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ra *^bqinLa>bH»-TM«niMC': ' 


ra 


IKews summary 


Schmidt softens his 


line on tackling 


German 
growth 
may be 


India’s gold 


sales plan 




world recession 


UIUT MV m 0 j • 

only 24 % hits pnce 


BY MICHAEL BLANDEN 


BY REGINALD DALE 


BONN, April 34. ■ 


iTilT 


opor fine ana* _ 

London 

Gold Price 


? ^ below sea 


?ut 30 other- men .were 
JJt -tig- unhurt ;te a- four- 
Vijresflub -operatiopi ^at the 
r the vfilage of Ksndizri 
':y_* ; 120 anigfr north-west of 

’■•piliL ■ . . * 


^.separate incident two 
Britotns- who!; had;: been 
jig.' at an Anhara^Jangnage 

«; V; diech after being; over- 
fed by odourless -gaies in a 
ssatb-weLTuriaiy/; 



- .D-Watfwic^' the F.T. ordinary index dosed 

• . 5.4 op at the day’s best of 460.4. 

Speaker^ imposed _a rigid ^ nrr/rs recorded garfns of 
: : ;.-r^f^SenS to”®.' «•*■* last FUMt 
' by MPsto enable them announcement of a new, long 
; - -nrify.Orionel B, the Army tap. The Government Securities 
jgeace - officer involved in -Z index pot on 0.31 to 7X88. ■ 

. . ^ «a; ®«* *•'*»*•»* , STERLING feu 25 potafi f. 

ro demand §1.8235. Its trade-weighted 

r ’ ^tedL-Brifiades fco. their eighth 

: cuhiqro since the March 16 doU »f s depreciation, hel ped 
^pofSig-Aido More, the ~*>y Oneness agrinst 

■ Italian. Premier, several currencies, narrows to 

iened to kit* him unless the 4.52 per cent. (4.63). : ; 

. - jninent - ..released ' 13 • _. rn , 

Tists. some -oE whom are on ♦GOLD fed $2$ to- $1685,011 


BRITAIN ODd West Germany 
appear, to have narrowed their 
differences over how to tackle the 
| world’s economic and monetary 
, problems after the meeting which 
ended in London last night 

The two sides are continuing 
to give different emphasis to the 
next steps to be taken to combat 
recession and currency instability 
— with the UJC stressing the 
need to promote growth and West 
Germany giving priority to 
stabilising exchange rates. 

But, both now seem to accept 
that one does not necessarily rule 
out the other. The two 
approaches could go hand in 
hand, Herr Helmut Schmidt, 
Chancellor, said. 

While moves to reflate the 
West German economy, were out 
of the question in April or May, 
they were not excluded later in 
the year. 

Nevertheless the first step had 
to be an end to turbulence in 
Hie exchange markets. Measures 
to boost growth could be a 
second or third step, he said in 
the BBG Television’s Panorama 
programme. 

Mr. James Callaghan, while 
prepared to accept studies of 
new forms of international 
currency collaboration, is still 
not to be deflected from his aim 
of launching a new package of 
measures to stimulate growth at 
the forthcoming seven-nation 
world economic summit in Bonn 
in mid-July. 

But the two men’s public posi- 
tions have modified since the 




Mr. Callaghan and Herr Schmidt: two approaches. 


EEC’s Copenhagen summit two 
weeks ago. Herr Schmidt now is 
going out of his way to insist that 
be is not trying to exclude Hie 
dollar from any new currency 
arrangement, or to organise a 
European currency zone hostile 
to the U.S. currency. 

On the contrary, Herr Schmidt 
said last night, the stabilisation 


began on Sunday evening, Herr 
Schmidt said. 

However he speculated that 
the snake might one day be sup- 
planted by seme other animal. 

Among the EEC currencies, 
only those of West Germany, the 
Beneluxe countries and Denmark 


are snake , participants. 

Herr Schmidt said that it 
might also be necessary to create 
European institutions to manage 
exchange rates. Another possi- 
bility would be to strengthen 
existing institutions, such as the 
European Monetary Co-operation 
Fund and the European Invest- 
ment Bank. 

Mr. Callaghan, for his part, is 
showing greater public enthu- 
siasm for new moves to reduce 
currency instability. If it were 
possible to stabilise exchange 
rates, it would be an important 
element, be said. He insisted that 


of the dollar was first priority. 
One aim of any new EEC mone- 


One aim of any new EEC mone- 
tary arrangement would be to 
stop speculators moving out of 
dollars into individual European 
currencies. They would be con- 
fronted by a single European 
bloc. 

Herr Schmidt did not spell out 
the exact nature of the arrange- 
ments he favoured, and Mr. 
Callaghan stressed that studies 
were still at an early stage. The 
jointly floating European 

<• " lull) Iubti A ici-nccoH 


“ snake " had not been discussed 
during the London talks which 


Continued on Back Page 


- -.TVrirts. some -oE whom are on ♦ GOLD feM $2$ to $168 f, on 
.. ~ r - ? m Turin. Page'S news of India's buttien. sales, 

. •' , jsridog a $14} fdl since Eastu; 

- "r- ^ PI"®t^St WAIf. STRERT vac 433X0 


-Ail# 




t f: H „ : ♦ WALL STREET was 433 ap 

"t 100 Ulster Loyalist at 817.13, Jnst before tile doi* 
<iers m Belfast s Maze .prison • .* 

fd to leave their cells at the 4 GAS production froat.'iht 
.1 wr tof a new protest- against Hewetf HeW-one ttf the IJ.K£5 
? ation with- ~ Republican mos t important natural gas fields 
. ■. v -xCs. Republic of Ireland _i,as begun io slow down. Page 

. said they had seizeff tH&. g r;. 1 . - \ •. / 

' provisional IRA’s M-flfi r»r; 

'• • - nne guns and 400 rounds* of • JAPAN faceiaidu>d4yktrike 
• ... r T2jnition after / chasing ' 'an of. transport and domuiutu cations 
' - Li'ir-registered Car. workers- — part Of the unions’ 

2sr _ .. ' . . . spring wage , offensive — which 

*. - • -?a Tor Koreans threatens to paralyse main cities 
- :• :4U.S. embassy in Moscow ^^unt tin other conn, 

. --■-'xd the Soviet Foreign tries - B * ek . 

■■ :-“ftry for the early release of # EUROPEAN ■ petrochemical 
: and navigator of the producers/) should take joint 

:-^Korean 3oeing i07 which jetton with .their Governments 
‘ ;. ;if ^Mided last week in north- anfi-lhe EEC to cut overcapacity, 
. .V',' - - R u s si a . European banks have been told. 

