawick (2 at 2,500 & 

14,750) Kelso (2 at 2500) 

Lauder (2,000 & 1.750) 

Selkirk (4 at 2.500) 

Twesdbank (10,250 & 4 
at 2,500) 

Anoanao«)1 AJva(4 at 2500) Bandealh (10.000) Falkirk 


Dalbeattie (2,500) Gretna (2 at 3.000) Kirkcudbright (1.500) 
Newton Stewart (2 at 3.000 and 2 at 2.500J Sanquhar 
(43,250) Stranraer (10,250) 

Anstrulher(2Bl2.SOO) Cowrtfenbsfllh/4 at 2.500) Cupar 
(2 at 2.500) Kirkcaldy (10,250) Leven (2 at 2.500 ) 


Alford (2 at Z500I Ballater (1.750) Banff f? at 2.500) Buckie 

(10.500) Dufftown (2,500) Elton (2 at 2,500) Huntly 


Edinburgh (Peffermill) (10.500) 


1 0,330 sq ft 

Location: OmheSoutti East ofthecttynaar 
Quran's Parte 

Site: Peltermill Fid adjacent to Brttisti Ra< Depot 
Factory: NEW (To be built) 

Manufacturing area B.200 'sq It. 

Offices and kwsis f .600 sq ft. 

Car parking and yard space. 

1 expansion room. 

ConjiTHinrc*ttons- Major Fc*tti Ports w#t»n short 
dstanoe— gooi road raf andarfiadMies. I 

Labour: Male and female labour readOy available. 

Rent Cl 75 per sqfl per annum Imbfocl to venficakon). 

~ Berth (10,250) BUntyre (70,500 452,000) 

\ Bolhwetlpark (19,500 & 19,750 & 157,000) 

\ Carfin 128.500) Catrlne (1.750) Chapeihall 

(26.000) Clydebank (19.500 & 2 at 10,250 & 

52 500) Dalmellingtofi (2 at 2^00) Da/veJ 
(5 at 2.500) Glrvsn (3 at 2,500 & 20.250) 

Greenock (128,500 & 4 at 2£00) Inchinnan 
(52,500 & 19.500) Kilsyth (15J50) Kilwinning 

(49.000) Lanark (2.500) Larkhall (128.000 & 

6.750] Lesmahagow (4 at 4.500 & 6,500) 
Motherwell (4 at 2.500) Muirklrk (1,750) 

New ho use (24,000 & 53.000 & 32.000 & 67.250 & 15.750) 
Paislev (16.500) PortGlasgow (20.750 ft 31,500) Prestwick 
i 10.000) Vale of Leven (25,000 ft 15,000) 


Cambuslanc (27,000 & 16,500 & 1 1,000) Camtyne (5.250) 
Hillington (67.250 333,750 & 65.750 310,750 &T&00Q & ' 
15.750 & 6 at 5.000 ft 21 J500 & 1 500 & 7.750 & 4,500) ' 
Kinning Park (2at 5,5001 North Cardonald (1 16,000 & 5,250) 
Oueenslie 12 at 52,750 & 2 at 25.000 & 41 ,50O& 52A00 & 
2T.0C0 & 10.500 & 25£O0) ShiddhaJI (25,000 & 15,250) 
Sprlnqbum Cow lairs (17,750) Thomliebank (2 at 1,500 
& 2.500 & 3250 34at8,750 & 7 at 9500 & 19,000) 


Alyth (2 at 2.500) Blair&owrw (2 at 2,500) Brechnr(4art 2.5Q0) 

Baldovte (2 at 2.500] 


Thurso (8,000) Castletown (1,500) Brora (2,500) Inverness 
(10.000) Dateross f 15.500 ) Smltltton (6500) Fort William' 
(4.0001 Portree (2.500) Dallburah (2.500) Tarbert (Hards) 
0500) Inveraray (3.2.50 & 1.750) Salen fl500) Tarbert 
(Argyll) (1,500) Islay (1.500) Campbell own (8.000) 

’Factors In re* /Mantis and Islands are oa nod and 
administered by the highland : & Islands Development 
• Board. Inverness. .. 

Full details from James Gone, 

Head of Information, on extension 267 
at the number below. 


Scottish Development Agency 

1 20 Both well Street, Glasgow G2 7JP. 

Tel: 041 -248 2700. Telex: 777600. 


| - A 

Industrial Park 


JSI « 

1 > j" 




Just 60 acres of fully 
serviced land remain at 
prestigious Knows ley 
Industrial Park. Situated 
atihe heart of England's 
dpmesticand trade 
routes Knowstay offers 
bfggrants.skiiied labour, 
fully sen/fcedsites and 
Land is golngfest— find 
out more atoqdi 
Knows ley today 
Telephone: 051-227 3296. 




\ reftri)isH& 

■ ft 

t .1 


^^L.owner of London s on an initial yield of 6.25 nerl 
L Hi rqndelle and Omar Khayyam cent.' based on an historic rent 
night clubs. has bought ihe free- of DM16 a square metre a mpnth ; 

“W/jFlayhouse Theab*e^ 'The. nine-year-cUd block was in- j 

S rl! ra ci t !£»£. lty flT ' v ^ ln ^ n6ttfr troduedd -by- 'Janes \'Lane 
for £110,500:. The Playhouse-, Wootton's Frankfurt office. ' 
which was used by the BBC as ■ o 

J llVt ; radio, recording theatre PROPERTY Security. Investment 
*"50 un(H ifl 75 . is to have Trust turns out to be the success* 
a £500.000 -inversion into a • bidder at Farr- Bedford's 
theatre F^tauraiii on the., lines recent .Uxbridge., auction on 
PC- the Town in behalf .of the Receiver for the 
ihe West End.- - Metropolitan Police! The Police 

The conversion of the Old sold their surplus freehold shop, 
Hippodrome Theatre into the showroom and office space at 
Talk of the Town provided a 122-123. High Street Uxbridse. 
planning precedent for Mr. Middlesex, for £114.000- P5IT 
Amraet and no change of use has gets a 51-feet High Street front- 
been needed -to carry out the age on the 3.800-fiquare-feet 
conversion. vacant shop and showroom space. 

; Davfs and Coffer. Mr. Ammefs and just 1 , 855 square' feet of 
agents, report offers of QVer rented offices. 

£200,000 for. the theatre’s free- • ' 

hold after the. success of their * INNER city renewal * has 
tender for the building But .become a type of generic pbrase 
Mr. Ammet is not interested in to cover anything involved in the ' 

- - now fashionable ' business of re- 
versing - urban . decay. ■ Even j' 
British Steel seems to have : 
caught the word fever. It is to 1 
rename the former Grimesfhoroe j 
Steel Works in Sheffield the! 
"Inner City Industrial Centre" 
and. as part of its "emn toymen i 
creation policy ” British Steel, 
which closed the works- last year, 
is redeveloping the 16.3- a ere site 
at Carlisle Street, Sheffield, as an 
industrial estate. . 

Elliott Flfield and Company of 
Manchester as - BSC’s letting 
agenL expect rents of between 
£1.25 and £1.50 a sq. foot for new 
industrial units of from 5.000 to 
10.000 sq. foot -and rather less 
for 50.000 sq. foot and upward 
units in the existing 350,000 sq. 
a dealing' profit and plans to foot works- buildings, 
have the. 400 to 500 seat theatre • 

restaurant in operation early in THE first phase of Wnnd Green 
1079. Shopping City.' the 500.000 >q. 

Westminster Council has been foot Haringey centre funded by ^ 
les belpfut over Ed Berman's Electricity Supply Nominees mil ! ‘ 
-plans for a new 300 seat West the council, was “topped out" 
End theatre, haying quashed his on schedule this week. The 
idea for a conversion of the flB.tfra. shopping scheme, project 
Rialto Cinema in Coventry Street managed by 1 Richard Ellis, has a - 
into a theatre and shops com- 27.000 sq. foot W. ti. Smith’s 
pies. But within the City store, a 15,000 sq. foot store and 
fingers are crossed for the 30. standard shop units in the 
Touche Remnant - Mean aid first phase. Standard units are 
Theatre project now being con- offered a t £18,000 a year with an 
sidered by the Environment up to 30 per cent.- rental did- . 
Secretary. count -until the scheme is- com-. . 

The investment management pleted. 
group's plans for a 40.000 square . House of Fraser’s 75.000 sq. 
feet head office over an expanded foot store will act as a focus for 
and modernised Mermaid the completed centre and El«s 
Theatre at Puddle Dock., by the will have one 65!000 sq. fnot uid 
Thames, have been passed by the one SO'jOOO sq. foot multiple uni> i 
City Corporation, the site free- to fill as well as 79 other stand 
holder. The Minister now has ard sized shops. The Metropoli- 
to agree to the form of 993 year tan Housing Trust is putting 2Q> 
leases proposed for parts of.thie flats on -top of the centre at. a 
complex site, leases that form cost of £3im., and the whoie 
the kingpin of a deal 'Riving scheme should be completed 
Touche its offices, and Sir early in 19S1. 

Bernard Miles a modernised T „ 

theatre with an auditorium ex- - - J 15 , 

. A PeveJpprai^t^ the- \ . r : > k\. >• ■ r J 

Church CofflmBsJo'rers jbr England y, -.- mf}; cn ft- • 



••/ LotkborEC 4 


* Fml double glazing 

. - i' Irap^Siye^^ranceHair 

* Qar|>eted t^cni^bout . * 

* Prestige location ; 

dl-491 2768 



1 t4» 

74 Grosvenor Street, London W1X 9DD 



A UNIQUE OPfiok'njjilTy 'to acquire a Frefehold 
Property in the /he^rt' of Mayfair, close to shops, 
clubs, restaurants' and. 1 Interna t i o n a 1 Hotels. 

The block is atV present divided into ten flats of 
varying sizes and is cqrrently used for short furnished 
lettings. _ i" 

For detaiia Apply iS '-' ~ - r * ■- 
Joint Sole ARents.-^-r > •- 

■K )l I \ 



80,000 sq: ft- Warehoow 
Short term 2-3 ye>*ra 
.Only £50,000 pa. ‘ 


On instructions ^jwft’StaBdavd Chartered Bank Ltd. 


Sperts Ground 

Central London. o,27 acres Sports FMtl 

an 1 1 fTvi IT.f-Slr;-n.«n7t-q 

W if , 1 m* 

hone: (oi) 2534414 

I o r d b in ' 


WATFORD 337111 : 


23 Berkeley Square London WIX 6AL 
Tel: OT -629 9050 Telex : 21242 
vfief: DMR 




An Outsmnding Leisure Properly 


Renowned Trout Fishery, with Hatchery, about 95 acres. 
Golf course. 

Another Lake for Coarse Fishing or Boating. 

Planning Permission for Expansion. 

Extensive Buildings with conversion potential. Cottage. 
As.-^ whole or in parts. 

feint Silling Agmn M; 

Lane Fox & Partners, London (01-499 4/85) 

Knight Frank * Rutley* London <01-429 817J) 

v ~ Knight Frank& Rutley 

iVf W 20 Hanover Square London W1R 0AH 
+ Rfel Telephone 01-629 817! . Telex 265384 


. Portfolio of good 
secondary shops 
(Southern England)- 

* Well secured with 
su bslantial reversions 

* Benefit of attractive 

lor ful' deigit apply:- 

&YARW 00 D v :::: 

'SjCartOS Pisco LUrnScrtWIY 6LL ‘ . 

.. Tel, 01-499 6066-:-^/ 


APPROX. 450 SQ. FT. 




-T04KM> SQ. FT." ' ? 
Easy access to M23._ " 

. Headropm - 17 ft. 6 lns. ? 



— 1 7 •, 5 “ FTt TT f . 

Oxted. Sujrey. TeL 237S 

Mix laejorv iusl. Condi i»a 

Only 7 Sp ear loot . freelww row 
WIHton-* Parrner*. JCene’tnw.-MAt^ 
TCHIN. Med SIS W-B.quse. 1<r.300-M 

KDfl- .NRW l 

n & ■Pifii 




: , : FOR SALE DUE’ TO’ ' j 


S.,prapiPbn.'-froin 2 icrtri ifl-t Sj-rj 

. - rBnn'houM n fWitont. - 
• To in one Lot - 
Write flojr'FTOOS, NaoncM TIW^ 
TO, Cannon Street. EC4P 4BT- j 



V*C ARE 'XCTIVECr .wwking op aurehas* 

COmmecclai - Prtmwty InrMrtrurtts 

b«twc «n E 2 DOOO -and tsoo.qpo lor 
cltews.' Details to N. Gen is. Gnu a 
Partnan. ZS5. Eddwar* l&wd. London r . 
WX TS1. 01-TZ3 3875: 


& YflRWOOD ' 

6 CjiIcj Plncis Lordori W1V 6LL 

Tel . 01:499 6.0.66 . y' 

P R £ STI G E O F-Flb E S ' 

Tavlor & Co, 



7,200 sq. ft. 

Planning Consent for Refurbishment 8.350 sq. ft 

EDWARDSYMMONS Tfeibl-834 84S4 


SelF<oncaim(i suitn of (57, 84fi ft 
5000 >f.-for .in mediae ocaipaaon. 
Firfl rings at laci Uriel «y*ilaWe in- 
cludins 24 bou. tslephone.. ft telex, 
and tec ro cun! cemlcts. 

For fortlwr' deOllh corrtoet: 

Marketing Dept;- 01-^8 2flQ0 

'•WIHV’U *r , 1 * J | 


Ttfitodvef £1 million with considerable scope 

fcl-^Xpansion.- . 

ideally suited to -manufacturers .seeking 
immediate expansion of the order of 100,000 
per annum. , V. . .. 

Principals only please. 

* :J- ■ • " •; B6)t No. T4867 ’ . " -1 

• ••-’financial Times, 10 XIaunon Street, EC4P 4BY 


ThfeY^re- ntoated in the most favbinrabt*' arear of ^London with a 
■ ' - 'trading turner Advantageous leases, trading with a sub- 

Man^irig rt ftreWlders^not: p/actHlng balcdressers: . 

Farther Isformciion' pr/iicijais oniy on application 


5S/u2 Wilion Ross. London S>V l V 1 Dm 

Sfn^ftMled ‘M ^nuIdBerirlcar , tb- 
IndiEUry, ^ocated 
in ’ SFOlemg gelgnim. 


Wrti W. F.IOM. ,r tW£ f ^ IP"**^*: 
(d^-CtuMHn . St«rf , £C4F.'4#y. - 7 - 



Fmaiieial: Ti mes/Tri day April 21 1978 



4 "3 r.r NMew boom looms in 

'-'■UfjQ .... 

to ndif ^ (executive: training 

^ ft 

- Slazj 



^ ik 

t! «ia 

ALREADY booming man- Most of the’ organisations 
ent training industry looks planning to extend their train- 
fair ’ for ‘ eveu ‘ . further ing ■ reported that they would 
djcpgnsion, according to figures require external help: This 

| a detailed survey conducted particularly applied to 
fijf. the Industrial Relations managers, where 84 per cent, 
gaining Resource Centre. Of of the companies said they 
die 600 organisations it sur- would seek external help, corn- 
employing . over 3m. pared with "76 per cent, for 

es *iae ! 

r >, 

iKpk'^ple, four o'ut of five said they specialists, 70 per eenL for 


ended to extend management supervisors and trainers, and a 
l_ gaining in industrial relations: mere 53 per cent, with 

|»J* .nuprwwu... me «mi d '!E£3ta g to the survey, the 
g’S /,° r four most g common forms of 

f/ wero cmpSJi legLS help were: visit- 

&jd health and safety. The sur- [j* speakers or specialists. 

yey sought to find out the train- f^ f . e ™, 2 S , specific . 

life neds of five main employ- ^dividual company or Industry 
me nt groups, directors, man- external courses and help with 
agerss • npervisors, personnel , * Ifi design of in-company 
and industrial ; relations cu iJ5 ses cr senunars. 
specialists, > and trainers. * The , «" tre ■ -set up las 

r*-- -jj L - , year, to improve management 

£or directors, after employee training j n industrial 1 relations 
I^ation, the area considered Qnder the M uip ower Services 
**■ .. .be . most important for. 

Commission umbrella, folk 

■I-'. LL \.uniiiii33iuii UIIIUICIW. luJOWH^ 

igOTased training; was pre- a recommendation by -the NEDC 

THIS WEEK'S launch in the 
City of London of the 
Benjamin ‘Britten Memorial 
Appeal marks a new stage in 
a remarkable success story: the 
development of a group of half- 
dcrehei East Anglian farm 
buildings into an Internationally 
recognised concert centre and 
school for promising musicians. 

The success of Aldeburgh's 
music-making endeavours can 
he measured in tangible terms. 
There is, for a start, Snape 
Mailings itself; there is the 
school taking shape in its 
associated buildings — for whose 
further conversion the appeal 
is being launched; there is the 
growing band of young musi- 
cians emerging from its short 
and intensive courses; and 
there is the steady increase in 
the numbers who make the 
pilgrimage to this remote part 
of the Suffolk coastline, to hear 
music which ranges from Monte- 
verdi to the • works of living 
[composers. All of which is a 
{ tribute to the genius of rhe 
late Lord Britten and of Petpr 
Pears— and to the very con- 
siderable managerial and 
j money-raising skills which have 
i underpinned their vision. 

• • '-.m/ * 

• ... • 

Why the Maltings 
to back Britten’s 

wants you 


,■ ' • ^ Lf_ _ - • j a 1 wLUUIJUC 

f- Committee on. Management 
Wt styJ?, followed by health Educalion ^ Training-- and 
* salety^asd* company indus- ne ve in D nient .. 

>■ relations policy. Higb cm Developiuent . ' ' 
tlfc-ttst for managers' was train- The survey is avaiUihlc from 
ing j &;handlin'g grievances, and IRTRC, Ashridge ' Management 
recruitment i . and dismissal College, Berkhamsted,Hertjord- 
.procefflures. “ shire HF4 INS, price'£l.‘ 


"'*$500. Detai 

to IB* 

Business courses 

Budgeting, Glouces- Congress, Cafe Royak-London. 
"London. May 8-8. Feei May 9-11. Fee: £123 plus- VAT. 
Details from- AMR Inter- Details from the Conference 
ational. 6-10 Frederick Close, .Manager (EFNMS). Conference 
tanhope. Pl ace. London W2. Communication. Monks Hill, 
Group and Persona) Effective- T”*"* Surrey. 

::::-. !V . v .ness, University of Bradford. 

^May 14-19. Fee: £190. Detans Parchasmg Executives, Heath 

■jua y iriu. esc. iiov. kcuiis __ ■ . . . 

*h„ e . nr . ( ,_, row Hotel, London Airport. May 

.:+.fToi 21 tlip Programme Secretary, 1 0 r»__. en- . t/at 

House. 35 

n.. The Management Centre, .. , 

“Ir^ord* 10 ' 11 ' 1 ’ K6ighlCy K ° ad ' Economic), ^Pel 

Bradford.. Station Square : Pe) & Wo0 d. 

U r Q Of) Organisation and Manage- £ enL ■ - 

nW- ment in R and D, Brunei Recruitment Advertising: and 

u U SOflUnJversity, Middlesex. May 16- Communications, Whites Hotel. 

w 19. Fee: £180. Details from London. May 31-June 1. Details 
J * c ^the Secretary. Management Pro- from the Course Administrator, 
== =====^ramme, Brunei University, institute of Personnel Manage- 

i Uxbridge, Middlesex. ' " ' ment. Central House, Upper 

^riWLB 4th -European Maintenance Woburn Place, London WC1. 

.... ?3.r 

: - -"I c r w>5=2. 

Catch the miii 


} Aldeburgh itself is something 
;of a curiosity in artistic terras, 
jin that there is no permanent 
Aldeburgh orchestra. The 
nearest thing to it Is the Alde- 
burgh Youth Training Orches- 
tra. the members of which come 
together from music schools 
throughout the country, for 
three or four weeks in the year, 
the composition therefore 
changes as they become estab- 
] fished in their adult careers. 
i This apart, all the performances 
' are bought in. with the per- 
, formers, for the occasion. There 
'■ is nothing curious about that, 
i of course: almost every festival 
management does the same. But 
Aldeburgh. unlike Its -festive 
counterparts in Edinburgh. 
Bath or the Three Choirs coun- 
try. makes music most of the 
way through the year. 

Aldeburgh is. essentially, its 
festival committee — which in- 
cludes a handful of dazzling 
artistic directors, whose func- 
tion is to determine the tone 
and balance of the programmes: 
its school, established five years 
ago and housed ever since in 
haphazard fashion in the green- 
room and the wardrobe at the 
Maltings. and in odd attics and 
cellars through the town; and 
— holding it all together — the 
Aldeburgh Festival-Snape Malt- 
ing-, Foundation Lid. chaired by 

. •; • s .«■! 

OnjyNstiqnaJ flies non ^c>ps Heathrow - / ■’ 

| f - days > 

•. a. week, j .- • . 

-T- ..' e vm^r. r 


Contact your travel agent or 
National Airlines. SiPiccadilly. 
London W1V 9HF (01-6298272). 
National Airlines Inc. is 
incorporated in the state of 
Florida U.S.A. 

vS0?t«T Y 



“Just Published - . . 


How to communicate financial information to employees 
ANTHONY HILTON Editor of Accountancy Age - 
This definitive book will be essential reading for executives and 
accountants in industry faced, perhaps for the first ' time, w.tti 
producing emptayee’s compeny reports. Over 70 pages of plates 
help illustrate major points discussed. 

-Air £1250 + 75p p. frp. 200 pages . . 

JTQP 5AL> ^. Tilblbhed by Woodhead-Faulkner Ltd. and available from the. 

r w - - — -^r- B arbican business book centre 

,9. MoorFreids. London 'EC2Y 9AE. Tel: 01-628 7-479, 

Sir Eugene Melville, KCMG, 
aad functioning from The 
Suffolk, a former pub on the 
High Street. 

However cumbersome its title, 
the Aldeburgh Festival-Snape 
Maltings Foundation js run 
economically enough. Its 
guiding spirit is its general man- 
ager, ex-Oriont Line director Bill 
Servaes. who with a handful of 
administrative assistants pro- 
vides Lhc organisation behind 
the functioning of this curious 
compendium of talents. It is 
they who arrange the per- 
formances, pay the performers, 
hire the tutors, see tu the admis- 
sions, watch over the box office 
and, says Mr. Servaes half 
seriously, sit in for the St. John’s 
Ambulance Brigade which the 
Foundation cannot vet afford to 
hire. It is they, above all, who 
see to it that the money is there 
to ensure that what Aldeburgh 
has lo offer, the world will want 
to buy. 

In this, as in all else. Alde- 
burgh is quite remarkably 
successful. The task is not quite 
as difficult in this Suffolk town 
as it might be anywhere else 
because there are old and valued 
friends of Aldeburgh who will, 
so rumour has it. perform there 
for little more than pocket 
money. Nevertheless, the music- 
making activities at Aldeburgh 
last year — excluding the 
Benson and Hedges special 
season in October ~ required a 
budget of £200.000 - and that 
is not to be raised by whistling 
to the wind. 

' Where did it come from? 
Some £78.000 came by way of 
the box office. The Festival 
itself— two weeks in June, into 
which 42 performances were 
squeezed — attracted an SO per 
cent, capacity audience and pro- 
duced £67,000 in seat sales. The 
remainder came from the 40-odd 

performances through the rest 
of the year, from the Children’s 
Concert at Easter to the string 
season in October. Associated 
revenue — broadcasting fees, 
catering and the bar, pro- 
gramme sales — brought in 
maybe £20,000 more. 

Then there was £21.000 in all 
— including some £7.000 jn 
refunded income tax — from 

provided another £70,000. Of 
that, around £35.000 came from 
educational trusts and -company 
sponsorships, while the . Arts 
Council, the Eastern Arts Asso- 
ciation, and the local authorities 
provided the rest In effect then, 
in this, the great age of State 

patronage, the Aldeburgh 
Festival-Snape Maltings Associa- 
tion is running an internation-' 

Itvry turn 

Sir Peter Pears (left). Marion Thorpe and Mstislav Rostro- 
povich — all three are helping to promote the appeal for 
money to add practice and teaching accommodation to the 
Britlcn-Pears music school at Stiape Mailings. 

people who have covenanted to 
give regular sums, sonic £3,000 
from the East Anglian Fund 
Raising Committee — whose 
activities included the running 
of an Opportunity Shop — selling 
second-hand clothes; almost as 
much from American friends: 
and sundry donations including 
a contribution from the fund- 
raising Festival Association's 
own lottery. 

Grants and guarantees 

Attaching more 

to better design 

THE ROYAL Society of Arts 
deserves at least six out of ten 
for its latest design bursaries to 
students, announced earlier this 

For the first time, some of 
the winners will spend several 
months attached to the indus- 
trial organisations which spon- 
sored their awards, including 
Olivetti. Philips Industries and 
Bally Shoes. And— another plus 
point — the RSA says the 
winners “ will see different 
aspects of the design processes, 
from original idea to produc- 
tion, • marketing and retailing, 
and including overall design 

In other words, the RSA con- 
siders that good design involves 
far more than just good siyling. 

Of does it? The positive 

n ^\ rV 

i t 

impression created by its Press 
release is spoiled by the intro- 
duction to the competition 
report. The bursaries are in- 
tended to help young. British 
designers' who work In. or 
intend lo enter, “branches of 
industry in which design is of 
primary importance,” it says. 

In other words, it would 
seeoi. there are some branches 
of industry where design is not 
of primary importance. 

Such a comment strongly 
suggests an equation of design 
with styling and little else — 
certainly not the wide-ranging 
criteria (including reliability, 
ease of maintenance, and prob- 
able economic viability! which 
were applied to the latest 
Design Council awards (seel 
this page last Friday). 

That said, the RSA has un- 
doubtedly done future product 
design a service by broadening 
the scope of its awards this year. 
Not only has it introduced 
“ industry attachments " as part 
of the new “ special awards,” 
but it has. also started to bring 
more engineering categories into 
a competition which has tradi- 
tionally focused mainly on such 
items as carpets, fashion fabrics, 
furniture, graphics aod 


- sfTaSH' 

Ryder rents lather special 

You don't have to pai nt 
them . (Jr clean than- Or . 
insure them. . 

\budonthave to change 
their tvres. Or put in oil. ■ 
Replace them- Or repair them. 

It's another way of saying 
ive haiidleall theprabierus, 
including all the paperwork. 

With Ryder Con tract Hire. 

Compared with owning 
offers same very good , - , 

Ybu dorft have louse any . . 
capital, either. Just pava known 
BKmthly tax deductible charge. 

And for that you gri all the 
trucks you vvnnt.Am numlicr, 
any size, any time. They're 
y ours for a twelve niunil i 
rvncuableconrrrff I. All 
looking the wyyyou want 
rthciu to in your own livery 
Ryder Contract 1 1 in? is the 
lease \vc can do for you. 

■ Icvfull details, ’ringynur 
nearest Ryder number. Or send 
the coupon. • 

In return, well also send 

von facts abbul Ryder 
Short-Term Rental. 

. Then voulJ have two ways 

to dnvea gpod bargain. 

£MHOK9l:» ■ 

frw-ii Cjtei ri ■ 

MnifioUtic'a.’ WieBCMreCi-Wt-M | 

I Reds?senc.Wof.'dtac£i/iffits. r uri'Jtf 

_ izra-epfizctie.) 

I. tone 

( PosBon 

jpygg 1 

| teggHjarefa 


In the latest competition, 
what might be called the' engin 
eering categories were enlarged 
from two to three! by the addi- 
tion of audio visual domestic 
equipment to hospital and office 
products. If the RSA is success- 
ful in ils search for extra 
engineering sponsors, there will 
be more of this type of-category 
next year. Five years from now. 
at any ratp, there is likely td be 
a fur higher content of engineer- 
ing design in the bursary 
awards, a Society official said 
this week. 


can do. 

The number of entrants fhr 
I both the office equipment and 
audio visual equipment cate- 
gories was decidedly small !n 
comparison with the leaders: 13 
and 20 respectively, compared 
with 254 for fashion (clothing 
and fabrics), or 188 for furnish- 
ing textiles. This may have as 
much to do with the -scope of 
design education as the reputa- 
tion of the RSA or its awards. 
More surprising was the relative 
lack of ihtcrest in wallcoverings 
and silverware (29 and 30 cantfi- 
I dates respectively). 

Christopher Lortaz 

ally recognised centre for the 
musical arts with a budget to 
which public bodies contribute 
only just over 15 per cent., far 
less than for many other 
murical endeavours. 

Not that the Aldeburgh 
Festival-Snape Maltings Founda- 
tion itself undervalues the 
assistance it gets from the State. 
" No more than any other 
organisation -in the arts,” says 
ils secretary John Trew, “can 

we afford to do without State 
help. We don't say that we 
wouldn’t run at a loss without 
it. What we do say is that at 
least we know where the 
money's going.” -• . 

Unlike same other musical 
enterprises, Aldeburgh has 
never overspent its budget 
Given that the function of the 
foundation is to provide music 
rather than to make money, how- 
ever, that is not necessarily 
something to be proud of. It 
could denote an absence of 
adventurous spirit; a willingness 
to play for the crowd the sort 
of music that the crowd will pay 

Aldeburgh is not unaware of 
the pressures — populist or com- 
mercial. depending upon your 
point of view. “ We are,” says 
Mr. Servaes, “hoping to intro- 
duce concerts outside . the 
festival season in which we’U 
play some of the more popular 
works.’*.. Bui he would vigorously 
deny that Aldebufgh has made 
any* surrender of its artistic 
integrity: and indeed, since 
there are works of contemporary 
composers in the programmes, 
it is probably a question that 
does not really need to be posed. 

But although no year's pro- 
grammes have been financially 
disastrous, this cannot be said 
about some of Aldeburgh's 
individual concerts^ That the 
foundation . has nevertheless 
kept its head above the financial 
deeps is largely thanks to its 
policy of seeking guarantees. 
Benson and Hedges apart — the 
company pays the foundation 
£10.000 to run its four day 
October festival — it is lo 
this that most of the com- 
mercial and industrial help 
secured by Aldeburgh has 
been devoted. Companies are, 
says Mr. Servaes. quite cheei- 
fui about the prospect of giving 
financial guarantees for per- 

’ormances — witness the £10,009 
donation from Northern Stai 
Europa Insurance, ■ which was 
announced this week 

The genesis of this affair, as 
happens often, was the manag- 
ing director’s love of music; the 
benefits to the company — inso- 
far as they can be tangible- 
will lie in part in the glory that 
accompanies the students' 
centenary performance of 
Eugene Onegin which, under 
the direction of Rostropovich, 
is scheduled for 1979; that and 
possibly some new insurance 
business from students. The 
company will also be guarantee- 
ing bursaries to students at the 
Britten Pears School. “ We see 
this," says Northern Star’s 
managing director, John West. 
“ as- a continuing relationship.” 

The Foundation's real prob- 
lem at present is that, however 
much it needs financial backing 
for performances, it is even 
more in need of some for its 
building programme: hence the 
memorial appeal. The object 
is to raise the £480,000. needed 
to convert the buildings 
adjacent to the Maltings into 
practice and recital rooms, and 
social facilities for students; 
The school is designed to pro- 
vide exceptionally gifted 
musicians with a crash course 
to get them to a professional 
standard after the end of their 
formal studies. The building 
work has begun already — on 
the strength of a bridging loan 
from Barclays and the £235,000 
already collected or promised 
from such diverse sources as 
the Arts Council and . the 
executors of the Britten estate 
— and it should be completed 
by this autumn. 


The memorial - appeal, which 
is largely aimed at companies, 
has .something of a problem, 
as Mr. Servaes recognises, in 
that industrial and commercial 
companies do not as a general 
rule like putting money into 
bricks and mortar: it presages 
the possibility of future calls 
upon their bounty. In the case 
of the Britten-Pears School, 
however, some of the money 
for its running will come front 
the Benjamin Britten Estate, 
and some-^probably about half 
— will come from student bur- 
saries. There is, Mr. Servaes 
finds, much less difficulty in 
getting companies to guarantee 
bursaries, even though the bene- 
fits are less tangible compared 
with the ' solid evidence of 
benevolence provided by build- 

Now! Datapost high-speed 
collection and delivery service 

to Singapore. 

Datapost has already established 
a reputation tor last, reliable, secure 
delivery of urgent material overseas. , ■ 
The Post Office has now expanded 
this service to include die Singapore 

' For delivery of urgent commercial 
dotuments or business papers on a 
regular basis, Scheduled Datapost will 
collect at an agreed time. Correspond 
dencewhich is urgent but irregular can 
be handed to Datapost ‘On Demand 1 
staff at an agreed Post Office. Both 
sendees are on a contractual basis. 

Items collected or received by 
Datapost staff in London by early 
afternoon will arrive in Singapore the 
following evening for next morning ■ 
delivery (items from the rest of the . 

U.K. are delivered in Singapore three 
days after collecrio n) . 

Good news for international 

Good news for you. 

For further informa tion, please 
contact John Daley, FREEPOST,* 
Room 446, Posted Headquarters, 
St. MartinVle-Grand, LONDON 
EC1B lHQ.Tel: 0M32 1919/1920. 

''Vosttmp mjaimt ■ 



On Demand 

First Yi % • 



Each additional Y kg 





14 w. wpv 1 OT’? 3- TvV 




Financial Times : Friday April. 21.1978 

Keeping calm on 

£* 1CESTER PETERBflaoii 





THE STAGE is being prepared 
for another of those politico- 
industrial dramas of which we 
have had. more than our fair 
share in recent years; the rescue 
of Chrysler and the Drax “B" 
controversy are two examples. 
This time there is an added 
international spice. For the 
choice of partner for the next 
generation of civil airliners does 
not only concern the Depart- 
ments of Trade and Industry; 
the Foreign Office is keenly 
interested in the outcome. Will 
the British join forces with 
France and Germany in counter- 
ing le deji Americoin, or do they 
prefer the status of an American 
satellite? This is the question 
that is no doubt being asked in 
Brussels and other European 
capitals. Meanwhile the siren 
voice of. Boeing in Seattle is 
beckoning British Aerospace to 
i new and glorious future as 
the partner of the most powerful 
aircraft manufacturer in the 
wo rid. 

Public money 

> There is plenty of material 
here to keep newspaper readers 
enthralled, or least interested, 
for a good many weeks. But one 
wonders whether the drama is 
opt of proportion to the real im- 
portance of the issue. The import- 
ance of the aircraft Industry to i»e 
economy tends to be exaggerated. 
There are many who argue that 
too much public money has been 
ploughed into the .industry since 
the war. Neither West Germany 
nor Japan appear to have suf- 
fered from not having a large 
aircraft industry to support. The 
technological spin-off from air- 
craft manufac'it-e to other 
brances of engin ring is prob- 
ably not very sign'd cant. Why 
shouldn't the strategic decisions 
on civil aircraft development be 
left to the commercial judgment 
of those directly involved, in- 
stead, of becoming the subject 
of an agonising public debate? 

Unfortunately the British 
Government has always, been 
deeply involved in the affairs of 
the aircraft industry, partly for 
reasons of national . prestige, 
pBrrly because of defence. This 
involvement has been increased 
by the quite unnecessary act of 
nationalisation, which has 
brought with it all the usual com- 
plications— not least the feeling 
on the part of the trade unions 
that they .should wield greater 
Influence over commercial policy. 

On top of that, the aircraft 
industry has been or the 
sectors seen by the Brussels Com- 
mission as ideally suited for. an 
EEC solution, involving restruc- 
turing and collaboration on a 
European scale; with Govern- 

ment 1 ! controlling part of the 
market (through State-owned air- 
lines) and most of the manufac- 
turers. it ought to be possible- 
given Uie political will — to 
organise an industry capable of 
siandin- up to tbe Americans. In 
most of the other high-technoiogy 
sectors — nuclear power, com- 
puters. integrated circuits — 
attempts to create European 
groupings have for one reason or 
another come to nothing. Aircraft 
is about the only one left where 
there is still a chance of doing 


Yet ihe implication that the 
British Government should be 
under some sort of moral obliga- 
tion to 30 European in its civil 
airliner policy seems unreason- 
able. Our prospective partners, 
the French, have always ap- 
proached decisions of this kind 
on the basis- of national self- 
interest. which normally (except 
in ihe case of Concorde) -corre- 
sponds to commercial -self- 
interest. They have had no com- 
punction in taking American 
partners when it. suits them to 
do so. as they have done in com- 
puters I Honeywell), aero-engines 
(General Electric) and nuclear 
reactors ( Westinghouse). 

They might well have done so 
in civil airliners had they been 
able to negotiate a- satisfactory 
deal with one of the American 
companies: tbe fact that they 
failed to do so makes them all 
the more eager to have the 
British in as partners. AJi this 
is entirely logical from the 
French point of view; but there 
is nothing noticeably European 
about iL 

THE BUS into Glasgow goes 
daily; ; the Celtic .and Rangers 
supporters' cltibs are thriving; 
there is a yearly Highland 
gathering and the town has 
played host to the world pipe 

When the population goes to 
work each morning, nearly half 
disappears through the gates of 
the giant British Steel Corpora- 
tion plant which dominates the 
skyline. And the rate of violent 1 
crime is the highest in the 

Incongruously, the setting is 
not Clydeside, but Corby— set in 
the rolling Northamptonshire 
landscape and as a typical of the 
county’s older market towns as 
it is of the communities a few 
miles off with which it shares 
New Town or Expanding status. 

It is a town trying hard to 
come to grips with an unemploy- 
ment problem which, though 
recent, lies at the root of 
Corby's social problems, and 
which has its own origins in the 
unusual manner of the town's 

In tbe mid 1930s, Corby was a 
village of 1,500. dozing gently 
above large reserves of iron- 
stone. The then-private Scottish 
steel company Stewarts and 
Lloyds moved in, setting up 
what was to become, by 1968, 
part of BSC and one of the 
.largest integrated iron, steel and 
tube works in Europe. The com- 
pany brought with it a Scottish 
labour force and built -3,000 
Domes- to house i L -. 

With, further steel plant' ex- 
pansion possible at the end of 
the. 40s, but with Stewarts and 
Lloyds unable, to provide the 
necessary* housing- the Govern, 
ment decided- Corby was best 
developed under the New Town 

ct. " ' 

Expansion went* ahead, and 
still the Scots flowed in. so that 
to-day Corby is an anomaly in 
more ways than one. Of its 

55.000 population, nearly 70 per 
cent, are Scots Or of immediate 
Scottish descent, and Corby is 
known as Little Scotland, And 
while other New Towns were 
'developed frpni scratch, with in- 
dustry-following housing. Corby 
is a product of the steel works 
and up to the late 60s 90 per 
cent, of jobs were provided by 
it. To-day the Industry employs 

12.000 out of & total workforce 
of 27,000. .While' traditionally 
the steel works has been Corby's 
strength, it is: pow . proving one 
of its biggest. .-potential weak- 

Further expansion of the BSC 
works was ruled out in the late 
60s, firing a warning shot across 
the bows of the Development 
Corporation that the need to 
attract new industries was grow- 
ing more urgent 

The direct hit came last year 
when. With' the .industry's prob- 
lems worsening rapidly. British 
Steel announced that 1.200 jobs 
must go. These are now the 
subject of- negotiations with the 
unions, and will probably be 
accounted for by natural wast- 
age, early retirement and volun- 
tary redundancy. But coming on 
top of the shutdown of British 
Sealed Beams, which employed 

1,000 at its peak and which 
closed in 1976, the news was a 
sharp blow. 

Unemployment is now run- 
ning at 8.7 per cent., nearly, 
double the rate for the county 
as a whole. The Jobless' are' 
mainly the young apd the un- 
skilled, in a town where the 
young and the unskilled pre- 
dominate. For steel-making is 
not a process with inherent 
skills, and a third of Corby’s 
people are under -16. with 1,200 
school-leavers joining the jobs 
market each year. . 

There -is, however, a still 
darker cloud on the far horizon. 
With Corby accounting for 


something in the region of 
£30m. of BSC’s expected £500m. 
losses this year, the fear in the 
town is that the steel strip 
works might one day be closed 

This could' result in the loss 
of 4,000 or more jobs. Such 
fears serve* to strengthen the 
resolve of Corby officials, as 
leader of the Tory^controlled 
council Fred Harris puts; it, 
“ never again to hold all our 
eggs in the one' basket.” 

For all .these reasons, Corby 
is pushing hard, both for new 
industries and to remove the 
principal objection Industry has 
to coming: the lack of a good 
motorway link between the Ml, 
20. miles, to the west, and the- 
AL, a similar distance to the 
east. ' Such a link has been 
approved in principle, but the 
Ministry envisages- no start 
before the early 80s and Corby 

officials Insist this isn't good 
enough-. . . ' 

So BSC, the Corby Develop- 
ment Corporation and district' 
and county officials baye formed 1 
Corby Joint Employment ■ Com- 
mittee, whiph is. to -take the 
town’s case to the .EEC in the 
hopes of. obtaining -regional 
furl aid as a. -deprived steel' 
town. It is also awaiting -the ' 
outcome of its second applica- 
tion to Whitehall' for Assisted 
status— a prospect, however, for 
which it does not hold' out much 
hope. ; 

But it. is. oh the Development 
Corporation, now in. Its 28th. 
year and.' due to hand "over its 
functions to die embryo : New 
Towns Commission in 1980, that 
the burden of developing. 
Corby’s industrial base. has. 
naturally fallen. Until.' 1968, its; 
main task was to provide shops; 
and housing for -steeLworkexs; - 
and jobs for their wives, and 
the upcoming -second genera-, 
tion. Then came the .freeze on. 
BSC expansion. -“Thus we 
found ourselves - in ; the - indus- 
trial market in -the ordinary 
sense something like 17 -years 
after the other. .New Towns, 
observes- Ken JeaMn^ wWi heads 

the Corpora Son .teattu 

In the Corporation « last' two 
years; Jenkiit is; cone erne 
draw in two forms- of industry^ 
ideally,' two firms each :«opJp^'.: 
ing 2,500, -in heavier "perhaps 
even • dirty-’’ . industiy. -tok .iqoft 
up the- pool of unskilled- UgK 
employed; . the--.othe£ -.'highec- 
iechnolbgy companies to absorb 
schoo Weavers and . ' act ' "•*. -jur 
generators of skills. ': ' 

.- The; first remains;,, a/. jibpfcG 

though \ lead smelter might 
eome, employing up to v -400. 
Success in the second is more 
tangible. ' Jenkin estimates 
serious inquiries to be about 14 
a month, and current : talks 
include ones with a large boat- 
builders which might employ 
300, and an- Anglo-ftalian 
plastics group which could , pro- 
vide 300 mare. • „ 

•A variety of clothing firms 
and other light industry has 
already moved into the towns 
■ two industrial estates, on which, 
thanks' to a comprehensive 
advance factory-building pro- 
gramme. there is. room for 
plenty more. There is also an 
unoccupied stock . of about 
1,000 houses. 

Corby’s pluses, indeed, go a 
-long way towards explaining 
~ die relative success it has had in 
.a peculiarly competitive 
'environment. For it has had 
to-fight for its industry against 
a- duster of surrounding new or 
expanded towns; Milton Keynes,. 
.Wellingborough, Peterborough 
arid Northampton, all with 
much lower unemployment 
rites, but all just that bit too 
far away to act as a sponge for 
the jobiess of Corby. 

.-’For it s size. Corby is excep- 
tionally well endowed with 
facilities. Traiere is an esceUeiri: 

- theatre, concent hall and - sports 
jfajriiitjies: fcts shopping centre Is 
weJd-pl&nned, traffic-free but 
'with parking dose alongside; 
there is not much «E ' the 
•deh uma nised air . that has 
marked some New Town centre 
planning, and the effect ■ is en- 
hanced by three large parks 
inside the central core. 


M Vf* 




a . TMtlS g 

Envisaged at- first as ha- 
st population potential of 100; 
or, more, Corby will not . 
expand -beyond . the n&t . 
growth of- its existing poj 
tkm. There . & an. admj ■ . 
social imbalance, partly ari 
out .of Corby’s origins, 
partly created- by managemc , 
tendency to .live in the . 
turesque villages beyond : 
town's outskirts. Nearly 80 
cent of Colby’s bousing is' ' 
publicly owned, but town 
cials are working, hard boll 
encourage .private builders : 
to .change a peculiarly - Scot .; 
“ rent not buy. V philosophy,.- 
*Rie town does bear. the mi 
scattered - v and al ism , peri 
no. worse than other- t' ' 
Towns, but sufficient for a $t 
group to be set up. - Much 
the vandalism, lake the £'. 
crime rate, officials hope - 
disappear as and when -the 
employment problem- - ; - 
appeors. -• 

No-one, however, -is under j 
itastoos that it will go ^ 
night. The -first really am - 
step forward wild be th#-i 
mad Jink. Until that 'time, ] 
Jenkin ruefully admits, “we: 
going to have to riin iike file 
lost, io stand stifli.” 

Co-operation Hat trick in offing for Hagalett' 

So If the British Government, 
for sound commercial reasons, 
decides to accept the Boeing 
offer, it will not be the end of 
the world: it should not be re- 
garded as a dastardly stab in Ihe 
backs of our EEC partners. It 
would be nice to think that the 
the Europeans, acting together, 
could break the American 
stranglehold on the world civil 
airliner market -and. perhaps they 
can. (If there were, an Inter- 
national Monopolies Commission, 
the aircraft industry would be 
an obvious candidate for refer- 
ence). But that is a judgement 
which has to be based on the 
facts, not on wishful thinking-. It 
would he nice for European 
unity if the co-operation which 
already exists in the military 
field could be extended to civil 
projects. But the decision which 
tbe British Government has to 
take is commercial, not political. 
Let us not get too worked up 
about tbe political angle: it is 
the commercial one which mat- 

THERE WAS a great deal to 
like' about the way in which 
Hagalett buckled down to his 
work when disposing of some 
useful opponents at Newbury a 
fortnight, ago and I am hopeful 
that the Nick Vigors three-yea r- 

tered in the two. outings men- 
tioned above, Hagalett is a smart 
and possibly still underrated 
snrinter and I shall be dis- 



otd can follow up in to-day's 
Athlone Handicap at Sandown. 

Here, Hagalett, the comfortable 
winner of Nottingham’s County 
Handicap a week or two before 
his success in the Berkshire 
course’s Chievely 1 Handicap, has 
been 6et to concede 9 lbs and 
13 lbs respectively, to Sandfieet 
and Redding Ridge. 

Although his task is clearly a 
tougher one than. those encoun- 

sprinter an a I shall be dis- 
appointed if tbe hat trick is not 

Redding Ridge,' one of three 
Duncan Keith representatives, 
seems well treated with 8 stone 
3 lbs. It ts worth noting that 
Lester Piggott must be of the 
same view for, he has decided 
to take the mount in preference 
to several further up the 

That highly informative refer- 
ence book. Trainers Record*, is 
with us again. The Flat-racing 
edition 1978, although far from 
moderately priced, represents 
much better value, to my mind, 
than many of the glossier " light- 
weight" publications purporting 
to help the punter. It is particu-- 
larly useful when analysing' 
course by course information 
with an eye to trainers who 
should not be overlooked at 
certain tracks. . • 

2.00 — Desdemona*" 
2.30 — Prince Gabriel 
3.05— Moonlight Bag 
3.40 — Amerlan . . 
4.10— 'Western Gem 

4 . 45 — Hagalett'** 


2.45— Bate 

3.45— Thorganby Tina 
4.15 — (Priestcraft. Boy 

4.45— Buchanan >-■.'• 

• 5.15— The Sandford*. 



C— ' Dim* . theatres accept certi»Oi~ oniftt 
carta try telephone or at the bag -afloat. - 

OPERA ft BALLET a- T/i* 

COLISEUM . Credtt cards 

R ■serrations 01-836 5161. •> ' 


Tonight antf Tuca meet 7-00 C* 
Twnor and Wed next 7-3 Oka Tn 
Thurs next 7 JO Julietta ffiraU. 
"Ha patina atmosphere” €■ 
“Smoothly' and sweetly texture*-;* 
sent*, acrtsiWc mek»y. D. .- 
... . a dream ...» room In 
and 1 memorable op eratic -eveomi-'* 
Pott. nw. balcony seats -abrava ato 
day -of pert. ~ 



(Oordanchargc credit - cards. - 83*^8*03, 

.thF royal.- gALLtr-.s- - 

Tomer. 2.00 PJO. Jr 7-30 AQkalMe 

* the- -royaL omwa. - - '?■ ? 

KAYMARKKT. * 1-930 9033. Brim. 9.00. STRAND. 01 -X 36 2660 .. EyMlnsa i. 

' DEREK WCWt t>(>Rls' 4 '* W |=RANC16 THE WORLD^^MATEST 



WATUtS OF THI MOW aoaare Theatre t 078 S !z 271 J. RSC 

iTtprid BartinannialMS the wage rrnpto the TAMINC OF THE SHREW.r-n 
— onaaMlIable tturiama. p»»v Pn-ncd lately avalVable lor cenlpM, tm 

“Wendy Hiller la «npert.“ Sun. Mirror- Apr. 22 unat. & ere.) preytaw. Rm 

Xn MAJUTYL CL 01 -030 ' 6606? ■ bo0t<l , ltg . SL 81 ■ _J_ 

b 5 o- Mata. WKnd Sat 3 . 00 . ST. MAMIN'S. CC .836 U 43 . Em. I 

■ jsap^saa?- 

TRA^N^M^C^ - WORlo^g^eVruh 

vrlth Derek GrlBrtfta 26th YEAR 

Directed by 6URT SHEVBL.OVE TALK. OF THE TOWN. CG 01 - 734 IP 

“HI* Hacked to bursti ng poin t *<*£_**?; 8 . 00 . Dlnlag, Dancing. 9.30 ^Super r 

pereonaUtv andrteer ererpy of RP*” RATZLE dazzle -■ 

: foray tfi." bun. Express. “The audleiKe and at 1 1 pjn. 

ciiaerM." Sunday TetegraBRr. - . — MADELINE BELL 

* ££. post free froni 'Trairieira 
Record. Melplosh, Bridport, 
Dorset DT6 3L/H. 

ndi- for Ol pert*, on sale from. 10 AM. 
on tf«y of perf. ' 



May- 7 . Aon. dm zauimrfiote <aoM out}. 
Don Gtoyanni .sold out). - U ' Mam 
(sold ovt). Csl tan totte. Tha . Raka'a 
Progress with tnc London Philharmonic 
Orchestra. Box Off- ayndebourne. Lewes. 

■ oersonaUty *nd sheer eranv of gnice razzle dazzle ■ 

: foraytfi." bun. Expraa. “The audleiKe and at 11 pjn. 

chaered." Sunday TelegraBA. -■ ' . — MADELINE rch. 

KING'S ROAD' THEATRE ~ 352 7 d*L- T HEATH* TJPSTAIttS. ■ . 07-735 2 

Man to Thurs. Bid Prl« Sat. 7 . 30 . 9 . 30 . Tnodav-Sundav - 7.30 




^ M a^ L tAR' ,U 2 S S^iMl^g 7373 ' VAUDEVILLE. 838 MSB. CG Evs. at 


- 01-437 2065. THE NEWEST WHnniiNNiT-unr 


Sussex and ibbs A Tlllett 124 W 
St.. Lgndal. Wl. Personal bknn. 
Tom- May 2 (phone May 3 ). TM 
IMs. on sale will be thus erenvatnD 
Cod & Rake perts. Jnly 23 -Aufl. 

„ Dinah SHERIDAN. Ooide GRAY 
Elaanor SUMMERFIELD. jama* GM 
- - by AGATHA CHR(Snr ' ' 
■I a^MMitar Agatha wta,- an«i»r''v 
dunnrt. Agatha Christie la cui kina' 

SCOTLAND’S FIRST skateboard 
park closed after four months 
because of lack of support. 

The centre was Britain's first 
indoor skatehoard park 

EC 1 . 837 1672 . Until Mar IX Eros. 
7.30 Sat Mats 2 . 3 a SADLER'S WELLS 
ROYAL -BALLET. Tonight. Twnor -and 
Mon: Summetiide. The TWo PTbeons. 
Tue*. Wed and Thurs next: Lad ..CyK 
ohicHtf. Laa HeWnmnar. La BotiHaoe - fan- 
taMee. - . 

LONDON PALLADIUM. CC. 01-43 7 7373. B t nt ? . aSsJu. ySS ■ 


- TUes.. Thurs- 9. WeO. Fjj- Sat- 6.1 3. 9. hei«l*bly IrmenToua nwrdemntgrl> 

■N his LAS VBGAS SHOW . ■ Eeibc Barker. Evening Naw*. . ,-. 

Note additional 6.TS perl, U*Xt Wed. VICTORIA rALAO^^ jchSI"®* 4 ,J 


8.0. MEtS. Thurs- 3.0. Sat. 5.0 and 8.30. . ANNIE 


Oehdlably lngenloua murder mysterfi- 
_ ; Felix Barker. Evening News. - 

""" iSfiN ^ r e L^ - 

- tv Eduardo Filippo . . • - * Sat. ZAS: 

■ WAREHOUSE.' Don mar T 1 w>t^ ,,< Cta • 

-AN^vfwT treasure'^ ^M lrrtr ,6B0B. Royal Shitc^T- 

HUNDREO ■ YEARS." Sungmy Times, . . 


AOELPHI THEATRE.. tC 01-838*7611. 
Evga. 7.30. Mats. Thurs. 3.0. Sat*. A.O. 


1 . 976 . 1977 and 19781 


BBC 1 

t Indicates programme 
in black and white. 

6.40-7.55 a.m. Open University. 
9.38 For Schools, Colleges. 10.45 
You and Me. lt.05 For School.;, 
Colleges. 12.45 p.m. News. 1.00 
Pebble MilL 1.45 How Do You Do? 
2.05 For Schools, Colleges. 3-20 
At Glawr. 3.53 Regional News for 
England (except London). 3.55 
Play School (as BBC-2 11.00 a.m.). 
4.29 Scooby Doo. 4.40 Potter's 
Picture Palace. 5.05 Horses Galore. 
5.35 Magic Roundabout. 

• 5.40 News. 

5.53 Nationwide (London and 
South-East only*. 

6.20 Nationwide. 

6.45 Sportswide. 

7.00 Bugs Bunny. 

7.10 The Wonderful World of 

■ 8.00 It’s A Knockout. 

9.90 News. 

925 "PetroceHi: Night Games” 
(television feature film). - 
104)5 Tonight (London and South- 
East only). 
lt.05 Regional News. 

11.06 The Late Film: “The Sand- 
piper," starring Elizabeth 
• Taylor and Richard Burton. 
All Regions as BBC-1 except at 
tbe following times: — 

Wales— 1,45-2.00 p.m. Tredwt. 
5.55-6.20 Wales Today. 7.00 Heddlw. 
7.25 Cadwaladr. 720-8.00 Ar Glawr. 
10.35 Kane on Friday. 11J25 News 


for Wales. 11.26-1.18 ajn. The 
Late Film: "The Sandpiper.” 

Scotland — 5.55-6.15 p.m. Report- 
ing Scotland. 6.15 The Scottish 
Trades Union Congress. 6.30 
Join' BBC-1 London for Nation- 
wide. 10.35 Breathing Space. 
11.05-1L06 News, for Scotland. 

Northern . Ireland <— 10.23-10.38 
a.ra_ For Schools. 3.53-3.55 
Northern Ireland News. . 5.55-620 
Scene Around Six. 10J5 Jack 
High: Golden Crust Invitation 
Pairs Bawls Championship. 11.05- 
11.06 News for Northern Ireland. 

England— 5^5-680 p.m. Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle): 
Midlands Today (Birmingham); 
points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). J0.35- 
11.65 East (Norwich) It's . Your 
Image; Midlands (Birmingham) 
Flouride — Friend or Foe? North 
(Leeds) Lifelines; North East 
(Newcastle) The Invaders; North 
West (Manchester) Sense of Place 
South (Southampton) Year of the 
Trees; South West (Plymouth) 
Peninsula: JWfh)ither Devon? 
West (Bristol) The History Makers. 


1 Share role of grouser? (7, 4) 

7 Pet switch (3) 

S Bird appears on Page 1 before 
mine (5) 

10 Standard of crime squad’s 
credit (9) 

11 Bee in one’s bonnet concern- 
ing time allotted for outside 
broadcast (9) 

12 Tired of going comprehensive 

13 Caught prophet taking early- 
boat (7) 

15 Land in river enclosed by 
Henley otherwise (4) 

18 Fish caught by eccentric aunt 

20 Glass-fronted promise of 
better days ahead (3, 4) 

23 Experiment on way to meet-, 
ing If?) 

24 Game involving getting down 
from 1 to 12 (5, 4) 

26 Somewhere to live in Herts 

• in store (9) 

27 Article taken by way of Pole 
relating to birds (5) 

28 Failure returns unchanged 

29 Correct what player at 24 
hopes to do (3, 8) 


1 Gear for speeding Nick finds 
first-rate "(3-5) 

2 Bringing film to light cau be 
a" revelation (8) 

3 Goddesses get what'-s coming 
to them (5) 

i Meaage from fodder mer- 

chant goes badly astray (7) 

5 Order upset artillery on 

practice ground (7) 

6 Throw a fight and have rest- 
less night (4, 5) 

7 Cold as Canada for a start 
and mountainous (6) - 

8 Attractive aspect of theft (6) 

14 Wooing the royal yacht? (9) 

16 Gain once obtainable from 
-travelling by paddle boat (8) 

17 There could be a catch in 
making meaning clear' (5. ,3) 

19 Story comes into current 

. reckoning (7) 

20 Like this round bed to appear 
in shortest time (7) 

21 Put away what good man had 
to pay (6) 

22 Henry given second class free 
mongrel (6) 

25 Knock out a Los Angeles bear 


BBC 2. 

6<4Q-7I55 a.m. Open University. 
'11.00 Play SchooL 
4JS6 Open University. 

7.00 News on 2 Headlines. 

7.05. That's The Way The Money 


. 7.30 Newsday. 

8.05 Heads and Tales. 

8.20 The Money Programme: 
Has the Tide Turned ? Pro- 
fessor Milton Friedman's 
views on the British 

9.00 Ripping Yarns. -' 

9.35 A Tale of Three Cities. 
10.35 Portrait 
11.00 Late News on 2. 

1L10 Snooker: Embassy World 
Professional Championship. 
12.00-12.10 tun. Closedown: John 
. Rye reads .** The Orchid on- 
• the Rock.” by Peter Porler. 

Round. 2J25 Racing from Sandown. 

4.00 Beany and Cecil Cartoons. 

4.15 Snacket 4.45 Magpie. 5.15 
Emmerdale Farm. 

5.45 News. 

6.00 Thames At 0. 

6.35 Crossroads. 

* 7.00 Winner" Takes All. 

7J30 The Many Wives of Patrick. 
•' 8.00 Hawaii Five-O. 

9.00 People -Like Us. 

10.00 News. 

10.30 Police 3. 

10.40 Russell Harty. 

11.40 How To Stay Alive. 

12.10 a.m. George Hamilton IV. 

12.40 Close — Robert Rietti reads 
a prayer for the Passover. 

All IBA Regions as London 
except at tbe following times: — 


US P.m. Aneljj NVws. AH Cartoon 
Time. 5-15 Cbancrbox. AM About 
Anglia. li >0 Danger in Parsdlw. MJO 
Probe. 1 U 9 Friday La-e Film; "A Ra&e 
To Live." 12.45 a.m. Men Wtn> Matter. 


120 p.m. A TV Newvlesk. UO Paint 
Along with Nancy J .50 The Sullivans. 

5.15 Tbe Squirrels. 6.00 A TV Today. 
TJff Rafferty. 8 J 0 Sale or iM Century, 
to JO The Best Se,ler Movie: " Where 
Love Has Gone." 


tlJO p.m. Border Ki-we. CfO Cartoon 
Time. 5 JS Tbe Partridge Faiailr. *•## 
Look around Friday. l.Ofl Qurpcy. UJ 8 
Borderers. 11 .M Laip Nlstu Film: 
'••Silting Target." tliaa aan. Border 
News Summary. 


U 8 p.m. Channel Lunch lime News and 
What's on Where, a.m Caruwmtme. 

1.00 Report al Six |.u Quincy. MJO 
Channel Laic News in 35 Late With 
Damon. 10 JO Lale \i B hi Movie: "Boy. 
Did I Get A Wronii Niimhcr.” 12 JS a-w. 
New* and weaiher in French. 

Report Wales Headlines. UB Ten Years 
OrK-In The West Country. WB Women 
Only- 4 JM Ca noontime. 5 J 5 The Under- 
sea Adventures of Captain Nemo. 5 J 20 
Crossroads. MB Report Wcsl 605 
Repon Wales. 6 J 8 Eraiiterdale Norm. 
9.80 Quincy. 1935 David Niven* World. 
11.05 The Late Film: "Terror On The 

HTV Cymru /Wales— As HTV General 
Service except: 1 . 20 - LOS p.m. Peoawdaa 
Newyddlon y Dydd. 139-180 Ten Years 
On— In Wales. 4354.45 Camau CantamlL 
6.00435 Y Dydd. 103 S-U 3 B Outlook. 

HTV West— As HTV General Service 
except: 1 - 2 D- 1 .H pjn. Report West. Head- 
line*. 6 . 25 - 4 JO Report West. 


CREDIT CARD BOOK INGS /. 836 7611 . 

ALBERY. 836 3878 . Party 
card bkps. 83 E 1071-2 Ifri 

ates Credit 
i 9 a.m. w 
. and Frl. 

Mod. to .Trt, 8 j 0 -" Sar. S.JD and 84 S. WESTMINSTER. 01-834 03 


THE ELOCUTION of • gr Malcolm MuggcridOe & AIM Thom 

• BENJAMIN FRANKLIN PrtHdewn irom- Mar 9 . Opens Mar 

■■ ca'rrwaSootte^' tunrrf' ' WoeW _ _ 01-930 6692-71 

eloquent pi*y.” Gda. Hllartous.'’ E. SDL fUi' 3 * 30, * ntl Set. SAS and 9 
*’ WlckedlTttmmS?." E - News. "Sottl- p * 01 

binding-'' Ohs. - . ^ u ^.S* nturv - 

6 pjn.). Mon.. Tues_ WM. and Frl. 
7.45 p.m. Thurs- and Sat- 8.30 and 8 . 00 ; 

ABLE TO SEE IT AGAIN.'* Dalit Mirror. 

ALPWYCH. 838 6404 .' Info. 836 5332 . 
repertoire. Tonh) ht 7.30 HENRY V 'Sold 
Out). With: HENRY VI Part 1 (tomor.i. 
Part 2 CSat- 2 . 00 ). Part 3 (Sat. 7 J 0 i. 
RSC also at THE WARptOUSE (sec under 
Wl and at the Piccadilly Theatre- In Peter 

MERMAID. .. . 348 7656 . 

• Resaerant 248 2835 . - 
.. s .. 'Alec McCo wen's 

Strmrfy not to Be mrssed try anyone 
with care, a mind" or a , soul." SL Tlmes- 
UnUl April. 23 . Evgs. 8 j 15 -and »«* 
every -Sun. anU! Jane , 11 - Sun. - 7 JO, 
Returns April 24 - • 



OUBMjft (open stagel: Ton't and TomoC 
7 . note early «art tfed pr preys) BRAND. 

' fteroetv -• - 01-930 6 « 92 -r. 

I." E. Std. f!®*' wnd Set 6AS and 9 

, “ SoeR- p * 01 »wm«nd Proeng the seres* 
Sex Beyue_ of^ the Century . 

— —• - _ DEEP THROAT 

146 7658 - On* la ovttrwhelmhifl public demrt 
'• ' — *on - extended. . 


i uss: 

and t»en . . PAUL RAYMOND presents 


unprecedented Undo wha 
928 2252 . WinlMHil* on _^our g HK ; E». Ni 
nd Tomof YOU may drinK and smoke In the 

It BRAND audit orium. 


US p.m. News and road report. 130 
nut ot Town. 4 .n- Cartoon Tone. .535 
Tea time Tales. 530 Crossroads. AM 
Scotland Today. 630 Tbe Belter Sex. 
8.90 Charlie's Angels. 1838 Wars and 
Means. 1130 Late CalL U 35 Friday 
Cinema: "They Might Be Glanta.” 


UO p.m. Saurliern News. 138 The 
Electric Theatre Show. £00 Women Oifly. 
535 Weekend. 5.28 Crossroads. 6.00 Day 
by Dav 'Channels 8 . 11 , 27 . 42 . 58 and 601 . 
fc .00 Scene South East (Channels 10 , 43 . 
64 and 88 onlyt. 639 The Challenge or 
the Sexes. 8.00 Emergency. 10 . 3 I 
Opinions Unlimited. 11.90 An Audience; 
with Jasper Czrratt. mo Southern heirs j 
Extra. 11.40 The Latv, Late Show: ;The 
Stn of Father MoureL" j 

AMBASSADORS. , .CC. 836 1171 . 
Ergs. 8 . 00 . Mats. Tues. 3 . 00 . Sat, 5 . 00 . 
■A Rode Revue 

11 Louts srlwvn gyrates brilHandr as Mick 
Jagger.'VD. Tel- -V Audience cheered." 
5 . TH. Ends April 23 nd. 
AMBASSADORS. 01-836 1171 - 3212 . 
Opens April 25 tor 2 weeks only. 
Evenings at 8 . 0 . M»t- Satj. 3 . 0 . 

.■“'^L^sS^ 000 


7 . note early start ired pr prevs) BRAteo. auditori um. 

T3« B «IARDsj ^ J 

rt..-audiJOrtum>tr.Tgn'‘* a I 

^W.SiON . 3U AK^-COMES j 

He 3- o»j*S3* 

perir. 4 HdMwant 

Hr Wd^bWs:- 928 - 3052 . . __ 

. .yj R 7 _FUN NY ■' £Ven(ng New*.- i 
.. Ma, 7 crwahcp's imash-tH: Corned) 
■■ once a cathquc 

c "PSdP o? -sex and ieNpi 4 


_ LAUGHTER- Guardian- . 

APOLLO. 01-437 2663 . Evenings 8 . 00 . 
Mats. Thurs. 3 . 00 . Sat. S-OQ and 8 . 00 . 
Actor of the Year E. Std. 

" 15 SUPERB." N.o.W. 


DLDV VKL^M- jsl ST N^r *S3Sn A«D « ‘5?1, , vk ^ a “ fi 

2044 * 7^20 Starts wWi - Prospect’s *rsf. r ffSri&ZiS, ShaSrtocare -Comt 
rll m«? : k l 1 ^ad VIC- • OT-MACMTH. (Thb ' «v«* Out 

eon, ? 7 f /? iweStH NIGHT- • • Yeturns am: doorj , 

PrevInR. TM ToitlghL'- Sat. •* nmtloee . 

^STwritntght « 7 P^ .... CINFMA* 

Ellecf) MAM. as -SAINT ■ JOAN return* UNCrtAj . 

Mir.- 3 rd! ■ . j ' *fS _1 Ik 2 SHAFTESBURY AYE. v 

; peiftt Cards. ■ 01^437 j 6834 . 
iuH. 83 T. Frt„ Sat fc.o -and 8 - 40 . 


• 8 BBJL-. Srt.- Peril- AU. SEATS 8 K 

J- The CpeAve Girl (A), wk. 6 1 
2 - Q O . 5 . 10 . - 8 ; 10 . Late Show 5 at Ti 
a . W*l- Wk. A Sim.. Z 


1 . 2 S a. m. The Good Word followed top | 
Vorlti East News Headlines: 3-29 North 
East Nows and Looks round. 130 Out of ; 
Town. 535 Mr. and Mrs. MO Northern i 
Life. 730 Oh No. It's Selwyn Froggtti. 
JL 0 Q Emerseney. IB JO S ponstime. tlLOS 
Friday NUtht Film: "Walk A Crooked 
Path.'' 1235 a-m. EpUocw. 


9J0 Schools Programmes. 12.00 
■The Learning Tree. 12.10 p.m. 
Rainbow. -J2J0 Andy's Party. l.Ofl 
News, plus FT indes. 120 Help.* 
1.30 Beryl's Lot 2.00 Money-Go- 


9JS a.m. First Thins. L2S p - m - 
Gramplan News Headlines. LOO Canoon 
Time. 6.90 Gnmaun Today 'Indudlus 
S.T.U.C. Conference Report.- 730 The 
Jim MacLeod Shov>. a.m Quincy. 10 . jo 
R.T.U.C. Conference Report followed by 
road report. 1 L 80 Reflections. U-OS 
Feature Film: “Gargoyles.'' 


139 pju. This ts your Risht- lJ0 T “ e 
Amazing World nr K re skin AM Cartoon- 
time. 5.10 what'-s .\. w . 535 crossroaos.. 
6JH Granada Peporis sjt Kick Off. 
730 Oh Nn It's H-lwyn FrogRlK- 8 '80 
WesrsJde MedUdl. 10 . jo Reports Extra. 
tll '-00 • Great Films of the Century: 
Private's Progress 


130 p.m. Lunchtime. LOT Cartoon. 1 
433 Ulster News Headlines. 535 The' 
Fllutstfmcfl. 6.00 Ulster Television News. 1 
6.05 Crossroads. 638 Reports. 630 
Police Six. SJ» West Side Medical. 1030 1 
Two at 10 . 30 . 10 M Sporucatt. lLDi 

Friday TOm: “The MiSBlP* Arc Deadly.” 
1235 a.m. Bedtime. 

ARTS THEATRE. 01-838 2132 . 


“ Hilarious ... see It." Sunday Tlm«. 
Monday to Thursday C. 30 . Friday and 

Saturday at 7:00 and 9. 15 

ASTORIA THEATRE. CJisrinp Cross Road- 
01-734 4291 . Nearest Tube: Tottenham 
Court Road. Men.-Thurs. 6 . DO p.m. 
Friday ana Saturday 6.00 and 8 . 45 . 

Irritant Credit Card Rwenrttrtna. Eat In 
our fully-licensed Restaurant and Bullet 
Bar (unchrtnxy and before or after jhov* , 
bookable In advance. 


FHOKNUC 0 I-B 36 3294 . EvanJnOT A 1 5 - fi™-'.*- 10 - Lra Sliow Toni site * ' 

Friday 'and Saturday 6:0 and 8 / 4 D. _ * ‘-* 0 - .. ■ 

■■ TtM. BROOKE r» $MDW PLAZA (oop Camden - t! 

GARDEN' make us lough." D. Mall In Tube). 4 as Ji 

7th£ .IIMV^NISHTO TRUTH . - RMsUnce thrHlur THm Anmy riH 

'tor a 

HA«E‘-DIED." s. ’■WSftLr'S ft Oxford 51. It 

SCRBAM." D- Mir. THE AUDIENCE Tottenham Court Rd. -Tube). 636 01 
WITH MIRTH." tLTtt "SHEER fttMlttci'S IMP I ill 

DELlGHT.~ E. Snnd. GLORIOUS CON- *-15. 5.15, B.15. Late show 11 . 15-1 

TINUOU S LAUGHTER." Times. ' . Thaw. Deitffls Wartrti 

PICCADI LLyT -437 4508."CrS»t art bfcs: ylslf^u te“ ID^ 1 ? 0 -™ 2 ' 00 ' 4 

EvB.*Bw»5wd < Award* 'ai^SWET^ Award 
T Compaw In mS?'^ R G c S?Vi w - u » *».- P,NI 

CAMBRIDGE. 836 0056 . Mon. to Thur. 
8 . 0 . FrU Sat. at 5.45 and 8 . 30 . 


Exciting Black African Musical 
“ It's 1 loor-stampinp. pulsating, action- 
packed musical.''' Mows of tho World. 1 

Dinner and tob-price seat £ 8.25 Inc. 

~ by .Peter Nichols 


T ■c^ ,r J°i'? :ct L i . 2 ,5Qa Fdrl 2 .X). Pn 
2 JO. 530 . 8 . 1 S. Late show 1 T .10 r 


930 a.m. West Country. Job Finder. 
1236 p.m. Gus Honey bun's Birthdays. 
139 Westward News Headlines. 430 
Cartoon tune. LOT Westward Diary and 
Sports Desk. &.M Quincy. M 38 West- 
icard Laic News. 1935 Late With 
□anton 1930 Late Nlcbt Movie: ■ Boy. 
Dtil I Get A Wrong Number.” 1235 jwh. 
Faith for Life. 

COMEDY. 01-930 2 S 7 S. 

Evening 8 Q. Thurs. 3 . 0 . Sat. 5 . 30 . 8 . 30 . 

Margaret COURTENAY. Dennot WALSH 

.•-.--Open June 21. EVtTA 
PRltadE 43F WAL13. ee. 01-930 8681. 
Mdrxlay » Friday at 8 p.m. 

S«. , ft45. Mat ^iir. 3.00.- 

C alR&, Carxon Street W.l. 399 37 
MdMWes .1 “ A fparkHnp New Fre 

. P'rrrted with ftnesae by V 
' Sunday Exnrax. Proas 

*T Samiay tmnro. Progs 
^■SO (not* son J, 3 . 35 . 6.10 an fl 8 : 


1 Blackmail, armed robbery, double Muff 
and murder.” Times. “ A pood deal of 
lull." Evening News. 

The Sun. 


nilL'S? M*cLatrw.- Ann* Bancroft. Mllr 
Film I 

F? ,N 7 JAX Prous. Wk. T. 
2* VS-.*",",’ S? 40 - 7 -* 5 Late si 

rrt. |nd Sit. fUS P.m. 


CRITERION. CC. „ MO 5216. 

Evenings 8.0. Sate. 530. 8-30. Tb Ur , j 0 . 

“ Imoeccabla . . - a maste r." Sun. Times, 


of cauGHS "• . News of uia World. 
rnroiT ^CAKP BOOKINGS 330 0846 . 

lTWE. CC.” OT-TSC 1168 . 
0. Sat- 5.0 and B30i . \ 

°°«PN _NArhWOCKT (aMI 2738-27 
J *ne Fo nda ...Vanessa Redgrave In a f 
*!>mnuwi film JULIA tai. Seo. Pn 
?*Ti 2 - 20 ^ 3 ; 4 J. B. 45 . Feature DJv. 2 . 
; 6JJ0. S-OQ, talc .Show Frl and. Sat FI 

Comm. 11J5 • ft. in. Fcihirc l 2 - 0 a 
■jam Mfale at Theure. 

.. . . GUINNESS 

"..■err aEtor of the^year ; 

• '^^VjrfttY Chib'-of G& Award .■ 
A New • Play by ALAN BENNETT 
“mst play OF THE Y E A H 


lJD p.m. Kepon West HttiiUlMS. 1-25 

130 p.m. Calendar News. 130 Winaeni 
and Losers. 4.00 Cartoon Time. 535 
Calendar SporL 6 uM Calendar lEntte? 
Moor and Belmatu edltiansi. 730 Oh 
No H‘s Selwrn Fro«ltL tM The Streets 
of San Francisco. 1030 Appointment 
With Fean “The CreeplDE Flesh." 

DRURY LANE. 01-836 8108 . Every 
-night 8 . 00 . Matinee Wad. and 5 aL 3 . 00 . 

“A rare, devastating, ievous. astwilcMAg 
stunner." Sunday Times. 

“jS!, 16 ®!!.. LEICESTER SQUARE *930 Bi 

KJIS W. Seg. profli Dir. Doors « 
10.00 (Not sun.). 1 . 0 s. 4 . 15 . 7 . 45 . L 

“•ris Tuei-Sits Doors open 11.15 n 
All i rite mar be booked extent 10 
■Jo- profit. 

DUCHESS. SJfi 8243 . Mon. to Thun. 
Evgs. o.O Fri.. Sat. fl .15 and g.O. 

Solution to Puzzle No. 3.647 
















Cfll/ WL.f 

















y l r : x 





I jpf 




■-S jngjb 



* jSSm 

RADIO 1 M7m 

<S) SlcrauphMlc broadcast 
530 a-m. Ai Radio 2. 7.02 Noe! 

Edmonds. 9.H Simon Bales 1131 Paul 
Burneii Jndndms 12.30 p.m Ncwsbeat. 
2.00 Tony Blackburn, ajl Kid Jensen 
m^ludlnR. 539 NcwabcaL 7,» Sinn 
Reynolds and hts orchestra iS* (loins 
Radio 2i_ 19.02 John Peel (Si. 1290- 
202 a.m. As Radio 2. 

RADIO 2 J-300m and VHF 

5.00 ijn. News Summary. 5.62 Ray 
Moore wnb The Early Show iS) incJtullnB 
s 15 Pause for Thoiutht. 7JZ Terry 
Wok an iSi includina 8.27 RaciPR Bulleun 
and 8.45 Pause for 'nought. 10-02 Jimmy 
Young (Si. 1215 p-m. Waggoners’ Walk. 
1230 Pete Murray's Oped House tSi 
including 1.45 Sports Dclfc. 230 David 
RsnilUan (Si mcludint 2.45 and 3^o 
Sports Desk 430 WasKO&en' Walk. 
4.45 Sports Desk. 4.47 John Dunn iSl 
Indnduw 3.43 Spurts Desk. 6.45 Sports 
Desk. 7.02 Sun -Re molds and his 
Orchestra id Band Parade i&>. 1.02 John 
Fox conducts the BBC Radio Orchestra 
IS). 6.45 Friday Nifcht Is Music NUrtit 
(Si. 935 Sports Desk. 19.92 Free Spin. 
1039 -Lei's Go Larin. U-02 Brian 
MaUheyr- introduces Rotmd Mtdniabt. ln- 
^InrtlDR 1290 N'cws. 290-282 aJTtl News 

^ADIO 3 ***xn, Stereo &VBF 
■ ZMcdinm Wtiva only 
1635 a-m. Weather. 7.99 N«f". 7-K 
• ili'crture >5t. 8.99 TIcwb. OM Mnrnlne 
emurn iSi 4.00 News. 9JB This Week's 
Composer Rave! '5>. 435 BBC Nonbern 
Ireland’ Orchestra (&). 1939 Youwt 

Artist's Redial <S<. UJO Boxtehnde 
concert iSl. 1229 p.m. Midday Concert 
part 1 1 5 ). 1.99 News. l.oS Playhlh iS i. 
1-20 Midday Conwn. pan S ISi. 289 
Royal Repcn a in.- t?,. 3.25 Hie Harpsi- 
cibonl In Prance tSi 495 Three Bnttsh 
Sonx-Cidcs fSi. 4.45 The youM ,dt,a 
ISl. *SA 5 Kometraru Hound- MM News. 
1630 Homeward Round iconlhiBcdi. 1630 
Lifelines: Leisure and Recreation- 730 
Recoils IdcriuE John Smart MlO- Con ' 
wrt from Newcastle, pan l ISl. 935 
Shakespeare and ihe Histories. I-® Coi- 
cert, pan : (S». 19.90 A KoodddB in lh « 
Skull iS>. 19.40 Musu now. U- 2 S News 
1133-1135 Tantgbt -i Schubert Stag- 
Radis 3 VHF only— a no- 7.00 > 4 “- * nfl 
5 . 43*739 p.m. Open University* 


434m, 330m. 28Sia Wifi 

5 . 453.30 p.m. Open University; „ 

635 ■•m. News. *37 FannldS Today. 
63 S Up to the Hour. 7 .od News.. 700 
Today. 7<.5 L‘p 10 (he Hour (continued 1 . 
8.00 News. SOB Today. 8 JB Yesterday 
In Parliament. 4 .Qe News. 935 Local 
Time. 135 Yonr Feet's Too Big. 7939 
Nctrt. 10.05 CheckpolnL W-*° 

Service. ID.® .Mamina StorU- .UJO 
News, liras Arrows of Time. j 2 D 0 

News. 1262 p.m. You and Yours. «T 
-Quote . . '. Unquoiu iSi. 1255 Wether, 
programme ikws. 1.90 m*>: World at 
one. - 133 The Archer*. 2 ® Woman'" 
Hour from Bristol, indwlimi i-BO-2.0! 
News. 2 ® Listen With Slolhcr. 3.90 

News. 3-05 Afturnoon Theatre. MB 
News. 4 J 5 Whrft Did Horace 5 ay 7 4-35 
Story Timp 5.09 pm Reports, srao 
Bnouire Within. 5 .S 5 weatQer. programme 
news. 269 Neva. 939 GoiftB Places. 

7X9 News. 7X5 The Archers. 739 Pick 
of tbe Week >Si. 839 Tbe ScUmem (Si. 
939 Any Questions* 9-15 Loiter from 
America. 130 Kaleidoscope. 939 
Weather. HUB The World Tonight. 1039 
Week Ending . . . 1055 My Delight with 
Kennneih Williams. 1201 A Book al 
Rcdtlnie. 1135 The Financial World 
Tonight. 1130 Today In Parliament. 
1200 News. 

BBC Radio London 

5.96 a-m- As Radio 2. 6J9 Rtuh Hour. 
9X0 Noughts and Crosses. 1JB London 
Live. 11X3 rn Town. 12X3 p.m. Call In. 
2X3 206 51mht;ini\ 4,63 Borne Run, 111 
London Sports Desk. 635 (load Fishing. 
7X0 Look. Stop. Listen. 7.X In Town 
(as 11.03 aJE.i. MO Black Londoners, 
nun . Track Record. 12X9— Close: As 
Radio 2. 

London Broadcasting 

261m and 97JJ VHF 
5X0 a.m. Morntns Music. 6X9 A.M.: 
non-stop news. rraveL sport, reviews, 
information. UXO Brian Kayes. 1X6 pjn. 
LBC Reports. 8X0 After 8- 9X0 Night- 
line. 1X65.06 a-m. Night-Extra 

Capital Radio 

194m and 95 Jt VHF 
6X0 a.m. Graham Dene's Breakfast 
Show iSi. 9X0 Michael Asoel from 
Europe I in Paris »5». 1209 Dave Cash 
(S'. 3X0 p.m, Roger Scott US' 7X0 
London Today iS». 7J9 Adrian Love’s 
"pen Line 1 S 1 . 9X0 ‘Your Mother 

Wouldn't Like II vriih -Nicky Home 'Si 
ilm Mile Allan's l.aic show it.. 
Z.BO a.m. Ian Davidson's London Link 
International (S3. ! 

~ The Nudity (* stunning." Dally Tel. 

DUKE OF YORK'S- 01-836 SI 22. 

Eva. 8.0. Mar. Wed. and Sat. at 9.00. 

In Julian Mitchell's 


" Brilliantly wfttr ... ■ "O one fhpeld 
m,u it.'* Harold Hobson (Dnmj) instant 
credit card r"«ervatIon. Dinner and toc- 
grice seat £7.00. 

MtlNCl CHARLES. Lek, Sb- 437 81 

FORTUNE. 836 2238. Evg*. 6. Thurs. 3. 

Sat. 5.00 and 8.0Q, 

-Murid Pavlow U MISS MARRLE In 
T hir d Great Year 

GARRICK THEATRE. 01-836 4601. 

- Eras. B.O. Wed. Mai. 3.0. Sat. 5-15. a.SO. 


in the 



Fli rt and g gSg— g Efe mWN MARBLE ARCH (71S ion 

RAYMOMD MVUEBAR. CC 01-7S4 l£9S STAR WARS (Ui Doors wm Wv 1- 
Sat, 7 pm™ OHftJlJ ft . l Pj9*P S**n*J ■ 4-35. 73H. Late shew frl and Saif 12 
"PAUL RAYMOND Prwente nridnignj. All leits bkble «ceot i 

••• ^ THE FE ST lVAL OF , . PO. Wlo. 

ffp|iy Air CooditloMd. You may ' P*lNCl CHARLES. Leje, SO- 437 81 
•drfpg amr smoke In the auditorium. jw p, , , S fX5^^. W ^L , X 2 in s. 

RIVERSIDE- -22? More’) - T SaCs" SwSl nilL ^ ’ 1 ' 

Suas. . ft ft*nu (No jKftt. Mona.)- S*n. Sms Vkbl«. Lie d Sir* 

■ ,R - ^ 57 

^.Rteg gl S to SEftVAWS , 

- - CLASS- ENEMY . ~ Fri. and Sat. 10-55. 


SttrtWlnF lww P“7-' r - Bte*e* CUi. Sun* Thur. IJO. 5.35. 435. I 

*?^wBi. me and' ««- ino SIL. 12-40. 4.45. 8-4S. 12- 

- Sec aUa Tneatro Upstairs. THE return of THE PINK PANTH 

^Isf 1 1470* 2 ' Lt4c - "■ fW * rd0Ur : 
7- Wootfv ’ Allen's EVERYTHING V 
HX iXl. 2.50. 6.00. 0.15. BANAN 
> 4 - aS - 7M - late 5,1 

* Fri. and Sat. 10.55. 

fU>. Sun- Thur. UO. 5.35. 435. I 
and Sat_ 12-40. 4.4S. 8-45. 12- 
(III. StHuThuf. 33 S. 730. Trl. * 

@K3reh-'id> an: ij a-ggTteW* - • 

SXDMd-Mli *** a : 00 - ft 2 - ft ft Oflford Clrcui. 4 

Booking* atttPMd- Major gadft tarda. 

3300 . 

’ ’ (Al.- 5.40: 8.10. LIVE AND LET t 
<A>. 130, 5-55. Late Shew Sat. 10- 
The. Man With The Goldan Gan »• 

_ 1 GO TWICE." S. Moriejr. Puiwh. 


GARRICK THEATRE/ ~ 01-836 4601. 

own Mav 1st at 7.0. sub. 8.0. 
Sat- 530. 8.30. Mol Wed. 3.0. 

SAV ^fl»rir «1 9-00. Mat. VVad:^30. 

- - . *• SLEUTH • ' , 

-me WorW-teraoui Thriller 

M Sedan the play - again b. m I art, an 
l?twwd total Fugcb. • 

“ n wffiru" and, run Tel. 

Eir enlng* .fti- w> -B4«---M*t«ir-.~Ai M.X3. 
,u. rrvcngY- - * * CC. *.836 6596. 

SuSKoreUw- WC2 (Hip* Haowm . ejML 
at 8LOO- Mite. THorj-, Sat. 3X0. 

CLOSE THEATRE. . 01-437 1S92., 

Eras. 8.1 5. Wed. 3.0. Sat 6. 8-40. 

■■This must be the happiest laughter maver 
in London." D. Tel.' “An irrcvstiblv 
cnlerabic wranfi " Sunday Timet. 

><r aiM 2..THE GOQOBYB GIRL. (Al. Pro 

Sad? 2 . 30 . 5 .“- 8 0 S. Late 3 h 

Mat. wed. 2.30. | . s« Y0 45. 

am lUNT Wirtuui Proga. 12.36. 2.SS. S.30. 8.1 

m* Late Show Sat. 10-50. 

miu Tn niter 4. Woody Affen/CHane Keatm U« w' 

V^SHAPFE? - iinSKBPKR -'Al. 235 5 50 9.1 

aim lT Hi lad, en i ov * AND DEATH tAi. 1.00. 4.’ 
m . ■ TXO. Late Show Sat. 10.40. 


. . , , . .EVT.18B, Regent street. 734 0557 A, 

a SMASH HIT. THIS MUSICAL HA Si Carte. or AfMn Menu. Three Soectacul 
Everyth ING."' S. Mirror. - j . Floor snows 10.4S. 12 *5 ana a* 

aw YhEATRE.- " ’ "- Vi - 388 T 3 M. } _ , TOaiC ^ F »g ° 

GREENWICH THEATRE. 858 7755. Ertl 
7 JO. Mat. Sat 230- ARMS AND THE 
MAN, A Comedv by George Bernard 
, Shaw. "A delight* 1 Cdn. 

ncaW YirtATRE. ' - ' - 01-388 13B4i. -JTT" ■■ - L- r V" _ 



YXoT Mat wS. 2.30; latt-2 woeka TWC GREAT BRITISH STRIP 

Morins- 1 nil T^mef- . ■ . S^ow^ it M tf njptit and 1 

«• Ab«ofttte(y Meg nriucot"^. New. _Mnn.-Fri. Ctoed Saturaayi. o 1-437 ms 


(ark's G 


FiaandaJ; Times Friday April 21 1978 


F Covent Garden 

in retrospect 



i gji*ht°n Film Festival 

\ J, • " " Few theatrical productions — that mattes the violent, jealous phrases the Willow Song With 

' byNlCiFf ANDRFWS least of all operatic stagings — side to the Moor’s character touching determination. Of the 

: Hs\ y i- n L. iN U.l\ C W O manage to keep their Shape for rather less natural; in other three principals it is Silvano 

^ \ ; 1 ‘ . over 20 years. Covent Garden’s words, he ‘is not- menacing Caroli s Iago who. dominates ursr 

N - ■' r— “ r : cover for yourself a lost master- catharsis. Thereafter he drifts the play was an actual play in assumed identity an increasing Otello, produced by Peter Potter SESfS;,.,,, Sui* blivet nlmtfcii 1 subordinate 

X Brighton Film Festival piece. What seems at first a crazy back to the theatre, she to her production (with Kaiftra as pro- burden. Finally, after numerous and designed by Georges Wakhe- Desdemona a bit casually ynp n/i-flS "rnSSiiton nfftS 

i , improperly Dressed (AA) . tale of romance on a .Scottish depression and all ends ... well, ducer). the TV crew ao actual alarms and threats of disclosure, vitch, was first unveiled 22 years one hand, Mr. Cossutta makes ^th JrSrta™ nto*V*tlrin\ rt nth e 
• , , , Minema Island slowly emerges as one oF you must discover for yourselves. TV crew. -The guiding prin- his companion arrives Mdffi and six months ago; revived on amends with a gloriously sung ft 

. . ,-v* Sweeaey Two <AA) the most original accounts of It is impossible to convey triple,’' Rivette has said in an two make their perilous bid for Wednesday by Mr. Potter him- Nun mi tern* imd dies nobly. world. Only in the Credo 

ABC -Shaftesbury Avenue sexual love the British- cinema from that summary that the film interview, “was to let things freedom. self, it still has a recognisable As Desdemona. Maria Chiara, ^ ^sk slip, and here MX. 