• ;iarst decision y 

* r r : u4 Supreme Court decided J jf^y 3 ^^^Sie? 1 altiioa|h 

• Patricia Hearst, t^ f&od Vmanufacturers face better 

,^JMPgr heiress, must go hack 1(i • prospects, a survey 

• S r faer T*SrJ^i into the Industry shows. Page 10. 

her appeal against a seven- ' POTATO merchants and 
™ ". sentence for joimng in the retailers^ who have pleaded with 

^ JBfy -with the radical ’group Government to relax controls 
-'if ,®h kidnapped her two months on potato supplies; say taxpayers 


Compromise plan on EEC 


Br ADRIAN DICKS THE gold price fell again yester- 

day as a result of the announce- zoo r - -- — — 

BONN A mil 34 m ® nt °* **&*'* P lan / to sell a LOnQOfl 

isuw«, Apru m. substantial amount of gold from « ■». 

FOREIGN Cannes of the West its official stocks for the first _ GoluPnce J 

German Government’s present time. 190" a 

economic policy received power- London market sources re- n 

ful support to-day. The five ported that the Indian Govern- 1 J %ik 

leading German economic re- ment was expected to sell Off a 180— Ft -Vwm - 

search institutes estimated that total of 70 tonnes of gold, or . / IT 

the country's gross national pro- 2J!4m. ounces, in seven- fort- ft/ 1 

duct would grow at a rate of nightly auctions of 10 tonnes, a ,/* \ 

only 25 per cent, this year and time, although India did not dis- 170 ~ IT 1 ' 

called for fresh personal tax close the amounts involved: • /I 9 

cuts u as soon as possible." This is more than the XBm. f I J 

The institutes’ proposals ounces which the U.S. intends to tem tMtf* 1 

would provide a stimulus of sell over the Dext six months, and < T . 

about DB£7bn. in a full year. the news hit the market when it ' 

The institutes’ joint working already mrffering from the fan! to 1 I ■ 
party reported that international last weejc s announce- 15ff ^ bgc jam_.feb mar 

monetary uncertainties coupled ment of the UB. plans. 

with the bitterness of this year's , As a result, the pnce ended in The news brought a sharp fall 
Wert GeraS^Se roS. were London with a fall of 92^ at S168fi iB the domert& price from 
the main cause of a lack of busi- f? ounce. But dealers argued aronnd Rs.720 for 10 grammes to 
ness confidence. This, in turn. “ at “ s P“ e “ e “*«al setback Rs.670. Even so, this was equi- 
had depressed orders and invest- ^ ® ale ? should not have a major valent to a price of around $220 
ment plans continuing impact on the price in an ounce, a premium of 6ome 

rpy._ TPnon was immpdiatPlv international markeL 30 per cent, over the jnter- 

lofiiao decision, announced national price. 

^ Mr - ^ Ramakrishnayya, the The Indian move will involve 
5SL feputy governor of the central the sale of a significant propor- 

nomics Mister who reiterated bank, is aimed to curb- tiie tion of the country's total re- 

&n G ^voS? review r ?S OTtians o f int0 the coon- serves of about 7m. ozs of gold. 

S uiwSttJ^! SfihPSSt ***■ It was prompted by a recent in- 

□uarte?^as^v^Iable ^ ^ . .J* 1 ?* ls encouraged by the pro- crease in smuggling, which had 
quaner was avauame. hibltion of Imports of gold which been reduced in recent years as 

He drew attention to bad has resulted in a domestic price a result of official measures, 
weather and industrial stoppages level which Is among the highest If the London reports are 
as factors that could be expected fa the world and well above the accurate, the total being sold 
to darken the picture, but said international gold price. would more than cover the 60 

that until the data was complete. The sales are to be confined tonnes which Samuel Montagu 
discussion of suggestions such as to internal buyers, and the re- estimated as last year’s total 
tbose made by the five institutes ports from India indicated that offtake by the Indian sub- 
would be “ pointless.” only licensed gold dealers would continent 

The institutes’ report in no he allowed to bid in the auctions, After opening lower in yester- 
way played down the benefits of which begin on May 3. day’s dealings in London, the 

last year’s stimulatory measures. Any impact on the inter- gold price eased further follow- 
Nor did it blame the Govern- national price will, therefore, ing the early firmness of the dol- 
men! for the weakened prospects depend on the indirect effect of lar. The price has now fallen 
for I97S GNP growth, which was the safes in reducing demand for by $14$ an ounce over the past 
estimated at 35 per cent, in the smuggling into India. four weeks. 




Economics Ministry's ambtious 
official forecast in mid-January. 

It called for a softening of the 
official aim of containing public 
sector deficits, however, and said 
that increased public spending 
could play a further role in 


Benn in power row 


BY MARGARET VAN HATTEM 


LUXEMBOURG, April 24. 


:z 


%% m for guerillas TnT 

r communique following 

• :,;- bscow visit by Sr. Malmierca, 1BA||R 

- - * i'=&n Foreign Minister, Cuba LABOUR 
- . J - ^ +Wihe Soviet Union yesterday 
->^:4jBisCd fnrihm: ■ assistance and • 


eould face a £2Sm. market sup- 
port bill if prices are not allowed 
to rise. Page 39 


INITIAL opposition- to the latest 
set of compromise proposals 
presented, to' EEC Agriculture 
Ministers negotiating the annual 
farm . price review has been 
strong. 

The possibility of a settlement 
this - week is receding as pro- 
tracted battles look likely over 
urine, pigmeat and possibly the 
British Milk Marketing Boards. 

Tbe proposals, presented by 
Denmark as president of the 
Codndl of Ministers, would 
allow- Britain to retain its eon-- 
troversial Milk Marketing Boards 
system for at least four more 
years. ■ 

Bat the commission would set 
minimum selling prices for U.K. 
dairy products, and the Council 
of Ministers would review the 
situation before the end of 1982. 

This is unacceptable to 
Britain, which is determined to 
have the issue -settled once and 


for all in the present negotia- 
tions. 


Britain also rejects any sugges- 
tion that the Commission should 
fix selling prices. This proposal 
aims to reassure the Dutch and 
Germans in particular, who fear 
that the milk boards may use 
profits on highly priced liquid 
milk to subsidise products such 
as cheese, butter and yoghurt, 
thus undercutting their own 
exports on U.K. markets. 

But Mr.- John Silkin, the UJC 
Minister, Insists that Britain can 
demonstrate clearly that no such 
crosssubsidisation is taking 
place, without the intervention 
of the Commission. 


The presidency has attempted 
to bypass a battle between France 
and Italy over the setting of a 
minimum price for wine by 
suggesting that ‘ a decision be 
postponed until September. 

This is the issue most likely to 


hinder settlement of a package I 
of aids for Mediterranean pro-, 
ducers which Italy is determined 
to have included in the farm 
price talks. Acceptance would 
remove what is probably the 
biggest obstacle to an overall 
settlement 

Italy, which is not keen to 
discuss any price metfaanism chat 
might threaten its exports of 
cheap wine into France, is 1m* 
lleved to welcome the idea. Bnt 
France is determined to block 
settlement of the Mediterranean 
package, which. provides substan- 
tial funds for Italy, until tbe wine 
price is fixed. 

Earlier to-day ' Fisheries 
Ministers decided to extend for 
yet another month the present 
arrangements with Norway, 
Sweden and the Faroe Islands, 
having accepted that proposed 
agreements with these countries 
cannot be settled before the 
farm prices review is concluded. 


could play a further role in BY ROY HODSON 

strengthening the economy. A K0W is looming- between industry believes the proposed 
25L 1 IIrfi_ T SS5S ,I ™2 Mr. Anthony WedgWood Benn, Tamar station— a site at Insworth 
™ IflfaefTv? hSmlnSrt Energy Secretary, and the Cen- Point is available— should be re- 

S^rfu^riSS?^ dSoSl*** 1x111 Electricity. Generating ..gagoded as a special case. 

Fnr a i?Sfs?mSovMnent in Boarc * over the future of power Because of transport difficulties 
—S r Av«! , . U !Ewrt nf supplies to the south-west of a coal-fired Power station of that 
expectatious. the adjustment of England. size would be expensive to 

C iiS2ie?S ,, *i| t ri5Sd » the Commons yesterday, Mr. operate on the south-west penin- 
enormous importance. It should BeJm toW ^ he would find it sula. 


be earned out as soon as pos- JSSSSl lb SoSS^ST the Mr. Benn was emphasising in 

SIDte. . . nnlnnnn mnra niUlrsrf ctfl. thf> SPCOrul l?Mriino riphalP nTl 


".UoA #nr « ordering of more oil-fired sta- tbe Second Reading debate on 
TtiJtJlfnt tions - Last night, the electricity the Nuclear Safeguards and 
djust 185 industry was reading that remark Electricity < Finance - ) Bill, the 
raxes zor as an early warning from the need to maximise tbe nation's 

uetaus, *rage ■» Minister that he will not sup- investment in the coal industry 

1 port proposals for a new 1,000- when be made bis short refer- 

f Vni-L- megawatt oil-fired power station ence to oil-fired power stations. 

_ on the Cornish bank of the But tbe Government has not 

91 p-™™. Tamar opposite Plymouth. . tnaie secret its dislike of addi- 

Leaders of tbe industry are tions being made to the oil-fired 

— ]— due to meet Mr. Benn later this power station building pro- 

• , 8pc V to put before him a formal gramme. 

ISSiL i 5 tSS 3 £ tSSS!S request tor sMon to go C^nurt ontoAPage 
12 month, 5.00-2.90 dia 3.16^85 ^ is ahead. They will stress that the Parliament, Page ls 


t in New Tork 


April 21 


8pot ■ SL324A82&& 

1 uooth OJ&OJjQ dia. 
Smooths 3.12-L06 dia. 
12 moothr 5.00-2.90 dls. 


SI -8220-8500 
0.70-0^0 dia 
1-301. IS dls 
3.16A25dis 


feiT V K M 


Sdf&r u ^STS3 • bwtkh mm i 

bort;to . gdeiiBa ' movements stewards have called fox an 
*Sg in swffiem Africa. In independent public inquiry into 
arte -.PrasWeht Machel of the . company’s deemon to dore 
mpbique. 'reshuffled his the Speke assembly plant. Back 
i*rinaeat : : to ' place more Fa ge 


Claridge’s rewards 6 loyal’ staff 


neat i: to . place more 
is.on the country’s poor 
y.- Paige 4' 


•' APES has asked Mr. Leo 
Murray to warn Mr. Clive 
J enkins ’ - union, ASTM S, no t to 
interfere farther . in APEX re- 


BY PHBJP BASSETT, LABOUR STAFF 


& 




.y 




=r nVtft-on flnninl ■ Jennas*'- lBUOn, TO 

BUtfOIT. u en lal interfere further , in APEX re- 

vjy* jnce.denfedit had. tested a croitment in the Automobile 
?j;. jpton bomb gmtsaid it had no Associ at ion. Page 11 

- ^ 0,6 • ACAS has found that there is 

ws**- tittle prospect of settlement over 

^ c 'v-^j*x Ii . union representation of managers 

*."• ^ t“*iy ■ ■ ■ in the shipbuilding industry. 

Morarji JesaL Indian Prime ^* aEe ^ 
lister, criticised the U-S. for 


T0 

rt i iii-w 


ding up unclear fuel for India nnunjiuiee 
l -warned he .could be forced wUmrUniw 


took elsewhere for it. # WILUAM BAIRD pre-tax 

Jacques Rueff, the French profits rose 84 per cent, f rom 
■JatoBic thinker and writer, has £4.8Sm. to' £733bl in jsn \ on 
_ v^f^Jn Paris. He .was 81, turnover of H05Bin. (£8Li2m-)- 

... Mama, 83 a former Page 30 

. „ . -r..£ ^ CouffessEDan, has been sm0N ENGINEERING pre- 

*■- . ^ - ‘ - ^ ;: ped for from six to SO months . fi{ by £43m. to 

; * * v v-’ connection with the South m turnover £L41m. 

rean bribery scanSaL Jower at Q97^6m. for the whole 

e Whitley Council, staff side, of 1977. Page 28 and- Lex 

’resenting about lm. health troTi Alt’s world- 

vice workers, is to withdraw • E^WiAN KOD^s 
account from Barclays Bank for toe first quarra 

.^anse of the bank’s involve- o£ MWB. rogj SO per 

.j-Tnt in South Africa« $9t2nk to.$141nL rage 

»— ■».»-. . -- ■ 


STAFF who did not take part 
in tile strike at Claridge’s, the 
London hotel, axe to be offered 
shares in the company. The 
123 strikers demanding myon 
recognition and the re-lnstate- 
raeut of a sacked trainee chef 
called off tire strike yesterday. 

Tbe end of the strike is a 
blow to" the unions which had 
pledged, support. Only yester- 
day 'many muons received a 
letter from Mr. Len Murray, 
general- secretary of the TUG, 
caning for all unions to do all 
they could to help win the - 
dispute. 

Qzridge’s said yesterday that 
the floor waiters and other staff 
who joined the stoppage had 
asked to return to work and 
had been accepted. So had 


most of the young cooks and 
maids. The remainder of the 
strikers were expected to 
follow. 

Staff who remained an duty 
daring the stoppage would 
receive a week’s extra holiday 
on full pay and either shares 
in the company or a cash- 

bonus. 


A- review of any legitimate 
grievances there might be 
would be conducted by the 
hoteFs management 
The dispute started over the 
dismissal of Mr. Richard JE3- 
vidge, trainee chef, for alleged 
Incompetence. Mr. Elvldge 
claimed that he was sacked be- 
cause of his union activities. 
Qaridge’s said yesterday that 


the question of Mr. Elvidge’s 
re-ins tatement would come up 
at his industrial tribunal hear- 
ing, set for May 2. 