■ has produced. is funny as well as harrowing: happen by themselves without The film has aimed at what Character and identity, though after a slightly uncertain start-— t.arei>. wno nas a grsax giii 

i • For once f can give some satis- Another crazy tale of. love is J*«t when Mile. Ogier has ever forcing them, to be there as might be called the Losey- there cannot be many--if indeed t° e “ b ^ 22 J P.„« e SB? effective touch or two ofmelo- 

. ■■ f^rtton tb readers who Sm^ain Jacques Riverte's L’ Amour Fou. *e screen to herself in a per- a witness.- The result, is enigmatic style. Weighty with there are duals even camtot be eap-stnci mth .rub. gJJ™ rS vocatisd is as 

■ ' London film critics give showing at Brighton on April 29. formance as comically, poig- hypnotic. Treat yourself to a period ornamentation, its musical from the chorus or the orchestra, ® polished as his behaviour 

^JSSt attention re cinema ?ut- This is* one of the two 4*-bour °*ntly deadpan as any since day in Brighton and go and see soundtrack in elegiac waltz time, who took part m that perform- meek, pallid charactensatton that Ponsaea as n s » ur 
'. i s. ' ’ the caoital The nlaee tn magnu opera (the other Was Out Buster heaton. Furthermore, jt the story floats rather than ance on October 17, 1955. fulfils the promise neither of The smaller T °les are aU 

■'■'IvSSDrtotosttrtS w Spectre) made hy the the film uses its marathon length * advances forward, and the vis- C" 10 Cossutta, who sings Shakespeare nor of Verdi. exceptionally weU filled Robin 

.■ French director between his to mitigate its tragic Intensity The approach of Hungarian cous atmosphere of the pro- Otello, encompasses the notes of Paradoxically, once she has Leggate makes a debonair 

- v-i; ';«jm Theatre is running fhree hetter-known — and- shorter— La father than to elongate it, allow- director Pal Saodor could not be ceedings is often more sugges- the role with an exhilarating been thrown to the ground, in ^ rprtain^that 

- ' r '. ^^irrent movle seasaSl who^l Heligieuse (1966> and CeZme cmd mg us other perspectives on the more different from Rhrette’s. live of ao aquarium than a . freedom from strain. He is the literal sense, this Desdemona t e .mporary ^s^ace cerfain that 

• . ^Xblned exeeSSS is weti JuUe Go Booling W4). Where story than the merely personal. His film Improperly Dressed is sanatorium. convincing as. soldier and as gains strength and courage; she his General Is wife will i utercede 

- ■ V^rth liie train fare south and ° ui Spectre seemed to this There are virtually three dif- an ornate, heavy-with-aimosphere i must confess to having lover, bur there is a certain lack leads the ensemble a* &e end on his behalf. Ian Caley, making 

• - - ihe price of a modest hotel criti c impenetrable-. L’Amour ferent media of communication period piece set in Hungary after walked out half-way through the of lension 10 his performance of the third act firmly and 

■' "■ There is a 14- Aim rbund-un of Fou ^ a wor * of indisputable at work here: the theatre (long the downfall of the Communist' when I first encountered it Garden. is a good Roderigo, no 

a brilliance:, -an eloqiient j and ^actsfrom^ Racine’s play .re Republic In H19. A boy attempt- f™ y?ar at Can^Tnd only p- I n II I II "5“ *C 

villain but a weakling entirely 

. ' -j, ‘' official star event but the Powell fi,m P«ts easier .to watch, authenticity from the fact that The days pass, the boy finds his ; uJ bero is trapped. But there 
- ^.“'J-nrogramme is ray personal pick positively compulsive, as ^ nQ j^tithesis to this in the 

V.. -{rf the festival. No one with ready Ume Soes on. film. It is all like a museum. 

U..- ," ^ jtceess to a TV -set can have - The story, which began accord- 
‘ T -V - missed seeing one or more of ing to Rivette with attierethree- 
: - ‘ : -i . ‘ ^ : poweJl’s films over the years; The sentence plot sketchy - is very' 
..'fftfef of Baghdad or The' Red simple. A theatre director (Jean- 
y. 'Shoes or Block Narcissus or Pierre Half on) is .. rehearsing 
*'\Tales of Hoffman. But their Racine's .Andromnque when his 
' “ regular Exposure on the small wife (Bulle Ogier) walks 

- - screen is no substitute for seeing a leading role. Over ensuing days 
- -s .-‘them on the' large. Powell is the we watch wbat happens to each 

i-r 'British cinema’s great indi- partner. He continues to spend 
•„ .^vidualist You cannot site his his days at rehearsals, searching 
■ • • - :flamboyant and prodigally in- for a more truthful and- un- 

' " -^fenrive films in any recognisable histrionic approach to Racines 

' . ■ British tradition. His work is the play, and to spend his nights 

, .* "** ‘ * j-i wild card in a national cinema either with, his wife or with a 
r - "otherwise typified by the sobriety hospitable girl friend. She spends 
‘ — — jf'the docamentary and “social her days in their lonely flat. 
**; :-.,TT^>cealism " schools, or by the diFFV- surrounded by the- surrogate 
1,aV- ‘is >lent quaintness of Ealing comedy companionship of tape-recorders 
"iK JjWiarid its heritage^ or dolls or mirrors, while her 

U' ,; V»S There Is. nothing diffident mental state slowly slides from 
‘ ‘Xnbout Powell. His films explode depression to.scbizophrenia.. The 
t: ' .--V -tjai^round one's cars and eyes. They crisis in their relatioship comes 

- “S r 'ng£ire also more "serious ” than to a head— or rather i? briefly 

*: \ '.Their gaudy, exuberant surfaces exploded- and relieved—™ 1 '* ’P - 

•y v !.. suggest Go and see hour “week-end" in which the 

' , - ^ -v .> Kruno Where Tm Going, for two smash up their apartment 
ample, the first film in the tear up their clothes and ^conduct 
'•.^.*rs*lrlghton retrospective, and dis- a kind of orgy of ■‘emotional 

^i&fleraiaid ' "• 

^ H —J 

St. Mark’s 

• by B. A. YOUNG ■ • - 

1 i'.VS ' . . . . John Thav 

. ► l" v 1 :^ On to the bare stage of -the question about the/ sioglfr bride 
'3 eniia id, empty but For a cheap f o r seven brothers, are made to 
' V '-ah'lp and threp chairs Alec ve, 7 foolish— but for the 

r . , ... - cCo wen enters and with studied wereriver^^p Festival Hail 

Unconcern picks up a piece of fi re _ . 

iwHj 3 uff from the floor. He is wear- It brings the words/foVa. life A Th 
r.'v'^.ig casual cothes, with an open that is quite unlike. their sound f\ > 

-fs-tirt. After a friendly chat be as spoken, no matter haw J \ 

; 1116 Gospel story, as written sonorously, from the lectern* A- A T 

-i :- -'.~y St. Mark and translated for And for me it confirms . .|be 

s-sTur King James version- A supremacy of the King Jpmes t> /\ 

- 1 -- *perbaek New Testament lies version. Occasional difficulties . Dj IN. W . 
• -^n.fhe tablCi. but he has ao need^ may persist'- 1 Mark. didn't rSake 

-tit. • the argument about satt'vetyV „ _ 

•i v\a * w ./« ■ 

A*. -M... "> 

Carlo Cossutta and Maria Chiara 

Leonard Burt 

f§«§ swayed by the force of Iago's 
iSgirf personality. Malcolm King gfves- 
IjfBaj Montano real distinction, while 
WMm Aldo Br am ante, also appearing- 
for the first time at the Opera 
jj||§pj House, is a dignified, cavernous- 
Sy ia voiced Lodovico. Elizabeth 
Bainbridge. a sympathetic 
Emilia, completes the cast 
! 0jSM The conductor is Giusep_pe 
k'lB Patand; he opens the opera with 
jfl an exiting, well-controlled storm 
w||H and then, with the co-operation 
of the chorus, lends the victory 
\ celebrations a genuine feeling of 
v .V enjoyment. On 'Wednesday the 
x V second act was less securely 

V 1 shaped, and the quartet rather 
fc j fell apart, but the big third act 

V ;• ensemble Sowed beautifully, with 
-. t the various private conversations 

^ going on amid the general con-" 
-j, 1 demnation of Otelio's treatment 1 
j I of Desdemona both audible and 
B : * correctly balanced. The coudue-' 

v - tor also draws some ravishing 
.i playing from individual sections' 
^ ' I of the orchestra: the double- 
■ tL-J basses who accompany Otelio's 
uri entrance in the last scene are. 
particularly expressive. 


John Thaw and Georgina Hale in ‘ The Sweeney * 

A Mass of Life 


including the gnomic and inex- KMi' “ ^ _ u 

pressive main character, and the The conductor is Giuseppe 

pervasive inertia i s compounded 1 •. - . Patand; be opens the opera with 

by voices and ^souDd effects ^that y - an exciting, well-controlled storm 

grateful In disliking a ^foreign ; | A ; v w a enjoyment! 8 "cf WeSivday B the 

film brought to London by our . JL - » - ■ second act was less securely 

most adventurous^ independent . f . 1 i’V 1 shaped, and the quartet rather 

exhibitor, Derek Hill. But In® . £■ # • 'm Wf' ■ i E 1 fell apart, but the big third act 

adventurousness here is mis- ; w ■ 5 f 7 i ensemble flowed beautifully, with 

placed: there are foreign movies I 9 y the various private conversations 

far worthier of his attention still 'Mfctm |gy[ : l ¥.."^ going on amid *he general con-" 

queueing up to get into London. wgkjfcsmmjff -. A 's. :: 1 demnation of Otelio's treatment* 

it j l of Desdemona both audible and 

TnVin Thau/ on H ti„ nir w Ig' • Hk ■’ ,*. \ S •' ? correctly balanced. The coudue-' 

John piaw and Denms Water- t 0 r also draws some ravishing 

man ride again as the two Flying • | L , , f playing from individual sections* 

Squad detectives from the TV . f. | • f Sf tbl orchestra: the double-, 

series The Sw eene y Sweenetf < jCLJ basses who accompany Otelio's 

I ? c hio'Ln I ronn l) e Lronart Bart entrance in the last scene are. 

‘iSSSi in^ ^£ frSSIS?SS Car, ° c ° ama and Ma ™ a ' m particularly expressive, 

idiotic and implausible plot and 
its fractionally reduced depen- Rfich 

dence on the foul-mouthed charm “ - .? 

of Its heroes. The action keeps . , — v 

moving, not fo any great pur- f r 1 A f l ir f 

buslle^and'Thaw’and Watennan wll 1116 Will by MICHAEL COVENEY 

trade expletives with a lot less 

of the aren't-we-daring self- Half-caste Zoltan is “on the visations by Mike Leigh. The Whitechapel roots with the 

consciousness shown before. The 0 ut ■» after serving one year as trendy, patronising lone you author 1 am even further dis- 

plot is about a coven of ex- - . traiestv for a cou3d cut with a knife. The appointed that his own recollect 

patriate criminals who live in * ; s “. ‘ “L . character in question is a white tion of them is no more specific 

luxury in Malta, drinking £} ,n ® r c J t un ® in - “* e K , “J 1 ® - gangster now only half-embroiled than was Shakespeare's notion of 

chilled wine and eating a) Tunde IkoJI. a black London ln th e gang's bangs “up West" Illyria. What country, friends, 

fresco lobster, and make periodic playwright who wrote a delight- on account of being Tecpntly is this? 

sorties to London to rob banks, fa) domestic comedy along married, poor deprived thing. It Pbjijo Martin's TV series 

Can Regan and Carter catch Mature lines two years ago. pro- is sad to see an actor as talented . M*»iniwl a fantaw 

them? peeds to offer an unrecognisable as Michael Feast lumbered with Ganpirters explored a fantasy; 

The non-appearance of London Whitechapel milieu where the mildewy rubbish of this sort. underworld in an accurately 

newspapers some weeks back Sharks and the Jets (the black John Chapman's production for defined Birmingham milieu. It 

meant that many readers did -not and the white 1 go about their Foco Novo is all g loss: painted w a sign of Mr. ikon s failure to 

hear about what were then, and underworld business while draw- white doors all over the stage do something similar uiat the 
still are, the two best films in ing breath only to articulate evoke the everyday life of syro- most effective character is Barry, 

London. Lose no time at all in unlikely liberal character bo] folk without relating to the as played by Roderick Smith, a 

going to see Luis Bunuel's That analysis such as: “I'm not boring, multiracial tensions ef thuggery self-deflating bower boy who is 
Obscure ■ Object of Desire and 1 watch the telly and take Sandra among the latest Krays. At times all mouth and no teeth. There. 
Nagisa Oshima's Ai No Corrida, to the pictures— I'm free!” one feels that Mr. Ikoli could are some nice comic touches. 
The firet is tb e Spanish director's Regular Bush-whackers lap have written a really interesting applied by Billy Murray to a- 
best film in years. The second this son of stuff right up. of piece about the disenfranchised dramatic face in no need of the 
is a study in eroticism, as course. But nobody. Jeqs.t pf all black teenage community im- debilitating cosmetic surgery ofc 
passfofiite intellig’eiYT" and* in East 'London, actually talks pinging on the previously white Alan Igbon’s Liverpudlian Widft 
genuinely “adult" as this like that except when featured manors of Bethnal Green or boy dn a bright "White suit anil 
country has ever seen. in plays like this. Or in Impro- Hackney. And since I share floating winkle-pickers. £ 


country has ever seen. 

in plays like 

Or m Impro- Hackney. And since I share floating winkle-pickers. 

- • • £ takes thi. nerformanee - so Mr WcCowen's voice as brieht muefl written aoout. n vuss u t paieue u/w y/u vr*- 

' ‘ ^ 7 dmfra ble-^n dtt o^rform- ass/S 2d i erfso as a L»/e is heard rarely enough to choral conductor, helped by some 

Cr isuat'^t may wafXbSt idea I lustra become an occasion. On Wednes- admirable playing from the BBC 

- - I5 3r -is l fSnnL it mX for such a n indertakirS. day the Royal Philharmonic orchestra. One danger was not 

'-^-rtngs to the familiar words. You T^ie words become a story again, B-B-C- Symphony Orchestja and entirely averted. With the 

L.Vm imagine the amazement, the not a lesson. The recital lasts Society . gathered together the tighter orchestral palette, slow 

- ' ; - r ccitement. the joy, the sorrow About two hours and a quarter. Choirs, with the Royal Choral movements like the noon-tide 
':7 ; 7 -'at Mark felt when for tbe first" With an interval in the middle. Society, four loading soloists and episode in part two are in even 

'a-.! * n-ttil 

: *s 


•1 ;<• 

----- x 


. 7 — S ..:- ; 2 I 

whom - interest apparently not eternity. 

only continues but increases. The work was sung in 
Groves is an excellent and Nietzsche’s German with a 
experienced interpreter of sensible English translation by 
Delius, who has already made a Reward Travis printed in the 
fine recording of the Mass. His programme. T be language may 
reading has, 1 think, further have hampered the choirs, at last 
deepened since then. He does flrsL It comes easily enough - 
not rival Beecbam s cuff-shooting j-q Benj ami n Lux on. who has 
brilliance of attack in, for ma( i e the baritone solo bis own 
example, the roof-raising open- — he was equally admirable in 
mg pages. But British choirs style and tone and commanding 
seem- to have given up raising presence. Scarcely ever did one 
roofs: our innate (and in musical feel the awkwardness that some- 
fnatters sometimes pernicious) times makes Delius sound as if 
respectability still lurks ;n the vocal line had been stuck on 
choral^ lungs. Much of these afterwards. In tbe Moss the 
choirs singing in part one was other soloists are also-rans by 
undervitalised. After the break, comparison, though they have 
L b€came more liv * l y and responsible things to do. Neither 
varied both in the surging Margaret Curpbey nor Helen 
.i aooWe choruses and in the Watts sounded in clearest voice 
moments. but Richard Lewis successfully 

^ . These contain some of tbe defied time. 

I Sadler's Wells Theatre 

I La Boutique 
i - Fantasque 



19 7 8 



■ J : 

Alec McGowen 

When the first pizzicato notes adorable incumbent of the 
JB of ^owtique's overture sound, frothing skirt) are still fresh, 
:■ and' then the beautiful Derain interpreta- 

• Leonard Ban set. comes into view, we know ' 

. that there is still a lot right with another revival frnm 

The award has been granted for our success in 
Sf three areas:- . 

The export of cement clinker and other 

that there is still a lot right with another revival from the - Diag- OrodlJCtS tO 105 Countries Valued at £47. 4m 
the world. It is not an easy hUev years, when Lea Sulphides - i n-j-i - r . — . — 

:i .Ife® 


are honoured to.receive 

in 1978 ' 

Meat & Livestocklhternational 
Frans Buitelaar Ltd., 

Marsh Lane, 


' Lincolnshire. 

Tel No.: Boston (0205) 61385 
Tete 37678 

. ballet, to bring off, and the was given a sober-sided perfor- m I y / / - 

Sadler's Wells Royal Ballet mance. Detergent lightingr~of a 

presentation at the opening of particularly unraagical blue VnW of ExnortS 

the season on IVednesday was which bleached the sylphs— and * aJUt: i us 

knee^ieep in sins of omission, the suspicion that the produc- 

[ but the piece bas so much right tion was cramped on tbe Wells 

about it that one can never be stage were partly to blame for 

i wholly disappointed by a per its lack of poetry. The dancing 

formance. - - was careful. In the case of 

i Derain’s designs establish the Jdarion Tail, the ballerina of the 
happiest of atmospheres; the P.®? de deux, it was musical, sen- . n il - llt z 

Rossini-Respighi score is a com- S1 t*ve and gently rounded in i _ 4 _ 

1 pendium of delights: Massine's P 0 ** 5 : her companions -were - 

choreography responds to atten- rather less ^ forthcoming .In •. ■. 

tive care by sparkling and crack- romantic style, and the wort ' f" - ills/. ! ' 

ling with energy’- Ideally, the sneered thereby. At all cosi* — 1 ~~ 

dancing should catch all the Sulphides must avoid look- 1071 1Q74 

music's ebullience, but the Sfe n ^I- anfi there was a sug- ■ ■ 

SWRBL artists have vet to learn ^estion of something dapgerously 
to give themselves totally to their winsome about it on Wednesday. , 
roles. I thought that John Auld There ^as, though not Wng 
and David Morse as the shop- polite about Los Hermanns 
keeper and his assistant and which complcted.ihe bill — rather 
Kim Reeder and David Bintlev reverse. Led by Lynn Sey : 

as the Snob and the melon seller, mour and Desmond Kelly, with ■ 

best captured the Massine Brenda Last and Margaret Bar- H ^ ft 

manner — sharplv focused, elec- bieri as two younger sisters, the ■ ■fLJ ll 

trie in accent Elsewhere, good presentation had a high dramatic ■. ■ 

intentiona and art unfamlliaritv temperature which occasioned. ■ ■ ■ w m « 
with the Ballet Busse stvle made some fevensh moments. Mac- 

the action and characters look Millan's choreography can, with fi 

flimsv. Brenda Last and Alain advantage, be underplayed and §f 

Dub'reuil were the Can-Can ke Pt cooler on Wednesday emo- I 

dancers, and dutiful on this 1 tions festere.d, passions seethed, R 

occasion rather than inspired: and the piece had a slightly 
memories of Massine himKPlf and operatic air which does not suit 
Danilova (and Pamela May. an it 

1973 1974 1975 1976 1977 

Overseas earnings which provided over half 
the pre-tax profits. 

The supervision pf cement w;orks construction., 
contracts overseas, currently valued at over 
£300m, and the export of technical and • 
management- services including the 
procurement of plant and machinery. 

Blue Circle’s ejyport achievement has been 
made possible by the consistent effort of all 
its employees in the United Kingdom and. 

The Associated Portland Cement 
Manufacturers Limited 

‘ Portland House, Stag Place* London SW1E 5BJ 



FtnanciaI : TrmeS' Friday April 21 1§T8 


Telegrams: Flnjutiimo, London PS4. Telex: 886341/2, 883897 
Telephone: 0L-24S 8000 

The Americans try to kill tfo 

Friday April 21 197S 

A symbolic 



Administration to hold regular 
sales of gold fmoi its reserve 
for "at least” six months is not 
altogether unexpected. Cold 
sales were one element: in the 
package proposed by Dr. Arthur 
Burns, at the time of his retire- 
ment from chairmanship of the 
Federal Reserve Board, to pre- 
vent a further decline in the 
dollar exchange rate and the 
international damage which 
might be caused by such a 
decline. There were Press 
reports earlier this mnnth that 
the Administration was consider- 
ing a scheme very like that 
actually announced on Wednes- 
day night: and though Mr. 
SoJnmnn. the Trea«rury Under 
Secretary for Monetary Affairs, 
denied then that there were 
plans for selling enld imme- 
diately. he admitted that the 
Administration was continuing 
to assess the case for doing so 
in the future. 

Dr. Burns had suggested that 
the U.S. ought to announce its 
readiness to sell the whole of 
its gold reserve if necessary. 
The present proposal — which 
will itself have to he approved 
by Congress — is very modest hy 
comparison. Indeed, sales from 
the U.S. reserve will he smaller 
than those which thp Inter- 
national Monetary Fund has 
been conducting monthly with- 
out any serious effect on the 
price. It is probably no accident 
that the Fund has now com- 
pleted the first half of its selling 
operation. Its future sales and 
those of the U.S. will presumably 
be co-ordinated. 

the fact that there ha* long 
been a school of thought in the 
U.S. which holds that the mone- 
tary function of gold is now 
obsolete and that it should be 
treated like any other com- 
modity. with sales taxing place 
when the stockpile is unneces- 
sarily large. For all the force 
with which this case has been 
argued, however, successive 
Administrations have never in 
the end been quite able to 
accept it;, and the sales pro- 
gramme now . announced does 
not suggest that President 
Carter and his advisers have 
moved much closer towards 
acceptance of it except in a 
purely symbolic sense. Indeed, 
the whole operation is funda- 
mentally symbolic. It is 
intended, in particular, to 
symbolise the Administration’s 
determination to put an end 
to the longstanding weakness of 
the dollar. 


Weak dollar 

There are several different 
aspects from which the U.S. 
decision can be viewed. First 
it will save a certain' amount 
of foreign exchange if the gold 
sold from the reserves replaces 
imports and bring in a certain 
amount if it is bought by 
foreigners. When one is run- 
ning a payments deficit as large 
as' that of the U.S., any saving 
is welcome. Second, given the 
diplomatic activity taking place 
in southern Africa at the 
moment, it may be regarded as 
a warning to South Africa that 
the U.S. is willing to exert con- 
siderable pressure if necessary 
—though the amount of gold 
to be sold off is unlikely in 
itself to make much of a dent 
in Smith Africa’s foreign 
exchange earnings. 

Third, it is a reminder of 

There was a time, which the 
U.S. Administration must now 
regret, in which it chose to 
ignore or even encourage the 
decline in the exchange rate of 
the dollar against the stronger 
currencies, as a means of pul- 
ling pressure on the govern- 
ments concerned to reduce their 
balance of payments surpluses. 
When it began to modify this 
original attitude, its change of 
heart was not always recognised 
or accepted, and the various 
measures taken by the Presi- 
dent and his advisers to deal 
with the dollar problem failed 
to carry much conviction either 
at home or abroad. Both the 
Budget message and the speech 
which the President recently 
made on his return home, in 
particular, failed to come up 
to expectation. 

But Mr. Carter ha^ under- 
taken to give priority from now 
on to economic problems. 
Although he has failed so far 
to get his Energy Bill through 
Congress and so cut down on 
oil imports, the dollar is much 
more stable than it was against 
the yen and the D-mark. Now 
the new chairman of the 
Federal Reserve has moved 
against inflation in a way long 
advocated, by raising interest 
rates, and the Administration 
has decided to sell a limited 
amount of gold. It looks as if 
an attempt is being made to 
hold the dollar exchange at its 
present level. We should all 
hope that it succeeds. 

T HE SYMBOLIC import- 
ance of the' decision by 
the U.S. to start a monthly 
auction of its gold stocks Is far 
greater than its financial im- 
portance. or even than its con- 
siderably greater impact bn the 
market for gold itself. The 
scale is in fact modest: the stock 
would last nearly 70 years at 
the rate proposed. 

But the decision embodies 
three aims at once: to symbolise 
the determination of the U.S. 
to arrest 1 the decline of the 
dollar, now that it has reached 
what the Administration seems 
to regard as a realistic level; to 
damp down an speculative fever 
in the gold market itself; and 
to take a step further towards 
the slow de-monetisation of gold 
which has- beep official U.S. 
policy since the gold window 
was officially closed iq 1971. 

Whether the measure will 
achieve these aims remains to 
be seen. It is as a gesture that 
the sales are most questionable. 
As our own Mr. Callaghan, the 
British Prime Minister, learned 
painfully when he was Chan- 
cellor in 1974, actions intended 
to demonstrate determination 
can easily be read in the outside 
world as a sign of desperation: 
the rise of U.K. Bank Rate to 
the then crisis level of 7 per 
cent, in November, soon after 
a new Labour Government bad 
taken office, precipitated a 
sterling crisis instead of head- 
ing it off. . 

Dr. Arthur 



must proceed 

The Americans appear to 
have learned something from 
that experience. Although sales 
of UJS. official gold have beep 
expected for some time, and 
were openly urged recently by 
Dr. Arthur Burns, the newly 
retired Chairman of the Federal 
Reserve Board, the announce- 
ment has been left until tight 
monetary policy and a revivipg 
foreign interest In Wall Street 
securities have made the dollar 
look relatively strong. Against 
that background, and with an 
apparently determined new 
chairman iq office at the Fed, 
the gold sales will probably 
prove marginally helpful — 
especially if the measure is 
approved by Congress without 
too many reservations. 

While the proceeds of the 
proposed sales will only cover 
about one day a month of the 
expected U.S. deficit, they will 
fulfil a much more useful role 
by stabilising the price of gold 
itself. The problem of the 
$500bn. “overhang’’ of foreign- 
held currency is only partly 
concerned with the U.S. current 
account; much bigger flows tend 
to be generated by speculative 
movements than by officially 
financed trade settlements. 

Some speculative disorder 
was unavoidable while Ameri- 
can' policy was actually aimed 

to produce 4 dollar depreciation 
— and, more important from the 
U.S. - point of view, a sharp 
appreciation of the German D- 
mark and the yen. The diffi- 
culty is to restore confidence in 
a currency which has proved a 
loss-making holding, and a 
speculative flight into gold has 
been an apparent danger for 
some time. The scale of U.S. 
gold sales seems to have been 
calculated quite carefully to 
stabilise the price— incident- 
ally leaving Wall Street itself 
as perhaps the most attractive 
alternative to dollar assets with 
a fixed money value. 

The calculation is probably 
quite reliable, in the short run 
at any rate, because as can be 
seen from the gold price charts, 
the real value of gold— repre- 
sented here by its price in Swiss 
francs rather than dollars — has 
on the whole been remarkably 
stable over the past few years 
of general financial turbulence. 
Industrial demand for gold has 
been growing somewhat in 
response to the setting down of 
the price. Investment demand 
is more a matter of prudent 
insurance against future finan- 
cial turbulence, with a fairly 
fixed proportion in portfolios, 
than of wild speculative rushes. 

Further. .Industrial demand 
appears to be sufficiently price 
elastic to ensure that relatively 
small changes in the flow of 
gold on to the market — and the 
U.S. sales will add perhaps 10 
per cent, to recent supplies^- 
cap be absorbed without dis- 
ruption. Indeed the new supply 
seems to be regarded as helpful 
even by the South Africans, who 
might be expected to object. 
Mining interests there regard a 
stable real price as an en- 
couragement to long term 
growth, and have learned rue- 
fully that sudden price rises can 
provoke exorbitant wage claims. 
. When the Chairman of Anglo- 
American Gold Investment, Mr. 
J. Ogilvie Thompson, reviewed 
the state of the gold market six 
weeks ago, he was elearly un- 
disturbed by the likelihood of 
official U.S. sales. 

“The accelerating demand 
for gold for fabrication and in- 
vestment could not have been, 
satisfied unless adequate sup- 
plies had been forthcoming- to 1 
supplement free world produc- 
tion,” he aaid. “It is not sur- 
prising that sales from 
Communist sources and official 
sales from the IMF have been 
absorbed so readily . . . 

‘-The singular imbalance in 
gold holdings between the 
developed deficit countries on 
the one band (large gold stocks 
are held not only by the U.S., 
but by France, Italy, and the 
Netherlands) and OPEC and 
other major surplus countries 
like Japan, must also be taken 
into account.” 

Mr. Ogilvie Thompson foresaw 
some revival of the use of gold 
in official settlements once the 
amendment to the IMF articles 
authorising the use of gold at 


i * po r fine ounce 

London Price 

*73 ;*M - 75 

*76 • ’77 

20 -poo Swiss* 




* s o a £> -j r u h. u-.t. 

a H D J ■ F ML 

- 1978 

1968 — Upward pressure on the gold price 
leads to a virtual halt in dealing in March. 
Central banks start a two-tier gold price with 
** official ” gold at $35 an ounce and a free 
market price for the rest. 

1969— IMF agrees to buy South African gold 
at $35 an ounce if market price falls below 

by economic recession. The U.S. Treasury, 
sells gold^twiee-— a total of 1.3m. ounces. 
The public: is not enthusiastic. The IMF 
announces agreement to abolish the official 
gold price and to sell part of its gold holding. 

unrealistically low. The . ■' 
sharp adjustments which'/; 
lowed— carrying gold at . - 
point toover $200 an our;- :■ 
created an enormous specul; .1 : 
demand, but disrupted - - 
manufacture# 'market* 
relative stability in real ti*",.- 
during recent years has 
very welcome to the indust ■ 

-With private demand 
running somewhat ahead';., 
mining supply, price stabili \ 
once 'again very much w,’- , . 
the control of official holds ' . 
acting now as sellers, rs' . 
than as m the early post 
decades, as residual buyers. " 
stabilising effect of IMF .! 1 ' 
wax fortuitous— the aim we ' 
raise money for the develo 22 : : 
Countries. _U.S. sales ap'' - 
intended to stabilise the mas " 
While in . the short nib. 
the mining industry claims,., 
will do nothing but goor 
the market, .'the longer ra .- 
harder to predict An in; . 
ment which has achieved s* 
thing near stability in - .’ 
terms in recent years may is 
almost too good to be true; 
in more normal times final* 
investments do show some; 
■return, while 'stabfUsed j - 
would offer -none.. Private 
vestment demand could in. . 
end tend to die of boredon 
a stable world, leaving the p ; 
vulnerable again. 

N t-llf 

1971— The year of gold’s take-off. The dollar 
crisis leads to the suspension of Its converti- 
bility into gold at the official price. 

1972 — The official price is raised to $38 an 
ounce but the market price tops $70. 

1976— Th^ gold price continues to fall with 
the 'IMF’s , programme of gold auctions. The 
first qecuife in 3 one. In the autumn, user 
..demand ' tor gold re-asserts itself - and . re- 
newed fears, of currency unrest- help push 
the gold price back up. ' v . 

Gold’s safety 
appeal ; 

1973 — Devaluation of the U.S. dollar takes 
the official price to 542.22, but the market 
peaks at $127. The two-tier prtee system is 
abandoned, allowing central banks to sell, 
but not bny. gold at the market price. 

1974 — The gold price moves to its peak, with 
the prospeet of U.S. citizens being allowed 
to own gold on the last day of the year. The 
highest price reached is $195.50 a few days 

1977— The^-weakness of the dollar. J5 the 
chieLiaetoi behind the rise In the gold price. 
A resumption .of U.S. Treasury gold sales is 
suggested in March but rejected pro tern. 
Continue*} IMF auctions do not check the 
upward .trend. 

1975— The U.S. campaign to label gold as 
another commodity has initial success, aided 

2978 — The plight of the dollar continues and 
gives rise to mounting speculation Of a 
Treasury gold sale.- Fabrication demand 
. continue* to exceed free world mine output.: 
. Central banks are freed to buy and sell gold 
at market price. The gold price reflects the 
dollar's weakness but baldly moves between 
January and April in te^ms of Swiss francs. 

On the other hand in a 
of divergent inflation rates j 
large speculative fit) an 

flows, the stability of g 
would retain its safety appj 1 . 
add would reinforce the Wj fit 
ments of those who are alref 
arguing again for a restorat 
of gold to a pivotal role jn-j 
world monetary system. Hi-. 
Group of Ten agreement , 
freeze official gold stocks 1 . 
now expired, and in a turbnli • 
world official buying by tii- 
tional gold-holders might i. 
revive. Indeed, the U.S. antiq- 
ues have already felt {. 

necessary to say that they -it ‘ 
uy to exclude central btfj 
from their auctions. " 

a marketrelated value in official 
transactions was ratified. In 
short, producers hope that gold 
can fill a monetary role even 
if It has no stable money value. 

•This peaceful picture of a 
stable market with growing in- 
dustrial demand does not at 
all mean, tli (High, that the 
Americans have achieved their 
declared objective of making 
gold into a “commodity like 
any other.’’ It remains a com- 
modity unlike any other, 
because it has a market always 
potentially dominated by exist- 
ing stocks. World official hold- 
ings add up, in round number, 
to lbn. ounces, or nearly 50 
years’ production at recent 

rates. Private ipvesti 
ings are a matter of 1 

pnt hold- 

but are of about the dime order 

of magnitude. It the dis- 
parity between stocks and pro- 
duction (which only adds 1-2 
per cent to stocks annually) 
which has made t/ie demoneti- 
sation of gold more or Jess 

In past years, when gold pro- 
duction was higher and world 
industrial production much 
lower, output was enough to 
keep monetary gold stocks 
growing at a rate of 3-4 per 
cent, annually. A world money 
system based on gold at that 
time could accommodate real 
growth — without inflation— of 

about' the same order. < During 
the 1960s. however.- private 
industrial and investment de- 
mand, at the. then fixed -price 
of -$35 an ounce, grew large 
enough to absorb the entire 
mined output, and the rules 
had to change. 

This was so partly of. course 
because • even with creeping 
world inflation, gold at a fixed 
dollar price, was becoming 
steadily cheaper in. real tert\s. 
After a series of delaying-ketions 
from the Washington go! d .agree- 
mept jdf. 1968, ..which- effectively 
ended -tile. - operations' of the 
offidaT dollar pool, tp the U.S. 
decisiDir fcj 1971 '.to ea.d gold" 
convertibility, the price became 

Against this background, ( 
cial interventions cannot 
long be' expected to dominat- • 
market fthich is subject, . 
emotionally and in terms 
physical sfb.As, to the expi- ■ 
ence of somd- .millennia of I 
tpty. Gold, the' 'portable we* 
of the nomad and the refug 
_wlH always tend to appr ed. .. 
in politically and economics . 
turbo lent times, and* 1 to sate-, 
gemly in stable oneS^ attd : » 
argument about its . monels 
role is likely to follow fhesa. : .. 
unchanging- cycle. 

American stocks— repres&t 
a little- over a decade of nmc : 
output — are big enough to C. . 
vert gold into “a commofl . . 
like any other.** . ?. 

\ lai 


THE U.K., having started on 
the switch to metrication in 
1965, is still a long way from 
completing it. The sooner we 
can get out of this halfway 
house, the better. A process 
which was supposed to take 
ten years, a generous enough 
time-scale, is now going to re- 
quire at least 15 and perhaps 
longer if the opponents of metri- 
cation continue to gain ground. 
It is worth remembering that 
as far back as 1871 a Bill to 
introduce the metric system was 
defeated in the House of Com- 
mons by only five votes, more 
than a tentury later the national 
debate is still in progress and 
apparently becoming more 


It was in the late fifties and 
sixties that British industry, 
selling to and buying from an 
increasingly metric world, saw 
the need to make the switch. 
Industry’s proposals were 
accepted by the Labour Govern- 
ment at that time, a ten-year 
programme was worked out and 
in the early years considerable 
progress was made, especially 
in engineering and other 
branches of manufacturing. But 
during the seventies anxieties 
began to grow, especially about 
the effect of the change in r& 
tailing and consumer products. 

The transition is by no means 
complete in manufacturing and 
the . costs of operating two 
systems of measurement in 
parallel are considerable: that is 
why industry, as the CBI con- 
firmed yesterday. Is anxious to 
press on with metrication as 
quickly as possible. But the 
extension of the system to fresh 
food and other consumer items 
arouses understandable anxieties 
that shoppers will be confused. 
forced to pay higher prices than 
they need and perhaps taken 
advantage of by unscrupulous 

The Metrication Board and 
the Government have done their 
best to reassure the public that 
the safeguards are adequate and 
that going metric will not put 
up prices in the shops. But the 
fears exist and some politicians, 
especially on the Conservative 

side, have had no hesitation In 
exploiting them. As a result^ 
the Government has been having 
difficulty in securing House of 
Commons approval for the 
various statu ton,’ orders which 
impose cut-off dates for the 
switch to metric measures in 
individual sectors and impose 
penalties for non-compliance. 
These delays, which clearly pose 1 
a threat to the metrication time-) 
table,' prompted Mr. John 
Fraser. Minister of State for 
Prices and Consumer Protection, 
to try to bring matters to a 

Earlier this week he wrote 
an open letter to a large number 
of trade associations and con- 
sumer organisations, asking 
them to inform him within one 
week whether or not they sup- 
port the existing programme, 
with cut-off orders- based on 
agreed .timetables. He pointed 
out in the letter that the 
Government could not proceed 
against a background of 
hostility. Parliament and the 
country had to decide whether 
to let the Imperial system 
wither away in the shops over 
a long period or whether the 
process should follow a definite 
and prescribed timetable, with 
an orderly conclusion coming 
at the beginning of the 1980s. 


Briton seeks 

a presidency 


Initial reactions suggest that 
Mr. Fraser will receive a strong 
endorsement of the programme 
from most of the organisa- 
tions contacted. It is in any 
case quite impractical to 
abandon it in mid-stream or to 
switch to an entirely voluntary 
system. If there is no statutory 
backing, including penalties for 
non-compliance (a familiar 
feature of all weights and 
measures legislation), this 
would simply compound the 
conftision in the minds of re- 
tailers and consumers; the 
worst of all worlds would be 
a de facto split between manu- 
facturing and mailing. The 
Conservatives may think they 
are scoring some political 
points in preventing the 
Government from sticking to its 
metrication timetable, but they 
are doing a disservice to the 

You may think that oar politi- 
cians have a qu iet, if not 
luxurious time in Strasbourg, 
but this week at least the sound 
of battle can be heard. For 
Percy Grieve, MP. is cam- 
paigning for the presidency of 
the Council of Europe. Not 
with posters — as he did when 
campaigning against Dick 
Taveme in 1962 with the per- 
haps unfortunate slogan 
“ Grieve for Lincoln " — but 
with the more elegant tech- 
nique used at Strasbourg of 
merely sending letters. 

Grieve told me last night that 
this will be the first time the 
elections for the presidency 
have been contested since the 
British Labour MP Geoffrey de 
Freitas won by one vote in 
1966. Since then the Liberals 
(with 35 votes), Christian Demo- 
crats (66) and Socialists (110) 
have had a gentlemen’s agree- 
ment to take It in turns to 
supply the president. But our 
Tories are affiliated to the Inde- 
pendents at Strasbourg. These 
have 59 votes, but no one seems 
to want a gentlemen’s agree- 
ment with them. 

Grieve, who is 63, is running 
against the one year older 
former Dutch Defence Minister. 
Henri Johan de Koster. He is 
hoping for what he calls “cross 
support,’’ but what most people 
would call defections from the 
British Socialists and European 
Christian Democrats. Grieve 
thinks that de Koster is also a 
suitable candidate and says of 
him “We are friends." But 
Grieve believes that as a con- 
vinced European he. too, is suit- 
able. He says he has not cam- 
paigned oh issues and thinks 
that his constituents in Sojihull 
— where he has a safe majority 
of 15.S00— “appreciate the fact" 
that he is a candidate. 

He already has to spend some 
50 to 60 days a year in Stras- 
bourg and says there is no 
salary in the job- He thinks 

are cited by Assistant Commis- 
sioner Wilson in his letter to 

But the most telling reason is 
that the Royal Parks regulations 
do not allow vehicles with 
advertising to go through the 
parks. What about the buses 
in Park Lane? I asked. “Oh, they 
redefined the park,” I was told. 

It is a subsidiary of Beyer 
Peacock, which was in financial 
trouble when NCI took it over 
in 1976. In the past year, more 
than £3 m. worth of roofs from 
Chard have been shipped to 
ward off the Arabian sun. 

Daily flights to 

Bunny baffler 

. And. you fly in a big ; 
^beautiful L-1011 Tristar or 747 

Seen at speed 

“For bravery beyond the 
call of duty in keeping 
well below Government pay 
limits I " 

the Council of Europe impor- 
tant, not least because of the 
97 European conventions which 
it safeguards. And he says the 
job has prestige, even though 
the present President, the 
Austrian socialist Czemetz. is 
strikingly absent from, the 1977- 
1978 edition of the international 
Who's Whu. 

Leaks are the secret of design- 
ing a successful jet engine: you 
have to get the air and gas 
leaks just right. Joint Queen’s 
Awards tor a bright idea which 
has made it easier to achieve 
that have just been given to 
Rolls-Royce and Harwell’s Non- 
destructive Testing Centre. 

Experts at Harwell, led by 
Roy Sharpe, devised a way of 
using X-rays to “freeze" a jet 
engine in full spate. The 
designers could then see for 
the first time how all the bits 
fitted together. The two organis- 
ations have taken 19.000 X-rays 
of jet engines, using portable 
atom-smashers. The partnership 
has been worth perhaps £100,000 
to Harwell — but very much 
more to Rolls-Royce. Develop- 
ment time on some new Rolls 
engines has been cut by up to a 

Since all the talk to-day i 5 0 f 
exports, here is a small mystery: 
why do the Japanese buy from 
Britain so many Bunnykins egg- 
cups, of a style much favoured 
in Edwardian nurseries? It is 
not as though the Japanese care 
much for boiled eggs, English 
style. Nor are they fond of 
rabbits. But the Bunnykins 
makers. Royal Boulton, .have 
lately discovered that they are 
exporting far more of the egg- 
cups per capita to the Japanese 
than they could possibly expect. 
There is one bold piece of 
guesswork: these whimsical 
little china objects are just the 
right size for drinking saki out 
of. “ Please don't make fun of 
the Japanese," a Bunnykins 
spokesperson told me. “ They're 
such-good customers." 

.!®<* telec 

Words of wisdom 

Talking sides 

Those grand old grannies of the 
streets, the London cabs, have 
had their honour saved- Their 
sides may be wreathed in adver- 
tisements in the provinces but 
here in London monochrome is 
to remain the order of the day. 

The advertising agency, Han- 
bridge, has won permission to 
decorate' cabs in Birmingham, 
Manchester and Newcastle upon 
Tyne: all but four of Birming- 
ham’s 400 taxis now have adver- 
tisements, Hanbridge tell me. 
But .the Metropolitan Police 
have finally rejected an applica- 
tion they made for London. 
“Environmental objections " and 
concern to maintain the “current 
high standard of appearance" 

Hot steel roofs 

One of my more cynical friends 
thinks Queens Awards should go 
not merely to companies who 
export a lot, but to countries 
who buy a lot If that happens, 
Saudi Arabia will be well placed 
to score on both counts. This 
year’s award to Space Decks 
Ltd., of Chard, Somerset, is for 
Increasing exports tenfold to 
Saudi Arabia in three years. It 
happens that Space Decks, 
which makes prefabricated steel 
roofing, is wholly owned by 
National Chemical Industries 
fNCli of Saudi Arabia. 

Space Decks has plenty more 
Middle East-orders on its books. 

With the opening of the traded 
options market in London to- 
day. market watchers will have 
to cope with a new jargon. Here 
is Barron’s magazine on 
Chicago options after Wall 
Street’s recent upsurge: “Shorts 
were squeezed unmercifully. 
Sophisticated ratio writers who 
thought that selling naked April 
calls was relatively safe the 
week prior to expiration cried 
■ Uncle.' For once arbitrageurs 
could buy the discounted Aprils 
and sell the stock without being 
accused of ri vetting the shares 
to the strike.” 

I am glad we cleared that 

This Slimmer, Air Canada’s unique Western Arrow 
service gives you more choke than even We fly daily to 
■ Vancouver from Heathrow.— two flights are non-stop, 
with four via Calgary and three via Edmonton. . . 

What’s more,' the Air Canadians fly To Winnipeg 
from Heathrow four times a we^- including two non- 
steps. And starting June 19 th there’s. a direct service to 
Saskatoon! A22 our flights are in the comfort of wide- 
. bodied jets. And when you get There, Air OmaHa can 
fly y ou on to more atjesin Canada than- 
. any other airline - 3 lihalj, and another ^P^JlllilP 
lOiniheUSA. v 
- Wherever your destination, 
the Air Canadians will give you a 
• vridcomeas bigas the country 
travehagenrnow, droll the' ^ wm 

Air Canadians. .. 

London: 01-759 2636 
Glasgow: 041-332150 ^ 

one up. 

'i " - • • jV. 

. *■ - 
'.r.v 2 

. v.v; • : : vO' 



FtnancfeT Titaes Fli'tey April. 21 1078 


How the Left came to love Carter 

F»BfY FATHER.** President for defending human limits is that largely as a result of Pre- ** ” «■ ' :-V ' *■: — «r 7 

I *^ U “ n clear ' cut -' ‘ v_.. sident Carter's refusal to push { ' :> ■ V' . 7 

wphy the B«t?. 'was There is another posribihty the strategic anus race or to i m 

i - d«ite conservative, and my which us that the rest of the intervene wherever there is the ’ ' 

■•i l/v, , mother was and *5 a Uberal.-' wedd, and especiallyAmerica's emergence of Soviet power : ' 

" >•'* &ut ’., he went on; PF will have to adjust to This is not presented as an ex- ■ jfl |B . 

-g: fBgaly we never really tfaougrt President Carter rafter than pression of American weak- i 1 JHOk ' ***'•“ 

19 **“• *** * e °ther .way round. . Some S VolT ifS - - 

*■ .4^ .. evident that this is already strength. It is argued that . 

.- 1 ' -,^It is true. : that the . terms happening can be found in the America can proceed by dip- 

liberal " asd “ conservative " attitudes of British politicians. lomacy and by setting an ex , 

used rather less in Aroeri- J w« after, all. unusual for an ample. Thus if the U.S. is seen 

^ politics thaa In Britain, and American. President ^to be to tie on- the side of the '■ 'FZtfKtte'* 7 - 

\ffie terms "left” and "right” ^w^dly and pu&Bdy eritidsed oppressed, and to have for- \ 

■ -.. -tirt twed hardly at alL . It Is >7 * Conservative Shadow De- saken military intervention in ; .'vSTV*®^ - 

« :.ilso true that there has long fence Secretary; as Mr. Carter support of anti-communist, but *'■ ■ 

..;‘*>ioee n a tradition in the U.S. of was by Sir Ian Gilmour for his not usually democratic regimes. y .. 

• politician being liberal on one decision to shelve the produc- all sorts of people will follow '• • 5 ™ 

ijet of issues and conservative tion of the neutron bomb. It is the American lead. 

■ . another and having no par- striking to .find the Nowhere is this more true iiK^ ' Sti 

/■ Scalar trouble with his party. President emerging as some- than in Africa, and especially 

' * 1 senator Fullbrigbt, for. e*- thing of a hero among the southern Africa The Carter ^Hh ViiL ; v 

: ; ; ; : pnple. ^distinctly. even Labour Left. The admiration Administration has earned the 

"Y- iggresovely liberal on Vietnam, <* Mr. Callaghan and of Dr. grilt | |ljde of the Lett bv its 

. . jot profoundly conservative on "W * 4 ?*** ForeI P ^ appareDt readiness to stand up' Mr.- John Mendeison. MP, a 

- ' n<HJne America »»* for Mr. Carter is well- and be coumed on the was quite eonsi 

V: fought that especially odd. teowa, hut in no sense can they Africa question It is creditcd 

: - >‘:Vet in Britain — and perhaps h! haring almost brought the U.S. Administration applies, 

n rnnch nf toS ■ ***!' down. Mr. Ian Smith in For example, the British opposi- 

V - - V'loiookfor kbel?. and that, one frS^sS) R . hodesia ’ a,th °V sh in fact the Uon l0 Wnjscale produced the 

"'fuspects, is one of the troubles to lOKnStnlSSf nrfual capitulation of Mr. Smith argument that the Americans 

: • -r-^the mttSu i to pSSSS Mendeison. took p]ace fte final 5tage of don - t i ike reprocessing, there- 

V'^arter. Mr. Carter is cortserva- L. m L the Kissinger period. fore it must be wrong. In the 

- i'^'ive on fiscal policy, but liberal WCUtTOH UOHIU it is also app’auded for being Jllw ^ave^een^Smos^invari 
practically everything else. Of course, the neutron bomb ready, as the British Govern- JJ®.™.' “ ISSLrThS 

---...There is also a tendency to be- decision has a great deal to do went never has been, to do a £‘ y rev *”*' ®J yl v' n *» a J 

T. ilfive that when it comes to with it. President Carter came something about South Africa. :” e , ‘y, sU „ ®v* a * in 5 . ri 
‘ ' -r.; ..'Oreign ' policy all American down against production at the Ev*m now. Britain goes along ID opp05e ’ M£1 VJce 

Presidents will behave in much very moment when Mr. with American policy in v 

-..1 T he same w«r, that is in the Callaghan and the Social Demo- southern Africa largely in the As usual, the Left is quite 
- -, the U.S. will lead, and will crat Chancellor of West ,Ger- hope that a peaceful settlement well-read. If one looks at Pre- 
1o so from the classic post-war many, Herr Helmut Schmidt, in Rhodesia and Namibia would sident Carter’s writings or 
■ T ' lrti-communlst position. It is appeared to be about to ask postpone having to do anything speeches, there is indeed a great 
- . - ' -T 'ather puzzling to And that Mr. him to do the opposite. The very much about South Africa deal of evidence that he is a 
. -.VT^larter does not quite fit into good name of the Loft was proper. The Government trusts new kind of American Presi- 
bar mould. The general a&sump- saved by American • interven- that even American pressure deni, at least for the post-war 
ion is still that sooner or later tion. But that is, as it .were, would then ease off. The Left, period. Clearly he does have 

C ’ . i ,, vents will compel him to do so: the affair of the moment: there on the other hand, tends to sympathy for the blacks, and 
lOiQ^cJiat whatever, the - President is really much more to it believe that President Carter not only fn the U.S. Equally 

^ay be saying now, eventually Mr. Mendeison would say, for might just go on pushing, and clearly he. believes in human 

ie will have to-stahd up to the instance, that Soviot-Ametican it could be right rights, and again in a universal 

^PjlcSItussianR and perhaps even relations are now more secure There are- one or two other application. Not least, be 
q terrene militarily in sbme than they have been . at any areas where this kind of new appears so far to try to practise 
/ :: of the world where the case stage in the last 15 years, and alignment between the Left and what he preaches, and it is 

• w -I I - -'I —II I - II - '■ I - 7 - ■— • "n * 'T ^ ~ " _L * — ~ ^ " 

■ ■ Letters to the Editor 

- In a sudden acc^s of con- 150.000 per annum for the fore- rectify the erosion of salary dif- 

- - BUrCSUX tlC sumerism Mr. Rost tells us on sceabla future. This level will ferentials compared with lower 

XV and in the Press that he has only provide between 15 and 20 grades of workers and the dis- 
v phanap sent out an Americim girl posing per cent of house sales in any proportionate taxation burden 

LJUaJUgv ., tourist. Their joint activl- year and quite clearly new managers have had to endure. 

^ „ ^ . tics are not revealed in much houses prices will have to be An excellent opportunity will 

the Morkefipo- Aroncper, deta ^[ b ul be says, bureaux de broadlv in line with second hand arise shortly for one of the 
J -. .nequeppwti services. chance are '"rooking”* the house prices. largest and most reputable- 

’ - Sir,— Mr. Rost is the Conserva- tourists. Some bureaux he alleges Developers decide how much British companies to resolve any 
. ... ve MP for Derbyshire South charge 20 per cent. Frankly -we f hey can afford to payfor land ^ueb doubts. 

. Currently he has been doubt it and Mr.' Rost should pro- on a residual basis. That is to Mr. Maurice Hodgson, the new 

.. ■..■ -'.ttacking bureaux de change for duee his evidence- if he has. it. 5 i, y- having made their own chairman of Imperial Chemical, 
' :, hat he considers are their if any bureau de change husi- judgement on what to build and Industries, has publicly declared: 

; : xorbitant charges and haa ness were to charge ^O per eent. how much it will sell for. they •• 1 aTn particularly concerned oy 
•J- -thieved considerable publicity it Is doubtful that they would then deduct the total cost of need for equity for our 
. m? doing, . - survive. We eertainiy feel- no building the houses plus finance middle managemenL Incomes 

• f/^'--*******^ . 1 vvL'V' *** •. • •• 

'■BSSr v- T iW* 

•V ^ 

> , ’.'Y >| 

sTH} ' 

tS&i. i*i .. ? 



John Mendeison. MP, a leading Left-winger. (Bight) President Carter: "My father 
was quite conservative and my mother was, and is, a liberal.” 

the U.S. Administration applies. 
For example, the British opposi- 
tion to Windscale produced the 
argument that the Americans 
don’t like reprocessing, there- 
fore it must be wrong. In the 
past, the Left wing argument 
would have been almost invari- 
ably the reverse: anything that 
the U.S. supported, the Left 
tended to oppose, and vice 

As usual, the Left is quite 
well-read. If one looks at Pre- 
sident Carter’s writings or 
speeches, there is indeed a great 
deal of evidence that he is a 
new kind of American Presi- 
dent. at least for the post-war 
period. Clearly he docs have 
sympathy for the blacks, and 
not only fn the U.S. Equally 
clearly he. believes in human 
rights, and again in a universal 
application. Not least, be 
appears so far to try to practise 
what he preaches, and it is 

plain beyond doubt that he is 
reacting against all post-war 
Presidents since Truman: 
against the insetirism of Eisen - 
however, the glamour of 
Kennedy, the continued inter- 
vention of Johnson in Vietnam, 
and the secrecy and ultimate 
deceit of Nixon. 

There are, of course, some 
contradictions. The human 
rights campaign cannot be 
pushed so far that it alienates 
countries with which America 
needs to maintain or improve 
relations. The U.S. can do its 
best to show its concern about 
oppression in the Soviet Union, 
but not to the extent of jeopard- 
ising the superpower relation- 
ship or perhaps losing a second 
strategic arms limitation agree- 
ment. It is the same with the 
oil producers: there would not 
be much to be said, in practical 
terms, for a campaign to 
democratise Saudi Arabia which 

ended in revolution and no oil 
supplies. But. within limits that 
are hard to define, perhaps the 
human rights campaign, or the 
growing awareness of which 
side America is on, can be 
effective. Only a purist would 
insist that the campaign be 
pushed all the way. 

There is also the paradox that 
while most of the better-known 
armaments decisions taken by 
President Carter have been 
against the introduction of new 
systems, he appears to be more 
than conscious of the need for' 
American military power. At 
least one of his defence speeches 
has been quite hawkish. The 
U.S. contribution to NATO 
under the Carter Administration 
has in fact increased. Mean- 
while, Dr. Harold Brown, the 
Defence Secretary, is working 
on ways 0 / improving America’s 
capability to intervene militarily 
in areas where there is no treaty 

obligation to do so. He is acting 
with the apparent approval of 
the President, despite, the 
expressed preference for non- 

Alt that adds up to a fairly 
confusing pattern- Yet it is still 
possible, to see a certain kind 
of order, which might be sum- 
marised as follows. The U-S. 
needs military power, if only 
for use In the last resort But 
there is no need for overkill, 
so let us go as hard as we pos- 
sibly can for arms control and 
eventually for disarmament 
Let us also make clear that we 
shall not automatically help any 
regime that says it is anti- 
communist and claims to be 
under left-wing attack. We are, 
after all, on the side of human 
rights. Besides, we must do all 
that we possibly can to preserve 
our own freedom of action. Pace 
Dr. Kissinger, there is no such 
thing as a viable "conceptual 
framework” for running the 
world, or even for preserving 
world order. The U.S. will pro- 
vide leadership, but it is up to 
others to follow, or not, as they 

Zf that summary is at all 
accurate, and if President 
Carter sticks to those outlines, 
it would appear that the rest 
of the world is in for a period 
of re-adjustment. American 
responses can no longer be re- 
garded as automatic and in line 
with those of previous Ad- 
ministrations. Some of that re- 
adjustment may be already 
dimly taking place in Britain, 
but it still has a long way to go 
and one suspects that it has 
much further to go in West 
Germany. Yet the effect on the 
foreign policy stance of the 
political- parties could be quite 

To give just one anecdotal 
example. Very early on in the 

Carter Administration Dr. 
Owen remarked that the trouble 
with the front-line Presidents 
in southern Africa, and indeed 
with the guerilla leaders, was 
that they did not realise how 
radical Mr. Carter was. They 
had an automatic anti-American 
reflex born of years of ex- 
perience, and it would take 
them a long time to lose it, 
One wonders now whether even 
Dr. Owen himself was fully 
aware of the extent of Presi- 
dent Carter's potential radi- 

A purely non-party view might 
be that Mr. Carter’s approach of 
withdrawing from intervention- 
ism and going for arms control 
is broadly right, provided that 
be can put it into execution and 
provided that he has fully 
considered the possible conse- 
quences. There is also, how- 
ever. the question of com- 
petence. His decision on - the 
neutron bomb may have been 
the right one, but it could have 
been far more effectively and 
easily reached six or even nine 
mrinths earlier. 

It is odd, too, that a man who 
prided himself before his elec- 
tion to the Presidency on his 
membership of the Trilateral 
Commission should appear to 
have forgotten some of the prin- 
ciples on which trilateralism 
was based. Those were not only 
the bringing together of Europe, 
the U.S. and Japan, but also the 
linking of political, economic 
and security issues. There is not 
too much sign of that in the 
Carter Administration: and it 
remains just possible that the 
admirable policy of non-inter- 
ventionism could turn into 
isolationism if there is not a 
better mutual understanding 
between America and its allies. 

Malcolm Rutherford 

To-day’s Events 

"•■ Bureaux de 

■ £*rom the Marketintr Monoffer. 
- .Tiequeppint Services. 

Generally Mr. ] 
re fl [-conceived 

Boat’s criticism^ need- to apologise to.llr. RqsMortChaijes amL profit mar^n from policies have. . compressed their 
l but typical of our margins: .pur only regret Is predicted income to amve at g|. oss earn ings and high taxation 

. . it III’VVMWSIV^H MU1. IJK 1 *** wui ,ywi « - - - ig » - text* » 1 * “‘“O" — O- | 

' i : > 1 ose levelled at tiie bureaux de that we 'cannot charge more ST* bas greatly ^acerbated the 
- ^oange business. 1 should like Competition is too great. situatlon t0 a P° mt where they 

, . ret.ii . iH?SSS 'fr f?®aas£ 

, .grgrj *?2 nr J 

• - red banks and in effect this / A laild Fel^Se a robstiSitial redSrtion in the fining agent lor- the good 

- ; - - leans the clearing banks,- 7 LSTj JJ, nom^nt lanu tax managerial and professional era- 

• . .ecause of these . requirements Ttt-AOrSliniTIP and for a ooritive ’ land releaS P lo >e es °f ICI - T * 115 c,aim ™ lU 

. clearing banks need give piUgJdUJIHe nreVamroe Both these meSu?es be formulated in sueh a way that 

• * From Mr. D. Gvmsvn. will ^HSidwably List in meet- it could be met without contra- 


London’s new market in traded 
share options opens at Stock 

NALGO water authority workers 
meet on pay claim. 

Welsh TUC conference opens, 
Llandudno (until April ?3i. 

Mr. John Silkin, Minister of 
Agriculture, addresses public 
meeting at Deptford Labour 
Party, Town Hal). 8 p.m. 

Judgment expected in case of 
stockbroker Mr. Lewis Altman and 
hi?, partnerr Mr. Robert Carnes, 
charged ■. in - connection with 
alleged exchange fraud. 

Dr. Milton'* Friedman, U.S. 
economist gives first in series of 
lectures jointly sponsored by 

Hoover Foundation and Strath- 
clyde University, Glasgow. 

Guild of British Newspaper' 
Editors’ conference opens, 
Harrogate (until April 23). 

Two-day meeting ends in 
Brussels between Keidanren, the 
Japanese trade association, and 
Union of Industries of the Euro- 
pean Communities. 

Natural Rubber Producing 
Countries’ executive committee 
meeting continues in Kuala 
Lumpur to agree proposals for 
international rubber agreement. 

International Civil Aviation 
Organisation meeting due to end 
in Montreal. • 

Law of the Sea Conference 
continues. Geneva. 

Sir Peter Vanneck, Lord Mayor 
of London, launches appeal for 

Shakespeare Theatre Trust 
Mansion House, E.C.4. 

Scottish TUC conference ends, 


House of Commons: Private 
Members’ Bills, including Employ- 
ment Protection (Amendment) 
Bill, sponsored by Mr. Ian 
Mikardo (Lab.. Bethnal Green and 
Bow), which gives workers the 
right to claim for unfair dismissal 
when they are dismissed during 
union-recognition disputes. 

: FinanciaV accounts of industrial 
and commercial Companies and 
personal sectors; and new acqui- 
sition of financial assets, analysis 
by sector I fourth-quarter). New 
vehicle registrations (March). 

S. Pearson and Son (full-year)'. 

Carliol Investment Trust, New- 
castle upon Tyne. 12.15. Invest- 
ment Trust of Guernsey, St Peter 
Port, 2J30. Inveres*. Connaught 
Rooms, E.C., 12. Tyneside 

Investment Trust, Newcastle 
unon Tyne, 12.30. Woolwortb 
IF. W.), Connaught Rooms. W.C, 


English National Opera perform 
Carmen, Coliseum Theatre, W.C.2, 
7 p.m. 


.Swimming: Great Britain v 
Italy v Netherlands, Crystal 
Palace, 7 p.m. 

• ; .ecause , of these . requirements Til-AOrHniTnP and for a positive land release P lo >'e e s °f ICI * This K,aim ™ iu ! 

. ,-; ; ie clearing banks need give prUgWUlUIC nreVamrae S be formulated in such a w*V that! 

" From Mr ' D - Gimson SiU assist in meet- « ®»I1 »« "‘J ™ 1 “5& 

token improvement in theyate _ . • ■ . , *.>„» «trnne demand for new venlion of tioverninent polxcv. 

. ffered to the public, perhaps 1-. _ Sir,— : I am surprised that Mr. wg^e ^rong flemann ror ^ew ln ^ o{ Maurice Hodgson’s 

- ^rarrass z sara isxsrsfSA 

1 SafStff’SSf ' m $5 l?» SbS thro^h develops j. Itedg, ClMr BrtUsMndusm Sb” 

* ::« to operate in prime West competing for available land, by Hatch End, Middx Bmish industry who, as Maurme 

. 1 .Pd IOMUOA 5 whii* is .where the ter the most iAiporum lector in Hod|son 

r jurists and. the “home market” pushing up land pnees is the "5.7“*. ^ 

j yp. cheque cashing needs, it • expectation of higher house rpr nloirn ’ [oral " ^ ^ ^ A 

— — ^We can however, and do. com- pnees. ■ . ■ . 11^1 paV CiaiMi „ mnri „ rrApn 

ete with clearinjs! banks on ser- It seems clear tp me that land “v*" r j Maurice Green, 

ice. Our cheque customers, for values are pulled np by house hv ITklinjKIPrC' North Reptou OJHcc: 
sample, are only too pleased to prices rather than bouse prices M J j 375 station Rond. 

, eal with us bn a 4 per cent. . pushed up by land values. From ^ pretident, SwinUfn, Manchester. 

Lm f/lrargin if "it.’ means 1 an, escabe ;Tb4 is borne out by the expert- Association, oj Professional 

S [lirom. the hodrs. Imposetf- on the enco over 1973 to 1976 when land Sctentiaf* and Technologists. \ , 

^ v ublic by 'the' clearing banks, prices were forced down .Sir, — Many large companies T ,11 plf of fPfll 

jbnceivably «■ is possible^ to • by HoJses bave acknowledged the essential ital 

mk /1 /liberate a small prosmcial office uant bousing market. “°“ ses Dar t their manaeerial and pro- - 
nAQF «. owner/manager- basis, at for what the ^rket will bear SoSsta^Sv in promoting reWafOS 

It seems clear tp me that land 

sample, axt: umj iuu pieiiaeu r** — - . 

B I eal with us bn a 4 per cent., oanff pushed up by land values. From the President. 

/! * ^ LIm f/lrargin if "It.’ means’ an. escabe .Tb4 is borne out by the expert- Association 0 } Professional 
ft ifl firS lU row the hQUrs - Imposed on the enco over 1973 to 1976 when land scientists and Technologists. 

] * i V4 1 / • ^ iV ublic by 1 the clearing banks, prices were forced down from sir,— Many large companies 

conceivably U « n? dSritet by HoSS bave acknowledged the essential 

✓"* — ^W^erate a saiti prostaclal offiee^ 'S?fcJ 2 S!KiJl 2 !tarwm SS ^ elr managerial and pro - 1 
rr? i Piflaw 1 “* owner/maDagerbasisat ? Q 1 hevendo? f«rional staff play in promoting 

IS banks in the same way that (whether developer or indivi- ^^SSSTSSTm dieted from Mr. I. Blackwell. 
corner grocer can undercut _a dug I is quite ijngwant. e y wish they could in- Sir,— A reran! salar 








8 , 500 . 





Nowadays one expects more] 

tsayj? "JSmffSifliTE assws; iS^rail w have been voiced by several cor- hours of overtime woriced. . 
omnete on even terms wJin tae %..* It , exDe cted porate bodies of employers. Assuming basic hours as 37 per 

tbe°“ flM»r " oriS that new bmises for sale will be Cyincs may sometimes wonder week and employees realistically 
mm bum 7x the rate of around how sincere these desires are to wor^T 

mw of the range given then the 

W Post Office telecommunications sS“S"& 

I T - H I 

s Sir,— On April 14 you wrote m unduly alarmist projection of suppliers in their drive for 12* 9.251 4.0 

•" bout this report by Crisis and +jj e fythre manpower require- exports. We must ensure to the 27* 8,500. 3.3 

aodley on . pluming of telecom- mente of the telecommunications best of our ability that they too Nowadays onfe expects more 
. . . nunic&tions in the United King- business: There is of course no can offset the effects of improved senior people to have higher 

K. . i. f om. I read vou r article and the d(KI t,t that the new digital tech- productivity by sustained and salaries but also to work longer 
.-"/.Vepoit itself with a great deal of n oloev is much more efficient in substantial expansion. hours. This is reflected in the 

f fej f Ajterest. We certainly recognise, ^ of- manpower. Tliis is a In arguing the case for a plan- table but suniriaingly toe basic 
anjriSjls I Imagine most informed technology that is sweeping the ning council, Cripps and Godley rate for the job hardly changes. 
v TSMleople dOi that planning the wor i d telecommunications scene, have certainly said nothing new Thus *e have another example 
^^uture of . telecommunications is and our manufacturers must be in explaining the complexity of of the lack of real rewards for 
I highly complex matter, and in . the forefront if they are to decisions In developing the tele- gaining promotion in our 
(joany factors must be taken into build their share of the world communications business, nor in society. 

’Account. market. pointing out their scale and sig- Fermata. 

I ought to make quite clear Nevertheless ’ it is also quite nifiqance. The Post Office, our 2 0. The Long Shoot, 

hat the Post .Office recognises clear that Post Office Telecom- colleagues in manufacturing in- Nuneaton, Waranclu. 

. hat it has an obligation ta-con- munications is one of the real dustry, and the Government all 

rlbute to the success of British - jn-owth businesses, in Britain, recognise that the issues are 

- nanufacturiflg companies in ex- Not only are we rapidly adding complex, and that many factors 

railing their telecommuntca- new customers to the system, but rightly bear upon our future n 

'■....-••ions equipmeiit. -In -our largest as- the business and residential strategy. OUilgCtdl j 

"■‘ ..•urrent project, the development user becomes aware of the ways Pressing decisions, however . 

. ■ f the System X digital, ^fex- in wbichl new telecommunica- must be made; I remain uncon- n9rk9Cfl£ 

baages the Post Office is Work- tions 'facilities can help in bus!- vinced that a planning counciL 

*- ■ ng in close partnership with ness and private life. I am as proposed by Cripps an d From Mr. P. Lomax. 

*. ’lessey. STC and GEC, freely, convinced that we will see a sus- Godiey, would contribute in any ro «rH tr, 

. - >x changing, information, apd titined and. massive expansion of meaningful way to the quality or S‘r.withregart H to David 
Committing the substantial telecommunication facilities for the speed of those decisions. s artic^ on budgetary 

^^fiesources heeded to ensure sue - many year* to come. I must say a word finally about Jwkache (Apnl 14) 1 we hope 

JflBess In this field, at any rate, wc We in the post Office, looking why the Post Office did jw miy be interrtW lp the 

iKTlB scarcely be accused of lo years ahtod, forecast that the extend its usual facilities to gjgj 

SHHRecrecy, except of course- In a, number of .engineers employed Cnpps and Godiey in their PJ ™8 “J .SSU* rS«..2S5 
MEalHiatural desire to withhold tech- in . the business will remain study, when we were approached 

Swire Pacific limited 

1977 Profits After Tax 
HK$185 million 

47% increase in earnings per share 

. Additional extraordinary profit of HK$20 million arising from sale 
of shares on flotation of Swire Properties Limited 

• m 

Final dividends of 22 cents per ‘A* share and 4.4 cents per *B‘ share 
recommended — making an increase in total dividends for the year 
over 1976 of 28% 

Scrip issue recommended of one for ten, with expectation of 
dividend rate being at least maintained 

Encouraging outlook for 1978 in the principal activities of the Group 

J.H. Bremridge 



From Mr. P. Lomax. 

1977 j 
million | 


hks ; 


1975 1 


1974 1 

HKS j 




1.811 ! 

1,586 1 



. 235 















. 259 

58.12 £ 










it aas oeeu imc esuraiisnru cuurae ue idaiij k-u«u S » -r' ~ oraetam’ uervicp? were ineludpd 

>ractice of -my prodieessor m nature of work carried out by tejroceduresitbe Carter Com- Prariorssera^es were included 
nvself to boIdTeBBlar-meetingsHndividualS/ as technology mittee and Professor Posner. ^ Die mia uie overall cost of 

v fth the ieadere of om- supply^g^vances. In fact wc are pre- With two cun-ent official invrftl- B S!l7 S d be 

» gift on gations, we could iigt see ^any. by more than half. 

nem and cables — in order tq .security, of employment to our ment til diverting Post Office *? ter J - , . 

■xplore fully the Implications of. technical staff; resourres to assist a third study. (On behalf of the British 

Jost Office policy for the menu- Of course we are also con- Prter Benton. 

,acturing - companies. At. these, cemed. about tht effect of new -M-MnmriiM 
Leetinas, we. discuss forward technology on jobs in our sup- 2-12, Gresham Street, E.C-2. 


ht jaciunufi 

^ meetings, 
0 ' ■ 

Chiropractors’ Association), 
4, Highbury, 









per ‘A’ share 


♦As adjusted for 1977 bonus issue. 

£STGI = approx. HKS8.7 

STS Swire Pacific Limited 

[>I J The Swire Group 

Swire House, Hong Kong. 

Financial; Times Friday April 21 197-8 1 

d r 1 


Date Corre- Total 


of ' spending 



City Hotels 

Strikes help carve Him. off Dunlop 

Coral Leisure 

Dualop Holdings 

A SLUMP in second half taxable 
earnings a l Dunlop Holdings cut 
the total for 1977 by £17 m. to 
£37m. Sales were 7 per cent, 
ahead from £1.2Sbn. to £1^6bn. 
with the U.K. content up 16 per 
cent- at £357 m. and direct exports 
up 12 per cent, at £141m. Half- 
time profit was reported higher 
at £51.9m. (£30m). 

Full-time operating profit, 
down a l £75m. (£$3m.). was 
unexpectedly reduced in the last 
quarter largely by tost production 
due to industrial action in the 
U.K. factories of both the com- 
pany and its customers in the 
motor industry. 

Over the year as a whole operat- 
ing profit from the tyre business 
in Europe and North .America 
was tower but there was 


even and there is a prospect o£ Hestair 

a small profit for the year. How- Joseph Holt 

ever, it is at home that the group Holyrooq Rubber 












May 26 





- * 








- 4* 


3.09 ‘ 

July 11’ 


— ‘ 

8.45 1 


■ — 






June 9 




July 5 










July 4 







" 1.95 


June 20" 











a one-for-four rights issue at I52p to raise £32m. and the by having stocks readily available Lead lads. 

increased performance in most “ 3 

other parts of Hie group, the * P 
directors say. *® ai 

On a current cost accounting whi 
basis the 1977 surplus was £20m. . 

(£22tn.) after additional deprecia- 
tion of £28m. (£23m.). cost of sales 
of £26m. (£35m.) and a gearing (21 1: 
adjustment of £I8m. (£21m.>. (sam 

proceeds will be used to expand production capacity; no profits 
forecast has been given. Lex also takes a look at the profit- 
sharing provisions of the Finance Bill. Elsewhere, dive 
Discount has turned in a healthy increase in profits but the 
hopes of substantial growth at Hestair has not materialised 
with profits only £ira. higher. Lead Industries had already 
given the market notice that, despite a sharp setback at the 
important associate, overall profits would be little changed so 
there were few surprises in the outcome. Harold Perry has 
had a bumper year with profits 76 per cent, higher thanks to 
a strong growth trend in new vehicles where leasing has been 
a particular feature. Following the sharp growth last year 
Martonair has now produced a first-half gain of 48 per cent., 
while the overseas side has been the main prop at John Mowlera. 

at its growing number of Leslie and Godwin 

branches throughout the country. Le Vallonet Inv 

This represents a significant Lou. & Holyrood Tst- ... 
advantage since, such equipment Wn. & Prov. 

ing for a slight gain in the second John jnowiem 

half, which may lift pre-lax pro- Owen Owen . 

fits for the. full year by 22 per «L Perry Motors 

a prospective p/ e of S3 (fully 
taxed) and yield 3.6 per cent. 

Scottish MorL 2.1 

Selection Trust '11-9 

Viking Res. 1.1 

Wadkln 3.99 

Welkom Goid ...„....inL 25$ 
Western Holdings 190$ 
Wilson (Connolly) 155 


July 1 




7 " * 



Aug. 2 


. 4.09 


- July 8. 




2-9 • 



■ ■ 




July 28 




July 28 


. 3.4 


May. 18 

1.59 " 

— ‘ 


-June 10 




July i 

X25 9 





" 2.86 


• July 3 




June 9- 

71) • 

— . 


June 9 

10 ; 



June 22- 


3 3 

Turner and. NewaQ.iS’ proposing 
to make a rights to raise l32in. on 
the basis of 1-form at a price of 
152p per share. .Dealings are ex- 
pected to commence (nit-paid) . ou 
Wednesday. 26 April. The issue has 
been underwritten by - £ Henry 
Schroder Wagg and Cfly while the 
brokers are Hoare 'Govett - and 
.Henry Cooke,. Lmnsden arid Co. 
The share ciosed yesterday at £7lp 
down 17 d. --- = 

June 19 
.June 30 
June 3 
June 9 
June 9 
July 3 

down 17 p. /■ = 

-The board considers that’ the 
gpoiiQ's longer-term plana). in par- 
ticular tbos^for capital expend!- 
ture in the UiK. -and . overseas, 
require a strengthen Log . <jf ■the 
-equity base. "DJC. capital expend]*- 
ture. during 1977 at XlfiSm. was 
some .70 per cent, higher than .that 

. of 1976 and that planned foi - ' 
.W over Cam,- largely for tht 
Pose of expanding prodi." 
capacity. . : 

• The hoard feds that it 1 - 
early to make a profit foreca 
the current year. Trading tc. ; 
'has been .disappointing in a , 
parison with the similar per 
laisf year. Improvement, 
largely depend on eco 
acjtivity worldwide, particula ■ 
ttti U-K, The directors exp ... 
recommend total dividends al ' 
net-per share for the year.e 
December SI, 187a This is e- ' - 
lent to 17.42p gross and 
represent an increase of abot- 
Der cent, over the 1977 divid 
See Lex 

"Hie directors say that turnover 14 (same) and 28 - (25). 

1 21): Africa 8 (9) and ’12 income of £3.76m. (£3.61m.). 

(same): and Asia and Australasia ’ Again no dividend is to be paid. 

At halfway, when there was a 

continues to grow both at home 
and overseas but trading condi- 

At the attributable level the reduced loss of 114,000 (£129.000). 
toss in France totalled £1.6m. the directors said they expected 



Dividends shown pence per share net except where otherwise stated;. 

* Equivalent after allowing for scrip Issue. $ On capital 
Increased by rights and/or acquisition Issues. $ South African cents. 
6 For 17 months, gross throughout 1i For nine "months. 

Owen Owen ahead after 
better second half 

‘ tjons Tor the tyre industry in (profit £200.000) and in Germany a generally improving trend would REPORTING Its first annual 

_ . * . . . P^An nnn • Pi ()■» \ kn m*iintoina4 /lupin A )nn met n r rAfi ■ lfr- ne rn ‘ni.Llt^ (tnnif Pif D 

Europe remain very unfavourable £700,000 (£12m.). 

in the current year. The share of asso 

Sir Campbell Fraser, the man- panies was down, 
airing director, said later that investment income, 
industrial action in the U.K. fac- t£l7rn.i with lower i 

The share of associated com- the year, 
panics was down, including 
investment income, at £12ra. _ 

(£l7m.i with lower results from |%/R < 

lories had cost some £7ni. in Pirelli _ companies, when trans- 
operating profits and other dis- toted jnto sterling, and a sub- 

be maintained during the rest of results as a public company. City 
the year. - Hotels Group shows taxable earn- 

ings of £1.069,8X5 on turnover of 
_ £6. 18m. for the 52 weeks to 

|\/l ** Mf/vn mi* January 1. 1878. For the previous 

putes within components sup- stantial lews from International 

pliers amund £2m. 

The U.K. tyre operations’ contri- 
bution was slightly down at £!) ru. 

Synthetic Rubber Company. 

The combined results of com- 
panies in the Dunlop Pirelli Union 

and the prospects of these as ***??[, 

interests in the uTk For this year excluding Industrie -Pirelli, show 

ahead in 
first half 

J. Mowlem advances 
to record £6.1 m. 

53 weeks the surplus was £743,959 WITH A sharp rise in associate the full year and thls-comes from 
on sales of £4£5m. In addition contributions from £0.52m. to overseas, where the contribution, 
a one-for-four scrip issue is £l.68rn., pre-tax profit or John to group turnover has risen from 

proposed. Mowlem and Co, the construction a quarter to around 30 per cent. 

Half-time nrofit wa«! £430 000 3« U P« expanded from £4-25ra. to The Middle East Is starting; to 

aeainst £320 000 anri the dVec- a record £6.I3m. for 1977. on turn- provide good profits from * 

{£[ saidthat ill diviitons h7d over up £25 - 33m - at number of general construction 

increased mrooror and promts 

aiin looked dcnV; ff ffgS ON TURNOVER of £M^m. for the and the ‘SSm 

BE? saySJS- {?*£ ,ime ififfiSi! £>. p t s *ZldV^ J S?£ 3l P re 9 S % courasin8 - ■ . are S SL^SutLiSSS^JSSi S!e£S£^J&£ ■SflSfe- 

The T up wasaiso facing stiff ff of Martonair In^itlooa*. JgfTJS, folST**! frSi AiJS^wSreTSS5ffi?‘ 

S*r ta K*i" S* KSS 1STL= S S “fifZ interim dividend ner “f*S5iJS“ .“‘B SSShTST 'L3ZJBH& 

shortfall, he added. Tar rs m 2 0p share is raised from U87p to The directors anticipaie maintain- - Sse? ul ” especle<3 t0 Sts^dSutom 

Stated earnings per 50 P share N«i tj* 33 « i.75p on capital increased by last ing the same rate of payment on HJ.™. 1, t , x of £3 06nj ) UK^c D 5S?ction acti^tiS^btob 

^ i £* rights teu^the lVW ^ increased capital for the yeaf e^nin^^se h^had^re th^ 

1JUS ,3 “ final was 3^o6p paid from record current year. from 1527p to 20.5flp per 25p of recession, managed to hold its 

CaSSS Ending "during • the &».»“ ESS* .J ‘« 18 : 188 ! share. As forecast, a final divf- own with past _ confracte. stifl 

being, little crowih. he said. ax - 
The sroup was also facing stiff 

competition. So far in 1978, U.K. Sales 

tyre profits were slightly down, nauramw prufli» 

but non-tyre interests in the home U,c 

market had balanced out the Pretax profit 

shortfall, he added. ....IZZZL! 

shortfall, he added. Tar . . .. 

Stated" earnings per 50p share Kci pr.*ci 
for fhe year were I6p (23p) and T' 1 
a net final dividend of 2.65p lifts DVtWends 
the total to 5.3p (4.55p). . Rcunp-d 

Capital spending during the t.vnor depn 

Canital snendin-r during th*» VTii.-r dporeciation of rifim i«7m * ^ V .Auer tax ot ii.-ua.ta*) snare. AS lorecasi, a unai QIM- own WTUl past contracts-, SHU 

period amounted’ to Three accountinE changes l9tl ' lhe Rectors »id they the net balance came out at dend of 5p rakes ihe tola) on coming through, but margins are 

Si Tet aiets emnl^Sd relatin- to ^ferred tax co^li- look ed forward with contidence to £463319 (£325,771 ) and there wer^ increased capital to 6.5p becoming tighter. Increasing 

M - m '. ivei assets empioyea reiann^ in ueierreu las. consoii further imnrnvpment in oer- sTt^nni rum. ,h; c »im a n r ^ .i.T - 

g^w'to £7I8m (£664m/) orililbn Mon of StSdiariW ‘ and ^ fjS5? m CtediB tlme ° f fadiusled 3 ^ 1686 P>- 1Bf SffPfiW* J£ ZSZ~L2Z ? *» 

S“ l-u XI IQMI. \ J.UU-1II1. t U1 J.1.M1UII. DIIHMI VI aUUMUIdl ir? Illiu m ■ 

f£92flm.) on a current cost basis, currency translation, as contained fornwee in the romui year, 

with two-thirds of the growth in exposure drafts 19. 20 and 21, , milriS 

financed from internally had negligible effect on the pre- J^SSSa £ 

generated funds, a quarter by a fas figure but mainly because of 5™.^ «, U l fn !^> _ e m erged at 

rights issue and the remainder the lower tax charge; there was £0 - 95m against £0 6>ra. 

from increased borrowing. an increase in attributable profits WT^witS-rr 

The croup has earmarked some 0 f £4 m . iftm.) to £20m. f£25m.). woo iooo 

£75m. (154m.) for investment this The Rhodesian subsidiaries Tw " ir "r 

1-131 SIS 
937 619 

year with just over a. third for which were not consolidated, pro- proK 

r ho I i tv Tho onmhncic fnr thn _ . M * 

f rh ? li ^- The ^ emphasis ; for the duced nt „ of am (SAm ) of butai j, e - 

Sec Lex 

: which £2m. (same) was attribut- 

b- on moccrmsation rather than .li. , n -l.- narpnt 
pvpanrion. Sir Camphell ex- a “ e 10 tlie p | r ® n - , 
plained. Sec u 

An analysis of sales and 
r.peratinc profits by product ,■ 

in percentages shows: tyres 60 KFOPfir I 
IB1) and 33 tol): consumer goods x A 

18 (same) and 10 ( 13 1: industrial _i____ rr , 
products 13 (same) and 27 (23): SHOWS 2l 
engineering products: « (same) ° 

ami 11 IS); and plantations 3 t2) After a tax credil 
' and II (3). a wholly owned 

On a geographical basis the hiring subsidiary c 

rise at 
J. Holt 

' win also make things more.diffi- 

Tiirnover US™ ti£8. *“« 

Oepr^riatlon - - 

Bank kakndk Jnan interest 

Net rental Income 

Interest receivable ... ... 
Quoted invesuuem income . 

Share of assocs. 

Profit before tax 

Tax ..... 

Net prc-El — 

Procor (U.K.) 
shows growth 

l£0.82m.) and after minorities the _ SSerStim,* 7“ TS “5 sj sheet, Mowlem is well placed to 

amount attributable emerged at i%/l OT*mno I Bank jrajcmfli loan otmt us m ride out difficult . times; ’ The" 

£0.96m. against £Q.62m. IT I (fl.1 I Hgll Net rental Income 179 88 shares, at 129p, are on a p/e of -6 

Six ni'jnlhs-- O Interest receivable ... ... 993 1.236 ,u p viplfi is 7J) tw»r cent- 1 

1977-79 1976-77 • , • Quoted investment income . Hi c wnue ute yieia is (Jf per; cent . 

£W0 iOOO yir/1 nr Share of assocs. 1.877 5K 

V^r prom l i% 1 1S tlSe 31 ^ S rcM ATTEMPTS-: 

- “ *" J. Holt "Wdajasrro-. as |HP to cut costs, - 

me rnmmpnt margins are likely to be affected The 51 per cent, state-owned 

V wiiimuu TURNOVER FOR .1977 or Joseph by past and present Government Room Consolidated Mines, oiie of 

Marfonafr's continued profits Holt, the brewing and wine and cutbacks and by bad weather in Zambia’s two major copper , pro- 

growth in the first half— 48.4 per spirit concern, rose from £2. 8m. ig78. Ovreseas current margins ducers, has announced .a cutback 

cent, after a buoyant rise of 67 to £3-39m.‘ and pre-tax profits are sati^aclory. but competition in the rate of developmental its 

per cent last year . — reflects show a marginal Increase from f rom p 3r Eastern contractors is Luanshya division, reports Michael 

further improvement in overseas £713,459 lo £755,623 with 1354,564, „ row ing. Holman from Lusaka. . 

AFTER INCURRING a larger mid- 
way deficit of £581,000 against 
. £2103.000. an .. improved - per- 
formance jn the . .second half 
enabled Owen Owen, .departmen- 
tal store operation . to finish, the 
.year to January 2S 3978. .with 
taxable profit ahead from 
£2^203,000 to £2£55.000. Sales 
-were a little better at £88 .72m. 

- compared with -£85^Sm. 

At the interim stage, the direc- 
tors said that there had been some 
improvement in both. UJC. and 
"Canadian sales since July arid 
..given a continuing Improvement 
In the trading climate, the second, 
half should produce the tradi- 
tionally more satisfactory results. 

In the U.K., stores sales in- 
creased by 8 per cent and profit 
before tax by 128 per cent- over 
the year, reflecting a strong re- 
covery in the concluding months. 
The results at Plumb . Contracts, 
the shopfittirig subsidiary, again - 
showed improvement, 'say the 
, directors. 

The Canadian contribution -In a 
difficult trading year . was also 
affected by the 25 per cent, appre- 
ciation in the sterling/dollar ex- 
change rate. Thus a dollar sales 
increase of 8 per cent, and it profit 
decrease of 9 per cent, were 
turned into sterling, decreases of 
13 per cent. and. 27 per cent, re- 
spectively. . . ... 

" .; Yearly earnings- are given as 
io.03 n (936P) per 25 p share and 
the dividend total Is -lifted tn fhe 
maximum permitted. "■ 2 .8574 p 
" (2 589p ) net. with --a final of 

After tax ■ of £1227.000 
(£1.1760001. extraordinary items 
and minorities, attrihutahl** profit 
timnn'd from £3,130,000 to 
£889.000. ;. 

proved, performance in tht 
rent- year. 

In cash resources the cor 
remains strong, he tells mex 
and well able to finance fi 
expansion. Higher prodi 
levels have "been fixed an 
order-book stood at £918£ 
the start of the year, me 
which is scheduled for de 
before July. 

Collective order Intake < 
the first two. months of 197 
18 per. cent ahead of last: 
but- raw material price rise 
cause concern. . . 

As reported on March 9. 
tax profits fell from £0.93- 
£O.01m. in 3977 on turnov 
£&89m. (17.71m.). 

Current cost adjusted ace 
show pre-tax profits of £§ 

snow pre-tax proms of £8 r\ * ^ • 

(£633,000). ■ ]\?COAH 

Meeting, Savoy Hotel on Mf fl I / g , k, 1/ U 
at ; 

Hawker Mari 
doubles to 
peak £0.27m. 

shows prowth operations and rising demand at against £334,215, coming in the ° Poor ground conditions requir- 

J11V M J giVTT iu home The volume of pneumatic first half. * comment ing costIy support have made 

After a tax credit Procor (U.K.), control equipment sales rose After tax of £355.091 (£377.0001 ... . j„ h „ foinln 8 the ^tbin orebody 

a wholly owned railway wagon some 12 to 13 per cent, with over- full-year earnings are shown at More than a third of Jo n uneconomic. The • cutback wrili 

hiring subsidiary of Trans Union seas turnover, which. accounts for i3.35p U1.22p) pen25p share and Mowlem s 44 per cent profits rise reduce Luanshyas 10,000 labour 

Corporation of the U^_ expanded 78 per cent of the total.. tip some the dividend total is'-lifted f«jrn comes- froBvib^McTay^q^u^hfon. f oree by 900 workers, who tyiH-be- 

home. The volume of pneumatic first half. 

• comment 



Pre-tax profit ofHawker BT 
tableware manufacturing g 
more than doubled from £H"- 
to a record £266^33 for lK 
turnover ahead from £3.17i " 
£3^4m. . ;1 

At half-time, the dire* 
reported profits up from 
to ' £120.184 and said .that 
current position of home: 
export order hooks was good; 
they expected that profits fo> 
full year would be substas - 
above those for 1976. 

The year's profit was si 
after • interest of £83,699 
£95270 and included profit" 
posal of surplus tooling £3 

After tax £72,173 (£15,144) t 

in ] 

anil 11 IQI. a »|1UIIY UW1ICU Idlindj w uaji-jrc*i cfluiiu^a ate oi - — ' . 7 * — ’ , , •aaaa ut.-' — - 

On a geographical basis the hiring subsidiary of Trans Union seas turnover, which. accounts for l3.35p tJl.22p) pet25p share and Mowlem s 4^ per cent, profits ' rise reduce Luanshyas 10,000 labour 

Split was: UJC. 30 (36) and 40 Corporation of the UX. expanded 78 per cent or the total.. up some the dividend total ^tifted f*pm comes- fon» by WO workers, who a wfll>be r 

fJffTi; Europe 26 <27} and 3 net profit -for 1977-firom £65,362 to 17 pdr-bent. to £llm. lts opera- 1.9466p to 2.1742P net "witir f flrial But "that- -ktni'_ lcavt*- healthy redeployed' at other divisions of 

(5): Americas 13 (14) and 17 £208840 on sales and rental tions in Europe— the main market of 1.5l42p. 

. growth of more than a quarter; for rcm. 