The dispute widened into 
one for onion recognition. Offi- 
cials iron* the General and 
Municipal Workers’ Union, 
which represented most of the 
strikers, met the Advisory 
Conciliation and Arbitration 
Service yesterday to try to ad- 
vance the union’s claim for 
recognition by the hotel under 
section II of the Employment 
Protection Act, 

Mr. Fred Cooper, national 
industrial officer of the union, 
said, he was disappointed that 
the strikers had decided to 
return to work. 


CONTENTS OF TO-DAY'S ISSUE 


European news 3 

American news 5 

Overseas news - 4 

World trade new's ............ 6 


Technical page 14 

Management page 15 

Arts page 17 

Leader page is 


HMne JZLn c-K. co^« 3 aS » 
--Par liame nt ... 12 Mining 33 


Inti. Companies ...nm;.; 34-38 

Euromarkets 34 

Wall Street 38 

Foreign Exchanges 38 

Fanning, raw materials ... 39 
UK. stock market 40 


FEATURES 



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mthe-Bepublic. 




A. new start for the Jfortfr 

South dialogue — IS 

Society To-day: Muddle 
over -ffte disabled ......... 27 

Petrochemicals: Why the 
sums came out wrong ... 15 


Irish strikes: Fears of 

indnstrlal anarchy 2 

PoringaTs anniversary 
brings disUlorionment ... 3 

China and Soviet Union: 
Troubles on the border 4 


Chilean polities: New mea- 
sures by Pinochet ......... 5 

EEC textiles: Worry at 
Mediterranean imports 6 

FT SURVEY 

Spanish banking 19-26 


Comfort all the way 



.App oint m e nt s 
AppoJmmmts Advts. 
Bmlnen Qpvts. — ~ 

Cntnnrd — . 

ERtwaimaeat Gdde 
Bvepean Opts. — . . 
Fr-Aetnrlec Indices 

Home. Csntraas — 

-Letters — 

■ Lex 


r flmlm il 

Mm and Matters _ 
Money Market — 

Radas 

Setcrwm — — 


Wrttter 

Wine 


World Valae or X ... 


Stare Information ... G43 

stock EsdL Report *5 

To-day's E vests ._ 27 

TV astf Radio , — _ JA 

Unit Tresis 41 


PROSPECTUSES 
«, Enflland 12pc&c. 
Lon. Bor. Greenwich 


ANNUAL STATEMENTS 
A* and Lacy _ — 3ft 


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City office — - 
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Nat. Employers Mat. 
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Suet kn 

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EUROPEAN NEWS 


Hungarian minority 
in Romania calls for 
action on grievances 


BY PAUL LENDVA1 


VIENNA, April 24. 


THREE PROMINENT members of the nationalities, for easier 
of the 2m. strong Hungarian com- access to publications both from 
m unity in Romania have issued neighbouring Hungary and from 
separate personal appeals to Mr. Czechoslovakia and Yugoslavia 
Nicolae Ccausescu. the Romanian (where 600,000 and, respectively, 
President, to settle their long- 500,000 Hungarians live) and 
standing grievances. for bilingual signposts and 

Thev are Mr. Kanos Fa»k«. annomeo^nte aa well * Uie 
Denutv Premier and Politburo _ minority language, 

member. Professor Lajos Takacs. J?*™'? rfSPn-SSSSS* 4 
a -member of the central commit- 15 P" of the population, 
tee of the Communist Party, and *«*- T ;*a« praises the post- 
Mr Andreas Surto. a leading war decisions taken by the 
writer also on the Communist Romanian leadership in the field 
Partv central committee. minority rights, and says it is 

„ p^f. Takacs has sent a 27- the application of the decisions 
- page memorandum to the Presi- that has to be improved. 

K * .1 _ HP ami turn nthap nr 



Finnish 
economy 
expected 
to improve 


By Lance Keyworth 


HELSINKI, April 24. 
TWO FRESH SURVEYS from 
authoritative sources suggest 
that the Finnish economy, now 
in Its fourth successive year 
of depression, has stabilised 
and may even show a slight 
Improvement in the current 
year. 

The Economic Division of 
the Ministry of Finance pre- 
dicts a growth of 0J5 per cent 
for gross domestic product this 
year, against a contraction of 
0.75 per cent. In 1977. Un- 
employment will continue to 


STRIKES IN IRELAND 


Fears of industrial anarchy 


BY GOES MERRITT ftf DUBLIN 


ON-OFF negotiations have been 1,200 clerical workers 


tte Hallmark of the two pro- p^TSTZibSSSt ----- '^9 «» toleeonnmnicatwffla strike, 


traetedstrikes that have crippled ' TuTtaftrSErj* loo* of 


I^and’s tdecommunlcations for ago prompted an Irish Times voiced by the foreign romufac- the^MOm. mah-mad^fibrra com- 

fS™fl^SS. n,0 - ths “ d Aer leaflet coneludiag: “This la a turera and banks thatha^^ ^ taWteoS 

rhmS‘K^V or V* week t E i ve . n ? wst dreadful government" stems in Ireland is the recent remarks Mayo™ the JwSnSe textiles 
though both disputes now look to from a number of factors. The of the chief executive of Thermo riant AsahL Mr Lynch moke - 
S on 1 S??« ng n\r Settl ^ e ; t ’ ^ S^ernmenfs view is that King, the U.S.based makS ff i, 

SHfiS !? Dublin will be con- to treat The present strikes as transport refrigeration equlp^ irish Industrial “roUtioiia since 
222L 1111111 one 15 tformall y 3* cal Mses fry intervening, and ment who opened a Galway fro- the introduction of national wage- 
reacnetL thus overriding the usual pro- tory in 1976. The company has deals in the early 1970s. - He 

For the past week has seen a cedures. would sow the seed of already lost an order worth pointed out that more' than 80 
number of abortive settlement “ore disputes. There is also $350,000 because of the telecom- per cent of foreign companies 
Plans, and there has been a grow- “e argument that the new muni cations strike, and ruefully with Irish ' operations had 

ing conviction in the Rgmihiio ' ■ ■ B n invert strlketfree conditions .. .. 

that peace depends to an extra- ... and that only 13 of these com- fro® persistent trouble 

ordinary degree on the whim of “This Country’s credibility as a location for panies had faced serious prob- telecommunications - -and ; ; 
trade union officials rather than _ ^ - lems. •• - . .... . ISSPf tough to.stpppa^ :■ 


Mr. JTaeK Lynch 


dent, the text of which and the “A * w ° other prominent ! he the major problem, running 


' other appeal’s were announced to personalities used party channels 
Western journalists bv Budapest for their appeals. 