Mr. Ivan .Dorr, the chairman: of 
Nu-Swift -Industries, which makes 
fire extingutebepjv et&, -says m his 
annual Rtatement that there is 
evety r reason to expect an im- 

ings ag;e shows -as 39.1p <2 
per 2fip share and the dtvida 
lifted to 6.46p (5.85p) with af 
net -.payment, of. : 4.67p. s 
amount retained • emerged 
£181.990 (£86.799). 



April 21- 1978 



Hestair improves by 
6% to £4m. 

Tubes moves 

Harold Perry juntos 

75% to £2.77m. 

t-'ON 1 TURNOVER up by €.7 per 

S"^f 7 ro 4 2 d -by' , S“? w p, ^S board meetings 

suborn io tax of £.’76,710 against 

- M m . . The dividend lolal is held at 

from H-OZm. TO £4-2Rm, for the .'Tbe following cnmuanlw taf** 1 noiiticii ] lp w ilh a final of 7p per £1 
■‘‘i. - year to January 31. -lore.- : dales, at Hoard nrcectag* Ifl ihe Stuck share 

■i-.": in Seolembcr: renartine st firvt Suck meeting* ■ »w usually 

v-.jY -hTlf inerfZ frW fi Mm iX *** ,or ,he P*™** «* «n Jdwtrut divl- 
'■X ., bj 1 * ‘f®" 1 f 1 -®™ 1 - . to dend*. Ofilcia] Indications art mil avm>- 

, ‘ 'ilXWi uie ulrectWS said • they iMp wficrhcr dividends . cnnwiiMJ ari- 

-■:! ?-were confident that -the year's taiwlnia or finals and the mbdivlMi.n* 

; ■ • jemUs would represent another bpw . are b *’‘ e ‘ | t n,in,y "* ,a 'i 

substantial stride forward. ‘ s^ev cWucuun. .,. 

They now. point 1-out. that-, the Hewi-w-th. Lowland Invest mem. U.u. 

'-comparative results have been Texiile*. • •' - 

:.*.\;' afTected by. the disposal of ‘.jESS*-* “■ «£■ 1 52* ."TO"- 
^Johnsons or Hendon and Mulder 

_• en Zoon which were sold ^towards 5- Fe&r&oii. Bush and Tompkins. Franks 
;* - ' > the end of 1870-77 .and by .the Shaw- Tetadr Mineral*. Trmohal Carpels. orpniiTivr tsy t„ r 

■ Acquisition of PB Beitinson and future dates REPORTING PRE-TAX profits for 

First half 
advance by 
Jas. Crean 

the sis- months to end 1977 up 

_ ■_ . I*.*’ -q -L_J. .. ■ „ n< |-f r . ■ A.-,’*— ■ AMiT fM PBlOiudr“ * 51i mo n i 

r Ca Jhr. ,s -» M *y * from £303.000 to £631,000. Mr. D, 

i2“J55SS!^?«. e 9?_ p ? , !? a , McCulloush tbe chairman of 

H 'n ahe 
'°ncl haj 

Last year’s final 

-Sit months 

iorr r*r« 

tangible assets .47 per cent, id Gerrartf and Naiinjiai' "tusenaiu Apr! "■« First half earnings arc shown 
£11. 4m. ana now . represent 78p l.k. Tndut.-Triai imusnacnis . — Aw ?r. io be ahead from 6 77p to 8 42p 

per share. . . Frinro of v.^iw notch aw. vs per 5c p share and the interim' 

■ With tax on the ED19 basis of ‘ ; ’« dividend is raised from 2.7625p 

£475.000. (£702.000) full year earn- Totcr Kerasley end jjtusoarn — Apr. jz to S.DETSn net. ' — J “ ■ 

bigs' are shown, at 26.5p (26.4p) = Amended- was 3.6S75p. 

per 25p share. Adjusted to reflect 

a standard tax charge they would ’ 

5 ^~«a- *s- lifted from >«"■ 

-r^tdORn 8J61Sp net Wlth a finaI slumped. Best prospects 'for the Nri worn ! 

L si e.i^aop. __ currenr year are consumer pro- ft nunonuw 

”S3 «« Ju«Ms and the consistency success- 

57 «n 3M37 ml employment agency; the p rP fpri»nrr dividend ... ... 

«« AM* engineering side is much less The results for the ...... ..... 

M 1 its Predictable. As usual, plenty of months did not include any con- 
3-Tii The action lakes place below the tribution Trom the Eltham Weld- 
«3 73 line with 0.3m. of write offs for in? Supplies group which was 

acquired in May 1977. 

Mr. McCullough states that 
each of ihe companies in the 
group has shown a sound and 
steady improvement during the 
half-year. Eltham Welding Sup- 
plies, has performed satisfactorily; 
the electrical products division 
has maintained its growth, both 
_ , .. .. th Ireland and rhe U.K.; and the 

Excluding extraordinary Hems. Savage Smyth group has improved 

• . ■ Tnrnnvrr 

. :#r#« bdlera tu . 

• ■' Tit — 

•“ it TV mlonrines 

' - - * Eamlws . 

- L 1 JJfwdeoda 

Extraord. detain 

Dtld. M* ■ 

Tn reduce' aoudwill 

10 692 


ft .ms 






.... 543 

, .. 2.4M 

— 1.034 

uoi a rp -organisation, a sale and - 
n3 revaluation. 

333 The yield at lOSp is 0-1 per rent 





The- Interim .hopes at Hestswr of 
‘•'anotiier substantial stride for- 
1 ward " have not been realised. The 
-■ -special vehicle division suffered 

-.from strikes, at suppliers while 

demand, for toys was below net revenue of Jersey Electricity on its profits despite vigorous 
:: expectations and sale? of farm Co. rose from £882^>80 to J3,l' 73,272 competition in the soft drinks 
equipment came 10 a halt in the in the year to Jannuy 1,. 187S. stout and beer markets. 

Clive Discount up to £2.12m. 

Tube Investments is continuing 
its move towards higher added- 
value products -ok an important 
element of its response to eco- 
nomic and competitive condi- 
tions, Mr. B. S. Kellctl. the chair- 
man, says in his annual siate- 

He points out that many of the 
group's products are made from 
steel, which in its simpler forms 
is a highly price-competitive 
commodity and in world markets 
is particularly- sensitive to ex- 
■change rate movements. 

More stable markets and bettor 
opportunities are to be found by 
moving towards more sophistica- 
ted and higher added-vatue 
products where design, per- 
formance. quality and delivery 
matter as much as price. 

An example of successful de- 
velopment in this direction in 
1977 was the range of numerically 
controlled turning and high pro- 
duction gear processing machines 
launched by T1 Churchill. Sub- 
stantia) orders have been taken, 
from among others, Ford, in 
Europe and some large U.S. 

Mr. KeMetl sees the selling of 
more of its products overseas and 
the exploitation of T Vs technical 
and other strengths in world 
markets as prime business 

He says the taking by the 
Raleigh team of the Tour de 
France ream prize will assist Its 
efforts to penetrate European 
markets with other group pro- 

It has also begun construc- 
tion of a $20m plant for the 
manufacture of high pressure gas 

It will equip the group to pene- 
trate the important U.5. marker 

in »■ way experience indicates is 
impossible by direct export from 
the UJC Also, the new plant 
will draw for a considerable time 
on UJK. - factories For part- 
processed products, he says. 

As reported. Tl's profit 
increased from £49.6m. to £33 2m. 
in 1977. A current cost statement 
show? profit cut to £J9J2m. 

Additional depreciation takes 
the cost or sales adjust- 
ment £I7.3m- while inflation 
adjusted associate profits fall 
from £8.1 m- to £3.9m., and the 
share from British Aluminium is 
reduced £7m. to £4. 8m. The 
gearing adjustment oiTscts £6 .3m. 
of this. 

Ar balance date, fixed assets of 
the 1 group were £13l.3m. 

while current assets 
were up from £S7Unt. to f 423.2m . 
Of this figure, stocks account for 
£227 2m. f£l98-im.). with the 

strike at Raleigh last year and 
somewhat disappointing sales in 
the final weeks of i!)77 responsible 
for the build-up Action has been 
taken to bring stocks and work- 
ing capital into better alignment 
with current sales requirements. 

Short-term deposits also 
jumped from £0.8m. to £R.fim.. and 
bank balances and cash leapt 
IS 3m. td £12.9m. 

Current liabilities -at the same 
Time rose only £>.4m. to £1 97.5m.. 
with overdraft? down from 
£34. lm." to £23.4m. 

Deferred tax of 133m. has been 
transferred 10 reserves, taking 
these. to £268.3ni. 

Capital expenditures last year 
rose £5. 5m. to £27 4m. and it is 
expected that the current 
momentum of capiial expenditure 
in the U.K. will be at least main- 
tained. Additionally, the 920m. 
U.S. project 15 going ahead. 

GROUP SALES for 1977 of Harold 
Perry Motors expanded from 
£51.64 m. to £6 7.33m., and pre-tax 
profits Jumped by 73 -per cent, 
from fl.oSra. to a record £2.77m. 

In September, -reporting first 
half profits up from £0.82m. to 
£1.49m.. the directors forecast that 
1977 would produce the best 
results in the group's history. 

Full year earnings are shown 
&l 62.9 p (35-op > per 23 p share 
and the dividend total ts raised 
from 48fip to 5.383P net with a 
final of 2.913p. A one-for-one 
scrip issue is also proposed. 


1977 1978 

87.331 51 .641 

2,774 L378 

Group sales 

Profit before tax 

Tax •• - 210 

Net pram 2364 JJ76 

Tax credit prior years MX 22 

Surplus 00 prop, disposal 2 74 

Making 2.839 LETS 

Interim dividends .......... U1 100 

Proposed Anal isi . MB 

To reserves 2.307 1.460 

Mr. J. F. Macgregor, the chair- 
man, now says that better profit 
margin.? due to shon supply and 
recurrent price increases lifted 
new vehicle profits by 70 per 
cent, on unit sales up by 3.5 per 
cent. - 

However, a 37 per cent, profit 
rise from all other activities which 
yield 57 per cent, of the total 
proved that the planned growth 
of the group’s wider profit base 
was continuing. With a changed 
policy for dealing with deferred 
tax yearly profits are reduced 
by only the amount likely to be 

payable ip the foreseeable future 
and the provision of £2,115,000 
accumulated to end-1976 will be 
treated as retained profits. 

First quarter profits in 1978 

of £1:1 ixl? compared with £608,000 

last year, and reflect substantial 
increase in new car sales volume 
with good results from most other 
activities. The motor industry's 
forecasts Of increased HJ7S 
-demand for 'cars and commercial 
vehicles and the continuing domi- 
nance of the entire Ford product 
range, further strengthened by 
the new Transit Van and Capri, 
make -prospects for ihe rest of 
1978 look good. 

• comment 

The good "rimes continue . to roll 
at Perry with the 76 per cent, 
rise in pre-tax profits surpassing 
outside forecasts. The shares 
jumped 9p to -184p yesterday. As 
a main Ford dealer, unit sales 
growth was restricted to 3.5 per 
cent, due to short supply but the 
results tnt rise of l.l point to 4.2 
per cent in profit margins coupled 
with ‘recurrent price increases 
raised new vehicle profits by some 
70 per cent Commercial vehicle 
business staged a slow recovery 
from the 1076 low and should pick 
up further this year thougn Ford's 
recent change- to the new Transit 
Van range has landed the group 
in a medium range market where 
Ford’s share amounts to some 
40 per cent AH other activities 
accounting for 57 per cent of 

group earnings showed a 37 per 
cent profit rise wliii vehicle leas- 
ing and self drive hire reporting 
strong growth. Having overtaken 
-contract hire, veftiie leasing — 
boosted b ythe 100 per cent, first 
year allowance for leased vehicles 
— #ias emerged as one of the 
fastest growth areas. With first 
quarter profits this year already 
81 per cent, higher and the indus- 
try Forecasting increased demand 
for .both cars and commercial 
■vehicles. 1978 promises to he 
another good year fo rPerry. The 
shres yield 4.5 per cent, and a 
p/e of 2.9 (on a sub-jiormal tax 

Leslie & 
just ahead 

AS INDICATED fast week, when 
the offer from Frank B. Hall was 
announced, pre-tax profits of 
Leslie & Godwin (Holdings) were 
marginally higher at £4.13m. for 
1977, compared with £4.07m. last 
time which was struck after 
abnormal items of £0.S7m. 

Earnings are shown at 0.41 9p 
(0.4 ifip) per 10p share and the 
dividend total is lifted from 
4.t09l9p to 4.47tD65p net with a 
final of S.lS7732p. 

Coral Leisure expands £8.42m. 

Wilson Connolly 44% 
higher at £2.65m. 

l , . '‘AFTER PROVujiNG for rebate mum pernriNed increase in the 
ta * sn dfran-'/er to vontingen- dividend tfie primp has decided to 
IV cies reserve, consolidated profit of issue cumulative preference 


Discount Holdings expanded shares as a bonus for share- 
£2 -32m. to £2.12m. for the holder s at the rate of. one for 
March 31, 1978. every SO ordinary share* held. The 

"•■‘ft, A tran«Fer has been made to coupon phould be fixed next 
-capital reserve of - -£471.000 month. Shareholders funds have 
- ":: 7 f £500.000). The final dividend is risen by £1.4m. and the total 
~’ r t774Sp net per 20p share, effec- assets- of the group if the end 
’ lively raising the total from of March were 70 per cent, higher. 
4v32375p to the maximum per- ip the curren-t year the prospects 
-mined 4.7748p net. for sizeable capital profits arp 

Should dividend restraint change cer tai n but the ebrnbination 

before Sentmnber 1978. the Bfta-d 0 f a larger book and reasonable 
will consider a special interim running yields should rushlon the 
.payment. A capitalisation of one ] oss 0 r profits from gilts. At 75p. 
. . .Pre/erence share for every thirty the shares yield 9.6 per cent 
•. Ordinary stores is proposed. 

.- Shareholders’ funds at the year 
?nd amounted to £753m. (£58m.). 

1 ? ind total assets of the group to 
"‘E400in. i£235m.J. 

“• comment 

Peak £0.64m. 
by Leadenhali 

A rise in second halfprofit'frora 

- -~For the second year running Clive 
' plscount, the youngest London 

- ’iisceunt house, has turned in a £293.000 to £351.000 mean t.-"i hat 

tcalthy increase in profits.- At Leadenhali Sterling ende<f;V]y77 
-•'be start of (he group’s year MLR with a peak £644:000 pre-ti^^com- 
-. uibod af 9J per cent:' and It fell, pared with' £511,000 last Hime: 

_o 5 per cent, before recovering Turnover-adyanced from £552m. CLIFFORDS DAIRIES 
o 6* per cent. Helped by big to £6.tafim. 

•a pita! proGLs on its gilts books. At ijte interim stage, the direc 

In the latter half, the company 
increased its interests in the 
supply of optica] and scientific 
equipment by the acquisition of 
N'ewbold and Bulford and Charles 
Frank. However, their contribu- 
tion to 1977 group profit was not 

Present indications are that the 
group's progress will be main- 
tained in 1978, .-ay the directors, 
with the added benefit of a satis- 
fad ory contribution from the 
recent acquisitions. 

"After tax of £269.000 i£lS9.0001. 
which was reduced by some 
£80.000 by the utilisation of tax 
losses brought forward, net profit 
for the year was £375.000 

Stated earnings increased from 
1 5.Sp to TS.4p per 25p share and 
as forecast, a final dividend of 
2.425*l p net makes the maximum 
permitted 4.0R36p (3fl9I4p) total, 
costing £83.169 (£75,1431. 

The company is a subsidiary of 
the British and Commonwealth 
Shipping: Company. 

AFTER RISING from DLSra. to 
£l.I8m. in the first half, pretax 
profits of -Wilson (Connolly) Hold- 
ings finished 1977 ahead from 
£].S5m. to £2.65m. on turnover of 
£J 7.34m. compared with £l2.21m. 

Earnings are shown al 25.5p 
tt82p) per 25p share basic and 
233p (17. ip) full diluted. If tbe 
relevant deferred tax was not pay- 
able basic earnings would be 
42. Ip. 

The final dividend is 1.248p net 
for a 2.495p (2234p) tntuL 

1977 1B7S 

I £ 

i0.Bis.ooe n.rii.ew 
5-25 tfW 1SS.UM 
1 <.34 j. 000 12.200.900 
Z. 051 490 UUSjn 
1 .3(9.779 925.533 

Sties turnover 
K-mal lumuw . 
Tufal turnover .... 
Profit before tax 


Met proAi 

Pref. Uhriilends . 

tnteKm Onl 

Pinal proposed 






919 747 
13 Ml 

Mr. J. A. Leavey. the chairman, 
says that despite another gener- 
ally depressing year for the build- 
ing industry pre-tax profits rose 
by 44 per cent. There was a fur- 
ther reduction in net indebted- 
ness and the group started the 
current year with ample scope and 
resources for further expansion. 

Housing again made the major 
contribution in 1977. Some 35 
sites were in the course of 
development and a new venture 
in Felixstowe became profit 

Land was acquired to sustain 
existing areas and project activi- 
ties into new locations. The land 
bank stood at about 5.000 plots 
at the. year end worth about £Im. 
more than book value. Housing 
profits were 25 i>er cent, higher. 

Property operations also had a 
good year with trading and capital 
profits up by 200 per cent. 

The con true ts division which 
began the year with some appre- 
hension, won a number of valuable 
outside contracts for factories and 
warehouses in a very thin market 
By the year-end there were con- 
tracts in the pipeline totalling 
£2m. and these have since risen 
to £4ml 

On the current year. Mr. Leavey 
says that in spite of mortgage 
restraints there seems to be a 
feeling ttoi things are looking up. 
To forecast is. however, hazardous 
and the group's commitment is 
simply to try to grow in real 
terms. . 

IN LINE with the forecast last 
January at the time of the offer 
for Pontrn’s, pre-tax profits of 
Coral Leisure Group for the 52 
weeks to December 29, 1977, rose 
from £lOA2m. to a record 
£ 18.54m., on turnover ahead from 
£161. 16m. to £2l6.79nt., after a 
mid-term rise from £4.0 lm. to 

The directors state that trading 
results to date, including those of 
Centre Hotels and Pontin’s are 
satisfactory and prospects for the 
full year are encouraging. How- 
ever, due to the seasonal nature 
jf trading -in Pontin’s and to s 
lesser extent in Centre, they say 
it is probable that the first half 
wlJJ, in future, show significantly 
lower profitability than the second 
half as compared with the 
experience of previous accounting 

While, to reflect genera] 
economic circumstances, some 
caution is appropriate, the group 
is now better placed than ever 
before to take advantage of 
trading opportunities arising 
across a much broader spectrum 
of the leisure market. 

On increased capital from a 
rights and scrip issue earnings 
per lOp share are shown to be up 
from 11.56p to I7.04p and the 
dividend is effectively raised from 
4p to tip net with a final of 

Factors contributing to the 
increased profit included a higher 
contribution from the casino 
division and profits arising follow- 
fng the acquisition of Centrp 

Hotels (Cranston) in the second 
quarter of 1977. Other improve- 
ments arose in the bingo and 
greyhound racing divisions, both 
of which had the benefit of a 
first full year’s trading from 
acquisitions made in the summer 
of 1976. 

Profits from the bookmaking 
division, while higher than the 
previous year, were less than had 
been hoped for due to the 
increase in turnover during most 
of the year not covering the 
Increase in costs, th* directors 

An analysis of turnover and 
trading profit shows; bingo 
£4-80m. (£3 .05 m.) and £121m, 

|£0.72m.); bookmaking £160.85m. 
(£141.2Sm.) and £3 .92m. <£3.54m.); 
casino. £2G.03m. (£15.13m.) and 
£11. 52m. { £5.94 m.); greyhound 

£1 .94m. (£0riSm.) and £026m. 

(£72,000); other activities £1.42m. 
(£l.llm.) and £0.6f»m. (£0^5m.). 
Hotel turnover £21.85m. (UJv. 
£20. lm. and Europe £ 1.55m.) and 
trading profit of £3.55m. are 
included for nine months only. 
Group overheads took 10.05m. 
(£0.59m.) and interest £l.b*6ra. 

The directors say that develop- 
ments during 1977 Included the 
transfer and upgrading of a 
number of licensed betting offices; 
the acquisition of two provincial 
casinos and the further develop- 
ment of the squash and bingo 

The recommended offer for the 
whole ot the issued share capital 

of Pontin’s made on February 6< 
1978, became unconditional on 
March . 15 and acceptances 
totalling in excess of 96 per cent, 
have been received to date. The 
offer comprised an issue of Coral 
shares and cash. The cash 
element amounting to some 
£17.4m. was provided by the com- 
pany's bankers by way of 
medium-term loans, the directors 

Arrangements are in band for 
Lhe restructuring of the group's 
present borrowings with the 
intention of bringing current and 
medium to longer term funding 
requirements in line with lhe 
group's corporate plan. 

In the current year the book- 

making division 

has acquired a 

further 30 licenced betting offices 

while the hotel division has 

authorised a 50 


ext on- 

sion to the Portsmouth 








.. 216.TXg 


Trading profli 

20 1B5 


Interest parable 



Pre-tax profit 






Nei profit 



Minor Hies 









Brought forward 






t Adjusted on ED 19 accoizoiinc bans. 
The group's balance-sheet as at 
December 29, 1977, shows total 
assets at £S1.42m. (£34J?7m.) and 
net assets at £43 .23m. (£20.63m.j. 
Shareholders* funds were up from 
£I7.1fim. to £3081 m. 

vbich amounted to more than tors ,said they expected second 
!70m. at one stage. Clive’s dis- half show an.lmprovo- 
•loted profits are 60 per cent., merit over the figure of £293,000 
(head and apart from the maxi-" (£218.000) then- announced. 

Clifford’s Dairies proposes to 
repay its outstanding 7J per cent 
Debenture Stock 1986 ^91 at .£90 
per cent together with interest 
accrued to the date of repayment. 

International Construction Group 

Results for theYear 1977 

Subject io Audit. 


. .Group . • 

. ; Share of Associates .. , 

Profit before Associates ... , 

Share of Profits (less losses) of Associates... ... 

Group Profit before Taxation. ... 

Taxation - Current . - .. 1^28 

-Deferred. L 730 

Group Profit after Taxation .... 

Dividends ■•»«•» . .-••»» - ...' ... ... ••• ■.** 

Retained.Profit ... * * 

Earnings per share calculated on the weighted average 
' sharia iri issue in 1977 (1976 restated for 1 977 scrip issue) 



— .•*)*-* -■ 

- 2 JW 5 
* 45»552 

1 1,080 

- 4 > 44 S 

3 j 7 2 9 


6* r ?5 




3» o6 7 







TJ. 27 P 

"Turnover (including eight months ofMcTay) reached £145 million of which 
overseas amounted to £40 million: 

■ Record Group profit (including share of Associates) £ 6 , 125 , 000 , up by 44 per cent. 

■ Current taxation represented an effective rate of 22 per cent. 

|f Earnings -per share up- by 34. 8 per cent. 

■ A final dividend of 5 . op. per share net is proposed, making a total offi. 5 p net for 
V?: the year (equivalent to 9.85 p gross)? This represents an increase of 99 percent on 

shares held before. the scrip issue of i for 2 in June 1977 or 3^.4 per cent after the 
* .^^isedpissu e andtlie placing ofa material number oi new shares: This increase lias 
x \ ’-Sr Txea^ury consent; . 

-fi \ | The dividend' is covered 3 . 1 1 times'^.- • 

fj -?S;Outlook - Tanked Kingdom margins h’kelr to be affected by past and present 

Government cutbacks and by bad weatlier in 197 S . Overseas current margins ’are 
satisfactbry, butcompetition fifom Far Eastern contactors is growing. 

Tie Annual Report will be posted to Shareholders on 23rd May, 197# 

Tbe Annual General Meeting mff be held on 14 fb June 1 07# ot the Registered Office t 
■ Westgite House j Ea/ing Road, Brentford, Middlesex T]l"t OJ/Z. 

Jphq Mowlcm and Company Limited 



Statement by the Chairman, Mr. Ronald Taylor 

- Twelve months ago my predecessor, J ulian Fabei; reported an 

especially favourable year, a substantial cause being the decline in 
sterling. 1977 saw a sustained recovery in our currency and this has 
reduced the flow of abnormal profits. Nevertheless, pre-tax profits 
show a solid increase of almost 20% over those for 1976— £19-56 
millions compared with £16.32 millions. 

The last three years have been a period of great change for the 
Company. In 1975 we opened our Ipswich Country Head Ohce 
and closed our Southend offices in consequence. In 1976 we 
became a quoted Company. In 1977 we moved from Leadenhali 
Street to Trinity Square. Much management time has been spent 
■ and substantial expenses incurred. 

Better Service 

Already we feel the benefit of better service and increased 
productivity at Ipswich and we are starting to gain the advantages 
of the move to Trinity Square. In the short term, the very large 
expenditures due to these changes are a significant drag on profits; 
in the longer term, ownership of two such freeholds will be greatly 
to our advantage. 

During these changes we have deliberately delayed fiirther 
necessary improvements in our system s which are now being 
undertaken at heavy cost, to be spread over 
1978 arid 1979. Such expenditure is needed 
to give the best and speediest service to 
our Clients and the Market. We expect 
this to be thelast of a se ries of planned 
steps to take us into the 19S0s in the most 
competitive and efficient stance. 

Our emphasis, past, present and future 
Is on quality. First class service is expensive. 

Oiirself-hnposed standards as to the quality 
of Markets we use for placing business have, 
at times, cost us apparently profitable 
opportunities. The Market has not been 




Profit before tax 

• £19.6m 


Profit attributable 

to shareholders 



Earnings per share 



Dividends per 


Ordinary Share 

9. Op 

( rmpl.Yj afttr jlm) 

Net tangible assets 


£34 Am 



severely tested since the mid- 6 Cs.The consequences of a major 
disaster, such as an earthquake or hurricane in a heavily-developed 
area, could affect international markets particularly at a time 
of economic recession. Reliance on the best security has never 
been more important. 

Morgan Grenfell 

Our Associated Companies have produced 22 percent. of_ 
our profits at £433 millions. The performance of Morgan Grenfell 
was most gratifying and our Associated Companies in South Africa, 
Australia and Canada increased their contribution. However we do 
not expect increases from these sources in the current year. 

During 1977 Associated Companies in France, Iran and Dubai 
were established. We opened a subsidiary in Hong Kong and a 
Representative Ofiicejn Saudi Arabia. 

The Future 

. Julian Faber became Chairman in 1972 and under his 
leadership the pace has been fast In 1978 we are at the stage of 
consolidating our gains. Already we are planning our next 
advance. We have the most loyal and devoted staff, not least in 
Ipswich where frequent change, due to systems improvements, could 
be unsettling but instead seems to be viewed as a fresh challenge. 

The outlook for the current year is less ■ 
promising -than for several years past. World 
trade is sluggish and this has a particular 
impact on Marine insurance upon which we 
have a significant dependence. Interest rates 
generally are lower and we liave the 
substantial, extra expenses on premises and 
Sysrems Development to which I have 
already referred. For these reasons we do not 
anticipate the growth in profits of the last 
few years but we are building on sure 
foundations without the distractions 
recently attendant upon our efforts. 


Willis Faber Limited 

Ten Trinity Square, London EC3P 3 AX 

Copies of the Report and Accounts for 1077 are mailable from thcSecreiaiy. 

Financial Times Friday April 

Shell Transport chief on Esso to spend Po 
alternative energy more in N. Sea for 

start to 


il 21 WWjW* 

teas, L& 

v LN HIS FOREWORD 10 the 1977 
^r; annual report, Mr. C. C. Pocock, 
the chairman of Shell Transport 
-and Trading Company says that 
.. the length of the gap between 
■ spending and earning in energy 
■/development emphasises the need 
for governments to establish 
• satisfactory conditions for long- 
term investment and to adhere 
' to them. 

. The ability of Shell companies 
: . to provide not simply a financial 
•?. interest, but the integrated 
management of complex inter- 
IT- -national undertakings, is a major 
asset in a world where govern- 
ments* involvement in the energy 
business is leading them to seek 
expert partners.- 

-He tells members that there is 
no question of oil running out in 
the foreseeable future but the 
point at issue Is how it should be 

OH, he says, has special pro- 
*• per ties and advantages which 
t->.make it suitable for transports* 
;''tion purposes and chemical feed- 
c* stocks. 

For “ base load " uses, such as 
-electricity, generation, “we have 
-"•to look to different sources or 
■? '"energy, primarily coal and 
> nuclear. If we can achieve this, 
there is no reason why there 
should not be sufficient oil for 
, ^.-appropriate purposes well into 
the nest century.” 

- - The chairman points out that 
this means that alternative 
sources or energy must be 
developed now if they are to be 
.. ready when they are required and 
so release oil for its prime uses. 
.‘.“Governments must set policy 
.! objectives and create the condi- 
tions under which industry can 
‘Iplay its part in meeting them." 

„ ... Shell has a growing interest in 
-/<-the other forms or energy, says 
./Mr. Pocock. In particular, it aims 
V" to play a significant part in 
developing an international coal 
trade, having acquired substantial 
holdings in coal production ven- 
tures and with its trading 
volumes rising. 

As reported on March 10 pre- 

tax profits of' the Royal Dutch/ 
Shell Group finished 1977 ahead 
from £l.23bn. to £1.34bn. despite 
a downturn from £5Q0m. to 

CSSm. in the final quarter. Shell 
Transport's share of the profits is 
£oOJm. (£453 m.). 

A geographical analysis of net 
income— £l;34m. against £lJ23m.— 
shows:— Europe £137m. (£368mj; 
Far East and Australasia £417m. 
(1371m.); other Eastctm hemi- 
sphere .. and Africa 1138m. 
(£SOnO: li.S. £420m. (£2S0ra.); 
other Western hemisphere £i74m. 
(£2l4m.): unallocated loss 023m. 
(£I$7m. loss); and eliminations 
£1370. proBt (13dm. loss). 

Mr. Pocock says the perform- 
ance of Royal -Dulch/Shell Group 
companies stood up well taking 
19/i as a whole but as the year 
went by the results increasingly 
rellecicd the general weakness of 
demand arising from the dis- 
appointing .state of most of the 
world's economies. 

The year began with higher 
crude oil costs imposed by oil- 
exporting countries but increased 
competition, and government 
price controls in some countries 
prevented full recovery from the 
market. Shell companies also felt 
the effect of the OPEC two- tier 
system that prevailed during the 
first half of the year, under which 
they were less favourably placed 
than some of their major 

The effect on margins was par- 
ticularly serious in Europe and 
the situation was aggravated by 
slugs ish demand, the continuing 
oil supply surplus and excess re- 
fining and tanekr capacity. 

One of the highlights was the 
continued development of North 
Sea oil and gas reserves. Expendi- 
ture continued at a high rate and 
although in 1977 the volumes of 
oil brought ashore from Shell- 
managed operations were com- 
paratively ysymaJL 1978 should 
«ee a considerable increase in the 

Royal Dutch Shell detects signs 
of an improvement in its margins 
on oil and chemicals business in 

the first quarter of 197S, Mr. Dirk 
De Bruyne,- president of the 
managing board of Royal Dutch 
Petroleum Co. told . a Press' 
briefing. Sales prices show signs 
of improving from the low point 
reached in the final quarter of 

The company nevertheless ex- 
pects, overcapacity of oU tunphes. 
and -refining and transport 
capacity to continue until the 
mid-l9$tk. It does not expect to 
use more than 65 per cent, of the 
canaeity of its Rotterdam refinttry, 
which Is the. largest in the group, 
this year. 

Mr. Karel Swart managing 
board member with responsi- 
bility for research, said industries 
rather than countries have a 

“ locomotive " function in the 

world economy. The oil Industry 
has been an important stimulus 
t.o other industries but ** the 
locomotive is lesing steam," he 

This is reflected in the techno 
in applications for paten is in 
many areas of research, particu- 
larly from -Japan. The lo'igher 
health and environmental de- 
mands- now made mean a com- 
-mny often has only a few years 
to recoup its investment under 
the protection of a patent. 

Meeting of Shell Transport, 
Shell Centre SE on May IS at 
11.30 a.m. 

Income drop 
for Viking 

.After interest and expenses of 
£”84.059 against £195.137, pre-tax 
income of Viking Resources Trust 
foil from £253.879 to £227.206 for 
the year to March 31, 1978. 

Tax takes £74.420 (£139.984) to 
leave stated earnings ahead from 
1.14p lo 1.53p per 2op share. The 

dividend is stepped up to l.lp 
(0.9p) net. 

Net asset value is shown at 
116.61p il03.22p) per share. 

DR. AUSTLV Pearce. the chairman 
of Esso Petroleum Company, says 
in his annual statement that the 

company is already’ committed to 
major investments totalling 
almost Xlbn- in completing the 
programmes in the North Sea and 
that plans for the continuation of 
existing development . activity 
indicate that the Esso commit- 
ment to the North Sea will be in 
the order of £2bn. by the mid- 
1980s. New projects associated 
with easting discoveries which 
currently have no approved 
development -plans could bring 
this total to over £3bn. 

He says the company, as an 
Integral part of the U.K. energy 
industry, faces a future in which 
the pressures of national and 
international politics will weigh 
still more on 'the oil Industry, as 
the only major energy source not 
under direct Government owner- 

The outlook for ttie market 
remains difficult, he says, with 
continuing competitive pressure- 
caused by surplus capacity in- all 
sectors. Substantial investment' 
downstream investments are in 
train to adapt the production and 
distribution system: investments, 
he adds, which are the result nf 
company decisions based on cus- 
tomers needs and on improved 
efficiency. ■ - 

Dr. Pearce states that for Esso. 
“ our continued commitment to 
Britain on a massive scale, gives 
us a good chance of success." pro- 
vided. he adds, that the company' 
remains responsive to customer 
needs, and that Government 
controls do not. “stifle the initia- 
tive and drive we require.” 

As Is known pre-tax profits for 
1977 rose from £68jm. to £83.74 m. 
and after an extraordinary credit 
of £53.8Sjn. for the year com- 
pared with a debit of £45.97m. 
profit came out at £94.43ra. against 
a loss of 02.73m. On a CCA basis 
net profit is shown as £l5-5m. 
against an historic £40_55ra . 

Commenting on the year’s re- 
sults Dr. Pearce says that surplus 

capacity in al phases of the com- 
pany’s business and the avail- 
ability of gas priced on a different 
basis - to other fuels, helped to 
create the difficult market situa- 
tion. . 

Group capital expenditure in 
1977 amounted to. £383 -5m, includ- 
ing North Sea investments. Total 
assets at the year end were £1 j3bn. 
(£L3lbn.)' and in addition t he 
group had capital - commitments 
and capita] expenditures addition- 
ally authorised to the amount of 
E934m. The financing require- 
ments for this ongoing and 
substantial capital expenditure 
programme exceeds funds, the 
chairman says, and has been 
largely covered' by 'loans raised 
outside the 'UJC 

Though - the great bulk of 
capital- expenditure continued to 
be made in North Sea develop- 
ment- JSS.Im. was spent in down- 
stream transportation, refining 
and distribution investment in 
1977. . 

Esso is a wholly-owned sub- 
sidiary of Exxon Corporation of 
the U.S. 

Increase at 
London & 

Gross income for the year to 
March 31, 1978 at - London and 
Holyrood Trust increased from 
0.33m. to 0.44m. 

With management expenses 
absorbing £67.848 (£81,331). 

interest £49 458 f £30,239), and tax 
£505.650 f £479 340), revenue avail- 
able to Ordinary shareholders is 
ahead from £700,833 to £731.655. 

Earnings are shown at 3.59p 
(3.22 p) per 2 op share and the 
dividend total Is lifted from 3_2p 
to 3.Gp net with a final of *2_5p. 

The net asset value stood at 
I4Sp (J35p) per share at the 

THE .YEAR has not started well .Even so the company no 
and. 1978 will.’ not be. an easy one longer relies wholly on- its tradi- 
for Ocean Transport and Trading, tlonal maritime interests .as a. 
Sir Lindsay Alexander, the. chair- source of profit* Sir Lindsay adds.' 
man. says in .his annual review. Straits Steamships, -for example. 
Gross congestion in Apapa, the is now quite widely, diversified; in 
major trading port in Its West South East Asia ana the holding 
African- trades, has virtually should grow in value '.bpfh-as a 
brought that port to a standstill ‘profit earner. and as -a currency! 
for several weeks, he adds. . aifcf- inflation hedge: ; •' 

The prosperity of shipping de- In Ocean Inch cape , ; the group 
pends primarily- on the growth and also -has an interpnse of- growing 
prosperity of world trade. How-, Importance in the .growth- area 
ever, hopes of return to relatively of world-wide offshore oil cxplora- 
high .growth rates continue to be lion and -production'. in 
deferred and the directors expect Ocean Cory it has a' number : of 
any improvement in world trade-promising- activities- largely up* 
during the current year to be connected with the upsaud-ddwns 
modest; he says. of the shipping cycle, he joints, 

In the company's general ship- out. -V . 

ping environment, excess tonnage As reported' on April 4 group 
on a massive scale in tankers has pre-tax -profit for 1977 'fell from 
spilled over into the bulk trades, a record £Um. to.JMBm. on turn* 
both of which are now very tm- over of £iS 9m. (£382. "raD. The 
profitable and likely to remain so net dividend total is lifted from, 
for some years to come. ; 733lp fo &2471p per 25p share. 

. This has also wrecked the mar- At year end bank loans and 
ket for second hand ships whose overdrafts were higher at £8.41m. 
value has fallen to " bargain base- (£4A9m.) and short /terra loans at 
men* ” levels. : £273Sm. (£lB39vrt.) and short terra 

The greatest danger to ‘ the deposits - stood at £3237m. 
future profitability of world ship,'-(£47.86ra.) and bank balances and 
ping industry is the huge excess •‘•‘Cash £&S2m. (06.19m.').- 
of world shipbuilding capacity, ' Capital commitments amounted 
now capable of huilding' mgre' to -£9L36m. i £2 4. 13m.) of. which 
than twice the number of shins £329.000 (£137,0001 "had been 

the world can absorb in the next authorised but not contracted, 
two or three years, he says. v. The directors underestimated 
The group is still largely a ae .continued stagnation In world 
broadly based deep-sca_sWpp5ng ,*** °n some of 

company strong in liner tntdei groups maritime businesses 
thrJSh^ .hr 3977. Added to thfe profits 
seas containers (OCL) and with * -J™ 

relatively modest commitment .«* Ifi“ e JJL 0 *® ^' S ' d0 tar ' 016 cbaJr " 
bulk trades. Sir Undsay points. 01311 says ‘ 
out .. 

(13&2p) per 25p snare; 

'Earmhgs per share are s!- -'„ 
higher at 354p (3.18p) .and i ... - 
final 'dividend of 2Jp lifts • 
foiaf to 3.3p (3p). " , 

slips in 

second hal 




PRE-TAX PROFIT of Wadkli*" ; 
woodworking -macbineiy o 
machine tools concern, v 
slightly ahead at 0.70m- fo 
1977 year compared with 0 . 
on sales up from £l5^3n .;. 

£1 9.99 m. 

- At half time profit tt'as / .. 
fp Rim against £0:71m. apt 
directors- said it was antid 
that output for. the second '., 
would be maintained at no.'.’, 
than the current levels and- li- 
the improved efficiency' t 
assist overall profit margins 
years profit was- struck... 
deducting associated pomp-- 
loss of .04.000 cotnnared 
a £9.000 profit ro 1976. 

Earnings per 50p share.--' 
shown as 38.56p (36.14p) b " 
tax and 35.6p (3L47p) aftei . r 
The dividend is lifted to '. 
(5.3p) net with a final of 3 

The directors state that 
accounting policy has * 
changed on the ED 19 bash' 
that- comparative figures for . 
have :bee'n restated. 

The fail in participation In OCL; 
was due to the introtfuctiph of 
new trades so that Ocean haenot 
divested but has merely accepted, 
as had been long planned^. a 
smaller share of a correspondingly', 
larger pool of trades. '. 

Mortgage slips 

Mars^nally lower - taxable 
revenue of 24J311.562 against 

“We can be assured that .our £4^54,645, is reported, by Scottish 
liner interests are a sound, lohg- ^Mortgage ahd Trust Co. for the 
terra investment which we cap year to March SI, .1973! 
expect to yield satisfactory profits Gross investment income was 
in future years as it bas in the £a.34m. (£5.3 9m.) and net asset 
past," he states. value at year end stood at IdO.Sp 






9,(57 . 


- 1.5& ' 

To reserve* 

* Profit. ♦ Relating to 


prior yj 





The information in the columns below is supplied by the companies named, which are members of The Associatio n of Investment Trust Companies- The figures, which are in pence except where otherwise stated, are^ unaudited. 

Total Assets 
lew current 
. liabilities 
♦ f 1 1 

• £tn illion 



Date of 

Annual - 

Shares or Stock 






Net Asset Value 
after deducting prior 
’ charges ’ 

al nominal j at market 
value \ value 

♦ (6) ♦<?) • 

(see note g) 

less current 

£m illion 

;;;; oro. & -b- om. 25 P i 

[Ordinary 25p 
■ Ordinary 25p 
|Conv. Debs. 1983 
j Ordinary 2op 


Alliance Trust j granary 2op 

Anglo-American Securities Corpn Ordinary Zap . 

(British Investment Trust SE^ in i ,r ? „ 

Capital & National Trust Old. & “ B Ord. 2o( 

Ciaverhcuse Investment Trust Ordinary oPp 

Crossfriars Trust -- Ordinary Zap 

Dundee & London Investment Trust Ordinary Zap 

Edinburgh Investment Trust £1 Deferred 

First Scottish American Trust Ordinary 2 ao 

Grange Trust Ord. Stock Zop . 

Great Northern Investment Trust ... Ordinary -^p 

Guardian Investment Trust 9™Jl nary 

Investment Trust Corporation ...: Ordinary -fP 

Investors Capital Trust Ordinary -ap 

Jardlne Japan ‘Investment Trna$ ...... Ordinary 2op 

London & Holyrood Trust / — $?!! 

London &. Montrose Investmenp Tst. 9/4? -op . 
London & Provincial Trust ®^! nar y "P 

Mercantile Investment Trust S2?%i? P in« 

North Atlantic Securities Corpn. i2 r S! nary 

Northern American Trust ISTi^SS.* 

Save & Prosper Linked Invest Trust i , cl^£ a 5Si 

Scottish Investment Trust ...: 

Scottish Northern Investment. Trust Ordinar> 4ap 

Scottish United Investors ££ 

Second Alliance Trust £5 ^ 

Shires Investment Co nrrfiUfS 

Sterling Trust nrri^I^ 93n 

Technology Investment.Truit - rwHinS™ 

United British Securities JJJJJ . 

United States & General «. .. . 

United States Debenture Corporation Jjrtt. i s>iock 4op 

Bafllie Gifford & Co. rtnUnarv 

Scottish Mortgage & Trust Ordinary IsS 

Monks Investment Trust 

Wlnterbottoni Trust Ordmary 2op 

Baring Bros, t Co. Ltd. . 9 - 

Out’.vich Investment Trust gfjjjjjj 

Tribune Investment Trust Ordinary ^Op 

East of Scotland Invest. Managers ^. i. 

Aberdeen Trust Ura - ft>,0CK * op 

Ed i n rJo U H2n F Tr,J;, Manager8 LW * ' & “ B " Ord. 25| 

Crescent Japan Investment Trust .. Ordinary -5p 

Electra House Group Oriinarv ^an 

Electro Investment Trust "*ry -op 

Globe Investment Trust 2™ 1 

nn nn Conv. Loan 

Do! bo! !!!!!!!!!!"!!!'!“!!!!!!!!!!! conv. uwn_io83/Ba 

Temple Bar Investment Trust .Ordinary 2ap 

n 0- On Conv. Loan IRSo/SO 

Do! Do! !!!!!!! Conv.' Loan I9S7/91 

F. ft C. Group - 

Alliance Investment Ordinary 23p 

Cardinal Investment Trust Deferred 23p 

Do. Do [Conv. Loan 19S5/87 

F. ft C. Eu rot rust - : Ordinary 2op 

Foreicn ft Colonial In\-esL Trust... Ordinaiar 25p 
General Investors ft Trustees (Ordinary 2op 

Pence except where £ stated (see note d) 

' - 

Net Asset Value 

after deducting prior 


• charges 

Date, of 


at nominal. 

- at market 


Shares or Stock 


Dividend : 

: value 



(3) . 


. ( 3) 

♦ 16) 


Invest ■. 

Premf ■ 
(8),. ■ 

31 /S/78 
31/3 '78 
31/3 /7S 
31 -‘3 '78 
31- 'S/78 
31 .-3/78 






. 3 52 










t • 


J 1 3-0 






. 114.4 



163.2 - 


10JS . 


190j • 

r : 

' 5I.0 


:■ J2fl 4 
’ ISfiS 

ar*\2 0 


227 6 
13t n 



Henderson Administration Ltd. 

Witan Investment 

Electric ft General Investment 

Greenrriar Investment - 

Lowland Investment 

English National Investment 

Do. Do 

, Philip Hill (Management) Ltd. 

• City ft International Trust 

General ft Commercial Inv. Trust... 
General Cons. Investment Trust ./. 

Philip Hill Investment Trust...., 

Moorgate Investment Co 

Nineteen Twenty-Eight Inv. Trust. 



jOrd. ft “B", Ord. 25p 
Ordinary 25p- 
Ordinary 25p - 

Ordinary 25p 
Prefd. Ord. 25p 
Defd. Ord.. 25p -. 

31- 3/78 

4BJ- ‘ ' 

: f9.5 


• 5.4 




■ 2.7 

103 7 





















. 18.1 







[Industrial ft CommL Finance T Cpn: 
I London Atlantic i 

Ordinary 25p 
Ordinary 25p 
Ordinary. 25p 
Ordinary 25p 
Ordinary 25p: 
Ordinary 25p 










I London Atlantic i 

I North British Canadian .: 

Ivory ft Sime Ltd. 

Atlantic Assets Trust 

British Assets Trust '» 

Edinburgh American Assets Trust 

Viking Resources Trust 

Keyser Ullmann Ltd. 

■ Throgmorton Secured Growth T5L 

Throgmorton Trust 

KJoimvort Benson Ltd. 

British American ft General Trust 

Brunner Investment Trust 1 

Charter Trust ft Agency 

English ft New York Trust 1 

Family Investment Trust 

■Jas Holdings I 

London Prudential Invest Trust ...j 

Merchants Trust 

Lazard Bros, ft Co. Ltd. 

Raeburn Investment Trust 1 

Romney Trust : 

Ordinary 25p 
Ordinary 25p 



• 8.«: 

10.3 T 


IS!- •: ..... 

- • 

Ordinary 25p 
Ordinary 25 p 
Ordlrpry 25p 
Ordinary 25p 






at...- , 

-. h. 

apitai Loan Stock 
nary 25p 



Ordinary 23p 
Ordinary 25p 
Ordinary 25 p 
Ordinary 23p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

. 31/3/7S 
. 31/3/78 
. .81/3/78 
. 3173/78 



31 3/73 

lord, ft “B" Ord. 25p| 
I Ordinary 25p 1 



Ordinary 25p 

28 '2 -78 
28/2 '78 
3i /S/78 

£110 SO 


' 000.00 

JIM if) 
£135 30 
237 0 
£133 >0 

3 1/3 '78 
31 -'3/78 







£i2-.» nn 

67 .1 
219 3 


Martin Currie ft Co., C.A. 


Canadian ft Foreign Invest. Trust... 


St. Andrew Trust 



Scottish Eastern Investment Trusl 



Scottish Ontario Investment Co. ... 


Securities Tru>t of Scotland 



Western Canada Investment Co. ... 
Murray Johnstone Ltd. 



Caledonian Trust 



Clydesdale Investment Trust 


Glendevon Investment Trust 



Glenmurray Investment Trust 



Scottish ft Continental Imesiinenl 

£5 SO 


Scottish Western Investment 



Second Great Northern Invest. ... 


Schroder Wagg Group 


20 6 

Ashdown Investment Trust 


Do. Do 


Australian ft Internationa) Trust ... 

13.8 • 


Broadstone Investment Trust 


Do. Do 



Continental ft Industrial Trust 



Trans-Gceanic Trust 



Do. Do 

Ordinary 25p 
Ordinary 25p 



, 3.1 




2.0 ^ .. 

n&ll nai ms 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 







Ord. ft “ B " Ord. 23p 
Ord. ft “ B " Ord. 25p 
Ord. & “ B ” Ord. 25p 
Ord. & ~ B " Ord. Sop 
Ordinary 25p 
[Ord. ft “ B Ord. 25p 
Ord. ft “B” Ord. 25p 








James Finlay Investment Mgmt. Lid.! 

Provincial Cities Trust 

Gartmorc Investment Ltd. 


Do. Do 

Anglo-Scottish Investment Trust ... 

English ft Scottish Investors 

Group Investors 

London ft Gartxuore Invest. Trust 
London ft Lennox Invest. Trust ... 
London ft Lomond Invest. Trust ... 

London ft Strathclyde Trust 

Mcldrum investment Trust 

New York ft Gartmorc Investment 
Gartmorc Investment (Scotland) Ltd. 

Scottish National Trust ; 

. Glasgow Stockholders Trust 

Ordinary 25p 

31. 3 '78 

Income 50p 
lanital 50p 
Ordinary 25p 
Ord. ft " B " Ord. 25p 
Ordinary 25p 
Ordinary 50p 
Ord. ft “ 8 " Ord. 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 23p 
Ordinary 2fip 

31 / 3 78 
St/3 78 
31/3 78 
31/3 78 
31/3 78 
31, 3,78 
31/3 78 

West pool Investment Trust 

Do. Do 

Stewart Fund Managers Ltd. 

Scottish American Investment Co. 
Scottish European Investment Co. 
To nr he Remnant ft Co. 

Atlas Electric ft General Trust 

Bankers’ Investment Trust 

Cedar Investment Trust 

City of London Brewery 

Ordinary 25p 
Conv. Loan 19SS/93 
Ordinary 50p 
Ordinary 20p 
Conv. Loan 1988/93 
Ordinary 25p 
Ordinary 25p 
Conv. Loan 10S8'83 
Ordinary 25p 
Conv. Loan 1989/94 



31/3/78 ■ 






31/3/78 j 



£127 50 










Ordinary 50p 
Ordinary 2op 

31, '3/78 .. 

Ordinary- 2dp 
Ordinary 25p 

31 3 78 

31/3 78 

John Govett ft Co. Ltd. j 

Border ft Southern StocKhldrs. Tst. : Ordinary 5flp 
Debenture Corporation ....... Ordinary 25p . 

. Genera? .Stockholders Invest Trust ; Ordinary 12tp 

; Govett European Trust Ordinary 2op 

Lake View Investment Trust Ordinary 25p 

Do. Do Conv. Loan 1973 25 

Stockholders Investment- Trust ... Ordinary 2 op 
G.T-. Management Ltd. • - 

Berry Trust Ordinary 25p 

Do. Do Conv. Losm 1993 

G.T. Japan Investment Trust Ordinary 25p 

Do. Do Conv. Loan 19$7 

Northern Securities Trust Ordinary 23p 

Horabros Group 

Bishopscate Trust Ordinary 25p 

City of Oxford Investment Trust... Ordinary 25p 

Hambros Investment Trust Ordinary 25p 

■Rosed im on d Investment Trust Capital 25p 

31 *3 78 
31- , 3 , 78 
31 .‘3 78 
31 3 78 
31/3 73 
31.3 7S 

Ordinary 23p 
Conv. Loan 1993 
Ordinary 25p 

.7?/-» 7S 
31. 5 78 
31-3 7S 
31/3. 78 

31/3 '78 



80 6 

: 7.6 


Continental Union Trust 




T • 

13.2 > 

C.L.R.P. Investment Trust ...-.; 



96 R 



Industrial & General Trust 




. 5.5 


International Investment Trust ... 



56 4 



Snhere Investment Trust 







Trustees Corporation 

Trust Union 



ISIi.4 ' 

‘ 23.7 



4.1 • 

Williams ft Glyn’s Bank Ltd. 



132 7 

■ 16:6 

Sl7ewell European Invest. Trust ... 

Atlanta Baltimore ft Chicago 

West Coast ft Texas Regional 










General Scottish Trust 






Do. Do 




- 8.0 

Hrimc Holdings ....: 





5.8 • 

Kmgsidc Investment Co 

£4 00 


£if« in 

£1 7 2ft 


Lancashire ft London Inv. Trust 



12$ 3 ' 




River Plate ft General lav. Trust ... 
Safeguard Industrial Investments ... 


S.-{ 6 



Scottish Cities Investment Trust 




. £6.30 


Wemyss Investment Co :... 






Venman Investment Trust 




. £Jfi.R0 

Do, Do 





East of Scotland Inv. Managers Ltd 


Dominion ft General Trust 




•Pentiand rnvestmoni Trust ......... 





Rivcrmoor Management Services Ltd 





13.8 > 

Moorside Trust 


1 10.8 



River ft Mercantile Trust 

Ordinary 2.7 p 
Ordinary 25p 
Ordinary 25p 
Deferred 25p 
Ordinary 25p 
Ordinary 2.1p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

SI ftfiS 
41/3/ 78 


Ordinary lOp 
Ordinary lOp 
Ordinary lOp 




Ordinary 25p 
Conv. Loan 1995/2000 
"A" ft “B" Ord. 25p 
Ordinary 2np 
Ordinary 25 p 
Deferred 25p 
Ordinary 25n 
Ord. ft “A" Ord. 25p 
Ordinary £1 
Ordinary 25p 
Conv. Loan 1993 













Ordinary 25p 
Ordinary 23p 



Ordinary 25p 
Ordinary 25p 




- 243.5 , 


5.5 ' 


. 362.8 ! 


- 43.0 ; 


' 219.7 







6.75 . 

- 222,4 

-. 231.9 


4.05 .. . 

' 13SL9 

7 43 - 2 . .!! 


. 4.73 


1 U8B , 

8J25 • 

^2135 ' 

4.1 x 

^AMENDMENT to table published lYtb February 1878: 

Valuation Monthly Aberdeen Trust Cols. 6 ft 7 should read 163-6 and E73J respectively. 

^ - - • — - - • ' -. — — 

The net asset values In the above table take account of the reduction in the rate of Lax on realised chargeable gams from 17% to 10% 
as 'proposed 1 in the Budget* on. Jlth April 197S. _ «r 

*4DD(ici-to nnUnarv. -A“ ordUtary' onto, 5 Includes special dividend • uc Adjuvcd for scrip Issue nr Adjusted Tor riahis issue ' rnmpjii-, vwll annuunce rcar-cno or 

-L.__.1- _ t-_. ,L U»I.U- IBVnf R.nirJ Rflrnind-nT On “B StMIV LtlPV Pr^lUn, OUllSe Ifl UC 

AMENDMENT to table published 17th March 1978: Valuation Monthly ’’ 

Save ft Prosper Linked Cols. 6 ft 7 should both read 138.7. Aberdeen Trust .Cob 6 ft 7. should read 160.8 and 170 2 respectively. 

• ApptlM- uTnrti«-.arv. -A" urdurary' onto. 5 Includes special dividend - <ic Adiuved for scrip Issue or Adjusted for rfohis issue romp jiiv mil annuunce 

lHicnii results shorily. rffee tsrtc 'll' below.- ©Not directly conipari&W nun previous pufalbtied Btfur-. fiDtpJndrai on ” B swre ion versons iCHaJ3»e in we 

prl-ir charges Mini- th? previous publish vy tiaure. 

fa) cals. Lfc-T. Quowl invest menu are valued U mld-ipirkot prices;' unquoted at directors' valoalion; hoUi Include 100 per ccnL ot any larcsmeni tnrrency premium 
aflu taking ialv aceonnl tbc -premium art any surplus or on any^egortfail of toroigi currency asseu asainsi rarelgn currency loans. 

(b) Cols. 1. 6. 7 Ail rove nue pccount 1«»« w*3adal. t 

THE INVESTMENT TRUST YEAR BOOK ; 1978, ^6* is -the first^edhion of ^ 
official Year Book of the Associatibn, Will be published by Fundex Limited in M‘, 

(b) Cels. 1, 6, 7 
(cl Cols. 1. 6. t 
(d) C*U. 5-8 

Mo acco'int hns beert lukeo of any liability In -respect a t taxable sains which might arise future disposal ot iaveauneuis. 

(«» Cof. 5 
CO Cols. 4-7 
^ (g) Col. 8 

Mh) CoU. H 

no accg'ini nns geen m naiitv ■ hmbk «uui ihii~ » -* . — - - _ . — -. 

Amounts aie per share/nuck unit or per QB8 Convertible Loan 5»ck. Colmnn 5 precisely stated; columns M to nearest one-ientb at a iwnW w sflar * 
and ZOn ggr £100 Copvirthlfl Loan Szodc. * 

Dividend Is the last declared annual dividend nr Hrm forecast awJudlitp Imputation credit. Interest on loan stocks Is stand prat, gf income U*. 

Prior diaries arc deemed to Include PreTurcncc chare capital. - . , r-«u v 

The amount per share/stotk ml* reprasemed by 100 per cent, of the Invusurwnt currency premium ippHed In calculaUu the valualleu r*r 

Convertible loan /prefer*** ducks are ireated In (he way whkh produces the iuwijr per share. Coavertlhje stndu a re treated as ** 

the rate for the nenl-canwslon date, or where a ItBure'ls marked “ x ” as prior Charpes: warrant* or sutascripUua rights are treated as anenarctsen. 


Advantage may be taken of the speqial pre-publicatipn price by sending ye’!:.*.." 
remittance for £6.95 before 28 April 

. Tlie Association of Investment Trust Companies, Parfc House (Sixth Floo%^ 
16 Finsbury Circus. London EC2M 7JJ- - >, 


■- — . V 

: '-FiBan&J; • April 21 1978 

. .“*a» 

’* St 

decline fails 

/ / 


Slowdown seen L & G: 
by Willis Faber in prospect 

. . . CONTIN^D improvement m the payable of £105.039 (£3^74) and 
5 ?. UJC. jsubsddlades a£ Lead faxdda* . tax oi £227,270 (£1R7,S<M). the 
» y ' '/ tries and Jn’Bbe overseas coo k - balance available : 7 ie Ordinary 

\4' - spite' oi convprlins holders rose 'from' £370.738 i 0 

r \ Ofll profits at the higher stedang £322.729. . 

rl ,‘ t UK|h =“ L^rntog., axe given »< 3.4, p 


SeC °llj| 

‘ ^IViCk It Ba/K waw .tuutiy uj dc tower, par- il ■»*> . 

£ -Rolls-Royce 
— — conversion 

yea* end— resulted nr the group (8.08p) per 25p 'share and the 
fajcreash® iu pittas profits Jot dividend total Is raised from 8p 
1077 marginally from. £20-om. to to S.J5p net with a final of 1.85p. 
£ 2ft - am ' ‘ “ TTie net asset value at the year 

-At midway Whe n announcing an. end was . 10S.5p (98-Gp) fuliy 

advance from iicy.7m. la £12tiSm. diluted. . 

1 be directors said thaCrthe' second 
haflt was .likely to be lower, par- 

^results-' for. the - full year . were 
r.t i-A ? expected ■ to . exceed - those- for 
_ "’vV^r 1076.. Tws •'forecast . was updated 
' ' ;, 3 .U.jast • month . when the .Tipxide 
' : v •'-flenres . were reported- -and - the 
. -,. : i ^ii Srectors.stated thai group profits ■ 

■ (ap iQ77 ~ w^ppi in line uiith thosn 9* the eiffht per ceoi* 

•• .H.-" 5 - m 2 * 5 S!« »S? ^ u "*™** a *«” s " 



The proposal for the conver- 
" ' Con- 

st nrk 

1907120(12 of Rolls-Royce Motors 
On prospects for the current .on improved terms has 1 become 
. - "year the directors report (hat effective. 

7 : Mr. I. J. Fraser, the chairman 

- iv-i’-.-l" , ^. 0 " d ^ told shareholders yesterday that 

'* . indicated only marginal signs of the acceptance of the conversion 
> . /recovery" fr°m the unprofitable proposals will significantly 
J‘ ^.^econd hal for 1077 and ufne improve the financial strength of 
‘ profit from the associate com- the company during ft period 
‘ .- .* . panics can be expected fpr the when maior expenditure on new 

.• 'first half of 1978.. plant and- new products is eon- 

' : - "For 1977 the improvement was turning. _ " •• 

; . well spread in the U.K. companies. Demand for the company's 

aU the main operations showing main products currently, .exceeds 
' -^jerier results, TvWJe- the overseas canachy. In the first warier of 
, ... advance wfrs despite lower profits 197B turnover and -profits arc 
.from Italy and India. Currently both' ahead of last yean i' 

■ developmeat and spread or n e is confident that 'as 'on- 

some subsidiaries as the manufacturing momentum 
' . should tsompensaie for UiedlfficvJr & „ ot disturbed by Industrial re- 
areas m which others are op4rat- lations problems either ' within 
Ing. The full year will have to Rolls-Royce or at Its suppliers 
bear the impact of higher, costs ' 
but te net volume of sales so' far 
ir !& guile ehoou raging.' . 

1977 187H 

on- £000 

1M jit" Jfl, a -WC 
14S.78B 11B.216 
49.7931 44.U& 

SB.m ££.614 
lfi.789 It. CHS 
fl.5flr, . 6.4PJ 

■ «.2*a s.isa 

7. wo IB. BIB 

l.ots . ITK 

‘ 20.011 26,544 

36 794 10JRS 

haij become unsuitable for ihe 
prntip’s needs. Al the year-end 
liie group had ill glares trading 
and had added a further 3A.400 
square feel of trading area. 

Tiie grnup has acquired eight 
sion-s to bp opened in the current 
year and are negotiating for a 
number, -of others. Mr. Stanley 
says the directors are also actively 
seeking new sites from which to 
trade and are constantly engaged 
on a programme of improvement 
of existing stores. 

There wa<? a decrease in ca;h 
and bank balances at the year 
end of £221.050 against 
Stanley. is involved in the retailing 
of home decorating materials and 
related products. 

Meeting. Stanley House, Orping- 
ton, Kent, on May 21 at 4 p.m. 

KMBC to 

this performance should- be re- 
flected tn a satisfactory result 
for the year as a whole. k 

•• Sales ....... 



- Sbarr of associate sata 

Trading profit 

- ll.K. - 


Share, or assoditteti 


. ' Pruitt, before tax 


Group ... 


ffirtra ordinary credits .. .. 



Available ... 

Preference dividends 

>' .. nruioary interim 

•“•■■J. off Un*i Plinl 

Advance by 
London & . 

Korea Merchant Banking Cor- 
poration, the merchant banking 
joint venlure between Korean 
industrial and banking imere.sts, 
Lazard Brothers and Co., and 
Barclays Bank International, is to 
increase its share capital by 60 
per u-enL . 

Subject to the necessary 
approvals from the ' Korean 
authorities which are .expected 
shortly, the paid up share capital 
will be increased from 
Won 2.500m. to Won 4.0Qflm. 
(£4. 3 5m.) and the shareholders 
will subscribe their pro rata 

In Jis annual report for 1977. 
the first full year of operations. 
KM.BC. report* net profil of 
Won Ttfim. (£779 0001 and a divi- 
dend of 15 per cent. 

WITH THE current outlook less 
promising than for several years 
past, the directors of H'ilifs Faber 
do not anticipate the growth in 
profiis nf the last Tew years, but 
are building ut« sure foundations 
without the distractions recently 
attendant upon their efforts, says 
Mr. Ronald Taylor, the chairman. 

Members are told In his annual 
statement that world trade is 
sluggish and this has a particular 
impact on marine insurance, upon 
which the company has a signifi- 
cant dependence. Inierest rates 
generally are lower and jhe com- 
pany also has substantial extra 
expenses on premises and systems 

As a result of changes In the 
last three years, the company now 
occupies two premises al Tpswleh 
anrl Trinity Square. In the shnn 
term, the very Jarg'’ expenditures 
on these arc a significant drag on 
profits, states Mr. Taylor, but in 
the longer term, he savs, owner- 
ship of two such freeholds will 
be greatly to the company's 

During the** changes, the 
directors have deliberately 
delayed further necessary im- 
provements in systems, which are 
now being undertaken at heavy 
cost, to be spread over 1978 and 

As reported on March 21. pre- 
tax profit advanced from £ 10.32m. 
to £in.5fim. far. 1977. wlih-£4 3Sm. 
(£2.5Rm.l arising from associates. 

Of this 22 per cent, associate 
contribution, some £2.Rm. came 
from Morgan firenfe!!. with 
others in Smith Africa. Australia, 
and Canada increasing their con- 
tributions. However, the dlrertors 
do nut ex pec I increases from 
these sources in 'he current year 

On a CCA basis. gToup pre-Ta\ 
profit is reduced in ClRQflm 
af'nr additional depreciation of 

Meeting. ID- Trinity Square, 
E.C., MaJ 25, U a. m. 



pays 33 p 

Pre-tax profits for 1977 of Hnly- 
roort Robber fell from £100.722 to 
£84.660 hut the dividend total is 
being hoisted from 24.33p io 33p 
net per £1 share wish a final of 
2fip. Earnings are shown at 4S.94p 
Harrisons- and Grosfielrf has 
recently increased its Interest to 
6S.43 per cent. 


Trains surplna . . 
Ijiwfti mem Income 
Rl-pIuhIhb cxpendiiurc 
Pre-tax profit 

Tax .. • 

N*l BTOfil 


To jwieral wocov* 

Cwriscf fonraoJ 

1977. IBTfl 
£ £ 
4SB.'.« 407 SW 
116.4*9 tl»9M 
17. m 11JSB 
44.4U 30.5ES 
81,450 100.722 
4-] .487 43JBS 
42 IBS $5,330 
23, vw sn.fist 
3JI.WD 13 000 
*i.XS9 62308 



Aroimd double pre-tax profits 
of £118.622 are reported by 
Hongkong (Selangor) Robber for 
1077. despite a marginal fill in 
mrnn-pf. from £133 G22 to 

Profll was Struck after tak»q!» 
into- account investment income 
of £26.078 (£21.358). share nr 
associates '"24 B5VI ( £4 3051 and 
rentanting expenditure of £24.492 
(£?. Iff! 1. 

Tax tonk £88.334 r^alpst £33 SRl 
for stated earnings of 9.1Wii 
f4 S5n) oer ion share end the 
tom' dividend is stennod up from 
4.55n w 72*p with a final payment 
of 5.94 n net. 

LOOKIN'! forward wHh con- 
fidence 10 another successful year 
in inrs Vi-couni Caldecoie, chair- 
man of I«egal and tietwral Assnr- 
once ijndrty. says in hU annual 
statement that although there 
seen)- little prospect of any 
signifiian: upturn in world trade 
during llie year, there are some 
encourj^ing signs in me »-.h -•■ <■ 
the worst of the receKs'ian is over. 

The major cause of concern 10 
Die company, he ^lale.-, is the 
threai of greater intervention by 
the Government In commerce and 
mdu-'try; of special JO 

insurance compauie-. span from 
n-JlionaHstfUun. is tiie -ii?;sesi!‘in 
init there -hnuid be -tinie -Govern- 
ment direction of Investment; of 
their ruuds. 

Lord i^aldc-cute expresses the 
opinion . that any sut-h control 
would be directly against ' the 
interest!, of those who entrust 
their savings 'to tbe company, and 
wouta be or no benefit to the 
country as a whole. 

For 1977 pre-tgx profits, as 
reported March 30. improved 
from £13.9 m. to £l7.4tn.. despite 
an increase in the general insuo 
ance underwriting loss from 
£3 7jn. 10 XS.Dnr). due 10 a 
deterioration In the motor 
account following an increase *n 
the frequency as well as- the cost 
of claims. 

For tbe U.K. life fund, the high 
yields on 'Government slocks 
available during the year' con- 
tinued to be “very attractive.” 
New investment was concentrated 
on the fixed interest sector and 
resulted in net investment of 
£l90nu mainly 3n Government 
stacks. There was a small dis- 
investment in Ordinary shares of 
£15m. and of.£13oi. in property. 

The shareholders and short- 
iprm fund started the year with a 
higher proportion of fixed inicrcsi 
investments, and nearly one third 

of the year's -new invest meats in 
the U.K. of £2lm. were in 
ordinary -share*. .. 

New investments of the 
Managed Fund totalled £30m. in 
fixed -interest securities, £30m. ja 
ordinary shares ami £4(hh. In 

The balance sheet at December 
31. 1977 shows shareholders .and 
Insurance. funds or £339hn. 
f cy _«'*v 1 ri ). of v hi~h *R34 
{£475. 5m.) is represented by 
Go eminent svcuri-ii.- 

Lord Caidecoie refers in .the 
hew State-’ earmn-_*<u relaf^d "P e °- 
Vch scheme which siarted. on 
Vr-ril 8- 197fT- Tbfe arw^vfnfie, 
Includes the opt -on for sultahie 
nrivate occunation.-d - • pension 
schemes 10 eontnict cut of t' , e 
earuiPKft-relMed pari of the Sin te 
reheme. The esJent 10 which the 
contracting opr option would be 
exercised has been . widely 
regarded as a test of public con- 
fidence in the value of ■ private 

pprio^n trk- m o; jn rij|»PS of 

economic difficulty. Lord Colder 
cote iays lhai he is therefore 
pleased that around 70 per cent, 
fby premium rnmme) of the 
T'lBJr* 1 'r'nrp|1 hv »V» m C',*-!''* - 
have derided to contract out.- “a 
figure wh'ch is up tu . our pest 
expectations ” 

The AGM pf the company will 
be held al Temple Court on May 
17 at 2r3f) pjn. 

Clayton Son’s 
t>eak f 0 . 9 m. 

On turnover of £10.1 Bttl, com- 
pared »-ifh £8.0)07. ore-tar profits 
af Clayl(in:Son and f^i. {Holdings) 
a “ close *■ encmeeFmg concern, 
advanced /rom fO.Sflm to a record 
£09m. for- 19,,. 

In October the directors said 
that first half profits of £39,709 

. 1 £384.3011) were no ‘ inaieation of 
the full yew result because 61 the 
policy of no: takioa profits on 
contracts until they -are -.invoiced. 

' Full year earmnes are shown 
al ifi.94p 1 17. ip) per Mp share 
and the dividend tola! Is raised 

from 5.0765p lo. 4.3923P net with 
a final of 3.1944’p. 

1971 1*7* 

r 1 

Turnover .lo.wi Ud s.nvs «nv 

Frtel -a«Wi ■ ’SUB. ss.714 

Prx-Mx profu - SV3SS* fua.MB 

Ta* - . 474 362 421,734 

*riP!bM»ib!* . ... 4H7> 43S.40S 

Extra on), credit* ... UB.eM 

back in profit 
at halfway 

. On turnover of £ft.92m. against 
£n.78m. Inlerettropean Property 
Holdings reports a tumround 
fiom .-a loss of £94,000 to a profit 
of £530,000 far the half year to 
January 31, 197S. And the direc- 
tors announce an interim dividend 
of 0 75p net per lOp share com- 
pared with 0.1 p. Inns for the 
whole of Ihe 1076/77 vear was 
£1.1 m. ffMlmJ. 

Profit was struck after a lower 
inierest charge of £602 noo 
acainst £l.5lm. and includes 
unrealised profit on exchange of 
£>R?.OO0 f £160.000 loos). Also Inst 
time there was a £59.000 profit on 
sale of properties. 

The directors siatp - that despite 
the current trend in the value of 
sterling, which will, if it con- 
tinues result in a substantial re- 
duction in the company's 
exchange prnfit. they are confid- 
ent that profits for fhp second 
half will, with the benefit of the 
sales of certain- properties be no 
less than those for the find half. 




With gross income better at 
«| Tl “21,445 compared ' ^ith 

SJ05 P ’ ™"*" 

y ear 10 March 31^ .1978, struck 
B.0S5 after tax of £703,408 against 
S8 £676.001. 

, ?" Earnings per 2ap share arc 
given as ,S.4 r 13-IpJ .*p4-lAR- i*W- - 
Bend total is raised 10 3.4p f3p) 
neL with a final of 

" . o’ 
per sbare. 

/Mav 'Uie net final dividend "is 
£ -4.37p for a 7^7p.(5^9p) 'total.. . . 

’ No adjustment fdr the conver- 
sion info sterling of net current 
_ assets of overseas subsidiaries and 
.^.associates has been - Included in 
profits. - ‘ 

; The group has interests in 
: smelting and fehri cation of bon- 
. ferrous metals abd the mauufac- 
. ture of chemical and pajnt pro 

A. G. Stafifey 
confident of , . 
peak year - 

Mr. Malcolm John .Stanley, the 
' chairman of A G. Stanley Hold- 
' bags, is 

Scottish Trust 

confident that the group 
can look • forward -: to . another 
record year/ Trade in 'the current 
year has been satisfactory, he 

says, and- the group achieved a 

45 per cent increase in. turnover 
in' tiie first three months. He adds 
that the group is; also: confident 
Gross revenue of General that the improved margins of 

Scottish Trust: advanced from 1977 have been inaiBtaJnejfc 

£564,395 to £718,718 £n the year to As reported on April 14 pre-tax 
March 3L 1978 and, after interest profits for the. 1977 year rose from 

£D.93m.. to a record £1.13 m. and 
Included a trading loss of £100,193 
from Jts Dutch operations. Two of 
the company's Dutch stores have 
been disposed of and' provision 
fyts been made in the accounts 
£br the losses on disposal of fi»*l 
[assets. . The dividend payment of 
the group is increased from 
5.26675P to 5.82728p with a net 
final 3.32725p. Also proposed is a 
one-for-two scrip issue. 

A further 15 stores were opened 
during Ihe year, of which two were 
re-sites, and eight stores were 
closed. 'which, the chairman jays. 


n:a:v. at 31.3.78 
S2QJ0 (D.FIs.43.72) 

fHfiO Ptmon, HeMrinf A HenonjNJ*. 
Hcrwicracht 214, Amitirdare 7 







. u«. - 

Cidtt Voi. 

- ; L'liiW Vim. 



K. K'Wk 


«| 8 


1 — 4 

_l — 

h - 

: fc4BIj 

K- K'»laU 






I ■■ 


2Sfl • 


l 358 ; 




41 W 




, *-• 





■57 fl ; 


: 6i? 


'- — 



' 570^. 

1 ■ 


! 1B6 1 


1 ^ 


*- _ 




- B 

aoiz • 






7 ip 1 


10(1 ■ 






— ' 

15. ' 

! 3.1^ • 


— - 





1 3.90 j 


“ . 



U. D. wiieii 
K, U. r^liell 
II. M, -h»n 
Imipi w 
Inw vi 







11. 1 


• -P14J' 

! P14u' 

I K1IJ? 

1.40 | 25 

10,20! 18 

5.60 . 52- 

5.00 . « 

- 0.00 
. 10.20 





19 . - 




10 . ' 

V 128.20 

- 1 119.80 

TOOp 81 
! 780»-, -37 
1 ttOJp] 

i aj.lj-5 

I jf 29 '' 

I '87Sn : 

- .3 Up. 

! U88r».- 27 

1 SoOp; IS 

1 sysp.i 

11 . 

r! \ 

91 *, 

47 - 

IB - 

58 -• 

15 , r 

it : = 

ss — ' 

15 . - 

14 : - 

tie - 
71 — 

43 - 

83 - 

51 . - 

29 . - 

19 ; - 

8i . : — 
si - 
35 - 

23 • - 


2367 . 







C. J. Steele 
J. G. Doctor 
J. M. Y. Oliver 


A. R. H Thomas 
H. A. Roland - 
N. S. Little 

P. :S. Nuttall 

E.O.E. & C.B.O E. 

STX 5047 
R. A. Edwards 
D. R. Walker 


R. J, Grieenshields 
T. M. Seymour - 

H. E.‘ Bloomer 

Bishopsgate, London EC2N 3AD. 
Tel. No: 01-588 6280 
Telex: -SS8297 ; - 

remains strong... 
Our liner trades are a sound, 
long term investment” 

Sir Lindsay Alexander, Chairman of Ocean' Transport & Trading Limited 

1977 RESULTS Our hopes of improvement incur pre-tax profits over 1976 have not 
been fulfilled. We underestimated the continued stagnation in world trade. Further, 
whereas our 1976 pre-tax profit had benefited from a weakening pound sterling, the 
considerable and rapid fall in the value of the dollar, during the last few months of 
1977, had the reverse effect. 

Our attributable profit shows improvement, even after bearing a substantial provision 
for some terminal payments. Our pre-tax profif fell-foam £41m to £3&m. 


We are still largely a broadly based .*>*<*££ ^ •. 

deepsea shipping company, strong in * ' '£***•— 

liner trades both directly and througb 1 ®®®^^^ 

0 CL and with a relati velv modest 
commitment to bulk trades . The fall in y . j, ; C ;. 
our participation in OCL was due to the ■ ** i 
i n troduction of new trades so that we have 2 

accepted a smaller share of a correspondingly 
larger pool of trades. We can be assured that gfll 
our liner interests are a sound, long-term 

OCL had another good year* 

The oil distribution services of Wm. Cory in 
the South-East, Rea on Merseyside and Fuel Supplies (Cl) 
in the Channel Islands improved in 1977 over 1976. 

Contribution to the UK balance of payments in 1977 
was £119m. £54m was spent overseas in earning it. 

It also invested £20m in foreign currency, leaving a 
net contribution of £4om. Its share of associates 1 
foreign, currency contribution is substantial.. 

5 - :: ' A ' 

Ocean (nchcape (OIL) 
had a successful 
year and expanded its 
worldwide operations. 

investment which we can expect to yield 
satisfactory profits in future years. 

We no longer rely wholly on our traditional 
maritime interests as a source of profit. 

Straits Steamship is now widely diversified in 
S.E . Asia and our holding should grow in value 
both as a profit earner and as a currency and 
inflation hedge. In Ocean Inchcape Ltd. we 
have an enterprise of growing importance to 
'us in the growth area of world- wide offshore 
oil exploration and production. In Ocean Cory 
we have a number of promising activities 
unconnected with the ups and downs of the 
shipping cycle. All these activities 
complement our marine business. _ 

It is too early to make firm predictions about 
this year’s results, but 1978 will not be an 
easy year. 

Elder Dempster's 
trade to Nigeria made a . 
healthy contribution to profits. 

SHIPPING OUTLOOK The prosperity of 
shipping depends primarily on the growth and 
prosperity of world trade. Hopes of return to 
relatively high growth rates continue to be 

Most of our liner trades have not been 
[seriously affected by overtonnaging - as the 
satisfactory results of our West Africa trades 
and OCL testify. 




1976 1 




Turnover : 



• Profit before taxation 



Profit attributable to 

25,672 | 



Earnings per stock unit 


23i85p I 

Dividendsper stack unit 
(ind. tax credit) 

1 2,41 p 


The broad based activities of 
Straits Steamship performed well in Singapore. 
Container handling capacity is being expanded. 

The wide world of 

Acquisition of 
ir. j Transflash will 
- r ensure enlarged UK 
forwarding base for 
expansion , 
overseas markets*. ... 

Copies of the full Report and 
Review by the Chairman. 

Sir Lindsay Alexander, can be 
obtained from the Secretary. 

Ocean Transport S Trading Ltd.. 

India Bui/dfpgs, Liverpool, L2 ORB. 

1 ■- 




Highlights from the Statement by Edwin W Phillips, MBE, 
Chairman of Friends' Provident Life Office 


New Business Results 

Our marketing strategy resulted in 
a 64% increase in new premiums from 

sales of new individual life, pensions and 
permanent health insurance policies. 

Incomefrom sales of ordinary life 
assure nces rose by 39%, whilst that from 
sales of individual pension policies to self- 
employed persons, directors and exea >- 
.tivea increased by 154%. * 

Duetotheadverseecdnorruc - ' 
climate in the United Kingdom atthe ., 

beginning of 1977 production of new - • ■ 
business started slowly- However the 
impetus increased as the year progressed 
and l am glad to'say thatthe high l evels of 
production achieved in thelater montbsof 
1977 arecontinuing in the cun-ent year. . 
Terminal Bonus 

Thesubstantial improvements in 
the capital value of the investments of the 
Office enablal us to increase the rate of 
terminal bonus on United Kingdom and 
Republicof Ireland life assurance policies 
from 20% to 25%from 1st January, 1978. . 
Friends' Provident Managed Pension- 
Funds Limited 

In response to growing interest we 
have established this company, primarily 
to provide an investment service for our 
larger pensionscheme clients. 

Ourhighlysuccessful record inthe 
management of investment funds is 
evidenced by the results of our Unit Trust 
which, since it was established, has out- 
performed the Financial Times All Share 
Index by a substantial margin, and by our 
outstanding record of bonuses paid to 
with-profit policyholders. 

In the short time the Company has 
been operating it-has aroused consider- 
able interest 

Computerised Systems ~ 

The ultimate objective of having a 
to deal with the administration of our 
ordinary life and permanent health insur- 
ance business in Head Office and the 
Branches is now in sight By the end of the 
year GLADIS, will almost certainly 
be the most advanced life 
assurance computer system 
in Europe. 



The amalgamation of the Life 
Assurance Fund of the Equitable Life and 
General Insurance Company Limited with 
our own has considerably strengthened 
our organisation, placing it inthefirstten 
in Australia. 

Canada , ’ • . 

.. In Canada oursubsidiary. Fidelity 
Life Assurance Company, had a very 
successful yearresutting in a substantial, 
contribution tosurplus. 


1977 was ayear of sharply increas- 
ing investment values. This applied to ad 
categories in ourinvestment portfolio and 
asa resultthe Reserve shown inthe balance 
sheet has risen from £5.4m to £163. 3m. 

Amajoreventinthe year was the 
acquisition of The Land and House 
Property Corporation Limited. It is already 
dearthatthe timing of the acquisition 
was most opportune. ■ 

During they ear we made net in- 
vestments of £47m in the U.K., including 
theacquisition of Land and House, toshow 
an initial yield of 13.3%-Tixed Interest 
investment absorbed £24.5 m,. of which 
£3L5m arose from net mortgage repay- 
ments. Net additionsto the ordinary share 
portfolio amounted to £Tlm and direct 
investment in property £1 .5m. The yield 
increased fromlQ.18% to 10.38% on a 
fund which rose from £506mto £594m. 

There is, asyet, no sigrvof themuch 
needed improvement in industrial pro- 
duction in theUJC However, the lowering 
trend of the rate of inflation gives cause 
forsomeoptimism. if this is continued and 
the psychology of ever increasing rates of 
inflation purged from the system, we will 
have lower long-term rates of interest 
■ which willprovide not onlyafirmerbase 
for equity and property prices, but the 
incentive for capital investment from 
which rising industrial production will 
come. With continuing balance of pay- 
ment surpluses arising from North Sea 
Oil, we will thus have the opportunity for 
for the real economic growth which has 
eluded us torso many years past 
Copies of the full Statement and 
Report and Accounts for 1977 
may be obtained from the 
Secretary atthe address 



■- : -T * i , A v ' 

FinandaL ^ TuOesv^day fi,prn_ 21 1978 


good dividend from 
Western Holdings • 


THE Argentine state-owned 03 areas to be tendered cover ab 
• * and gas corporations, YPF-. and 100.000 - square fan_ iudud 

Gas del Estado, will ■ ask for 60,000 square , km. offsho re : 

!S?u2JLJRSSl. , 5ES •*!» «» ^ °“ hore ' 

-- — ■■■ — —■.■■■ni — is quarterly net profits, after lax instead nf lour oay- h «r;. y — — —i — • »*, “«■ 

declaring a payment of 190 cents but before capital expenditure, JSS? m 'the ris ^ 5 ***? ^ excterae^ davla, Argentina. 

(USp) which compares with HO are compared below. tooiSanTTo EFSi testi 

cents, a year .ago and the subse- s™. &&?»**} 

Under the new law prospecting Basin, east of Comodoro R 

nTv-n Caw All . lihll lfo J m. 

quent final, also of 140 cents. . 

# On the other hand. Presided EiDi|BfNMl _ 

Steyns interna - dividend of . 30 Free Stair Gednld 17.7S8 
cents compares with hopes of at f. si« e saaiBiaaa - uit 
least 40 cents, "but it still goes ■* £**? 

.^V 1 * 'SauS'™- Sr -w 

full year to ..last '.September. Free vaaJ. Reefs 3254® ujnt 

State GeduICs mtertra is in line weikm-- . ua > im 1530 

with expectations as is that of 14.221 msis 

WeOwm, bpt there will be some 
disappointment' with tbe 65 cents 
declared by President Brand. 

Manx Sent. Marc* Sent 
ine ■ 1977 1877 1 978 

proa rents cents cents 
tat. Baal Inu final 

ua bo n so 

M . 60 TO «» 

38. 10 10 ». 

190... 140 140 125 

qcr. ^1 A max. No dividend has been companies should bribe 
received from -the Sierra Leone — — «*=*<■« 

.... testing began 

- Jfarch 24, when experts perfora 
“ e . af&yer 2,330 to 2,355 metres <U 

Western HoJtflma SJ130 . 

t Net surplus iadodes safe of raptral 
items fonovtna eestabfltt 
•Pre-tax profit 

F. S. Gednld... 
Pres. Brand — 
Pres. Stern — 
W. Holdings — 
Wclkoxn ... 


does well 


jueo rww 

iX5i iL, J S 7 tltiunond 


■fi.SU TJHI groups. 

19,088 10*9 owinir iw ~ _ , 

njJS ass required which are largely related . The-, law prow*®. for tbe turn-, cubic metres a day petiole 
to the North ' ISea craneship togjwer oi lnstapatiopg. to .YPSVjtnd 46,000 cubic metres of ga 
“Thbr* --t ' once contracts expire. The eon- day. 

*.w> 7 aia t J^ts wiUIast seTdjyearsfor 'The iests'tend to prove 

of capital ^l fa SSSSSms-- ^ 5* and five *^j£6r onshore.'eXTStence of hydrocarbons m 

of mining, epnmgs : shamlealJDgs— c- .-jT * • . • . are*, although future investi 

^ exer PP ti ^8 will be Uons and research wfll detertn 

' months' for companies and no the extent of the deposit and 

552J2L- Th^iLSShnSSfs Of^ n Sl' tel** duUes .wDi be paid _for commercial possibilities 

The ..eiploltllion. 

and gas interests coupled with ;; 
that of the Shand open-cot coal .T-. - 

74 2-5 ■ 1X3 NOON’S Selection Trust- reports ’• 

. mhting operatitms in the UJC 

issue -of shares at JA156 (9 
each -toi' finance the purchase 
JK5 per cent, interest 
and 4 
per o 

1 A . S7-5 v vemuyu at(0L i^KUi'U • . ■ ■ ' , . _ J- Hi . ^ 

"Western Holdings a-, profit for, the sine months to ^ far as .the* current year .-fiur\nin}ii/\ lir 
along with some' of the other gold the end of. its changed financial concerned, Heerema rey ““ e 1 , 15 ^yUKULU; 111 llcVV; 

minjM in the Anglo American year to December 31 of £9.63m. expected to fall m Hne-^ith the .^ | V 

group fits in with the general compared with £l0.4Sm. for the changed terms, of The deal with MfleJlCT 0631 

March quarter pattern of modestly previous 12 months to March 31, the Dutch comoao?; M 3 income vv Kaiser’s 32^ 

lower net profits: arising out of 1977. A final dividend is. declared 2*y tie «ttie changed, .while fBS& DECISION^as JfMlly been ?*#**,„ and lini . 


profit .has ? >».aPPW,£ .0 tb. shares issued <°J<*s waj, £ &22&£E?jg3£; S5J - ° 

<55 JB. t" St*W.SSft 

Forth from Sydney. 30 per cent, participation in 

Sir Donald Hibberd, the first two potlines with the ri 

Van! Reefs* latest r M ^ 

fallen back after the pre\ious for the Kteeman acquisition > There 

quarter's boost of exceptionally compared with 16.72p.for the 12 benefits _ — . — _ 

high uranium sales, but Free State months to last March. . from the Kleeraan acquisition. On c 

Geduld and President "Brand have A major factor in the past nine balance, it seems. Selection Trust Ja ^ s n^ald mSS* 

done better thanks to increased month tt shareholding .revenue is heading fora modest reduction. *** an. ww^no’deiaSa to add two more potlines 

has been the important wmtrihu- in earniners. The shares were Sn wmaico cnamnan, gave no aenus ” r 

gold outputs. 

Free State fiaaiplaas has tion from trading 

rtant-contribu- in earnings. The shares 
in omnunat down ,t 4MP Sestepiny. ” ^ 

■- , . .UlJ**uttlter. A;. leSge,’ aJqnjiiia':«re='" 

De Beers holds the line on prices 


He undertook that Cony 
would continue to pay at h 
4^ per cent, of eamings as d 
already . operated " at dertds. In the -light of curr 
; . by r-Queepaand fotfeehsts the directors erpec 
which ‘ Is . -.owned ■ by the -J97S dividfend to be at k 
Comanc jRTotitifo'.' of lOicents a share. In 1977 Comi 
__ _ rKaiser ■ "AhUnircimn. paid 62^ cents, 
i AIc^' ATumuuum oLC^ada* and • The Board expected profit 
Vpechincy of ^Vance.< . ■-> - itreS would be less than the rec 

^^Sfr Donald anirtuiueed . that #A44m. in 1977. Profit was Vr 

Comal co will 

(jE3.6ra.l through a ■ one-for-four affected by the U^. coal strife! 

finery is 
; Gladstone 
.vl:* Alumina, 

DE BEERS iS giving notice ttr the explain the Insignificant decrease CVRD is 'hoping that next 
bifernational diambnd market in the valae of -stocks on -faanfLat . a sales visit to Chttia will- 

that the Central SelDng Orcanisa- the end of 1977. They • are worUi In' «n order tonne,. __ — ^ 

Uon will not be stampeded into an R220.7m. f£137^m.l. or RfiAn. fron ore spread over a ten-year, Comalco “iJSS, ^. q °c rt ».i a ^ 

increase in basic selling prices by less than at the end of 1976. ~ — “* - 

the recent high level of specula- «rjj C expansion programme at 
tive trading and the consequent Consolidated Diamond Mines of 
inflation of rough-stone prices in .south West Africa has been corn- 
open trading. pleted and this part of the group 

We will not make further contributed 22 per cenL of the 
increases in -our basic selling 1977 net profits of _ R623m. 
prices unless and until we are (£387. 5m.). Further capital pro- 
satisfied that such increases arc grammes are in progress else- 
justified in relation to the retail where in the group- 
demand for diamonds,” says Mr. j n preparation for the eraer- 
Harry Oppenheimer, the chair- gence of the independent state of 
,n ti** annual statement Namibia, CDM is moving its head 
published to-day. office to Windhoek and the group 

But Mr. Oppenhelmer warns appropriated R23m. (£15^m.) 
that toe surcharges, at rates f or investment outside the 
judged appropriate at the time of diamon d industry in the country. 

Yesterday the shares were S25p. 


Exceptional assistance 

sale” will continue to be levied. 
At this month’s London sight, the 
surcharge was 40 per cent, on the 
price established list December. 

Against toe background of a 
buoyant market, De Beers has 
been boosting Its own. production, 
by 12 per cent, last year to 11.8m. 
carats. It is this winch seems to 

Bank of England -Minimum 
Lending Rate ?i per cent 

(since April II, 1978 J 



19 7 8 


Bland Payne 

The Board want to thank their 
colleagues in the Company, its 
clients, Lloyd ’s and all the 
insurance market. 

Without their help the Company 
could not have obtained the 
results to merit its being 
awarded The Queen r s Award for 
Export Achievement 

Bland Payne Holdings Limited 

International Insurance and Reinsurance Brokers 

maturing Treasury bills, and a earlier In tlie day. . 
slight fail in toe-note circulation. In the interbank market ov 
The authorities gave an excep- night loans opened at 7J-7J \ 

tionally large amount of assist- cent, and touched 8F9 per ce 

Settlement of a very substantial ance by buying an exceptionally at lunch, before falling to 3-4 j 

amount of gilt-edged stock, sold: large number of Treasury biHs cent at the close . 

by the authorities was bfr f£r the 'from the discount housesrplus a Fixed period interest ra> 
major factor - behind a severe small amount of local authority were rather, firmer in genei 

shortage ot credit In the lidh&ov bills and a moderate number of reflecting an overall lack of ct 

money market yesterday, accord- eligible bank bills. fidence, although it is felt that 

ing to .-toe Bank of - England. - Same, of-ther. bflls were bought further rise in Bank of Engla 

Other factors mentioned asrbein?: fnr resale to .-th** market at a Minimum Lending Rate has pr| 

against the market's favour wert: fixed date iff toe future. ablv been averted for this we 

Rio Doee (CVRD), Brazil’s state- sizeable revenue payments to the’. The scale <rt help was probably at least Discount houses 1 bun 

owned mineral concern hnnes to Exchequer oven- Go verpmant dis- . overdone, and houses found late rates for . three-month Treasu 

tifiS bur^enie n t£,.ia3i -run^^iank: balances at around 4 per cent, bills were slightly firmer J 

imirivV 8 fir balances carried over, from although finishing: rates were places at around 7 per ce> 

ooro. ionne~ oi iron tor a total Wednesday. On the other hand quoted with ip a wide range of underlining market nervoust 

the market was helped .by a ‘4-7 : jier?jtrft .Secured call money about the future trend in inter 

fairly .' large number » of . net commanded: mr to 71-7} per cent rates. 


Although Conrpanhia Vale d6 


of tSOOnu, it has had to make 
adjustments with Japan, one of 
its major clients, reports Diana 
Smith from Rio de Janiero. 

With toe Japanese steel indus- 
try operating at only 65 per cent 
of capacity, CVRD has bowed to Overaiaht..;... 
the wishes of Nippon Steel and notice- 

agreed to a price cut of between ‘ ££ . 

i o a a — i a c 7 -lay* nouceJ 



of litpaft* 

75* 7Ss 

8,4 8 - 




76a 7« 







7*t-8 ^ 
78 b-7Ib 

7=* 77» 


95*-101J [ .. 

• I 7 

las’ AdthJ 1 Pinance 




75* .71* 
71a 76* 
ar B 3i» 



7% 81* 
-75* cl* 
71 e 85a 










b* v -7 
7-7 t B 

Biiin # 


Bill* fi 


■ t%-7Sb 







L2 pnd 2.4 per cent on 45 per 
cent of its 1978 sales of ore, x«ro month.— 
which are expected to total 18m. Three months, 
tonnes. t>i* month.' — 

For their part, the Japanese, ulSTJS!! ^! 
who originally wanted a 25 per Twovcan 
cent flexibility clause, have 

agreed to reduce this to 10 per LoctI aothoriries a ad finance houses seven fitnr-boOre,' other* sere n dtys’jlxed. Long-term lerai .attfhoritjr mortgage 
cent — either an increase or de- nominally ihrae years JS*-10I oer cent.: fonr yean Ui-lli per cent.; five- years UMU per cent. eBank bill rates In table 
crease In volume accordin'^ to ba riw* rates, for prime paper. Bnyiiu: rates rot hank WDs 7?*i*-7l per rent.: loor-rnontb trade Mils » per cm 

„ 'H. roiume, areorom^ to Approximate- scUlar rates far one-memth a u c ner cent.; two-monUi bu ( . per rent.; and three-month si 

their needs. inis IS toe system cwu Approximate selling rate for one-month 7JuAprr cent.: two-tnonlh 71-75,* per cent.:- and three-month 

agreed with Australian producers, per cent- One-month trade MUs 7* per cent.; twwinmtb per cent-: and also three-month 71 per cent. 

WH-h n t ,ha r,,— . Flitanre Hem Bm i Rates tnuhHsfwd by the notnee Bouses soodettoni T per cent. Crora April L 1S7H. Oeaifiip B 

With toe vagaries of the isuro- Deposit Rates (for small sums at -seven days' notice) 4 per rent.. Oeartap Bwk Base Rate for lending 7} per cent. Treat 
pean and Japanese ore markets, Blfts; average tender rates of discount ojksi per cent. 

Sacfeville House. 1 43/1 52 Fenchurch Street 
•toodan EC3M 6BN 
OT -623 8080 


(Incorporated in the RepubGcLOt South Africa) 


TO RAISE R47 502.000 . 

Purpose of proposed offer 

The annual report for the year ended 31 December 1977, 
which incorporated a notice of the annuel genera! meeting, was 
posted to. members on 22 March 1 97.8. The meeting was held on 
13 April 1978, the resolutions set out in the notice were passed 
without modification .and the ..special resolution was duly, 
registered on that day. 

In a circular which accompanied the annual report, members 
were advised that the directors had accepted the recommendation 
Of Gold Fields of South Africa Limited, the technical advisers to 
the company, that an amount of R50 minion be raised to finance 
the expenditure necessary to bring the company's mine to the 
stage when it is expected to become self-financing. Members 
were also informed that the directors proposed to raise approxi- 
mately R50 million by means ot an offer of ordinary shares 
("shares”) to members. 

Details of proposed offer 

Members registered in the books of this company at the 
close of business on 21 April 1978 will be offered the right to 
subscribe for 36 540 000 shares of 20 cents each in the pro- 
portion of 58 shares for every 100 shares then registered in the 
said members' names at a price of 1 30 cents per share, payable in 
full on acceptance in the currency of. the Republic of South Africa. 

In accordance with South African exchange control 
regulations, non-residents of the Rand Monetary Area may use 
securities/blocked rand to take up shares offered to them as of 
right and to purchase Letters of Allocation (nil paid). However, ’ 
securities rand may not bejused to subscribe for shares 
comprised in Letters of Allocation which have been’ 

The proposed offer will close at 16h30 (local time) on 
19 May 1978. 

Fractional entitlements arising from the proposed offer wllf ‘ 
be consolidated and, together with any unsubscribed shares, sold 
by the underwriter. Gold Fields of South . Africa Limited, for the 
benefit of the company, provided that a net price in, excess of the 
issue price can be obtained. 

The shares to be offered will, when allotted, rank pari passu 
with the existing issued shares of the company. 

A circular containing fuff details of the proposed offer will be 
jgpstedto members on 28 April 1 978 and will be accompanied by 
Renouaceable Letters of Allocation setting out the entitlements 
. of toe peisonsto whom the circular iseddressed. 

■ 'GoW Fields of South Africa Limited and Consolidated Gold 
Fields '. Limited, and their respective subsidiaries intend to 
subscribe for therr entitlements in lerms of the offer. 

Listing of the shares to be offered 
. The. Johannesburg Stock Exchange has granted a primary 
fisting, of toe shares to be offered and the Council of The Stock 
Exchange, London, has admitted the said shares to the Official 
List. - • 

- forward dealings in ; the rights prior to the- issue of 
Renwricesbie Letters of Allocation will commence on both Stock 
Exchanges on 24 April 1978 for special settlement in Johannes- 
burg aiwf London oh 2 and 3 May 1978, respectively. Forward 
dealings in toe shares pending the issue of share certificates will 
commence on The Johannesburg Stock Exchange, on T8 May 
1978 for' special settlement on 13 June 1 978.-1 n respect of 
dealings on The Stock Exchange, London, after 19 May 1978 and 
pending the issue of share- certificates, transfers will be certified 
against the register. 


.- The proposed offer of shares+ias been underwritten by Gold 
Fields of Stouth Africa ^Limited for a cesh ; cbmmission of 2J per 
cantcelculswdontheamoumtoberaised. ^ 

/ • . By order of the board, .. 


. .Secretaries. 

-per D. J .WH IT E ■ 

RegistwedandHeadOffica?. London Office: 

Gold Fields Building, . V ~ ” 49, Moorgate, 

76; FOX Street, London EC2R 6BG. 


2001. . . . . . ..- , ... -/ ./• 

2t April.1978. 


- Financial Times Friday April 21 1978 


Thebenefit-and satisfaction-of a private company is 

capital for expansion. 

And raising it through GreshamTrust ensuresyou; 

W We've helped all sizes and types of company overtb 
years, but as a business partner financing their growth*! 
as BigBrother telling themhowto achieve it. ‘ , 

As a business partner, we naturally seeka share mt 
success of the companies we help, that's only fair. 

But we most certainly do not seek control. Ever. 

y0U ^ecause, asbusinessmen, we're finally investing inyour 

ability as a businessman. 



EarriDgton.Ho'us e » Gresham Street, LondonEC2V7HE.Tdq)hoiie0lT606 6474 

i • ■ •• i 

TMan'crnTTimes > Friday April .21 1978 

Armual General 





•m *;■■■ 

The 103rd Annmff GeneralMeetfng of the Society 
■was held at the Rembrandt Hotel (Blue Room), 
Thurloe Place, London SW7 on 19th April 1978. 
The Chairman, Mr. F. Y. Andrews, drew attention 
to the following points from the Directors 1 
Report for the year ended 31st December 1977:*- • 

TOTAL ASSETS: £189,687, 253-an increase of 
23^% on die year. ... 

investments of £77,408, 396 -46** greater than that ' 
received in 1976. . ” 

MORTGAGES: Record of £35.191,122 adyaii«d. 

RESERVES:GeneraI Reserve increased by .-' 
£2,218,809 to £7, 560,530-now equivalent to 3.99%. 
of Total Assets. 

LIQUI D FUN DS: Stood at £44,29^440- 
rep resen ting 2335% of Total Assets. . . 

MEMBERSHIP:Over .109,000 Mortgage and 
Investment Members. 

BRANCH N ETWOR K:New offices were opened 
in the City of London. Wembley and ‘Kensington 
High Street during 1977. -• 

A copy of the Report and A ccounfs for 1977 
Mill be supplied on request to Administrame 
Headquarters. Thiriestaine Hall. Cheltenham, 
Gloucestershi rc GL53 7 A L. 


Clive Discount 
Holdings Limited 

Results for the year ended 31 st March 1 978 





Consolidated profit for the 

year after rebate and 

taxation and transfer to 

contingencies reserve 








Transfer to Capital Reserve 





Baiancebrought forward 



Balance carried forward 



Published profits up by 60%. 

Maximum permitted increase in final dividend. Special 
interim payment will be considered should dividend 
restraint be lifted before September 1 978. 

Shareholders' funds increased by 25% to £7,228.000. 

Total assets increased to £400.000.000-(£235.000.000). 

The directors propose a bonus issue of 1 new £1 cumulative 
preference share for every 30 ordinary shares held. 

1 Royal Exchange Avenue, London EC3V 3LU. 

Telephone : 01-283 1101 . Telex : 883431 . 887785. 

OPTIONS — What Option? 

Yours could be a subscription to our Selective Service for 
regularly up-dated information on companies whose shares 
‘ are traded on the LONDON and AMSTERDAM Option 

',F or details contact: 

McCarthy information limited 

; Manor House. Ash Walk. Warminster. Wilts. BA12 SPY 
Tel: 09S5 21S151 


George VVImpey is to move into 
the management of indutfnai and 
hazardous wastes, through two 
strategic purchases ‘ 'announced 

■In the larger of- the two 
Wunpey has agreed to buy assets 
with .a hook value of £4Jm. which 
comprise ttxe Beatwaste and 
Industrial Services division of 
Powell Duffryn‘s pollution con- 
trol business 

The new company, called 
Wimpey Waste Management, will 
have a workforce of over 600 and 
will specialise in waste clearance, 
collection, disposal. landfill 
management and landscaping. It 
will be backed by Wi ropey’s own 
network -of disposal sites, the 
Wimpey transport fleet and the 
technical laboratories. 

Powell Duffryn explained- yester- 
day that the safe would enable 
the group to concentrate on its 
own specialist areas in pollution 
control. PD will continue to make 
waste disposal vehicles and equip- 
ment and will continue its own 
pollution control -interests, par- 
ticularly overseas. 

In the second deal Wimpey has 
also acquired a 41 per cent. 
Interest in Zorgan. an East 
Anglian company specialising in 
Che handling of hazardous wastes. 
This company will also be 
absorbed into Wimpey Waste 
Management and wil I increase the 
range of services available. 


Mercantile Credit Company a 
wholly-owned subsidiary of 
Barclays Bank has acquired a 
controlling 07 per cent, interest 
in Letting France SA. one of the 
largest car leasing and contract 
hire operations in France, with a 
fleet approaching 3.000 vehicles. 

The remaining 33 per cent, of 
the shares in the company are 
held by Credit Lyonnais from 
whom the controlling interest was 


Ladbmke is planning to expand 
its portfolio of hotels and motor 

This week. if. paid £1.4m. for 
the companies owning the Beehive 
Hotel (near Watford 1. The 
acquisition wffl ^nng the total, 
number of hotels and motor ions 
owned by Ladbroke to 17- 



Wofeelcy-Hnghea, the engineer- 
ing concern; ,bas bought the 
private enilueerins company 
P. J. Parratter aod Sons for £i.8m, 
in cash. •. \ • ; 

Parmiter Is said to be the 
largest manufacturer of Disc 
Harrows: -in. the tIK la year to 
August 31, 1977,: it made a pre- 
tax profit pF £403,000 on sales of 
£3.552jOOO -which- includes exports 

of £955,000.'-. J- 

Net assets at -the year end 
amounted to £1,068,000. 


The three directors who make 
up the majority of the indepen- 
dent members of the Board of 
Scottish ahdf .Universal Invest- 
ments have - fecit a letter to 
shareholders / paying that they 
regard, to Loni-ho offer as 
" inadequate and: unacceptable.'’ 

They advise shareholders not to- 
fill in the form of acceptance, and 
they promise -to. -give derailed 
reasons shortly for the rejection 
of the offer. 

These directors, Mr. H. W. 
Laughiand, Mr. -J. B. Anderson, 
and Mr. H. Cowan, say their view 
is supported by Charterhouse 
Japhet, the .company's financial 
advisers, and Grieveson Grant and 
Co, the company’s brokers. 

'Meanwhile the Government fr- 
awaiting advice from the director 
general of Fair Trading before 
deciding .whether to refer the 
Lonrho take-over bid to the 
Monopolies Commission. Mr. John 
Fraser. Minister of State for 
Prices and Conromer Protection 
lold the • Commons last night in 
reply to a written- question from 
Mr. David Lamhle fLab.. Central 
Ayrshire) ‘ calling on the Govern- 
ment to stop the Lonrho bid for 

Mr. Fraser said: ** The Secretary 
of State for Prices and Consumer 
Protection (Mr. Hauerxley) has 
power to prevent a merger only 
It he has first referred il to the 
Monopolies and Mergers Commis- 
sion for Investigation *Dd the 
Commission have concluded that 
it may be expected to operate 
against the public interest. He 
will announce bis decision on 
whether to make a reference In 
this ease when he has received 
from the Director General of Fair 
Trading the advice on the pro- 
posed merger which the Director 

General is statutorily- -bound to 

give him under the Fair Trading 

Act 1973.” 

GUERIULA ACTION by business and the board of Loudon .Sumatra announced irirat It win do wl 
associates, of N. M. Rothschild,; could have emerged (albeit on & the shares it is acquiring b 
proroptediUie ■ smaller scale).'- But neither side dearly, they cannot oe kept 
£943,000 bid for Gcdougm/e^. panted this and they- were able SeTong term. UK. based cm 
HoS 5 RnthJhih? ;tfl. agree a price. , -■parries ate not allowed to ho 

SSort oth £~ • -* 1 ®* 0 '.The Robinows and. friends have their own 'shares. 

pJSSS, J?® a useful profit turfing - 

Harrisons and Crosfield.-'vplanta: bought most ot their shares .at 83p „ , w • __ . _ ' 

non empire. 12 months- ngo. The value'- SHARE STAKES 

This -emerged yesterday, iflongr of the offer. iscurreatiy.Mip per - -Slough Estates — Under t 
formal offer docume&t share although that- after a- sub- agreement entered into in cornu 
Mr. Richard Hobmow. ao-a^cute.sXaiitfal appreciation pf the; value tion with the offer for Yorkshl 
of Kothscnjld, organised ... a of ■ the main asset - of -.Gedong, and Pacific Securities in Man 

'Consolidated; namely Its shares taXonsolufated . 186 q a further 67.190 shares ha 
Plantations . either to sell-out tis LPtetations. . ^ '/■ - been - issued hv Slough 

s^e in Getfong.. or buy In the;: . Another benetiefety of tire deal for 18,000 shares of i 
w 5S e « m, P an 7- . ■ - i$ Old Court. SmaUfer Companies Mr 4lo8 in Slough Estat 

■Together with his famffy.fftnd which had hdd-aheut 10 per . . . 

associated companies and friends, cent of the company . 

he bought up ’ shares in- this years. ■ ™ ■. r : -• R* 1 ™* 5 

neglected company, -.Other ■ Consolidated: Placrttations.'* contmul^ series ofmspos 

holders were contacted, arid, -fit- does not do badly. it is1ssuln£ ‘S- h 

vited tir -join ’in asking Cop- 669 000 shares to' hny tn. LH , yi3S.- sC 'i d * -further 55.800 Ordxna 
sobdated Plantations tp- make? I^'ahares less £T45JB00.;df - current-. aharta. . 
cboiee. - - , r '. -TV. ' h'abllitlcs and £34^000 of.d«ferr^dr HambTo Trust— Mr. R. .] 

- A conflict such - as those . seen ' tar (wMch may : not be' payable), Hambro has purchased (as a trv 
recently betivean McLeod-$fpef-" .• Consolidated Plantations has not fee) 19,630 Ordinary shares. 


The offer on behalf of . Simon 
Engineering for the capital of 
Gordon Johnson*Stephens - Hold- 
ings has become unconditional as 
to acceptances. 

Acceptances of the Offer- have 
been received in . respect of 
5,934,363 t. G ordon '- Johoson- 
Stcphens shares (80.09 per cent, 
a f the capital). .- 

Subject to the Office of Fair 
Trading noticing Simon that '.It 
is not intended to refer the 
acquisition to the Monopolies 
Co mi mss Ion and. to the passing of 
a resolution' to approve the sale 
by Gordo ' nJohoson of certain 
subsidiaries to The West of 
England Trust (which latter con- 
dition Simon has reserved the 
right. to waive), the offer will 
become wholly, unconditional. . 

. The offer . wi\C meanwhile, 
remain open- until farther notice 



Industrial and Commercial Fin- 
ance Corporation is providing 
£ 120.000 as a 20-year loan to 
(bmac Group which specialises Irr 
the construction and maintenance 
of vehicle parks, mainly in con- 
nection with retail superstore 
developmen' The money will 
be used for expansion. 

Tate and Lyle diversifies 

Tate and Lyle's refineries 
division has bought a 80 per cent. 
_-onl rolling Interest in Reality 
c urnihire of Stockport, as well as 
in agreement with the larsre 
German upholstered fumiiure 
maker. Hukla-Werke GmhH 
vhereby Hukla-Werke also 
requires an interest in Reality. 

Reality is a upholstered fumi- 
*ure company producing suites 
For the middle range of the 
market and has 25 employees. 
Plans have already been agreed 
For the acquisition of an addi- 
tional factory site at SL Helens, 
Lancashire which is to be ex- 
panded over the next three years 
as part of a £500.000 investment 

Hukla-Werke is claimed to be 
the world’s largest upholstered 
manufacturer with interests in 
fiance. Switzerland and Japan. 
The company has not uo to the 
nresent time hnd any interests 
nor sold in the UJC. 


The directors of Johnson- 
Richards Tiles and its advisers 
S. G. Warburg and Co. Ltd. yes- 
terday repeated that they cannot 
recommend the terms of the 
HepworUi Ceramic offer. 

Holders are advised to take no 
action whatsoever on the Hep- 
worth document. 


Wheway Watson Holdings is to 
develop its operations in South 
Wales, by acquiring the goodwill 
and certain of the assets of 
I^veridge for a consideration of 
£110.000 bv the issue of 785,714 
Ordinary shares at I4p.each. 

Loveridge is based at Cardiff 
and specialises in the manufac- 
ture. sale and hire of lifting 
equipment, whirh complements 
Wbewav's own areas. 

GROUP 7 7 

t . ''Another record year for the company and an 
improvement over 1976 of more than 
24 per cent." J H Craigie, Chairman 

s^r Seventh record year in succession for Group pre-tax profits. 

Progress was maintained in spite of a dlsappointing second 
half in Rockware G lass. 

4s= Rockware Plastics operating profit was 1 50 per cent up. 

$ 8RK, the glass mould making subsidiary, made record profits, 
with 36 per cent of its business in exports. 

& The new engineering subsidiary, Rockware Kingspeed, 
settled down well 

Rockware International made a substantial profit contribution. 

; The Welsh Development Agency 
. is to acquire the shares issued at 
t the issue price of Up each and 
! to subscribe for an additional 
i 414-2RB Ordinary shares a» the 
s came price. None of the shares 
I wifi rank Tor any fin^J dividend 
i for year to April L in ”8. 


Ratal Electronics announces 
that it has completed the acquisi- 
1 tion of the assets and business of 
1 the Vadlc Corporation. the 
■ California-based data comm uni ca- 
; tions company. 


Contracts have. been exchanged 
1 between Armstrong Equipment 
1 and Gandy, a member of the BTR 
Group, for the sale of the friction 
material business of Gandy for 
1 £850.000 cash.- 

Gandy Belting will continue as 
a member of ■ the BTR Group, 
manufacturing medium and light 
duty conveyor and transmission 


Mr. Martin Green has joined the 
Board of Associated Tooling 
Industries haring purchased a near 
10 per cent, shareholding on behalf 
of himself and family trusts 
connected to Mr. Green. The 
.shares have been acquired from 
Shield Trust, part of the Roths- 
child Group, which only acquired 
its stake through an internal re- 
organisation in Rothschild last 

Shield’s stake amounted to 
233,287 shares (13 33 per cent). 
Mr. Green’s personal holding is 
32.000 shares. A further 59.576 
shares have been acquired by Mrs. 
P. V. Pratt, the wife of Associated's 
chairman, who now controls 18 
per cent. The remainder' has been 
acquired by the family trusts 


Cosalt of Grim«by, which last 
year sold I ts Ships Chandlery 
division for over £l2m., has just 

bought P.D. Maestrauf (Felix- 
stowe) a bonded warehouse, com 
pass adjusting and ship- 
chandlery bu«ne.*s in the Felix 
stovve. Ipswich and Harwich area 

The purchase is an extension ot 
thp .-hips stores services be in; 
offered by Cosalt at IS location 
around the coast of the U.K. am 
is Intended to extend the range o- 
services offered to the marim , 

Other activities of Cosak 
include the manufacture of tin 
Abbey, Piper, Safari and Ririer. 
caravans, distribution of Re 
frigeration and Air Conditional* 
units and decorated mirrors 
the new Welsh flag-carrying air. 
stfne. Air Wales. 



HA. Light, the Midlands-baser 
pressings and wire forming grour 
hah taken over Avon Diecastin- • 
of Birmingham, which is th- 
rob n try’s largest supplier of tin- 
cam gears with a turnover of £Itr» 
per annum. . 

This means that turnover of tlv 
Light Grouo is expected to read 
around £8m. during the year 
increasing from £3m- in 1976. 


British Shipbuilders now own* 
99.063 ner cent, of the capital o f 
Falmnnfh Docks and Engineering 
Its offer is now unconditional and 
remains -open. 


C.C.P. Nnrih Sea Associates ha.« 
purchased 724ft00 shares fI727 
per cent.) in Hampton Gold Min- 
ing Areas. 


Montague L. Meyer has exa> 
cised Its option (announced in 
January) to acquire the entire 
capital of A. Drcken and Son 
f Tees-Side) and Dickeo’s Mandale 
Timber Company. 

The purchase price of £2.4rru 
will be satisfied by the Issue of 
197.418 fully paid shares and 
£2^68^39 in cash. 








PROFIT before tax 



PROFIT after tax and minority interests 





permitted ' ■ 






* 1976 figures have been re-stated to ref feet the change in the accounting 
treatment of deferred taxation. 

’'We are now in a good position to take advantage of 
the greater consumption which should be brought 
about b y the recent budget, and of any increased 

■ seasonal demand" 

Th* Annual GenoraJ^MeBiinji pi Rflckww* Group LmiMd 

■ will bs Maid at 3.00 o.m. or 17th M«v. 1 378 at 
. Winchester House. (Hair Id) tot) Old Broad Street London EC2. . 


Caraatioff-Foods Company Limited 
are honoured to receive 
the Queens Award for 
Export achievement 1978 

Manufacturers of: — 

Carnation Evaporated Milk 
Sweetened Condensed Miik " 

: • Coffee-mate 
Go Cat 
Go Dog 


.Petroleum maatsbhapfij . ; • 

4. *. - ; * . 

-. ‘t . EetabllshedabThe Hague, 77ie Netherlands 

„ {Royal Dutch) _ ; i . 


to be held on 18th- May. 1978, at l 1 a.rn. in. tha "NedeHands Congresgebouw", ' 
Kl Chunrfiiflpleln, The Vtaflue, The Netherlands.- ': 

- AGENDA: ■ 1 '! ] • ' - . ■ • " - ' 

1 . Annual Report for' 1977.- 

2. Finalizabon -of the Balance Sheet and the Profit and Loss Account together 
with file Notes thereto for 1977 and declaration of the dividend for 1977. 

3. Appointment of two members of the Supervisory Board. 

A. ■ Appointment bf'-aVmember of the., Supervisory .Board owing to retirement by 

TJm 3 agenda and : tKe documents pertaining thereto are avalfaWe for Inspection and 
may be obtained' by shareholders- free of .charge at' the "Company's office, SO. 
Carel van. Byiandtiaap, The Hague, and at the head offices of the banka mentioned, 
below.' The nominations for the appointments referred, to . tinder the Items 3 and 4 
are available for i’r»peotion by sharehoidets at-the Coropany’-a office. 

A. Holders- of share certificates to bearer may — either In person or by proxy — 

attend and address the meeting and exercise voting dghta if their share certificates, 
or evidence that their certificates are held In open custody by De Naderlandeche 
Bank N.V.. are deposited agaiost receipt not later than 12th May, 1978, at one of thB - 
banks mentioned befow, viz,: ■•'.*’ 

In The Nethedands ’»••'• 

Algemene Bank Nedertaod -N.V.; Amsterdam-Rotterdarn Bank N.V.; Bank Mees .5 
Hope N.V.: Banque. de Paris et dea Pays-Bas N.V.; Kas-Asaodatle N.V.; Pierson, 
Held ring & Pierson N.V.'; Van der Hoop, Offers & Zoon N.V. 

In Austria 

Creditanstalt-Bankyerein, Vienna; Cfsterrelchische Underfaank AG, Vienna; Schoeller 
& Co., Vienna. • -■ -. k ^ • 

In Belgium : ■ 

Societe Gendrale de-.Benque S.A., Brussels;. Credit Lyonnais, Brussels; Kredietbank 
N.V., Brussels. •• 

In France . . . • •« .. • • 

Uzard Freres & Gte/rParls. 

In Germany 

Deutsche Bank : . Fipnkfutt/Maln, - DOsfeeldorf, Hamburg or Munich; Berliner - 

Disconto Bank AG. Beilin: -Bank J^r Handel und Industrie AG, Berlin; Dresdher 
Bank AG, Frankftjrt/Mairi.^DOsseldoiT.r' Hamburg, Munich or Saarbruckert; SaarlSn- 
disfche KredfftiarikAG.-.SaaWjrilckeh.. V'.ii’-.* V ~ V.Jj*. 

In Luxembourg ' '* 

Banqhe Internationals a'LtbtemboQrgSA, Luxembourg^ •• 

In Switzerland . . - * ' 

Schwecerisfche Kreditanstalt -ZOtich,— SchweizBrischer Bankverein, Baale; Schwd- 
zerfache B?nkgeseilschaft, ZQ rich;. Bank Leu AG, ZOrich; Pictet & Cie, Geneva. 

In the United Kingdom "i.v!'' 1 . . . 

N.M. Rothschild & Sons Umtted,:London. 

In the Uidted States of America • • ■ 

The Chase Manhattan Bank. N A, New York. . 

B. Holders of registered sharps- may — either In person or by proxy — attend the 
meeting and exercise the aforementioned rights if they make known to the Company 
In writing not later than 11th fiby, 1978, -their desire to do so: 

with respect to shares of The Ha^io Registry: 
at the Company^ office at. Tfi4niflbe^ | 

with respect to shares of Amsterdam Registry-. 

at the office of Algemene Bank'NedoHand N.V., C.TCE, P.O. Box 2230, Breda; 

with respect to shares of NevyYork Registry: - 

at the office of The Chase Manhattan Bank, MA^ New York 

_ * . * 

THe Hague, 21st Aprlf, 1978 r ’;.‘v' v The Supervisory Board 

1 9:7 8 

IAS Cargo Aiiirn&is Britain’s largest all-cargo airline. 

Founded just seven years ago with one aircraft, ; 
today IAS’s modem jet cargo fleet carries British exports 
throughout the woridrqri a regular and ortrequest basis. 

The airline’s overseas earnings have almost 
quadrupled in fft/Teeyears. /AS low-cost Skyrate tariffs^ 
coupled with frequdtif art! regular services, have 
revolutionised British ac cargo. The IAS method of 
transport gives exporters and importersa reliable and 
. Tf inexpensive way, often cheaper than surface carriage. 

• IAS saves time anri money. 


Foods Company Ltd. 

Ov«rsBBS officM A-KTRatJanferJ {c*rco depoO. 

*. > . . 
if * .V. • ■-> 


-*• — ■ ■ 


W<. ' 

; • f. - 

! ’ T 

'A*. 7 

if**..; “ 




to De Beers amounted to R1 262 million, or 351 cents 
per deterred share compared with 228 cents the 
previous year. 

Total diamond production by the Group rose to 
11.8 million carats as compared with 1 0.5 million 
carats in 1976. an increase of 12%.- .. 

* : Far-reaching capital programmes are in progress 

and others have been initiated to bring about a 
: substantial increase i n productive capacity. Most 
; impoitantfl{al^ potentially, jsthe hew mine discovered 
by De Beets at Jwaneng in. Botswana- It will take. .. r: *: V 
about-fbur years to bring the mine to production: jv ; 

After completion of a comprehensive job • ■ 

evaluation an integrated wage scale has been . 
introduced for employeesofall races on the Groups \ 
mines in South .Africa and Namibia. All local black;.'';., 
employees, numbering more than 1700, of the -. *• 

. Kimberley Division were admitted during the year to,, 
membership of the De Beers.Pension Fund.and.thei".: 

payment ot R3. 5 million 

financed by credit, some of it based-on the premium 
prices ruling. The dangers ofsuch a situation should 
there be anydownrum in the market need no 

emphasis. It is the established pol icy ofthe.CSO to . 
maintain its'selling prices at a level which it believes 
can be maintained on a long-term basib.Vrc will not. 
therefore, make further increases in ourbasic selling 
prices ynless and until we are satisfied chat such 
increases are justtfiediin relarior&to the retail dcmjmcfc. 
fof diamonds. On thebthi h&t)d. m feixi^WcHe 
producers for whcri\ua^the;CSO cannot affow 
such speculative dealmgtb gotoriwtlVout taking-steps 
to enable the producers to benefit from the premium** 
that are being paid. Accordingly surcharges at rates 
judged appropriate aithetimebf sale will be charged 
by the CSC until such rime as a reasonable relationship 
has been restored bcrvv'cen.the market price of rough 

been inflected in prices ol diamondjewellery. and tne 
premiums above CSO prices bring paid-for rough in 
the secondary tharkets, are certainly quire unrelated to 
* basic consumer demand and>*eS above whatm our 
jpdgehjtent cb tid be sustainedm .present. • - 

‘ dfctirasmnces.Tbis speculation retes an increasing 
asb ofdiamondi not for jew^efy>utas a store ot 

by fte.totthe-instab^ty 

*bf currenriesl'a^«a:^ yridespreaa belief among otir 
customris that' th i very such premiums 

‘ must induce the CSO to makefutther substantial 
' increases. in its baric selling prices without proper 
^regard'to thestare of demand.fey^heultimate 

.consumers of diamonds. •*. 

' • - V- -Stocks in the cutting cent^^in.conscquence. 
*iSufy high and to a large e^rtheyare bring 

Company made a lump sum 

to the fund. . ... 

: • Progress continues to be made towards the- ^ 
eKminaritin of the migrant labour system in ithe ; 

Kimberley Division: die. proportion of black workers , • 
who live locally with theirfamilies is now about 60%^ 
and is continuingto rise. Agreement has been inched- . 
with the authorities for the establishment of : ■ 
financially assisted homeownetship schemes for bl^ck, 
employees in Kimberley, and Koffiefontein. and at ■ 
COM the fin* Ovambo married employees 

• housed -with their families arrived at Oranjemufid m . ; 
June. Sekagpon and training facilities have be^ri v ' • ■ '9 

■' ■expanded and improved throu$^i% Oroug-AU. j 
■this goes a very long way towards eliminating allTon»s^ 
of T^al'discmMaati^wahin oiffccastrd,aiv3bur . • 

intent ion is to remove such anomalies as stillexistin ■ 

. d* course of the .year. ■ ,* ./ 

Certain changes have been made iri relation to, ^ 
CDM w'hichlasE.year contributed 22% of De 
profit. VW? have moved the head oftice of the QPM ; . , 

• company to Windhoek and have appropriatedjnthe ; . 
■ CDM accounts an amouritrof R2" 5 million for-fe- • 

purpose, if this proves economically possible,^. . <.<" '■* ■' 
diversifvinaour activities iaNamjbiaoutsid^^:^ K 



ffi 1 

ft 1 1 



- Financial /jtees; Friday April 211978 


Profit well ^ 
ahead at • 
Alcan d( 
and Alcoa 

Amid P eaniings fall 

despite $7.3bn sales peak 

Gas shows 
sales fall 





B/ David Lascellnr . 

NEW YORK, Aprii 20. 
NORTH America's two largest 


THE RECOVERY programme of and P supermarkets has bees 

NEW YORK, April 20. 
This profits slide is not unforo 


PACIFIC GAS and Electric’s . • ..... . _ - ir , t . 

first quarter earnings decKneto . • - ■ ; NEW YORK, April 55 

60 caife a share from 78 cents STRONGER demaad ani higte well’ above 'the States-^^St^i and BetMel'V 

aSd ■ pnce8 , axe J® 1 ® PMBfoBfc/ third and fourth quarter lev^ SteeMJje'lattex suffered a „ 

g? liST 1 ^several mpjorUS^steel^ ,cw* ot Iart j*ar. - ... / r fru-lmje.j V 

■ P^ca, from serionSy -de- The Inland . c hsTirm a itt ‘/Mr. -report their first Quarter flgn 
M^ a r 1 h? e n^£oJ Ve f Q n ar ^^ pressed levels hit- last;. yean Frederick Jaikes, writerttsecLthfr. :Gne factor, in the profifc/’*' : V 
»• < ££ I 2 er • Jf? 1 1 fr0II l ' totend the . fifth -largest strong earnings . performances- cowry tb? industry is how V r '. 

®rrr^* 10 ♦ sA8m * ®» sales of U.S. steel producer .i 8 - saying that the company 3s ; -ear- perienctng will have been 

gibjm. compared with cent years the most consistently periendng very strong 'demand' 52 her .cent price incr i ' 1 < ■ 

5 S tr bra, D rj . : . profitable- of the .leading jgrp- for steel ttlH produ^ and ex-.'Whbii Cidne into effectin' W V - - 

“r. Conner said although . ducers, has reported first quartet pects -capacity operating, Ieveas. axjr,'. coupled with, the elim > 

milder temperatures were a earnings oF-SMSttl,- more tkttL'.to prevail during-; the-second tianof some' price, discountz' : ' ■* 
factoc In the reduced energy. ; double the SlEOm, earned fo tifo quarter. Together with. a. more a resuit of stronger demand: *’ - 
consumption, customer .con- - .first quarter of 1077.-/- /i?- T- favourable .outlook for other Rut industry executives ~ . 

servatton efforts' were also a Inland’s earnings per - .share divisions, this led him *tp >;f ore-- stifl that they fiave ' ■ . - 

si gn i fi ca n t factor. ‘ have risen from S7 cents-lh the- cast' improved earnings in the ; toi see - any- benefit 1 from A.-*-*. 

.Pacific Ga s’ esttmated flirt quarter of lart. year to Stl 6 - Wond quarter too. Government's . trigger w .- ' . 

requirement for. new generat- -To some extent, the" ; big -fan " 1 - Inland's figures- "land to «ui--m«cttanl 8 m to ciortail. steel 
ing capacity in. the next five ; crease in profits .reflects r- ifo 'Yflhn the picture presented ^ear 1 : ports, which/caiae into effecf ' 

ware .will fw» • A blllumMs ahnnraitlln Hatirunyt M < 4 ia iiraalr’ Rir tVin TWow-h fMr Y^tVqd nV jr'" 

NEW YORK, April SS * 

for the next three months. Founded by the Huntington improve its Image among compared to $L7Ini. "last year. 

Aluminum Company of H arl for d family, a and P has consumers. Analysts think it likely that this 

America gave net . earnings as bcen struggling to regain a profit- i 0 ' fiscal ' year ended reflected a Softening of competi- 

S53.9m. against S4S.9m. in the ablc footing since it suffered a tion in some of A and P’s key 

same period last year with m 5 7.1«l: loss in 1974. The 5 marketing areas. However, the 

revenues totalling $938— tn, compadv went outside for a new ported to-day net, .earnings., of ..v .■■■. included 

< $844 Sim.). Earnings were fhai W D and recniited Mr. S4.79m. or 19 cents a share com- 

equivalent to 81.53 a share Jonathan L. Scott from the Idaho pared- to S23.78m. last year. Sales o^traonilnary credits of-S200.000 

(SI AO). supermarket chain. Albertson’s, increased from S7.235bn. to and the full year profits of SI. Bra. 

Although production of si DCe then the number of A S7.288bn; ■ or 6 cents'-*' share tax credit. / 

primary aluminium was up 
29 000 tons to 380.000 tons com- 
pared with the same period last 
year, shipments dropped 17.000 
tons to 430.000 tons. Mr. W. H. 
Krome George, the company 
chairman, blamed this on the 
severe winter and the four- 
month coal strike which res- 
tricted plant operations. 

However, he said the company- 
expected shi-nments to increase 

Ford again raises car prices 


NEW'YORK, April 20. 

reduce capital expenditures by 
-over $2.76bn. in the next five 


SSS Diant nwidon* F0RD Company, taking the international exchanges over Datsun safoapd trucks by an c f qr f 

c HoweSer he P sah| a the'comnanv- advantage of the leeway offered the past four months has forced identical 8.4 eer cent Toyota is OllOIlg SlSHT at 
exDPPtPrf ^hinmenn: to lncrMse by a new wave of price increases most of the major importers Into the leading, car importer into , i •» « , 

to?second barter reSed’®" iraported cars, has raised , the U.S.. to boost their .prices, the .U.S. ,aud Datsun nnmber JBriStOHVlVerS 
produ clio n^a naei^ was ^ honk ed sticker prices on its domestic Last week Toyota announced its two. r but so- far neitiier com- . * „ V' 

snliri” wMh Hpmind for Dacka”- small cars for the second time in fifth increase m 12 months and pany s sales : appear to have been NEW YORK, April 20. 

iJ- ,nd ^naJtAon dSSSSR more recently Nissan USA Wt by the of price rises-' BRISTOL-MYERS the toiletries 

«nl, Pieinp Aiiiminium rtpmand Thu decline of the dollar on pushed up the prices of Us Toyota’s sales are up 5.3 per cent. . and medicine; group announced 

StrJS '.TrcranTn “ d Datel "' S f ° r . til 

hisharf. in thrpo P® r quarter of .63 cents a share 

severe weather and accompany- Republic earned- a profit v of . experienced in January i 
mg energy problems- But (60 cents a" share) cbai“ February - as-; foreign -prodftd 

land's first quarter' sales ; re-' pared with- the lftss b£ $SJ2m. -focmgr-.aaiy' deaduads' for/tf 
venues .have increased by ^i pCc> Incurred in. the -first -quarter of ' illegaF dumping- "praettbes; ■ 
cent to S7fi6.4m. and raw steel' last year. The company’s steel deavoored to gain as much > 
production is . up Iff -per /heart, shipments were up 26 per cent, vantage as possible before 
indicating that underlying de- and production up 14 per cent trigger prices became fi 
mand is strong.. In addition,' The industry readers, Dhfted effective.”- ' 


NEW YORK, April 20. 
BRISTOL-MYERS the toiletries 

still rising Aluminium demand mema ot me o«i»r on puaiteu uu uiu u*. 

from the commercial aircraft in- — quarter and Datsun s 

dustry was the highest- in three _ ojs per cen.L, f 

years, he said with orders ex- A O T COOC (701111 VPilT Both Ford and General Motors 

tending_ into 1979. ^jL X QL X 'vvu ^UUU J vftl priced their small cars extremely 

Mr. Krome Georae also based competitively last September in a 

his optimism on thp fact that MIAMI BEACH, April 20. bid to beat off the import chal- 

mw n 'fo? t0 the S cureMt AMERICAN- TELEPHONE and degree of acceleration in demand Jenge and in the process offered 
r-r„ a }‘i n r,4 r a[ , tivity UrTent Telegraph chairman. Mr John ft -P»J«gLln *"» “J® 

Alcan Aluminiinn ren^rted Debutls. told shareholders at c;illti0 ? lls ahout earnings grawtb acknowledged that prnSt margins 


Both Ford 'and General Motors 
priced their small cars extremely 
competitively last September in a 
bid to beat off the import chal- 

qnarter of .63 cents a share " 

against 55 cents previously- ... .. ... 

Total net earnings increased to ' THE proposed - Injection , Of ability to grow faster and far He said that Marine Midis. 
S40-5ni. from $35^m. Sales of capital by Hongkong - and better to serve all oiir markets," on. a' per-share basis, has a; .- 
$573fim. compare with $53£m- . shanshai Bankinff Cornorathm -be sai**- worth; or shareholder capital •• ' 

Bristol-Myers, in reporting Under ^ 5^9*^ Hon^wjng tion, of almost $35. • . 

higher first, quarter earnings w e “L” 1 "Sr? woijld buy a SIdOm.. Marine Mid:- ■ Another, said, be/ would:* ■ 

also reported that It was w Ptild allow tne Ufi. : -banKing;^ -fond note that con- r tender his stock, “for less 'f-.. - 
agTeed to settle some of the comp any .to expand .substantially/ vertible into more^ "thafi- fi3m. ^30 each. Hr.'Duffy.-de&V - ' 
suits Involving ampicilQn. The Mr. Edward -Wi Duffy - , 'Marine shares at $30 each. Hongkong to answer further qaesthma^i- * 
settlement provides for the chairman said at -foe- annual also would -buy another ;3m: or the Honf^ong. ptoposai, «j. 
resolution of all claims ltfth ail meeting here. . . . so shares from/ present stock* that he feared anything he * 

retailers .wholesalers and _ . _ • C ^ . /holders at. up. .to $20 .each: ; might appear iq be a sojic : 

BUFFAW), April's/; 


• ueiw, lei AO - . . cauuuus annul earning^ giuwux «vnuu»icu B ,« u uiai pruui imuKiua 

net earninss of SBOm. I..M8 a the annual mretmg to-day that fes iD i978u-iast years figure on these cars were extremely 
Phare 1 1 aiainst fi35.5m. (sOBSi in experience so Far this year sug- m 15 per cenL tight and have been glad to raise 

SfvwmwLaiyS^Sn *F** :f,T8 * year .-°- f Mr. Debutts said 197S capital the margins through price, in- 

Rp^-pnue was ES2J.3m. (SYfli-ftm.i. stronger growth than was aatici- wnnlri hp about S600m «■««« *»o tha 4 mnn r» a r- havo 

Tnta, ahimlmun, shinments patedV the. beginning of the ^ 

reached 394.300 tons in thp year. 

nuarter compared with STg.nno ' , 

inns a year earlier and 300 soo 

jnn« in ihe last quarter of 1977. I”? S r.r 

The company said sales in the ° 0 V 

first quarter were “closelv in 
line ” with production levels. S-ih«’*« timE? 
Sales prospects for the next S8.i4bn. to S9B6bm 

quarter are “ strong” the com- Mr. Debults said 

iiea at me oeginning oi more than the SI2.8bn. pro- responded to ‘Currency pressures.. 

- ar - jecled In the annual report The’ 

a’ veal-’' earlier and SO** *00 AT and T earlier reported earn* difference is almost entirely ' Since November. GM has 
in '.hP i«i niiarier n’f 1977 in S s for January-March quar- attributable to revised estimates raised the price of its Chevette 
^company-said safes in the ter -°! ' «?®fc ° n r *'?}-* ? f growth by BeU System opera t- amali car. whose sales are more 

-u-.-'n. u'arfl “ nincaiv in against^ SL06m-. or ,J.6a a share mg companies. than 60 per cent, no on last year 

1977. on revenues up from at and T has still to learn It**: 

l.74bn. to S9B6bn. .what information the Justice ? y up t0 S20S - For d sJatest price 

Mr. Debults said the increases Department intends to take to “ crease overages L9 per cenL 

suits Involving amplcillln. The 
settlement provides for the 
resolution of all claims irith ail 
retailers . wholesalers and 
private -hospitals. 

The cost, of the settlement 
has been fully provided for-by 
the company it said. 

Agencies • : i* _ 

The proposed .S200m*^f.firtr. in adidtiou, Hongkong --would. tion of’ promes, 

capital wiH. enable M^ne Mffl: biy ^ another &3m: & 9 ies He said that rtockhoMer 

_JP S “PP°*J. a ,;? h . inil fi , an ior SlOOm. by December 1980,_tions would be .ahsweral, a;; . 

■ of S2ffbh. to S3bn."- in '.^T.rtving it 51 per dehL ovraerahlp spedal me^fog to be, cal\ ' 
loons and - investments, -Mr. n c nr a Hnp Midland.- later. Pronr material .'fin* t ' 

ing companies. 

with prodnerton levels. ™ “P from AT and T has still to lea™ 

panv added thou°b it 'gave no came despite a statement in the trial, information which he and means that tfie total increase 
Indication of its earnings expee- annual report that it would be termed vital for the preparation since last autumn has been 
tations. unrealistic to expect the same of an adequate 'defence. Reuter areund $185 per model. 

Car makers’ 
notes priced 

and -investments, -Mr. Marine Midland.- later.’ Proxy material- for t 

Duffy added. "• ■' • One stockholder at yesterday's meeting will- be mailed “'wh 

“It will put a whole heW meeting complained that the per* the next few months. M 
dimension on the comiuia^s share price offered Is too low. Agencies .. - .-il 

-vear fo 



Petrofina Canada growth plans 

By Our Own Correspondent ' 
RICHMOND, April 20. 
TERMS were set here to-night 
for the 9500m. worth of notes 
being offered simultaneously by 
the two largest Ufi. car makers. 
General Motors and Ford. 

Bethlehem Steel sells oil Profits down 
drilling platform to China 

due°l^we^riced^t»9 7 n wite BETHLEHEM STCEL tlm second. the signature of a contract with *£7“^® S?.L -VSH5' $ 
aue were p need at ua.i witn «™.«.*,hi , ii».-.ns«rwn» MidMrifiM im A«rii io_ SI47.9m. Sales of ,S13bm a- 


MONSANTO announced thati" : 
quarter net earnings fell to ft 
a share from $4.0L' Tbtrt j: 


FRASER Companies, the New 

Brunswick pulp and paper con- WHILE Fetrofina Canada is ex- most important producer nr 

MONTREAL, April 20. QUe law were priced at w 
a coupon of 8i per cent. 
Consumption of refined pro- 8.44 per cent at maturity 
lets rose bv onlv 2 uer cent in 8150m. worth of notes- di 

a wHiuon of 8i ner cent to vteld largest steel company in the U^lChinKe authorities on April 10. 

SmXmA 1 uSSfo -«!.* -leading oil drfi^lat- The ^Cmncse wfilwpay; npr share - 

Brunswick pulp and paper con- WHILE Fetrofina Canada is ex- most important producer nr Consumption of refined pro- S.-Mper cent at maturity and its mnrmfMtlirer has S20m toS25m! for the^ie and per share, earnings were -ft v 

rern controlled by the Noranda tending its activities in nil and aromatics in Canada and it was ducts rose by only 2 per cent in S150m. .worth of notes- due 1988 form the rig anh 33^ ““v. - - 

“oup earned SC4.9m. gas exploration and . production the first Canadian company to Canada last year, and “we were priced at 99.6 wth a conp on jjat it to .he t!m fort -Bethlehem .Is gpemi.^ that . cun ™. ..&* ' 

(8U.S.4J!m.) or SC2.10 a share in in Western Canada and becom- finalise a major sale of benzene anticipate an even lower rate of 8ff per cent, to yield S.56 per «Jf f£ 10£x£n£''*- ^ T 

the firsrquarter against SC2^m. inq more involved in the Alberta to Japan. - . this year.” This is not "far cent coacern to the Republic- Of possfoitity- . - „ SStJS ” 

or flciO° a year earlier, writes Tar Sands planning, “we will Capital spending in 1978 will removed from a zero-growth GM s S200m: worth of ten-year China. -i i iA hAn. w £th» 2ti. S- i; 

nl J iuf nntm -4 1 rwifcnnnri^nt continue intensi tying our expan- he up 10 per cent- to $C50m„ situation.” subordinated notes were priced Bethlehem smd that the- dn% whether Bethlehem itself. g compared wth iO-centt/l sfl -- 

Sales w“e SC60m. Tsu S 52mO «o n programme in the petror half going to exploration and However. Petrofina’s Montreal at par with a coupon of 8| per befog con^^ r^y^nego^ing fo constrict -in^eywr ago penod the^ 

against SG48m Foreien chemical sector,” the president, production mostly in Alberta, refinery has reached 80 per cent, cent at its Singapore- yard folftnipag additional, rigs. „ . pany said. 

exchange "ain accounted for Mr. Pierre Nadeau, told the Refining and manufacturing will utilisation, though it has to go . •• • •* - ,. - « -'•* .*■ ; - ; •• .. : 

SCI 03^ oer^ share of earnings, annual .meeUna. :> get SCL9ra. out of which SC10nr : - aloog with tfae very4oW margins AMCPirftM nil«PTCPn rC r ^ - v .* f-,-.-. ^ r-. 7. icr^.r. *■■■<??.-; mzyr-. •/•:■■«« ■■■• ‘ 

against 53 elate Demand hw Last year, petrochemical sales is atiocated to antipoliution available because. of sev e re over- t AMfcl<i V AW J - • a :ny f - - ;•„■*_ -y- — 

been strong for imlo naner and rose 50 P er centi over 1976 and measures. The remaining capacity. Howdve’r. FederaT and ..wpnir»M rraiutic 
limiber P . “ thte is an encouraging indica- SC6m. will be spent in the. mar- Alberta Government policies AMERICAN BRANDS 

Bell issue 

“ this is an encouraging indica- SC6m. will be spent in the map- Alberta Government policies 
tion for years to come.” ketmg sector to raise efficiency have “ given renewed hope, to the 

The company in 1977 was the in the marketing outlets. industry.” ' 




First Qtutrtor 

Revenue - 1 

Net profits 5 

Netpershare... - 






Fh«t Quarter 

im - 

s - 

l.lbn Revenue 

42.0m. Net profits.. 

155 Net per share/.. 

Express int 


TORONTO, April 20. 

First Quarter 

Bell Canada, the largest tele- . «. , -« - i Netpershare... - 2.10- 155 

sMKiis %iKS Trust comuames off to eood start avon products — — 

of convertible Preferred shares A 0 quarter 155 im 

following approval by the regu- . BY JAMES SCOTT - TORONTO, April 20. 

latory authonty, writes our • Revenue 365.0m. 309.0m. 

Montreal correspondent The THE second and third largest rose 15 per cenL to SC117.6m. At March '31, total assets were Net profits 32.0m. 26.0m. 

company will issue 7ni. SC1.96 Canadian trust companies have from SClOlBm. The company ?C459bn„ up from SCSBbn. Netpershare... 0.55 0.45 

cumulative redeemable voting reported sharp profit increases says, however, that recent in- Meanwhile, Canada Permanent bupoiam iNCTnininrwTs 

Preferred shares with a par value for the first quarter of 197S. creases In the general level of Mortgage Corporation reported a °^ lv ‘ nAW iriaiitumj-wta 

of 8C25 each to yield 7.84 per Canada Trustco Mortgage interest rates will have a nega- profit increase of 9 per cent, to iwni Quarter ivn wn 
cent. These shares will be con- Company had a profit of tive impact on its results in the SC3.95m. from SC3.64m. -. while _ * s ’ - 

vertible for 12 years into Bell SC 1.16m. (SU.S. 1.01m. > for the second and later quarters, ana revenue rose to SCITOm. from " eveau ® S e ! eoue f 

common on the basis of two com- quarter, up 30 per cenL from subsequent upward pressure on. SC90m. Assets rose to $C4J8bn. profits 6.0m. 4.0m. nroI: 

mon for five Preferred. SC6J29m. a year earlier. Revenue interest' rates seems probable, from 3C3.44bn.. Net P er share... 0.66 0.04 





im 1977 First Quarter OfW «77 

5 S • S S 

365.0m. 309.0m. Revenue : 922.0m. 870.0m. 

32.0m. 26.0m. Net profits 255m. 28.0m. 

0.55 0.45 Net per share... 0.86 054 


Fl»SI Quarter ITO 


Revenue 1.6bn. 

Net profits ....... 25.0m. 

Net ner rixare...- ' 050 

This advertisement appears as a matter of record only. 

Empresa Nacional 
del Uranio S.A. 

U.S. $30,000,000 

Medium Term Loan 

managed by 

Manufacturers Hanover limited 

Banque Internationale pour le Financement . Algemene Bank Nederland N.V. 

de l*EnergieNud[eaire - BIEEN-INCB 


Manufacturers Hano\^r Trust Qjmpaiiy Algemene Bank Nederland N.V. 

Banque de la Sodete Financiere Europeenne Banco Arabe Espanol^ S.A, 

Bank fur Gemeinwirtschaft: AG Lmdcm Branch Bank of Ireland 

Banque Canadienne Nationale (Europe) Banque Internationale a Luxembourg S.A. 
Bayerische Landesbank International S .A. Manufacturers Hanover Banque Nordique 

Canadian Commercial and Industrial Bank 

■April, T978 

0:04 Net per share...- ' 


in? HmOwwiir ' .. i«* X «n im Qnmr - ; ^T*w ■ wr '• 

*— Revenue ,l7C0xn. TSfLOm. Revenue .........' SOG'Ihn. 4B7^ vOfpOl 

42.0m. Net profits . *45m. ; 4Jan. Net-profits . 45m.* 6. ! s 

0.79 Net per share... . — ■=. v : 0.61- Net.jfsr- -shafbi. fh35-.‘.. i,r .. . - 

-r — tt- . * Los s. ’ ; — - • 

' Ri J. REYNOLDS " V. -e \ 

— — MINN. MINING & MAN. ?— • * 

1W7 ■ • ' ■ ■ - - 1 i PhtfliW.' '.TOi, • TO- : 

s Hnt Owtar UU M77 5 • •• S - 

}70.0m. ■ Revenue Ii 6bn. 551-/ /.. 

280 5 L •Sfr Net profits 955m: . 

054 Net profits. -Hftte. 87.0m. Netpershare.,. ' 1.84 - . • . 

Netpershare..,- . L03 - 0.75 - — ■ - ^ - 


m ' m.iM.r ’ ivm — ST"' Plwt quarter Ml' 1*1. V 

L5bn. $ Yiiam ■ — W' : ' 

Net profits ..„.s . 30.0m. 24' — - 

IL ^= Net per share... 1.40 ';.f - - r - 

V l** 




FhvtQiuyter ' MB 

052 Net 

First Quarter 








Net profits .... 

.. 2S.0m. 


Net per share. 




Secoml Quarter 






. 607.0ra. 


Net profits 

. 17.0m. 


Net per share- 




Second Quarter 



■ s . 



. 166.0m. 


Net profits'.... 



Net per share. 




First Quarter 






. 336.0m. 


Net profits ..... 

. 21.0m. 


Net per share-. 




First Quarter 





Revenue .'. 

. 137.Sm. 


Net profits 



Net per 6hare- 


- 0.48 

Fin* Quarter 


Net profits .... 
Net per share. 

1978 1977 

S S 

,. 174m. IS.Qm. 
.•685.000 137.000 
. ' *r* 0.05 




First Quarter 

1978 1977 Swwnl Quarter 1978 ' l*» Quarter 1978 • 19 

S . S .5 S - ■ S ■ 

48041m. 421.0m. Revende-.. LObn. 95L0m. Revenue .392.0m. 345 

I4.0m. 10.0m. Net- profits 39.0m.; 35.0m. Net profits 54.0m, 43 

1.14 0^6 Ner;$er share... 0J6 0^2 Net per share... 051 


Net profits 

Net per share.. 


First quarter. 


Net profits .... 
Net per share. 

1978 1977 

S 5 

236.0ra. 209.0m, 
4.0m. 8.0m. 

0.24 0.40 


First Quartnr 


Net profits 

Net per sbare- 

1978 1977 

5 - S 

399.0m. 3S7.0m. 
22.0m. 25.0m. 
0.74 0B3 


First Quarter - 

Net profits 
Net per share:. 

1978 1977 

s s 

440.0m. 377.0m. 
25.0m. 21.0m. 

0.94 0R6 


First Ouarter 1978 1977 . Quartar - 

Revenue- 615.0m. 513.0m. Revenue ....... 

Net profits 52.0m. 48.0m. Net profits .... 

Netpershare... 0.69 0.76 Netpershare. 

. First Quarter 

U78 1977 

S S 

909.0m. 963.0m. 
50.0m. 64.0m. 
0.65 0.90 


First Quarter 1918 1977 

.5 S 

Revenue ......... 319.0m. 243.0m. 

Net profits 11.0m. 8.0m. 

Net per share... 0.91 0.66 


Sterling sector stabilising 


The eurnboud markets had a 
quieter day yesterday. The 
dollar 'sector saw some active 
trading but prices were some- 
what easier on the day. part of 
the fail attributable to the bad 
condition of the UJ>. domestic 
bond market. The TVo issue 
was priced at par with terms 
otherwise unchanged. 

, The sterling sector seems to 
be stabilising: . prices rose 
eariieir on in the day and fell 
hack later with no sign' of the 
kind qf institutional buying 
which could help prices. .. 

Thp Dfeutschemark sector was 
very quaet with turnover remain- 

ing small. The Province of 
Quebec DMISOm. issue is ex- 
pected to be priced to-day. 

The unit of account S25m. 
issue for the eJiy of Copenhagen 
was confirmed yesterday by the 
lead manager. Kredietbank 
Luxembourgeoise. Terms are 
unchanged from those previously, 
announced: an indicated coupon 
-of 7 per cerit. and a IS year 

In the Swiss Franc sector, the 
province of Manitoba is raising 
a Sw.Frc.lOOmJ 15-year bond with 
an • Indicated coupon of .4 per 
cent. - The average life of the 
bonds which have been priced 
at 99} to yield’ 4.04 per cent 


-TO Industry 

lias Been conferred upon 


- . inrecognition of 

' ; Over a three year period, . 
SGB Export Limited, a member of 
tbe’SGB greuptif Companies, has 

scaffol^ng am^fonnwork - 
' .eqtiipfoent to the - world’s - 
. buildtts and civil engineers. 





*& Vgj-SSS 



to probe J apan’s bank controls 


t 0 j& EUROPEAN Community 
^ diipalch ^r. Christopher 
^jjogexidlwt. a member of the 
•propemt Co mmi ssion, to . Japan 
p early fcy .to investigate the 
udC&tjbnT of discrimin ator-v treats 
^BtJagajost foreign banks by 
vflgTi-'; --Japanese Monetary 

5 ^tbbiity. -it was revealed by 
■^fRtnropean Community Dele- 
Tokyo to-day. Disatis- 
^SgtoiiLWith the way in which 
Japanese money market is 
‘ijaferted and strictly controlled 
'EBM Government authority is 

'< - i iwwr? 

v.;_; -s:* iWijtte:-- 

and five West German). 

. - — — 

: . : ^y^bercom co-founder resigns 

regulation of foreign- hanks’ par- 
ticipation • ia money end* securi- 
ties markets— ^according to , the 
EEC Office in Tokyo. 

Foreign bankers believe that 
.since Japanese banks are free 
to expand overseas activities, re- 
ciprocal treatment for foreign 
banks .'Should be authorised in 
Japan. - 

According to the Ministry of 
Finance, most, of the foreign 
banks feel difficulty in obtaining 
authority for the expansion of 
space for their branches, rand in 
there being complicated - appli- 
cation forms and procedures, for 
the opening of. new branches.' 

Complaints by foreign banks 
have been strengthening, along 
with increasing difficulties in 
financial activities facing them 
since last autumn. Foreign 
banking’s traditional field in 
Japan was that of tlie so-called 
impact loans to Japanese com- 

panies which could not borrow 
sufficient funds for capital in- 
vestment from Japanese banks 
in the period of high economic 
growth. Foreign banks' loan 
activities reached a peak in 
September, 1973. to September. 
1974. when their balance of 
loans jumped by 50 per cent. 

However, foreign banks have 
been hit by stagnant loan demand 
resulting from the protracted 
recession, and also by their 
relatively high interest rates. 
There is a movement among 
Japanese companies to repay 
impact loans ahead of the 
expiration date. The . relatively 
high foreign banks' interest rates 
result from their obtaining 
funds in the Euro-doVlar market, 
for instance, while Japanese 
banks raise hinds through the 
local market. 

According to the Ministry of 
Finance, foreign banks are 

TOKYO, April 20. 

appealing strongly for participa- 
tion in the Japanese call market, 
issues ol certificates of deposits, 
bond issues by financial organisa- 
tions and yen bond issues by 
foreign banks. According to 
foreign banking sources, Citi- 
corp's application for a yen bond 
issue on tbe Tokyo capital market 
last week was a direct appeal for 
the opening of the Japanese 
capital market. 

According to financial sources, 
the Ministry qf Finance is trying 
to avoid a *' Japan-U-S. or Japan- 
Europe banking war" and is con- 
templating the withdrawal of 
some regulations on foreign 
banks this year. 

• The Ministry of Finance held 
the first meeting of the Sub- 
committee of the Monetary 
System Study Council on tbe sub- 
ject of the establishment of 
issue of ceicti oates of deposit 


■m # tEDE AFFAIRS of Abercom, the 

|"|w_l I loath African engineering 

ij|fj hnj, ipoitp, took a new turn to-day 
u Af ^nfibth.-the announcement that Mr. 

£>iirie ( co-founder of the 
2' r-. Jfoup ■with Mr. Murray McLean. 

to resign in order “to be free 
' - -j. v p pursue other interests.” 

' n The element of surprise is pro* 

. r -'-‘.^^ded by the fact that Primrose 
• , ' - 'vjidhstrial- the brick group of 
_ siii'i!: fhidi Mr. Lurie was also chair* 
- r. fryia, has just been taken over 
- '• the diversified, sugar group, 

■ sSwgaat. Mr. Lurie resigned the 

; *: --^L^jnmrose airmanship after 
.^^’anfirmatiDn of the takeover 
•' did not take up the offer of 

^-rseaton the Tongaat Board, so 
. - r^was generally assumed he 

,cs %«iija devote all his time in 
- "- s ' a ..r iB Sbiture to Abercom. Primrose 
- ’o Mjelf was a subsidiary of Aber- 

ai W«m' until Four years pgo, when 
^|was “spun off," the origin of 

Mr, Lurie's chairman ship, of both 

Abercom shares have been 
strong over the past 10 days, 
rising 40 cents to 190 cents 
before boiling over to-day to ISO 
cents, with volume up to 50,000 
shares per day. Local brokers 
say that a number of. institu- 
tions which sold all or pait of 
their Primrose shareholding be- 
fore t£e shares were suspended 
have recently decided to reinvest 
in. Abercom. Despite the Ton- 
gaat take-over, the suspension of 
Primrose shares continues . be- 
cause- of negotiations to acquire 
a small anthracite producer. 
Aloe Minerals, from Rembrandt 

Mr. Peter Herbert. Aberconrs 
new deputy chairman* ' and 
managing director, said tiHiay 
that “no bid approach has been 
received.” No financial news, is 
expected from Abercom, which 


has a June 30 period, until the 
preliminary figures in mid- 
August. The interim figures 
published in late February 
showed pre-tax profit down from 
R5.9m. to R3Jim. and a cut in 
the half-time dividend from 
10 cents to 8 cents. A total divi- 
dend of 20 cents is generally 
expected, putting the shares on 
a yield of 11.1 per cent 
In a reference to the earlier 
appointment of Mr. Herbert and 
to to-day’s appointment of Mr. 
D- Ord. the present deputy chair- 
man. to tbe chairmanship, Mr. 
Lurie said that he felt the 
present structure oF the group 
was sound. Mr. Herbert said that 
he was “convinced the manage- 
ment is sound and pointed in the 
right direction” Prior to taking 
up his present appointment. Mr. 
Herbert was special representa- 
tive for Gallaber -in Southern 


at Moi 

Good half-year for Straits Times Press 


SINGAPORE, April 20. 

-♦lOn^UifPADING Singapore newspaper trading profit rose by 17 percent the same as the previous year’s 
■^w^blisbing firm, Straits Times to 8S2B6m. while investment in- payments after adjusting for its 
(1075), and its sfster com- come was 41 per cent higher at recent one- tor-two scrip issue. 
r . -«-:u;:.fcihy. Times Publishing; appear $8176,000. • • ' : Times Publishing is paying an 

. -r.k irised for another buoyant year In the case of Times Publishing interim gross dividend of 74 per 
• . iii-^dging from their interim group pre-tax earnings roseby cent, slightly higher than the 
•; li-fgr® 6 - cent, to $5ML27jn. adjusted figure of 7.14 per cent 

- r.iwGroup pre-tax profit for the ($US4.41m.). last time due to rounding off. 

. '^df-year to end-February at Pre-tax trading profit increased R 

" ' ^ralts Times Press rose by 18.3 by 21.4 per cent to SSS-Wro. on JS) as pi £KS5£ 

.... . «• «Mt eompared -vitt the «a. 18.4 per cent, rise in tanpver gHSK’JU. JS2L-£3S5 

- .' c-^ .pe r cent higher at SS22-3m. As forewarned earlier, both 6 *' 

: -.i:-US9.6m.). companies hive detlded not to 1 _ • . 

The higher earnings came from raise dividend payments.- Straits BouStead rights 

'Creased tradina profit as well Times Press has declared a grdte ° 

investment income. Pre-tax interim dividend of 10 per cent— - U “?r^T Company Singapore, 

- American Express International 

J Finance Corporation N.V. 

g ; U.S. *40,000,000 

si Guaranteed Floating Rate Notes Dne I?>82 
; 7 :: M.-itl* Extendible at the NotehbMeris Option to 1985 

— — ' — -N fotice is hereby given pursuant lo Condition 5 of the Terms 

• " and Conditions of the above-mentioned Notrs that the Rate 
•:-of Interest (as therein defined) for tbe first Interest Period (as 
'-^ibereln defined) from 20th April, 1978 to 20th October, 1978 
' ,Qis at the annual rate of 8 per cent. The initial Interest 

■P ayment Date (as therein defined) will be 20th October, 1978. 
. . . ■ ■ r* v-'lflC Fbe UB. Dollar amount (the Coupon Amount 35 therein 
^-defined) to which each holder of Coupon No. 1-will be entitled 

• : Y yn duly presenting the same for payment will be UB. $40.67 
^ mbject to appropriate adjustment thereto (or the making of 

■ >ther appropriate arrangements of whatever nature) which we 
iiiay make-without further notice, in the event of an extension 
Or -shortening of the above-menti oiled Interest Period. 


April, 1978 ' (Agent Bank) 

ah established Singapore trading 1 
bonse. has announced a rights 
Issue Of two Shares for every 
seven shires held at SSl.25 per 
share. The rights issue will 
raise the company’s existing 
issued capital of SS15.6m. to 
$S20m. The last traded price of, 
Boustead’s $51 shares prior to 
the announcement was $S178, , 

The announcement follows the 
company's disclosure of higher | 
profit for the year ended Decern- 1 
ber, 1977. . Preliminary figures 
show pre-tax profit up by 4.6 per 
cent at $S&3m. (SU.S-2.7m.) 
against a 13 per cent, increase 
In turnover to SS88.45m. 
($U.S. 38.03m.) 

• The company has declared a 
final gross dividend of 7$ per 
cent and a bonus dividend of 24 
per cent, which brings the total 
for the whole year to 12 J per 
c6nu the same as for 1976. 

move for VIP 

By Kenneth Randall 

CANBERRA, April 20. 

A PROVISIONAL liquidator to- 
day began dismissing staff of; 
VIP Insurances Proprietary, a 
Sydney-based motor vehicle 
and general insurer with about 
4 0,000 current policyholders. 
In the New South Wales 
Supreme Court yesterday an 
affidavit seeking the appoint-! 
meat of a liquidator said thatj 
about $A1.9m. ($US2.2m.) in 
assets of tbe company was 
missing, as was the chairman 
and major shareholder, Mr 
Igri Makler. 

A firm of solicitors'told the court 
that Mr. Makler had informed 
them on April 15 that he was 
in TM Aviv and intended to 
stay In Israel indefinitely on 
private business. 

Tbe New South Wales govern- 
ment has appointed an inspec- 
tor under the Companies A'*’ 
to investigate the affairs of 
VZP Insurances and has 
alterted Interpol also about 
Mr. Malder's disappearances. 
Earlier this week the Australian 
’ Federal Government froze the 
assets of the company and 
directed it to write no more 
j -business. This action followed 
the receipt of an ircmeetorV 
report which showed that the; 
companv could not meet statu- 1 
tnry solvency requirements, l 
VIP Insurances has been an! 
aggressive marketer of motor I 
vehicle insurance in New 
South Wales making extensive ■ 
use of television advertising. 
Mr. Makler is well known 4n| 
snorting circles in Sydney! 
through his comnany’s soon ! 
sorshfp of the South Svdney! 
Rugby League Football Club. J 
Ihe VTP case is the first default 
of an insurance corooany *n 
AnstraHa in five years. The 
compartv is not known to hav- 
any affiliation w«'th major in- 
surers and its failure <is not 
regarded as significant for the 
industry as a whole. 
la yesterday's court proceeding*' 
the company’s aiwoumant said 
he had discovered that bank- 
endor^ed hills of exchange 
valued ** about SAI.4m. wen* 
m'SsmgH He saifi h» had also 
discovered that $4505000. thp 
proceeds of a sale of sharp" 
o f a subsidiary company.whhrh 
should have been paid into »n 
Jn^rpet-bpa ring deoc”* at the 
ANZ Bank, had in fart been 
deDosited to tbo acrount n f 
the company. which boiMjht the 
shares and that account had 
been closed. 

A formal hearing to examine the 
company's affairs further has 
been set down far May 23. 



— U.S. $15,000,000 9%Bonds 1985 


■ Notice isherebv given that adrawingofbonds of the atxjve lean took plan? on 7th April 1978attendedbyMr. KelthFrancfe Croft Bakerof 
_ — -V nrm of John Venn & Sons. Xotarr Public, when 1,000 Iwndsfova total of U.S^I, 000.000 nominal capital were drawn forredempti Ian at par 

15th M»v 1073. l'roin which (late ail intei'est thereon will The nominal amount 01 ' this loon re m ai n i n g- outstanding alter iom way 

— — "^5^ 178 will be U.S. SB .000 1 000. 

■-*\ S Ay 

. r ; > • 
\ , ' 

-7- 18 




' -=263 




■ ^Jl-328 



























. 2379 



















































i »8 




1 «r. 




















,,vt £18 








•rO He 




, 4-*' Ii>7 


9211 . 































1 120 
























22 IS 








































3647 ' 




























































































































9166 . 


















• ,]n rxlsxi ncio (BffO Q=Q7 QMJJJ O-yOU UKQ5 Whir, yootf MOOa iM ID ?|iU aiot OIOU OIOO PliW OWI 

S^SmnSMS-SS«15»S8B9941fiWa«55 ; -MB5 10044 10049 10057 10081 10088. 10^2 lOlffi 1011 1 
! ■ -rfgi irnS- infS iS'lS imT- IfiSft- lSS 5® 10247 10250.-10280 10298 10313 10319 10335 10371 10375 IttSS 10401 

•• m ?SS K S'ffi 1MTO 1M89 1W» 10514 10530 10531 10587 10589 10593 10599 10610 10611 10613 10623 10630 

■ ifS 1O706 10734 10754 lSS 107^ 10734 10788 10701 10796 108:7 10830 10840 10842 10613 10844 10848 

KSS S S 1OTW 10915 lSS 109 56 10957 10S74' 10006 11003 11015 UQ39 D05S 21067 11069 11100 11107 

^ JK8 -SS S S -S 1VW 11331 11360- 11303 11367 1137* 11377. 10381 11394 10^9 11413 11441 

- ilSa U5H llSl ‘llS 11^5 11361 21570 - 21571 72581 11385 21664 11683 11604 11712 11716 31723 

• 52 SS? 11774 SSs 11785 11802 11635 11187 11856 U8S7. 11889 11893 11905 11918 119SJ 11M5 1US6 11957 lim 

Umo iSS tsS 12^ 12064 1TO73 22096 123 PO 12119 22125 12126 12142 12177 12204 12215 12257 12267 

• • £ ?5Si ™ V348 S 1^ 12398 12415 SS 12445 12532 12570 12571 12623 12629 126S8 12659 

s b£r few isei 12881 3^7 12873 12882 12893 12903 12932 12017 12938 12973 12991 X2SB& 33004 

<» h ft- lim fern iSa fena mee feioo imw 13223 ikso 12235 13236 13212 33277 13309 13322 33357 

»J7 imi 13070 1310J 13136 1A l« a l3m _ M5M a35g2 1359-5 13623 13626 13659 13667 .13723 

13825 1^25 S 1MK 13994 14002 14009 14012 14025 14051 14U55 14063 14099 14108 

rl h’ S ijSw- 14^7 tSSi iS 3^0 14325 34342 mu 11353 24365 11373 urn 14355 14395 14412 14433 

Witness: K.F.C*. Baker. Notary Public. 

k . j rnndition 4 of th* Terms auu uantnuons oi vpe isouqs. £-acn oi tue&o cuuus » aen preHeuxeu ior 

a'om t-heprlnciixU tube repaid. . ' • - _ 

Principfli Raying A 0 entJLM..RotHsch»W &-Sons Umited, New Court, St. Swi thin's Lane, London EC4P4DU. . ?lftApriU97G 

All these notes have been sold. This announcement appears as a matter of record only. 


April 5,19:8 


TELECOMMUNICATIONS et eelectronique s. a. 

5 QjOOOjOOO IMted States Dollars 
Guarajijeed Eb^i^RaifiNbt^ 

• Irrevocably and Unconditionally Guaranteed by 


Kredietbank S.A. Luxembourgeoise 

Credito Italiano 

Orion Bank Limited 

Hill Samuel & Co. Limited 

Bank Brussel Lambert N.V Credit Commercial de France 
Girozentrale und Bank der osterreichischen Sparkassen Aktiengesellschaft 
Kuhn Loeb Lehman Brothers International Nederlandsche Middenstandsbank N.V 

Salomon Brothers International Limit ed Sodete Generale de Banque S.A. 

S.G. VMnirg & Co. Ltd. Westdeutsche Landesbank Girozentrale 

AFlNS-p-A. Algemene Back Nederland N.V. AJLAmes&Co. AmexBank 

Luminl LimiivU 

Banca Couuneniale Italiana Banca del Gonardo Banca Narioaale delfAgricohora 



Amsterdam-Rotterdara Bank N.V. 

Banca Narionaie del Lavoro 

Banca della Svizzera Italians 

Banco Ambrosiano 

Banco di Roma 

Banco di Santo Spirito 

Banco di Sicilia 

Bank of America International Bank Mees & Hope NV Bankers "Irusr International Banque Francaisedu Commerce Ex nh-ieur 

LimsoJ Lunllnl 

Bapque Generale du Luxembourg S. A Banque de Ilndodune et de Suez Banque Internationale a Luxembourg S.A. 

Basque Louis-Drej fus Banque Nationale de Paris Banque Rothschild Banque de lTJnion Europeenne 

Barclays Bank International Baring Brothers & Co^ Berliner Handels- and Frankfurter Bank Caisse des Depots et Consignations 

Li natal Lnnijnl 

Chase Manhattan Chemical Bank International Citicorp 

Lfaiiiird UfliiiHi 

County Bank Creditanstalt-Bankverem Credit General 

Lhwoi Sj\. JcBjtniuE 

Credit Suisse White Weld Dai-khi Kangyo Bank Nederland N.V 
JDGBaok Deutsche Girozentrale- Deutsche Konuuanal bank- 

beuodw Cenoncnsdialulnnk' 

Euramerica-Finanziaria Internationale S.pA. Eurogesi S.pA. 

Citicorp International Group Compagnie Moncgasquc de Banque 

General CnJdit Industriel et Commercial Credit Lyonnais 


and N.V Daitva Europe MAC Richard Daus & Co. Bankiers 

Hist Boston (Europe) 


IBJ International 

- Lnaitof 

cache Gironcocnlc- Deutsche Konummalbank- Deucsch-Skandinavische Bank Dnesdner Bank 

■Uin-iiKtiTU'U.hJH ALUrflici-vrlKHi^ll 

Internationale S.pA. Eurogest S.p_A. Euromobiliare S.p~A. European Banking Company 

G>Sli|uisnu Eutoit. Irni.-inwt-ilLji- Lnm>\l 

First. Chicago Robert Fleimng & Co. Antony Gibbs Holdings Ltd. Hamhros Bank 

Ijmn1.1l Umnrd " " l.inmnl 

Inter-Alp4ia Asia (Hong Kong) Istituto Bancario Italiano S.pA Ism mo Banca rio San Paolo di Torino 


Kleinwort, Benson Kredietbank N.V. Kredietbank (Suisse) SJV. Lloyds Bank International London and Continental Bankers 

Unwed . ‘ LimunJ Ijn ,reJ 

The Ni&ko Securities Co., (Europe) Ltd. 

Samuel Montagu & Co. Morgan Grenfell & Co. 

Umiivil Mmiiiil 

The Nippon Kangyo Kakumaru Securities Co., Ltd. 

Manufacturers Hanover Merrill Lynch International & Co. Samuel Montagu & Co. Morgan Grenfell & Co. 

Limited " Umiivd Mmiiiil 

Morgan Stan lev International The Ni&ko Securities Co., (Europe) Ltd. The Nippon Kangyo Kakumaru Securities Co., Ltd. 


Nomura Europe N.V. Norddeutsche Landesbank Girozentrale Osterreichische LSnderbank Pierson, Heldring & Pierson N.V 

m ALLRittcdlichdii 

Prfvatbanken * N.M. Rothschild & Sons Scandinavian Bank J. Henrv Schroder Hhgg & Co. Skandinaviska Enskilda Banken 

iVkdnd'Vjh Linuud Ltmiud * Umilul 

Smith Borne}- Harris Upham & Co. SoditiBancaire Barclays (Suisse) SJi. Sod<ke Generale Society Generale Alsacieune de Banque 


SodetdPriv£edeGestionFinanriere Society Sequanaisede Banque Sun Hung Kai International Svenska Handelsbanken 


Swiss Bank Corporation (Overseas) • Trade Development Bank Union dc Banques Arabes et Fran^aises - U.B.A.E 

, tiraiUHl London Crunch 

Dean Witter Reynolds International, Inc Munaichi International (Nederland) N.V Zentralsparkasse der Gemeinde Wien 

Trade Development Bank Uni 

London Brunch 

Munaichi International (Nederland) N.V 

1978 News Bulletin No3 

Solar Energy: An Economic Reality 

Sun power is at work in Madrid, thanks to 
Saint-Gobain-Pont-i-Mousson, an international 
industrial Group whose products, people and ideas are 
et the service of new'energy development energy 
conservation, greater comfort and security, at home, at 
work and in aff forms of transportation. If you would 
like to know more about us, write to the Director of 
External Relations at the address below. If you are 
interested in the "Ederra” total energy system, ypu may 
also write to the Secretary General, Cristalsria 
Espafiola, Edificio Ederra, Centro Atta, Avda. 
Generalfeimo, 9. Madrkl-16, Spain. 

A new energy source 

Saint-Gobain-Pont-4-Mousaon, the world's 
leading producer Df insulating materials, has long been 
aware of the importance of energy conservation as a vital 
means of reducing energy scarcity. Yet another means 
is to develop new energy sources, such as solar energy. 

The Group is no newcomer to this field. The solar 
furnace built for the CNRS (the French national 
scientific research authority) at Odeilk) in the Pyrenees 
- the most powerful in the world until last year; - was 
designed with Saint-Gobain mirrors and sun -tracking 
equipment. And that was as early 88 the 1 960's. 

But times have changed and the economics of 
energy also, and so has the Group's contribution to 
developing the use of solar power as a significant new 
energy source. It is a sign of the times that Odeilio was 
also the first solar furnace in the world to provide 
electricity to a national power grid —in 1 976. 

Saint- Gobain-Pont-d-Mousson is developing solar 
heating systems and technology in several directions 
today. The Group is already producing special solar 
glass, manufacturing solar water heaters, and ' 
experimenting with solar houses. In addittan/we are a 
member of Cethel, a joint venture set up to' develop 
solar power plants designed to provide electricity 
directly to power grids. Cethel is the French partner in a 
European consortium granted a contract by the EEC to 
build a 1 megawatt experimental solar power plant in 
Sicily. Cethel. in association with CNRS and EDF (the 
French electricity board), will also design and build 
experimental solar power plants with a capacity of 
2 megawatts, and ultimately up to 1 0 megawatts, in' 

Sun power at work in Madrid 

The Group's most spectacular recent achievement 
in this field is the headquarters of its Spanish subsidiary, 
Cristalaria Espanola, inaugurated in Madrid in January 
' 1 978. This 1 8 storey building (illustrated) was designed 
around an i ntograted energy system which makes it largely 
self-sufficient in energy for heating, air conditioning 
and hot water. The glass curtain facade of the building 
incorporates 1 000 solar panels, scarcely visible to the 
eye, but which contribute decisively to its self- 
sufficiency irr energy. Crista I eria Espafiota and other 
Group companies designed the energy system of the 
"Ederra” building and manufactured many of the 
products incorporated in it- the glass facade, tire 
insulating materials, the solar panels and much more. 


For further information, write to : The Director 01 External Relations 
Compagnie de Saint-Gobain-Pqm-4-Mousson, 54'Avenue Hoche, 75365 Paris. Cedex 08. 

y s 


1 Randal 21“ 1978 Ml 


Belgian zinc refiner in the 
red on falling demand 


BRUSSELS, April 20. ' 

world’s biggest zinc refiner, 
announces a B.Frs.430m. (S13m.) 
loss for 1977 compared with a 
B.FraJ5m. net profit the year 
before. The company is not pay- 
ing a dividend for the first time 
since 1945. For 1976 share- 
holders received B.Frs.100 net. 

VM, whose 1977 net loss 
includes BFrs.379m. set aside 
for depreciation, does not expect 
any improvement this year 
1 either. It blame* poor demand 
for zinc and zinc products. 
* which have caused its competi- 
tors to sell at massive rebates 

to get rid of their stocks, plus 
inflation and underutilisation of 
production capacity which have 
raised overhead costs. 

Heavily dependent on its zinc 
activities, VM has felt the full 
brunt of the depression in this 
metal, while other non-ferrous 
companies, some of them. Belgian 
like Metallurgy Hoboken, have 
been able to cover their zinc 
losses with their other activities. 

Nevertheless, - the .Brussels- 
based European Non Ferrous 
Refiners Association estimates 
(hat all European companies are 

at present losing money on their 
zinc operations, and they have 

asked the European Commission 

to consider action, particularly 
aaginst cheap -zinc refined pro- 
ducts from outside, the Com- 
munity. This might lake the 
form of minimum import prices 
of the type already in force for 

VM. which has operations in 
France, W. Germany and 
Sweden, is also suffering, along 
with virtually the whole Belgian 
non-ferrous sector from a three- 
week strike by workers demand- 
ing shorter hours. This strike 
by some 8,000 workers has 
halted nearly 95 per cent, of pro- 
duction bringing to a standstill 
three main companies— Hoboken, 
Vieille Montague and Pray on. 

Sharp rise 
in French 
group profit 

close to :-(^^H|itgii® ^ 


By David White 

Steady growth 
at Austrian 


sayings bank 


Sunaman raising $250m. 

By Paul Lendvai 

VIENNA. April 20. 

FIRST Austrian Savings Bank 
(Erste Oesterreichlsche Spar- 
casse), the • Vienna-ba ed. second 
largest Austrian savings bank 
reports a 20 per cent, rise in 
profits after tax to Sch.279m. 
fabout'Slfifim.) and a 16.6 per 
cent increase iD the consolidated 
balance sheet to Sch.42.51in. last 

Dr. Hans Saumer, director 
general, stressed that despite the 
general liquidity squeeze and fbe 
maturity of premium savings 
deposits, loans last year' were up 
by 17 per cent, w>tta housing 
accounting for one-third of the 
personal credits last year. Sav- 

■ in as deposits were up by 8.3 per 

. cent to- Sch-25bn. and total 

deposits'grew by 14.3 per cent 
' "Dr. Ha timer welcomed the new 
draft Bill on banking regu!atlan« 
s and emphasised that the First 
Austria Savings Bank was emerg- 
ing as a universal bank. The- 
bank currently has G7 branch 
offices in Vienna. The Firrt 

Austrian took over last January 
. Bankhaus Roessler. a small' 

. private bank with a balance sheet 
'. of Sch.250m. During the next 
. . two or three years Roessler Bank 
will open ten branches in the 
- main provincial 'centres, acting 
as the private banking arm of i 

■ Flrn Austria, the director 

general added. .! 

Despite rapid expansion. 

. administrative expenditure 
, . actually were down from 2.12 per , 

■ cent, of the balance sheet total 

• in 1972 to 1.91 per cent, last year, i 
During the same period interest 
income was up from 2.08 perl 
„ cent to 2.41 per cent, in terms! 
of ‘hr balance sheet total. 

BRAZIL has again succeeded- in- 
grtiing better terms in the syn- 
dicated loan market. The stale 
shipping company. Sunaman. has 
I just awarded a mandate to- 
[Bankers Trust International to 
[raise S250m. for ten years on a 
spread of 1$ per cent, through- 
[ out. The loan carries a sovereign 

Brazilian borrowers are. with- 
out doubt, among the favourite 
borrowers from the developing 
countries at present. In the past 
few weeks Brazilian borrowers 
have succeeded in getting both 
{lower spreads and in establish- 
ing maturity of ten years as a 
nominal for major loans they 
are raising. 

Various loans for South Euro- 
I pean and African countries are 
currently being arranged: Chase 
Manhattan is lead managing a 
SSOm. seven-year loan for the 

1 Spanish state telephone com- 
pany. The spread being paid by 
the borrower is l per cent, 

Another Spanish utility com- 
pany. Hidroelectrica del Segre 
is raising SlOzn. for years on a 
spread of lj per cent. Lead man- 
ager is Amex Bank and there is 
, no guarantee. 

The same bank is arranging a 
S50m. loan for the Rdpublique 
du Cameroon. A S3Sm. eight- 
year tranche carries a spread of 

2 per cent, and the 812m. ten- 
year tranche a spread of 2j per 
cent. Continental Illinois is 
arranging a 89m. seven-year loan 
with a spread of 2 per cent, for 
the same borrower. 

Agip Nucieare meanwhile is 
raising 840m. for seven years, 
with a four-year grace period 
and a spread of 1£ per cent, 
throughout. Lead manager is 
First International Bancs hares 
and ENI. the Italian state oil 

company is providing a guaran- 

Further afield, in Burma, the 
Siam Cement Company is arrang- 
ing a. SSOm. eight-year loan. The 
spread being paid by the 
borrower is U per cent, with the 
lenders absorbing the withhold- 
ing tax. The loan, which carries 
no guarantee, is being arranged 
by Bank of Montreal. .Chemical 
Bank, which -is also agent. 
Lloyds Bank International and 
Sanwa Bank. 

Borrowing in the international i 
capital markets rose by 6 peri 
cent, to SH7-2bn. last year, fol- 
lowing a 45 per cent, gain in 
1976, according to the. IMF in 
its latest survey. .'Publicised 
medium-term credits increased 
over the same period by 12 per 
cent to reach a figure of $32.3bn. 
Borrowing in the international 
bond markets on 'the other hand 
only witnessed a very slight in- 
crease. from $34.3bn. to'$35bn. 

Breaking down . the borrowing 
in regional terms, the IMF says 
that developing countries in- 
creased their medium-term bor- 
rowing by $4.3bn. to 823.8bn. in 
1977 while industrial countries 
only increased their own by Slbn. 
to $32J»bn. Borrowing by inter- 
national organisations fell from 
over one-third of the increase 
in borrowing by developing coun- 
tries was accounted for by oil- 
exoorting countries. 