'intellectuals Mr. J anos Fazekas, the Deputy 

.' Taka^ former Chancel- 

° r imoroved Romatoan leadership, is, 

-iTiSfJ? r S improved sajd to have seQt R pn - vate 

tn official Rumanian ke - v ” l ett er to the President, 
fi" ure's, minorities account for M . r - Suet0 - who is also deputy 
almost 12 per cent, or the 21.5m. A o{ . t J} e 

population, with Hungarians Wn *“®* Association . and the 

constituting 7.9 per cent, and ZEt'Z 

ethnic Germans 1.6 per cent. * n the country. is 

Prof. Takacs demands that the have asked for a lifting of 
Hungarian Nationality Council, restrictions on Hungarian 
set up in' 1969, should 'be given language education, 
greatly increased powers, jnclud- Mr. Gyula lllyes. at 75, tne j 
-ing the right to select and to greatest living Hungarian poet.; 

delegate the representatives of accused the Romanian Govern- j 
'■ the mitrorirv to local and central ment of “an attempt to degrade. 
■_ bodies and that a new statute for a whale community in a social; 
the nationalities should be drawn sense and to destroy it.'* Mr. j 
up. lllyes and younger intellectuals i 

He complains that, out of close to him, appear to have i 
34,738 Hungarian pupils in begun a campaign for drawing 
secondary and vocational schools, the attention of the Western 
15.591 were given instruction media to the alleged violation of 
.. only in the Romanian language, the human rights of the Hun- 
Thc memorandum also asked garian minority, 
for the setting up of a radio The Romanian leadership has 
. station, and television channel repeatedly and vehemently 
for broadcasts in the languages denied such accusations, 


at about 8 per cent, of the 
labour force. 

• Inflation should be held to 
8 per cent* compared with 13 
per cent, last year. 

The brightest features are 
the prognoses for the balance 
of trade and the current 
account. The former is 
expected to show a surplus of 
FMk&400m. and the latter a 
deficit of only FHk&fiOOm. 
(£65m. at the current exchange 
rate). 

Another encouraging sign Is 
the Improved export prospects 
for the all-important timber 
Industry, though this must be 
treated with caution because 


u Hue umuu unicidJj rawer Loan - j • a • t j ji x lems . “***&“« ^ - am yyog i st - ■ i . ;i 

op the negotiating logic of offer industry frOID. RsjrORdj COHHQCIltS 0I1G COnnjRIiy-. ironically, the listening Asahr RTE broa dcas ting anti 
and counter-offer. In plain terms, president, “ is shot to pieces. . . . Anyone wild executives had seen construction 


of their ktiiala. complex Inter- yearly average of nearer. Siv.i.' 
rupted by about two dozen It is a disturbing. rr->: •• 
disputes, and Asabi has had to. has led thc^Repf . 

warn that its decision to. go 

. — _ ____ . ahead and double the Killala L 

ment this'week or a Post Office government Is concentrating on points out that It will nor know plant's capacity and work force serv *ves - treeaoni-TO smse - . ... 


many Irishmen believe that the 
country is becoming gripped by 
industrial anarchy, and their 
minds are unlikely to be changed 
even by an Aer Lingus settle- 


would move into Ireland now would have to be 
crazy 




engineers' return to work at the an overhaul of labour relations the full extent of its losses Until .will depend on “the .will of the Other proposed reforms'^’;, 
beginning of May. legislation, or at least the intro- communications are restored. Irish people. 1 ' Other' listening included the introduction V " 



Ireland's expected somewhat bizarre to observers pieces. The 
lare-SO economic boom in the outside Ireland: it Is that both Development 
bud. 

Since the 
telexes 

in early 

engineers’ dispute over new Aer Lineus. skeleton services Anyone who would move Into Areiana nas 


EDA (laSxiri dustrial relations in Ireland are Wage Agreement, ohljr^;,^ ..'. 

Authority)™do U a-' a . ev ertheless more of a problem flstiy rejected by the ptuoiis-. ;. : - 


outsiae ireiana: 11 is inai oom nuuiuuy; wu-tt - — . v_ r . 

strikes have been remarkably great job, but Td bate to “be ^ suggesting. bein!^SSr!w=- :: ' 

— ineffectual. Thanks to the largely working in the IDA now. I know „ , ^ P ^ e l^ a7e , ^ een 

first started to go dead unchallenged use of management of six companies who had been 1 £° m ■ 1, SS? X ** * urge r , ;. s ^5>-' ... 

L I S£” *il Cn “ Personnel by the Post O^ce and thinking SSSd* xSSk A first. steo towards ■' 


telephones and 


Turkey refusal on Aegean 


BY METIN MUNIR 


ANKARA, April 24. 


___ v — ^ . T1 - ^ the worst 1972-76 A first. step towards, restrif' 

pricesforforestindiistry pro- [works procedures led to suspen- have been“ mafnlaTned. "in ‘the I refan d now would Iiave tb^be '"•“jJJ 11 ** J 061 

duds are still too low for ; sions ana in turn i.» suspected Dublin area, at any rate, tele- crazy.. Our. own parent corpora- 

really profitable production. ! sabotage of circuits, th*? Irish phones .and telexes have been tion. Westinghouse, had" Bera 
However, forest industry ; sovernment ha 
exports increased by 20 per carefully 

cent, in the first months of |lhe first days 
1978 compared with January- ^nsh mdustryN 
p-hrnarv iott ;flnd itself literal 1 V 

the iiudrteriy i S is b '5!?“7 ' "T S = « SUS * 

resisted demands m the Dull became irritations that people naturally worried by- reactions as n^aiast an average 129 hack mission will be .- 

t Lower House) that h, should could live, with, rat her than crises such as. this. Woree the ; tole- iJomeT Holland 8 S!d in spttedf the UkfilL^- 

setllc that required immediate action, communications and Aer Lujgus And yet, it is not strikes in of a' settlement of the. i<3e- - 



TURKEY WILL not recignise the court is not in a position to make 
jurisdiction of the Internationa] a contribution to the solution of j 
Court of Justice over its dispute the difficulties between the two ! 
with Greece on the sovereignty countries.” | 

of the Aegean continental shelf. Turkey believed that the j 
tiie Foreign Ministry has stated Aegean problem would be settled 
in a letter to the court at The through meaningful negotiations 
Hague to-day. • Two visitors from the Eastern ! 

Greece applied to the court in bloc arrive in Ankara to-morrow, i 
August 1976 when the two Soviet chief of staff Nikolai 
countries came close to a con- Vasilievich Ogarkov arrives for a 
frontation over the activities in five-day stay, during which he 
the Aegean of a Turkish survey will be received by the President 
vessel. Sismik 1. and Prime Minister aod visit 

In its letter the Turkish Gov- military installations in Ankara 
eminent expressed the hope that and Istanbul.. And the Romanian 
the court would rule itself in- Prime Minister. Mr. Manea 
competent tn pass judgment on Mancscu, arrives for a five-day 
Hw» Aegean, addins that *"th«* visit. 


business barometer of the Con- 
federation of Finnish Indus- 
tries. too, the situation seems 
to be stabilising. Only 5 per 
cent, of the member companies 
questioned expect an improve- 
ment in the near future, but 
65 per cent, foresee no change. 