Two features of the inter- 
national bond markets which 
the survey draws attention to! 
are: a sharp increase in the 
foreign bonds issued in Switzer- 
land,#*} per cent of which were 
by industrial countries and in- 
ternational organisations: the 
considerable increase in foreign 
bonds issued in 'Japan, from 
S42m. during the first quarter 
of 1977 to $896m. during the last 





PARIS, April 20. 

THOMSON*CSF, the French 
electronics and telecommuni- 
cations company, slowed 
market advances last year In 
profits, sales aud the size of 
Its foreign order book. 

The company announced net 
earnings ap to Frs.I23ra. 
(S26.7m.>, .half as much again 
as iis 1976 result of Frs-Blxn., 
and proposed a higher net divi- 
dend of Frs.7.20. an increase 
oj 50 centimes. This will be 
paid on Increased capital, 
after a onc-for-sevefl scrip 
issue made' by paying .out of 
reserves last year. 

The majority of the stock is 
held by the Tborason-Brandt 
electrical group. 

Thomson-CSFs consolidated 
after-tax sales climbed to 
Frs.fl.94bn. from Frs.7«81bn. 
The size of the increase was, 
however, distorted by changes 
in the consolidation structure 
and the company said the real 
.growth rate was around 15 per . 

Parent company sales rose 
by the same 15 per cent, mar- 
gin . ■ to FrsJS.Olhn. from Its order book at 
the end of the’ year stood at 
FrsJShn. compared with 
Frs.l3bu. a year earlier. 

THE FLICK GROUP, one of the 
last major West German family 
businesses, is close to acquiring 
effective control of the Gerling 
insurance empire. 

Flick has won bid acceptances 
from more than 75 per cent, of 
shareholders Versicheruhgs- 
Holdiag der Deutsche*! Industrie 
(VHDI) which owns 25-9 per 
cent of Gerling- At the same 
time j Flick hopes to purchase 
half of the shares in. Gerling 
held by Zuerich Insurance which 
controls 25.1 per ,’cenf. of the In- 
surance group. • 

-The entire transaction is still 
subject to the agreement of the 
VHDIL advisory Board. But if 

By Robert Graham 

BONN, April '20. ' '■ MADRID. April ./• 

^ ■' ... [,’ . GOVERNMENT '. • 

VH ru^iPmSr According to' the group. today; accepted the. resignation c. ' 

distributed profits for -1977: will president of the 5tate hr/' 
nwmnm tfwn? f ^ increase from • DM225m. . to comapny- INI, Sr.- - Frai ~,- 

• TWs ' la- because- the Glmenea Torres, but beenn--. - - 
new shares issued In last Decern- to agree sm a successor.. Tk'U 
^ t'^^ - ber ' s capital- increase eaxry rights appointment . is one of the. r :-- 
sold ^ per cSl 1 ^^^^' to half a year ’ s [dividend. nnportant economic fob. 

Ubou? wES* fW U,fp a rf*M S momL™ ' ' 

• , - - ' ' ,-v^v during tiie first two months of pres t de tf aver one of m , 

Tin>mi<H<-DA M v -V ■ thp rurrent veaT.. However. recent nWt mne» niffinVii* 

man luxury, car and . coning 
vehicle manufacturer, i&t} 
mending a" dividend -qf 4 
against; DM9-50. for .1876; jj 
Guy Hawttn from . FrimJ 

r-*. — - U1RBUWUR U1I» dll CBS. 

Mast month and this affected departure has been rum R'- 

' sales. Foreign, demand -for ever -siiice hte Goveromei ' 

t heavy trucks Is weak- making shuffle in February-. / 

i. production levels difficult; to The Government’s, kiabir 

.maintain. -. . ... : name a successor has eansn 

Skanska Cement USlds steady 

- namo a successor has causei 

■ sTderable confusion withii 

■ company. One company & 
safd ft was nossfble that* it 
take /a week or more fo 

cabinet to reach agreement. 


Michelin ahead 

Imetal pays more 

We’re celebrating our 21st with a 2nd Queens award 

Founded only 21 years ago, the Ogden Organisation has grown into 32 successful operating companies serving 
almost every facet of the construction industry, both nationally and internaliprially. Their diverse activities include the 
design and manufacture of numerous types of quarry plant and equipment and the marketing of earth-moving 
machinery, most of which fs exported to more than 60 different companies in the world. Not satisfied by 
increasing export results 4-fold since their first award in 75 - they're flat out for their ‘3rd’ at this very moment. 

SKANSKA ■ CementgjuterieL 
Sweden's and Europe’s biggest 
construct ion group, rep.orts almost 
unchanged pre-tax earnings of 
Kr.3l4.6ra. (S69.1m.) for 1877. 
i Turnover rose hy just under 15 
I per cent, to Kr.6.54bn. (51.43bn.) 

I according to the preliminary 
figures. . 

A consolidated net profit of 
Kr.85.9ra. is shown against 
Kr.81.6m. in the previous year, 
with parent company net earn- 
ings advancing by Kr.l5m. to 

... . STOCKHOLM, - April 20. _ 

J\x.75m. The board proposes': an 
unchanged dividend of- KrAl' jr. 
share; making a . .total payment 
of on the incneasS 

share, capital compared ■ infra- 
Kr. 19.7m. in 1876. ? ■•f - 

Finans Vendor » h e- S wedi stfc com- 
pany which started ; the:*Etfto- 
card credit card organisafmp^fe 
seUing ‘84 per cent of-4ts,'9^pe? 
cent, holding in Brussels^ ased 
Eurocard. International ; SA:- fo 
various groupings of Enr^can 

hanks. It is retaining its Nordic 
Interests, which - include - the 
whole of the Swedish operation, 
40 per cent Of the Finnish sub- 
sidiary and 33 per cent, of the 
‘Norwegian. . 

The company said the inten- 
tion was to mobilise resources- 
for an expansion of- Eurocard on 
(he Continent: 

■ Fi nans Vendor Tras *bTd 20 per: 
cent of Eurocard to West 
German banks and 20 per cent 
to Access of the U.K. 

Petogai shortfalj . 

guese oil. company. Pet 
needs , Escudas 2bn. ($48n 
the enmine year to balsa 
accounts. Presenting the a 
accounts for 1977, the Pui 
owned cbmpanv constituti 
April 1 . last year said i 
made a profit of Escudos 6 
total capital is Escudos, 6.S 
Petrogal was formed fi 
merger of three different p 
oil- companies with a n 
-penetration of 70 per cenl 

The holding company of the 
Michelin tyre group,. Com- 
pagnie des EstabUssements 
Michelin, has increased Its pro- 
visional earnings for L977. 

Noo-consolidafed profit rose 
to Frs.l25^m. (827.3m.), com- 
pared with Frs.109.3m. The 
company, which is normally 
reticent about disclosing details 
of its activities, said that divi- 
dends and receipts In tbe first 
quarter of tbe current year 
rose to from 
Frs.64.3m. but added that 
because of its operating nature 
as a bolding company these 
figures did not bear “mneh 

In 1976 the consolidated net 
profit of the Michelin group 
almost doubled to Frs.754m. 
and sales reached Frs.l6J2bn. 
after Frs.l&8bn. in 1975. 

1METAL, the Rothschild-con- 
trolled French metals and min- 
ing group, is Increasing its net 
dividend for last year to ■ 
Frs.3.80 from Frs^.50 despite a 
slight drop in non-consolidatcd 
net profit to FrsJ7.5ra. ($9m.) 
Trom Frs.41.6m- The previous 
year’s profit had included ex- 
ceptional gains of Frs.6ra. relat- 
ing to metal stocks. 


Ainu Australia 8* pc 18S9 

AMEV Soc 1887 

AusrraUa Si pc 1893 

Australian M. & 5 9lp*- *81 
Barclays Bank SJpc 1992... 
Bowater 91pc 1992 . . . 

Can. N. Baihrar Sine 1938 
Credit National 81 pc IBS* .. 

Denmark 1884 

ECS 9 pc 1883 

ECS 8]pr 1897 

EfB SJpc 1BK 

EMI 9) Pc 18» 

Erlcswa Sipc I9$8 .... 

Esso Sue 13 SS Not 

Ct. Lakes Paper SJpc 1931 

Uaniera ley Sloe. 1982' 

Hydra Quebec 8 pc 1993 . 

ICI 83 pc 1987 

JSK Canada 9jpe 1888 
Macmillan Bloedel 9pc 1992 
Massey Ferguso" **jpc 182 1 
Mlrtienn 81 pc i«»- 
M id land Tnt. Fin. Sipc *93 
National Coal Bd. Src 19x7 
National WyamusD'. 8pc 'S8 
Newfoundland Bpc 1989 ... 
Norses Rom. gk 84pc 1993 
Norolpc 8iPC <989 .. 

Norsk Hydra wpc 1982 

Oslo 8pc 1983 .. 

Porn Anronomca 9pr 1B9J 
Prov Otic Dec Ipc 1993 
Proe. Saskatrh 8tpe 19S8 
Rfpd In'eraational Bpc 1987 

RUM Bpc 199? 

Selection Trust gjpc 1989 
Skand Enskllda 9 dc 1981 
SRF 8 pc 1987 - ... 

Sweden <-R'domi SJpc 1887 
Watted Btscwts 9 pc 1999 
Volvo 8pc 1937 March . „ 



!d Mii 

Dow Chemical Spc'UBft — 
ECS 7ipc 1982 ...>: 

ecs sipc-i»9 

EEC 7? pc 1982 

EEC 7tpc 1984 

Enso GutaeJI Sipc 1984 
Gouverken 71 pc 1882 ' 
Rocknrac Spc IPS 
MlcbeUs 8 ? dc 1983 


. nil' l -'Shr v BW- Offer 

U» 98 ; ' - - B9J CKE «SDC 1888 . . . 3M 971 

» U '.'fil' Denmark a*PC 1884 18M MU 

— £&.- ;r:|7.' KCS 3JPC 1990 98* - 97J 

....1 97i, .Si E1B Mpc 1BW 9« ‘fT* 

" BU Electrobras 6Jpc 1986 88) -97i 

1984 -871^.' 1?9B lEitratoin- Sipc' 1887 89- . 992 

82 ' - 88i .. ' 89 - 'Enroll rua iipc 1888 .. . U»" IDti 

nt" m Finland Olpc 19S6 ;.U *».:•' 9« 

■ . :8H M» Fo ram arks o2«r 1890 »*' ’ MH 

Montreal Urban Sloe 1931 jMcrlco ipc IBSS- 

New Brunswick Bpc 1984 _ '.87* : 

New Bruns. Prov. sipc "S3 189) ' 

New Zealand Fine 1886 M* . 

Nordic lor. Bk. 7*pc 1984' Kl 
Norsk Hydra 71 PC 1983 ^ ' 979 •?:*• 989 

Norway 7iOC 1882 . vv 97} 

.Ontario Hydra Spc MS h.' , 811'-. 
stnser Sipc 18S2 - iwr 

S. of Scot. Elec, sipc 1981. -iq» : 
Sweden ilCdomi 7fpc 1881 8S'- - 
Swedish State Co. 7 1 pc *82 "88 : - 
Tehoex Sipc 1J*4 .. • - 991 ' , 

Tenneco 7lPc 1937 May .— - M|--> 
Volkswagen 72pc 1887 —.. 

■. 88 New Zealand 5 *pc 1888 ... 

" .1814 Norccm Sipc 19S8 

. 994 Norway 41pc 1883 

-m Pbilipolnra filpc 1885 

984- Rantar UnkJd S)pc 1988 . 
874 - Sweden fpe 1388. • 

~ 97 Tauernaulobabn 54 pc 18*3 
■- 1814 Tramlhclirr Hoc' 1988 .. 

• ' J8D9 TVO Power Co. 6pc 18SS... 
;. 98i Venezuela 6pc‘ 1888 

889 World Batik Sipc IBM .. .. 

_ 994, 

.. 8M- ' 

- 8« 

.. 1W1* 


Auatraila 74PC 1984 .. 

R»U Canada 7Jpc 1887 ... 

Hr. Colombia Hyd 7! pc *Sa 
Can. Pac. 8«pc 1884 ... 


Allied Breweriea 104pc 1* S'88t. l W 
Citicorp lOpr 1993 ..... » . Mi 

ConrUUldS Sipc 188* 88f V S5§ 

ECS 9'pe 1988 *4' . ' Mt 

EIB Mpr :*88 . **«.,. ,85 , 

BIB Sipc 1992 f. . . .it' - IMS 

Finance for Ind. 9IpC 1887 .' HU • - M4 
Finance for tad. 10 dc 18887-18 > . 90J 
FMtms 104PC 1987 .. 834 - Ml 

Geoe-ner llpc 1*88 - Mi ? ' 6 

7VA lOpc 1888 ,9P...... 891 

R own tree 10} pc 1988 .... • It . . 90) 

Sears lOipc I9f» ..... 'M . - 90) 

Total OH 9ipe 1934 93* .-^ 94 

BFCE 51 pc 1998 . 

Ml:,. - 9M 
. 96). .*71-. 

■Bank of 'Tokyo 18&4 715upc 994 ' 

BFCE 19S4 SJpe *» . 

BNP 1883 31 16 pc ..... INI 

CCF ZOS3 80 .' .-991 

CCIMF 1984 7lpc- » 

Creditartsialt 1884 7|pc..._» *9* 

Credit Lyonnal* 1987 Spc... . 991 
DC Bank 1B33-7BMPC 3894 
r,T . b 1 <M 1 yiirpa loo* • 

Inti. Wstmnatr. W Spc ... 88***ts !8R3 Tipc. IPO* 

LTCB 19*1 8pc ... 1 99) 

Midland 1982 8pc ....... 1»U .- 

Midland 1997 7UtfpC 99V;. 

ew I8927ibe ... WO ^ 

JPV-CF 1M5 Utoc- ' m~~ 

srd. and CWrd. '84 7Ui6PC «N 
Wsn. and Glyna ’M .»9W 
■ - : Source- White Weld ScrwnHc*: 



1004 . 


*31 .' 








99 • 




93 - 


884 ••• 


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991 . 




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American 'Expms 41nc ’87 'SO--' 
Ashland Spc 1888 
Babcock- A Wilcox SJpc V7 9t( 
Beatrice Fooda 44pc- 1S32__ 

-Beatrice Fhods 44pc 1993... rt® . 
Beecham Mpc -1992 . ' 1W ^aBV 
-Borden Spc 1*95 ... .... IBS ' 

.Broadway Hale 41 pc 1987 . 78i 

Carnation 4oc 1987 ' 78J ’ 

Chermn Spc 1988 ... 128 *' - 

n«rt 4»pc iw • .— — -to * 
Easnnan Kodak; 44 dc IBM- ■ Kh* - 
Economic Latn^ 4] pc 198?- 37 - 

Flrastone ape 1888 . 924 

Ford 5l>e 1888 • 98 .7’ 

O-Hwrw Eiectr 1 - 4tpr 1W7 84 

cniene 4Jpc 1987..^...'.;.... 7V 
Honld Spc 1*87 .. — 1144 . 

Gnlf and Wewem ape 1*88 M ‘ , 
Harris Soc 'BBS 157 f\- A 

* BoneyveU Aoc 1888 . — 88 

ia c*nc in** w 

ina soc i»97 srr 

Indteane 6»pr 1891 .^.j Ul» 

ITT 41 nr 1M7 Ktt . ■ 

JiWfrApt IBM 118 'i 

Kotnarsu 74 DC IBS* ~ 1314 - ; - 

J Ray McDermott 4 1 DC *87 "1371 7 

Mawnsblta Stfv- 1980 ' 171 '.. . 

M1t*nl 7) pc 1890 - 1Z4 1 

1 P Momon 44w. 1987 ._ ,B*V 
Nabisco 51 PC 1838 1B2' , 

Owens Illinois 4inc 1BB7... 1114"; - 
J C Penney 4>pc 1997 .. 79 J 

Revlon 4*nc 1887 ... 

Reynolds Metals Spc 19S8 88V - ‘ 
SandvlJr Blue 18SS ... 1*8- ■ . 

Sperrv Rnnd 4*!* 1 1887 ’ 82 ' 

S«ntihl) 4* PC 1887 81 

Texaco 44pe IBM Sii 

Toshiba iH DC 1997 ... L7I 

T»ntno C’rhMe '4IPC 1883 . 95J-- 
Warner Lambert 4VDC-1M7 84 • 
Warner Lambert 4)pc 1888 -77 f r 

Xerax 5oc 1988 - *8 .%« 

Source : Ktdder. Peabody Secarl 

ii.’i it*- " 

we nnaneea tne prat 
cf our young nation. 

we are rinaro 
the wide woiid 

Our international involvement began early. 
Soon after our nation's indepen- * 
dencc, Tire Bank of New York w as \ 

founded to encourage the growth of • 
America's fledgling commodities trade. I 

That was only ^ 

the beginning. w 

Through the ensuing years; we •' M <s . >■* 

have grown from strength to .M'l- > 

strengih. Today, we have 3n ini- 
portant global repuiation for ^ ^ jB 

bot h the quality and scope of our > ; g| 

serv ices lo ouv corporate w 

customers, fT 

V\e can boast a uniquely com- TA 

paliblc relationship with scores of : W*% 

cor res ponden I ban ks. bot h at ; : : j 7 

hotne and ove rseas. ,]\ % . 

And wc sene the diverse .. At ■ y? ?>. 

financial needs of American : ; 

corporate clients and ihcir over- . 
seas subsidiaries, as well as local ^ . vHV 

businesses all over i he world. ■: 

London Pride. \. i- v v 

Ou r London Branch at ' "V.'.v ; ■ 

14/Xeadenhnll Street provides U\e lull range of com- 
\ > { - niercial banking services. 

^ . - V 1 1 is actively ins ohed in cor po- 

1 rate lending, export-nn port 
1 financing, Euro-currency pani- 

« dpations, leasing, cash man- 
- ■ v- agernem, corjTorate trust and 
investment management 

... Ai ’■ London is complemented 
'5 ■ ' ^htfmational Divi- 
\ sion in New York the Bank’s 
llj lpi jra - > ; '-J& H9 brancii offices throughout 

- ^ e entire Slate of New York 
and a complete branch in ' 

? • LVA -S . J ';.. , - 
lifj.'.A-'!'" y. ■ 

m&i ■ 

Merely the Very Best 

Hie Bank of New York has 
no ersouglu to become the Very - 
Biggest; Our aim is merely to 
betht’Ven'BesL ... 

In. fact, wv take pride in our 

- rf. C c A I C 811f 

i-I-HIUUIJ £7l>tIIUI * 1 L ' ' ■ 

There is only one bankthisdd. And this new 

Member FDIC 



jndon Office: 147 Leaden half Snyct. LoncJon EC3V 4PN':'- /; ' ■ ' ' 

Main Office: 4S Wall 5 1 reerit'tew Abrk; N. Y.^10(fi5 . ... .. - . 

I Main Office: 4S Wall StrceKt^yjioTk, Jy. i. lyuio . v. :-.h. v 

rcorportrtcd wjtJi limited liability in.tKc^t^ oLNey yoyk,"L f ^rAc:- v r. • j fj 7 m m J* v 


/■ s 

- Apri I 21. 1978 

^i^^idtfeGtors for 

^t|]| i T rfri tesIfe.WaU, a deputy chair- chief engineer when-. Mr. Reg 
I ** U\ '-msD of PBWngttm -Brothers, and Norfolk retires from that positron 
K-. o, V» c r xre^or JUoyd-Haghes, Govern- at the end of the year. Until 
*-»r till consul- that time Air. John Norfolk will 

, v liHftj rani have; . .&aen_ appointed take over the day-to-day running 
t? ftn 4 ln! 'tunrt*«nitive directors of. the of the department to allow the 
■ jjv®RPOOI*.. DAILY POST AND chief engineer lo concentrate on 
; -r - « 3 HO. :3ffrl "VKaU has held a special projects: 

. r£%k numb« of posts with the PilWng- * . ' 

1- '-I i. grotip. . Prom 1388*70 he was Mr. Richard Cop cm no h as be en 

'.-•r- "'- -• $v shslrtpatr '-of: the pressed glass- appointed a director of EASTERN 
iK-frfsIoh.WKl from 1974 chairman COUNTIES NEWSPAPERS. We is 
-•--.l.' - I 'in i«r the glass fibre division. In at present chairman and manas- 
'h« alsD became chairman of ing director of McKechnle 
, . . v ' ^;L2hfe- "Pf1kIngton Rroup. planning Chemicals. 

" 4 v •%>I S n atti>tieer. Sir Treror was the * 

*. h : -V ^ toJitlcaJ - correspondent of the Mr. R. , W. Cook -has boon 
v- • . • J 6-»*KSSpool Daily Post from 1951- appointed group managing direc- 
v. . Me then .became Press inr of HIGH MEAD ENCINEER- 

- C'V&oOtary- to Mr. Harold Wilson 3NG HOLDINGS. 

./ -3J>‘ Downing Street and re- ■* 

? --*:*■ Oifttfalned in. that position until 1989 Mr. Jeffrey Stretch has been 

. '• •• .' "iBjp.,. t.Sfton he went to The Cabinet appointed personal director of K 
■V'i&fflcer - ** chief information SHOEMAKERS. 

- .1- i\i^i)K3»iser to- the Government. * 

• .**£• - .vi. „ : Mr_R. G. Horton has resigned 

* ..VtftSifrv *“? Norfolk ;hss . been as a director oF HOSKINS AND 
T -- .V^«BpflIn»d by the Mersey Docks HORTON. 

■*c.. Vfpul Harbour Company as chief * 

f@ne«r d^lgnate at the PORT Dr. A. TV. Tailor has become 
- • I : r -JfF Lj ViiBPOOU He will become chairman and Mr. J. P. Davidson. 

Daily Post 

deputy chairman of . the BRITISH 
1S79. Mr. J. F. Davidson ha* been 
made chairman,- Mr. J. B. Fitz- 
patrick and Mr. G. A. CulHngton, 
vice-chairmen, and Mr. J. D. 
Presiand. honorary treasurer, nf 


Mr. D. van B. Qrd. a director 
been appointed chairman and 
Mr. I*. J. T. Herbert has become 
deputy chairman and managing 
director. Mr. David A. Lurie has 
resigned as chairman and from 
Ihe Board, bur nfll remain a 
director of a subsidiary and con- 
tinue with the company as a con- 


Mr. D. M. Davies has been 
appointed managing director of 
the machine too! division of 
ALFRSD HERBERT. He has been 
financial director of the company 
since 1973. ■ 


Mr. Raymond C. Jordon b»* 

been appointed inspector, Budn^r 
.FIJI, Suva. Fiji from May l. He 
was formerly documentation 
manager in the Arab British 
Chamber or Commerce and ic»vr» 
tn take up his new appointment 

on April 28. 

. ♦ 

The Secretary for Employment 
hu» appointed Mr. Geoffrey 
Penrtre as director or Statistic*, 
MENT. with the rank of deputy 
secretary. He succeeds Mr. Roger 
Thatclier. who has become 
Registrar General for England 
and Wales. - 

Dr. A. Kent has been appointed 
a director and financial controller 
Wilkinson has become managing 
director of Effluent Disposal, a 


Mr. Jcrcmv Howell has been 
appointed an industrial and' 
employment development adviser 

U.K. trade 

Lord Hewlett has been 
appointed UJK. president of the 
ASSOCIATION- Ho succeeds 
viscount CaWecote. president for 
the pas i five year*. Lord Hewlett, 
who holds many business and 
public appointments, i-j chairman 
and managing director of Anchor 
Chemical Company and chairman 
of Burco Dean. 

. Mr. A. R. . Stindwtek has been 
appointed personnel and adminis- 
tration director of ROLLS-ROYCE 
MOTORS Car DHirion. He joins 
the company from Fluor GB, 
where he held similar responsi- 
bilities. ‘ 


Lord 'W'oHtndrn has been 
appointed honorary president to 

, . ;?» 

Senior executive chaiiges at 
Coalite & Chemical Products 

Mr. Charles E. Needham has 
been appointed deputy chairman 
PRODUCTS and continues as 
group managing director and 
chief executive. Following the 
Charrington acquisition. the 
group structure comprises iwo 
divisions, with Mr. Peter Fowler, 
as managing director of . the 
Coalite and Chemicals Division 
and Mr. John Dowling os manag- 
ing director of the Charringlon 


Mr. Richard Dennis and Mr. 
Norman Waiting have been 

appointed to the Board of 

David Roberts has resigned 
following a planned reorganisa- 
tion of the Redifon Group, but he 
pemains a consultant. 


Mr. Colin P. Bateman has been 
appointed an assistant vice- 

president and Mr. Keith R- 
xidgway an international banking 
officer, at 'the - Loudon - branch of- 


appointed Mr. N. Eden-Green, a 
director of ESA Creative Learn- 
ing, Mr. E. W. HIne a director of 
Paul and Marjorie Abbatr Toys, 
and Mr. N. O. J ewers a director 
Of Educational Supply Association. - 
- ■* 

Admiral Sir. Desmond Drcj'er 
has been appointed president of - 
■ sfon to General The Lord Bourne 
of Atherstone. General Sir 
Geoffrey ' Musson has - become 
chairman. • • 


Mr: Cecil Blanco has resigned, 
from the Board of BAIRD 

leaving at the end of. April. He 
joined the company 'in 1973 when 
he -retired as a director of Marks 
and Spencer. 


Mr. John B. Elweli has become 
managing dirccior of AUTO 
.GET group. 


Mr. Martin L. Qivot has resigned 
from full-time executive duties as 
group vice-president, steel distri- 
bution. ■ of AZCON'. CORPORA- 
TION but remain ou.the Board. 

• ; Mr." Sam ue) Newman, a vice- 
president of Irving Trust Com- 
pany, has been -.elected . to 1 the 
Board or the SOCIETY - FOR 

-worldwide .Interbank 

TIONS, headquartered in Brussels, 
an organisation of European, 
Canadian and U.S. banks. 

VF- 1ml. \ 

e,rrj 2al cl 

Group Gold Mining Companies 

(Ail corr.par)ies are :ncc*poTate-i r. the Repubhc of Aihral 

Orange Free State 

■ £?T 1®I-Ej f — • 

Reports of the directors for the quarter ended 31st March, 1978 

> I j 


^ree State Geduld Mines Limited. 

Issued capiYali io mo obo uwti oi so cena epct> - * — 

' tomw«c 3 000 000 unHoiBly SSDOOOOi Or» sc 12.7 grams oer ion ' 

■ . . Ouner Onarcar ' B monttis 

Q nar car 
Dec. 1977 

8S4 oeo 
10 027 


UnTmtllH B 39.000 8S4 00Q 

- 12-02 

v told Biwiliceo^-fco ID 4£X 1002 T. 

ttreme w too tnlBid . .-i. , . RS9.1S R V- 4 ® 

ost Mr ton milled — — R26.10 R24.59 

~ yoM per ton milled RSS.Q9 R34.B9 

-■Mime' .1. R49S99 0OO ‘ R49 BOS 000 

M ‘ .. „ _ __ ... _ H21 BO 4 OOP R2D BOA ODO 

' nH R27 715 DOO IU9 1Q1000 

CHEME UMS) ISM SuuunwrJ ■■.. 

5 1 \ 77.000 . ' 5S7000 

r S»-r<l* _ .1 •- - • - . 0.30 0 SO 

uranium — kg/t : ..i .' 

" suinliur— oer cent x ... 0*9® I 5 - 45 

. IR209 000) tRSIBOOO) 


' WM ol IMS' net prw>t ,iRM0r> ■ 

estimated . 12*9 000) (StBOOfli 

- k sunory rcranue > bsfiooo 712000 

-- ended 

Mar. 1978 

1 6T3 000 
’ . M 
. R59.31 
. RZ5.34 


President Steyn Gold 
Mining Company Limited 

and its whoily-owned subsidiary, Video Mining Go., Ltd. 

ISSUED CAPITAL: 14 SB&40O tftarrs ol SO cents each 

planned production for the year ending September so 19 T 8 

Tonnage 3 4 oo ODO (previously 3 GOO 000) Grade 8.0 (previously 8.S) gram* per ton 

R2D 50 a DOO IM2 38* 000 
R29 1Q1 000- R56 81E DOO 


(R289 ODD) (R5 1 B 000) 

R56 51 BOOO 

„<R8Q5 OOO) 
) 868 OOo 

«’JSr -".Vl- »«w 

nation and State's share ,ot pmfl*— ' 

.'■sumaiocr . 10 SM. 0 D 0 

12 568 000 --23 tS2 060 

“ilnlS B17 790 00Q RIB 729 000 - R*4 527 6(10 

j?5S. sifcfe 

Ivideno— nneriin (5oe Note 1* . . R1J572D00 

amount __ . ISO cents 

.uSUSL'".*;"" «•*■»/' «?«"«» 


»• 5 mam Shalt •• ^ **. 5 

«tl) to date— metre* _ Nil Nil 

S ventilation suit •' 47 B ‘ 58.0 105.B 

ivance— metres .. ■ ‘ ' - bed 10S.6 

»th to date— metres N „ 

alien cettlng— ffl«tr« J Nil . Nil Nti 



Advance — " *. 

metres matres ..-.Channel gold uranium 

isft area 
isal reel 

a. i 

a. 2 

o- 3 


0. 7 

a. 9 

ullppl No. 414 
ItHlte area . . 

Barter ended 
arch 1976 
uaner ended 
Member 19/7 
months onacd 
arch 197S . 
dmer rear 
a. i 

1. a . . . . _ 

a. 9 

uarter ended 
arch 1978 
uarrer entied 
tc ember 1977 
months ended 
arch 1978 
imuenov rear 

o. 7 

0. 9 

Mllppl No. 414 
iQute area 


Tons miUeg .. ^ 

Yield— gt 

Gold produced— -kg . 

Revenue per ton milled 

Cost m; ton milled . . 

Profit per ton milled 

Revenue . _ . _ 



SCHEME UMS) (See Sumirijrv) 

Slime delivered 



gold — g;t 

uranium— kg ‘t . : 

sulphur— per cent - ...... 

-Estimated Share ol rront Doss) in- 

cludlnp icrvire rharges 


Working prohi — Gold 

Share ol JMS net urotit flossl — 


Net sundrv revenue 

Profit before taxation :nd State's share 
of profit 

Taxation and State's share of broht— 

Profit a'ter tax and Stale's share— 

Capital expenditure^ — metal I urgleal earn- 
pier— partly financed b« urav o( loans 

— dthor .... . 

Dividend — -interim (See netr i» 


—per »l>»re : . . . . 

Loan Lev-*— est'mated 


No, 4. sub-vertical shaft system 

Advance — metres 

Death to Bale -metres — . 

5-mif<n c"*'-— — metres 


• •• Advance. 

metres metres < 


Mar. 1978 

774 OOO 
5 953 
R2S 342 OOO 
R20 384 ODO 
R7 958 000 

R7 958 OOO 

(905 900) 
853 000 

Dec. 1977 

752 000 
6 051 
RtS 42 
R29 038 000 
R" 9 7*6 000 
RIO 092 OOO 

rR26D OQOi 
RIO 092 000 

!260 000 > 

10 098000 

6 months 
Mar. 1975 

1 526 000 
11 984 
Rf 1.83 
R58 1 BO 000 
RAO 130 OOO 
R18 050 OOD 

(Rt 165 OOO) 
RIB 050 000 

11 IBS OOO) 

1 119 000 

President Brand Gold 
Mining Company Limited 

ISSUED CAPITAL; 14 040 000 urvu of stock- Oil 50 cents each 
tonnage 3 100 000 Grade 9.8 grams oer ton 

f includes *40 DOO tons to be treated by Free State Saaiplaas bn a cast plus service 
charge basin 

Quarter Quarter B month* 

ended ended ended 

Mar. 1978 Dec. 1B77 Mar. 1978 

Free State Saaiplaas Gold 
Mining Company Limited 

I55UED CAPITAL: 28 100 00Q shares of R1 each ' 

Tonnage. 1 ZOO 000 Grade 3,8 (previously 4.0i grams Per ter ' 

786 000 
7 794 
R37 045 OOO 
RIB 919 OOO 
RIO 126 000 

761 QUO 
. 9.07 

6 905 
R34 458 000 
RIB 221 OOO 
R 1 5 237 000 

1 547 OOD 
14 499 
R71 303 000 
R57 1 40 000 
R34 363 DOO 

RIO 098 000 Rl 7 703 000 

RIB 126 000 R16 237 OOD RS4 563 000 
974 OOO I 36 B ODO 2 342 OOP 
90 000 465 000 575 000 

R472 OOO 
R4 853 000 

R563 OOO 
R4 682 000 

•ft 035 OOO 
R9 535 OOD 

R4 3^0 000 

10 trnu 

19 010000 

17 120 000 

36 130 000 

7 978 OOO 

7 589 000 

15 567 000 

Mil 032 OOO 

R9 531 OOO' 

R20 563 000 



R2 261 000 
Rl 125 000 





cm.g t 

156.0 • 

15 5 


2 340 

214.0 ' 


T 068 

' 1511.0 - 


22 . 1 s 



• 9.1 

1 B 8.09 

9 235 


37 O 

- IB 22 


S4.0 . 


76 41 


11 101 




3 516 



9 997 



66 44 

2 591 



20 698 

1 612 

34,0 . 

91 ,38 

37 107 






2 «-6 


0 16 

21 80 




‘ 2.62 



21 .64 


12 0 

97J) . 


7 . 












198 7 

3 12 








• 546 








(1 pA 



198 0 ' 


3 53. 




No. l"*,.. ' 1619 1?8 19 6 74 .4e 1 459 1 65 32 26 

NO. 2 1 915 176 41.7 19.98 833 0.22 9.12 

No. 4 3 399 484 38 8 29.61 1 J49 0.10 4.02 

Video lease area 1 155 30 71.9 4.Z4 „ 313 0 02 i 15 

Quarter ended 

March 1978 8 088 628 37.S 29-41 1 103 0.26 9.70 

Quarter ended • 

December HJ77 t 542 f 03* 34 6 37.20 1 287 O J4 »l 84 

6 months ended 

March 1978 . .16 630 1 662 35.9 35.57 1 205 0.30 10.89 

Leader real 

Np, 1 271 180- , 100 1 6.95 696 0 34 34.04 

NO. 2 272 140 153 1 2.93 448 0.13 19.82 

Quarter ended 

March T978 543 320 123.3 4.77 588 0.23. 27, B2 

Quarter -ended 

Orcember 1977 55S 226 133.4 3-06 40a D 16 23.79 

6 months ended 

March 1975 1 078 546 127.5 4.02 513 0.21 26.15 

'A ’ reef 
No. 2 

Quarter ended 

Mere* - 1878 297 218- 65J 5.38 351 8.09 6.02 

Otwter ended 

December 1977 20B 112 72.4 G.17 447 0 17 12.28 

6 months ended 

March 1978 . SOS 326 ' 67 B 5 66 384 0 12 8.17 

Area under tribute ip and developed bv President Brand met Included above) 
Basel raw 
Quarter «mdrd 

March 1978 520 136 13.3 105.26 1 400 0.83 11.03 

Quarter ended 

December 1977 557 44 1P.4 251.51 2 666 2 !f 22 96 

6 months ended 

March 1978 1 077 180 12 7 134.57 1 709 1 10 13.94 

Capital expenditure 

Estimated exocndllpic fpr me year ending Scetemoer 30 1976 is Rl? 000 000 wmen 
excludes -an. smeuni et R2 000 000 Uj be sueni an the metallurgical complex. 

Cheers placed and ouH>a«3 ng or, capital -oniraels as at March 3' 1973 totalled 
R2 547 00.0 ol which R409 OQO fvas in respdet el the metallurgical comma*. 

Fgr and on behalf of the board 

RS 414 000 
RZ 696 000 

R3 126 OOD 
65 tents 
R f 767 000 

R13 242 000 RIO 145 000 

R23 390 000 
the company's 

April .21 1978. 


G. LANGTON \ D'fWtOrs 

= Western Holdings Limited 

„ ISSUED CAPITAL) 7 496 376 jnares Ol SO cents each 

Tonnage 3.1 00-000 

Grade 1 1 Jl grams per ton (previously 11.51 

HrUr ended 
arch 1 978 

1 102 







janer ended 
ttrmqer 1977 



4 14 


0 04 

5 46 

months ended 
arch 1971 

2 233 

1 040 

. 149.3 


645 . 




timated expermtiire iw -’he yd*i ending Seplimoer 30 1.978. s 
SuMDN. which excludes an .mourn fl( R2 OOD 000 .o be a«n« on 

e metallurgical ccmotev. im-iina 

ders Placed and outstanding on kxoital cbniracp as r* -March 31 ' ’ q T* 
la 804 OOO ol which R686 OOO was Jn resoecr of the meialhirgleal complex. 

■ 3. 5 SHAFT COMPLEX ' , . , , ora . n8 

nklng ,n the ma.n shall commenced -t the bMinning ol . March 1978 ano. 
; lulling the' pre-sink meterage. ' sbatL none m was 1SSJ metres below collar at the 

■' ^ , rJtt?on tt oT Ae - ven.llewon ‘shaft -headgEar has been completed and s.nkins 

is shatt wilt- commence sn only. 

aril 21 1378 

For and on betiilt el the board 

"G. LANGTON ? _ u . tnl _, 

D. A. ETHER EDGE \ OHtetorl 


Tons milled 

Yield— ar.t ... - 

Gold produced — kg . . — 

Revenue per- ton mined ... 

Com per un milled ........ — . 

ProM oer ton milled 

Revenue ....... 


Profit ... 

SCHEME UMS) iSae Summary) 

Slime delivered 


BOW— gt 

■ urmlum— eg<t — — ... • 

Sulphur— per cent 

-Ectlmatmt ihsr» «•» ora fit Hass) — net 
Working profit — Gplo ... 

Share pi jms net orofit Hess}— 


N«. sundry revenue - 

Profit before taxation and State's share 
of profit 

Taxation and State's ,hare ol profit — 

. . est imated 

Profit after tax and State's snare— 

Capital expenditure— metallurgical com- 
plex*— partly financed bv wav ol Man* 

Dividend — interim (See ’note t « """ 

— amount 

. - - w r share 

Loan Levies — estimated 



6 months 




Mar. 1970 

Dec. 1977 

Mar. 1978 

750 DOO 

747 000 

1 497 000 





8 115 

15 834 

, „ 









R28 26 

R37 345 OOO 

R38 630 OOO 

RTS 975 OOO 


R 16 486 000 

R33 666 000 

*- “ 

R20 165 OOO 

R22 144 000 

R42 309 OOO 

866 000 

830 000 

1 696 OOO 


0 45 






0 99 

1 OO 

IP 435 DOOl 

(R253 DOO. 

IRB8B 0001 


R2D 165 DOO 

R22 144 000 

A42 309 DOO 

1435 OOO) 

1253 OOOi 

>688 000) 

. — 

1 163 DOO 

1 30d ODO 

2 467 OOO 


•Tans milled . ■ .■ 

Yield— fl ‘t • • - 

Gold prooated— kg ... _ — 

Revenue per ton milled . _ - - 

Cost per ton milled 

Profit oer ton milled — 


Cost . . . . - 

’ Profit , 

SCHEME IJM5) (See Summary) 

Slime delivered 


gold— -9 "t — . . . 

uranium- — kg:t — 

sulphur— Per cent . 

Estimated Share dI profit Including 
service charges 


Working profit— Gold - 

Share ol JMS net profit— estimated ■ ■ 
Net sundry- expenditure 

Profit before taxation and State's share 

of profit 

Taxation and State's share of profit- 
estimated — — — 

Prefit after tax and state's share- 
estimated - 

Capital evpendlture— metallurgical com- 
plex— partly financed bv way ol loan* RSI 53 OOO R2 261 000 

—Other. Rl S70 ODO Rl 125 000 

Dividend — —interim (See nete 1i 

—amount ' — 

— per unit of siock — — 

Loan Levies— estimated R9S4 000 RBSSODO, 

'Includes tonnage treated on a cost 
plus service charge basts bv Free 

State 5aaroiaaa -. . . 721 ODO 115 000 

Consolidated profit alter taxation and 
State s share of profit Of the company 
. anu its subsidiary. Free State SaalP'aas 
Gold Mining Company Limited — alter 
allowing for" minority shareholders' 

Interest *... R15 242 000 RIO 148 OOD 

The attention of members >s drawn to the report on the operations ol 
lubsidiari. Free State Saaiplaas- published in coniuntijon herewith. 



Advance — — — " 

~ metres metres channel gold 

Shaft area 
Basal reef 

No. i 108 — — — — — „ " 

No. Z 2 734 172 41-1 31.10 .1278 -.0,18 7.60 

No. 3 1 051 30 3.6 373.26 -S210 -2.96 25.47 

No. 4 .. . . 3 394 414 123.4 24.76 3 065 0 06 7.02 

Quarter ended 

Manet) 1978 7 287 616 , 94jg 27.08 J 367 0.09 - 8.06 

Quarter ended 

December 1977 7 947 1 024 62 5 29 22 1 B2B 0.18 H.47 

6 months endtd . 

March 1973 . 15 234 1 640 74.6 28 20 2 104 0.14 10-0 

Leader reef - _ 

No. 1 ... 803 320 156 J 4 98 B2B 0.21 34 66 

NO- 3 '. , 1 1 83 294 1JS.0 5.47 738 • 0.28 36.09 

Quarter ended 

March 1978 1 985 6T4 15U 5.19 785 0.34 36.31 

Quarter eneeii ■ 

December 19 T 7 1 850 SOD 139 4 5 68 792 0.20 28.50 

6 months podvd • 

March 1978 . 1835 1 114 146.0 5.40 788 0.22 32.81 

in addition. 

area under 

tribute from 

President S:e-n 

Basal reef 

Quaner end'd 

March 1976 - 520 136 13.3 105 26 1 400 0.83 11.08. 

Quarter ended • 

December 1977 557 *4 10 6 251.51 2 666 2.17 32.96 

6 months ended 

March 1978 1 077 ICO 12.7 134.57 1 709 1-10 13.94 


Estimated expenditure tar the veer engmg Seoiember 30 1-978 la RIO 500 ODO 
(previously Rl > 500 0001. tn addition an amount or R16 500 000 is -to be spent on 
the metallurgical complex of which aporoxtmalaiv R8 500 DOO relates to the extension 
of die treatment facilities. 

Orders placed a"d outstanding an capital contracts as at March 31 1978 to tailed 
RIO 265 000 ol which R6477 000 was In respeci erf the meailuro-cal complex. 

For and on behalf ol tha board 
D. A. ETHEREDGE I, Directors 

April 2: 1976 


Mine production — tons mined J ... 

Yield — o-t 

Gold produced — eg 

"Revenue per ton milled 

Con per ton milled ... 

Lou per ton milled 

Revenue • 



SCHEME (IMS) I See Summary) 

Slime delivered 


Grade- - - - 

gold— gn 

uranium— kg. -t . _ 

sulpha rt— per cent 

Estimated share of profit-net . 

Working loss— Gold ... 

Share 01 JMS net profit — estimated -. . 
Net sundry revenue .... • . . , 

Profit before taxation and State's Share 
ol profit 

Taxation and Stale s share of prefit — 
estimated. . . 

Profit alter tax and State's share — 

Capital expenditure — metallurgical com- 
j»l*x-— financed bv wav of leans . . 
—Hither . . 

Tonnage treated for President Brand on 

a cost plus service charge basis-' 

No. 3 Shalt 
Advance— metres 

Depth to date — metre* 

Itxllnii metres 


Mar. 1978 

312 000 
1 076 
- Rl B.56 
RS 166 000 
R6 577 OOO 
'Rl 411 000 

. . 0-34 

... 0.23 
R4 791 ODO. 

Rl 41T OOO 
- 4 791 ODO 
1 0X7 ODD 


Dec. 1977 

299 000 
1 174 
R5 826 DOO 
RP 300 000 
R474 000 

. 0.21 
0 7* 
R988 000 

R4 7a 000 
9B8 000' 
719 000 

6 month* 
Mar. 1978 

611 000 
. 3.68 

.2 250 
RIO 993'000 
Rl Z 877 OOO 
Rl 885 000 

' ' 0.35 


• - 0.74 

RS 779 OOD 

Rl 895 000 
5 779 000 
1 756 ODO 

R4 41 7 DOO R I 233 000 R5 650 000 

R50 OOO Cr 

RS 026 000 

R69 OOO 
R4 487 OOO 

., _1 Sampled 

Leader reef 
Quarter ended 











March 1976. . 








December ~l9T7 
6 months ended 

. f 



67 f 





March 1978 . 
Basal reel 

Quarter reded 


78 4 





March 197* : 

1 557 







December 1 977 - 
fi monuii ended 

1 590 






20 08 

March 1978 3147 








Estimated expenditure fpr the vear ending Seciember 30 1978 >s R 12 000 000. 

Orders Placed and outstanding on laoifat contracts as at March 31 1978 totalled 
Rl 213 OOO «f which RZ 000 was in resowr of the metallurgical complex. 

The Basal '.reef has been Intersected m No. 5 shaft at a depth of 1 760 metre* below 
the collar. 'The reef was sampled and the average ot 14 sections gave values of 
1 0.14 gft gold and. O.T4 kg-c uranium over a true width ol 93.1 cm. raulvalerrt 10 
944 cm.crt gold and 16,67 cm kg t uranium. 


as previously aixiouncpd- me dire^ion 01 me comeanv w-n only convder the 
declaration of a OIvkkunI once a vear. in October. 

. . ' For and on eehaif of die board 


G. LANGTON \ Dir«:ort 

APfH 211 978. 

Welkom Gold Mining 
Company Limited 

ISSUED CAPITAL: -1 X 250 OOO shares CM SO C'htS e»'.h 


Tonnage 2 100 OOO . Grade 6 Jl grams per te.i 

. Quarter Quarter 


105 26 

1 400 



10 6 


2 666 





1 709 



R31 ODO 
217 000 

23 195 ODO 44 088 000 
13 786 OOD 15 4 29 .000 

RP 409 000 RIB 859 ODO 

R344 OOO 
R2 721 000 

R14 243.000 
190 cents 
R2 158 000 


Tens milled . ' ... 

Yield — g t 

Gold prpOue.etf-T^fl . . . _ . 

Revenue per ton milled 

Cost per ton rutiles 

Profit per ten milled - 

Revenue .c 

Cost . . •• — *. • - V .Vi 

Profit , 

SCHEME (JM5) <Sce (Summary) 
sums -delivered. 

Grade ' — 

ap'd— 9 - t 

uranium— kg/t 

sulphur— per cent . . . . 

Estimated share ol profit— net - 


Working profit— Gold 

Shire pf JMS net profit — estimated - 
Net sundry revenue . ... 

Profit before taxation arid State's snare 

of profit :.. ...... .. 

Taxation and State's snare of profit — 

Profit" a'ter tax and State's share- 
estimated . . , 

Capita) expenditure— Dtefaiiureical rem- 
ptix — partly financed b* wav el loans 

—other ...... 

Dividers*— I werlm (See Note 1» 


— oer share • 

Lean Lerf*- -“stimated- _ 


■Advance — — — — 

metres metres d 

Shall area 
Basal reef 

No. 1 
NO. 2 . . 

' NO. 3 . 

Mar 197B 

537 ono 
3 253 
Rl 5 774 000 
Rl 2 501 OOO 
R3 273 000 

Dec. 1977 

. 540 OOO 
3 334 
RtS 242 000 
Rl 1 9R1 000 
R4 281 DOO 

6 months 
Mar. 1978 

1 077 OOO 
G 586 
R32 016 OOQ 
R24 462 OOO 
R7 554 000 

R3 273 OOO 
50 000 
679 OOO 

RS 982 ODO 
1 503 000 

R31 OOO 
R-14D OOO 

R4 281 OOQ 
329 OOQ 

R4 610 000 
1 942 000 

R16 OOO 
R552 OOD 

R7 554 OOO 
30 OOO 
1 008 000 

RB 592 000 
3 445 OOO 

R47 OOO 
R992 000 

R3 062 OOO 
25 cents 
R388 000 

' T * 

1 l 

; A i k * 



. *' Attention's directed to an announcement published in conjunc- 
tion herewith relating to the declaration on Thursday. April 20 
1978. of interim dividends for the year ending September JU 

2. Development values represent actual results of sampling, no 
allowance having been made for adjustments ^necessary m 

estimating, ore reserves. - '■ . - 

The Tmnsmal Group's results appear on another pane m 

x this paper. 

1 1 A* Copies of those reports will be available on request from Uie 
7 IV . offices of the Transfer Secretaries: / 

Charter Consolidated Limited. P-O. Bar J02, Charter House. 
Park Street, ‘Ashford, Kent TN24 8EQ- 

Shall area 
Basal reef 

No. 1 . . 1 417 146 27 8 147.77 4 108 0.64 17.70 

NO. 2 1855 172 25 0 246.58 6 411 0.42 10.97 

No. S _.... 2 577 478 45.1 20.87- 941 - Oil 5.05 

No. 4 2 364 194 , E.7 727.20 1 97? 1 .66 14.52 

Quarter ended 

March 1978 .. 8 203 990 32.1 79-78 2 561 BJ1 9.80 

Qrartar ended 

Decamber 1977 8 686 1 010 40.9 49.76 2 035 0.26 10.57 

6 months ended _ 

March 1978 16 889 2 000 36.9 62-88 -2 295 0.28 1 0.19 

Leader reef 

No. 1 • 120 8 254.5 4;D4 1 02S 0.19 49.29 

No. 2 350 1 98 224.9 2 . 92 656 0.10 21.87 

No. 3 fob 54 Z1B.3 4.15 911 0 J9- 19.70 

Quaner ended 

March 197* 576 260 224-7 . 3.21 721 0.1 D 22.77 

Quarter ended 

December 4977 635 IB* SOI .6 3.83 -772 O.ta 36.62 

MjrSP^g 78* * ^ 1 211 442 215.2 3.45 742 , 0.13 28.16 


Estimated expenditure for me year ending September 30 1979 la R6 500 000 
’prenousfy R7 500 0001- 

Qraers placed and outstanding on gaorlai contracts as at March 31 1978 totalled 
RT S06 000 at WHICH R700 000 was lo respect a t the aiecallprgtcaf complex. 

for »mf on behaii of the Board 

^ D. A, 5TT« HEDGE \ Directors 

April jl 197* 


Mar. 1378 

ended - 
Dec. 1977 

6 months 
M ar. 1978 

2 391 




1 030 



2 4 Si 




1 139 



'4 922 


16 « 


1 073 










211 6 





1B7 > 

• 138 ' 






16 , 

. 206. 6 

6.4 5 


' 0.05 


215 - 









. 4.36 










tT! Flotation plant - 

•lime treated— 4am 4 259 000 3 489 000 7 747 000 

(il) Uranium plant 

. HUM treated la ta 995 OOO 553 OOO 1 148 000 

concentrate treaiep— tona .... >9 000 60 obo 139 000 

uranium oxide produced — kp . - 134 114 10S 90S 240 019 

(ID) Acid plan! 

acid produced — tons 63 695 58 64* .122 343 

(lv) Geld plant 

ca'cine treated — lens 54 468 . 40 985 95 431 

gold oroouced— leg 23 S 209 *44 

IV) profit — estimated 14 166 ON Rl 327 000 RS 493 000 


Modifications to the flotation plants at President Steyn and Free State Gedu'd were 
completed at the* end of March.- Daring the modification period reee «■**'»* continued 
to be unsatlM«tNY. however improvement* are expected In theViiuhio Quarter. 

Both ihramjnpui »"d rdcoverias wert Imorovfid during Ihe ouartor In tha 5‘lmes 
ficnign o f ;hr uranium want reiuftfirg in Increased production of urannim irpm 
Free SUte 5a#H>U*» ■••i***. 

54 458 

141GB 000 

553 000 

60 obo 

10S 90S 

■ 40 985 

Rl 327 000 

1 14B 000 
139 000 
240 019 

95 43 1 

RS 493 000 

Quartar ended 
BAarch 1978 
Quarter ended 
December )977 
6 monCM ended 
March 19-78 
■ B " Reol 
no. 1 . . . . _ 

Na. 2 

Quarter ended . 
March 1970 
Quarter, ended 
December 1977 
6 month* ended 
March 1978 
Leader Reef 
Na. 2 — 

Quarter- ended. 

Match 1978 367. -306 ■ 144.4 • 4-50 650 0.25 32.98 

Quarter ended . -r» 

December 1977 265 1*2 148 9 4.02 599 0.24 35-05 

6 months ended 

March 1978 632 386 1463 4.27 626 0.23 35.95 

Intermediate reel 
No, 2 

Quarter ended 

March 1970 7S 60 224.1 0.62 140 0.19 43.69 

Quarter ended 

December 1977 61 34 255.9 0.87 222 0-23 57.92 

6 month! ended 

March 1978 .136 M 255 6 0 72* 170 0-21 48-83 


EaUmated expenditure lor tfie y**r e-inir-g September 30 1978 Is R3 500 000 
(prexfeuaiv R4 500 OOO:. 

2?Kr» J5*e*4 and outstanding on caonai contrncts a» at March 31 1978 totalled 
8939 000 el which Rl 1 000 :was in respect of the metallurgical cpmp.‘ox. 

For and on. behalf of the.bMrd 
G. Y. N15BFT I . 

G- LANGTON )“ Bkector* 

Asrn 21 t97B 





Financial . iliaes I 1978 


« an international City-based bank /with, an outstanding 
growth record is extending its activities in the primary and 
secondan - Euro markets.- - . - ■ 

• a senior Eurobond executive is to be'appqinted with broad 
responsibility for operations in both markets, but with 
particular emphasis upon, the development of international 
placement power. 

• experience at senior level in an international institution of 
renown is the essential requirement. . 

salary is not a limiting factor. 

Write in complete confidence 
to j. B. Tonkinson as adviser to the bank. 





Management Control 
through Audit 

• this is a career opportunity at, the centre of a billion pound 
international consumer products business. The base is inLondon. -• 

• the company is a world leader both in its products and in the 
application of modem methods of analysing, monitoring and 
co-ordinating business operations. The intention now is to extend 
modem audit techniques well beyond the conventional accounting 
held. The scope includes general financial and commercial practices, 
operating methods and the ethical stance of die company in various 

• the situation demands’ a leader to develop and implement this- 
type of comprehensive audit philosophy. Broad experience of 
financial management and control methods is the preferred back- 
ground as well as sound knowledge of professional audit practices. 
An accounting qualification, and familiarity with computer-based 
svstems are essential. 

• 5AL.YRY Up tO £ 14,000. 

Write in complete confidence 
to Dr.TL, F. Tuckett as adviser to die company. 




_ and - - - . 


eicester Polytechnic 

1 require 


of Business Economics 

■»* Head! of the School of Economics arafAccauftbftB. 

T *WBppoinwe will bo eapected to iftwetopthe tuuMng. research and 
cons ultancy in Business. Economics and Accounting studies, end til far a 
HWialwm in an applied fieri rriatedm ttita wort. 

-SALARY £8520-£9093 (inclusive). 

Fortier furiculare arid appKeetkm form f romSUffctfl Officer, 
Mxcasur Pohtrechnie. P-0- Box 143, Lefcartar. LEI 3BH. - 
Td. Lines. SOI 81 twin. 2301 . Closing date 14.iB.78. 






£25,000 tax-free 

-{-substantial terminal bonus' 

Intermtioni! Cons rruct ion Company requires a General Manager 
for one of in areas in the Middle Ease. This is an exceptional ' 
-opportunity for -a man of proven ability to further his career 
in a company, where results and effort are well rewarded. 

The successful candidate will - undergo an induction period ... erf ' 
3-4 months in the United Kingdom.- initially,' a minimum 
contract .of 2 years is envisaged. On- successful completion, 
a similar position will be offered in the same or other areas. ' 
Apply in- strictest confidence "to: — 

14, Gloucester Place, 

Portman Square, 

London W1H 4EB. 


NO. Mm 3 or 1B7S 

Chan cv it Division .Cmnpa:iJ?« co ir. In 
and In the .Matter of The companies 
Vrt. IMS. 


Justice. Strand. London WCZA 2LL. on 
the Sth day of May I97T. and any creditor 
or rontnbutorT of the said Company 
desirous to support or oppose the making 
of an Order on the said Petition may 
appear at the time of hearing, tn person 
or by his counsel, tor that purpose: and 

for the to «£; Re* ^ *J»L*2!F!L 

of Companies and subsequent wind lug-op 
of the above-named Company by tits 
High Court 'or Justice was on the 
7th day or March I STS presented to 
die sold Court by Barclays Bank Limited 
whose registered office Is at 54 Lombard 
Stree t. London E.CJ. AND THE SMD 
PETITION is directed to be heard before 
the Court sitting at the Royal Courts of 
Justice, Strand. London WC=A :LL on 
the Sib day of May 1KB: and any 
creditor or contributory or ‘he said 
Company desirous to support or oppose 
the making of an Order on the said 

by the undersigned to any creditor or 
contributory or the said Company requir- 
ing net copy on payment of the regulated 
charge for the same. 


20. Coo that] Avenue. 

London EC2R 7JH. 

Ref: TI/XGO.SRO. >336 
Soucliore for the Petitioner. 

NOTE.— Any person who Intends to 
appear on the hearing of the said Petition 
mam serve on or sand hr post to. the 
above-named notice In 'writing of Us 

Petition may appear si the time of ; intention so to do. Hie notice must stale 

hearing tn person or by bis Oumsel for 
that purpose; and a copy or tiir Petition 
will be furnished by rite undersigned 
to any creditor or tontriborory of the 
said Company requiring- such top? an 
payment of the regulated chance lor the 


73 Cheapside. 

London. EC2V HER. 

Solicitors lor the Petitioner. 

NOTE.— Any person- who inr.nds tn 
appear on the hearing of the s.iid p-iirion 
must serve on or -send- by oo«t fo the 

the name and address of the person, or. 
If a firm the name and address of the 
firm, and most he signed by the person 
or firm, or bis or their solicitor riff any) 
and must be served, or- if posted, must 
he sent by post In sufficient time to 
reach the above-named not later man 
Tuiir o'clock In the afternoon of the 
5th day of Mar 1S78- •• 



; ■ . transfer books reiatlnu to the Wtjfc - 
L Mortgage. . Debenture Stock 798^90 
the company' win- be tsmeo from the 
to the- IStn May. 1976, both c 

indiuive. . 

By- Order of the Board. 

- - - G. T. LOWNDES, Secretar 

- . 71-78. victoria Street. 


CBM frSs -^.^tawr- oi members w||L be dosed . Bj. each 

SSeT^rShe 6 MXsiV®' 

■iffiftirin »n~nr > _-»« United Kingdom erica 'of- the -transfer 

titered paid .-Oram- the 

Mav30 K i^re m O f *** rSlmmom . currency eouhnUcnt on 

-S. ‘gTiL?! ”jao of tffdr dividend* «*» appropriate taxed. 

SjXH l S5°n?K tn .h? B ... ■*T;., l y wCTt!r -. 'Wact tn be paid IB. South African- currency. 

W jyce jrcd «-the offices of the transfer secretaries ' 

• ?k>muSi, Ua % Klopdom on or bdorx May 9 1978.' 

? ■*® r *3£ ,ek J ' wartunM-to borer ire notified that the dividends ' 
MMBi'riMAM .*£ 4H3L.?. **78. »pon. presentation: of tbe respective 

fEE™ -> : M ti* offices of Barclays Nattonbl Sank 

JS*”*, <atair - Main and Sauer Streets, Johamteatar*. - 

Credlt A d!? U M n Vd^ff S ^^^ ^'-Bahnhuftdrasre 45. Zurich . SwttzarUffe 

75009 Pans. Prance; and 
*■ *«wn«- 1000 Bnmellesw Belgium, only. - 
coupons must be left it joss: four cictr "dav* tor examination. . 

at .of oaupoBS marked "South Air tea," may. - 

^ ODnWstecl tiuwph *n authorised paler in 
55P a g. 8 Vj. l ?--f*|4 Africa into any currency. Thh effective 

Ju^ehS' amf mrii currency will ie'that prevail inp 

SUhtf "lo'wta* w«e«ds Pf’Hia dt VtSapfe are deposited with the authorised 

memio^'£?nta te ^ tflf * JI >'’ wder ; 

the’ companios and also at the offms o< the 

Name of eomnanr . 
teach of which is lKoreordMrin-ti»- 
RTOublw of South Africa). . . 

I Counora . 

( marked 
DlrMond - ” South 
-No. 1 Africa -•’■ 

• l No. , 

Rate of 
'(flyMend- her 
share, unit 

- oi stock . 

Free State Gadutd Mines Lnglted. 
PTftWoM frtdfi Gold MbtW» .Company 
uOHuKS *• "• 

.Fnanlcta stcyrn .Gori MfnJno tefftoany. 

LlfRltCd * . . _ 

vrelkom Cold Mining Company UnktM 
Werttrn Hotginga Limited 








- 47 

:■ A. cents 

; B cants . 

C cents . 
t3 cants ' 

C epsts. 


An announcemvnt was published on February 10 1978. and coulee thefeol 
pasted to all members, sttrinajibat In. future dlndends would be. declared 
by these companies when Dw'aco>1L ffiaiB!' . . results pi the re leva nr accoonttno. 
period were areuaeie rather than before the cod ot the period based on estimated 
result*. . Accordingly, m respect of the above-mentioned dividend dectarathms. 
the decUrMton. nubllcatton.. recoot -amt payment dates are some five weeks 
later then has been rite pattern lr*".fiw£pa*t. 

It le inteoded that this fflyjdewd.p fetarn — m be lo I lowed tn the future. 

By order ot the. boards 
; " Secretaries 

per. R- S. EDMUNDS 
Companies Secretary 

OBu of the Untied Kingdom Transfer lecrctortass 
Charter Consolidated UrStart . 

P.O. Boor 102' “ ■ • ' 

Charter More*' ' '‘Sjfyi&L..''- 

Park Street 
Ashford. Kent. TNZ4 BEQ 

Heed .oacet 
H Mein -Street - 
JohanaeUMro 2001 ... 
IP.O. Box: 61387.-^* 
Marshal Row i). 2107) 

Johannes borg 
April 2T T9 70 

. - .- * . ' •» 


London Ohcci 
ao Hoiborn Ythducr 
EC1P 1AJ- . 





.hy.Rpye 1 Bwhanue Assuranc . 
«t awe value luuaodlted) of a PartJk ' 
HSL. C 2?**S e . ?* ** March Jlst V.- 
aslng the official rates o! excluma. . 

pounds itvrllnq 19^2. 

Order ot the Board. 

By order of the Board. 

Sarnhatmraat T4a. Monger 


. AwlL 21st 1978. 


United . Kingdom Shareholders - 
advised that conin at the 197T An . 

Reoort err.nqw. iva(teS3||^ from-— . 

S. C, WARBURG _ . 
Coupon Department. 

LTSw - 

' Horae. 

Jasm'rth street. 

'.London EC2P 2DL. 
,21st AprfL 797s. 


.-/DIVIDEND NO. 363 

dlJSSS CE n h> ,! Wt* E ?Sr G '^ - 

dividend, on: 27 h cents per share r- 
the paw dp caWrei of t(,« banV . 

wlU J* payable at The Bank anal--'-' 
branches.- on or alter May 24. 1978" 

riiereliold&s of ntopd at the tk£t 

business Aprn^gg.Vjgyf; 

By Oc 


ahove-named Notice In wri'n* of his | n^pnaif »"rtererid t . a oIrt^sh’ire.^ apoTyl 
tb. do. jnw-^o:Lx.. mua . Ing to the Home Secretary tor naturalHa- 

El-Sherlf oi 

_ . _erbyshire. Is 

Intention . so tb. do. . -The -.NotLx.. mutt . ing to the Home Secretary for n«ti 
Jtate the name cr address of tb- aereotw-aioit and- that- any pereoe "ho koows any 
nr if a firm th.- name end addn-es of • reason why naturallsatfon should not he 
• *L * nn °-. hi cio „ .Si I.V *, hi Igranted should rend a written and signed 

rhe firm, and most be signed bv the [statement of the facts to the under 1 
person or firm, or Iks ur »hvlr Solicitor 1 Secretary of stare. Home Other r 
Ilf any. and must be served or If ‘ aftggggWL >o5 J,r 2EY H<m * e- 1 
waled most b<- son! hr post In mifficlrnt • Wellglc * Boari - Croydon CR9 2BY. 

. tme to reach the anovc-nimcd not laicr 


NOTICE IS HE REBY GIVEN^hat the Annual General Sleeting 
of SANBVIK AKTIEBOLAG will be held on Friday, 12th May, 
1978, at 12.00' noon’ In- new Coromant Interanatiopl 
Building at MossvSgen. Sandrilcat, Sweden. Buses will leave 
the Head Office :. .. 

At the Meeting mattere; stipulated in the Swedish Companies 
Act and the Articles of Association shall be considered. 
Shareholders wishing to - attend' the Meeting shall . 
on one 1 hand - be listed' 'in such a transcript ,-of the Share 
Register ds. Is set ^ ^down in Chapter s, section. 13, 

. paragraph 2, in the Swedish Companies Act, 
on the other notify the Board- - of Directors (by- telephone’ 
026/25 48 19) no later than Monday, 8fb May, 

. 1978, /of their .wishes to participate in - the 
: Meeting:.- - -• '.x . ' . V 

Id order to be listed/ - in the above-mentioned transcript the. 
shareholders must be- recorded in the Share Register 
maintained by varde p apperscen tra 1 en VPC AB (the Swedish 
Securities Register Centre). no later than Tuesday, 2nd - May, 

Shareholders whose shares- are held in trust by Trustee 
Departments of banks /Or; by separate stockbrokers most 
temporarily register the shares in their own names to he able 
to attend the Meeting. . /Such' a registration must be made uo. 
later than the day lastmxentioned above. 

Shareholders are entitled to vote by proxy at the Meeting. '" 
Such a proxy shall be written and dated. Nobody, shareholder 
nor representative, may vote for more than' one-fourth of the 
total number of. shares represented at the Meeting. . 

The 17th of May. 1978. will - be proposed as the record -<Bc9" 
for the right to the dividend. If this proposal is approved 
at the Meeting, it is expected that the dividend ..witf<. be 
remitted by VPC on 24th Mav.1978. to those who -are; regarded, 
on the record day. in the Share Register- .-dr in.- the - list of - 
creditors and others -kept- in gonhection with the Share- 
Register. -1 • • . • 


The Board of Directors 

the Kcrard. ' 

R. C. TRAZWE. •: 
...... Presldvn, 


- ■ No. 0m«7of 1973 

Jfte -.THIGH.. COURT OV-. JOST./-- 
CniBrery ntvlslaii ComoaDles Conn. • * 
the Matter q tj. A E. wYNICK L1W1-- 
and. -m rhe Manor of The Compa - ■ ' 

.-ACT. ,1948. . - ... 

Pen M tra for th- WmOlng up at the ab> ■ 
named Company by the High Conrt 
Jnstlce was . oa the 1 4th d*y of A* 

IBiS: prcsfolrd to the said Cottrr . " - 
vrbose reatetered office is situate ■ 
WiW, Old Street. London. E.C.L -= "' 
(hat (he said Petition ts' directed to " - 
heard before the Court Blftimt at--' - '" 
Royal Courts of Justice. Strand. Lon - 
WGZA • SLL, on the 8th day 07 l 
HO. and any creditor or cootrftrai 
of the.soM Company desJrons to Snpj 
or oppose the' malting of an Order 
tbe said Petition, may appear at " 
lime of hearing, in person or by 
counsel, for that purpose: and a e- , 
of tbe Petition Will be famished by v 
undersigned to any creditor or conw 
lory of the said Company rmtirtog. t 
copy on payment of tbe regulated eba ' 
far tbe ■■ t*™* 


9. Careiuflsb Square, - L— '' 
London W1M 9DD.- • - 

r Ref: JAK/dMOZ. Tali •L«34rO ; . • 
SoHdiors for the Petitioner ' 
NOTE. — Any person who Intends --- 
appear on file bearing of the said Pew - . 
must serve on. or send -by past to; " 
above-named notice . tn writing of , . - 
intention so to do. The nodee .nmttat '-. 
the name 'and .address of the person,' 7- 
kf a 'firm the name and address of " . 
firm and must be signed by tihq - p<ac - 
or arm. or his or their solicitor rtf a - ' 
and musl be served, or. If poMed,-iD 
be sent by pose In sufficient- time 
leach the above-named- not later fi--'- ’ 
four o'clock la the afternoon oi _ 

3 th day of May 1S7S. - 




New. Intensive, course In the 1 tails- 

Language- 20 hours a 1 week f tof 

y 30 to June 23. 

Apply : t *l ; ‘ r 

TeJ: 284 031 . - " 




£T.6m. Bills Issued 19th April, t*- *- 

due 19th July. 1978. « 6B3J6C 

Total apnlicatton £5 .05 m. No ot “ 
Bills outstanding. .. 


Issued yesterday SI .500.000 BUH ; - 
maturity on 19Ui- Jury. 1978. at-Ttf— 
Applications totalled .Lia.OOD.ftOO. _L_ 
outstanding total £3 J OO.OOO. 

*. "n 

SI .150.000. due 19W) JVlV. 1978. US’ 
19th Anril. 1978. at a rare «H 5‘ir- 
Applications totalling £5,750.000. Th 
• are the only Bills outstanding. 

• i o'clo'-h m the afternoon uf the 3tfa dav 
MiT 19TU 


Chief Auditor 

the client is a major British industrial group operating world-wide. 

• B 

• this is a new position- reporting to the Group. Finance Director. 
Internal audit currently exists as a responsibility ot each operating 
company but the aim is to establish a central Head Office function 
to provide rbe Board and operating management with an 
independent critical appraisal of systems, controls, and standards, 
throughout its various business activities. - 

• probably a Chartered Accountant will he appointed, although- 
particular professional discipline and qualification is secondary to a 
success till record of applying comprehensive audit principles and 
sophisticated computer systems to the control. of international 
commercial enterprise. Senior line management experience in a 
large multi-national company is very desirable. Probably aged 
undergo. ; . 

• location is thc'Squtli of England. Salary is for discussion around 
£13,000 plus car and other first class benefits. 

Write in complete confidence 
to J. E. B. Drake as adviser to the group. 






-NO. 00774 Of l!»Ib 

IN' the miiH L0l"RT OF JUSTICE 
ClMDKvry. Dlri ■non Companies Conn. In 


- and 10 the .Maiier of The Companies 

AcL 1!H8. 

' NOTICE IS HERirt'-V nfYF.N" that 
■ Peikioo for the rust or anon to the Register 
o( Companies and sabwantstt. winding-up 
•-or ilie aboviMani#d- Company -by- ihe 
j High Conn • or Justice wa* on the 
| Till day of March isrs ntwnled tn 
j the sari Conn by BareUrs Bank Llmltml 

- uiiosi! ri-gfaercd ofll-i: i> al 54 Lombard 
strwi. London E.C r.. and THE SAID 
HETITION la dlrei.-u-d io be heard before 

l 1 he Court sluing at the Royal Conns or 

• Justice. Strand. London UT2A 2LL on 
I [be - 81b day of May l?T5- and any 
I creditor or contrib-imry or ihe said 

Company desirous 10 support or oppose 
ihe making of *n Order on the saJd 
Peel 1 KM may appear at tbe . time of 
bearing in person or hr his Counsel for 
thm purpose: and a copy of the Petition 
will be furnished by The umk-, -signed 
to any creditor or contributory of tbe 
said Company reqn-.-ina such copy on 
payment of 'the regiilai-iA charge for life 


73 CheapaMf 

London. ECiV HER. 

SoHrltom lor the Pffltfmw. 
rcriTE —Any tv-rson who taieitds to 
appear on the hc.irins >.f the saW Pelttlon 
must serve on or rend by post to "he 
above-named Noiitr in writing of his 
intern ion so 10 do. The Notice must 
stale the njme or address or Ihe person 
or. If a firm, th” nam. and address of 
. the firm and must be signed by the 
I person 01 firm, nr l-:s or thol.r Follclwr 
| iir any« and m''*i he serried or. If 

I posted must be son; 1>-- post In sofficlcm 
time to cvach ih-r .liioi-’-.wtoed voi Jarer 
( o'clocK in the ariemooa of the 5th day 
I May 1978. 

No. Ml 0« of 197S 

Chancery Division Cumpinles Con n- I n 
ihe Matter of 5I.VHFH S RADIO LIMITED 
and In ihe Mailer of The Companies 
Act. 1948. 

! Petition for rh» up Of the above- 

! nam?d Company by th- Fflah Coflri of 
I Justice »■>« on the 7tb -day of .^pril 
1979. presented >0 ihe sari Court by 
LIMITED whose real sie red office la at 
. II Hill Street London. WU. and that 
j the said Pennon i* directed to be 
: heard before tin- Court sifting at the 
I Couru or .lustier. Strand. London 
; WG2A SLI„ on the Sth dtf Of MU' 

• 1979. and any nr contributory 
; or the said Company dvSirou io suppon 
! or oppoffl rhe making of an Order on 

:he said Petition mar appear at the 
j ilme of hrarlns. in prrson or by bis 
I counsel. Mr ihai purpose: and a coot 
of the Petition win b- fumtshed by rhe 
1 undersigned io any erediior or eonrrlbn- 
l wry of the said Crtirpany rtfinlrina wieh 
. copy on pnrment of iht- regulated charge 
’ for tbe same. 


SIS Strand. 

. . London WC72R |.\U. 

t Agents for: 

Gill .\hdM.-r I.*rir t, Rumell 
of Scon Lodce MlithottM. 
Dcvonpon. Plymouth, PLS 3DD. - 
, Solicitors fur the Petitioner. 

, NOTE.— Any p.-rson who inletldf to 
' appear on the hi-arln,: of the said Petition 
must serve on or send by port to. th** 

■ sboT-c-n anted nuinv in writing oT his 
I Intention so to do Thi* notice musi Fiaie 
. the name and address of the person, or. 

, if a firm rhe ttaiit- and address ot the 
'■ firm and mini be -uned hr the person 

• or firm, or his or :*u-ir solicitor 'if anyi 
and must be s>-ned or. if posted, muai 
be lent by post <n sufficient time to 

| reach . ihe abuve-nanted nor later than 
four o'rioJr in in.- afternoon of the 
; ift day of May mr> 


AGNEW CALLER ICS. 45. Old Bond St. 
Mpn.-Fn. 9.X0-5.30. - Thurv. until 7. 

Tropic Bird. VHIgnarv Watercolour-i 
w. J. Chamber la vne views of WeH 
I Intii'w. Maurilnn and 

d"Hv 9.45-S.50. 
! y 1Z I5S re . 7 - -10- Russell St.. 
, W.C.2 01-836 1159 

LUMUEV CAZALET. 24. Oivm St , W.l. 
499 S05B TISSOT — Forty eKhmgs drv- 
Mints and mozzotmu. until 21 Anrtl- 

BRQWSE 4 DARBY. 19. Cbri- St.. W 1 
SJCKBRT .„Mon -r r . 10.00-5.30. Mt- 
10.00-12 50 

grove. N w.a ART im reugiqn. 

COLNAGHI. 14. Old Bond St- W 1. 
p 1.491 7408 INDIAN PAINTINGS-- 
Mughal and Rajput 1500-1850. Until 
8 May. Mon.-Fri. 9.30-5.30. Satf. 30-1. 

FOX GALLERIES, Exhibition of me naint- 
jnps hv BrrfHh anff Europeie AriitH 
from 1,09- I9SF. 9-6 CorV Sh-et. 

W 1- Tel. 01-73* 2626. W«k- 
dayi 10-&. Sat. 10- 1. 

MALL ART faALLERlEa, THC Mail, a.n.l. 
Recent Painting* by ROBERT HILL and 
RICHARD WALKER. 10-1. Until April 22 

Large Selection erf limited Edition Proofs 
bv Str Wm. Rusaell Flint. L. 5 lowrv 
Helen Brad Jw end other Umm% Arttits 
New on view end fd r Sale a* Renou 
Caller lei. Crescent Road. Harrogate 
Dally 9 to 5. Sunday 2 w S. 

N'o. iiniiK> ot iWF - ' 

: In the HIGH uhup.T Of - JUSTICE 
j Chamvry T)nl*ii/n- ‘.ontpanitt Court. Jn 
i ih*: Matter nr ftuvpTiiOLt. I.IMITEn 
i and in Ih- lldin-r nr Tbe Compani** 
Ail. 1945. 

PrlJlioh for ih® Winding up of the above- 
named Company hy ihu Hi ah Conn 0! 
Juatluc was tin the 14<h day .\prii 
1976, wawnfed to ihe «aM Cuun ht 
reSist-red effi-:* i- muai? 4t !».' Queer 
■ Victoria Street. Linden. E-C.4. Prepare 
j Joinery Jf.inufai'f«ir*rs. and 'htt til* 
j petition if directed rg be heard be ton 
the Court ntun« it the norni Courts of 

This announcement appears as a. rnatt^df. record only. 

• FJNA^Mu 

Financiera NacionalSIzucarera, S.A, 

(a National Credit institution of tfte thvted Mexican States} 

- >? 

DM 1 00,000,000 

medium term loan at a fixed rate of interest 

This financing was arranged by 


as Manager : 



as Co-Managers - . 

and provided^; .. 

f;--' • - 










- ’ ■ ' - GIROZENTRALE - . 

March 1976 


r* i . 


-r r-s 

v.. : 

2*? j. 




»: a 

I’ll i' 

IL-w. Ml; 



^Mlsh^Tn^t :JZ cune -- ^e ’oea « taa rme w- pendent companies In future oil production and 25 per cent 

partmenfc of Energy, sbouid be rounds Is also called- Into ques- of natural gas output. 

; 01 -eaergy. soouw oe rounds Is also csOJed into ques- of natural gas output.. 

- A - 5 c0B . — •_ eres ^?®^ ncw satisfied tiiat -'Companies are tion. Greater restrictions would It is difficult to obtain corn- 

figures for the UK, 
because there is no one 

lems . here, for Brindex: was 
formed to help U.K. independ- 
ents ’ bufld np an offshore 
presence, expertise and revenue. 
One . of Its lobbying points is 
that profits of Brindex members 
will not be siphoned overseas. 

Brin der may have to -become 
active on the political and pub- 

• . ,«ij j__„ . - . — v; — "5“' uivhc mi- auum xneix i 

J voZvement in all .ftxtuie develop- sixth round.'. . panies which participate ' in 

ment should^ provide .sufficient There is a real danger that some way in North Sea activv 
safeguards.- the ' entrepreneural spirit and ties; - The- - U.K Offshore 

.There ■ can- be -littie -.doubt drive offered by -.this large Operators Association is dorai- 
. ~79. UD ^ force ojf independents .will be nated by the major .companies; 

organization. - representing .the lie relation "front, however. It, 
so • independent com- too, has seen the warning .signs 


. . may " Ixave- been 
to whet the. appetites 

^,L<.*Bigqea.m .wnet tne. appetites 
s ' v.* >r f/WaffSbpnt 'companies. Hi effect; 
- ' ^ey have merely, sounded alarm 
jells in th&. BOanr-ioonis of "the 
'all' industry; ...... 

; - Th e - -tougher - -conditio os on 
tjelinqmshmentv - ihlxod viced in 
^jte^S£|h-xouiid,.axe expected to 
'ConseQuentiy : * companies 
s "‘ ; again have- to agree to -hand 
. s ’ --SKtm-.toejGoVeiTunent at least 

- : - : ^ tfwtlurds of -their licence area 
' - - T Rafter seven years. ' (.Under previ- 

^ ^sjy' fesu.ed licences, companies 

.- ■ f^fe requir^-to hand back at 
sjsast half; oi.the territory after 
-- iVsiix years).' No doubt the indus- 
l-'.rfy will "continue . to argue that 
" .-V^tiae -cohditions^e particularly 
V : . ^^cshJwhea JicGnces sre granted 

• * > - single • blocks only; this 

- *,'£ial<l-mekn that operators will 

: ->T' ^ave to ^ ’relinquish areas con-' 
,* .; : r^^^fldihg^prtrdf. a proven fieM. 

■ : : .rV-V>' ' 

Mr. Algy Cluff (left)- of Cluff Oil, Mr. Roland Shaw (centre) of Ball and Collins, and Sir ’ 
.Joseph Godber of Trleentrol — three independents seeJ ong a place in Sixth Round licences. 

government its membership is restricted to 
operators in any case. But 
UKOOA does have as one of its 
most active members Hamilton 
Brothers — an independent corn- 
was the 

of growing Government restric- 
tions^ “The- -increasing Tole of 
BNOC-caU act to- diminish the 
role of independents and this is 
a matter of some concern," said 
Mr. Roland Shaw, who is chair- 
man of the Association, chair- 
man and managing director of 
Ball ahd Collins (Oil and Gas) 
and managing director of 
Premier .Consolidated, 

He is particularly worried" 
about "the new rules for chang- 
ing lioenee’ partnerships. Inde-‘ 
pendent , groups have tradition- 
aly been closely associated- with 
such changes, known in the in- 
ti us tryas “farm-in" deals. 
..Many past farm-in deals have, 
involved Independent com- 
panies which, having invested 
risk money" during "the early 
exploration stage- assign part of 
their interest to another group 
which then pays the assignees’ 
share of costs for some further 
drilling. ^Now BNOC is insist- 
ing on having the right of first 
refusal whenever farm-in deals 
art* offered- and only time will' 
tell whether this new arrange-.; 
ment changes the commercial" 
complexion of such arrange^ 

But there are many indepen- 
dent. companies, including -a 
number or UK groups, which 
are not content with, merely 
being an investor in an offshore 
project.. These groups, like 
Tri central, Bunn ah. Ball and 

proposed .introduction of 

' phased: "consent for oil field - . .. 

• V- J-^evelopment programmes is an- tenns BNOG will- continue j to smothered by 
* 1 potter, idea Itoat" Is -causing con- Play a major role in virtually policies, 

■ ; -V«rn, aithou^h it is not known activities on the UK Con- Mr." Tom Ring, the Conserva- 

V" i^jjfe'ethet this wiD' be introduced - tin eata }.' Shelf. What is now lives’ Shadow Energy Secre- 
- -of-, the sixth Tound-con- worrying oil companies' is that tary, was right when he told _ . 

LtHflaa* q£as r 9 separate statute, they might be expected to pay his Bridgwater constituents last P a W which (as ind< 

known that the Energy Be- BNGCs share of costs, "at least Friday:- "It is "absurd in con- repeatedly point out) 

" , has. b.een considering during the risky expB.6ia.tion sidering the oil- business to first to bring on stream a North Collins and Cluff Gil want to 

authority for field dev- Phase. Ways in which this so- discount the important of ex- Sea field in the UK sector: the. take an active part in explora- 
^ tiwpifiaits- m stages. As now the called carried interest could be perience or the value of more Argyll Field. tion. and" development, using 

^^Sibgramme. .would he -reviewed. &P®rated are .^ng kept -under than one opinion during the The Association of British their technical staffs which in 

" exploration phase."" • "Independent Exploration Com- many cases have been recruited 

panics— Brindex — is the only from the oil majors. Some. have 
aay weir-De tnar tne- Govern- uspcnses umy- w -w KnPDlirSIP'PrnPTlt ot h er -existing representative mademo-Xecret of the. fact that 

i ti~wiliyea Courage -groups- 1&_ com pulso ry. This raises^ an v maati^vaaa vehicle for the independents. Its they would like to become 

at^T.r.their operating • totjigiang. series . of "questions:. Xq the U.S. ; independents bias towards domestic com- operators; indeed their . ambi- 

J ' lies .means that it has only tions ftc-being operator on only- 

members.- These companies, the most promising blocks. was. 

^ „ r — according to the latest statist! cs, one reason , why companies like 

JoratioD: stage may not neceS- . be ^iveii a - licence ? cent of all exploration wells, have a stake in about 130 blocks ClufE '.and Ball and Collins were 

' — r-u — 1 But even more seriods 'dXes- They have also" discovered three and have contributed, towards left .oyt' of the fifth round 

more ‘fimdamraita! Issues, Quarters . of .the new fields the cost of over. 110 wells. They licence allocations. (Mr.- Algy 
•raised by the - project ■ of which have • acct-unted, for own . some . 4.4 . per ‘cent' of Cluff, ona.of the most colourful 
ration. willYprobably have... a tougher sixth round conditions, almost 55 per 'cent of" oil and proved oil reserves and 1 per North Sea entrepreneurs and 
pnp i in jj ft -iajar -say in which' develops Several oil companies, including gas reserves- proven in recent cent, of gas reserves. . managing director of Cluff Oil, 

wdviu flUl^^qt^p^ajtojpis.chasen.-- 1.. , at least two signifiefunt inter- times. Last year, 89 per- cent ! .■0iere‘" have, been- rumblings has already .announced that it 

with '. com-, of all new exploration, drilling from independent companies is constructing a British con- 

to bid in the sixth 

j- c!;-^d may have 1 to apply f0r~ Sea; " hthre-. indicated “privately independents. " like'tb see Brindex into a more round. Again, Mr. Cluff .will 

"' mjent authorisation ;atT that ‘they will- not bother to-bid. A similar portion exists in broadly-based -and forceful .wan tb-Ybe an operator.) 

& } steps in.'- thb" develop-: in . the' new round : If- further Canada where, for , the ‘past five associatidn: But, there are prob- In a sense, his hand— and the 

t - bj«?jqi a' Gotopanies or consortia , in-- national concerns-.; with com; of all _ . 

• -rf. in. the r exploitation of -.a mercial interests in the/N' the U.S." was "carried but by based overseas that they would sortium 


hands of other independents 
with similar ambitions — will be 
strengthened if the Government 
adopts a policy of phased con- 
sent. Such companies could 
well be operators during the 
exploration phase (much of the 
work is sub-contracted anyway) 
on the understanding that they 
might have to hand over to a 
company with greater financial 
and technical muscle 4f and 
when a commercial discovery is 

. But there is another way 
in which independents could 
Strengthen their own hands — -by 
joining forces. This is . an .idea 
that has been receiving some - 
airing within" the industry in 1 
recent months. One Evening 
News journalist, I notice, has 
conceived both the shape and 
title of such a company: 
BLOTCH — a grouping of 
Burmah. LASMO, Oil Explora- 
tion. Tricentrol.- Charterhouse. 
Guff Oil. CCP Nnrth Sea Asso- 
ciates^ and GharterhsH. 

Paper company 

It is possible - to perm several 
different groupings to form a 
paper company with a mariset 
capi fal Isation of several hun- 
dred million pounds— a theo- 
retical UK independent oil 
company which would rank 
alongside some of the U.S. enut 
panies like Ashland, 'Mesa 
Petroleum and Murphy OiL 

' Mr. Peter Gaffney, a senior 
partner of oil consultants 
Gaffney, Cline and Association, 
has spent some time looking at 
the possibility- of - -creating a 
world - ranking independent 
British oil company. He has 
reported that the - minimum 
initial risk capital funding to 
effectively launch a significant 
international operation was 
£60m_ to £100 hl By compari- 
son, the majority of 'British 
companies that had financed ex- 
ploration risks had done so with 
less than £8xm 

The idea of a major UK. in- 
dependent company— either 
newly created or formed 
through mergers — is attractive, 
although at this stage probably 
in the realms of wishful -think= 
ing. The Individual aspirations- 
of many of the -companies that 
would be involved rules out the 
formation of -a BLOTCH, since 
they would all want to be top 

However, that does not die- 
r miss the contribution that, in- 
dependents have made and 
could continue to make, given 
reasonable Government en- 

pr ogress” 

I Assets £ 52 , 41 6,043 ■ Reserves £ 2 , 392,000 

iri five years assets of Grainger Building 
Society have doubled, and the growth rate 
increased. from 12.7% to '17.22%. Reserves 
have more than.doubled arid are now no less 
than 4.56% of total assets. . 

"ft is your Board* s' intention to 
continue development on these 
lines to ensure tfte s&curity of 
depositors 1 and shareholders' 
investments" said Mr. R. H. C. 
Herron; Chairman of -Grainger 
Building Society at the 114th 
Annual General Meeting. 
"These figures demonstrate the 
inherent strength and solid 
progress of your Society." 

gOP Building Society 

■rater st lln RoUtRag SoeMlss A iwdtth a. 

- AlrtmlrHl lr lauMtnunti by TniiUez- 
Chiaf Office: Hood Street, Newcastle upon Tyne 
NE1 6JP. Tel: 0632 26676. 

.London Office: 51/55 Weymouth Street 
Wirt 3LE- Tdroi-ssseoea. 

Briodtes it CsribA'QHStv-MftniL Creek " ' 

antflss. Gin bow- Gnfsrth. Mlddfabragii. Morpeth. 

SHflt Shields, SuMo* WWekUm. *Mmt Bay. 

3^|warthat iieverends j 

We British are a peaceful people. When a war is •: 
ova we like to consign it to the history books -and i 
foigfetit.-- 1 - V • H 

.-But for somd the wars live oo. The disabled from -e 
J.?, both World Wars and from lesser campaigns, now altt 
¥«% (oo easily forgotten ; the widows, the orphans and thdi 
; children - for them their war lives on, every day and 
‘-‘i all day.- - S 

In many cases, of coarse, there is help from a .p 

, tf pee&ion, But there is alimit to what any Government,* 
" [Department can do. i! 

> This is where Army Benevolence steps in. "With j 
understanding. With a sense of urgency > . . and with i«t 
practical, financial help. |S 

To us it is a privilege to help these brave men - and 
women, too. Please will you help us to do more? We ■* 
must not let our soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers usd their families in distress 
Dept. FT, Duke of York’s HQ, London SW3 4SP 

ra. S.A. 

— * I r- 

The East Asiatic Company Limited, Copenhagen 

^Annual Report 


The past year saw no appreciable Improvement in world trade, and Western 
-Europe in particular has to contend with widespread economic stagnation and 
”tbe accompanying unpleasant effects, of which large scale unemployment pre- 
! sehts ohe of the most serious problems. 

.Regrettably it must be foreseen that these adverse conditions wifi persist for 
some considerable time -necessitating long-term corrective measures, and it is 
- toTae hoped that -business and industry in Western Europe may be accorded 
working conditions which will enable them to cope with this demanding task. 
To the difficult world trade conditions facing international business must be 
added the upsetting and often unpredictable fluctuations in foreign exchange 
rates. ...... . 

The"' Company's accounts for' 1 977 have inevitably been affected by these un- 
favourable conditions, but thanks to dur global operations, and notably the 
Group's overseas activities, a reasonable overall result has been achieved. 

- The Group turnover increased from kr. 20,000 million In 1970 to kr 23,tob 
million in 1977. Due to keener international competition and narrow, profit 
margins this progress, however, was not reflected in earnings, although the 
rise in turnover was achieved with a more or less unchanged number of 

• The Group accounts" show a; net profit before taxation of kr 337.6 million 
against kr 484.1 rhiHIoh'in' 1976. Corporation taxes amount to kr 173.8 million 
-- .against kr 214.8 -million in. 1976. 

The Parent Company's- result for 1977 was a net profit of kr 107 million, against 
kr 109.8 million in 1976; after allocation of kr 50 million to the Special Contin- 
gency .Fund, and after an. extraordinary capital, contribution of kr 13.2 million 
to the Danish Pension Insurance Corporation in connection with a change 
made in the pension scheme -for Company employees. The result is arrived, at 
-j rafter providing kr 105.4 million for depreciation of ships, buildings etc. and 
kr 52.4 million for corporation taxes. 

With the addition of kr 41.9 million brought forward from last year, the amount 
at disposal is kr 148.9 million. The" allocation of this amount, proposed in the ■ 
'Profit; and Loss Statement, Includes a dividend of 12 per cent of the share 
'capital of kr 500 million, equal to a total amount of kr 6U million. 

To provide capital for the continued growth of our Company the Board of 
Directors will recommend to the shareholders at the forthcoming Annual. 
Genera] Meeting that' the present" share capital of the Company of kr 500 million 
be increased by kr 265 mflHon to kr 765 million. Shareholders will be entitled 
to subscribe kr 125 million new shares in the ratio of 1:4 at a price of 105 per 
cent Furthermore,, bonus shares - also to the extant of kr 125 million - will be 
issued to shareholders in the ratio of 1:4. Finally, the Board will recommend 
that employees of the Company be afforded the opportunity "to subscribe new 
shares to the amount of kr IS million at a price of 105 per cent AH the new 
shares will qualify for. full dividend for the year 1978 on a par with old shares. 
The new subscription is intended to take place from 20th ‘ April to 11th May 
1078. " 1 ' 

Likewise, The East Asiatic Company's Holding Co, Ltd. proposes to increase 
its share capitaPfriam kr 140 ' million to kr 210 million through subscription of - 
fer 35 million shares- at 105 per cent and through the issue of bonus shares to 
the amount of kr 35 million. It Is intended that the new subscription for .that 

- company takes :p! ace in the course of the month of June 1978. . 

. 1977 

- 1978. > 

r- • 

(t,ooa kr) 

.. (1, OWHcr) . . 




External turnover 



Internal turnover 



Result of Activities 

Turnover and result of 

:23,1 19,687 



activities derived Irom: 

turnover , 



220,705 1 



■ 9,990,524 

398,495 ] 






Forest and plantation industry 


120,820 ! 


Miscellaneous income • 

. 45,700 

37,228 | 



1,379,870 1 

- 1,327.767 

Dividend on investments outside the G roup 

21,570 ! 


1+401,440 1 


Administration expenses 


410,574 j 


Profit before Depreciation 

990,866 ! 


Depreciation on fixed assets 



Profit before Financing Expenses 



Financing expenses 





Extraordinary expenses and income 



Profit before Taxation 




Corporation tax 



Group Result for the Year 




Minority shareholders* share In the results 

' * • 

of subsidiary companies 



The East Asiatic Company, Limited’s 
share in the Group Result 



•special contingency fund’: 1977: kr 50 million 
1978: kr 75 million) 

* ,l 1 
. ** 2 1 

Head Office: 2, Holbergsgade, DK-1099 Copenhagen K., Denmark 




Financial Tinies Friday April 211978 


Sharp early rise on gold auction plan Sterling weak 


April 20 ~ 


mw YORK, April 20. 

CHEERED BY rtie U.S. Treasury's 
gold auction plans and the dollar's 
fresh improvement. Wall Street 
moved sharply higher In heavy 
early trading to-day before losing 
momentum around mid-session. 

The Dow Jones Industrial 
Average, after forging ahead 11.78 
to 819.82 at 11.00 a.m., partly 
retraced its steps to 816-87 at 1 
p’.m. for a net advance of S.83. 
The NYSE All Common Index 
was 55 cents higher at $52.90, 
after reaching $53.02, while rises 

Closing prices and marfcet 
reports were not available 
for this edition. 

outnumbered ' losses by nearly a 
four-to-one ratio. Turnover 
expanded to 33.S3 jd. shares, 
against yesterday's 1 pjn. level of 

Analysts said the market hoped 
the U.S. Treasury’s gold auction 
plans, announced late yesterday, 
will help cut the nation's trade 
deficit and further strengthen the 

Among companies announcing 
higher earnings, Johns-Manville 
rose Si to .$31}, Texas Instruments 
$2 to 875, Alcoa $} to $44}. Avon 
$J to SoOf. and Minnesota Mining 
821 to $48J. 

Despite reporting lower profits, 
Monsanto put on $3 to $51’, Union 
Carbide to 841 j, and Franklin 
Mint *5 to $8}. 

Eastman Kodak topping the 
NYSE actives, put on Si to S4Sj, 
and Dow Chemical gained $1 at 
$2fiE. Anhrter Brothers moved 
ahead SI to SO}. 

DBM advanced 3 to $256, Bur* 
roughs SI} to $65, Digital Equip- 
ment 5U- to $423. Da Pont $1} to 
$114}, and. General Electric $14 to 
S5Q|. - - 

Alumhrium of America rose S3 
to $44B on increased earnings, 
while Time on a planned divi- 
dend increase, gained Sf to 843}. 
Index recorded' a net gain of 0.30 
at 135.13 at 1 p.xru, af«?r initially 
touching 135.4S- Volume increased 
to 2.R7m. shares (2.39m.). 



* Change 

Stocks Closing on 
tradtd price day 



Sony S1IS0O 

Amer. Elec. Power 350,400 

Angelica 301 .TOO 

Guif Oil 2ML5M 

American Airlines 287 SOD 
British Petra lm- .. 209.300 
Polaroid 230 wo 

SI -t 

231 -* 

.71 +* 

241 — 

lli +* 

141 +| 

Eastman Kodak ... 223.700 

G. D. Searle 

Ut +1 

41! +1$ 

PARIS— -Heavy buying across 
the bnard took the market sharply 

t#ir *<i 

Prime Minister Raymond Barre’s 

policy nUtUrineni m utu iNauouai 
Assembly on Wednesday, and 
especially the fact that corporate 
taxation will be frozen for two 
years and that savings invested 
in securities wili benefit from tax 

credits. An additional favourable 
factor was news that France s 
seasonally-adjusted trade in March 
showed a surplus of Frs.l.l92bn. 

Trading . in at least 11 issues 
was delayed because of the high 
influx -of buying orders. These 
were AppIIcation-Gaz, Olid a, 
Roussel, Radio technique, Le Forge, 
Glc-Fonderie, Aquitaine. Locindus, 
Cfao, Denain and Rhone-PouJenc. 

Roussel was finally 14 per cent 
higher, Olida 12 per cent up, and 
Rhone-Poulenc 9 per cent, 

The Steels sector, however, lost 
ground after the previous day's 
advance, reflecting disappoint- 
ment that Prime Minister Barra 
did not announce help for the 
steel companies in his speech to 

TOKYO— Market moved further 
ahead in -early trading, but a 
reaction set in later on profit- 
taking to leave stocks often lower 
on the day. The Nikkei -Dow Jones 
Average, after reaching a new 
post-war record peak of 3£59.07 
in the morning, came back to 
5,548.56 for a net loss of 7.27. 
Volume came to 3S0m. shares 

Electricals and Motors were 
particularly affected by profit- 
taking. Sony declining Y30 to 
YZ.970. Toyota Motor fell Y15 to 
Y972, Matsushita Electric Y8 to 
Y762 and Toyo Kogyo Y13 to 

- On the other hand, Precision 
Machinery Instrument Manufac- 
turers and Cameras were higher, 

CANADA — Weak Oil, Gas and 

Gold issues offset a firmer 
tendency in most of the other 
sectors yesterday morning, leav- 
ing the Toronto Composite index 
0.4 easier at 1,0875 at noon, OHa 
and Gas fell 22 £. more to 1,413.9 
on index, while Golds, depressed 
by lower .Bullion prices, retreated 
3K9 to 1,200.9. On {he other ban<L 
Banks -rose L30 to 238.SS, Papers 
1.15 to 112.22, and Metals and 
Minerals 2:1 to 816.4. 

Among Energy issues. Home Oil 
"A" fell 2}. ft Canadian 
Superior Oil 1} to $56], and Pacific 
Petroleum 1} to $8S— analysts said 
the market is 1 taking a poor view 
of Transcan ad a Pipeline’s requests 
that gas suppliers cut back on 
production^ ■ - - 

BRUSSELS— Mostly higher after 
lively trading. 

Non-ferrous . Metals advanced, 
Asturienne adding 24 at BJPrs.638, 
Hoboken $5 at B.Frs-2,520 and 
Union Hinlere 12 at BJPrs.774. In 
Utilities, EBBS climbed 15 to 

Vieille Montague was a dull 
spot, falling 20 .to Byrs.1^00 on 
announcing a nil 1977 dividend. 

Lloyd lost DM 1 . 4 . 
SWTZteRLAND — Na rrow 1 y 
mixed following extremely quiet 

SS”?* wth a steadier under- 

Stte“d < ,Sr U,era,eW “ finBB “ ! 

Sterling weakened conslderabty 
against most major currencw^ in. 
yesterday's foreign ercfc&nge 
market mainly as a "result'. -of ■ 
further strengthening; in the 
UJ>. dollar. The pound opened 

at J1.S320-1.8340 and quickly feR 
to 8l.8285-l.S295 before interyen- 
tion by the Bank of England sa w 
the rate jump to 8IB360-L8S7Q: 
However, with the* opening -of- 
New "York, renewed demand-. -fbr . 

ft wM'Wmn 



, Cfojw — SIMla-lBSli f 174.174 

Opening gl70l4»17T *123S*-1' 

IfeBfingftx^ 5169.70 J1W.BQ ..*** 

. o'-- . ' / (E9a.64i) (mown 
. Mtm’ntx'n 816855 £174.65) 1 

• ■ : • (£9*154) [(£94.595) /:• „ 

" OaMCUk^JT.- , V - 

0 s 


FLi.120, - c 0 w, «Ker at 

■ Dutch International.* 

° f T tr ^. mR figures for 1977 
1977 ' ® he * d of it-s 

nTissT"’ IfX0 ’ mi 1 - 30 ' to 

flOLAN— Stocks ..moved . irreau. 
larQr m more active trading ^ 


KONG--I%Tner across 
toe board m actrve trading, with 
P® Hang Seng index rising 6.03 
to 44^81. Market is dosed to-day 
for the official celebration 
Queen Elizabeth's birthday. - 
Jardine Matheson put on so 
cento to $HKI3.20, Swire Pacific 
2a cents to SHK6.90, Hutchison 
Whampoa 17.5 cents to JBK4.45 , 
D«ok Kong Land 25 cents to 
SHK7.65 'and Wheelock /Harden 
2.0 cents to $2225. Hong Kong 
Bank were steady at $HK14JW. 

AUSTRALIA — Stock prices 

ssjun closed on a mixed note 
Tobaccos, Retailers. Motors 
Breweries and Building issues 
were firmer-inclined, but Bank? 
and Finance . stocks showed' a 
lower trend. - a 

BHP, strong of late, came back 
? 9® IUS t0 $A6-44 on technical 
toriiay^ ahead of going ex-dividend 

B*ttk of NSW reacted 4 cents 

SAS , <r 5 ' 36 and J^D A 5 cents to 
SA2^a among Banks,. but BuUd- 
toad Jennings 5 cents up at 
SAL20, wlule Myer rallied 3 cents 
to SA1./0 m Stores. 

Elsewhere in Minings Pan con- 
tinental lost 20 cents to SA10.S0 
and Oakbridge 4 cents to 8A1.62, 
but Hamers ley hardened 2 cento 
to 3A2.02, 

GERMANY— Share prices, weak 
of late, closed firmer for 
choice yesterday, with Economics 
Minister Otto Lambsdorffs pres si- 
mis tic comments on the West 
German economy, at the opening 
of the Hanover trade fair having 
no impact on the market. 

In Motors, Mercedes added 
DM2 , while Engineerings had 
KHD DM2^0 harder. Elsewhere, 
Alliance Verslefeenmg gained 




Apr. Apr, Apr. Apr. — - — ■ — 

19 I 18 17 14 High ( Law 

1 , ”"l!»lo ^Incc uumplIU 1 ! 

A &' A u' i Eigb | Low ! ttl«h ' 

BS.SS 62.16 H. 

‘ Bisei aad Fails 

Apr. IB Apr. lB^Aprf 17 

7«roa* tnwlerf 1^81 1.929 1^941 

.fiisw S7B 437 1.045 

FWU. 685 1,109 539 

Unchjinanrt- 424 583 357 

New aiflba^. — 39 261 

Kew Law* - 20 17 


736.15] 776.21 


1B2.3B (1 8/2) 

170.82 (30/1) 

187JS 117/4) 

1081.4 (17/4) 988.2 (J0/1) 

However, with the • opening - of < ^ __ i ' ' - if ' 

New" York, renewed demar^L.-foT “ ' "* 1 ‘ ; '■ J.: ■ 

the dollar put further pre«wh. ... . t %; tf 

on. the pound, which slippedvto: ■ • r ' 

$1^223-3.8235 before dosmg’flt' if r_\ i j I 

$1^240-15250, a loss of L95c on' T . '1—1 J- f 

the day. -• - ■poaE«w mn p*i fa jm 

Tlie- leviri oE business increq^ed. - •; .. |-.y f ; ' V - 

sharply and the Bank of England , • . 

intervened In the ; «narket tt'thg v„tS77l ' WWA i:> -* -1. 
lower levels. ■ Its calculation oS ^ w mu 1 

sterlings' trade- weighted Index . «w ™ I 

fell- to 61.5 from' 6L6, :iiavitig - ^ -io ntav 

stood at 6L4 at noon and 6L5 ? 

early dealings. Forward sterling. ET ^to^d flwir^,^th e dou^ 

tended to widen Teflectipff tho ^ 

Wir jSav'i 

l..J$174-I76 I171M81/ - 

•kS5^46i5) (£97-98) j.-: 
'|53V54l4 $5314^553'.:';.' . 

SFV sss.^ 

<£*64:29 ia> RcaiMO) ' ; 



OntoRttflly) j v 

Kngwnna„ I l?3l|-175lalf 179.181 ■: 

(CBQU-9614) 1 (£97-88) V- ' 
Nav80r , ixiu 1 a52JM . - $Sg%^8«.' . - 

: (fiaoH-a#!*)- wao-wi' 

Old 958^4- 18486 

-■ Cfi38X*.29laj (SMVJOr.' : 

«toBs|jM^laa72J4Ka7BlBt$279l4^a >. *• . 


Marten Bases 


very active wiut a Heavy vomme 

of business being recorded, ?The tended U.S. gold sates.. , 

currency opened • sharply.'- hlgUer " 

after news that the XJ^. Trci^ry CURRENCY RATES 

intends to auction gold as a _ 

means of catting the. US., trade ~ « 

deficit and underpinned by signs . ' i 

that the UJS. federal reserve may 'J- ft -r 

be moving to tighten U.S. credit ■ • _ — _ 

to help, curb milation. These suvuna 0.667205 0.1 

measures tended to • instill a new 0J5.a3W.~-. x - 2 ? 

confidence' in the dollar and In hfrSfS- 

terms of the- West German mark, g-iS*-. iS 

it improved to DM2.0775 from ISffiawwI 6B26S2/1 7,1 

DM2.0480 previously. The Swiss uwtaobemrk 2:51443 ay 

franc also' lOSt ground' tO the Dutch guilder 2 . 68168 ' . 2.' 

dollar, closing at ■ SwJr.l572S 

against SWJPre.L9ip. Morgan £££££ Iwfm , 27 
Guaranty's calculations cf the j/<*wkioc» 6.65034^ «•.- 

dollar’s trade weighted average apatn peseta- 93.6646 09 

depreciation, using noon rates in Swedtabbrcno 0.55754 • a.: 





New. York, nanrowed to 4J9 per STO,tlM ^ 















0.60764 " 


' Y<*fc- ffl* I.S11S-1.PB7B l.t W»-l j* 
S r . : . Moontel,^ U|-. LHM-£. 1 Mk IBMHj . 

' ■ .AniiSKdMn -4 - UfrAJE* 4J4-4J- 

EqWsW'.fcwrtU U* 66J0-«.16 68.85-fii-. 

tTnffot : . .%wntesra 8 - W.3B-1U.58A 10.86-10. ^ 

Acooimt i- ..Fnokfdn*. Sr - B.7U-5A0 UfiS 
April 1A" 19 nM-VM 78JB.77- 

■ _ MadrlA. 8 T47.DS- 147 SO 147 48-14 -‘ - 

0.676920 lilt 7,580.1,188 1,6iSi-lj 

LM847. ■’ T. 244-8.88 aAfi-S.*-’ . 

1.48080 ekiU — ^ 91* b^2n>42 8.60 j- J.'."- 

YBAKfa -Stoqkhalnu. 7 ~ 8Mt-*.4S M7-6... •; 

30.7082" . — - Ur 40S-4S3 . 413-41 . ■ 

»* VUZ ei. in u ei m.,. , > 



K0625O ' 

8 1* I 27.1847.48 I 27 M-r7 

1074 LcSO. 
276. 18»' 
9.5M73. . 

-IRAtes jpren are ftw conTortflrtc frar 
FfawocUl Crane S840-9BJ0. . 


Frxntfurt — (8.0770-0785) . 44-6B-73 V 

Nen-tork ■ 486668 — SUMS 

Pan* 223404.4C 4.618.830 - ' 

Bnanlu^ 1&M68 S2J06-1L 645« 

toDdoo._/j 3.7H 1-82.0-60 

Amot'dam. 10668 >X»2J®07- 2032 «7.B6>716 
Znrlch._...j94.TO6^B4 !L866o-8mo| 42.176680 

S -* RaS#- • «ota* Hatas 

S -/ AtffeBtrtaa. U8V1685 An<wmn»JlZBB- • 

i Aa*smlla_ 1.M42 l.e04Au*tria^ 284- . 

Scull 40.4l-41.4J Uel^ium b8-6 

IHdbmd.M, 7.8/-7:88 Hnudl 32 -j ; 

-• S(Moa»n. B7.?»4 : By.4»l Canada £0il' 

, ^ _ ] KreurKoc# 8.48 j.«8 Denmark.. )M- 

unat'd'm Znrioa Iran 1 128 US Pram-e B.46- ' 

— - ’ — bimlt-... 04016.011 Germany- 4.7B-' • 

8.42-43 3.7960 85.2363. U6J6-70 Loiemti'i? M.36-53 10 Grace — S84 ' 

5.1225626 L857668 4SJ868- 614440 Malay 4. c 8^.58 Italy-. 1684^ • 

IUB2A28 6.46-48.: 200.75-102 236.43-08 H. ZeaWnrt 1.7B5B-l>lB1 lapan COS-- 1: 

- 6& 75-88; IC6MQ - 1SJ9A5. aedlAsa 0^7-6.37 Nether I’urt 5.98-' 

,05-69.10 — ' , :'4j 04^»- LI-080 dltntaporr . 4JB*-4.20i Sonray.^, J.7S4 • 

6d6 FS36 4.02968340 " 'ti- . 112.780^06 £. A65oau.. Ltfl40 ft» tu«i _ ' 12?, 
961-lO66t3^0lA6W2te8j5Asa4 — U.S • t* 

n;4S -9.48 Denmark, 

I'd US Pruv-e 

QUJ. 8 In Toronto Itoc 8=114^186 Canadian cents.' , 

IkuwuHan S in New York =87 .11.13 centa. t T J». 9 <a Mlbn 887.908.40..- ~ 
SteriiaK in Milan 1B8326-168S.2S. •Balee foi-Aprfl 19 \ 

Canada. u wits' Isn't I.4fc 

C»J .1 • •lu.d. — dcea-i 

U.di-ceot- J 37.3987.33 jroc«iaT«l. £6J 

218.7 (l/2> 
214.4 (4/1) 

1B4A 1.18/4) 
IM.i (13/3) 


Bate given for Argentina la a tree 

j|n!n and sii 1 

"^old tall 

* Basis nf index changed from Angns SC 

ImLdiv. yield % 

Mar. 31 I Year ago (approx.) 

April . I' rev- U7» 1878 

20 lout Blgh Low 


Belgium (I) 

1575 — 7“ 


High ’ Low 


France ttt: 


Holland HI) 

Hong K<m^| < 
Italy l[j). 

Year ago approx.) Japaa ^ 

Ind. dJs. yield S 

Ind. P/K Ratio 

Lmc fieri. Boml yield 

Singapore i 
«0i I 

471.07 478.« 


99.43 10028 
1 18/4) 

, 86.6 86.13 
34.7 67.1 
<20/4) I 
! 777.2 012.7 j 

{im ! 

> 78 Ji 82.1 
. I UO/2) I 
443J3 I 4.SL87 i 
! <M) 

• G0.Z6 I 6156 
■ (8/3) 1 
416.11 418.11 
■ 19 *i I 
304.14 304.41 1 
(• -• (20 4) I 

Spain M) 94.77 94.06 »-80 87 j± 
' 10 , 1 , (17/di 

Sweden W 383.10 379.16 383.18 525.7' 
t!9.»j (3/1) 

Switrerl'du 289.0 288.8 29636 280 .* 
L>i 4 i ; < 10/31 

Indian and base dales tall bate v aloes 
180 except NYSE AD Common — 30 
Standards and Poors — 13 and Toronto 
300-1 .306. tlie last named baaed on isn< 
t Excluding Honda. 1 4M Industrials. 
S 400 inds.. 40 Utilities. 40 Financo and 
20 Transport. <|) Sydney All Ora 
(1) Belgian 5E 31/12/63. <**) Conenluxefl 
SB VWS. fttl Paris Bourse IMl 
«tl) Commenbaak Dec.. U33. <531 Amster- 
dam. (ndastrial 1928 (fit Rang Sena 
Bank 31/7/64. <1101 Milan Vim mi rokyn 
New SE 4/1/68 (bi Straits Times IBM 
<e> Closed. tdl Madrid SB S0/12/t7 
<e> STocklmlm lodostriai i/t/38. ff) Swtu 
Rank Carp la) Unavailable. 

MOTES s Overoeaa nrloes sbown below 
exclude* I nrernlinn. .Belgtan oWMouls 
are aNer wlrtilialdtiw tax 
• DMU denom. imleas othe i w Be slated 
w PtaaJOO denom. untees otherwise stated 
3 3MM denom. nnkmt otberwtse slated 
■) ira.580 denom.' and Bearer sbirea ! 
unless otherwise stated. « Ten 50 deomn 
unless otherwise staled. {Price at time 
of saspea8ton. a Florin*. t> Sethi Hues 
> Cents d Divide) id after 'pending rutiits 
and/or scrip Isne. e Per staars. r nates, 
o Gross dlw. % h Aanimed dlvMend ntier 
urlp and/or rights Issue, k After local 
'axes, m % tax free, n Francs: tndudtnw 
i/nllac d If. pNotn. a Share aetIL *Dtv 
ind rlekl exclude special payment, t Indi 
caied dlv. a Unvflkni trading n Minority 
■uriders only, v Merger pending. * Asked 
'Bid. (Traded. X Seller * Assumed 
vr Ex rictus xd Ex dividend 3c Ex 
scrip issue, xa Ex alL A Interim since 

April 20 Sterling DoQmr HLiJ 

Guilder* fmnn * ] meek 

FORWARD RATES , . C .*i/T 3 

tStwrt term— 8-10 
1 days nofea 12-16 
Month Vlf-XO 

Thm6 months 

tibc montha. 

One year 9i4-9(« 

7-8 -- 
. 7-8 . 


V«8 4 

-■1-14.-'- 8sr-5x*:- 

' St. : m* . 

Wir Si»-8«d 

Wiv • 3KWA- - 

- Euro-French deposit rates: fwiHlay 8J-8L per cent; aeran-day per cent; 
one-monih 9-U per cent.; Umeanonth IHK per'cenL; tettednlb '.B|-8( -per cenu* 
ok year lO-iDi per cen*. ^ . 

Long-term Eurodollar deposits:- two yean Siu-Uu per ceou Three yean 
ftSu-SSM per cent.: four ye ark Mit-OTu per cent.; five years £7»*8?» per cent. 

The fonnwlng nominal rates ware oooted for London dollar certificates of deposit 
one-month 7J3-7.13 Mr cent-; ihreMnamh TJ5-7Jff'per cant; s&Mnoath 7.30-7.65 
per cent.; aw year 7.73-T25 per (fenL- - ; - 

• Rates 'are oominal calling raws. 

Short-term rates are call for-nerifatg, DA dollars and Canadian doBazs: two 
days* notice for Ruflders and Swiss franca. 

Mew York j 

Monina> . 







Oalo„ w - 




Zuri *I._. 

0.65-0.40 e. pm 
c. pm . 
35-SL3 c. pm 
4-6 ore dis * 

S Z pf pm 
4 j-I8o[r. dla 
SOorom-fiO BddlB 
par 7 -ire Ala 
4S».6*« orodia 
Us-ly »■- pm . 
i urojun- l iorodlH 
Ll4^'"it>pm - .. 
3ii-2ia e.-pm- - 

6'8 r. jaau -' • 

pac-lCW e. d 
10/18 [fan * 
11*13* tee - 

15|-A| tjBV 

Ss-Z»4 onS - : 

14- r 4 ■rrnjte ' 


; Smnonth forward - ditilar XKLUBc- tS 
lT-monih 320-8 J3c. pm: ' 






Inv. $ Prem. at S 2.«0 ft £H»i% (IW%) 
Effective rate (1.8245) 461% <491%). 



Add reauwTBph .. 
Aetna UfoACaM 

Aetna UfoACate 

Air Product* 

Aitvo — I 

A IcanAluralntum' 

Aiwa - j 

AJIeg. Lodlum... 
Allegheny Power 

! I T 

Allied Chemical.. 

Allieii Store* 

Allin Chalmers... 


Amerada Hew ... 

Amcr. AlrlizHH...[ 
Amer. Brands.. ..| 
Amer. Broadcast' 

Amer. Can. I 

Amer. Cyans m id [ 
Amer. Blec- Vow] 
Amer. Express..-- 
Amer. Home Prod ■ 
Amer. Medical...' 
Amer. Motvrs....| 
Amor. Mat. Gas.. I 
Amer. Standard. 

Amer. Store* 

Amer. Tel. A Tel.; 



AMP ; 


Aurhnr BivIrinK. 
Aoheuaer Busch.i 

Armou Steel 1 

A.S.A ; 

Aw mere Oil. 


Dart Industries.. 


Del Monte....: 


Den taply Inter- 
Detroit Bdlaon... 

Johni Man vtlle...l 
Johnson Johnacu 
Johnson Control. 
K. Mart Corp... 
Kaiser Induotri 



tieynotda Metal* 

Digits Equip., — 
Dlaney (Walt) — 
Dover Cnrpn ..... 
Dow Cbemloa].... . 

Uraro ; 

Drosaer > 

Dp Pont — 

Dyma lodnrtrie* 

Eagle Picher 

Bain Airline*.... -I 
Bast man Kodak..' 
Baton J 

Kiilde Walter. 
Kimberly Cleric 

Krai I 

Kroger Co 
Leri dtriMu* 
Libby Ow .Food 

.Vsarco I 

A rbland OU 

All. Kiehtield. .... 
A«itn Data Pro....! 


A veu — [ 

Avon Product* ...t 
Baft Gaa Sleet.... 1 
Bank Amcrlu. ...' 
Bankers Tr. ft.T.j 

Barber OU ' 

Baxter TmvennL.' 

Restrke Food ! 

Berton Dickenson -. 
Veil A Howell.... ' 


Bensfuet Cum ’B'; 
Bethlehem SieeL 
Vlwkt Decker. 


li-ilse Casunde..... 

Borden " ' 

Borg Warner ; 


Bra scan 'A' 1 

Bristol llyera I 

B. 0. A G — 

Kl Pam Nat. Oas 


Emenon Electric 





BtUyl 7-1 


Fairchild Camera 
Fed. Dept. Bcoroa 
Firestone Tire.... 
Fat. Nat. BoetOO- 

Fleii Van .'.... 


Florida Power.... 

Li ffltri Group 1 

Lilli (Ell) 

Litton Jndu>t....j 
Loi-k LieedAircr' ft 
Lone Star Ind*... 
Long island Ltd. 
Louisiana Land.. 


[ncky Stores 

L'lie Y'nnnt'wn 


Uacy R. H 

litre. Hanover... 

Ma|s-»i ;; ; 

Marathon Oil 

Marine Midland., 
Marshall Field ...[ 

Royal Dutch 


Kuia Logs 

Ryder bysMm„.. 
Safeway Stores.., 
du Joe Minerals. 

■St. Kegi* Paper— 
Santa PeltMa— .. 

Sapl Invest 

Saxon Inds 

Schlltx Brewing.. 



Soon Paper—— 

Sonvil Mrg 

Scuilt' I-luot Vestl 


wyty ( 



Zenith Radio , 

CLti.Xrew 4% 1900 

Cg.Tren»4i ^75/78 
UJS. 90 Day bills. 1 

EOlf 20>8 
4Si 41# 
47l» 4614 

157g 16** 

1514 I5*e 

t94*i t94ij 
I813fl t8l4a 
6-23^J 6.14k 


AbitIM Paper I 12 Sg 

denio* Ss^/p ■ 4-5U 

Ann ko Ragle i 4 Ji 

A UauiAJu minium] 51 

< IQ 

A Igi/ ma Steel ‘ 19U 

Sea Container* — 



Scare Roebuck..... 



■ Shell Transport... 
1 Signal 

Aslwatos t401| 

Bank o> Montreal' 19 >8 
Bank XnvaS-i'lls: 194| 
Basic Kc* uinta.., bT| 
HellTeleplione— 55U 
Bow Valle)- Ind... I 26fg 

I Slgnoile Om ' 

Simplicity Pat 

Singer —i 

Smith Kline,,— ... 

Soiitnm | 

Smilhloxn .... i 

Soul Item Ul. K*.t! 

Sinithern Co, ' 

Sthn. Nat. 
-MHiibem Pteifli-.j 

F.M.C — 

Foul Motor— — 
Fote most Mok— 


Franklin Mint.... 
Krtw|mrt Mineral 
Fnieiianf.... — .-~. 
Faqua Ind»^...— 

May Dept. Slopes- 

MCA 1 

M'dJernwt t. 
McDrnmell Doiig.j 

Mctireo Hill 

Mensirex 1 

Merck —I 

Merrill Lynch [ 

Mesa Petroleum..; 

MG 11 ■. 

> Minn MJnjr* Mtg 

Muldl Corp • 

Monsantn ; 

Morgan J-L-.h.-; 


Murphy Oil 1 


NmIc» Chemical,..: 

; Hal lima) Uui— ,.' 

BP Canada. | 

Brascan.„ I 

Brinuo — | 

Calgary Power....; 
tiunl.iv Mllie*...i 
Canada Cement..] 
Candle A IV ton..' 
Can I tup Biiki ■mi; 
taurmda lihluM. .. 

Can PBrifi.- I 

Can. r«'irti- Inr..- 
Can. Su|,-r mi,...- 
Cu*Rir Abral.t)...; 

Brit. PM. ADtt .,1 
Brwkrway G lass 

Brunswick —] 

Bueyrus Erie j 


Unlove Vaii-t ..... 
Burlington Ntbnl 

BurruTjjfh* j 

Campbell tioup... 
i.'anadfan Pacific 
Canal Kandnlph.-j 


Curler A General] 
Carter Hawley...j 
Caterpillar Tracts 1 

i:BS : 

relaneae C-orpn .. 

Crarml ft 8.W 


Cessna Aircraft..-! 

Chase SJanlisttan' 

•'hi-mkwl Hk.NYi- 
Cliesehtgli Fuml..; 
Ch lingo Uriilxu-il 

Chwuualloy ; 

Chqralcr 1 


l ine- Mllaenm... 

Citivttoi.- i 

Cities Service.....! 
City Investing— • 

Cola — 

Culsate Palm 

Collins Aikman-| 

Coliimlda Gas ! 

Columbia Pin.... - 
Com. Am 
Combustion Kq.. j 

Cm’w’th Klison 

Gannett - 

tien. Amer. Tut- 


Geo. Cable 

Geo. Dynamics. 
Gen. Kleetrfaw... 
General Foods.. 
General Mills... 
General M.rtors. 
■Gen. Pub. UliL. 

Gen. Signal 

Gen. Tel. Elect. 
Goa. Tyre...—. . 


. rrennrla Padfit. 
Getty Oil 


Goodrich B. F..... 

Goodyear Dm..'.- 


a raw W.H 

Gt. Allan Par-Tea 
Grt. North Iron.. 

C.reyhiMind ] 

Cult ft Western.. 

Gull U1L ] 


Hauna Mlhlng....] 

Harris Corfib ; 

Heln/n H. J. — 

HeuMein...* — > 

Hewlett I’flckard.l 

Hui ii lay Inna. 1 

H'lncyw ell 

Nat. Distiller*....- 
Sat. Scrvii-e Ind. 
Naiiniial Steel....' 

Nat< hubs 


Neptu'ie I m»P I 

New Kiigfanri Hi.' 
New Bugland Tel 1 
Niagara Mohawk' 
Niagara Share. ...j- 
N. h. Indiutnea.: 
North Nat. fins,.., 
Ntbn Stales Pftr 
Nth west Airlines] 
NtbweA Baniuri* 
Nurtun Simon — , 
Occidental Patrol 
Ogilry Mather ... 
Ohio HdlM-Eu...... 

Ulln - ..—...I 


S'w't Banshares.! 
aperry Huteh....l 
Sperry Kan.l..„,.- 

Squib ! 

Standard Brandr.l 
Sul.Ull lallana.^ 

Strt. Uil Ohio. ; 

atanlf Uhcitiical.! 
-Sterling Driu;.,..j 

■SlwiehateE. i 

Sun Co i 

SiiDilotnuid 1 

S> ulex ............... 

, Technicolor - 

, Tektronix 

] Teledyne — • 

i 1'etvx 

I Teueco ......... 

L'bleflain ' 

Comuivt .i 

Con.' Bathurst..... 
L'^-nsumer Lav.... 
Condu llmna«<l 

Costal ii Kli-li ] 

Daon Dcvlmr I 

Denis. in Mines...; 

Uum Minn, ■ 

Dome Petroleum 1 

Dominii.n Bridge] 


Dupont • 

Faioin'ite NicLle.| 
Kuril Muiur Can..) 

ilenslsr. I 

G iant Tel'rkmfoj 
Gtlli t'»l Caiui.1* ' 
Ha» kerSm.Can.l 

Hi>lli)i|tv*r f 

Hume « Ml W .. ..j 
Hinlsnn Hat ling] 

HihImiu Bay : 

Hudson OiiaUasl 

t.A.C .1 


Imperial (til j 

[non J 

Overeeaa Ships-...] 
Owens C'rrtimj; - 
Owens Iiliunia.«J 

I*aciiic Gan I 

Pteine LulilingK 
Pa,-. Pm. A Li...: 
nmXmVorU Air, 
INu-ker Hanullia.: 

Pm ho. I y lilt 1 

I'wi. !■« . A U..„ 

Penny J. V j 

PCiULe-dl.i | 

I'mifliu Unit;.—, 

I’eniiln Uw>, I 

IV-imfiv f 

Twnro Petroleum] 


Tesaa Insum— ,| 
Texas Oil ft Gas.. 
Terai L’tiiitin — 

rime IflUi — 

Times Mirror 


- Trane 

j Tnuumcrica..^.. 

j Transc-J 

I Trans (Tniotu...... 

{ fraa-wav tnir’n 
I Trans Wia-Id Air.! 

I Trarrilere.^ • 

j I’ri Continental..] 


flJtli Century Pu«; 


l.U.I • 

t .0.1'. • 

Lullifver i 

L ot lei it SV 

linum IJaruni-[i ... 
Vnjun tari'He....; 
1 ‘uiiHi Cniinneree. 
L'oh'u Oil C*lil ..| 
Lriinu IVu-ifie i 


Inland Nai.Gas.. 
tria'i-r'yPi^ Line 
h'alsrr Hrisiureee. 

, Lsurm'i FinCxru 
1 Diblaw Ciim/B - .. 
Mi-'mlll'n Bloedt. 
Massey Pciv’imio 


Mi x>,f I'nrpD..,.,, 
Ni.randa MIma„ 
Nurreu ,biin.T£v... 
Nrhn. Tp| W im.'„ 
Niiriiiu: nil ,t fias 1 
I Iskuikai )Vre'„|J 
PauiiL-t |.|||^ Mj 

1 Husp.C'ntp-Huwr.' 
| HmiiiwiSsi.fiiu 

i Hulton IH.F.l 

J J.C. Indnsiru* ... 


iugereull Hand..... 

Inland Steel 

t'lim'w'tiiOil IMl 
/ 'omm. Satellite- 


Cmin. Life Ins....] 

Con. Blieon N.Y.] 

i.'oovil Pinnto | , 

i.onvil Nat- Ga«..l ' 
Consumer Power! 
Cwititwntaf 6rp-i 
Cunrioerital Tele. 

Control Data 

Cooper Indus— .| 

Inumni Knergy 

IBM ! 

Inti. FJovimrs....) 
Inti. Harvesier..M 
Inti. Jlio ft Chem 
lull. MuHJftwis... 

iut® — • | 

lull. Paper 

»I*G - 

lot. Ilcctilier 

lot. TO. A- lW. -r 

Iowa BroC ; 

IU international.-. 

Jim Valter A 

Perkin Klmpr_...< 

P« I 

Pfi/w ; 

I’lielpi Dudgr 

Philadelphia KJp. 1 
] I’blllpMorrl* .... 
j Philips Pi-imTin. 

, I’ilxlniry ; 

i Pitney Hnu»!i» ' 

| i'iti tti-n 

. IVvr 14.1 A lift- 

Pularonl ' 

IS itiui iso 

PPG luduatrUaJ 
Pnatnr Gamble..- 
Puii.-serre KleiT..* 

Pullnian 1 


(Quaker tiift ’ 

Kapid American,.. 
Uaytheun I 


Republic Steel... q 

| Cnituyni _J 

; I'dilfl Uremls.... 1 

] I'S Batimrp., i 

' L'bliviMim. ] 

' -I- Stine. 

I CS Mlixfi 

[ C. Teeliiiningipi... 

I I V 1 mill'd rire—.- 
j ViighiiH Elen.... 

] ffili!n.wi_ 

Warner- Cnmnin. 
Waniei LaiiiluTi ., 
H tot i* Man’incf 1 1 . 

WeHs-Raiijii i 

tViwieni Ban'-orii 
Western N. Amer 
Western Union...] 
Wi stingfaee Kieet] 

Pai’llir I 'h n’leiiiri; 
Psi*. Call. Pifni.: 
Pal inn .. ....i 

IVnpItr. Iti>iu.ri...< 
Plait* • 'mi .v i six. t 
Placer I lerelupiut 

Price ; 

'H*-' MuiKW.1l' 

Hauler tut ,..i 

Head Sha» I 

llin Alii' -in 

j Wii.vrI Bk. »f Can.l 
i iiiml Tiiisi I 

Wes Vaco ..... ??..■ 

Wey'erbweuetr — 


White On. Ind... 

WI Plum Co 

VLneaoun Hlrtc. 

I Arptrc IpMam-ss- 

i Seosnin,^ [ 

j. tin'll i anaila 

; 'diciTln I,'. Miner . 

j Slfl^HH t|. |j j . 

t|lll|Mll|, ! 

'■Hui nf i ansda...! 

, *it«*|i K'H Iron .] 
jTesain i muuUt . ; 

I omul" Ihuu.lU..- 
fransi.4iuPijii> Ln] 
Trans .Miiuntiipa! 

'll i/o 

I'ntou U*« i 

l til. 

Walser Hi ran j 

t ,, '* t *-»wsf Traa .1 
I Ue^trm t.e,, 1 

l \tked I rradefl. 
] New- ««*. 

-■ aliluitW 1.. 

'flitmoeaei ...... 

e euU 


tevr Haim «« , 
I'rit Muncsli . 


> "~Ni 

jg&afcM ^ April 21 1978 




•• • A 



’ union launches 

relief fund 

<*.* - 


& BRITISH FARMERS -yesterday 
l *5. & £ jgtgtcfaed'a national relief fund 
•: Vjor producers wfco lost livestock 
^ in tbe blizzards and floods of last 
^winter. Sir Henry Plumb, presi- 
snt of the National Farmers’ 
^aion, said the fond would be 
• y «artjed up with a £20,000 contri- 
bution from tbe NFU -reserve. 

V But he stressed- this would be 
i $ paid only - os- condition that tbe 
;?f -. ^Ministry of Agriculture and other 
1 tanning organisations like the 
W.Ck,.. ; jB!k Boards contributed. 

He expected, about £500.000 
from the Government. He wanted 
v half the £Xhl offered- recently 

for storm aid by the Common 
Market Commission. 

Mr. John Silkin, -Minister -.of 
Agriculture, promised last month 
that some of the EEC aid would 
be given to cover stock losses, 
but he has yet to say bow much. 

Contributions to the fund from 
the Scottish NFU, the milk 
Boards, the Meat and Livestock 
Commission, British Wool Mar- 
keting Board and other farming 
organisations should bring the 
total Industry contribution to 
about £100.000. 

The £600.000 total would be 
shared among those farmers 

worst hit by the weather. Sir 
Henry suggested only fanners 
who lost 10 per cent, or more 
of their sheep or cattle should 

Mr. Silkin announced last 
month that the Government 
would spend £4m. in the form 
of increased grants on repairing 
the damage to buildings, roads 
and drains caused by winter 
weather in Scotland, the West 
Country and Wales. 

According to the Ministry of 
Agriculture, 21.000 sheep. S00 
cattle and 7.000 poultry were 
killed in the winter storms. 

Copper price setback forecast 

- !’ 

; i , v ,* i 

1 ‘Vt 11 

.-■i.-- i a,: FALL In- copper prices in the further major cute in capacity Production levels are ex- 
.'second half of the year, possibly utilisation. peeled to be much the same this 

tf.-rt back to the 55-58 cents a pound -The report claims that tbe con- year as in last year with Wes- 
; ftnge, 1 is forecast In the latest tlnued existence of such sur- tern refined output estimated at 
' r ~r. iispue of Copper Trends, pub- pluses . arises because the in- just over 7m. tonnes but rising 

1 -y.+i ■ lished yesterday. ' ■ dustry is having to adjust .to to 7.6m. tonnes by 1980. It is 

- Vv5- The report says the temporary economic growth slowing down calculated that about 460.000 

,« m0 n,vement in the level of an<i t0 the world’s economies tonnes of mine capacity is in 

-^'economic activity worldwide and beeoin}l, S less metals intensive, the process of being closed, but 
’ mme reduction hi ModKshoSd A-' 80 t0 blame is the copper In- this might take a year or more 
"-a* in herent Mto jAjr 1. >" »ec„n,e 

7 higher copper prices in tbe jjgjjjj 1 S of P 7he of * rhe 1978 consumption figure 
. j. * . ^Immediate future. But the ^re- n f ° of I s ******* *> ™* to bm. 

. / appearance of surplus produc. JoS? a daSl and totmes * against 6.78m. tonnes 

« : ■!>.■ tioo in the second half of this mintOOODttbasis and^n'some last >' ear * but with a decline In 
! t >• year and the decline in economic SSS* direct Government ub!i* the secood ha,f afler an ‘“crease 
1 v £ activity, particularly in the SKJ15 32 to S! - to the first six months. 

! « ‘-’ ihe back ^acainf pricefi faJI ' Tbe cost structure of tbe in- The historic growth rate of 

• ** ' oa as 11411 - dustry. with about 60 per cent, copper consumption is forecast 

. »» ^ predicts that in the longer of Western production in the 50- to fail from 4.5 per cent to 3 

•/ **. term surplus production of 65 cents a pound range, makes per cent, a year by tbe mid 

* '•••.. copper will continue through to producers go for maximum ont- 1980s and about 2.5 per cent 

; the mid 1980s in the absence of put to reduce unit costs. afterwards. 

: c *' a w rates 

Platinum and silver 
hit by gold fall 


VITNTJM and silver prices 
'- cfell sharply in London yesterday, 
*! following the trend in gold as a 
Result of the U.S. decision to 
- i^tart gold auctions. 

. 1 a» The free market price of 
;-~sci3latinuoi fell £2.75 to £110.60 an 
-hunce, with the dollar quotation 
n ^declining $5.75 to $202 an ounce 
■ $18 below the price- charged by 

‘ - r -"he. two main South African pro- 

*:t. On the London bunion market 
he spot quotation for silver at 

morning fixing was cut 4.85p 
o 272.25p an ounce* and prices 
— -jnded the day about the lower 

level whdn the New York market 
opened about 12 cents? down. 

On the base meials, market 
however, the. stronger tone in 
the. dollar agaiDst sterling' pro- 
vided a firm undertone. Copper 
was marginally lower .hot there 
were gains in tin, lead and zinc 

Cash tin closed £62J3 up at 
£5937.5 a tonne, despite fore- 
casts of an easing in the supply 
situation with fresh arrivals ex- 
pected to come into the LME 

Cash zinc gained £8 to. £202 a 

Need for food 
aid estimated 

ROME. April 20. 

expected to need between 75m. 
and 16m. tonnes of ceretals in 
annual food aid by 1085, accord- 
ing to a study by. tbe UN Food 
and Agriculture Organisation. 

The Third World will also 
need 300.000 tonnes of vegetable 
oil and 250,000 tonnes of dairy 

f roducts in food aid the FAO 
o recast 

• The total for cereals would not 
be enough to cover emergency 
needs in the face of severe 
natural disasters, or to create 
national food reserves or fully 
bridge gaps, it said. 


Milk sales 
slump as 


By Our Commodities Staff 

slumped again in March, after 
a brief recovery in February. 

. Production was up steeply, and 
the fall In the consumption of 
drinking milk again caused a 
hefty diversion of milk into 
butter and cheese making. 

The Milk Marketing Board 
reports a 7-5 per cent, rise in 
sales of milk off farms in the 
1977-76 dairy year just ended, 
a 3.4 per cent, tall In liquid 
sales and a rise of 23.4 per cent, 
in the amount of milk used for 

Last month sales off farms 
were 5.4 per cent, up os a year 
ago, liquid sales fell 4J> per 
cent, and tbe amount used for 
manufacture increased 18 JS per 

In February liquid sales 
were down only 1.7 per cent — 
a feature of the market which 
gave rise to hopes that the 
decline in doorstep sales might 
be slowing. The Milk Board 
could not explain* the renewed 
slide, suggesting only that the 
early Easter holiday may have 
had some influence. Consumers 
apparently drink less milk 
when they are on holiday. 

Dally milk consumption In 
Britain last year was lm. litres 
lower than In 1975 and 600,000 
litres less than in 1976-77. 


animal feed industry 


based on 



THE CENTRAL findings and tbe 
tenor of the Price Commission’s 
report on the animal feed indus- 
try are based dh false figures, 
the feed compounders’ associa- 
tion URASTA, said yesterday. 

Tbe report alleges that price 
com petition in the industry is 
limited largely by the dominant 
influence of the Unilever subsi- 
diary BOCMnSilcock. This com- 
pany, it is claimed, earns a 
return on capital of 25 per cent. 
— much higher than average — 
“helped by the position of the 
company as price leader.” 

Mr. Allan Price, feed director 
of BOCM. said yesterday the 
commission had misinterpreted 
the evidence and misrepresented 
the true condition of the 


The figures provided to the 
commission by BOCM excluded 
any allowance for distribution 
costs. Figures provided by other 
companies had included these 
charges. When taken properly 
into account these costs reduced 
BOCMStlcock’s return on capita 1 
to around 16 per cent. 

“This is very close to the 
industry average.” he said. 

“Tbe report is based on false 
figures. They knew about this. 
They were told about it. They 
were is possession of tbe facts, 
yet in the report and tbe Press 
statement they still refer to the 
25 per cent." 

Mr. Sydney Robinson, chair- 
man of the UKASTA feed com- 

mittee said: “Another inconsis- 
tency is tbe reference in a num- 
ber of places to the non-competi- 
tive nature of the industry.” 

In an appendix at tbe back of 
the paper, he pointed out, ^ table 
showed that the difference in 
price for standard dairy cattle 
feed has varied by £16 a tonne. 

Responding to charges of co- 
ordination of price increases by 
the six or seven companies which 
control half the U.K. feed mar- 
ket. Mr. Robinson said the 
industry had been under price 
control since 1973. The com- 
panies were all buying similar 
raw materials which accounted 
for 80 per cent, of theiz 'costs. 
“Yon are bound to aet a pattern .“ 

“The report suggests that in 

future the Price Commission 
will assess price increases 
against the background of their, 
conclusions. • Bearing in mind 
that many of these conclusions 
are based on a misunderstand- 
ing, and on incorrect assess- 
ments of the industry, we feel 
that this would be a very dan- 
gerous philosophy indeed. 

“The recent history of the 
bread industry is* a stark Ter- 
minder of what could happen: 
This would not only have serious 
implications so far as the com- 
petitive supply of feedingstuffs 
to farmers was concerned, but 
would also have grave repercus- 
sions on the numbers employed 
in the manufacturing and dis- 
tribution industry.” 

Sharp attack in 


SINCE THE new Price Comrais- used in the commission’s report, 
sion was set up last July it has published yesterday, on tbe 
followed . its predecessor’s £3 , 200 m. animal feeding stuffs 
example in one respect. It has business, is a fairly strong indict- 
a preference for phrasing what ment of the way the industry is. 
is intended to be sharp criticism run. 

in the politest, most -restrained, in essence, the commission 
way. concludes that there is something 

Behind the cautious language distinctly fishy about the way all 

big companies raise their prices 

Coffee export ban 
might end soon 


CENTRAL AMERICAN “ other small producers we must search 
mllds". coffee producers are ex- for a mechanism that will allow 
pected to end their export ban us to defend ourselves a tittle 
in the next two or three weeks. ' against . this wave of rumours. 

A Guatemalan Coffee Ex- Dorans of price support formulae 
porters’ Association official said are being studied, 
yesterday that the producers are World coffee traders expected 
searching for a mechanism that the export ban to be scaled down 
would set prices on the basis of into a quota system at last 

supply and demand rather than 
market manipulation. 

Rumours in London on Wed- 
nesday quoted an El Salvador 
coffee official as saying that the 
producers planned- to institute 
an export -quota system from 
next month. But tbe Guate- 
malan spokesman said the 
position was not that simple. " As 

week's producer meeting in 
Costa Rica. 

Tbe hah. which was designed 
to boost prices, has been in 
operation for about five weeks 
but has bad little visible effect 
Prices fell nearly £100 a tonne 
soon after it was announced and 
are still only slightly above the 
level ruling then. 

at about tbe same time and that 
some pretty inefficient company 
companies have been able to take 
refuge behind the umbrella of 
the Unilever subsidiary BOCM, 
the market leader and itself, 
described as “a highly profitable 
and well managed company.” 

What the commission also 
seems to be trying to say is that 
compound producers have been 
greedy when it comes to profits 
and that farmers should take 
care that they are not taken for 
a ride by them. 

The commission, which was 
asked to look- at the industry- by 
tbe Department of Prices last 
September, also takes a dim' view 
of tbe system of discounts used 
by BOCM as a means of keeping 
its customers loyal. 

Tbe commission found that 
there was insufficient price com- 
petition In the market. This was 
best exemplified by the way the 
biggest companies all increased 
their prices at roughly the same 
time — a pattern which is under- 
stood to be being repeated this 

month, with all the big manu- 
facturers notifying the commis- 
sion of their intention to raise 
prices again within ", days 
of each other. 

The record, it says, pointed to 
clear “ price parallelism.” 
Throughout 1976 and 1977, six 
of tbe seven companies which 
account tor over half of the mar- 
ket, co-ordinated their prices in 
some respect. This has been 
passed to the Office of Fair Trad- 
ing which is the Government 
body responsible for ensuring 
that companies do not collude on 

The commission concludes that 
“ this parallelism is stricter than 
can be justified by the proportion 
of common costs in the final 

Tbe clear price leader, it says, 
is BOCM which has 21 per cent 
of the market. 

In their submissions- to- the 
commission, other companies 
readily admitted that they could 
not affort to let their prices get 

It could be argued that this 
was a sign that price competition 
did exist in the market hut the 
commission seems to take the 
view that BOCM’s prices are in- 
adequately restrained by com- 
petition and that because they 
can raise their prices, this in 
turn, allows inefficient companies 

to make higher profits than they 
deserve. I 

Tbe commission’s figures 
show that cm average the 16 
major compounders earned a net 
profit margin, before charging 
interest and tax. of 2.6 per cent 
in 1974-75. This rose to &5-per 
cent, the following year. In 
3977-7S, however, the figure fell 
to 32 per cent In the same 
period the return on capital, 
again before interest and tax, 
rose from 12 per cent, to 153 
per cent 

' The results of BOCM, it says, 
stand out from the group. In the 
four years, net profit margins 
increased from 322 per cent, to 
5.55 per cent and return on capi- 
tal increased 25 per cent, calcu- 
lated on a reDlacement cost basis. 
The commission says it is satis- 
fied that these results were made 
possible by a combination, of 
good management, efficiency, and 
its position as price leader. 

Despite its obvious reserve^ 
tions about the industry, the 
commission does not recommend, 
the use of the new powers given 
to the Government to control 
prices under the Price Co mm is-, 
sion Act 

Instead, It directs most of its 
advice towards farmers. They 
should be given more informa- 
tion and should consider further 
the alternative of home-mixing 
their own compound, it says. 




point. Three months £316. 12, 10.5. Kerb: Three the Her and value dosed between m+ £36.14 ( or the respective shipment periods. 

Yarn and dstfc prices Heady. 

overnight sod the roll at the _ 

There was fair volume of ra rites an3 tbe months £310.5, 10. 10.5. 11. 1L5. 12. 

changed to 20 higher. AcU reports. 

.-forward metal declined, initially from 
;; -705 to a n toot then started to pick up. 

- though acre was no impetus from 
.-^.lomex. which was depressed by the 
■.-monger dollar, the close on the Kerb was __ 
"TVt. Turnover 38,425 tonnes. 0»i 




4- or 




,* -JC - * 







i; ,_|Mh. 




-a* * 

■ . '<J 













T j ?i-lQpaUi».. 


— A- 



l-l- ".(Ktl’m'jic 


t ± 




• a.m. 

+ or 


|+ or 






— .75 






— .5 





— 1 

. . 







+ OT 


+ nr 






+ 1M 


+ 1.60 








+ 0.15 



1T _. 





— . — 

88.80 . 



LONDON— me market was slightly 
Steadier in ttrar positions, reports Bachs. 
(Pence per UIo> 


iTextenTya-f- nr| 
Cloee | - 


6 trait. K_. 
New York 

— - from £206-1268 to 



"Business dooe-Wheat: May S7J0- 'SS't'JH 

j^rdlnea^iSerxcS. ^the^afternoo^the 86 Sept. 87JIEaj.3D. Ncrv. ».45-6s3o p 
5935-40 +SM price touched £300 as new buying dame sai » ! 

6940-6 1+ in and closed on the Kerb at £288. Turn- »3 Bartor May K.TMLiS. Sept. i!**? ber -?S-fS*5 

over 3,425 tonnes. 

90. Kerb: Standard, tinee months £S.9M. 

£&MB. Kerb: Standard, - three months 
£5JM3. 90, 45. 42- 




+ or 



+ U1 







+8 • 

£ months— 

297-. 5 + 2.5 
290 +3 

29 9- .5 


ffmeni — 

Pi tn. West 

1 - 


+0.5 232.0-827 
+ LO| 228.0 


Amalgamated Metal Trading report od 
hat in 

32.0041.00. Nov. S4.10SS.50. Jan. 86.45- Mwx* HS*MH 

85.15. March SS.S0-S8.SD. Sales: 2M lots. 

IMPORTED— Wheat: CWR5 No. 1 154 July.. 240.0-45.0 j+ 1-5; ~ 

per cent. AwU-Mas 95.50 TlOiiry. UX October 243.0-47.0 . 1 — 

Dark Northern Spring No. 2 14 per cent. Business doner 4 tots. 

AniU-May S8.23. May June 85.75 sellers SYDNEY CREASY— Close On order 
transhipment East Coast. . UX. Hard buyer, seller, business, sales i: M reran 
Winter ordinary tmonoter. Australian Contract— May WJ, J48J. 343.4-3 40J. 47: 
Wheat unquoted. • July 345.0. 345.5. W7 .6-343.5, 17. oct K7J. 

Maim: U.S^Prench May 1Q8.T5. June 348.0. 348.0-348.0, 26: Dec. 336.5. 557.0. 
Morning: Three months £294. 93, 94. 95, lOSJO transhipment East Coast. S. African 358.0-356.4. 22: March SM-8. 365 J. 397.0- 

LE AD— Steady. at the close after recover- _ __ 

: in die morning cash wirebara traded Ins tram an early fall Under the influence v 'Kerb:' Three' months mi - ' Afiernotuu Yellow MayJune 81.00. Kenya Grade 365.5, 4; May 30B.0, 389.5. 370.4-309.3, 0; 
Bfflo.s. 7. three months £704. 4-5, 4. of copper when forward metal slipped m0nlta £*§7. *7X. as. 99.5. £300. Three unquoted. July 371.3, 372.0. 372.5-371.5. U: Oct. 373.1. 

174.0. ft tL Total sales: 12 6 lot*. 






.TIN— Cameo ground in a quwt market morning: used sow, tnree mnnuu uu, au*u wm uta *.wp «n report uiai uw Maiarua rramu unco » n 

rith the forward price at £5.910 given OJ. ». 8. 8.5. 8. 7, 7.5. Kerb: Cash £302. Tor spot delivery In ihe London bnUioa was 208 (206) cents s Wto (buyer. May). 

■arly steadiness by the rise In the Bast three months £308. 9, 9.5. Afternoon: marker yesterday, - at 272_25p. UX. cent 

" ■ aotxlvaJems of tbe fixing levels were: spot 
1 4SB.Sc. down 12.8c: three-month 

.CL Index Limited. 61-351 3466. Oct./Bee. Rabbet 54.75*640. 

29 Lam ont Road, Loudon, SW19 0BS. 

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‘ Corporation Loans, Production Capacity, 

Businesses for Sale/W anted 
’ Education, Motors, Contracts & Tenders, ~ 

Personal, Gardening 
i hotels and Travel • 

J 3o °k Publisbers premium positions available 
’ (Minimum size 40 coluuin cms.) 

£L50 per single eohnnn cm. extra 

For further details write to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY, 




down UUc: six-month 515. 7c, down 13.4c; 
and ■ 12- month * 537.1c, down 143c. The 
metal, opened at 27S.73-273.73p i600-502c! 
and closed, at S72-2T3P <49fc5*9Sc>.* 

Cirh: Wirebara. three month* £708. 5-5. To a close on the Kerb of £312. Turnover 

y T. 8A 2,359 i onium . wvmj iwt out' the day, dosing firm. Lewis and Heat _ n IO forwinnpre m.0 

' .TIM— G titled orowuf In a qtdet market Mwning: CashJZU, three jaontfts fl», MJ™** JSSfl rcpDrt_th» t the Malaysia sodnwn price ^ 10 

" " .... vn|; Engua, f>l| jjj to 73.Q. 

Lamb: English small new season 
to 74.0, Imported frozen: Nz PL 47.0 to 
47.5. PM 45.0 to 455. PH 4X5 to 45.0. 

H onsets: E n g l i sh 30.0 te 00.9. Scotch 
36.0 to 80.0. 

Pork: English, less than 100 tbs. 38.8 
61.75-5 1.7 B to 44.0, 100-120 lbs 38.0 » 4X0, £10-160 lbs. 
.38.0 to 42.X 

54.0b4ft.00 MEAT COMMISSION— Average fits: ock 
55.16-62.96 prices at representative markets on 
66-48-64.58 April 20. OB— Cattle . 88JMp a kgXw. 
57.45-6X50 « + 0.9 1- U.K.— Sheep 138.8P a kg-Wt.d.c.w. 
58.00 t — 0.S». CB — PlftB Bi-lp a kg.l.w. <-0.1>. 

M.60 69-60 eanlaad and Wales— Cattle down 1.6 per 
ni fio.fii.ffi cent., average Price 67.830 v + o.lli. Sheep 
, — - down 5.2 per cent., 138.0p r-1-01. Pigs 

Sales: 583 <274 1 lots ot 15 tonnes and D p 11.0 per cent- 64. ip (-pji. Scattaml 
14 124) lots ot 5 tonnes. —Cattle down 16.4 per cent. 69.18P 

Physical cfosing prices tbnyers) wbtb: i +X4Sj. Sheep down 2L8 per cent.. 
May 52p (Sfl.reK 136 i+o.4t. 



27a.Z8p, — 

*77.66, S-4-75 
a98.5 M 

■Turnover '331 t263)~ Iota ofJO.UO 


7.S. 73. .... „ 

Three 'months 277.5. Afternoon: Three 
months 277. 7.5. 7.5. 7.7, 7.9. 73. 73. 
7.4. 73. Kerbs: Three months 277X, 77.6. 
78, 78JL 

B2.BL62.7D; 50.50-50.60 
B54L65A5 B1.1L61.1H 
54.00-64. ID 1 , B1.56-6XM 

« Jly-Sept 
— Ort-Deq 55.05-66. 10, 62.85-65.1 
66.30-68.40, 54.40-54.' 

Apr- Jtie 57.60-57.66. 55J065. 

68.96^8.08, 57.16-57J 
r-4-9B On- Dee BB.35-80.40. 58A0-66.9 
M-6 Jan-Max 81.40-11.45 58.8IL60.a 

. Morning: Three months 278. TA spot 5Up f50.0i; 
i. 7.7, 7-6, 7.8. 7.7. 73. 7.7. Kert>8: jme S2J5P fSLOi. 



Inndbh* steadied until tbe New Yet* . 

opening; when prices eased to dose just 

above the mld-poUn of the day's range. 

reports GDI and Duflus. 

[Yesterday’! + or 




May — : 2047.0-68-0 

July 7348.6-47.0 

dept. 1972.0-71 Jl 

Dee ;l«n34M.O [+1IJ5 

March IJ740JM8J7 -4.f 

11700.0-88.0 —15. 

+ 11.0^2073.0-28-8 

+ 19.® 1888.0-18 

1B.0 1 1698.0-5 5.0 


Jlriy h 67 1.0-98.0 l— 7.S il705J)-1MO 



December „. 

teperpmnel— 3J> 
1 28.10-28.4 — 1.4 
127 .30-27.6 — 1.8 
124.00-— 1^ 






(in sterling a 
padiage unless stated — Imparted Prodoce: 
Oraases — C:vrne: Valencia 1-3 tea 20 
kilos 2.70-3 SO. 15 kilos 2.40-3.60: Jaffa: 
Shamouh 3.17-4.05; . Egyptian: Valencia 
Lafes 3.00: Moroccan: 2.70-2.90; Texas: 
SJ0. Lemoos— Italian: lM/UOs 4J6-L20: 
Cyprus: 2^0-3.90; Spanla: SmaD trays 
23/50? 1.60: CaManlan: 339-4 M. Grape- 
fruh — Cyprus: 15 kilos X98S 98: SO knos 
3JB-&50: Jaffa: 20 kilos 3.0*3.75: U.S.: 
Roby Red 75 kilos 4J0 l Apples— French: 
Golden Delicious 26-lb 84s 2.50-2.70. 72s 

Progress on 
jute promotion 

' GENEVA. April 20. 

THE. * OUTLINES of an 
international arrangement for 
promoting production and use 
of jute, capable of being nego- 
tiated within one year, have 
emerged from discussions here 
among producing and importing 

Mr. Roger Martin. British dele- 
gate, said a flve-day meeting last 
week of an intergovernmental 
group, held under the auspices 
of Unctad agreed to include four 
specific elements in a possible 
jute accord. 

These were: a programme on 
research and development whose 
aims would inalude finding new 
uses for jute and improving 
agricultural productivity: market 
promotion to retain and expand 
markets in the face of growing 
competition from synthetic pro- 
ducts; evaluation and co-ordina- 
tion of programmes intended to 
reduce costs; and exchange of 
information on jute’s overall 

An Unctad announcement said 
proposals by the EEC helped to 
narrow differences on how to 
stabilise prices. But the meeting 
decided further work was needed 
on tbis before a scheduled 
Unctad session on jute next 
July 24 to 28. 

Tbe meeting instructed the 
Unctad secretariat to prepare a 
study in collaboration with the 
Food and Agricultural Organisa- 
tion on a possible scheme to pro- 
vide International financial 
assistance for national stocking 
operations related to inter- 
national trade in jute fibre. 


Prices per tonne unless otherwise 
stated. * ‘ “■ 




Free market fd»)j 

CcpptfTcwb W 

2 inuntha do. >lo. 

Canh C+lhrale 

3 months dn. do- 

GnM Tfinv o*.i 

Lwui Cosh 

3 memthn ...... 


Prw Market (cil lb! 

£6 80 



+ or ) Month 


— 1 ago 




Platinum Vray 
Free Market... 
Quirk silver tfSlb.) 

Silver troy « 

3 m'Ouhii — 

Tiu Cash 

3 months 

W* «lfi* mSantlbkci 
Zinc cash — ... 

3 months 



C^«onot (FhJJ)---- 

Groundnut. — . 

Linaecd Gnnietv).. 
Palm ilalajtm...— 


Copra Philip i 

Soyabean tll-S.) — 

£696 76 
(£302.5 +3 
[£310.5 +3 





O £666 
O £680 
O £656 
.25 £671 
5 5130 
25 £500 
,75 £5 11 

:sl-9 ^ 
...| -2.04 

ea.-M17.50i K 114.5 

'£ 110.6 








Qraana „ 

Bwley BBO 

Home Puturra-...)£89.2 


Fr neb No. 3 An! 

No. 1 Bed Sprio~l£95.5y 
Nu2 Bard Win UaH i 

Knglish 1111 ling.. t£10Qr 


IS 150-36 

—4-75 281. 45p 
+ 62.5 M.712.& 
1.0 IS147.55 
+8.0 1C874.5 
+8.0 (£278.25 
| JS550 




+5.0 IS560 


—0.5 S294 

+ 1.5 '£73.9 

Ooeua blnpment.... 




Future July 

CoQee Future 

July— £1,413 

Cotton 'A' Index 69.75c* 1 

Rubber kilo Bl.Bpj 

6ut>ar (Kawj £99 

Wiuttojo 64e kilo... 27 6 p 

IClOUfi^ £100.5 


c:::::: : £ioo 

+18.5|£ 1,858 

-6.0 i£1.424 
+0.4 «9.05i: 
+1.5 f47.6p 

L '£95 

+ 1.0 270p 

120-50-21.0 — 0.25 122.04-21 ,DQ 

121.50-22.6^-035123.60-23.90 -2-70-2 JO: 40- lb 5.06-5J0,' Golden DelldOUS. 

inr il - 1127.30-24.5 035 — tumble pack. Per Pound 0.10-0.12: liaUan: 

” — - - - — ■ — Rome Beauty- per pound 0.12. Golden 


Sales: 128 0*2) tots of 100 tonnes. ‘heirnnn* n io-o 12: us- Red 
The market opened unchanged and c AMp« U,S 'fh^ 

Jonathan 939. Siartdmt Dolidons 8.00- 
teD further late In the day. reSectinB gs(| . r-UUeari: Granny Smith 7.00-7JO: 

Nevi Zealand: Car's Orange Pippins 18V 
J^St.S,***" 59 Uneec ’ rep<5m s/fw com ' 2S4 7.00-8.00; Danish: Per pound Cox's 
motuues - 0.16-0. IS. Spartans 8.09-0.10. Pear*— 

C|T/li T> S. African: Canoona, Packham'a Triumph 

v3 Uumv aao-7.40, Beorro Hardy 930-7.00 : Dutch: 

. <T _ _ LONDON DAILY* PRICE for raw sncar P 6 ** notiad Conference 0.14; Belgian: Con- 

IMmitM Cocoa mswlantioa (U.S. M ; « arn .i * unne ctf for April- May- fereucc Grapes— S. African: 

cent* per pound 7— Oaflr prtca April W: jjJna shipmenL While sugar daSy mice New Cross 5A«. Bartnlra 4.46. Bananas— 
148-27 <148.211. Indicator prices April 20: fJS Jamaican: Per pound 0.15. Melens- 

lSday- average flOO.SB): 22-day Reports that Iran had Invited offers Qdlean: White 4.00. Green SAO: 

average 1583. 1 <150.371. to-m™ “ m.Mfi ton? Cotomhla^ Crteo^lN *««*»- 

shorteovertng and opening . trades WBre Kenya: L59. S. ARlcao- 

iea nolma above kcrti levels, reoorn Ftiene • 4.5M.60. . Sti awlieii les-Isradl. 

8.00-8^0: S. African: Dunn's 8.40-8.60. 

.Sales: 3,882 (4.038) lots of 10 tonnes. 


ICO Indtcawr Prices fnr.Aprn IS COA ^QmrnU^ U*Jm fsh: 

ssicu” r «5sri u f.rffls s xs 

Anfhleas 184.00 (183^4)1 unwashed lOK 

AraMcas 170.80 f samel; Rotranas 14439 
(145.001. Dally average 164.0 1 164.12). 




September - 

Yesterday* a , 

Close + « 



£ per tonne j 















Oct- „ 

May — 
Aug. ... 

£ per tonne 
no. to- 10 ja 

2.40, medium 14IOU0: . Chilean: Bogs 
approx. 54- ih 3/Se 4J0: Italian: 2^6: 
Canary: 4.08. Cuslc nms — K enya: Per 
posnd 0.40. Celery— Spanish; 13s/3Bs 4-54- 
5.34: American: 34s 5.88. Petalees— 

Canary: 3.503.68; Egyptian: 3. 603 Ml: 
Cyprus: 3.90. CautH I nw e i a J ersey: 6 -SO. 
CacoBbers— Duich: 14/lSs 2.00. Tematsea 
100MUI1A0 102.700 0.7S —Canary. 3.04.08; Jersey: Per pound* 

MUMMlIojHui ■ fl *^L^ Cb ^^- G ?SSSJS^ 8 ^ra 

108.9008.851 10.8000 J5 J**. 

112.8012.66 1 14 AO 12J25 ^ 

1 19.36- 18.6a 12 1-5020.00 L3OL.40. 










Beeiroets— Per 28-lt> 1£0. 

12i.0024A12SA023.16 ««« °* 80 * ^ 

126AO27J10|l29J0-2eA0 a - ro ' L “- 

Ferodo factory 
in Chesterfield 

Sales; 3.794 (*982) lots of 90 tonnes: 

SaiM- ■» eiT u am lots of 5 tonnes. ™« a** 1 ea-reSnery price lor 

smiHrfaled basis white mar was ; £343.40 

settop change/ bustoess>-AnrU 210 JO 

15.00. 2U. 5021 1.00, X Jane 186.75, WAS, a f*. . Aanwnieiif In. 

i« U.M 17^.75 75 oa 17B DO Interitatlosil sagv ASraement: ID- 

SbI: M aSzs Dftfc dicat or price* t US. cents, per pmuL 

ww' 17 PI°% V 3; Feb. 13S.08, ftb and rowed Cai^&n pon): Price! FERODO. a member of the 

4®« NL sSS avor ^ Turner and Newali Group, has 

ib lots' of 17J50 kiios. _ - been allocated a Government 

GRAINS JUTE advance factory of 15,650 square 

i flMnns PUTUREs iGaFTAV- T he JUTE. Dundee— Quiet bol prices very feet On the Sheep bridge IndUS" 

Th£ n £? S5S,* ttUl Estate. at ChesteiflelU. north 

and found heavy ghortcotrcring. Despite “ ®7 BWC and « fw bwd. Derbyshire. 

strong profh-uklQg. parUculariy ta vAeat; To»a: BTB The factory will be used -to 

Lte caiSL SO. manufacture retarded for use 

14WS points wgtar. n« crops sa# • l P® ^ on buses, coaches and heavy com- 

nrtssire trade, with tarw safe J* : 4 Wjmf‘S« J !S merctal vehicles. It will 

A.'US'L, X ii a? Sh X eventually employ 70 people. 

China maize 



CHICAGO. April 20. 

A U.S. grain export company 
executive has reported that 
China bought about 200.000 
tonnes of Argentine maize for 
shipment in the summer. 

This confirms a report from 
Buenos Aires earlier this week. 
The sale is linked to the same 
export firm that is believed to 
have sold most, if not all. of tbe 
lm. tonnes of UB. wheat to 
China and 15,00 tonnes of soya- 
bean oil for shipment next 

Giro currency 
service boost 

THE NATIONAL Giro is to open 
three more bureaux de change 
at post offices in readiness for 
the holiday season. The Giro’s 
first bureaux de change opened 
at Trafalgar Square post offleo 
London, in September last year. 

The service at the Edinburgh 
main post office, Waterloo Place, 
will be available from April 24 
to be followed shortly at the 
main post office. Post Office Road. 
Bournemouth, and the post 
office at Great Portland Street. 

* Nominal 3 Unquoted, a May June, 
t Maj-AuE- a June, v Aorfl-June. pf.pnl- 
May. z May. X Par ton. 


Apr. iBrAprTlB.'iSwytb agt^Tearago 

239.62 124072 |_S»4Ji6_L 274.65 
(Base: July L IS52=1M> 


April 20 April laMonth 


14483|3445^1 1+16.1 | ^729^ 
(Base: 'September 18, 1031=100) 


April | IJontW Yenr 






Spot — 389.6^361. lBi3B8.45Wi3.00 
F utorca 362.32J352. 18,344^7^12^52 
(Average 1024-25-38=100) 




April MoathlYcar 
| IS ago jajra 

Sjle Cnmmtr 

90317 902.7,943.7 

Copper ajisf 
sugar ease: 

NEW YORK. April IK ’ 

COPPER closed lower on disappointed 
Commission House liquidation. Prednpj 
mciou Uiibhi.'d slightly easier following 
strvDgtta of the U.S. dollar. Sugar ended 
easier ou. chartist and local sclilae. 
Grams eased on commercial aelling. 
Coeua Omstiud raised. Coftee closed 
lusher on rumours of a revised Brazilian 
crop. Rache reports. 

Cocoa— May 151.50 053^5). July 116.711 
fUT.mi. Sept. U3.35. Dec. 137.S5, Mardi 
133.10, May 130.35. July 127.05 settlements. 
Sales: 1.971. 

Coffee—" C " Contract-- May 177.75. 
177 .SO 1176^3), Jnly 157.75-157.50 (156 38), 
Sept. 141.00, Dec. 18750. March 120 j(L 
May 1 1 7.50- 118 00. July 111.00-116.00, Scot, 
110.00-115.00. Satofi: 615 lots. 

Copper— April 5S.B0 iSO.lOi, May 58.70 
<KD44ii. Jane 58.30. July 59.50, SepL 80 JO. 
Dec. 63.30. Jan. C.SO. Word) 63^0, May 
64.30, July 65.50, SepL 60.80, Dec. 68.30, 
Jan. t».« seftJemenis. Safes: 11.000 tom. 

Cotton— -No. 2: May 57.13 ( 57.591. inly 
58.40-58.45 (58.S7). Oct. 60.30. Dec. BUS- 
€130. March 62J3. May 62.83^2.00. July 
G3.70-ft4.00, Oct. (52.75-63.75. Sales: 505.000 

‘Gold — April 173.60 (173.40), May 171 W 
(174 001. June 174.30.- AUB. 178.40, Oct. 
179.60. Dec. 150.90, Feb. 183.20, April 
185 SO. June 189.50. Aug. 19130. Oct. 1S430, 
Dt*C. lfifi.SO. Feb. 1B9.7D settlements. Sales; 
injoo lots. 

This edition was printed before 
last night’s American commodity 
prices were available. 

COTTON, Liverpool— Spot and shipment 
sales amounted to 245 tonnes, bncuwn 
the total tor the vrock bo far to 1.119 
tonnes. A moderate tbrnover wjs 
registered in >he raw cotton market, 
reports F W. TatrerEafl. Various types 
of .North and South American ducrlp- 
oons remained m sustained retmest. 

GRIMSBY FISH — Supply gnod and 
demand good. Prices a stone at shtp’^ 
side. uaproceasK/: Shelf cod £L50-£4 1®. 
codlings £2JO-£3.60; shell hadtindi iA.- l-v 
£4.80. tncdinm haddock {3.-UHCL20, siu.ill 
haddock medium -Plaice £3.2-'+ 
£3.78. best smell plaice E2.70-£3.7-.i; sk:r.c.fl 
dnidish i tore -i £7i0. medium £5^0; 
toman sales U.OOi sailha £2.45-£2JKI I 

iLart—Chlcaup loose 23,00 inne). 
New York prime steam 2 £50 traded 
■ 24.60 num.i. 

t Maize— May 25SJ-258 i260l. July S57£ 
2561 i2571i. Sept. 256-2551. Dec. 257+2571, 
March 2GM-2H. May 2661. 

(Platinum— Jnly 208^0-200^0 (307.501, 

Ocl 212.50 (311.301, Jan. 316.70-216.90, 
April 270.BO-2st.00, July 224.00-225.10, 
5a lev 1.264 Inis. 

1 Sliver— April 5M.30 (507.001. May 505.60 
1 5IJS.B0 1. June 509.20. July 513.86, Sept. 
521.30, Dec. 53220. Jan. 536.30. March 
544 30, May 552.19}. July 561.10, SepL 
589.70. Dec. 582.80. Jan. 587J0 SMtle- 
tncntB. Sales: 11.000 lots. Handy and 
Harman vpnt buUinn 504.00 r 505.00 1, 
Soyabeans— May 725-735 |T22), July 714- 
712 <715i. Ang. 693-692, SepL 6551. Natti 
SiSi-SSOi. Jan. 83+433, March 842. May 
M3 ’.-645 

||5oyabenn Meal — May 179.00-178^0 
(IA2.301. Jnly 182.00-18330 flSt.SOJ. Ang , 

181.50. Sept. 175.90, Ocl 170.50. Dec. 
169.10-160.20. Jan. 170.00, March 173.50, 
May 174 08075.00. 

Soyabean Oil— May 27.45-27.56 127.321 4 
July 26.75-26.00 < 26.601, Aug. 25.95. Septi 

24.50. Oct. 23.55-23.60. Dec. 23.D5-22.Bfi, 
Jan. 22.75. March 22.70, May 22.35-22.45.' 

Sosar— May 7.50-7.53 (7.6T-7A2), July 
7 71-7.73 17 80-7.811. Sept. 7.9S, Oct- 8.07- 
6.09. Jan. 8.40-8.65. March 8.88, May 9.0S, 
Jnly 9-28-9.35. SepL 9.48-9.G0. Sales: 
4,4*5 lots. 

Tin— 4K.00-500.00 asked < SOLDO asked)- 
« Wheat— May 3221-322 (3241), Jnly 327- 
3753 I3CSJ1. Sept. 3284-330. Dec. 337. March 
341. May M2. 

WINNIPEG. April 19. TtHye-May 
114.® bid 014-50 bid). Jnly 111.10 asked 
<112.00 asked). Ocl 110.3ft Nov. 212.00 
nom>. Dec. 112.10 nom. 

■HOats— Mav 84.00 bid f 83.401, Jnly 
80.00 bid <78.501. Oct: 78.50 bid. Deft* 
77 no nnm. _ . __ 

tSBaricy— Mny 82. OT iBlAOi, July SLB0 
asked i si.08 asked). OcL S0JD asked, Dec, 
SO 20 bid. 

isPlaxsaed-May 259.20 (256.50 bldl,- 

Jnly 259.20 asked (257.00 askedi. Oct, 
2G3.10 asked. Nov. 261.00 asked. Dec, 
SCI .» bid. • 

llWhcnt— SCWRS 13.5 per eePL prMein 
cnnicm ci< St. Lawrence 167^*9 <167.75 *. 

Ait cents ner ponnd ^s- warehouse 
onleas mberwise staled. *Ss per troy 
lunccs— 100 'nines tots, t Chicago loose 
Ss per ino ihs— Dept o! Ac prices pre- 
einun day. Prime Sieam (.o.b. NY bulk 
tank core. rCenfg pet 56 *h bushel ex- 
vr-irchnxsc. 5 0«0 b-J'bol tots. 3 fs per 
t-ov niincc for 50 ounce unit* ot B9.9 per 
coni, purity delivered NY. , Cenia per 
imy -.unce rs-tCHrrhouse. « New “ B ” 
r-oritract in Ss a shoe inn for bulk lots 
if wo ihurt tons delivered l.o b cars 
r-hicneo. T«,1iiin SI Louis and Alton. 
•• Ci-tits r>'r ffl lb hnsti-l in .store. 
-» r-.-tus per 24 ib husbrf. it Cent* per 
ii-. bushel ea-wnrri'oiKe. J5 Cents i»r 
-r. u> luiohr-i ••z-wvn-bonsB. LOW bushel 
lots. KSC per tooue. 

. v ? 



financial Times- Friday April. 21 1978 


Market sentiment disturbed by weakness in 

Share index down 6.8 at 454.8— Golds on offer 

Account Dealing Dates 

"First Declara- Last Account 
Dealings tions Dealings Day 
Apr. 5 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May 10 
May 2 May 11 May 12 May 23 

* “ New time " dealings nay take place 
from 9J0 a.m. two bBlnen days earlier. 

The recent recovery movement 
in stock markets came to a halt 
yesterday as market sentiment 
became increasingly disturbed by 
the weakness in sterling. Gilt- 
edged securities were well to the 

fore in the day's reaction, par- 

ticulariy short-dated issues 

met some fairly heavy selling 


after the previous day’s got 
advance. Lasses in this area 
ranged to | at the close. Boosted 
at the start by news that the long 
“tap” had been exhausted, long- 
dated issues eventually drifted 
lower to close with falls extend- 
ing to J. The Government 
Securities index lost 0-33 to 71.83. 

Scattered selling and the 
absence of any follow-througb 
support brought the equity 
leaders back a few pence or so. 
Trading conditions were again 
rather quier and the bulk of the 
day's reaction took place during 
the morning session. This was re- 
flected in the FT 30-share index 
which extended a loss of 52 at 
noon to one of 62 at 454.8 at the 
close. Among the index con- 
stituents, Turner and Newell were 
outstandingly dull at 171p. down 
17, on the £32m. rights issue and 
the cautious statement on trading 

In contrast to the leaders, 
secondary issues made a mixed 
showing, but rises had the edge 
over fails in FT-quoted In- 
dustrials. Little worthy of note 
developed in the sectors' but 
overseas issues gave ground in 
sympathy with the fall in the 
dollar premium. Official markings 
of 4,995 compared with 4,588 yes- 
terday and 5.820 a week ago. 

The U.S. Treasury’s decision to 
sell 1.8m. ounces of gold over 
six months starting next month 
made for marked weakness in the 
bullion price which, in turn, 
promoted a sympathetic reaction 
in Gold shares. After being 
marked down sharply at the open- 
ing. prices held reasonably steady 
at the lower levels until the late 
dealings when U.S. offerings left 
final quotations at the lowest of 
the day. The Gold Mines index 
Fell 6.4 to 134.7. 

of the “tap" stock soon faded as 
prices gave way in the face of 
some heavy selling which left 
final quotations with falls extend- 
ing to J. Helped Initially by 
further sales of the Ion** lap. 
Exchequer 10J per cent, 1995, at 
87, stock in this area he.d steady, 
but once it became known that 
the Government broker’s supplies 
had been exhausted, prices tended 
easier to dose with losses ranging 
to 5. The reaction, however, 
mainly reflected lack of fresh eup- 

port The announcement of a 

new short tap is expected to-day. 
but feelings about an issue to-day 
of a long tap were mixed. 

The investment currency 
market moved very erratically in 
another good two-way trade. 
Buyers were in evidence at the 
start and the premium moved to 
112) per cent, from the overnight 
330| per cent Sellers soon took 
the upper hand, however, and the 
rate fell away to a day’s low of 
1051 per cent before rallying late 
on buying for U.S. investment 
purposes and the closing level was 
109J per cent — a net ■ loss of H- 
The conversion factor was 0.6832 

statement and C E. Heath 
cheapened 7 to 255p. 

Breweries drifted gently lower. 
Scottish and Newcastle eased a 
penny to 64J-p, Allied 1$ to S5Jp 
and A. Guinness 2 to l74p. Else- 
where, James Crean rose 4 to 
132 jp in response to the interim 
profits increase. 

Building descriptions, dull from 
the outset, drifted down in 
m i nimal business. Of the leaders, 
AP Cement eased 4 to 228p. J. 
Mowlem responded to the annual 
results with a rise of 2$ to 129p. 
but Tflbnry Contracting shed 5 to 
248p. Profit-taking had Royco 3 
down at S8p after the previous 
day’s rise of 2} which following 
the annual results. Pochics, on the 

other hand, attracted small buying 

to dose 2 up at 89p after 90p. 

forthcoming 'for Westoa-Evans, 
where 'a 25 J per cent, share- 
holding has- recently changed 
hands, and the shares improved 
steadily to finish 4 up at 97p. 
Whessoe added' 5 at 88p and 
Rotork rose 4 .to 116p. Still 
reflecting the second-half profits 
slowdown, Weeks Associates relin- 
quished a penny more to 30p. 
The leaders eased with the 
general trend and Hawker, a: 
196p, gave up 6 of the previous 
day's gain of 14 which followed a 
favourable Press reception to the 
annual results. . 

Foods had an easier tendency. 
Associated Dairies, st 220p, gave 
up 4 of the previous day’s rise 
of 7. whlfo J. Lyons, 9ip, and 
Cadbury Schweppes, 534P, shed a 
penny apiece. Associated Biscuit, 

Clive disappoint 

Turndown in Gilts 

Overshadowed by the weakness 
in sterling. British Funds toot- a 
distinct turn for the worse yester- 
day. The reepnt exuberance at the 
■short-end of the market which 
followed news of the exhaustion 

Wednesday's firm trend which 
had stemmed from Press sugges- 
tions that the major dearers may 
raise their charges following the 
Price . Commission’s report gave 
way to easier conditions io Banks. 
Prices opened lower and drifted 
down with the general trend. 
Lloyds, 282 p, and Midland, 352p, 
both receded 8, while NatWest 
ended 6 off at 276p and Barclays 
3 cheaper at 330p. after 346p. The 
reaction in the investment 
currency premium was nrcrrored 
by respective falls of 13 and 35 
in National Bank oF Australasia, 
220p, and Bank of New South 
Wales. 490p- Clive Discount, a 
good market of late in front of 
the preliminary results, fell away 
sharply to touch 71p on dis- 
appointment with the outcome 
before rallying to close 4 down on 
the day ar 75p on consideration 
of the proposed capitalisation 
issue of preference and. Ordinary 

Dealings were resumed yester- 
day in Leslie and Godwin follow- 
ing the decision made by Lloyd’s 
of London that all Lloyd's brokers 
should remain independent: this 
led to yesterday's announcement 
that the proposed bid for Leslie 
from American insurance giant 
Frank B. Hall had been withdrawn. 
Leslie returned at ®Jp compared 
with the suspension price of 93p 
and touched Dip before closing at 
90p. Elsewhere. Willfs Faber 
relinquished 3 to 273p in reaction 
to the chairman’s bearish annual 


Elsewhere, modest demand in a 
thin market lifted J.CJ2.G. 3$ to 
27 ip. Brown and Jackson firmed 2 
more to 73p after renewed 
Interest Bcywdod Williams en- 
countered more business and 
touched 94p before closing 11 
easier at 90p, while Higgs and 
Hill shed 3 at 81 }p on further con- 
sideration of the annual results. 

Modest selling clipped 5 from 
ICI to 336 0 after a small trade. In 
contrast. Hickson Welch put on 3 
to 170p after 173p, and Brent 
firmed 4 to 208p. 

a ' firm market of late, shaded 2 
to S4p. Tate and Lyle closed 
without alteration at 190p. after 
1S8 p. following news of the com- 
pany’s diversification into the 
furniture business. Associated 
Fisheries provided an isolated 
firm spot at 50p, up 3, on revived 
speculative interest 
City Hotels rose 4 to a 1978 
peak of USp on the preliminary 

Elsewhere, speculative buying 
fuelled by bid hopes helped Chubb 
put on 5 to 135p, after ISfip. whQe 
Lead Industries, Hip, and Hestalr, 
110p, rose 4 and 2 respectively 
following trading statements. 
Foseco Minsep -encountered 
support . ahead of next Wednes- 
day’s annual results and rose 6 to 
139p, while demand In a restricted 
market lifted Robert McBride 30 
to 390p. Renewed investment 
.demand helped Sotheby Parke add 
7 to 255p. Coral Leisure lost the 
turn to USp despite the sharply 
higher profits and Dtxor fell 6 to 
5 Sd on the absence of fresh take- 
over developments. 

Motor Distributors continued to 
attract a fair amount of interest 
wih Ford dealers prominent in 
the wake of the excellent figures 
and capital proposals reported by 
EL Perry which closed 9 higher at 
184p, after 186p. T. C Harrison 
rose 4 to 105 p, while Hanger 
Investments, 3vp, .Lookers, Sip, 
and Manchester, 29p, all finished 
2 better. Elsewhere Dunlop 
hardened a penny to 80p on the 
preliminary figures which were 
Jn line with' market expectations. 
Rolls-Royce closed a like amount 
up at 8l}p, after 82p, on the 
chairman's statement ' on pros- 
pects, but small selling dinned 2 
from Lucas Industries at 279p. - 

North Sea oil-orientated stocks 
made modest progress among 
Newspapers. Daily Mail and 

General A improved 3 to 278p, 
while Associated hardened 2 to 
148p as .did Thomson,, to 222 p. . 
Elsewhere, the reaction in the 
dollar premium took Its toll on 
Oxflvy and Mather which fell IJ 
no inis to £38$. Still unsettled by 
Tuesday’s revelation that the 
Inland Revenue Intends to launch 
criminal proceedings against the 
Company, Collett Dickenson 
Pearce softened a penny further 
to 57p. 

increased earnings, while Estate 
Duties, 268p. and 1928 Investment,' 
198p, put on 3 apiece- ; _ London 
Australia Investments contrasted 
with a reaction of 4 to l34p await- 
ing fresh developments in the bid 1 
situation. Yule Catto featured. 
Financials, rising 4 to Sip on . the. 
prospect of a capital repayment 
of up: to lOp a share. ' ‘.v- 

P & 0 Deferred fell 3. to 92p 
in otherwise : little-changed. 