The production 
vary considerably for the 
different branches, but the 
forest Industry expects no 
change, while the second most 
important sector, metal and 
engineering, foresees a decline 
In production. 

The Ministry of Finance 
claims that the Government’s 
stabilisation measures follow- 
ing Lhe 8 per cent, devaluation 
of the Finmnark in February 
improved the international 
competitiveness of industry by 
about 12 per cent. 

This bas been treated with 
some scepticism in the corpor- 
ate sector which considers that 
there Is still a lot to be done 
by the Government. 


in 


the Irish government took the strikes have .come hard op the private ' manufacturing industry m uni cations strike "by eiriy.!;-'.'- - . 

rs in soft option of hoping that heels of last PJovember’s^clppiTe that are causing the most con- the newly-elected presided}- ' . 

ment United strike pay would starve of its £20m. F-crenka plritf: m n 0rn For the Irish nublic the Post Office Official? AmL?:-" ' ' * ' ' 


personally intervene 
the dispute. 

Even though lhe employers 

,;overn ' ncnf ( Jjnuted strike pay would starve of its £20m. Fcrenka pla# in cer n. For the Irish public the Post Office Official? M&j: 

ministry, the Department of the strikers Into submission. Limenck by the Dutch mnlti- sector's strike record Is five tioh. Mr. Sean OTerreli.-soto.: 

rosts and Telegraphs. nci n- In retrospect, this has probably national Akzo, following onion times worse. During the 1970s, a sour note for the future' afl-v. •- 
forecasts ! Pnnic been a bad miscalculation. The trouble. _ ' i-. manufacturing lndnstry strikes. week-end. He predicted 

for the ■ : ?i s e l became policy When government has emerged appear- At the’ end of last week, only have cost an unnual average of present disruption in the- 

but the I ,n . March the national airline Aer mg weak at a time when domestic hours before the surp me -break- less than 150.000 man days. Office "would continue .lir Er&r; 

Lingus was hit by a strike of public opinion and foreign through in Lhe negotiatiofis on public sector disputes,, ranging for years to come. 

• ■. 

4- 


,'h.ii 




, \cr-ur 


Catalan dispute : Thatcher 
settlement 


By Our Own Correspondent 

BARCELONA. April 24 
Dr. Bunion, Espa s'-. Counsellor 
for Health in the fir-: jriimmstra- 
tion since the Ge.ivralitai was! 
restored last ' Sepi- inber, pr«^| 
sided over a ti-il-inal which j 
ended the three-wee ! -old dispute « 
at the Sant hospital in 


urges unity 



SALZBURG. April 24. 

! MRS MARGARET THATCHER. 


Statoil loan guarantee may ris 


T*4W-r< r. 


iU'-t* 

',-ver 

••like 

..-pile 


BY FAY GJE5TER 


OSLO,- April df"; . . 

NORWAY'S Government -has Sta toil's purchase of the 40 per Field, -and '■ the" rema 
asked the Storting (Parliament) cent, share in the Mongstad N.Kr.lOOm. will gd. to meet ’ 
to approve an increase of more refinery now owened by Norcol, rional costs incurred . atefc - 
than a third in the amoust ivhich the slate-owned petroleum refin- Bamble petrochemical cturra 

by, m; and distribution concern, in- where Statoil is a partner, ©^ •• 

■an- eluding Norco fs stocks of pro- to d elays in the supply- of i*r - . 

flu ris and raw materials at feedstock from Norway's Eta*'- - 
the Mongstad. • . Field. jui .: " 

NKr.SSm. Is needed ta meet. Meanwhile the dep 


Statoil, the . State nil 
may borrow under State g 
tee this year. 


• ir.i’? 

•. . c 

.£ 

r. & 


If the Storting; apptdvc 
jiiarantec “ ceiling for. - ' 


. •'» no .<muuniiox ww**" . * . ... . “ .I.vwu.iui,, miw deputy- e& — 

I the British Conson-ative leader, j will fre.ij. ftod from N KrJJin.' to board. Itfr. T-" ' ' 

* " .. • resigned 


< \:.t 




to day urged European centre’ ! N.Kr.2.765m. The extf a 'amount nettion with drUling of the North Halvard Bratz. has 
and ccnire-righl parties to unite j-wiil cover additional capital re- wo ?¥ fV. 10 (t , s0 ' cal J c “ protest at the way the Oil 
against Marxism. ; quircments which/have become golden block ) recently awarded Energy Ministry arran 

: evident since / the arisinai' Statoil m partnership with StatoJVs take-over of Norol's 


We must recocnbe that 


We've got the connections. 


Marxism thrives on the disunity 
of those who stand for freedom." 
she told the inaugural meeting 
of the European Democratic 
Union here. The setting up of 
the EDU was a vital step towards, 
nn effective working alliance 
beto'con centre and centre-right 
parlies in Europe. 

Mrs. Thatcher said th«y EDU 
would provide a forum within 
which the parlies could discus 
the problems which affected 
them all and she timed other 
pprtie-i with similar beliefs to 
join Lhe alliance 
The framework -of freedom 
under the law, she said, must be 
su op or i i-d by a political system 
in which parties freely argued 
their viewpoint offering the 
in.-ople a real unfettered choice. 
The British Conservative Party 
rejected lhe Marxist creed that 
class divisions were the inevit- 
able basis of all political activity. 
Us economic policies stressed the 
irreplaceable* role of the indi- 
vidual and the contribution of 
five enterprise in ilm creation 
of prosncriiy.” ■'•he said. 

“At the same tunc, our social 
noiiiies show practical concern 
for lhe weak and. the unfortunate 
a < well as for the strong and 

successful.’" _ 

The leaders of Conservative 
and Christian Democratic parties 
from 15 European countries 
have gathered here to launch The 
EDU. Bui even before the 
conference officially began, their 
new alliance was plunged into 
controversy hj the refusal ol 
several parties in Join m. 

The Italian Cnristian 

Democrats — parly of kidnapped 
[oriner Premier Alrln More — 
reject i -d lhe EDU. arguing that 
v-ooic «»t the parlies involved arc 
too RiglH-wjns:. The Dutch, 
Belgian and Luxembourg con- 
servative parties are also absent, 
as they regard the EDU as un 
wanted opposition to the Common 
Market's European People's 
Party (EPP). 

Agencies 


finery interest. Leading opg 


evident since /the original' W in Partnership 

N.Kr.Sbn. coilin/ was fixed. Norsk Hydro and Saga. 

Of the extra NKr.765m. the N.Kr.lSOrrK will, be- - needed tion politicians have also'cj 

company will.' be allowed to following Sfatoiffs decision to cised the move, which they cfj 

borrow. more than half participate in developing vNor will make it very difficult to 

<NKr.390m.) will be use to way's part! of the^. Murchison NoroL at a profit in the futun 


Our network con react all four comers. 


Our name may imply we’re Belgian , but our 
network savs we’re international. 


It says we have the ability to service clients not 
just through 1060 branches in Belgium, but also 
through our subsidiaries, affiliated and associated 
banks. As well as through representative offices in 
major business centers, stretching from Rio toTokyo. 

"SSTjy we sometimes open our ears instead 
of another office. 

We think that sometimes it can be just as 
efficient to rely on our local correspondents.. 

We also have other earsat work for you 
through ourmembership in SFE and Associated 
Banks of Europe (ABECOR). 

This is what gives us the local touch around 
the world. So we can give you the insider s edge 
wherever you do business. 


- We’re the international bank with Lhe 
face-to-face philosophy. 

We try to know a diem as a person, not Just as 
a signature. We try to learn his business as well as our 
Own.lisking time to learn his language, instead of 
expecting him to speak “ban keser And taking time to 
tailor specific answers to his specific financial 
problems. 

Because we think that an individual approach 
to each client-tohisbusiness f tohis needs- is what 
really makes a bank big. Not simply its big 
international network. 


f(0 


$ Banque Bruxelles Lambert 

banking; a matter of people 


•B 

9: 

A 

■« 


Wt are the ABECOR bank in Belgium. Manixhum 24, 1050 Brussel. TtL Q2/513.8LSL Telex 26392 BB UN 


.•■37 


' -V" -w- 






i.sV, 










. , -J* 



Results for 
year ended 
30thpecefnber, 1977 


Further progress. 

Success in exports 

Continuing inveotmontin efficiency. 


1977 

£'000 


1576 

£'-000 


Turnover 

of which direct export? 


160,432 

57,703 


i3s,m 

37,1^ 


Profit before tax 
Shareholders' fund$.; 

Earnings per snare ,-f 
Proposed total dividend . 


9,123 

32,919 


tS 


Against a background of very strengthened . and extended, 
poor United Kingdom, deniand, particularly ia thfr:Middlef^st, 
the Group's eaghieering the Far East and Africa.- ;:rf; 
companies and steef foundries Heavy capital • investrrfe'nt, 
continued to increase . their mainly to . improve effjcfency, 
penetration of export markets continues and expenditure of 

and were able to- operate vat £9. million in 1978 will^fee a 
reasonable levels. - - record.- 

The desalination . . companies Although trading conditip3s’-are 
made good progress, though it still difficult the Weir Gidttp is, 
is still too early for substantial relatively well ■ placed':: to 
earnings from major contracts. ■ compete in all tts main products. 
The Group's associates-, arid Profits shoultf advance again in 


overseas companfes. generally 1978, with furtKerstrengthening 
did very well in difficult trading of the GroJUpS overall financial 
conditions. The engineering position. fU - ■" 
service network is. being ’ : 




Weir Group — pumps, powerplantauxiliariM^steel castings, metal 
pattern equipment, hydraulic and ; pneumatic; seats, : water 
desalination plant. Group companies employing 10,000 in United 
Kingdom, Canada, Australia, France, Germany, Italy, Spain, 
Holland. 


Copies of the Report and 'Accounts 
may be obtained from the Secretary, 
The Weir Croup Ltd., Cathcart, 
Glasgow G44 4EXl 


FHHWOR GROUP LTD. 





4j. 


*en 






s o (si\ 





..c ... 



Ho matter what they play at the 1978 World Championship in South 

we’ll stick to our 3-3-2-1 formation. 


During the world soccerchampionships and 
all the rest of the time we stick to it: 3 times a 
week to Rio de Janeiro, 3 times to SSo Paulo, 
twice to Buenos Aires, once to Santiago. 

The team (all genuine professionals) has 
not been practising any special dodges. 
They put their trust in their instinctive long- 
tested South American tactics. 


For the spectator instead of tea at half - 
time, an overwhelming variety of drinks: 
instead of chewing gum. meals like victory 
banquets. 

And the great trick: at half-time we don't 
just substitute two players, we put a whole 
fresh team on the field to pamper you ener- 
. geticaiiy. 


And as to the DC-10 stadium where the 
games are played;. 207 roofed seats. 30 
boxes (where you are specially cared for 
during the game). 

Not just between halves but through- 
out the game you can enjoy music, and if 
the game should chance to. drag, there is 
a film. 

U 


The result "of our- 3-3-2-f - formation - is 
astonishing too - there are. always two win-, 
ners: our passengers and ourselves. 

Your 1ATA travel agent or Swissair wilt beg] ad 
to give you further, information. For /Stance 
about the best connections via Switzerland: 


Fisaneial Times Tuesday April 25 1973 


Red Brigades call 
for the release of 
13 jailed terrorists 


BY DOMINICK J. COYLE 

A communique, from the 

Re 2 B "8 ad< * terrorist faction 
today brought news of the fate 
of. the kidnapped former Prime 
Minister, Sig. Aldo Moro. But 
the communique can have given 
solace to the country's 
political forces, and particularly 
♦he Christian Democrats 

(DC). 

The communique, number 
eight in a series since Sis. Moro 
was kidnapped on March 16, im- 
plied that he was still alive but 
it announced that he would be 
“executed” unless the Govern- 
ment agrees to the release of 13 
terrorists some of whom are on 
trial in Turin. However, no dead- 
line has been set for this latest 
ultimatum. 

Equally, the Red Brigade gave 
no indication why they stayed 
their earlier execution deadline, 
s ®* last Saturday afternoon, 
although they dismissed as 
“clamorous, so-called humani- 
tarian appeals” the week-end 
pleas by both Pope Paul and 
the U.N. Secretary-General, Dr. 
Kurt Waldheim, to spare Sig. 
Morn’s Hfe. “We believe that 
their alleged humanitarian ism is 
rather a concrete political and 
propagandist support for tbe 
Christian Democrats.” the latest 
communique said. 

The communique names 
specifically 13 prisoners whom 
the Red Brigades want freed, in- 
cluding Sig. Kenato Curcio, said 


ROME. April 24. 

to be the founder of the ultra- 
Left terrorist group, who with 
a number of bis supporters is 
facinq a series of charges in 
Turin, including alleged subver- 
sion against the state. 

The minority DC Government 
of Sig Giulio Andreottl has 
already indicated that it is not 
prepared to exchange these Turin 
prisoners for Sig. Moro. The 
Communist Party (PCI) ia par- 
ticular, whose parliamentary 
support is essential to maintain 
the Amlreotti administration in 
office, is understood to have told 
the Prime Minister -privately that 
it will not be party to such an 
exchange. 