Press suggestions of a bid fronr= 
Coats Patois fuelled fresh' specu- 
lative interest in Dawson Interna- 
tional which rose to'120p for a 
two-day gain 38; CP closed a 
penny firmer at 76p. Other Tex^: 
tiles to make, headway included 
William Reed, 3 better at 82p. and 
Parkland A, 4 higher at 68p. Imps 
typified conditions in. Tobaccos, 
closing without alteration- at 76p 
after fluctuating -narrowly. 

South African Industrials took 
a turn for the worse. Abercom 
Investments fell 12 to' 10Sp, while, 
O.K. Bazaars. 3I5p. and” Tiger 
Oats. 550p, lost 10 apiece. - 

Consolidated Plantations figured 





' “So.- 

Oowmoect Sect,...— 

• 7L83 






68A : 

Fixed Inwgwt.— 







tndoatrial Ordinary... 


46 LS 











150 o 

UnL Olv. Tieid— 


* .SJH\ 


' 6.02 






17 AA 





Pia RatloumDCfl— 

: '. J.6S 


. .192 

...7-80 1 

... 7^4 


fiaallnj^ marked — 


, .4,56a 




. 6,820 


Equity turnover £au. 

•■’.— •' 







Kqulty bug&UulotKL. 

'— T ' 


13,132: 14,696* 





2- p.m. 455.8. 3 pjn. 453.8. . •• 

Latost Dalax 0*248 88a. . . . • , 

■ . ■ Based on a per cant, corporation ta*T t«U=iAC ■ 

- Basis m Cart. Sees IS/UMM. Fixed lost Orfc 1/7/3* 

Hitts 12/4/55.; SB Acttrtty jBly-DeC. ISO. TConrecflon. 





- - ' 

. M978-. 

disco Ccnrplfsw* 







.Ptred lot.— 

Jod. Ocd 

Gold Minas- 


8 1.27 














649 J 



fig am 

(3/1/75) - 



48.4 : 

43^ • 


tztocsl& — . — 
Total — : 







166.1 i- 
166JI »• 
56.? <■ 

104.0 f.! 




111.1 „ 

• i 

■■■ r 



prominently in Rubbers, rising' in 

The ft>f toxins sccurltlas meted In Uw- 

l niormatton . Service . niMj i itoy Coats Patens 

active trading to close 7 higher, at attuned now hIhw and lows for.iB7> 
a 1978 peak of 14lp, while further. . ; mitw nrriis /S9i 

consideration of Wednesday* NEW HIGHS (82) 
trading statement pushed McLeod ' Americans (in 

Rassel up 5 more to 217p mother- TfSous »s 0BC Ln ' . •. 

wise quiet Teas. '-i ' C, e B p«w nsSSP^. ! . 


Heavy falls in Golds Monk 

South African Gold shares fell tfevertax - • -. . 

to their lowest levels since ■ tbevjQMmpian a c,nemas ” 1 . . 
beginning of the year in line with: _ drapery- a. stores c*» 


Lrtob Mills 
Stow -Carpets 

Tern- Como 1st, 

Yorks. Floe Wool 

the Sharp fall in the bullion prir^ 8*2£ji,£ l ' CMa3 . p55b§5?«.) 

following news Of. the US- ■ Home Clwnn Sfatw-PUconut- 

Treasury’s derision to . auction E i-ct. ELEC ™' nrsfaiiiitMto 

3 TO. 000 ozs of gold every month ^engineering tn . 

for at least sfx months, starting' HmWnsona 

“ ■ '■ "''oimmlic 13 .BC 


Dm»n mu. 

DO. A - 

Foster' CM 

luaremlH.) ' * 


Atlanta Baltimore n.Y. S GartmoN 
Berry Trust Pr eg. Sees. lor. >- 

City A Foreign ley. Scot. Eastern Imr. .-■ 
Elect- i General West coast & T*L 
Equity Inc. Trana, Market Tr. 

oils m 

Texaco TRADERS (4) 1 , 

BerisfoM <5. & WJ Indtcaoe 
HoSiwng <5.) jreel Bros. : . 

RUBBERS l SI r .. 

Bone Coos. - Htohtaeda 
CasHeield Kuala Kepoo* 

Comlrf. Plante dona -. ,• 


Emolre Plaotetloaa LongbonrM 


Properties drift 

' NdlirCJaa.t 
Victor Prtxh. 

■- Wctton-Eveas . 

■ rrtv Hottrfs 

AtnMn IF.) • Leyton) Lindsay AYnuiams 
Barr A WAT. A McBride (R.» 

Chubb ' • Mentone 

Hill & Smith 
*Borel O.) 

figures and capital proposal, while 
il hardem 


April 20 

Week ago 

Month ago 





Danish A.I per ton 




British A.I per ton 




Irish Special per ton 




Ulster A.l per tonlj 





NZ per 20 Lbs 


11.41 '11.52 


English oer cwtf 




Danish salted per cwtf ... 




NZ per tonne 

English Cheddar trade per 






Home produce: 




Size 4 




Size 2 




April 20 

Week ago 

Month ago 


Scottirti killed sides (ex- 

P . 






53 0/56.5 

Eire forequarters 







435/475 44.0/46.5 44.0/465 

MUTTON — English ewes ... 

PORK — fall weights) 

POULTRY— Broiler chickens 

* London Egg Exchange price per 
II For delivery April 22-29. 



120 eggs. 

t Delivered. 

Owen Owen please 

Leading Stores turned reaction- 
ary in sympathy with the general 
trend. Marks and Spencer. 142p, 
British Home, 177p. Gussies A, 
278p. and Mothercare. 156p, all 
sustained losses of 4, while W. H. 
Smith A shed 3 to 142p as did 
Burton A, to 1 14p. Secondary 
issues, however, held up well with 
Owen Owen a firm feature at 77 p. 
up 7, in response to the better- 
■■:iRn-ex»i“cteH nre^n* mary C! e? , dl''. 
B. Paradise firmed 3 to 23p in a 
thin market and Freemans added 

4 at 306p. 

Plesscy came on offer in 
Electricals, losing 4 to 95p on the 
decision by the JCAC to adopt an 
American-Australian instrument 
landing system rather- than the 
Xl.K. Doppler system. BICC eased 
2 to 115p. while Thocn Electrical 
finished 4 off at 334p and GEC 

5 cheaper at 237p.' On a more 
cheerful note. Farnell Electronics 
advanced 8 to 230p on small 
buying in anticipation ' of next 
Tuesday’s preliminary figures. 

Mar ton air International came to 
the fore In Engineerings, rising 
14 to 160p In response to the 
sharp Increase in first-half earn- 
ings. Clayton firmed 2 to 6 7p. 
after 68p, following the annual 
results and Victor Products, at 
HOp. recorded a Press-inspired 
improvement of 6. Demand was 

Adda International hardened 1J 
t o341p and Savoy Hotel u A n 2 
to 70n. Ladbroke, however, eased 
2 to lR3p following adverse Press 

The recent rally in the 
miscellaneous Industrial leaders 
came to an abrupt halt yesterday 
when prices turned lower on 
concern about the sudden relapse 
in sterling. Quotations opened 
easier and then drifted lower still 
In sympathv with gilt edged. 
Turner and NewaH became a weak 
feature, falling 17 to 171 p follow- 
ing the surprise announcement of 
a propose! £32rrt. rights issue and 
an accomoanying bearish state- 
ment concerning current year 
prospects.' Boots, 202p. Glaxo. 
528n. and Metal Box, 296p, all 
finished 4 easier, while Beecham 
softpned 2 to 62 Sd as did 
Piikingtoa, to 45Sp. Scottish and 
Universal, however, improved 3 
to 120p following formal offer, 
documents from Lonrho and 
subsequent onposition to the 
terras currently worth around 
130p per share, from “Suits" 
maiority Board: House of Fraser 
picked up 2 to 149p in sympathy. 

Trade fell away in Properties 
and leading Issues, initially steady, 
drifted to lower levels on lack of 
Interest Land Securities, 19dp, 

and MEPC, 109p, both eased a 
couple of pence, while Stock Con- 
vereiom 224p, and United Real, 
248p, cheapened 4 apiece. In sec- 
ondary issues, Berkeley Harabro 
softened 3 to 84p, as did Clarke 
Nickolis, 70p, the latter on further 
reflection of -the annual results. 
Bellwoy, in contrast, firmed 3 to 
67 p in the wake of renewed take- 
over speculation and Inter- 
enropean rose a like amount to 
Sip in response to ' increased 
interim revenue. 

In Oils* Shell, already 3 lower, 
eased a penny further late to 
52Sp following news of an official 
strike at Shell’s UX oil terminals 
scheduled to begin at 6 ajn. 
to-day. Burmah OIL which rose 7 
the previous day In response to 
the annual results, fell away to 
50p be'rre rallying to Sip for a 
net fall oF 3. Ultramar eased 2 
to 244p after 240p. while Tri- 
centrol closed 4 lower at I62p. 
Trade in British ' ’ Petroleum 
•remained thin throughout the 
'session and the shares held at 


- Investment Trusts adopted no 
set pattern. VOting Resources 
hardened 1| to S3p on the 

on May 23. 

The Gold Mines index drqpned 
6.4 to 134.7, while the bullion 
price registered a 3550 fgU ’to 
8168575 per ounce, its lowest 
closing level since January 5. 

Shares were marked down shb- ggri j Warrma „ r 

stantiallv at the outset of trading (Normal s^r?Tin»oy . 
and drifted further as Cape and ««» fCh«.) 1M _ IRA «feAiwood . 
local selling came into the market. London united •••■•. 

However, this selling was hy nq motors cxi 

means aggressive and prices 
rallied briefly owing to tear 
closing. . . ... . • , . 

But in the after boors business 
U5>. offerings emerged and. final 
quotations were at or around the 
day’s lowest - levels with losses 
aggravated by the weakness, of 
the investment currency premium. 



MINES (41 . 

Burma Minas 

NEW LOWS (18) 





Prlotl "property IZ) ■ 
Estatw & Aoencr ’ HK Land 

Antofagasta RaHwav 

rumor 4 Nnnll 


MfKItell .Cotta THopt Leslie & God win 

■ . PROPERTY d> 


D "^MTTH AFRICANS <1) : ;• 
Goto FMd, FTPPi^^ 

Archimedes Inc Fundi nicest Jne. 

c | trGCom.«B^ 1(|ts|4j4 . 


Parry (HO 

Hardest hit among the ’ heavy- jatt er j n front of lie' annual re- ■ On the other hand, the Loni - 
weights were Randfontein, £1} port chairman's statement registered Hampton . - Ai > 
dou-n-at 1314. West Dnefonlrin, London-based Financials showed attracted a flurry of buyii®^: 
£1} off at £161 and Western Hold- Gold Fields finally 7 off at 163p terest on further consideration/ 
lngs, a point lower at £L5f. The following an active day and Rio the reported acquisition bjr.L 
March dividend dedaratiqos. by Tinto-Zine 8 cheaper at 198p. of 171 per cent, of the compa c 
the Anglo American group's Selection Trust declined 8 to 404p the shares touched a 1978 Uglu-. 
Orange Free State "producers Yfere following the results. ‘ 128p before rasing back to d 

not known during market hours. The fall in the investment 12 higher at 123p. 

Financials nrhrOred Golds, premium prompted sharp lossejin Elsewhere, rumours of . 
Among the . South Afeican Australians. Oakbridge -werd' 9 closure of part of. the mine , 
registered issues Union.. Coniota^ cheaper at 146p while Bookafn- maintenance and • -repairs. -i:;, 
tkm gave up 12 to 266p,^ Anglo vllle closed ?, tower at lOSp: In Cons. Btarehiwm aggre^vely^ji 
American 10 to 3QQp 
the same amount to 

266p, : Anglo vllle closed 7. lower at I03p: In uons. Muremson aggressively *-, 
and Z>e Beers . Uraniums Peko-Wallsend yfell 13 by the Cape and finally; SO, dfi 
to 325p; the to 455p. at 235p. • 1 \~- 

.' " V .' .«£• .. ■ • • 


Brftfefi Funds 
Cum, Dun. 

Fardpi Bands .... 

Financial and Prop. 
Oils .. 

Plantation — 

Mines — ■ 

Recant tssaas 


Up Pnwi Sams 
3 U M 

IT t « 
513 279 951 

117 104 2M 

7 13 M 

V 7 W 
f to » 
5 2 1 


«5 » 13 » 

Notice of Redemption 

Nippon Electric Company, Limited 

714% Guaranteed Sinking Fund Debentures Due 1981 

NOTICE IS HEREBY GIVEN t hat , pursuant to the provisions of the Indenture dated as of 
May 15, 1969, under which the above described Debentures were issued. Citibank, ISUL, as Trustee, 
has drawn by lot, lor redemption on May 15, 1978, through the operation of the sinking fund pro- 
vided for in said Indenture, $ 733,000- principal amount of Debentures of said issue of the following 
distinctive numbers: 

M2 1277 2427 4070 5083. S24S 692B 7784 8720 

32 1278 2431 4088 5095 6258 6943 7803 8726 

42 1279 2614 4138 5142 6268 6958 7812 8732 

.45 1283 2615 4169 5189 6270 6972 7832 8737 

10b 1286 2620 4260 5193 6296 6978 7834 8746 

llg 1288 2823 4262 5211 6321 7018 7840 8765 

117 1331 2626 4285 5220 6373 7033 7940 8781 

17. 1332 2802 4340 5416 6378 7042 7942 8784 

329 4374 5432 6355 7053 7953 8788 

234 1341 2813 4415 5440 6398 7054 7B68 8794 

28 i 7 «16 5485 6399 7064 7962 8796 

253 1380 2823 4431 5476 6311 7156 7977 Mil 

288 1381 2894 4468 SMI 6520 7171 8001 8841 

303 1385 2895 449Q 5585 6525 7210 8004 8856 

313 1386 3000 4493 5619 6561 7236 8016 8873 

318 1391 3005 4546 5621 6593 7240 8018 8915 

329 1392 3009 4563 6635 6600 7247 8020 8917 

502 1426 3013 4570 5840 6633 7271 8030 8332 

55 liSS 222§ 4574 6673 6835 *33* 8930 

56 i123 S? 3 ! 4593 5075 6648 7361 8064 8950 

628 1436 3107 4594 5789 6666 7366 8072 8936 

629 1440 3333 4716 5804 6 « 6 S 7367 8077 8961 

Vtl 3353.4722 5805 6681 7373 8078 8973 
74S 1471 3360 >4823 5914 6698 7400 8098 8975 

259 i ! 373 4834 S®* 6698. 7420 8122 8931 

791 1473 3419 4856 5841 6709 7425 8187 8992 

792 1479 2420 4861 S843 6713 7429 8192 9008 

387.1588 3501 4863 5858 6718 7462 8133 9017 

Jg08 3502 4868 5870 6729 7465 8199 9018 

989 1610 3705 4909 5871 6743 7479 8549 9048 

9326 10212 11000 11607 12156 12831 13504 14145 

9352 10214 11015 11639 12169 12913 13518 14165 

93M 10295 11017 11640 12294 12923 13519 14178 

9363 10301 11042 11647 12298 12932 13521 14179 

9382 10306 11048 11651 13315 13938 13554 14280 

9418 10311 11053 11659 12326 12947 13558 14234 

9419 10323 11122 11695 12327 12949 13668 14285 

9503 10333 11124 11 698 12368 12S66 13569 14304 

Mil 10369 11133 11699 12369 1297S J3S7G 14354 

9518 104G0 11153 11707 12377 12390 13606 14380 

9524 10469 11155 11731 12429 13002 13603 14389 

9637 10478 11164 11747 12466 13004 13619 J4392 

9689 10482 11175 11754 12457 13018 13631 14407 

9690 10494 11185 11755 32474 13031 13634 14409 

9732 10533 11191 11759 12477 13034 13661 14450 

9743 10562 11210 11765 12484 13056 13665 14687 

9748 10567 11212 11766 12492 13073 13667 14690 

9759 10576 11217 11793 12607 13087 13669 14768 

9793 10689 11242 11820 12508 13090 33677 14770 

9799 10601 11246 11812 12S29 13095 13688 14772 

9803 10603 12267 11816 12535 13106 13712 34780 

9805 10619 11268 11821 12536 13113 13718 14763 

9838 10624 21269 11822 12549 13131 13720 14790 

9$S0 10 $ 29 IISSS 12851 22562 23143 13726 24978 

987S 10649 11298 11919 12586 13144 13729 14984 

S8S2 10857 11300 11928 12587 13152 13741 14985 

9906 10861 11321 11979 12691 13157 13774 14987 

9965 10705 11322 11981 12645 13172 13780 14390 

9982 10716 11339 11984 22CB3 13184 23781 14993 

9987 10738 21353 11985 126G9 13195 13793 

JSfi JKiS 4335 5880 6757 7604 8560 9052 10015 10743 11357 120 J 2 12671 13205 13812 

JSX IS? 4998 6078 8779 76 §2 3176 10077- 10825 11430 13045 12744 13246 13875 

Ht2 JSSS 3222 592? ei °* SS9S 9180 10078 10833 11443 1=M * l2T4S i3»6 13883 

333= £003 6105 6804 7689 8653 9185 10080 10B37 ' 11340 12084 12771 13261 13905 

HI? 395? 3B2j 6112 6818 7709 8662 9187 10097 10849 11544 12090 12774 13449 13919 

iSS 3222 S2S? 232® 0844 Hii 3269 10038 10871 11564 13091 12795 13431 13321 

1155 3903 B04JL 6192 6833 7723 8671 9271 10132 10878 115S2 13097 12828 13454 13944 

1319 2100 MIS SgfO 6197 6897 7741 8676 9273 10133 10947 11585 12101 12831 13465 13985 

23-93 3933 5087 6M1 STUD W48 6679 9292 10153 10953 lltee 12143 12868 13487 13991 

1223 2112 j047 6074 6203 6913 7749 8684 9293 10158 10962 11594 13144 12880 13460 14020 

1227 2339 4066 5079 6243 6926 7780 8709 9306 10189 10987 11598 12150 12885 13503 14037 

—.P 1 ® Debenture sperified above are to be redeemed for said sinking fund at the WCG Bond 
WmdtrWs-2nd Floor of Citibank, N.A., 111 Wall Street, in the Borough of Manhattan, 
The City of New York, State of New York, the main offices oE Citibank, NA. in Amsterdam, 
Netherlands and Milan, Italy; The Chase Manhattan Bank (National Association) in Paris, France 
and Frankfurt/Maia, Germany; The Bank of Tokyo, LtiL, London, England and Brussels, Belgium 
and at Kredietbank S.A. Luxembourgcoise. Luxembourg, as the Company's paving agents, and Trill 
1978, at the redemption price of IM percent., of the principal amount thereof plus accrued interest 
on said principal amount to such date. On and after such date, interest on said Debentures will 
cease to accrue. 

Sard Debentures should be presented and surrendered at the offices set forth in the preceding para- 
graph on said date with all interest coupons maturing subsequent to the redemption date appertaining 
thereto. Coupons due May 15, 1978 should be detached and presented for payment in the usual manner. 


rf"- CITIBANK, XA, Trustee 

April 23, 19?8 ~ ' 



Apr. 11 
Apr. 25 
May 10 

Apr. 24 
May 9 
May 22 

Last For 
Declara- Settle- 
lion ‘ ment 
July 6 July 18 
July 20 Aug. 1 
Aug. 3 Aug. 17 

For rate indications see end of 
Share Information Service 

Money was given for the call 
in William Press, Spillere, C. E. 

Heath, Premier Consolidated 
Oil. Town and City Properties, 
Ladbroke, Dawson International 
and A. Northern Mining, and 
Yule Catto. Puts were done in 
Vosper, and Cons. Gold Fields, 
while doubles were arranged in 
J. Bibby, Dtmbee-Combex and 
FHtcb LovelL A short-dated 
call was taken out in Lennons, 
while a double was transacted 
in Farnell Electronics. 


Marks & Spencer 25p 


Barclays Bank .. 




Burmah Oil 



Shell Transport ... 25p 
Allied Breweries 25p 

Grand Met 50p 

Woolworth (F.W.) 25p 

BATs Defd. 25p 

Dunlop 50p 












' of 





marks price (p) 

on day 





- 4 





- 5 





- 3 

353 . 




- 5 





— - 





- 2 



- 8 


- 3 




95 ■ 

- 4 





- 8 





- 4 





- 1* 





- H 





- 11. 





+ 2 





+ 1 











Blab) Low 

F.P. '26<4 ; LSI 

I i 




+ on 


„ 131 i + 1 

1 3 


>3 .IP.! 





|7-8 8.9 



i! N J 





100 r> 






- < 


it A 

K, l‘ 





f.P Ua.i 



9 b 


C98 IC35 



Htclil U* 


- c, 



+ ur 

tMtii «l|i|.Vrnji. Imlm. U.i-% 2n.l. Pn.— 

SW,; SR) VlAo'Cr. Kicprev Ini flu. Variable US...... 

itOp ' HHp AnnlUEC lCi-J lOtrt 2nd Unaa. PreF- 

sntl 27' Jtelcv. Ida l*f, Alan. o*-m 

1 1S| 9810(1 ‘-'rectM. wiiiticy 5% I’ll 

l>Uj l iul I* ■ .JtMiL 4 Chiici- ICIS Cum. Prtt 

Ijpi, 1 ICE, | MenEipi i.I.i I'liin. l*rf 

lu;i.t liH IHhi^u-L-j Walci li He-l. Pr*. litoi 
108 I' 87 'lalbet Ills! Ciiv. Un*. Ln.79.iy 

11-, j lL4n. iV. Un-ain toll S(inu({ 11.3^ Prl 

iLljl [£nrti l lg Itob. littfn 

93ip .... 


87 ; 


103p + 1 



100 1* -IB 









p: | 


5(1 1 

1 Ml | 

3 "SI 31131 

106 1 

Ml ( 

ex ; 

r.p. , 

29.3, 10(5; 


High { Itow 





H- « 

80 i 7b |WaLmoucba 

29pm. + ] 
86 Ul 

Reaiucianan dale usnallr UBJ day for dialing tree of sump din?- d nsares 
bated on prupvcius esilmaio o Asaumod dividend and yield- a Fotwia dividend 
covei based un previous year's earimms r Dividend aM field based on pmspedus 
or oiber uKi^ixl nil i males for 1978 a Gross, i Figures assumed {Cover allows 
lor conversion m shurex mn ran W ms loi dividend or rankloa only for restrinwi 
dividemis c Hiucirm urlce to public, ui Pence oniess otherwise mdtealed- I lasuen 
b> tender. || unereo io buMcrs nl Ordinary shares as a " rigStS ” ** Rights 
ov wa* «H capiinii&jtiofl T» Umunum lender price. H RantnMuCed. rt Issued 
lit eormtxrian mini rtarsantsanan merger or cake-over, fill 1/tt/WlucUon ij fssiwJ 
to former Prcierene*- holders ■ Allormenr leiiets tor fully-paid). • Pwvtstflnal 
or parily-paid allatmoni leuere. dr With wairanu. 



. ■ - , i . . ... . . . ■ - - jr 

These indices are/ the joint compilation of the Financial Times, the Ihstitate of Actoariefc 

. and the Facodty of Actdaries . .. !> 








Thur., April 20, 1978 

Apr. ' 
lfl . 

_ 18 







Figures in parentheses show number of 







Di». . 




Index ' 



stocks per section 































Contracting, Construction 06) 










-L9 ' 




























Metals andMetal Farming (17) 













: -T. 


(DURABLE) (521 










LL Electronics. Radio TV (15) 


- 03 





















































253 iB 









Entertainment, Catering (17) 












Food Manufacturing (22) 



















37 n 

Newspapers, Publishing i!3) 

337 J8 




























175 JO 











l£ l! 


















95 J5 


t . 























r 7 ! 












127 JO 




• iV ' 

















1 !.'• >; IK* * < Kn 










ft - 'EM 

fcf *LIM 

iC'.'y J 





* i y* 






. -0 A . 


- 0.55 
' 550 

















6f --* '1 







, — 







. -0.7. 







n : 
























ZB 21 














. - _ 







































. 4JL to I'*'" ' 

-r f y . 


- k*' 

British Government 








xd adi . 


Under 5 yenra. 


-022 . 

• 5J} 



. — 

187 - 


Over 15 years— 







-036 : 

. L78 . 


All stocks 



^ — — * * • 

3.70 : 


.yields; . 

Be Ckjvl'Av. Grass HmL 

Low S years. 

Coupons , _1S years. 

25 yean— 

Bedftun Sjean...- 
Coupons 15 years.— 

2S ^ years, r 

High . 5.yeaoL r . 
Coaponi ' .15 years™. 
_ ■ 25 years 


■ Ape. 


.10 JO 

IB 50 

• 10.93 



, 10 









3 m 


i - 


Thiuk., April 20 




A 5“ 








AprU .! 


A sr 

i : 





; -X 

W . 


20-yr. Red. Deb & Loans (15) 


f 12.64 


. 68.82 





6 ; 


Investment Trust Prefs. (15) 




5451 1 

54. 6B 

• r . j 




5553 j 



ComL and lndl. Prefs. (20) 




* 7M8 j 





72.52 \ 

• " : 1 

tRedoiwpti— rieM. Hlghi aim tow waiA ito ^ ^ ‘ ^ 

btstt r A HMW list of the maOtweau 1> BtoUaWe W« *• PBhlWwrs. Uw FhawJal TU«*s. BrackM HutM, ca 

Street. LiBdto, ECtf dBY. prlcg 13p.' By.'ptot a>^- ■' " -i-' ■ ■: 


/ s 

SPS^cSf April 21 1978 

v f N 


< **j 

*•«; m 

% M 

Uf e'Anftmu q* : Co. Ltd. 
wFfOiurdnwrf.EC't 01-aWfllll 





35 a —l - 


.G*BPHl Portfolio Life- Ins. C. L liV 
60ButboIoopwd.,v.'ahh»n crow*. WTtaisri 

— , Portfolio Fond I 

— j — Portfolio Capital . (4 

. 1306 I j — 

II £ 4l« +.v-l - 

236.ll ..•..;. ~ 

■ iuM ...... - 

X7H.W _ ;. . _ 
8M) — 

. -'.."-■O.J 

»1- April UL Valuation normally Toes. 

ty lite Assurance Co. lid. 
flerlinfTtOnSl, W.x. . 01-4379962 

cWTAft— B »3 .DW-Lfl - 

StecvSe—- 156.7 


fnMAx 1277 

IM.9f -Oil _ 
Mlrll - 

as - 


S^» MOil-OJ} _ " 
mUfc-Amnncc-ULV- - 
too.. Aina BOiSc/gata ..JBcJgxtr 40181. 

feg- sar^i 

jSSneyFtf._5S3 109.* +02l — 

SS&KklSS ffir.-U 

-life Anunan 

1dC« Road. W UL ■ 


AFd.Rq_.tUA2 U?.l 


V; : s .^QSB=Er£| fit- 

ehiveUfe Aasur. Co. Ud-V 
. ‘ 1 [WtartisuBca. ' on 

Gresham Life Ass. Soc. Lid 
Z Prtncc of Wdiv Rd. Bavntih. 0202 7BMSS 
G.L Cash Hund: .,-..[954 100M:... i — 

tiLEquIb-FUtd—QOOJl USs 1.'— 

G-L. Sit Fund hw.B lislj . i — 

G.L. toll. Fund 014 0 JZLM . I. — 

G.U Ppty. Fund. _.|95 7 100 7] \ — 

Growth ft Sec. Life Ass. Soc. Ltd.* 

Wrir Bonk. Hray-on-Thame*. Beit*. Td. 24284 
Flexible Finance I ■ (1,081 J ._ 1 . — 

24ndb3skSm ( . 9621 ( J — 

Lxndtmnk Scs Artlll7.7 __120.« ,.„1 — 

G, & S. Super Fd [ £8.0710 . [ J — 

Guardian Soya] Exchange 

Rpy*J Exchange, E.l'7. 0I-3B7HI7 

Property Bond*-- |l»f 17B0) v.,4 — 

Haxnbro Life Assn ranee limited V 
TOIdParic Lane. London. W] . 01-453 «3l 

- Fixed taLDep 1124 J 11091 +021 — 

Equity. U61 1784 *12 - 

Property. H02 16S6 *02 — . 

Managed Cap. UB 4 3535 +07 — 

Managed Are 164.4 1732 +1.0 - 

Owsea*. 114.5 1208 +03 — 

GUI Edged 122.7 1H2 +02 — 

Feu.FXIVp.Cap_... 126.9 1»1 .-J. '— 

Pen.FLDep_Acc._ U7.1 054! +-., ..— 

■ Pen. Prop. Cap - ... 2013 231.! ..._ — 

Pen. Prop. Are 237.5 273-1 .. — 

Pen. Man. Cap 196.0 206.! ■ 

Pen. Kan. Aw 2507 263.9 . ... — 

Pen. Gill Edg. Cap . 1208 177/. — 

Pen. GUi Edg. Are. . 126.3 1332 ‘... ;. — 

Pen. BA Cap 1229 129.1 .... * — 

Pen. B-S. Arc- 1388 X4S.8 _... .— 

JVu. DAP Cap IMS - — 

Pea.- DAP. Are — 1014 — 

' Hearts of OA Benefit Society 
1817. Tavistock Place. WC1BPSM' 01-387 M» 
R carta at Dak. 1362 3823 J — ' 

HU1 Samuel Life Assur. LULV 
NXA Twr, Addiscombe RiL, Cray. 01-8884555 

♦Property Unit* 048 7 15611 ...... 1 

Property Senes . 

Mauled Unit&_ 

Uanaaed Series A 
Managed Series C 
Money Units— 

Money Scries A. 

PtsMlntSer. A 
Pus. Mgd. Cap- 
Pns. Gtd. Cap. 


I&V is p| Pmsloos Manaerment (id. 

1U71 <U4 .EXirjlUl n 1-104200 

— . Maoaficd Fund . .p«.9 152 01 I — 

— rnces April 8 N«**l dralmc May 1 

New Zealand Ins. Co. ili.K.) Ltd.* 
D0S5 Maillond 1loui>>\ Soul hand SSI 2JS 07n2tEat5S 

— ' Kini I (toy In v. Plan. 1324 1565( .. .. - 

— Small tVa Pd 9B.a 103 6 . - 

— Trehnolngy rd. ..97.8 105 0 - 

— Extra Inr.Fd 950 100s ... — 

— American rd 1M7 1102 ... — 

Far Raw Fd -.1037 1092 . — 

i¥ «Hi Edged Fd 1026 -108 0 . * — 

t-un. DcpoWi Kd 1952 100 5| . 

~ Norwich UniDB Insurance Group 

UnnbardSuECa. 01-8281288 

-•-i '4/7 . Horae Apr. M_| 12740' | I _ 

L Sad* Ute JMwnmw Co. 

: V Z .W Ti jpgj, st_ potter* Bar. Herta. P.Bar 51122 


’-W/.Mnon Assurance Ltd.* - 
NEW »f.,_ 'iymric 7iy_ Wemblta- HAB0NB 01-PQ2887S 

— E&* •- I* 0 - 07 ] - 

- ttrAcrem. — us +1 - 

::r^:nssz=:3? « = 

. MU .... — 

167.0 -0.2 — 

98.6 -0J — 

.96! -03 

125.6 - 

MM ...... - 

974 +iJ ' — 
1473 ... . — 
154.! .... — 

1103 • r- 

us3 J - 

Imperial Life Ass. Co. of Canada 
Imperial Home. GuDdford. 71230 

Growth Fd. Apr. 14.167.4 73JI-.--4 — 

Pena. Fd Apr. M - J§23 67fl i - 

Unit Unb-d Portia lio 
Manued Fnnd m?9 98fl ....J — 

Secure Cap ■ MOS — 

Equity Fund (95.4 100.4) j - 

Irish Life Assurance Co. Ltd. 

ll,' Finsbury Square. EC2. 014B8SjE3 

Bine Chin Apr. 14.„ (67.9 71 Jl ..-..1 448 

Menaced Fund. — El4.7 226« j >-»■. 

Sop. Mod. Apr 1—||702 179 ld| „...] — 

Prop. MocLGth. 11871 ....j - 


Prop. Mod. Apr. 1..U7U 3 
Prop. Mod-Gth. 1187.1 

King A Shaxson Ltd. 
52, Corah Qli EC2. 

— ru Bon 4. Norwich NKI3NG 0803 £3Wi 

— Managed Fund ...(2023 212 91 -0 4 — 

Equity Fund .. 320 D 336H -0 1 - 

Properly Fund 1239 1358 — 

[■JKW Fiat'd Jnf. Fund 1494 1573-0 4 _ 

Dcpo*ii Fund _ . 104.8 110 3 — 

— Nor Unit Apr IS.. 1912 | . .J _ 

1* Phoenix Assurance Co. Ltd. 

IW31 4-S. King WlUi&m SL. tx <P4HR. 01 8360576 

“ P® 7 * U S71 I -- 

— i-h*r Ph. AM r 72.6 . . _ 

— . tbr.WUU.B [71-5 75.1|*10| - 

“ Prop. Equity A Life Ass. Co.V 

— 1 10. Cnulord .Street. W1H2A5. OI4M0&S7, 

= H H e 

” Property Growth Assur. Co. Ltd.* 

— Coon TTouac. Cro.vdno, CRB ILU 01-6800008 

— Property Fn no _ . . 1770 ... — 

— Property Fund (A). 17S.6 — 

— Agricultural Fund. 7364 ... — 1 

— Agnc. Fundi*. ... 7310 ... _ 

— Abbey .Vet Fund- . Ml 7 ... — 

Abbey Nat. I'd. (A) . 1515 .. .-. — 

invesiment Fund.. . 65.4 

von JnnewmonlFit iAi. 652 . . — 

Eqoltj-Fund. .. 162.0 -06 — I 

— Equity Fund i A i -1614 -0.6 — : 

Money Fluid. 1383 ... _ 

Money Fund iai. 1376 ... — 

[4555 Actuarial Fund 1107 • _ 

Gitt^dccd rond..._ 1218 *0.6 - ! 

^ GUI- Edged Fd. /A»_ 1210 -0.6 — 

OHeiire Annvltv._. 177.2 — 

~ tlramcd Ann'ty, 138 5 — 

Prop. Growth Pm*lon« 6 Anmdiin U6 

— All Vlher AC. ilu. 129.9 136 Ot — 

— 94(1 Weather Cap.. 123.7 1382 . . — 

— ¥Inv Fd. L'U- 133.6 - ' 

— Fenalon Fd. Ui*. 1280 - 

— Com-. Pens Fd._..._ '1418 

r- Cnv Pnx. Cup. VL 1384 . . — 

— Man. Fens Fd _ . 1«32 .. . - 

Man. Pen*. Cap. L'L 133 0 — 

a Prop Pena. Fd. 1436 — 

rts-s Prop Pres. Cap L'la. 1319' _.. - 

t 12 *® Bdxg. Soc. Pen. UL 129 D - 

— •Bdg.Soe.Cap.Ut - 1191 .... — 

_ Provincial Life Assurance Co. Ltd. 

^ 222. Bisbnpegale. E.CJI 01 247 1*533 

— Prav.MBnBCedFd.Q125 11851 .1 - 

— Pror.CaahPd B04 1 109^ . - 

Gilt Fund 20.... 1152 U1.4}-0ty — 

Abbe>' I'nii Tsl. Mjtrs. Ltd. iai izt 

72 40. CrBlChouRC Rd- . .Vylosbury n2M OM I 

Ablie* Capitol . 130 9 32«-0.!| 4 07 

Abbey income . 07 s «.« -d I s« 

Abtwvltrr Tst. Fd .IJ3A 35.51-031 432 
Abbey On. TM. —[43.1 45 8j-D.ll 4 02 

Allied Hanibro Group falfj?)V 
Hpmbro* lLw . Hun on. Rrennccind. Entea 
014MB 2851 or Brcnrwnod (CC77i 2U4S8 

RslaeiOp d Fndl 

A/Uml lirt U15 6581+021 5 77 

Bril. IndJi Fund ...606 64 3 572 

Grth A Inc .. . 339 363 -0.2 552 

Eject. U I nd DC* 30 J 32.9 id -0.1 516 

Allied Capital .. .666 71 M -CU 450 

Hambro Fund . _ 995 1064] -02 5 35 

HambroAcc Fd..._|U23 12021 -0 2j 4.72 

Income Fund* 

High Yield Fd... - 164 7 6921 -0 51 B 35 

Hlch Income Jm 4 M9«1-0ZJ 653 

A.HTEq. ihc . - - .(34.6 39 3 — O.lf 703 

InriwHul Fnnd* 

Hilernntlenol [24 7 26 5) -D2( 2 56 

Secs of America. ...pO 8 54« . . . 211 

Pariflr Fund 5?.8 405/ -Ofl 347 

SpecialM Funds 

Smal ler Co.'s Fd. . |325 34 6] +0 41 5 06 

2nd Smir. Co'C Fd . 139 9 427d +03| 327 
Reco v e r y Sits. §4.1 90 0 J -0 (J 5.76 

6421 -0 51 B35 
M9n| -o jl 653 
39 51 -0.11 7 03 

26 5| -D2I 2 56 
54 4| . . . 211 

405/ -04 347 

Met Min-tc-ffty ..06.4 -Llj 588 

Overseas Earnings [532 563+161 4.92 

Rapt. Stub. Co's. _o|lM.B 2093rt+13( 573 

Anderson Unit Trust Managers Ltd. 

If® Fenchurcb St. EC3M BAA 0238231 

Andcmon U.T. (462 49 20/ ,....4 4.70 

Anshocher Unit 9fgmt. Co. Ltd. 

1 Noble St_EC3V7JA 01-8230376. 

Inc. Monthly Fund. |!60 170 0\ .... ] 8.9 

Arbnthnot Securities Ltd. (auci 
3T. Queen SL London EC4R 1BY 01-230 S3S1 
Extra Income Fd_. 007.7 1I6M -0.41 1052 

VDgh Inc. Fund [39 7 41« -0.31 9.44 

4fAccunL Units) — p3J 57.71+0.41 9.44 

W-drwI.Uts.lte.3 57.7 1-0.4/ 9.44 

Preforeace Fund. 
lAccun. Uni 1st 
Capital Food_. 

r.artmorr Fund Managers y laiiji 

2 St Mari' A»e. EC3A SftP. 01-2833531 

ij»AnwhcaaT«._ ®9 IIS'S? 

RrtUWiTM- lACc *. S5A. ,J7 8 + 0 - 1 358 

Commodity Share- 1359 38fcl -10 334 

111 Far Ea+L Trust- SO.J 3»7i, -j.a 05C 
Hich Income Tat— »7 *02 8.96 

Income FUud D-8 -JL9 +0! 711 

Inr. Acencies. — 3371^101 3.71 

lnll E«uaptFA_-&fc H5 “!? 8«2 

(zilntl. TeLIAcc.) -.pfl * 3J.4| -02J 1J3 

Gibbs (Antony) Unit T&i. Mgs. Lid. 

23. Hlomfleld St..E«M7NL- 015884II1 

taiAr, 4 \Jd . I 8.M 

■aiA-G Giwelhtt— fflA Ml ....j 490 

tajA. G. Far East-— . » 2| j 050 

Dealing "Tu«. trWed. 

Cor Pit (JohnlV 

77. London W+il.E^i OV-S80M2O 

S hldr Apr 7 136 z| . I 229 

Do. Accton. Unit -. J*S85 1628/. ..j 229 

Next dealing day April 21. 

Grieveson Management Co. Ltd. 
50Gre*baniSL,BCZP2pS. 010084439 

Bcr-tftn. Anri; IB -Ijggf fOgJI — 452 

lAccum. Unto.) -BV9.J JJJI 4 62 

B'Un.HYApr 30— . JXJs -5C 7.85 

< Afciun. Units! ‘ 1JW 3 -5J0 7.85 

Endruv.Apr.JB—— &JJ1 — 1-1* 

tAceua z. 

Grncfcwr. Anr. w 
I Aren n. Unltai- 
LnJkBrnls. Apr J8 
lAoctun. L'nltat — 

Guardian Royal Ex. Unit Mgra. Ltd. 
Royal Exchange. BC3P3DN. 014388011 

lasiGuardhlUTrt— I*®* »66[ -02J 467 

Henderson Administration (a) (c) (gl ¥ 
Premier UT Adnda-PRarleigh Road. Hunan. 
Brentwood. Esrex. 0277-417 238 
1 1, it. Funds 

Cap. Growth Inc— )®-3 -ajt 355 

Cup. Grtnrtb ACC. — 1*24 447rt 355 

T a cn me A Aneti — PV- 1 52.1[ +0jj 6.45 

High Income Fund*. . . . .. 

Pprpetiial Unit Trust Mngmt.V (A) 

44 Hart Rl. Henley °o Thames 043120688 
r'petoalGp.Cth— [374 40.D|-10[ 3JBJ 

Piccadilly Unit T. Mgr*. LhLV (aMb) 

W«rdc*to Hoe, SB* London Wall EC2 6300801 

aa««— « IS 

522 -0 3 356 

. 4&J0 -OJ 3.61 

Private Fund. SSJ 372 +02 340 

Accumttr Fund—.. 59.9 645 +02 |M 

TrebixrionrFtoad-. gO • 594a *02 5» 

For Ea»t Fd 234 273-05 i» 

American Fund— -^.9 253j ZX 

Practical Invest. CO. LULV (yXcl 
44. BtowmbinrSq. KUIASRa 01-6230003 

Provincial Life luv. Co. Ltd.¥ 

322. KstHIpBiCCM. G.C3. 01-8476533 


Pradl. Portfolio Mngrs. Ltd-V (aHhKc) 

HolbornBan.EClN2.VH O1A06 8222 

FrudentlU [U7.0 124 0a} .. .4 450 

Qn liter Management Co. Ltd.¥ 

The SUE. Kachnngfc EC3N JHF. 0J40041T7 

8M£5£:;BSi Iflld S3 

Reliance Unit Mgrs. Ltd-V 

Reliance Ftos_ Tunbridge V/ells. Kl. 0088 2227] 

sarfcE ja^a 


High Income .. — t _ 
Cabot Extra Inc. — (5M 
Sector Fnbda 1 ' 

Financial * mi— IgA 


lulcrnothwal __ 
Cobat ES3 


Overseas Funds 
A astral Urn — t*** 

i- v .r*n» % I 
• ! 
- - :c £?4'4eu s J 
. T *3lyq, ; 

^'•SU ;ti ' 

5S£3 .TTT _ Bead Fd. Esempl _|Z06J8 ■ 107.721 .—4 — 

*1 — Next dcalinfi rfste April 1ft • • 

- ...... _ GoW. Sec.Bd.: [Z&.TO lSlAfl) . — |—f 

12.22 - ...... — 

i ™ = 


Pror. cash Fd H04 1 109.U . _ 

Gilt Fund 20.... |l!52 UL4|-06| — 

Prudential Pensions Limited^ 
Holborr. Bars, EC1N2NH 01-WSKE2 

Eqult. FeL Apr. ip_.l£2JJ0 24D2) ...I -. 
Fxd. IpL Apr. 18 -..{08.61 l&ifl . - 

Prop F Aw. 18 __K2S 20 ■ 2«j ...{ - 

Reliance Mntnal 

TunbridRo Wells, Kent 088222271 

Hel. Prop. Bd» .1 1956 J .. . | - 

Capital Fand- 

ConunExUtyFund...raj 5751 +LZI 5.87 

(Areum. Uni tin (75 1 SlH +I7l 5 87 

HO% Wdnrl.Cl.) HW.O 5U4 +lj| 5.87 

J^n AProp.Fd. 

Gina Fund ... 

(Areum. Units) 

Growth Fnnd 
(Areum Unit 
Small or Co's Fd 
Eastern & I nlL Fd 
(<H6 W draLUlB.). 

Foreign FiL — 

N. Amcr. a InL Fd. 

Archway Unit Tst. Mgs. Ltd.y (ai(c) 
317. High Holbara. WCTV7NL. 0I43I0333. 

Archoay Fund [785 8351 1 6.12 

Pncos at April 12. Next sub. day April 28. . 

Barclays Unicom Ltd. (aHgjyic) 
Unicorn Ho. 2S2 Ronrford Rd E7. 01-6343544 

Unicorn America— [31.8 1.95 

Do. Au*. Are 163.9 69A| -L2 193 

TKX A u» Inr. . — B0 .7 54M-L0 193 

Do. Capital (M3 67.41-03 am 

DO. Exempt TrL U052 109.H +0JZ 616 

Do. Extra Income -QbX 25« *8.1 8 69 

Da Financial ^77 62.4^ -.3:2 533 

Do. 300 PDA 76 jJ +DJ 5.93 

Do. General pH2 3163+03 640 

Do. Growth Arc.- 08.4 41.5] +0.1 4Z7 

Tta.IncKw'W. 178 5 8491+0.6 6 45 

-Do. Prt A'ns. TM...P3A1 340.71 ) 454 

Prices be Starch 31. Next nth. day April 28. 

Do. RecOn wV (79 6 42A+0 4I 5.63 

Do.TruBtreFaii4...nii74 115 J| +0.1 5 .25 
JJo. WUwide Triisl|46.7 50^ -a A 163 

BtsUn.FdJiie.--_i63 3 62 « +0 3 551 

Do. Areum. (67 7 TO A m.'i 5.61 



40.1 3 -0J 

Par East — PM 75 7] 1 L59 

Nortb American —P?-9 ,3951 +051 05 

OAJsGras.Apr.l« p!21 U6j| ....74 252 

Hill Samuel Unit Tst. Mgrg.t (a) ■ 

45 Beech 5U.EC2F8LX OI42BBOI1 

. W Eritiah Trust-— PMS 15461-09 5.47 

USlurtTnut »B »3 +03 5.06 

(gj Dollar Trust- — . W.3 79 Jb -0J 1.91 

(61 capital Trust — 303 — . 4J71 

lb) Financial Trust gA 935n +01 4J» 

Us) Income TrosU— *62 201 .... 7.75 

ibi Security Trust _ «5 130 -D3 537 

High Yield X*t~P&5 30S) +0.2J RIB 

InteLV (aKg) 

1 5. Chriaiovbw fareet. E-CJi. 01-2477243 

InteLInv. Fond |B42 910| -03| 6.90 

Key Fund Managers Ltd. uKg) 

23. MUkSt-BCVSIE. 01-0007070. 

Key KnerXyTn.+U-[703 74.7] +051 359 

K^yEgulty AGeir- W 673 +03 537 

0 KeyExemjn FA — OU 144.9 US 

Key Income Funi- 76J 815 +0.4 6.48 

Key Fixed tat. Fd-- «J . . 1117 

Key Small Co's Fd -(835 909( -OLSl 7 .03 

Kletuwurt Benson Unit Manafcnf 

20.FbnchurcbSL.E-CA. 01-6238000 

KB. Unit H, Inc. —122-3 83.11 J 535 

*IC8 UnilFdAC— P7 B 106B -.-J 5.1B 

S.B.FKIirt TWa.-IWJ M.y .{ 4122 

L & C Unit Trust Management Ltd-V 
The Stock ifr-bufi. EC2N 1KP. 01-5B8 2800 

LAC Inc. Fd. .1137-0 136 11.. ...J 7 JO 

L&C lull & Gen Fd.fSTb 935) 4 235 

Lawson Secs. Ltd. Vfaliei 

63 George St. Edinburgh £312 2JG. 031-3383811 

Htaw. 3tetert*la_-P43 3601 .... 732 

VAtem Uctta) — 363 4L3 732 

-Growth Fund. - S43 508 5.97 

VArenm-Unltal— MJ> 643 3.97 

ttG tit and WerronX- g l - 36.1 1J9 

lAmericaaRL—— gA w U® 

riAccum Units] — 235 255 .... 650 

"HlEhYUJdZ--. *75 5241 1050 

-SLWsnn.UniW--.tM.9 71.7 .... 1050 

DmL XkbnT^Tnea. TtWed. iThurs. **Fri. 
Legal & General Tyndall FondV ■ 
18. Canynge Road. Bristol. 027232241 

D14 April 12 BS2 Mfl .1 5® 

(Accum. Union {*0$ 72M | 527 

Most sab. day May 10. 

Leonine Administration Ltd. 
ZDukeSL-UmdanWlMSJF 01-4883001 

Leo mu .(73.0 76.0 f S36 

LNAntn-. In A BL71-«u{ 4B 

Lloyds Bk. Unit Tst. Mngrs. Ltd-V W 

Registraris Dept* Gortw hy-Sen. 

Worthing. WestSoasbx. 

. First (Bilacd. 

Do. 1 Areum.) _ 

Second (Csp.1 

Do. rAream.1 

Third {InemneV— 



Da. (A coot.) 

Lloyd’s Life Unit Tst. Mngrs. Ltd. 
72-60. Gatehouse Bit, Aylcsbmy. 02863941 
Equity AeciBC. [145.7 153-4 -1 AM 

M. & G Groopf ;(y)(cKri 

Tfcee Qoayx TDM 1 JHB..HCTR 88Q. OMOB 4S8B 

Fnm/Aec. -£ 

Lawgham Life Assurance C®. Ud.' - 

TMgttM m ga Wlriwh+w* ftr VWS c 1-5633^1 
Langluttn *A‘ Plsn_ W1 67.41 ,._J — 


Gilt Pens/AetMlJ 53. 

Current value April 
ffal Life AssnzanccV 
■Vro Houfa. Chapel Afh W7a 

EareM-jy. 1 9872 

makerlnvjPd. .| 10522 

~ wlspiSP) Man Pd |732 793] — 

“ Legal As General (Unit Atur4 Ltd. 

— KIngswood Home Klngswood. Tadwtfth, 

— Surrey KT20QEU. _ ^arch Heath S3«6 

— CflshlniUaL M52 • RKJJ9 


. rterfaouse Magna GpiV 

c’“ I.“’fl«ue»S<t,tfthridw , DMlNE 52 IBI 

■■■=74B»=Bf- S| 

. Sgeilbnagid- *7,0 39A ..... - 

5mw5 . ■■ UT 360 .... 

- ^Sh^Soc. — 124,6 _ 

, 153.7 - 

. m-'i d WwtfftltMiter Assur. Co. Ltd. 
- - - -Head. Hhask 0 Whitebona Bind. 

. — tanCROiJA ■ .01-6848064- 

Cosh Initial. 

Do. Areum. 


Do. Accum..... 

Fixed inltlsl. (116.1 1223] +021 — 

Pa. Areum .1117.6 123 Jj +021 — 

-MbsasartnlUaL. ^ (ll«^ '220.4('+<l^ -w' 

Do. Accum .. .. 

Property Initial 

Do. Accum - {963 M1A1 j ~ 

total A Genreal (l/ult Ptm*too*> Lid . 

Exempt Cash IniL . 1945 100.S .. ;..t — 

Do. Areum (963 181.3 . -..J — 

Exempt EqlV' lulu IM7.7 133.4J 1 — 

Exempt Fixed InH.fU47 U0J( ...J - . 

Do. AcctmL 

EEempt*MnEd- lult 

sir-. - 


% srzz — 


d currently closed to pew UirestiiienL 

; \ lYH IiT* ffegfanjnuter A«<nt. SwLLtd. 

LWlUutmiuMmt • 

ggsiscrKS 1 = 

-I ’-rSteMsflrjBfloeinl Union Group" • 
den's. 1, Vhdar&aR. EG ' 01-3637508 

S©«E!I .as uz - 

- -fr^irtynt-- 11 ^ Insurance Co. 
ancecy Lafle,WC2AlHE. 01 -XC 0382 

-• ;; gj«S Fond ~ gt5 >»3 ...... - 

- ’SS iiiu - 

-riot. Pen Fd. 2010 — 

jiriW FA.. 1TO2 — 

^ "-1 = 

rfibs insurance Co. LM- 
nh&LEXlS. 0I^a654M 

WlISv. U— 11135 - .—.I — 

— fidd.S- 

:f : '^llU Cammam Xaanranee 

’.^'efcnt st_ix*tdcn W1REFE. 01-4387081 
'.. .. ^fctd-FU— B228 , 132.01 ... J - 
C-m-Lite AjsauraBCe Co. ttiLV 
/- iilifsBie_WoWnC.Gmi 13CW 048® 5033 

■■■ -vidJfaad acc._J 95.7 lM-3+S^ T.. 

•i? sflMsc* «a»/?r. 

. — - rFd-Acc. — m» 1M.« • - • 

Exempt -Mb gd. Init 

Do. Areum 

Exempt Prop. IniL 
Do. Accum. — 

' Legal A General Prop. Fd. Hen Ltd 
II. Queen Victoria SL.EC4N4TP 0134896TB 
UOPrun. Apr. 1(993 W ..._J - ' 
Nan sub. day May 1 . 

life Aasnr. Co. of Pennsylvania 
3042Nsv*BondSt_ W170BO. . D1-492CS95 

XACOPUnUs—. -J1D08 18501 4 

UoyAa Bk. Unit Tst. Mngrs. Ltd. 

.. 71. Lombard SLBR DJAKUaXA 

Exempt |W2 1023a| .(. 7.94 

Lloyds Life Aradrance '' . c* 

20. CUtton SL EGBA 4MX • 

BlLGtlLAprO.^.l U27848 — 


OpLA Dcpt^Apr20_ P20.7 127.ll +d3] — 

lanlM-MMalfr & GnI. Ins. Co. Ltd. 

JS-20 , 15ie Forfcary .Reading 5833 1 L - . 

toil - 

FlxodlntoresL-o: — P*2 36.1/ . .. 1 — 

The London & Manchester Ass. Gp-V 
-‘Die Legs. Folkestone. Sent. ' 030257333 

GrowtbFuod- . . 2XL7 — 

Flex-Fd. : lai5 _... — 

Prop. Fd. ' jW — • — 

BxpLlm.TsLFd. Sg-4 . - 

_7eadblcFnnd-_ r . lOJ-fi — 

Inw-Tnut Fbnd—a 125.4 . — 

Property Fund. SL5 . — — 

Rothschild Asset Management 
' Si. Swithins Lane. London, BC4. 01-6204358 

NX. Prop. Mar 31. U4.3 121 6it ( - 

Next Sub. Day June 30 

Royal Insurance Group 

New Roll Place. Liverpool. 051 327 4422 

Royal Shield Fd. -UM l 137.61 .... I - 

Save & Prosper GronpV 

4. GLSLHelen's. Lpdn . EC3P 3EF 0I-5M MW 

BaLlnr.FdL 1123.7 130.91 .. .( - 

Property Fd* I403 3579 . J — 

GlHFd. U96 125.9 +ojif - 

Deposit FdT 122.1 ....T 

Conw) Pens Fd.t.,.._ 1957 WkJI . . j - 

Equity Penn Pd 1728 ‘ 1816 +02 — 

Pr0p.Pen3.Fd * .... 299 7 2214..— 

GUI Peas. Fd _ -.914 963 +0.1 — 

Depos.Pecs.Fd.t- (97 J 10241 +0.1) — 

Prices an ‘April It. 
t Weekly dealings. 

Sehrodpr Life GroupV 
Enterprise House. Portsmruth. 0705 07733 

Equity April 18.. ' “’** 

EqnitySApril 18 
Ecjuity 3ApnI 10 
Fued InL Aprt 1 IB 
-FXd InL 3 April 18. 
tat. UT April! 0 . 

UtS Gilt April 18 
BAS Sc April 18_ 

MogcLFliLApril 18- 
Kngd. 3 Apr 1R 
. Monye April 18 

Jfonw 3 Apr. IS 

- .. . „ 

pr. IB 
.Cnjtpri! 18. 

BSPn. Acc. Apr. IK 
Ms Pel Cp. Apr. IB. . 

Scottish Widow*’ Group 

M Box 8U2. Edinburgh EH185BU. 0314658000 

Tut Ply Series 1 W4 VIM ... - 

Inv. to- Seriisx 2 — feo JB.9 — 

luv. Cash Apr. 14~— N7.S 1WJ — 

Ea.ULTr. April 5-U34J 140J — 

Med. Pen. April 12. R43 5 250.71 — 

Solar Life Assurance limited 

10/12 El>' WaceLcedon E.CJNBTT. 012422009 
Solar Managed S-R24 9 13LSI -B.4j - 

Raring Brothers St Co. Ltd-V (ahxl 
8a.LeedcniiallSL.ECA 01-5682830 

FtnrttonTst —1153.8 1705) I 369 

Do. Areum ES 2 ...J 369 

Next sub. day April 2K 

Bfshopsgate Progressive MgmL Co.V 
B. Blshopscose, R.C A 01-5880280 

B'gstePr.**Apr.U - [17&.I 188-31 I 355 

Are.Utt.-T Apr. 11. .gM.9 2223 1 X55 

B'SMtaltlt.tpr.M-fisja J 2J» 

(Aecumi Apr. IB [187 -3 199 J[ J 106 

Next sub. day -May 3 “April 25. 

Bridge Fund ManagersVfaHc) 
KingWIUInmSt_E>^4RVAR 014234851 

Bridge Inc* 

Bride® Cmp-Inc.t.._ 
Bridge Cap. AcC.t— 
Bridge ExcmpLt... 
Kringc lntl . Inc.t _ 
PnrtgrlmJ Acr-t- 
Bridge Amer.GeiL± 
Prices April 1»U 

§ B 50 . 9 c 

.9 34 - la 

3 37 i 

1.0 1391 

A 16.01 

0&.4 17J 

r 25.0 

i. Pen ling *7 

— Britannia Trust Managexnent(aXgl 

_ 2 London Wall Buildings, Lon don WnlL 

London EC2M5QL 

Assets 166.0 

Capital Acc. (75 

Comm A Ind 514 

Cummodity MJ 

Domestic— 36 .8 
Exempt—— 99 j 

Eitra liuTcuno 385 

FrrEoEt .... 195 

Fincncls) Sees.,— 615 

GoM A General. 73.7 

Growth 74.7 

Inc. A Growth— - Hi 

Int7 Growth. 57 J. 

InrasLTsLShara— 0 3. 

Mlnrrslx 29 A 

.Nut. High Inc. — 76.7 

.New Issue.— SS5 

North American 2K4 

Professional »5 1 

Property Share* — 123 

Shield— 05 . 

Status Change— .. 285 
Univ Energy — 130 6 

70.4) +C3I 5.67 
515 .... 459 

555 +03 4 80 

73.3 +OA IAS 
38.7 +0J 4.79 

1*4 2 +05 787 
4U +8J 959 

28.9 -0.1 386 

66.4 +05 485 

795 353 

805 +05 451 

735a +03 754 
fel.4a +02 257 

468 +02 351 

318a -01 452 
828a +13 853 

S68 +02 353 

305 -03 1.93 

479J +22 451 
132a +03 284 

46.4 +05 4.69 
335 +02 &M 

32.9 +0JJ 259 


Ridgefield Management Ltd. 

TO Box 4J^3840. Kennedy SL. Manchester " 

I^SS^-ISS &::d fS 

Rothschild Asset Management (g) 
7MD.G«elioaseRd_ Aylesbury. 02S89M1 

NC^XSt 65 - -~ 

N^C. Income Fuisd- 
N.C. IBU. Fd. One 
N.C. luO. Fd. CAce. 

N.C. Sndlr Coys Ft 

Rothschild & Lowndes Mgmt. fat 
SLStrithinsLane.Ldn.EC4. OI4HB4350 

CT. Exempt 10328 U9.0| 357 

Prise An April 17. Next deal ins May 15. 

Rowan Unit Trust Mngt- Ltd.V (a) 
Citj+Gote Hse_ Finsbury Sq4 EC2. 018081008 
RowanAno. Apr. 20. [645 67^ +23) 0.96 

RoawnSocsApr .28. 153 0 2S9.« 433 

Bowan Hy. Apr. 2D52 9 5581+0.4 736 

(Accum. UnitU 725 76.2) +Q.4 736 

Rwn. Mm Apr. 18_ 73.7 75J[ 415 

(Accum Unit*/ *75 Sa51 ..-.1 455 

Royal Tst. Gan. Fd. Mgrs. Ltd. 

8*. Jeruren Street. 5.W.I. O1-62082S2 

^3 ::d » 

Prices at Apr. 14 Next dealing Apr. 28 
Save & Prosper Group 
4, Great SL Helens, London EC3P SEP * 
68-73 Queen SL. Ediaburgh E7Q INK 
Dealings UK m-SU 8800 w 031-236 7351 

Save 9c Prosper Securities Ltd-V 
*-* — **♦ — 1 Fmi> 

1“ 1 jpi 2^z3+i*j 403 

Univ. Growth |»J 68Bs| -02j 223 

Increasing lucerne Fund 

High- Field (52.4 565tg J 720 

W|h IWNVB FlD|d> 

BgsR=B ajia & 

ll.K. Fuads 

UK Equity — |4L1 44.11 ,._.J 4.91 

Oieteeas FendMxj , 

Europe— ..(83.1) 

Financial Secs. )wa 73A( -0 s| 351 

l pt gH J«Yft»aew 

Select latenuL @92 2531M| -151 2.47 

Select Income ,*0-7 S^M -05/ 756 

Scotblts Securities Ltd-V 

ScrtfaiU — _ B75 ' 4081 —051 456 

Scotyieid S»5 - oj .... J 754 

Scetabaem *12 58Jzj+CJ| 422 

ScolSx. G th*4 (2195 23021 2.09 

SeaL Ex. YUL*0 — _Jl63! 170j) .. 130 
Prices at April 12. Next sub. day April 3S. 

Schiesinger Trust Mngrs. Ltd. C*XzJ . 

i Incorporating Trident Trust*) 

5L7I+051 .457 
70.1 +85 ■ 457 
52.4 -85 389 

455 -03 389 

33a +03 654 
113.7 +0.4 654 
62X +03 8JH 
687 +05 801 

140. South Street. Daridna. 

Am.” *- “** 


Exempt High Tld. 

Exempt MkL Ldr*. 

Extra lac. Tit. 

Income DM— 
lac. lOHWdrwl. 

In tpL Growth. 


Harinet Leaders 

■NU Yield* 

Fret * Gilt Tnut— 

Property Shares 

jreial Stt.Trt__ 
u.K. Grth- Ad 
U K Grth. Disc .. 


_...J 152 

9 -0.1 256 
+0.3 4.7S 


+05J 897 

Solar Cash S. 
Solar IntlS.. 
Solar Managed P 
Solar - 

Solar FxdJnL 
Solar Cash P_ 
Solar lnlLF— 

1D35| - 

The British Life Office Lld.V (*> 
Reliance Use. Tunbridge Weill. KL 088323271 

BL British Ufa (475 49JM i 5« 

BL Balanced*.. fefi 452«4 1 5B3 

BL Dividend* - (S92 422^ .... J JflOl 

•Price* April lfl. Next dealing day April 2& 

Brown Shipley & Co. Ltd-V 

Magr*;FaaBdeTOCL.EC2 01-600 B320 

BS Dolts Apr. 11 „J7OT3 gg-fl ._...) 4 A 
Do. CArej Apr il- *592 272.5) —j 422 

r-Fd. Incm — 
jI.irA. InR. — r 
.r •- - r ; rtyF4Are... 

- . ■ • - -• rty PH. Incm- 

; . iiigEfiSRSb 

M *~G GronpV ■ 

Three Quays, Tow H1U ET3R 6BQ 01-626 4588 
■pires-Pewlijii**’ Mac. — i I — 
Couv. Deporir 
Equity Bond”* 

’ FBmlfirTMO” 

Family 31-96" 

Gilt Bond***- - 
InlernotEil Bond*” 

Managed Bd*" 


Recovery Fd-Bd. 

American Fd. Bd. 

Japan Ftf-Bd. ... 
Prices oa ‘April 

122.9 i... — +1.1 — 

- _ +01 _ 

— +18 - 
1104 - ... - 

.994 +2.7 - 

1622 +0 1 — 

ffl = 

527 .. - 

56.1 ...J - 
April 20 ***ApnI 14. 

• It Fd. In etc. _ 

- itF<ilDit — 

tattjd. Are.. 
,-;nt-Fd- TOcm- . 


’ *‘1 

<der Insurance Co. L id. Bpus*. TbFer PL, EC3 01-8288031 

• ; 7 roQ- April* -171.7 78 8[ . ... | — 

- ' Ve c 8tar Insttr/SEdland Ass. 

:.*l*dnocdlc St-EC2. 018881212 

^.VthUniU -HS5 • 505/ -081 6.19 
+' : ! L»w Life Aas. Soc. LtdLV 

•'* ’' Read, Wgh Wyeomhe fM* 3337? 

• - ; -Fd ;_.I1B72 U2«>051 - 

;Tl«lwifFrMl 1U.J — 

Merchant Investors Assurance* 

126, High Street. Croydon. 01-8809171 

Conr.Dcp.WU. — 3g.7 — 

Money Mrkt. FeL . . MO B - 

SS5Kt= f. = 

Man Pees.. 13L.4. — 

Ei|irWv Pwi» 15*9 1 ... — 

Coot. D op. Pena — 13S8 — — 

Snn Alliance Fnnd MampoL Ltd. 
SnuAlltaDceBause,- Horsham. 0*0364141 

Eap.Fd.lnt Are. 12. 105350 160 .40) . ..I - 
InL Bn. Aprtllfl — | £19.83 J - I — , 

Sun Alliance Linked Life Ins. Lid. 1 
Sea Alliance House, Hpnham D403 64141 

Equity Firud- — Ufl48 U0.^ +0 6) - 

FlxedxmreeilFd._ 1013 106.7 +0 J? - ; 

Froperty Fued 1045 1100 +0.1 — I 

Inicruauotjal Fd.... 1031 108 6 -2.0 — 

Deposit Food 951 1M9 .. - 

Managed Fund 0026 I08.H -02) — | 

San Life of Canada (U.K.I Ud. 

2. 3. 4. Codttptir SL. SW1.Y SBH Ol-S8n5WO : 
Maple L£ Grth. — | .1881 (....( - | 

Maple U-Mflnw*.,] . 1205 | .. .. I — 1 

Maple Lf. Eaty._^..| 1196 1 ... I — i 

PeranL PeTru. - 1994 i . . | — 

Do. CArej Apr. II— (259- 
Oceanic TrnMa la) 


gener al &7.4 

Growth Arnufl 
> Growth Income 
Hig h income 



ExmpL April 10 

218-91 .....I 452 
272. « .— J 452 

35.71 +05 459 

l»5a 431 

451 ...... 558 

3S9u +0.1 55a 

305s 923 

298a +05 329 

25J 492 

19.7 .. .. 354 
578a -0.1 430 
225 +05 532 

63.6) -TUJ 450 

Here Quays. Thwet 1 700. 2 
Sec alao Stock Each 

anwriinn - (63 

(AmmlMltn- — *72 

Aaatraleiiaa 475 

(Areum. Units) *7 9 

OammotSty-. 655 

(Aceam.t«lt»i — ..10T 
Compoiad Growth. 967 
Conversion Growth 542 

Conversion Inc 565 

Dividend — 1125 

lAccttat Unlial — Ut»5 

Buropenn. (65 

f Accum. Unitti *67. 

Extra lield. — 795 

tAccum Units).—- 3055 

ForEartere (6.6 

/Accum Unltal 053 

FXtndoflBV.TMs — 583 

(Accnm Units) 702 

General 1557 

(Accum Units] M07 

High In come 972 

(Areum Ueltxi £585 

Japan Income 1513 

Ewbaagr Drolls 

76.0) +0.9 
183.91 +U 

•Next sub. April 28. 

J. Henry Schroder Wa« ft Co. Ltd-V 

130. Chcopcl rie. S.C2- __ 01-3403434 

CepltaTApr. 18 W4 . 904 .....l 238 

(Accmaj- U45 118.7 —J 258 

Incan* Apr. 12 ™ 1733 1804 — j 721 

(Areum Units) 2532 2625 _...] 721 

GonanlApr. IS— 71.7 0.1 J 953 

(Accam. Unlt«J_ *.9 105« J 353 

Europe Apr. BO— S8.1 32.0a +02i 2.41 

( Areum. Unltal 53.3 35.4 +021 241 

Sport Ex March 11- 1645 1695 ..T.TJ 456 ! 

SSpacL Ex. Masrti U atj 53X5 J 358 |— (1782 1035} —4 553 

•For tax exempt fitedi only 

Scottish Equitable Pnd. Mgrs. Ltd-V 

28 SLAndrawxSq., Edinburgh • 031-5508101 

Income Units .W4 50-M ~.-| 550 | 

Aeons. Uatts— p35 56.9«4 . — 4 530 i 

Dealing day Wednoaday- 

Sdog Unit Tst. Managers Ltd.V fa) 

POBox6U.Bc63bxy.Bse_ E4:. 4- 01-8889008 

ISSfflSa:BJ 53^3 .s 

Security Selection Ltd. 
16-lS.Uaneln^tlBO FMda. WC2. 01-83100300 


Stewart Unit tst- Managers Ltd. (a) 

4S, Charlotte Sq_ Edinburgh. 031-2202271 

tSiewart American rtmd 

Standard Unit* IU5 «.« +2M 158 

Accum. Uidts.— (662 70.3 +25j — 

Withdrawal Units. |M5 33^ +1-9} — 

•Stewart British Capita] ya» d 


Dealing tPH. “Wad. 

Sun Alliance Fond Mngt Ltd. 
SunAUlnncnR«e_Kanham 040384141 

■WMS«a»" 352 

Target Tst. Mngrs. Ltd.V (*)(*) 

2L Greahmn SL. BC2 Dealing*: 8388 SOU 
Target Commodity- 33.71 -82} 453 
Tarjwt Financial— ph.7 6221 ...... 453 

Target femdta- ■ te2 382) +0^ 6J3 

297.91 ..... 650 

2757) 650 

12«2| 320 


W.H 179 

30JJ 179 

+05 351 
157.9m +24 4.49 
29 +85 &71 

15-04 1138 

1921 ...... 424 

lAreurn Deitr). .2515 562. 

Magnate 0852 198. 

(Areum. Unitt) — -12312 _2«7. 

Midland- KssS M6.8 

(Areum. Units] (2585. 274 

Recovery— 1742 29. 

Canada Life Unit Tst. Mngra. Ltd-V 
22 High SL.Potteie Bar. Herts. P Bar 51 122 

Cne.GenDi5t DBS 2-3 i-H 

Do. Gen. Areum 10.4 4S.7J -0AJ 4.63 

Do. Inc. Mat B27 34j»d -OJ 727 

Do. Inc. Accum— W2.B 451| -02) 727 

Capri iJatnes) Mngt. Ltd.y 

100 Old Brood SL. EC2N I BQ (11-5890010 

Capital 1785 n.4) . .. | 4.49 

Incramc P3J ,772) .....J 789 

Prices on April 18. Next dealing May 3. 

Mon MkL Pena. . —I 1005 

-NEL Pensions Ltd. 

-StUton Court. Doridng. Surrey. 

Nelex Eq.'Cop WO f*l 

NefexEq Accum. 108Z U3‘ 

NelcxMcmnyCap .. 60.2 WJ 

Nelex Mon. Are. 63.2 665 

Nelex Gtb toe Are- g.l 
Nelex ,atb Inc Cap . 46.6 • -49.1 

Target life Assurance Co. Ltd. 

Ttmt Rouse, Gatehouse Rd . AylMliurr. . 
Boat .. . Arleshuiy (CCMi5Ml 

Man. Fund lore. 

Man Fun 
Prop Fd. __ 

Prop, m Acc 
' Prop. Fd. Inv. 

Fixed InL Fd. 

Dop Pd. Are. Inc 
Rei Plan Ac. Pen. 

GUI Pen. Acc. 

Gill Pcn.Cap. 

103.4 +0.1 — 

753 ..._ — 

623 — 

1285 +23 — 
U9J +21 — 

1365 — 

X29.9 _.... — 

Ncxi sub. day Apn( ». 

■Nel Mcd-Fd. Cep.'. W73 ».M -] — 

NrJ Mxd. Fd.Are._ |472 50.0| I — 

For New Court Property »ee under 
Rothxchlld Asset BUnagcmrot: 

-492L i — Translntematkroal Life Ins. Co. Lid. 


2 Bream BMg&.JSC-UNV. DM056497 

Tulip Invest; Fd— ,0315 1380] I ~ 

1133 r:: - 

-Vox. TVn. Fd. Cap. . MOO 125.7 ,\ — 

3] an. Pee. Fd. Are., [116. 1 122ll .... I - 

I Trident Life Assurance Co. LtiLV 

RpqslodeNciue, GJopoMicr ' 0452 3654 1 

BSS Sa| 7:1 = 

>&X. Bank .-. ., 

Irish Banks Ltd. 
-Tffcncair Express Bk- 

• : ;mrn Bank 

^.rP Bsnk Ltd 

. .ArisbacJier 

•J.lfirn dt 1 Bilbaa ■ ••• 

' ink or Credit ft Cmce. 

^:irfk of Cyprus 

.-iijk of N.S.W. ...; 

Vmque Beige Ltd 

T'rfKjue do Rhone 

^relays Bank 

•;; ; irae» Christie Ltd.... 
\yemar . Holdings Lin. 
^•rt> Bank of Mid. East 

iflV.n. Shipley — 

• nada perni'nt Trust 
!jjitol"C ft.C FinwLld.' 

.-^iS*er Ltd- - 

,^'dar Holdings 

arterhouse Japhet... 

''.-jiDulartons ••••* 

>'E. Coates 

nsplidated "Credits... 

-operative Bank * 

’.’irinthian Securities...' 

rfit Lyonnais ... 

^ ^Cyprus Popular Bk. 
■;;!ncan La'wrie. ...... ...j 

^/%'fT Trust 

cKsh Transcont 

rst'London Secs 

‘ “st Nat Fin. Corpn. 
rst-Natr^ecs. Ltd.-..- 

. wny Gtobs ' 

..ipyhounq Guaranty... 

' indlays Bank : t 

•"inness Mah° n 

HHanihros Bank 7**^ 

ft Hill Samuel 5 71% 

C. Hoare ft Co ;..t 7)<\' ( 

' Julian S. Hodge 81% 

.Hongkong ft Shanghai 7i>% 
Industrial 8k. of Scot. BJ*& 
Keyser Ullinan ...... 7$% 

-Knowsley ft Co. Ltd. .... 9 % 

Lloyds Bank - 6$*% 

London Mercantile 71% 
E. Mapson ft Co. Ltd. 9 % 

- Midland Bank 7j% 

■ Samuel Montagu......... 8*% 

■ Morgan Grenfell 71% 

National Westminster 7^% 
Norwich General Trust 71% 
P. S. Refson ft Co. ... 74% 
Rassmipster - Ac cept'cs 71 %• 
Royal Bk. Canada Trust 7J % 
Schiesinger' Limited ... 7J% 
EL 5. Schwab . ........... 9J% 

Security Trust Co. Ltd. • 8J% 

Shefiley Trust 9* % 

Standard Chartered ... 7*% 

- Trade Dev.. Bank 7i% 

. Trustee Savings Bank 7i% 

Twentieth Century Bk. Si% 
United Bank of Kuwait 9J % 
White away LauHaw ... ..S % 

. Williams ft Glyn's 7i% 

Yorkfihire Bank 7j% 

■ Members o( the Accepting - Housks 
. Cotnmiiire. 

* 7-day deposits 4S. 1-monrh deposits 

- • 4«*a. ■ . ’ ■ ■ • 

t 7-diy doposlis on smns of ilC.nou 
and under 4%, up to CS.WO W* 
and over t-S’.iwo 5'-. 
t Call deposits over ll.DM 4%.- 
« Demand deposits ss. 
t Rate 'also applies io' SteriJnd J=d. 

S FhmC W14 283-3 ~0M — 

— 1362 1*42) . .1 — 

IT .1C £qo!tj- Fnnd.. 

Hleb Vtefif. — — 

Old Edged 



Fixes I_^. i 

Growth Cap_'_. 

Growth Aw. 

Pen*. Mncd, Cap 

0.7 1285 

>7 102* 

!3< IMA 

Growth Ca^_'_. 12*5 135! ... — 

Growth Aw .123 7 352 .... — 

Pent. MdcA Cap U3B 119.7 — 

Pens- MnKL Are 116.7 123-6 .... — 

Plens.OldDep.Csp . 1013 1073 .. .. — 

PwGia.Det. AcT- ii' - h 1125 .. .. — 

Pena Fptjr (jip. 1123 1189 .. . — 

Peea.PW.Ace U63 1228 ... — 

TrdL Bend 34.6 366-05 — 

*TrdL G.l. Band 995 ... — . 

"Cash value lor £100 premium. 

Tyndall Asiniranc e/Fensl on sV 

IS. Canynga Road. BrlxEEvI. 827232311 

3-way Mar. 18 3332 ..... — 

F-quitr Mar 10, 1510 — 

Rand Mar. 18 1682 — 

Properly Star.' 10 — 103 8 — 

DrposttMar 18 1260 — . 

.Way Pee. Mar 16. 1434 — 

0‘xeutnv.Mar 18. 64 6 — 

Mn.Pn.3-W Apr. 3._ 166 0 ..... — 

Do. Equity Apr: 37. 246.8 ...7 — 

Do Band Apr. 3.— 1778 — 

Do. Prop Apr, 3 848 — '— 

Vanbrugh Life Assurance 

H-f3 Maddox St_ Ldn.K"J S 01-490 4033 

Managed Fd. ^081- 14881. ..j — 

KEjaity Fd 2173 228.6) -0J^ — 

InmLFuad 963 IBig — 

Fixed latent » 164.0 - XTiR +flil — 

Property Fd: 1388 1462 f — 

C«m Fund ,pQ73 1 — 

Vanbrugh Pensloas Limited 

41-43 3faddac5L,£dis. WIR9LA 01-4004033 

Managed .. : {943 99 3| .1 — 

Equity B55 . 100.N — I — 

Fixed tolreest jfts 963 ] — 

Property ___.(953 100 6( 1 — 

Guanmeed see-Tas Rare Rotes' table. 

Welfare Insurance Co. UM 
The Lea* Rrifcrotone. Kent <GtD97332 

HoneymalRffFd.—l 995“ ■ ' 

For other luirlx. plrise refer to The London i 
. Manebetter Group. 

Windsor Life- Assur. Co. Ud- - 
1 High Street, Windier. Windsor W1 44 

Life Inv. Pina 653 7I5J **■ 

FlH0reAMd.GtM.8i. 20.0 — 

FulurrAMd.Gth'hi. . .432 . I . — . — 

Krt.Aaad.raaL. ' f26J0 .. - 

flex- Inv. GSowA_ msllUl ^-1 — 

Carliol Unit Fd Mgrs. Ltd-V laX.c) 
MUburn House. Newcastle-upae-Tyne 21 185 

Carliol B4A 66 9M ._...) 4.68 

Do Accum Ueitr .-[771 7931 .... J 4.68 

Do. High Yield »* 4Ud J BJD 

Do. AecumUatta .,*4 !83l — .J 827 

Next dealing date May 2 

Charterhouse JophetV 
l.PMvnwslerRow.ECH. tn-2«83e» 

C J. Inmrnatl C02 SAM +021 186 

Aceum Units 258 2fc8« +03 186 

CJ locome »0 352a -0.4 734 

CJ Euro Fin 26.3 MA.+0A 359 

Areum. Unite 508 K8a +0-J 35? 

CJ.Fd.lnv Tst.._._ 258 27.S+3-0 3.90 

Areum Units 292 312a +Li 3.98 

Price April IB. Neat dealing AprU 23 

Chieftain Trust Managers Ltd.V<aKg) 
SJffll Queen SL.EC4BIBFL 01-3482832 

American — _-.k5P2L99 Z38H ...J 1-71 

High Income 1 J?3 42ad +03 “I.OO 

lnti-ruuEl o ilo] Trf- . . 3*5) -0.11 3.42 

Basic Reom TxLpdl 23.9m +0-^ 483 

Confederation Fonda Mgt Ltd-V (a) . 
SO Chancery Loan, wraA 1HE 014420282 
Growth Fund 1383 40.61 1 4.70 

Cosmopolitan Fnnd Managers. 

3a Pont Strew. London SW1X0EJ. 01-2858925. 
Conaopaln.GtlUFd.{U.7 UM| +05) 509 

Crescent Unit Tst, Mgrs. Ltd UXg) 
4tteMlleCrmi.Edinbenth3. 081-3284831 

Crex tf e id . Growth - (25.9 . 778) 1 452 

Ores. Inieraatn |§J7 S8.7I -0-M 030 

Qee. High. OtaL -..(g-O 4S.« +05j 9 54 

Crea. Reserves p87 418J :.. . [ 451 

Discretionary Unit Fnnd Managers 

22. BJonjffeld SL, JEJC2M 7A1* 0F83S*4» 

Dice Inrerne |150fl U0J ( 5.49 

E. F. Winchester Fnnd Mngt Ltd 
Old Jewry, EC2 018062167 

Great Winchexler... 06.7 185( ... .J 671 

GLVAncher C>'»eB»fia.4 205| 488 

Exnson & Dudley Tst. Mngmnt Ltd 

20. ArtiEiEton SL, 5W.1. 01407561 

Emson Dudley TXt . |64.7 6984 .1 380 

Equitns Secs. LtdVfailg) 

41 Slxhopscotv.BCZ 01-8882851 

Progressive (64 9 673) ... . | 422 

Equity ft Law Un. Tr M.V (aKbMc) 

Aroersham R<L. High Wycojabe. 040433377 
Equity A Lew J63.9. 67.4) -00) 423 

Framlliogton Unit Mgt. Ltd (8) 

5-7. Ireland Yard. ECHH 5DH. 01-3(80071 

Capital TxL Q068 U3.6rt J 428 

In co me Ta 198.0 1042] .1 622 

lax. Growth Fd._....g7 4 . U3M .._.J Z48 

Do. Areum N9.8 . 1060) ... .!) 2.48 

■Friends' Provdt. Unit Tr. Mgrs.V 
Plxham End, Deridns. 03065095 

FriendxPrm-.Uu._M 6 43.41+0.11 4*3 

Do Areum. PL 7 352} +0-3/ 4.43 

G-T. Unit Managers IALV 

18, Plnobury Circus ECSMTDD 014288131 

G.T. Cap. Inr (75.4 8 121 1» 

Do. Are, lZ. J1.9 ,97.7 — 3W 

G-T.Inc.Fd.Va. W8.9 1585 - 850 

G.T. V.K. U Gen 1363 1452 . — 2-2fl 

G.T, Japan 288.6 303.9a LOO 

+Gt. Pn«&. Fd 13? Smi 4 00 

G.T. lntl. Fund ,.. 34390 1159 . 130 

GX Friar YdgF& — p95 SUM ..J MO 

VG, ft A. Trust (a) (g) 

5. Rojlelgb Bd, Btentwood (0CT7I2ZT300 

G.fcXj 130.9 4H 

(Areum Uaitfli- [1*4.4 H6.9) +22) *M 

Special ierd Funds 

Trustee 1136.1 1445TO +L4( 6.69 

(Areum Uni cw 2622,,. 27651 +27 659 

Charibond Apr. 18 „ U2.9 1*56 

ChmriTd AjmJT'.a- 1368 13g.4| ■ 3* 

(Accum. Units) 1663 uu .. — 829 

PetmEXLAprU 17 _ [223.7 13*3) 626 

HLenuLUc Management Ltd 
SL George's Way. Stevenage. 043868101 

Growth Units.— — 1482 S0.7| | 4L01 

Mayflower Management Co. Ltd 
I4fl9 Gresham SL.ECSV7AV. 014089009 

Income April 11 — 11033 1M2| .... I *22 

General Aprtlll_.|675 712) \ 528 

Mercury Fnnd Manager* Lid 

SO. Gresham SL.EC2P3EB. 014004555 

Mere. Gen. Apr. 18.1168.7 .17951 451 

Are. Ut» Apr. 18 — 1112 2332 458 

Mere. InLApr. 18 — 112 *5.7 154 

Arem. lie Apr. 18_ 663 703 L64 

UereExUlm^n .. SM2 2083 4.71 

Areemins.3(arSQ.)2n.B 298 Bj 4.71 

Midland Bank Group 
Unit Trust Managers Ltd.V (a) 
C wn t w ond. Rohm;. Silver SireeL Head. 
Sheffield, S] 3RD- Tel: 014279042 

Commodity 4 Gen- .(Mb IgjS 5.n 

Do. Areum . - 68.7 . 73.9 — 0J S.n 

Growth 368 395 -02 .358 

Do Areum 34 0 *2S 337 

Capital. 26 6 2ii3 +02 356 

Do. Areum. 28 7 30.7 -OJ 336 

loeome 436 5Z.0 -«3 63S 

DO. Accum 55 4 59 7 -03 638 

International-.-. U2 49.9 -05 232 

Do. Areum 4S8 52J -05 232 

High Yield 584 62.41 +0J 3 65 

Do. Areum. U-l . 66.1 +05 858 

Equtty Exempt- — 1025 10754 . . .. 5.42 

Do. Accum* UK 0 1076x4 5-42 

•Prices xt Mar Si Next dealing April 28. 
Minster Fund Managers Ltd. 

Minuter D*e_ Arthur SL, EXA. 01-8231050 

Mlnlawr Apr. 11 — B2.4 3A« i 624 

Exempt Star. 31 — p7 ® — 4 550 

ULA Unit Trust MgeumL Ltd 

Old Qonen Street. SWlRBiG 01-8307333. 

MLAItoltt P6.B 375rt -— 4 «50 

Mutual Unit Trust Managers? «Mg) 
IS. Coptholl Aw . EC2R 7BU. 01-8084803 
Mutual Sec. Plus. — I4B7 KLB +0.« 6.67 

MatuelleeTS ft* 6 758 

Mntua) Blue Chip. -1*0 4 +0-3} 6 77 

MhtsaJ High Yld,.. 1562 60.4) +0 Jl| >69 

National and Commercial 
3D SL Andrew Square. Ed in bur gh 081-5589181 

Sf::d U i 

Sft«fccrW Mzi 33 ? 

National Provident Inv. Mngrs. LtdV 
48. Graceehureh §t_ EC3P 3HH 01-0234300 
NJ*L Gth.rn.Txt_ M0.B 4671.— 1 3.95 
CAecum Unltal- — .fe-J, ,_563|. ... \ 3.95 
NFlO*seas. Treat. ..BW.6 lZL3d _...J 355 
f Areum. Unttsl— .. .Q29f BU-„] M 
—Priee* on March 30 Next dealing April 27. 

•Prices on April 19. Ne« d e a l ing May S, 
National WestminsterVia) 

181. Cbexpsidc. B2y«f. 01408 0080. , 

Growth liU—I—l p2 ' ^^^02 321 

IretKDe ..{34.2 36M 6.75 

PorUolio lev. Fd — 166 6 70 .+0.1 539 

Unh-exea]»,„)56.4 60.7)+0.4| D2S 

NEL Trust Managers LuLy (aHg) 

M U ton Court. Doriung. Surrey. 9911 

WSfwnsiBLa P 

For New Court Fnnd Uahagen lid - 
see Bathscbili Asset Maagganeat 
Norwich Union Insurance Group fb> 

P.a Box 4. Norwich. NB1 3NC 060322200 
CroupTW, FcL . .{3225 3*93) r 02J 325 

Pearl Trust Managers Ltd (axgjui 
252 High HolbOTO. WC IV 7EB_ 01-4058441 

Puri Growth Fd 8J.4 232m j 53 

Areum Unitt 255 +92 529 

Pearl tac. ... 299 322J 709 

Pearl UnlLTrt. 33.7 363 522 

lAreomUniUI N* 522 

Pelican Units -Admin. Ltd (g)(xi 

B1 Fountain Sl, Kane ureter M1JH854M 

MUeanUaiu Jfe-* Wttl-ft2J ui 

Arbuthnot Securities (CJ.) Limited 

PO. Box2B4.SL He! ier. Jersey. 093473177 

Copt Tot (Jeneyr.M.IU45 - ■»•••!- 42* 

ri«rtd(wUna_<Iaui April 23 

Enxl JtIntLTtaJCD-fljfi78 2M0| ( 328 

Next sub. April 27. 

Australian Selection Fnnd NY 
Market OpfxmomMMLc/n Irjxh Yoons * 

.1 _ 

Bank of America Inlemaiioual SJL 

30 Boulevard RepaL Xmxembeun: G.D 
Wldlneeattoeoiiie.BOSlUB UU1| . . I 6.48 
Prices at April id Next nib. day April JO 

Bnk. of Lndn. St S. America Ltd. 

*080. Qsi*va Victoria SL.BC4. 014008828 

lo. 4 - 

Banyne Bruxelles Lambert 
S, Rue Da to Bcgence B 1000 BnuseU 

Rent* Fund Lp [UU4 15701 - -1 828 

Barclays Unicorn Int. (Ch. Is-> Ltd 
K04 737*1 
...J UL£ 


Barclays Unicom Int. (L O. Man) Ltd 


fl +31] X70 

-oij 200 



-.J X50 

BisbojMgate Commodity Star. Ltd . . 
PJ>. Box 4S. Douglas. IaM. 002+89811 

“sssaeteffAio 2 ® ^ilod 235 

Bridge Management Ltd 

P.a Bex 508, Gkand Cnjaum. (toyman Is. 

NTxm MA pr.Q- 1 Y15J9B | — , 

G.P.O. 3w.: 588 HcmgKong 

NippooFd- pj"* -I «■» 

Britannia Tst, Mngmt (CD Ltd • 



.. .. 3-00 



UIBg April 24. 

ButterfieW Management Co. Ltd. 

P.a Beat 195. Hamilton. Bermuda. 

ssss&fcis Mri a 

Price* st April 10. Next xnh. dxy May & . 
Capital International SLA. 

37 roe Notre. Dame, Luzembeurg- 
Capital laL Pund_-I SUE35A8 1+022) — 
Cbarterbonse Japhet 
1, PttpnXr Bow. BC+- 01-MB39W 

Adlropa tDKttJI 317tt+0JH 551 

AdlwifaB !HHtolS4M9 550 

Ftmdok (menus 3171 +020 422 

KoedD KS5 ' an +0.10 5.99 

ItaOerorFuad W^« 277 - 

Httpoim — - --PSS041 riifij 3,98 

CliveTTmestments (Jersey 1 Ltd 
P.a Bex 3B0L SL Heller, torrey. 083437381. 

gSgBiStS&RS ?a::::iSS 

Cornblll Kna. (Gneruwy) Ltd. 

P.a Box 157. SL Peter Port. Gaanisty 
lnteLMan.Pd._PM5 179.0) — 4 — 
Della Group 5 

P.a Box 8012. Nassau. Bahamas. 

Delta Dm. Apr. 18.-1*135 LU)+UN| — 

Deutscher Xnvestnent-Tnut 

Fpstfoch 9085 Bicbergasxe 8100000 Fra nhf u rt. 


Dreyfus Intereontinontal Inv. Fd 
P.a Box N3732. Naasab. Bahamas. - 

NAV April 20 Bason HS1+825I — 

Enuou ft Dudley TBtMgtJrsyjLtd 

P.a Box 73, SL Haller, Jersey 038420001 

BDLCT. PL14J0 lZLSn) - 

F. ft C. Mgmt Ud luv. Advisers 
1-2. Loareare Pounteey Hill. EC4R OBA. 

0MB3 4090 

Cent Fd. A prill? .-1 3115489 i ..,..[ ~ 

Fidelity Mgmt. ft Red (Bda.) Ltd - 
P.a Box 070. Hamilton, Bermuda. 

Fidelity Am Ass — SUS22J9 — 

FldeiiD lot Fund. SUS19.C — 

Fidelity P»c. Fd — SUS44JB - 

Fidelity Wrld Pd _ SUS12J3 +OJO — 

A = = 

Series D CAmAssOi £15.71 — 

First Viking Cummodity Trusts 

8, SL George's Sl. Dongles. LoJL 

53. £UH. fe ^OHaO^hm 


Fleming Japan Fond SJL- 
37, roe Notne-Dxnm, Iaxwbnor g 

Flo*. Apr. IS 1 SUOTA* 1 — 1 — 

Free World Fond Ud 

ButMrfMd Bldg, Hsmdton, Bermuda. 

KAV March 32 ,[ SDSD254 | 1 — 

G.T. BEanagement Ud JAn. Agts. 

Ttorir Hex, 18 Fiahtagy Oran. London EC2. 

7VL- 01-era m nx aaoioo 

GOT. Pacific Fd. 1 SUS13J0 1+0591 129 

IfagMM {IHMihnI 744-' - 

ch BE. oi Benanda Front St, Hs ra l t n. Bada. 


G.T. Betamdx Ud.- . 

G.T. Mgt (Asia) Ltd 

Hutchison Hoe, Hsreoot Kd, Hoeg Kong 

O.T.ArisP I BHE8J9 85 »d MP l 176 

aT.BondPHud-~rSTOa2All ZZ\ SM 
G.T. Management (Jersey) Ud 
Sayal TSL, Hxe, Caloiaberte.SL BeUer, Jersey 
G.T.AstaStarii9je.lE12.74 135^+02^ 147 

IntL Gave: Sec*. Txl 

Kleinwort Benson Limited 
atnsclurellSLGa 012030000 ■ 

Ku rinvcxL lax- P. UB J -4j 3-g - 

Guernsey Inc IBS . 610 4.6* 

Do. Accum. — 11 3 _ 755 4541 4^ ! 

KB Per East Fd, — SDS2026 ..._J UI ■ 

KBJntl Fund- 1106 *037/ 181 ‘ 

'SOSgahK. *^ 9 rd 

Signet Bermuda — 5US467 . 17X 

-tfniloodsfDMl— 17.90 29.90) 900 

•KB act a* Lunrion paring asceata only. 

XJoyds Bk. (C.I2 U/T Mgra. 

P.O. Box 105.SLHeUrr. Jersey. 053*27561 ... 

Lloyds Inlenwttonal 91 grant. SLA. /. 

7 Bob dn Bbone. P23. Box 179, 1211 Geamvx 1 1 „ . 

gsgassa-.®BS ss-- i a - 

M ft G Group ^ 

Three Quays. Tower Wll BC3R OBQ. 01-835 *MS 

::d i 

mind - . pilll 1172d +101 (27S 

(Accxun Units) [155.7 165-71 +14) 7173 ' * 

Samuel Montagu Ldn. Agts. 

114. Old BroocMSt, EX2. 01-0880484 .. 

!!?JSRiEfePr -* • 

Hurray, Johnstone (Inv. Adviser) 

183, Hope St. Glasgow, C2. 041-221 Md 

• nope st Fd- 1 suaisj I .... J \ 

•Murray Fund 1 SUKKJ.ttt I 4 — »- 

■NAV April 13. 

Negtt S.A. . < "* 

]0a Boolemd Royal, luanbonry . * 

NAV April 7 _| SUS1053 ) \ — 

Negit Ltd 

Bonk of Bermuda Bldgs, BamUtoa. Bimda. " 
NAV April 7 — - „)055 — ) — 4 — 7 

Fboenlx International 

PO Box 77. St Peter Port Goenwr- *. * * 

1 ntw-Dollar Fund ..pCSia, 2.M)+0Mt — "l 

Pr ope r ty Growth Overseas Ud 
28 Irish TOwn. Gibraltar (GlblOlOS 

OS. Dollar Fuad— 1 5US8827 I .1 — 

Starling Pend ) £22850 ] — J — 

Bicbmond Life Ass. Ltd 

062433014 ■ 

+17] 3129 

BoihiChiM Asset Management (C.L) 


Royal Trust (CD Fd Mgt Ud 
P.O. Box 104. Royal Tst Hse, Jersey. 053427441 -tsnstik %4« 1 350 •> 

H-T-IntT. (Jsy.)+’r5,ft9 48) — 1 321 .1. 

Prices at April It Next dealing May lb. 

Save ft Prosper International 

Dull nr to: 
37 Broad SL. 

St Haller. Jersey 



Channel Cspltal4—Uli5 23821 +1.4IN 1.74 
Channel IslendoO„P*L8 249.1+12 520— 0352 222.91-1.7 — 

SL Ftd. Apr. SO — _JlIZ.9 1241^ SM 2JJ5 
TOcns on •Apr. 17. *+AprL ID. ““Apr. 20 
^weekly DeaHngs- 

Schleslnger International Mngt. Ltd. 
41. La Matte SL, SL Heller, Jersey. 038473568. 
S MI. 177 84 854 

SA.aL-_.L-.- »53 05i -ojn 4.49 

GDtFd. Si 23J .... 115»| 

IntL Fd. Jersey— Wt 106 ...,■ 547: 

IntnLB H T.imnto g ... 51520 2053 -O-ffl — 

-Fxr Seat Fund—. 175 . 2085 .-H 2.94 

“Next eea day April 38. 

Scbroder Life Group . 

Eutrepriae House. Portemonth. 0382179 

P.O. Box SL Doagloelol 
InternOLtaoal Inc. -Eli 
Do. Growth, P92 

t Bfegt. Ltd. 


. 083428911 
72JA 12.4 

«3 ..... 4.91 

TxrgrtEqidtjr- — 
•Do. Are. Until— 
Targe: Gilt Fuad t 
T hrget Growth 
TUgetlntL — 
Do. Rein*. Unitt 

Target Inv 

Tuatnr. Apr, 10 

. — Prat 

phyne Growth Fd. . 

Target Tst. Mgrs. (Scotland) faXbl 

IB. Athol Crescent Edin. 3. 031-229 89=3 ^ 

Extra Income Fd. 622) 1 1053 

Trades Union Unit Tst. ManagersV , 

10a Wood street B.C2. Ol+Enaou 

TUTJT April 3 _KHL4 SLStt 1 SJtt | 

Transatlantic and Gen. Secs. Co.V ; 
8100 New London Hd. Cb e tnix f o rd 084331081 

Barbican April 20 
i Accum. Unto) 

(Accum. UnlU) 
CurahL Apr .10 
(Areum. Unttxi 
Glen Apr. 1&— 
(Areum. Unite) 
Marlboro Apr. LS 
lAecem. Units)— 
Van.awih.Apr. 18. 

(Accum. L’nlUj 
WlekT April 3d 
(Areum Unilsi. 

S ick Dlv. Apr.l 
>. Accum. 

Da. Accum — 

Tyndall .Managers Ltd.V 
18. Conynge Rood. BristoL 

1135 +03 
875 — pay 
eu +1.9 429 
98.7 +2J 429 

38 IS 

52.9* 32* 

66.6 ..... 524 

49.7 3 01 

56.7 301 

48.4 3.95 

m- as 

45.0a 6.90 

452 6.90 

4X0 +03 5.46 

72.4 +02 5.46 

67.7 9.15 

74.7 915 

(Accum unitj i 
Capita) Anr. IS 
(Areum. units) 
Exempt March 2B 
r Accum. Units) 
CszqmgeApr. 15 
(Areum. Unitt] 
InL Earn. Apr. 
(Accum. Units) 
Sere. Cap. Apr. 10 


10X41 7JB 

18X0 751 4.0J 

17X6 403 

1122 7 .67 

1554 747 

972 — 5^ 

BK ::::: S 2 

jsc ■=. is 

156 he . — SSL 
159# 922 

Berabro Pacific Fund Mgmt Ud . 
2110. Connaught Centre, Hoag Kau; 

Sambm (Guentsey) Ltdi 
Hambro Fund Mgrs. (CL) Ud 

P.O Box ML Quernxey 048X2SSZ1 

. aSSa =d 1% 
^^■A-^il 0 ^ S3 IS 

Int Sags. B SUS LM 147| .-j.J 240 
Prices on April 10. Next dealing April 28. 

Henderson Baring Fund Ujpi Ltd 
P.O. Bex N4723, Nassau, Bahama* 

• 1 AM | — J - 

prioes on . April 13. Next dealing due April 15. 
Hill -Samuel ft Co. (Guernsey) Ltd 
8 LeFrtrrre St, Peter Pn« Guernsey. CX 
GuexnseyThL ..0445 1MM-0LSI 161 

Hill Seninel. Overseas Fund SJL 

37, Bun Notre- Dame. Luxembourg 

msxn aoJ+fto5/_ - 
Inte r national Pacific Inv. Mngt Ud 

TO Box R2S7, W, Pit* SL SfOaty. AnXL 
Javelin Equity Tit. [SX 91 - 251) : ) — 

JJE.T. Managers (Jersey) Ud 
PO Box 154. Royal Tit Hoe, Jaroay0594 77441 


Jordine Fleming ft Co- Ud 

40th Floor, Connaught Centre. Hong edo* . 

JMdlanErea.TM._J SHS22944 t ,..J XXO 

JardlamXpp. Fd-tl SHK307J2 I J in 

JardineSjLA.- 5USX2.52 J j 2A0 

JardiaeFlemJntt.l SHK936 I . kl j — 

NAV Mar. 3X *Bqutvalml SUSM48L 
Next sob. April 28 
Keytdex Sfngt, Jersey Ltd 
PO Bex 08. St Heitor. Jersey. (Eng. 91-4007070) 

SgOEzzd&R l 4 

J. Henry Schroder Wagg ft Co. Ud. 

U0.Chm|MidB,E-C3. 01-5884000 

Cheap S Apr. J5 — .] 10 .97 -«M 254 

T^SsInttfiar-ai V- : 

AxixnFd. Apr. 17— WSU71 130t Itt ‘ 

. DnrlingFruT K&l J» X91 490 . 

JOPOTFd. Apr. 30_ jSsfiJ* 0.14 

Sentry Assurance Inte rnation al Ud. 

' P.O. Box 328. Hammett 5. Benanda ■ 

Managed Fund JS05UH7 UUJ) J - : 

Singer ft Friwflander Ldn. Agents 
20. Cannon St, BOt 01-2480840 

« •- : 

Stronghold Mnagmnent L imi t ed ; 

P.a Bax SIS, St BaUec, Jersey. 0534-71400 
CassnodityTVaM -19359 9S54/-0-7^ — j 

Sarlnvest (Jersey) Ltd. (x) 

P.O. Boat 58, St Helicr. Jersey. • 003473878 

Jxp. Index Tre. JOX7B 12jo^-026l — ■ 

TSB Unit Trust Managers (CX.) Ud. 
Bagatelle Rd, St Sevtour, Jenejr. 053473454 

S=SJS^-z:K3 2£|-.:.|§iS : 

Prions on Apr. IS. Next «ob. day Apr. 28- 
Tokyo Pacific Holdings N.V. 
iDttmts Management Co. N.V, Curacao, 

NAV per share April 17. SUSM78. ; - 

Tokyo Pacific EMgs. (Seaboard) N.V. 
taihnis Management Co. N.V, Curaca o - 
NAV per share April 17 SUS37.73. 

Tyndall Group 

, Bermuda, c-ztso 

197M -SA 728 
110.3 -2« 1055 

Vlcmry Bdbsc, DontfOa. Isle «4 Man. OHM sse» 

Motuged Mar. 16—11276 1344 -I — 

UUL Intel. aCngKux (C.I.) Ud. 

M. MulceMer Street. St Hrtler. Jersey. 
UXB-Fund tHBUtn UMt) | 8.13 ' 

United States TsL IntJ. Aft. Co. 

14. Rue Aldringcr, L na e m bo u n. 

U ATtf. lev. Fnd_,l 5DS10.10_ 1+005) 0.99 
Net esset value April U 

S. G. Warburg ft Co. Ud 

Warburg Invest. Mngt Jrsy. Ltd 
7. Charing Cron St Boiler, Jgy. Cl . USM 73741 
CMFUd- March aO.Bgmft _ 

CM! Ltd. March n.EUJM 1X37 . — — 

MtaluTrtJfiardfl ®L4# U26J — 

TMT April 13 Ks? 55 IlSj - 

TMTIAl April IS., (09.74 4.9g — 

World Wide Growth Management^ 
IDs. Boulevard Royal, loixeiabourg- 
n'oridwide «h Fd) 5DSU17 J+flffl) — • 


Prices da not Include S. premium, except where indicated 4. and arein pence unless oihenriM 
builerecd. Yields % Ubm to tare roSunmi alto* lor oil buying, rapenxu. a OSered prices 
include all expeBMS. b Today's priceaTcYlrtd bwd on oSSr prlSTTfeWed. g TWirt 
opening price, h Dixa-ibm i oelreeofPjLtaacea. p Periodic premium Inmreeecplans. * Single 

in pence unless oihenriM 

(Accum. Units)— 

Seat Inc. Apr. 15 — 

KS!S£SS»5, ^ j 

ErtretaeGrrexth.- 352 37J 1DA4 

Do. Accum. — 405 433 +03 105* 

Financial Pr*rty 15.4 16 j ...... 4.88 

Da. Accum. .JZ — U.7 201 +0.1 455 

High Inc: Priority- &J - 62.1 -01 8 M 

Internationa], I 83 321 -04 275 

Special SUs m* Sol-MUl 550 

TSB Unit Trusts, tv) 

21. Chantry Way. Andavec. Hanu. , 02M(E2188 
Dealings to 02M BJ432-3 

(hiTSfl General. CL3 452 .... 350 

(bl Do. Accum SD 57.4 +03 350 

fbl TSB Income — M2 *22 +02 724 

(bl Da. Accum— Mi 632 +02 7.14 

TS3 Scottish. 7X7 ■ *XJa -02 257 

rbiDo. Areum— — 102 8731 +02) 257 

Ulster BankV la) 

Wmlnu Stroel. BeliasL 023S3S23) 

(bl Ulster Growth - 05 8 343/ . 524 

Unit Trust Acceust ft Mgmt. Ltd 

Frier* Hre. Pusd— 033 0 , 
Wtalcr GrtK FtaL -feS 
Dn. Areum. , PB.7 
Wleler Growth Fund 
King William St 8C4R 5AH 
thcomn D ultx 12?.? 
Accum. Units— D22 

01-023 4091 

1 435 

m =i 

0140 4»Z 
J 432 


Previous day’s price, 
9 gross. * Suspended.. 

1 -Royal Exchange Ave^ London EC3V SLU. Tel.: 01-283 ilDL 
. Index Guide as at llih April, 1978 (Base 100 at 14.1.77.) 

Clive Fixed I merest Capita) 132.70 

Clive Fixed Interest Income 119.86 

CORAL INDEX: Close 451-466 


t Property Growth ‘ 8 °o 

f Vanomgh Guaranteed 8.2o°f, 

7 Address nhowi) uod+r ln.wran?+ *n-i Pmperrv b end Table 


Ssp^? ■ 

-« * J ^ 30 €Bticial_ XiOTfes^ Friday April 21 1978 

• ‘ - _ £ 1 }\ k, “ t: j^tJSTRI^^ 

«"* v i-Wat’^l 3* IcwtISJIhB ffi^L 

:,• ties* iPS9l-i|iia as. n 

§ PK IS: B 55 ‘ ...» 2.91 . 4J8 8.M 3.9 «7 6 

. . 7-37. * i|f a i65 ii 

- . ' 3.1 M*Sfc-, TT ' tfnafrlflrfl ^**17 MO " ..:... #4.69 «* 6.2 5.9 £ 77 % £ 

- Ur'qKaSfc M; ftTp«CBft--— « -- tiJfi •— tSf— 303 2 

*3 ^ SaJlT ffiiuSwoMlOB 49% +1% 1X62 23 5*jl2* 303 

••• ••' jWMlL ^.ESSSmiiJI « 3.27 4 2.9 3Jjm9l 

INSURANCE— Continued 

•'• f'iSl'rli’. ^ 

' ?'• -IJS 7 :!* 
^ : ^tl§> § 

G-Mp-i £8 — tf-23 |9 6.6 1W . 93 

■ 55 ...» 2.91 4* 8.0 3.9 957 579 

j tag-r a®;. +? 7 J 7 . ♦ m * a 165 155 

JJHK&flL 100 - ..:... #4.69 4* 62 5.9 £77% £17% 

KL_ . 42 -— TL65 60 — w 258 

fobdlto 49% +1% tl*2 23 5.012* w 
fartiul «& 3.27 2.9 103 0.91 

tfsJp__ 142 -4 u3.63 22 3.8 17.9 
CarXBp. m . -™- 7M.03 l>X2 5.7 12.4 

I |+ at Dh |7UI W» 

Stock 1 Price | — Nei Cn | Gf 5 jPfE BOfib Low 

lADiawO- 538 -4 2015 - 531-347 3W 

nUfeSn 97 +1 1342 - 5.4 - 109 77. 

isboHtf.EDR 894 -43 pOKPi - 'Q.U -• 72 64 

ide Indemnity 165 8.47 — 7*1 — 315 293 

Mfcffl&SO- £26% -% QU .68 - 3.6j — 156 127 
QU Faber 275 >3 9.0 q*4| 5X(l2J 6 ^ 3 

87 75 

77 • 59 

PROPERTY— Oiotiimed ■ m.TBZBUmM pMWtASM-^ 

.1 _ umbwb. fi:'rJ , ± 1 ShS:SrB»v « T*La 1 
s ti«siaa®d LI fell ^ s»@£ *iff 



+, «ri Mr Fid] 

price _ Net CwGrtlPJE 

U ...-. 038 2*1 7-7)41.8 

50 _1 jfe?* 11 aM 7 * 

^ :::::: ^ BiSfcu 

SHS* T».flS« MOTORS, aircraft trades 31 52 

wetHta-^. lg ...~ i*83 4.7 *fiu* Motors and Cycles j« .JJ 

£tt£:‘d 1: tf ”2 UlgjMB’ 4 r “ sja^SP-iK 1 

1 «g tS^ H "* fi "% :::::: = = = ™ 

”* 36 ..... gXM 5* 6.0 ^ « ftStaRprettaL 81$ +1 H516 2.4 9.6 7.9 % ^ 

Sc » ■ -i" «3 23 12 si M.!®* |Wvoa» ^ £14*1 Q12%! 0.6 5H33.0 70 » 

•50n 17381 +2 10.89 * 93 * ■ _ 9882 

Cl 67 2.14 « 4.8 5.0 CoanmQrcial Vehicles sn m% 

S : i-S 41 ' 47 320 82 ESLF.(BkteH- 103 +1 h2.17 6.* 32151 if| ug 

S' I” J 9.4 * 63 « 54 #3*5 5.7 91 OC gf 2 « 

lop j»« 4 ^ ♦ b ♦ “ :::::: j& ! I U m g it 

(ST; *S 2 +%' iw 3.7 63 61 73 5? YoATraHer lDp. 66 214 *15.31* ]q 

IN 'f»ts 


•u 32 [LocuOunTraB 

-S 66 bmdBeUahn 

dalrUatroL. 80 |-1 4.63 23f 8 . 6 ] 5. 

4Eoaar50p 173=1 1+2 10.89 *1.9^ « 

fi». 1 T 5 163 Lwr*Bonaraop i.tsn i += ±a.a 

"I'sth *78 54 M.Y.PaJtltou— 67 2.14 

a . 16 UacameLdn-lfip- 19: 1.80 

'Mic. Uji iffl 90 iTcW»H:.?Jp- « . »,»- 3.94 


? . » « 

^ a s is 

4.8 5.01 
14.3 18.81 1 

hofflM 1 £14*; | |Q12%| 0.61 5. 

Commercial Vehicles 

toPh.t§L 98 3.94 41 61 4.7 120 82 

vbBeGa. 62ri .„... 3.64 * 9.4 * 63 49 

ideHW.«M 3 J90aJ +30 4.90 * 1.9 * 9 

.enyb'ALL 11% ...1. 025 — 3.4 — 7J 53* 

* 34 30 

-as a m m teas.- *s- •-*» M«te¥S 

a fuify integrated banking mvtea 


0.7)13 JI16J 1 

fcis-a H ti l ™ -9P BMSJ 

B IT ^ tt « 7 | S SEa ■ vEt a- ,r« u U « 9 4 4 . - _ u - 

dis s> t, 4 i 1 4 easnu 1 n : 1 .. «s y a n a* f* B5S£ | *» ® a =i * 
- SL? n* 1 fi iwasB 1 ftSS 1 awlilsl^ 

224 -A bJ.O 2.4] L4I46.8 1 iff ^ 

^ » r Hk « “4 

3.41 * 1^ WJ CMtinertlftlnd 182 -1 «-§4 \H 
*7-fl # T«lll2 94 Coaonotfl fnion 103 ..... t2-89 1 1.3i , - 3 |?&5l975 

165 -i J 7 53 Ipj wSd^ 

m :::: w n to 2 yuiec^oi 

46>2 QUPjc * 5J • K ?4 SmoliBlnv 25 ! 08 1* 4* ^.9' 

59 0-82 L2 2.1 59.0 S Denaedne.llSOpi 38% 1*87 U 1X3 J2J 

£ : 1 °4 “ =■ * j I gggSo il 1 M Hife 

S ;1 IS HliSli" ^ SaffisciS a"i5 bm* 

270 t4.B6 2.7)34.4 J|gg Dratei Own’d- 124 A3 Uj 53)242 


Hsad Office; Oaaka, Japan. 

MINES— Continued 

5.9 24.4 148 66 

53 242 156 134 
S3 253 864 ?20 

iST t 6 -. 16X3 X 6 6.7145 

tto :c:: Sio « 4,4 a* 

'+ 1 ) 2.70 *J *4 * Components 228 U3 

i+1 lk 11^ f! ) S W&ti B |::;:::|f8| 13 ?3 U shipbuilders, bepairers || # 

% dh0.92 

I 12*6. 



1 134 Marshal] ‘sun i»v. 156 - #6* 4 0 6.1 45 125 169 

D - c£hi 45 Hardn-Biacfc 47 4.47 0.7 14.4 15.0 120 88 

7 'van MallieHlw7%!*- £96 -... «7%9t Z3 03 - 70 » 

C 1 cfui' 120 H8Wiirds25n 13Sal 14.86 4.0 5.6 6.7 24 2D% 

L , i^R: a 21 -1 11.82 15 13X 7.6 £21% 04 

•'' i^rai 10 KentttoreBp 32% — % 0.93 0.711.3 18* 184. 152 

5 -m MttalB«£L 296 -4 tl3J51 32 6.9 66 90 78 

2 n 7M 4*1 « 8.1 * 119 % 

£ •llS.ig- 36 5eSw___; 41 -1 a* 12 4.0 7* 5.3 11 8% 

)■ '* 140 kQB*bstn.5te. 195sl 14568 4.8 4.4 72 5s wi 

■: *5:i5©- • wlqSk 58 +1 13*6 *4 8.6 7.0 290 240 

? £1M If«nw5pc824- £113 -1 05% 7H1 US — 45 M 

■4 .-BSSSSte uT’S'sH * Ts 1 ? ™ It 

« 5 tfS 34 tteSSSbSZ 47. .....:• ya 3.4 7.6 |o 111% 86 

« • >1 36 32 UoM(BobL)lBp- 34 g*06 2.7 92 S3 H5 93 

;r -;t)|Sa. 62 SSafeSSC TO 5X8 2 4103 5X 

Vlfi « aBaiy*5_ 46 3.05 1 A 10.0 6* 95 63 

\iU 44 -ScWnsglOp «8 X32 02 4.2 473 18% 9% 

» -■•S E58- NCH.4%H®6.. £69 +1 04% 1X9 16.0 — 96 153 

:: -:v Sf 75 KttJSa. 85; +2 330 2J 5.9 83 •124P-10 

MM .64 I 55 fAnml-^BlBpI fc3)al+?2 

Si'©* |S a Kj kg IKS?T: ig :::::! j5 |i»|^ 1 gS 

E A » »=*= « g 

.7 5: ‘-tm- 34 

• r#i 

•r -•V.ttf.- .62 

^2 +% 4.69 3.9 63 6 X ^ hjg Snan 

23d tl06 13 73132 « liau ,Iiwr 

£20 -1 QU24C 3.7 35102 

GOn [177 +2 H21 3.7 351X4 

eo . +1 '53 * 10.4 4 

- 1 105 259 4.0 3.7 M2 

8 % 025 1.0 45 385 ju >252 I Brit. 

50% -% tfl.71 35 XI 163 Sfc gf im 

279 -t 18*2 43 4.5 7.9 fS g? 

45 +1 4X58 * 55 » Hg 

107 -2 5.99 52 5.7 4.1 gl gf 

6 « a +1% 3.08 * 72 * 4 ii. % 

91 ....?. rh3.41 S3 5.7 4.9 %‘ 2 fo 

93rt 4.4 *1 72) * j45 124 


“ ff 

T5 S 

74 5B 
106 91 

117 102 
186 170 

Llnv.Df-O- 211 -2 6.75 * 4, 
Cralnv.TS.. 101% +% 437 ] 111 6 
LfcGeii 68 +1 I gX45 1 Xa 3 

AtGen 68 ‘ +1 gX45 1* 32 UO 

It msr. B d ft i t ,f 1 
fe:S a ' if H i J 1 

HBlMiesfc]- 268 +3 17.61 X2 43 29* 306 178 

255 220 

Garages and Distributors ga 12 % 

cabbcn-l 76 j+2 435 321 8.7)55 Jb H7 

deni5p_l 17% ( — — j — 2X4 ttr m 

iardGni_l 83 1 M625 5.W1L4 6.7 ^ 95 

imlMV-lll5 +2 t7.75 2.4102 75 «, 34 

5 fS%£&,K1S SffflC m% ^ 

iW \ B BHftg S' = = = El’ 10 
? S- .f 2 =4fi_ = « : iH M 

8 GOT. O00 USWKSMMO 0*^2 +% Q 14% ~ “ 217 148 

J 415 284 USMO“Opa' , ttp- ^ “ C C S? 

iiS iR f u • 1 J 

[|&AB3ire^&3c-.= - - - i5 1 
SeS Mat • a j 

L 6 533 48« a^tans-Heg. 523. ^ l|Lt liiwt 1 ^ S 

125 .... 
220 ... 
IBxR .... 

Frk» + - St CVr|S» 

^ : r. Sf mi 

1 » + 2 " W ,ixf §£ 

BO 09% 16.4t 9.0 

. “.. WTlic X^175 


103 -7" Q8c 14 45 

202 -3 QlOc 22 2-9 

lit +12 1.45 4J X 8 

151 -3" Q9c L7 II 
23-1 — — — 

111 ^ ' Q8e 15 4-7 

146* -? IQUc X9 T7 
36-2 — — — - 

. 925 -25 — — — 

45 P -13 Wc 4.0 2.0 
117 -3 «6e X4 3* 

45 ...... 

T R 


ln\_ EB -1 1X66 13 2.9 «.6 
vlni.-' did Li - ' V7 1.® 4.0 383 

tr' r .v*«e oa 
; . ifir- :ia7 « 

sSs£4«^r JBnagaii S* 

*45ZZ: aowUl fss I *l5Xj * ! 38 30 

:::::: U 2.76 

+% 143 

_ 54% +% 143 
J 32 ...:.. 125. 

» 5.6 g 

w « g a 

4.0 8.1 ini OC 

I! § 

: :s:Si iw- pwtelftw— 4.29 * a.4 9 95 « 

lU-gl/ £125 OalSSCv.Lo.HB £138 ...». Q15% * QM — 42 31 

- 1 J6 - 58 Petiw«ml2>2P~ 58 ...-- 1439 L9 1X4 6.7 84 65 

;lno 15 PhHHiB Patents. 15 B — — .— 353 79 64% 

ill 40 40 r_.tcC.48 3.® 9.4 5.4 61 4B 

SP - 2 " S& J& ii U 4 9 

■: r!J6 : 58 

Mil9 15 

■■l 1 £Z 40 

: - {i-'OO 242 
-I. 1 '* 422 

. ;-S £56 

-.r I; !? « 30 

38 +% 1X55 

Is U 70 

o‘j'Bo*mLu..I £65 ..... 
lie Coast. ISpJ 38 +2 

Q5%% 5.6 8.7 - 10 
hda» *4 83 73 5% 

s rtm I SS»i A- 5& ii ft B fs 

■I ‘ c f £ m pSksso?: ig 3 ® m J 0 ^ 

a ifSa* 17 Press fffniJ5p — » -1 g0.84 4.4 55 63 ^ 43 

-o t ■ 154. PreS^f Group- 159 +2 558 3.0 53 9.2 40% 33 

i: | S m* 2 Z 8 Pritchard Svs.5p 33% +% tl35 2.9 62 85 95 68 

% % -■’vm, 7 % Pnw.Lannrij.9p. 9*^5-% 0.4fl_ <■ St* +„ 

S .ijK J 

,]S ,# wEssab: a sr fe I 

h awB 

:-a -:i»Js7 49' BandallJX 

-S 72 HandaQi — 

* : -l ■.«’« 226 RankOrstm 

*:-l:&S5 226 RankOrftan. 
^ -l' : 2lS 392 EsckittCoLS 
" r - »7 262 RedfeamtSi 

i: Li» 42 BeedExac.5 

~ . t; ? R 102 . BeedM-fl 
’J9 --.76 68 HdjcnPBW! 

.5 w rj 0 " 145 Renown Inc. 
>:■ 35 BonwidrGm 

^S2. 114 Restanr — 
% ?:»■ 56 Rexmore— 

25 Riley (E.JJ1 

&*JF B 8 k«hi 

SSSasr-Ss -I & + B ♦, g g 

ZSl 287 +2 iUSSI 4.7 B.4 41 « 55 

SSSSrJt + “rk B 1 H 8 J | 
SBta*= 8 k $ B t 1 | 

S*^: i2 “1454 -uuB ^6 I 

« 59 +1 td3 91 2.41D.0 4.7 « |5 

srBP 133 iS 

14 r? B 4 65 ESXrt fe-_ 68 -% 4X5 3.7 92 45 55 « 

— 353 79 64i, L«x Serried &P- “6 +% 3.47 42 6.9 4.6 3 ^ 27 % 

9.4 5.4 S 48 Loc*OT— “ 2 ,^ M 76 66 >i 

HB4 aiemt 1 12 

H?J& 2 lap ? t « t 

b jr ik g J 0 1 » », 

9.0 7-0 TV d - a n« 770 Tt 2 j 525 420 

5i 63 63 43 T&arLgh-- 59 063 27-9 X 6 23 ^ % 

53 9.2 40% 33 WadhaoStnffip. j7*2 J*2 2.9 8.9 10.1 A2 28 

62 85 95 * 68 fltotolft: 93 2*0 * 3.7 M 97 62 

63 * 145 95 

03 A3) '. 325 1M 

3$ 52 ■ - - 325 288 


!! Milt IP” 

} 8 J! d if :::::: jy || i J 

H t a S WCE: i H fill™ 

jjrt to pn fl F* ■ 83 — — — * 

68 60% Qa a°ai fr »v lnv . 65nl -1 X7 1.® 4. 

j& ^ MEb; iS :::::.u4x ? 



iSASSaal ^ - 2 " Q35c JJ 25 I 3 ?/ 270 S 

fwT 117 +2 MX3 4.7 53 3.9 155 130 

^vU^Onl M7 +2" g654 70 32 M 73 68 

St Z. |n 32 6 X 7X «0 - 

S 3.17 2.5 12.3 5.0 S? 73 Himbros __ 86 .._. 

481 , : 200 3.0 8.7 5.7 S j* Saetav.lOp 30 ^OSN 1.11 Z.9I»A 75 

« 2 107 2.7 6.6 Bi ,S igg HUMUlipi.- - 167 -1 7 01 1.0 6.4 ».7 403 350 

61 2.77 42 6.9 52 ^ 73 t3-71 X3 7.7 15.7 25 U 

» : .;:: thX92 15 axixi l? ^ 7* -4 - - - - m 9 

57 t4.24 24113 5.7 £gi leofcrodfSi-. 58% Q20c — j H — 78 67 

42 156 23 551X9AV «» Do.© 600 ®.49 - U- 49 40* 

21 & f B V * SS^S. i?f 2 * 3£ m || 1 | ™ « 

«%+% i3i « J ft # Bsssasr ,a agga SI 

S iS HLarft MS « £ 

XO 4.8 31.6 k49 — £60 Q1Z* 

XC 5.8 252 450 h25 I'ffris’ns-Crcj.El- 450 .._. U272 

1.1 X9 50-1 75 I 66 |Hoffinii®iS.>_ 75 +1 43 

1.0 6.4 23.7 m | 35 fl Qndxapefl +| OiO 

32 6-1 71 450 450 

* 2.0 * 320 280 

3* 4310.0 51 40 

2J B .6 6 * 58 50 

32 5 h 9J 190 165 

BSt: g r» 2 ;« J « »e: 

anuaSosar— M 2214*iWi 180 140 South KriaaBHL50 

9ft 2! S B3K 


E^ee I p 

&* g - es =«biJ 
asaast: ?*•.-: isi uu 
Sfcr; ™*:r. a * 

KSg »«srj g :::::: sgikBu 

^Ssfiln i| --flgfJJlS 

Saint Piran 53 |gX??j 4f .5-7 

ik 0.7 4* 
25 • 27.8 
35c M 6.9 

¥ UiM 

arts b 

83 * 178 134 SongetBesiS2Il-_ 

43 6.8 68 55 Supreme Carp. SMI 

63 33 100 87 ranjwgiSp-.----. 

67 3.0 90 74 ItaekaoRrljr.SI] 

1 5.9 185 148 rronahSM 

Malayan SMI- 240 ..-.. 

'S Z. ZOlOc — 3* 

87 ri „ 43 * 7* 

87 -3 (0 X6 14.0 

185 W#»cl * [10* 


,5?’ & S3S?S, ; .'. iB 1 ' ' S iS u i COPPER 

i.7| g H« toz SSSb: S j H 3 :S hJ *8 >S ^ jg “ “j “ * i ™ ' “ 1 IW30cl L>1 * 

ife a E-W3J” u f MISCELLANEOUS . . 

8 JJN ikfefl if pl| RUBBERS AND' SISAIS | j 

4.0 1 X 5 22 S 38 Lmc.4Lon.Inv. 42 +% H J, HJi n I I !+ k\ DJv. \JU ^ 750 

2.1 7.9) 6.0 JQ 7 g/i, [Law Debenture.. 94 -1 45 XlJ 7319.6 5 ^ | price 1 — | Ntt )Pw|Grt 45 43 

$ t £11% EUl% 


Allied Textile —1 138 I I 

0.6 1 29.6 ^ 73 * idSvitwta... 85 +% «X3 XO 33 3JL4 » 

4 . 01 X 5 22 44 38 Lmc.ftLon.Iov- +% X§ * , im i 

2.1 7.9 6.0 in, 371 , Law Debenture „ 94 -X 43 XI 7^ 19.6 | 

* 5.6 * cvu. m£ taadMate-lo- £11% *7 — — 

* 10.0l* 42 34 LedaIm’.lQc3)p 34 ..._ 2.77 XO 12.4 11 J 95 75 | 

31 a uvSm^im'- 29 d*13 * 1X9 * § n% 

b s ) £ =» iS 

. . lla 103: LtHLAnsUnrXAl 134 -4 Ifflfje XB 43 203 65 53 

=* "§|J a‘H, 

- : a - 42 Rnttnrintaop— 4*. .— . t236 

73 5J 

77 S iV'iilAl L4 63174 141 130 AlliedTeitfle— 

1 15 M 3 1 1? H » S8S5V- i 

agg: J If & SJ f, S g « & 

carient# — 1X7 _65 M 2-; S-2 ,ci. «>. onuin iah win 33 

i6bSol. Z^ai +%' 
Worts .w. 132 +? 

tfllAJlbft. 55- -1 1Z04 46 53 6,0 1» 

K&5S: ^ J. to X| 631X7 ^ 

niflW 232 +4 10*4 35 6.7 6.4 


»: il-lni. ert 

"H'^KVtsS fitiff-S i 

ii §fc&S5Btz,* Sg j 

:« iSM.’ 56 _Dft‘A‘N-Vl_ « +2 ^ 10 

4.C 7.6 53 Wa 

XO 96 62 278 235 

* 73 * 1® 174 

IS 73 262 44 « 

Ah a f, 6 0 168 153 

raXunpuc! 183 5.44 44 4J 7.6 1^ « 2 -li 2 £72 3.7 94 4.4 ^ 173 LtaTtt.Sf„ IK t|0 

SHteiS =1^8 B Hlf f S ““- 4 ”ii dTilttsi :■,::: & 

lifer n< is- 4 I t s I assist s ± ys v s §■= - ■■ « 

BBS *!•;=« i s SSRfc B ?r« 1*11 H Bfggh: § =» 

Bl/mfT— n I 183 


7 83 75 35% 31% SKnEMb R -••••• 

“" ,7 A 18122 71 42 32% Bright iJohni — 32) a . .... *46 

-if e« si R!, 4% Bricrar&T)5n_ 5% +% — 

d6.49 35 7.1 6.1 ^ 53 

334 X7 9.7 5.9 m 95 

1X62 52 75 X9 *73 fil 

e4.90 X91X4 7X m 16 

J0.82 L 8 . tm HI, 5V: 

ilm-.lDcajp 34 ..._ 2.77 X 8 ii4 115 95 75 An«5i>-Inita»%— 

Cap. Sc 22 . — 80 65 BertaanCDus. Mp.. 

ammeUnv.. 29 d213 * 1X9 * 75 m, BtrifAlrical 

c Abdn ?M5p 8 233, - r.«, 4& 31 BradwB . 10p--- 

Ati antic — 58 ...... tX« XI 7.0 g -6 227 165 CaiMWdWp— 

AnsUntXAl 134 -4 «H0>* XB 43 203 65 53 nteTOneselfe..- 

*GaiLS)p. 57 tfi5 1.0 0.9 1U2 i41 95 Qua. Plant* life— 

LtHririwS. 106 +1 3 M * 52 * 57 57 GadekMfibwJG^ 

Ufnnm 71 tX45 13 52 263 72 % B% Cmnd Central lOp. 

ItaioT: 22 M e!l 2 o ao 2 ii coturtea—- 

1254 I 2.41 4.1 162 

10+1 — — — 

235 -39 Q30c 25 7.6 

!S - 8 ' 95 * 75 

31 — - - 

*43 1*1 25 43 

155 -7 Q7e * 22 

XB j(J2it jiij 59 i 2 Lo 0 .ftLom»d - 6 oi a +% 24 XI 5.6 S.9 79 ^ 45 

X9 1X9 43 lai 2 157 LtaftMontroee. 174 ...... 1525 10 4532.4 K 5 ^ HighlmdsBflC--. a . 

X71X5 7.8 tm 93 UB.&Prov. 1 M +1 3.40 * I-S^b 60 41% Koala KeponKlOl. “ +1 ! 

_ — 2 5 n 64 Lon. Prudential- 67 XO 55 a.| 47 29 Vffufi mBffi -—-. 47 

_ _ - aiu 34 .. a. 4 S' dyde_ 38 ...... tl38 XO 5 5 275 145 6 g LdaSusutaalOp- 135 -2 

3.71 94 4.4 -fig* xnl ftSSTsLMd!— IK tB.0 1* 6.7 94 43 MalatoSMSU 4| •:•- 

XI IX 6.7 M5 35 5 fl MhfeyatamllhJ—. K ■■■•■■ 

80 +1 35 

46 +l' 17 * 5.8 - 

H7 +7 sX 8 13 1.9 NOTES 

65 .._. X75 * 64 • 

s - 1 c f y «=■ jT^aaeftja aaJi?E3^a£ 

^ ::»s Ib || 

a- Sbc = B a^.s^irjt!^j£agjqp 

60 +1 SS%C 15 46 

47 ^ 5.4 v uMn owttoKd on mkhllg prim, gore gr— » !■ ACTnf 

135 -2 iW.O 1.6 4.9 u ^ cm. md altor Cm- valve of declared dftaMMrai and 

94 Wile 17 25 ££££. *£> du w i. i l . Mlwi . eth er Urns « «»■« — 

35 +1J3 0.4 5.0 quota! taduatr* «£ the L nw taaen l dollar ®rtnrit««. 

» ”u.. «ZX 8 XO 45 A Sterling deouminatari oecurttka wHlefa tnduda bmwtiwnrf 


sTOuey 232 +4 W2* AJ 

SnuMlbdxt- 26 10.85 3.1 

®e» 9*P- — ‘ 77 +1 fi 

a | 

tCTM — ■— . 67 ._... 1X94 

HCfcd.-TaP i 

ruHVks. 63% +% 234 XI 

DwMifiB 4 = 

X610.4 5.7 52 48 - Lo«riandlnv — 48 

- - — 195 178 K*CDua!lnc.l 8 p 1B5 ..... 
* 57 * urn. on DO-CtalGp — 10?_ -1 

1X35 XO 93163 ^ ^ 

t&O XO 9X 193 

a KriaaEl — 

£28%|:::::i«5 i mi 4*1 ss"g^ ,u,L 

g &natySewfcw J 1 M 

rDn-A-N-V—Z] 9B J ... 

of vin * 

.ff-a “ ± 1 ? !' 

*21X6 65 47 [ 35% ] 
Z 6 93 62 
571 0.0 28* . 

a 67 6 .B 
42 5* • 

L7I6214* I 
XI 52J15X * * 

SI XI 57 57 r 46 I 

a i Q Aswh 1 




sr- ; a Kgfc-i “frafiBl 

: f.A- “ “ -iSS 35 5* 65^ 

96 h SfflS±: W +% +4*1 A9 6.71X2 g 

•I d ig- a. ?|i y |» » | 

'll t " ^ uJ! 1 

g gSSff wS Sa" -2" Sifl lt7 X2 6.9 ^ 

-■m £Zm DoA^Cnvlo. £275 IHi f3.b 74 

.-rfl.* 10 aaf tata U 43^4 0.9 t «> 

=?■ W StMFnmthnf— .Wal «» « ♦- £■? J- 51 

> 28 
-. . 199 

. v - -r 

X9 7.0 75 
XO 10.4 15.1 
2.013.0 6 .B 
4.4 5.010* 
* 12 *„ 
16.7 12 6.9 


advertising ™ i; 

“SSr. e|? :::::: ^ 4 |“ 1 1 | ™ | 
BS^taw-g f] t S.S, 

BDLftSntag— 4Palri +1 3X8 6 ^ 97 * 50 « 

MSr. £ = 1 f n 1 | 
safe: 1 ::::- S® » « tt | i 
sasffik * = >i « s « S i 

* 31 uravum.^ — *7 — 

¥5 76 67 CoatePstons — 76 +1 

W 39 29% Condi-- ,32 +1 

125 109 Coc+ w iMs. ■ ' ■ - JW -2 
• £80% £72 Da7%DeoB2/7 £72% .... 
. .37- 32 CrontiterU.)— ,32- ..... 

120 99 Davrsonhnl 120 +8 

119 98 Do. ’A 119 +8 

70 55 DLurntDarofl—- 69 .... 

35 29 tot lO 29 

AS ft. EE a. HI 

25 fosierUolua. 


[P , s«-50p- 


-2 1M1 2.3 9-5 150 ) 3 g% 33 JlencantiJ* 

:::: t. * S 

:s ?1 H9H 8 i 

1*38 X 6 5.2 10.9 471 42 Kool^aD 

vrS S SSS 
B|9 Sg5K 

0-75 0*10.9 - 105 70 DaCta 

encantilelnv— 37t a X25 1* 5.0 24.4 

&- 1 , a: E a 

onLBarimlOp 62% .—. 0.88 . 12 X2 575 ; 
DawSSu 42-2 - 200 tl75 

OOkwattD— _ 44 +1 - — - 385 280 

SffiSs: 1 :::::: Sj5 ij 

ttU&ASDS 1 - 775 ^ 9fl 125 1X2 

e«Tlm)&Iac- 1§% ■..■■ FX54 xti u .2 ux ^5 222 

DaQip-&__ 80+2 -* “ ~ “ 245 130 

• teas .. 

India and Bangladesh 

Smffifc 80 Z'- XW 

lerfiuard— W -- LW 

p rift 4 if ft him 

tFVi7iHml»8u Bli »->■ 

SffiE: ^ ::::; & f* B ta g g +s a IJS 185 1123 |UOTBlEl 1 145 , -- 1 53 1 131 5,7 \ Stttfi* 

K— 17% +1 dX05 2J 9X 60 U 7 i 2 99 PcrtWiw^ 1 H -1% 4 ® || S AU\ ... SltaDw. bH 

Sri Lanka 

• KbIu and Lem marhnl Uiub have bMnwUnrtnrite aHew 

ter rights issues for cnah. 

S T Interim since liicrewfd or resumed _ 

■ t Interim sine* neriueeri. paauri or determa. . . 

•' t* Tiut-frcB to non-*w«lri«its on apnllctelou. 

m fflanP Kh * Figures or report awaited. 

' It UnlUied jeeurity- 

19H +951 5.9 73 * Price at dac of suflp^aslon ^ , 

ge 1 fo 25 

2|5 +2 #U-M 60 5.7 * SmT’iSSta^reduced final wwt/or reriucad earelnm 

390 15.08 4.9 5.9 # rareaSt 'oiriiteMk cover on aonUnsa updated )«r la*w* 

201 -1 ^33.0 35 9J i fTranneretenol nowre^ctog for 

162 -1 9.0 « ^ ^ 

« dividend at a future date. No P/E ratio uaoally prtmded- 

IlRfl f Excluding a final dividend declaration. 

. r rn- 10 StaQexInt 

’* sid- 93 Hag Furniture- 
165 Heefley----; 

5 28 Hriux HaaL RES 

= : j_ » 

■ •; 7'- 85 StondriRHldgs. 

■ B% 14% Sumner fPJ--- 
.'-1% 26 SanhghtSsv.nii 
' 8 35 SS&SpB*, 

-- 5% £11% Siredfah Hatch E . 
-.0 70 Strire Pacific 60c 1 

8 93 Sritone 

5% 14 fin>ei5B 

: :?JPSSHta: 

V.l- 7% 

tii mat: 

!; -.7 U7* T?^lOTH.a)i 
s% £21% Trans, un. US$1 
. :-3 63 Transport Dev, 

ii b-^jLu'ga I 

1 BSSr L»»ll8l I 

03 U4 -1 bX7 mo* 7.9 41 36 

f* BS il S 12 % - z - T s spsfrs 1 +? s x x pi Airica aar. arsjaswgSjS 

« i a=« I s tL-af ?SS “ 1515 Iruo&s ~ i 1 -- t 1 

3 X 4 ™ -1 1,7.7 XbjlO* ' 7.9 41 36 MaierfF.JlOp— 41 — X46 * 5.4 * jg 

« K3J) XlllO* 7.0 60 I 46 ***<*-. « ‘ I t H'M H Q 

& S’ a- a r U ? Jt .8 BCttS f 2 a- | & »&! 

S J, ^= S :::: rJS l« | [■;&&. SESSo™ g, -v i | S| 

Sfc: >g :‘... is « a : ss %, a. 4 *5* “ “ ^ 

5 WSC S :::::: IB? | 4 |j K 9 * g 2 KJSls: S ft iS , 14fl 

59 +1" MXW 3X1*5 24 159 pKSd.2o.ap. 1M +2" 553 1* 5.0 25.6 

5.0)25.6 416 244 

MW* ^ 


SKEffifid si. I-kIj 


i™Ute — • 38 «> uni 55 

67 Transparent Ppr 6 S%H* 

57 Tridant Group-. ) |0 ..... 

49 Csber Witter l«P- I*-- 


5cri Aa.Inr.50p_ 6 ^r -% 2.5 XB 4.4 33.4 

Coni JL fftnl Tjjv ' 70^7 *“^3 l.«- 1-3 Z -» 

SSuSSr/T' ssF a.0 1X7.9173 WACTF1 

^StaZlK%+%«5 XI 4 6 31.1 EAMtU 

ScoLltoop era- |7% . . .■ FlJ- 1* 5.1 »5 w | 57 t z 
Sfottishlav— _?5a -1. 236 XO] 4.1 36 A ^ 

r«ita EsL R2 £31l« - lW^50t 
SandRl ....— 117 -5l<413c 


a Tax free, b Figure* based on prospeetu* or other offirial 
estimate c Centa d Dtvidend rate ” 
n i m, H 7 A of capital: cover based on •OviaendoB fnUcapwd- 
n 1 1 lv*t e Hedmnptton yield, t Flat yield, g Aaanmed diriden d and 
0 1 * [13.6 JJjXhAamaMd dividend and yield after aatplma*- 
i payment tem capital source*, k Kenya, m Interim higher 
tbu previous total a Righu Uaue pending .q Earning* 

. Sid^nprtlimlnare Hsure*. r Auatndta. currency. 

. ■ Dividend and yield eactnde a special imyineat. tjndl cgg* 

• dividend: cover relate* » premoua tevldend ME n*o baaed 
on latest annual earning*. ■ Forecast dividend: cover uaaa 
an pfovtoos year's earnings. ^ riild 

w Yield allow* for currency clause. J DJvWend and riold 

M based on mereec terms. » Dividend and yteld .I nriudo a 
— special payment- Cover does not apply W 
t ANri tUvUeod and yield. II Pretereneo dividend named «■ 
63 deferred. C Canadian. D Cover and P/E ratio pralUa 

66 rf v fc neroroace Bihrjtariw. E Ibmio price. F Dividend 
“ ^rieirS^SnlSSSectus or other nffleW «ta-tol« 
1S77-78. G Asuuncd dividend and yield after pen ding s crip 
and/or righte Uaue B DMdand , Bnd , ^ 

prospectus or other official estimates Uw MTO-T? KFlpni 
toed on prospectus or other offietel estenate* IwIJi 

: ? IOh 9 33 

: 6-i % S BBS3B; g Sifi g &> h VM& » 

as 5.1 67 50 Sirdar— i 67 W2*2 « 6.4 X9 y^Wa ScoL Nabonri - ^ 6 % -% 3.45 IX Jb 

6.0 77 31% 20 Small iTWinas.. 30 ... XO ft 10.4 ft «% 1 N. SaLNotaa^ W 2 -1% XB4 IX «|{U 275 


:• 1 % 9 Turner 

rj- 150 UKOW 

•.:7. 88 limcm 

171 a! -13 51X5 *510.4 5* 
foi 0 ”"* ia -1 " 1SX2 XI 8 * 7.9 

t.u y ' ▼ yi #! 2 03. prxi™i»u- rr„ T n K * W 6 3*1 4/9 

- :::.>* ^& 8 B£z:. s PJIII im 1 If 

*46 1-3 9.6 7.9 35 72% Scot Western — 88 -1 2*0. 0.9 3.8 .23 „ ^ 

8 fi H B 8 basfc !?*■ = 1 . «c H ?]g 5 7 S 

165 ftj 7-4 .ft. 79 2 65 Ikec Great NttaT] 78%-% tX79 lX) 3.4 40i9fw 

«W -2 5,48 *5 ,9.4 6A 

property * 

m% -2 to»c 

27ij +1% tOOTc 
323 -10 N25C 
79 -2 QUe 

275 -17 1§34t 
36% - 1 Wc 


43l a t 1%1 - 

k w rail 

.:.. uo ♦ 5.4 « 

“S? ♦ iBj, 

X5 12 3X36.7 

' •• Oz 11% Uwchromt— ^ J- £n 147 ) 74 59 ‘ A«au8CT*20p W% + 1 % .X9 « « <*•* 

• : ; 5 74 WWGiltMu 99 &T 3.7 6.8 6.0 I 47 BeswlC^EriOp- 54 -.MU 1A 1X3 94 

i 1| ■ I f 1 1 111 S I i *■ i&ra 






Decliaaal ROJO— 
DuonjfontrinBl — 
EaatDrteRl— - 

>8 "rl Sffilsd 1 ® :::::: ® aim B EG&eL 


93 '«) 
93 81% 

26 22 »i 

90% +% 2*8 

LGnreth— 22% ...... 1*3 05112.711*7 4 593 KJooIGoldRl 

.r-i « ssraesc-a a ®f|j till ^ ^ 

V! ■S-'BSSgs % u-u H§ „ 

^ a SfflS^ JS Si- rig li J) a ■ f ^ :■“ 

•; « SSSSB?; » "■ f aisS tf- sSS5i S’ 3prin| saw 

g SSSfes; J s 

:-i* lS WiMWI. in; -V- SxUflW - 64 « 

.'■. 04 £89 m lOpeCdv — £90 QIO^ 10 7 5 0 93 52 

-1 36 la ' — 1^-41 b63 3.7 63 29% 22 % 

■j > 47 £5 'itzi *7 73 7.6 IB 154 

1 ’ Jft X80 X 6 9.S 53 27 n 

.% 36% WtunlndLiPp-- 3 ^ 13 1X2 10X 91 75 

-\J 34 WitterrnKroaS- «% S ?j , 6 b.3 X9 5.7 88 60 

.:.. I 19 WtoodftSmsSP- 1 PJjJf * 43 ft 15% 11% 

•-••i 24 WoodlArttanSp 3W u-90 V 

83 WoodHaJJ 94 Jg „ 

■■ L. 44% ZettersSp 47 £102 £ 6 » 

iff as- 
::::: f&? U H 8 


Investment Trusts m» g 

d CawtalQ- 

SSS— il% 1*84 1-2 4.4 a .0 2“- 

S ar li 8 B 

1 cits 5 k Dividend and yield baaed on prospeews or 
^•5 Mthmstes (or 1018. N Dividend and rield based on proyeetoa 
1* — official estimnlea for 1B7B P Dividend and yteJd 

- 46 taMdlm^osportus or other official estimates for 1BTI 
1J 14.4 q Grots, t Ftxun* aisunitd. V No w gn i flfoiit Co rporat ion 
X 8 7.4 Tnx parable * Dividend wtal to date, ff Yild based on 
1* 4.9 aamimption Treasury BUI Rale stays unchanged until maturity 
1*34* ofWiT 

0A 3BX Abbreelationa: slot dividend: wen scrip Inane: a e* rights: 

1.7 8 * uUi ** ®s capital dMribntion. 

^T P^cent Issues " and “ Righte ” ^ 

This serricp Is irvuiWW* U> erery C«Bi»ny ieatt In «« 
. QMwt Exchanges throughout tb* United Kin g don far a 
9 2 - fae of £400 per annum for each feemity 


^ H fSSSX brt^rhich ore not otflelally listed In London. 
73 23 ar * u 9 u< * e d on U 10 Irish exchange. 

X 6 10* Albany Inv 20p| » ).. ....) Siw*. Rrfrriunt . I M ).... . I 

X7 4.9 Ash Swt using ...I 45 I I Sindall <Wm.l_.| 85 | I 

M 1 * ...?.. 10.91 0* 7.7 24.9 95 175 JpreeStaleDec.Stel 75 ] QUe X4^ 8 j 

91% ...... 332 XO 5.BM.4 Q 7 % £ll%)F3JGedukl50c — £Wt|-% ^40c *71 9.i 

174^ 5.94 IX 5*25.9 122 1 59 ^ F RSadp»*»IuJ 63 I-* -r 7 -J. 7 ; 

05 -5 QlOc — 0.7 — «-ift 503 HarmraySlc 1 283 1-13 Q55c 4.711X1 

• Stale Dev. 50c I 

11c l X4j 8.8 
240c [ X71 9.7 

9* 53 27 a 
11* MX 91 75 

X9 5.7 88 60 

yttewT. life— 

70M-3" X98 ft 43 ft 220 193 Alliance 215 +* T£d 850 600 USTrndFradJl- 825 -5 QlOc - u ./ - 413 283 Hannrasaic 7 c v q^ 

ici ? • y infl 115 AWfundlnc. 50jx 115 ...«• t7JI LU «■*» mi 7 * \ihnB Rcsoorcef— 83 +lb XI ♦ Z-" . f, 134 AA L/orifflR? " 75 ■>■■« _s£! 

ft*Z. U 2* 1*303170 129 Do. Captteipp- 1»% +% J036 ^ 59 % if.CtilTtawlOv 75 4% 0.75 X5 13 6A5 750 hmBpndWc — IS “S ^ 

21 % .... 10*6 — 4* — 62% 53 AatonMlnT.Ine-. 58 14.06 1.110.613* M7 278 ^erpsslDT.O-. 290 ..— . 10*1 ft 5 "S 7»9 582 Pns.Steyna)c 635 -34 

78- +1 1079 16 13 >3.Di 61% 47 Do. C a p .. ^ .-- 56 -1 — — — — 133 m winlMbrtlmn — IK +1 4* X0 3.80.9^ 733 St.H*-knaHl 707 -44 1Q11 

79 +% 1X96 X6 5.7 8.7 «% 37% Amencan^jid. g 3 * X35 XI 4.7 30* ^ Wltanlry M% +% JX93 XI 3.6 309 m 144 UaiseL— 1« — 

7 -. r.,r. S S *ss:£? 8 ii U iiai.n W is— -2 X ?-g. r. «i«lS 5 .!?LS& s £ 3 ir= 1 &. :i” S 

l ‘)100 

■= f34 

148 tailannieSp 


IstH . 1+2 - 1 2 -a - 33 x. 

071 83 47% 27 Eng, 

£102 £60 Dot 

' £100 £78 DO. 

45 38 gs. 

20% 17 Saa 

K 77 E* 

100 76 Evar 

in’ '88 Fain 

4 .2 W 9% 7 m 

BstataiCp- 14% +% -v 

ngtanlOp- g ■-■■■- 1**' ^ 

1 2 13 ISSaS&l si Itrl&imrdni 

Z%lr ~ W E h y ^ I $, i if y !ii' ■ Finance, Land, etc. 

SS5 3 t It- ?! g i.SS Mh« 

X&1 831X3 99 

i&fls J 35 ai5Sifs | wife i ± J u ads^BkBsa«-*-l . ^' :ifl 

—■1130 (104 !. Da .*?* s ! , 5:.-- 3H,' Til” ii; rJ»M7 7 5 frorigreen.KJp- j -J 

40 Conv.OS-BfWBJ £94 -% 

M . ..... Alliance Gas — 63 

57 Amott 290 

J5 Carroll 95 -••• 

47 Cion rial bln 1BO +2 

M — • Concrete Prods- 127 

IfO Holton fHldga.> 40 

,80 In*. Com., — 

Ig Irish Hopes 232. . — 

25? Jacob Hd 

53 Sunbeam.. 

129 TJt.G 

JO 1 * Unldare — 


30 +1 

177 +7 
95 — 


SK— 154. +2 9X^ r - - ^ 

MsedAa.$L_ EW% -% _ gX — 28 4* 

m. Urdoo — 15? “7 613 — 63 — 590 5S 

hSfc— *SL " Z M 66 - 43 - 30 Z 

MwEds-lOp- 1W 1538 xa 86 -% 0:41 4* 0.7 481 , 

% i ii b B» 1 I' ! a 'i. a y Hi 1 1 
ssse: » «“_* S 4 S, ssfc-Tsa at u hh ^ f 

SSSS^ sg ffi H iSSfiSi* 140 tsls « u» w * 

ZH -2“ t237 *2 2X (25.7, 297 M ?order^ta»p. +1 Lci^ul H) 1^7 £13 IfXOV 

. „ 515 1424 (Ang AmCosl50c_ 

Finance, Land, etc. 311 246 .'tiSoAmer. ioc— 

' ’ £17% 04% Acg-Am.GoW.Rl-. 

218 I 120.0 | 4.7113.9) 23 700 621 Ang-VadMe..— 

10% I — l — I — I 2-9 137 119 Ourtg C ons ■ ■ ■— — 

39% I — ■ — — 5.0 204 163 Com. Goldfields- 


East Hard Con. lOp 

127 -i Q12%c 3.0 53 6 * flggHl 
59 336 L4 8 * 1X0 £13% £10 Id 1 burs Com RX— 

£lk Z: 025.6 U XO * 180 140 HWdle WHSc™. 

2$7 +2 tlX76 XO 7.417:91158 126 iGnoreoSBDL40 — 

32 +! 110 3.7 4.7 6* 122 97 NeeWttBDe 

ll - -1 - 20-7 £11% m Patino NVFlsf.— 

50 t0.99 6* 3* 9.4 ss 50 Hand London 15c_ 

41 +% 1.72 *1 6.411**12 375 SdeetwnTnat — , 

13% 1?.. 1.01 L7U.4 7*210 161 SentastlOc. 

24 10.49 53 3.1 10X 42 29 S0renmneE2%p— 

105 14.49 13 63 18.9 03% £11 rvaaLOJosLdRl- 

171J +% 1* 19 8.7 8* 232 IK LLWW-- 

.' 9i| — — — — 292 238 UmonCnrpn.SXSc. 

17 - - - - 53 40 Vogels 2%c 

so tx64 «j a* 43 

m - - — - 

XO 7.4 17$ 158 126 SHnoreoSBDL«_ 

3.7 4.7 6* 122 97 N'eeWftBk 

— — 20.7 OIL 860 Patino NVFlsii — 
6.0 3* 9.4 58 50 Hand London 15c_ 

3-month Call Rates 

I.CJ | Z3 |TnbeImwst..-j 30 

'imirf- I 7 tUnUevcr — -J40 

9.4 , 61, -'imps" 7 Unilever — — j 40 

8.4 NE=f Stf LciT- 20 CtiLDrep^l 7% 

9X “ Irweresk 7 Victo rs , - 16 

83 fefldSgE M KCA 5 Woalwortha — \ 6 ; 

5.9 Barclays Bank. 25 Lad took* — — 17 r 

9.0 nrrOniiii^ 38 Legal A Gen. _ 14 P.-r^V • 

06 K™v,Dnig„. 35 Le* Service —4 7. RnLijud .1 5 ti 

| Brit- Land — .] S%1 

36 Lloyd* Bank- 22 Cap. CounUM.' 5 

BAT 24 “Lota ----- 5 EA 5. 

British Oxygen 6 pndon Brick 5 intreuropean J 

Brown tin 20 tonrho 7 LandSoca. — 3*_ 

Barton ■A'—.. 13 Lucas Inds....- 25 mepC 12V 

Cadbnrys 5 Lyons U.) 13 Peachey 10 

Courtanlds M “**■?>* = — ■—■ 7, Samuel Props.. 10 

Bobeuharna. ■■ 10 Mrta . ItSjmcr U Xown&Cily-. 2 

wSBksZ -. 13 Midland Bank » 

8% N-EX 20 oils . 

Eagle Star _ 11 Nat West Hank. 22- j. . . n j «- ; 
E-iIl I IB Do Warrants 10 gSSSfc. ” ! 

ib pteKCT 1- "” 9° Charter hall — | 3V 

fBS^L « R.asT:— I. aa=Hs 

Glaxo « . 

B r: #034 Tx 84 M DIAMOND and PLATINUM gSgSE: i SS± 8 
a “-AS iiM i ff 1 t!*_ISSfl 6 Wi sl&T— « 

"*A’_ IB Ultrauur- 
P Man 

tll23| 9.4 90 _64 

20 “Z!X65 13123 9.4 90 64 Mkk. ™ ,..._ 07Jc 

X « r 1’ : ft, i WSfc s %m 

is iia* y ym n g. Isssez is a-® 


325 -10 

TT- 5 + 61 G3£K 1 j 22 jTesco-... * Charter Con*..) 12 

^ , 1 * j| isssrss-i g psk— d a test! a 

§L7c XI i ji. selection of Ordions traded Is ffiwi on the 
12%c X4| J London Stock Exchange Report pa|«. 



Friday April 21 1978 


Government launches plans 

to encourage 


GOVERNMENT plans to Intro- signed by the Liberal Party. The about obtaining prior approval to the Commons earlier in the 

the companies they work for sions so that no income tax at ail companies may find the propo- might try. to take advantage of 
were launched veslerday in the is payable after 15 years. sals impracticable. For example, in future. 

Finance Bill. ' Following this concession, they are unlikely to be applica- Special reliefs are also given 

The plans are the result of the Liberal MPs may now try during able to many U.K. subsidiaries of to farmers and divorcees and 
pressure on the Government of tbe Bill’s Parliamentary stages to foreign-owned companies, and children of broken marriages, 
tbe Liberal Party, whose leaders remove any capital gain tax liabil- they may pose problems for com- Rupert Cornwell, Lobby staff, 
hope they will lead to a rapid icy after a similar period Bui panies whose shares., are not writes: The vital clash on the 

growth of tbe employee share generally the Liberals favour tho quoted on the stock exchange. Government’s budget proposals 

ownership form of profit sharing. proposals and last night Mr. John The cost of the share bonuses will coine Jn about three weeks’ 
In general, the Bill shows Pardoe. their spokesman on econ- will be allowable for corporation time when the Commons votes on 

signs of tbe increasing strains omic affairs, described them a« tax purposes, which could in- amendments to the Finance Bill 

caused by high marginal rates of “the fruition of years of cam- creases companies' interest in’ aimed at lowering tbe standard 
tax. The numher of measures paigning by the Liberal Party introducing a scheme. rat® of income-tax from the 

devoted to giving special reliefs and a significant first step to The number of groups which present 34p. 
is sharply up on previous years, wards the creation of an Indus- have gained special reliefs from A mandmn + 
reflecting Government response trial demorcracy." other income-tax measures in rVJnenament 

to pressure from particular Although no official announce- the Bill is likely to reinforce the After studying the text of the 
groups such as sclf-emploved ment has been made, it is possibility of a Tory/Liberai Bill. Conservative leaders have 
exporters and North Sea divers, assumed that the Government alliance to reduce marginal rates- decided to table their own 
^he profit-sharing proposals intends to exempt profit sharing Their argument will be that if amendment to lower the standard 

provide tax concessions on bonus bonuses from the limits of any tbe rates were lower there would rate. But It is not yet clear 

allocations of up to £300 per ein- further round of pay policy after be no need for making so many exactly how big a reduction they 
ployee each year. The bonuses summer. . exceptions, with all the time- will seek. 

are turned into shares and neld » , consuming complexity they Conservative strategy will be 

by trustees for at least five years. Approved. entail. to allow the Bill to have its 

No income tax is paid until the But such an exemption would The Bill extends to self- second reading next Thursday 
shares are sold, and the amount almost certainly apply only to employed people and partners without opposition, and to con- 
of tax then due is tapered in fi' e s bare allocations. This would the travel relief for those who centrate their fire on the subse- 
stages so that it is paid on on.y mean that employees who might work abroad first granted to em- quent committee proceedings. 

50 per cent, of the original value prefer lo opt for a cash hand- ployees last year. The sums Three days of detailed exami- 

sfter five years, with nothing out (which would be subject to involved are negligible and the ration will take place on the 

due after 15 years. immediate income tax) would number who will benefit small, floor of the House, beginning in 

The proposals are broadly In have lo accept a consequentially North Sea divers will be the week of May 8. The measure 
line with one of the schemes in- lower pay rise. assessed under {he more ad van- which gives legislative shape to 

eluded in an Inland Revenue con- It will be up to companies to tageous Schedule D terms for tbe Budget -then goes “ upstairs ” 
sultative document in February, decide whether ’ they want to the self-employed, rather than for further detailed scrutiny by 
Known as " method three” in the introduce the share schemes and on a Pay As You Earn basis, the smaller Committee of MPs. 
document, it was basically de- the Bill does not include rules The justification for this given Parliament, Page 12 

for 124 

Consumer spending 
increases sharply 

1970 prices, seasonally adjusted 
. £m. 


By Lome Barling 


SMALLER companies are 
minent this year in the Queen’s 
Awards for Export and Tech- 
nology following a period or 
record British sales overseas. 
Last year exports rose sharply 
and contributed much to the 
economy at a time of depressed 
home demand. 

The proportion of smaller com- 
panies among tbe 124 Queen’s 
Award winners has risen from 
about 30 per cent, last year to 
40 per cent. However, the 
major engineering, construc- 
tion and electronics companies 
remain dominanL 

Recognition has also been given 
to the contribution of invisible 

exporters such as consultants. 

insurers, shippers and smaller 
companies such as travel 
agents and conference 

The General Electric Company, 
which this year won three 
awards, remains the most 
highly recognised company 
with 51 credits to its name 
since the. start of the scheme 
in 1966. 

The number of applications 
received by the Queen's Award 
Office -reached a record of 
1.860. over 50 per cent, more 
than the record last year. 

Applicants are expected to show 
“a substantial and sustained 
increase in export earnings to a 
level which is outstanding for 
products or services concerned 
and for the size of the 
applicant unit's operations.” 

Among the major companies 
receiving awards were Air 
Products, Associated Portland 
Cement, Balfour Beatty-. 
British Steel (Overseas Ser- 
vices). David Brown Tractors. 
EMI Records. Ever Ready. 
Fisons, Kodak. Marconi 
Avionics. Plessey, Pullman, 
Kellogg and Rowntree Mackin- 

For technological achievement 
winners include : BOC (Suh- 
ncean Services). CJB (Off- 
shore) Dowty MininE Equip- 
ment, GKN (Forgings). . TCI’s 
Mond Division and Pharma- 
ceutical Division. Pitkington's 
Research and Development 
Department and Rolls-Royce's 
advanced projects department. 

The technology’ awards were 
mainly in the areas of drugs 
and agriculture, with ICI 
receiving one for a drug used 
to treat breast cancer and 
Smith Kline and French 
Laboratories one for treatment 
of peptic ulcers. 

ICI also won an award for an 
insecticide, while the depart- 
ment of hop research at Wye 
College and East Mailing 
Research Station were both 
recognised for work on hop 
plant development. 

Tbe Queen's Award Office said 
.that tbe unusually good 
response From British industry 
this year was undoubtedly 
prompted by good export con- 
ditions and to some extent by 
the Queen's Jubilee. 

Details, Page JO 
Men and Matters, Page 22 

Continued from Page 1 

Forces’ pay 

also on tbe cabinet agenda and 
a statement will be made either 
late next week or the following 
week. Tbe expectation is that 
both groups will get a rise of 10 
per cent in line with tbe Gov- 
ernment’s pay policy 
Doctors believe that their pay 
body recommends an increase of 
around 30 per cent and they are 
looking for a deal like that of the 
firemen, with generous increases 
phased in over the next few 

The Central Statistical Office 















1978 1st 


EEC plan 

to curb 
in new 

By Guy de Jonquleres. Common 
Market Correspondent 

v« the purchase of motor ~jr. 
vehicles, as shown by the car Brst 

On Sour£o; Centra/ Statiulcat Office. 

CONSUMER spending rose 

sharply in real terms in the first estimates that there was a 
three months of this year and stantial” increase in sn< 
was at the highest level since on 

the early autumn of 1973. ve. 

Expenditure has increased by registration figures, and 
41 per cent, compared with the household durable goods. 

ApriKto-Jun^ period of last year. . * n^nrTV n el °a n d lfetrtalso line with rise 111 disposable 
On a longer-term comparison. JKfo ™ J 4 ™ fn?d In incomes, 
spending in the last six months The hiSftoe? of the eJrtv 1,1 particular, higher retd 

was 2i per cent, higher than in bieh le ' el of the eaTly earnings and tax cuts and 

the previous half-year. winter. rebates are expected to boost 

This suggests that the revival The rise in consumer spending spending especially sharply be- 

in expenditure is now well- in the first quarter— in line with tween now and the late autumn, 

established, even though the in- the increase in retail sale* The Treasury has projected 

crease so far merely offsets the already announced — suggests a n increase in consumer spend- 
decline of 1974-77 and -Spending that the proportion of income i ng in real terms of nearly 5 per 
to date still falls short of boom saved has fallen slightly from ce nt. this year compared with 
levels. • the high level at the end of 1977 to a level about 2\ per 

Preliminary estimates pub- last year. cent, higher than the previous 

lished by the Central Statistical _ , , , . ... . . nea t j n 1973 

Office yesterday indicate that the The level of savings will have P . 

volume of consumers’ expendi- a crucial influence on the extent The figures published yester- 
ture rose by about 1} per cent of the expected consumer boom day are partially forecasts, being 
between the Octoher-to-Decem- during the next few months. The based on incomplete data, and 
ber period of last year and the view of most economists and of at this stage quarterly estimates 
first three months' of 1978 to the Treasury in its budget pro- may differ on average by about 
ffi.Olbn. (at 1970 prices and jections is that consumer spend- 0.4 per cent, or £35m. (at 1970 
seasonally adjusted). ing will rise sharply this year m prices) from later annual figures. 

U.K. concerns now free to join 
European Options Exchange 


BRITISH Stock Exchange con- sel’s advice, it has become clear closed 339 p last night the two 
cents are now free to join tbe that no complication or obstacle prices "'ill be 330p and 360p. 
European Options Exchange in of this kind exists. Amsterdam offers variety by 

Amsterdam, it emerged last This clarification, not yet trading in options on different 
night on the eve' of this morn- publicly announced, sweeps away exercise prices from London's 
Ing's launch of trading in share one of the difficulties which have with different expiry dates, 
options on the Stock Exchange meant that virtually no options M nri Hamilton. ehair- 
in London. business in the three British “ r - -? u R? e as c^ Ewh amK 

Up to 12 stock market firms sbares-ICI. BP and GEC-bas g^ons Committee £d ?as? 
may .well take advantage of this been done in Amsterdam. Ex- OgJons CommiUee sa/d <t last 

to join the Amsterdam exchange change control problems were nlg - - * oped for * - 

iu JUAI1 me /uasieruam exchange '■“•“(>5 wuuhi wcis rn-nfilo " start m r nnHnn nntinns 

—which opened as Europe's first earlier solved with a ruling that 5™ , < * wi th rnover b ui tdj n * 
venture in share options dealing British resident? could deal in dealings, witn turnover ouuain 0 

up as the system got established. 

on April 4 — so diversifying their options on British shares in 

Legal problems which have to bring t0 *** options to purchase shares 

business. ' Amsterdam without paying tbe .{P t ^ e _ 1 P. e ' l 'L 

incBCTmont will not only be able, as hitherto. 

held up British Stock Exchange on of e nrobtem « preyed prices over a future 

firms from participating in the i n S?L P 222E period, but to trade in the 

Amsterdam mtclmd™ - which JVSm?? 

British Tbares-^have now^been of British shares which will be Fourteen Slock Exchange 
Solved res— have now been compiled and used for the first firms have decided to be clearing 

time in to-day’s start to London members of the new London 
It had been feared that, under options trading in ten leading market, which will operate on 
the Prevention of Fraud (Invest- U.K. shares. the Stock Exchange floor, deal- 

ments) Act 195S. British Stock Options will be traded in Lon- ing in options on BP. Consoli- 
Excbange concerns would need don in two prices for each of the dated Gold Felds. ICI. Marks and 
special dealers’ licences to join 10 shares, one "in the money" Spencer. GEC. Commercial 
the Amsterdam exchange. But (below the market price) and Union, Courts u Ids, Grand Met- 
following the Department oE one “out of the money” (above ropolitan. Land Securities and 
Trade’s recent receipt of coun- it). For instance, for ICI. which Shell ’Transport. 

Plessey hopeful on air project 


PLESSEVS disappointment that life of the present system than tial and being based on the! 
its Doppler aircraft landing aid with developing a long-term re- Doppler was most advanced in 
has been rejected as a world placement. development, 

standard was tempered yesterday Existing systems remain “pro- “However, we accept that it is 
by the hope that the company tected ” or valid until 1995, an out of the race. It will be five to 
will become a major supplier of extension from 19S5, and the new ten years before TRSB equip- 
the rival U.S. system. system will be phased in grad- ment will’ be- coming into use, 

On Wednesday in Montreal the ually. West German proposals to probably in the Northern coun 
International Civil Aviation continue development work on a tries first where it is most 
Authority voted to adopt the 360-degree approach . system urgently needed. 

U-S. - developed Time Reference based on the TRSB were accepted “The delegates were faced 
Scanning Beam (TRSB) landing and further discussion of a tech- with a mountain ' of technical 

BRUSSELS, April 20.. 
should begin 'reducing national 
aids to industry and trimming 
investment in sensitive sectors 
like steel and textiles even 
before they are admitted 
members of the EEC, according 
to senior officials of tbe Euro 
pean Commission. 

In exchange for these 
measures, which are bound to 
involve considerable political 
and economic hardships in the 
three countries, the Community 
should offer them financial aid 
and exempt them from the full 
impact of any further restric- 
tions introduced by the EEC in 
its trade policy ' toward third 
countries.' . 

The -officials are increasingly 
convinced that suc£ actions will 
be needed if the entry of the 
three relatively under-developed 
countries is not to create diffi 
culties in a Community already 
experiencing severe problems in 
a number of its older and less 
efficient industries. 

The idea, backed among others 
by. Viscount Etienne Davignon, 
the influential Commissioner for 
Industry, is a central issue in. 
the Commission’s approach 
EEC enlargement, It is strongly 
hinted at in the M Fresco,” oi 
overall study .of enlargement, 
approved by tbe Commission 

The recommendation was 
made much more explicitly in 
earlier drafts of the document, 
say Die officials. But for diplo 
malic reasons, it was toned 
down in the final version, which 
is to be discussed by EEC 
Foreign Ministers early next 

The Commission wants the 
applicant countries to start — 
well before admission — to align 
their generous State aid policies 
with the much stricter EEC 
standards, and to begin 
“ adaptation ” of those industries 
whose counterparts in the Nine 
are already in trouble, 
j In practice, this would 
probably mean cutting the 
capacity of Greece’s textile in- 
dustry and tight constraints on 
any expansion of Spain's steel 
and shipbuilding industries. 

It would also require drastic 
modification of Portugal's 
grandiose schemes to embark 
on ambitious steel, textile and 
shipbuilding programmes. 

The Commission believes that, 
tough as these measures are, it 
is only fair to wain tbe appli 
cants that EEC markets will not 
bear a substantial increase in the 
output of these products. 

It is prepared to help them 
make adjustments by offering 
preferential trade treatment and 
financing programmes aimed at 
developing alternative growth 

The Commission proposes that 
the applicants be granted post- 
entry transition periods of 
between five and ten years to 
adjust to EEC membership. 


The cost of . Turner . *nd ; in consumer goods 

Newall’s attempt to breaS aw>y ; T j „ fell g » 454JJ engineering product 

from its traditional low growth - ° U plantations had a boost £i 

— ' ’ ■ — favourable, palm oiLjr' 1 

- At least the. early p 
current year has been 

animal feed 

By Christopher Parkes 

BOCM -SILCOCK. the dominant 
company in tbe British animal 
feed industry, has come under 
fire from the Price Commission. 
A report published yesterday 
claims that competition in tbe 
industry is limited, with prices 
kept in line by the market leader. 

Mr. Allan Price. BOCM's feed 
director, counter-charged that the 
commission had based its find 
ings on misinformation and had 
ignored efforts to put the record 

Tbe Price Commission has 
passed evidence to the Office of 
Fair Trading that six of the 
seven leading feed makers, 
which account for half Britain’s 
n.2hu.-a-year market, practised 
“price parallelism . . . stricter 
than can be justified.' 

“ BOCM - Silcock seems to be 
j the clear price leader, and some 
of tbe other compounders readily 
admitted to us that .they could 
not afford to let their prices get 
nut of line with the leader.” the 
report says. 

“BOOTS high level of profit- 
ability' is due in part to this, but 
also to good management and 
improvements in. ‘ operating 

The company's .system of 

guidance system in preference nical nature were being held oo dau. which they could not Fully I M “e company s ^ sysiem or 
to Doppler. this at the meeting yesterday. abosrb in the time. But the] loyalty discounts .for faithful 

Hnw«ver. Plessey welcomed About 250 officials from nearly derision had to be taken urgently j J2? *E l *rfuees raiiSiiS 
:t that the -organisation -70 nations attended th e ICAO to- prevent proliferation of land- accordiarS 

to extend the life of the meeting and both the U.S. and ing systems in the future. It was itry * aCC g 

ing systems in the 
a good fight, sometimes 


the fact 

present Instrument Landing the U.K. brought specially 

System (TLS), oF which Plessey equipped aircraft to demonstrate acrimony, but the' final vote was 
is a major supplier. tbe virtues of their systems. The overwhelm in 5." 

Piessev hnnec that the ten- lobbying was furious at times w . , h A m5cro 

rear extension of life For the over a system that will be worth wa v e e S v S t 0 mc installed Pilots! 
ILS will nj ve it a chance to take billions of dollars over tbe next Jgf Jf “gj P fi' 

Dart in the development of a few years. 


manufacture r 

Plessey said most delegates in ment at the decision and s*id: nres _ nf radio w _„ svSte m S . 
Montreal appeared to be more “The British felt their system pre ^ 0n rafll ° W3Ve 
concerned with extending the technically had the best poten- Breathing space, rage 6 

m uie development of a few years. . ■ IandiTi #i aDornnphPs tracing com- 

and eventualJ T tt* Mr. Brian Smith of p i ex 3th aroum j obstacles 

which they cannot do with 

tbe commission. 

BOCM is also said to have 
“ provided an umbrella under 
which some of the less efficient 
compounders have been able to 
trade at lower profit levels." Had 
•there been more active price 
competition, these compounders 
would have been forced to be- 
come more efficient if they were 
to survive. 

Response, Page 39 

or declining businesses his been 
two rights issues in just over ' 
two years. The latest-scnfe for, 
four at 152p to raise 532m:—;- 
comes after a ' 12-month ^period- 
in which the Cash cost acquisi- 
tions and capital spading ex- 
ceeded net cash flow by roughly • 
£40 m. The trouble is that -the. 
success of all this expansion is 
not yet assured. •. ; , > 

Profits are actually lower ,«r 
far in 1978, and the outlook is - 
for only modest profits growth 
for the year to a bit. over £S6mT 
pre-tax, despite a full contribu- 
tion from the acquisitions.- TSie ■ 
U.K. accounts for moat Of the -- 
weakness, with a disappointing, 
performance from most of .the. 
home companies inclu ding the 



free of industrial" 
Trading conditions in the] 
pean tyre industry com " 
be difficult however; 
the French Govermne 

of price freecfonr^ ^ . 
encouraging pqinteri-^V;' * * 
attributable- to 'Dudrij^- V/V“" 
£i.7m. in France _ ^ last. . ■ 

"the general - excess : '-cfc ' 
problem persists. Forf ... 
moment the shares at.; 
supported by. a : yield; 
per cent, but the idivid^. 
not \’curfem' : 
earnings, and' on the hi 
1977 net cash flow of £50 - 
so Dunlop will have to- 1 ;- 

Storey Brothers acquisition. Sub- yesterday had put another ten U p its ' debt this year to fl 
stantial Investments will ; be points on the Dow Jones. - a £75m. * capital--, ape' 
reaching tbe pay-off stage in- ’For the -UJC authorities the programme. V..'" 

1979, but T and N wants; to recovery in the dollar could not 

maintain conservative gearing have come at a more awkward profit sharing ' r \ - 
ratios in tbe meantime since its: time since it has tended to 7 • . . 

return on capital is still less accentuate the weakness of The- profit-sharing pm - 
than 20 per cent on an historic sterling— it fell nearly two cents outlined in yesterday s FI \ 
cost basis. yesterday— when the Govern- Bfll are of strictly lamriet .. 

The only immediate consola- ment Broker is wanting to sell ‘ van ce to the working popu . . 
lion is the forecast of a* 14 per stock. The long tap. was as a whole. Not only dtr 
cent dividend increase this-year exhausted yesterday but by the iiot 'apply to the natioq 
( 1977*s payment was not covered close, prices of long dated stock industries,; or unincorp^gies 

on a current cost basis! and the w« re * lower - Tbe autholities J 1 ™?* 
shares fell l?p to mp yester- "iU ^ anxious to announce at be practical wmUbbM f* 
day However there- ^wre least one^and possibly. two. pew^yqst . majority „of Pnrate - 
apparently no^ more big aettuisi- stocks , to-day. but they will pames, or for TLK subsk^ . 

S L Offing, and alro* have to keep a weather-cye on ’ 

P «Uve jisld of over 10^ — - ... 


the limp hflinp At £57m. pre-tax Dunlop's ready were won. 

the time being. . ^ ^ ta linB ^ great difficulties , r • 

Dollar tiiramnnd-: '’ downgraded expectations, but annual share valuation. 

Dollar turnrouna - the £ oup does not aisgai ^ its alone in determining a su- . 

The UJS. authorities plan to disappointment. At the time of realisation w het- 

sell 1.8m. ozs of gold ever the the rights issue last May the employee wished to sell. 
next six months is not going; to Board forecast “good progress” foreiam-owned subsidiaries 
solve the problem of the coun- 
try’s chronic trade deficit The 

8300m. or so that will be raised 1 , , 

is peanuts in relation . to a accompanied by an indication companies would be willl . 
deficit that has' been averaging of a “moderate --improvement” consider profit-sharing scf ? _ 

8860m. a week so far this year, in the second six indhths. - In sole 5 io !-]?’ I S; em ? ' 

However, the move had a the ind,. even after restating would stilTbe significat^ -. 
powerful psychologieal impact the half-yearly figures to take change cantrol obstacles ti . 
on the dollar. accountofyear^ud adjustments with. i; '" : 

The amounts involved may and exchange rates; July- The only area where,:-. ' 
not be large but at least the December . contributed only sharing would appear L~ 

U.S. authorities appear to be £25m.- against £32m. for really practicable is for ^~ ' . 

doing something about tbeir January-done. On a. current cost companies. Here, emp l' . 
deficit at last, and the apparent basis, tob^ operating; . profits would etljoy tax-saving if 
tightening of the ; Fed Funds eased off stiarply in tiie second tunitira not generally ayi 
rate Is also helping the U.S. half, progressing, only ■' from Already tax speaaUstSi£7 Q Qaq 
currency. Since the beginning £i9m. at the interim stage to thinking up devices sui B y ’ w 
of April the dollar has- appre- £28m. for the full year. having top managements 

ciated by close to 8 per cent Strikes in the U.K are said ployed by one subsidiary : - 
against the Swiss franc and 3.5 to have cast same £7in., while a profit-sharing scheme, 
per cent against the D-mark, tyre margins ..were heavily all other workers would 1: - . 

The resurgence in foreign con- eroded — this division produced pioyetf by.a separate subs. • 
fidence in the dollar has helped only third of operating pro- without one. One distort]-: ' 
to fuel the recovery on Wall fits against half in 1976. But the saviugs market just le- .""- 
Street which by lunchtime there was a degree of growth another. 



• * - fi* 

■■■‘L ft 



■ri b 



SHOWERS, frequent in the 
North and East 
London, E- Anglia, E n S.E., Cent 
S. and Cent N. England, 

Sunny with showers. Max. 13C 
(55F). ‘ 

Channel Islands, S.W. England, 
S. Wales. 

Bright or sunny. Max. 13C 

PLE. England, Borders. 
Bright with showers. Max. 11C 

N. Wales, N.W. England, Lakes, 
Isle of Man, S.W. Scotland, N. 

. Ireland. 

Bright with showers later. Max- 
11C (52F). 
iV.E. and N.W. Scotland, Cent. 
Highlands, Orkney. 

Cloudy with showers. Max. 
10C (50F). 

Shetland. ■ 

Cloudy *ith rain. Max- 6C 

Outlook: Changeable. 










Amsiertm. C 15 


Luxembra. R 




C 13 







C W 







C 14 37 






F 19 


Milan . 




C .12 







C 12 







C 7 







C 11 






R It 


Now Yortc 




R U 







C * 






B. Aires 

S -S2 


Fresuo . 












c s 


Rio dc J’d 





C 5 














C 5 


Stock bolrn 





C lfl 


simtwuKs Y 




R 19 







F 16 







R B 


TetAviv . 




C X6 





ft cJ sin Id 

S 14 






t. Koto 

C 26 







C 21 







F 16 






London . 

F 13 





Algiers F.a__ 

Biarritz c 13 B 
Blackiiool CUM 
Bordeaux C 14 ST 
Boulogne F 9 48 
Casdblnca. F 18 64 
CapcTcwn S 21 78 
Corfu CUM 
Dubrovnik c w £ 
Faro V 30-.S1 
Florence S i4 57 
Funchal C it sc 
CJbraJur S 23 . J3 
CnernEcy s H S3 
Innsbmcfc c I? 6S 
Inverness C 11-83 


S 11 B 
TlUrarao C_1S S8 








Oporto • 








7 3 TO 
S 24 73 
F 17 S3 
S 24 73 


R 14 i: 
F 18 Cl 
F 15 3) 

S 1G 61 
F W «• 
s so mt 
C IT S3 
F 14 57 

{fi?* Shipb 

. : V : ; - Cltnipi 



ipolj • l '*fu 


British Rail congratulates its subsidiary 
company. Transportation Systems - ^ 
■and Market Research Ltd. 

■ -rr TRANSMARK — on beihg eonfern;:^: ; 
" the Queen’s Award for Export :< v-' . 

• Achievement 1978. - . . 17 •. 

. this is in . recognition of TRANSMARK 
export earnings, which have increased ''■ > 

^ sixfold in the last three years ‘ 

.•■'TRANSMARK provides consultancy; ani ' ■' 
advisory services on transport problems vl: 

. • worldwide, and has worked in over sixty r : 
'..countries since 1970. . : . - 


« ) * 

it n 


Si. 1 * 


;;- : .^^sj^Nrtatxon Systems and Market Research 
23 Dorset Sq 7 Londoa NWi 6QT - Tel: 01-402 5^ ' 






.at tbe Post Office. Primed. for tad _pd - 44 ^: 

'FbwKul Tfenes. IMi, Sretltfcji Htnae. CkffilOB :StEQ«L 'LQadfla, SC4F:-' ■ < / - ■ 
r ' 7 ^ ..." ; ; O-Tho Fjn«»dll TimOltLfi 1 . ..