Additionally, both the judicial 
authorities in Turin and the 
police representative body have 
indicated to the Government that 
they are-opposed to any prisoner 
exchange “ in the face of 
terrorist blackmail." leaving the 
ruling Christian Democrats torn 
between humanitarian concern 
for their party president and 
their knowledge that a further 
surrender to terrorism can only 
add to the erosion of public con- 
fidence in the institutions of the 
state. 

There are also unofficial 
reports that Sig. Francesco 
Cossiga. the Interior Minister 
has threatened to resign if the 
Government agrees to a prisoner 
exchange. 


Spy exchange plan denied 

BY ANTHONY ROBINSON. EAST EUROPE CORRESPONDENT 


A CLAIM by New York Congress- 
man Ben Gilman that the release 
from a Mozambique jail of Miron 
Markus, a 24-year-old Israeli 
citizen, was the first stage in an 
elaborate spy-dissident exchange 
involving East German spies 
Gunther and Chrisfei Guillaume 
and Soviet dissident Anatoly 
Shcharansky and others has been 
heavily discounted in Moscow, 
Washington and Bonn. 

According to Mr. Gilman, as 
reported by Newsweek magazine, 
the release of Mr. Markus, who 
was arrested in 1976 when his 
aircraft made a forced landing on 
a flight from Rhodesia to South 
Africa, was arranged through an 
East German lawyer. Herr Wolf- 
gang Vogel, who played a key 
role in the 1962 exchange of U2 
pilot Gary Powers and Soviet spy 
Rudolph Abel. 

According to Newsweek the 
negotiations, in which both the 
TJ.S. and East German authorities 
were involved, also covered the 
possibility of an exchange 
between the Guillaumes and the 


Soviet dissident Anatoly Sbch3r- 
ansky, whom the Soviet authori- 
ties have accused of being a 
CIA agent. This has been 
denied 

Chancellor Helmut Schmidt, of 
West Germany, strongly denied 
the possibility of such an 
exchange a month ago 

Apart from the political 
storm such an exchange would 
cause in West Germany, the U.S. 
Government would also be most 
unlikely to agree to a swap which 
implicitly put the Mr. Shcharan- 
sky on a par ' with the 
two self-confessed and proven 
East German spies. Similar 
stories, also involving Herr Vogel 
have circulated before. It is 
noted in Washington that the 
Soviet authorities would 
certainly be glad to get rid of 
Mr. Shcharansky in this way as| 
any punitive action they take- 
over him is bound to make it « 
virtually impossible for any 1 
SALT agreement to obtain U.S. ■ 
Congressional approval. 


France 

denies 

neutron 

test 

By Robert Mauthner ' 

PARIS. April 24. 
THE FRENCH Government to- 
day denied reports that France 
had tested its own neutron 
bomb. The reports have pro- 
duced a spate of hostile reac- 
tion in the Western and Soviet 
Press. 

“Reports in certain "news- 
papers about France testing a 
Neutron B bomb are not to he 
taken seriously." a spokesman 
for President Giscard d’Estaing 
said. “No such test has taken 
place and none Is planned.” 

Reports Uiat France had 
exploded a neutron device at 
tauraroa Atoll in the Pacific, 
the French nuclear testing 
ground, were published in the 
French Press last week and 
were widely echoed interna- 
tionally. 

To-day's denial is not 
entirely convincing. It has 
taken the authorities •“veral 
days to make a clear statement 
on the subject, after a number 
of ambiguous pronouncements 
by officials. 

Officials said last week that 
French scientists were work- 
ing on plans to develop a 
neutron warhead but had still 
not mastered all the technolo- 
gical problems. It Raymond 
Barre. the Prime Minister, 
told Parliament that France 
- would modernise its nuclear 
forces and maintain them at 
an effective level. 

Military experts emphasised 
that the French Army was 
already equipped with tactical 
nuclear weapons, such as the 
Platon ground - to - ground 
missile and that the develop- 
ment of the neutron warhead 
was no more than a logical 
consequence of France's In- 
dependent nuclear defence 
policy. 

.President Giscard d*Estaing 
has probably decided to come 
oni with a firm denial, because 
he feels that an admission 
that France has exploded a 
neutron bomb would under- 
mine his efforts to play a lead- 
ing role in world disarmament 
talks. The French President. 
Is to present new disarma- 
ment proposals in person at 
the. UN General Assembly. 

Base rates forecast 

French commercial bank base 
rates should fall soon pro- 
vided day-to-day money re- 
mains at current levels, itt. 
Rene Monory. the Economy 
Minister. said yesterday. 
Reuter reports from Paris. He 
said that hauks have now had 
time lo compensate for the 
period before Ute elections 


New German fiscal measures urged 


BY ADRIAN DICKS 

THE SPRING REPORT Of the 
five leading West German 
economic research institutes, by 
forecasting real gross national 
product growth of only 2.5 per 
cent this year and by calling for 
Fresb stimulatory measures, has 
once again articulated vague 
fears that are shared by many 
others. 

Last autumn, the five institutes’ 
joint working party was the first 
authoritative group to suggest 
that real GXP growth this year 
might be no higher than 3 per 
cent. The projection earned a 
waspish rejoinder from Chan- 
cellor Helmut Schmidt, yet was 
In substance reiterated by the 
Econmics Ministry - when it issued 
the Government's own forecast of 
3.5 per cent, growth in mid- 
January. 

This time, it is Count Otto 
Lambsdorff. the Bonn Economics 
Minister, who has snapped buck 
that the institutes' suggestion of 
fresb fiscal policy measures is 
“pointless. - * The Minister ad- 
mitted in tile course of a lengthy 
rebuttal of the instiiues’ conclu- 
sions that be does not funda- 
mentally disagree with their 
premise. 


“Although hopes of a sus- 
tained improvement in the 
development of the economy 
were not very great last autumn,” 
the institutes' report states “ they 
are now even more muled. The 
optimism with which business 
viewed the economic ontlook in 
the wake of tbe policy change 
last autumn, and which gave rise 
to hopes of an upswing, has in 
the meantime largely faded 

away." 

Tbe institutes place the main 
blame for this disappointing 
phenomenon on doubts about tbe 
prospects of the International 
currency situation, and on the 
bitterness of this year’s wage 
round in West Germany. 

“ Although it cannot be ex- 
cluded that a tumround in the 
exchange rate picture could im- 
prove tbe economic outlook once 
more, it would even then not be 
likely that the Federal Republic 
could achieve growth sufficient 
to come any closer to the goal 
of higher employment.” 

Tbe institutes say that only the 
greater willingness of women 
and older men to drop out of the 
labour market altogether, and 


of more foreign workers to re- 
turn home, has prevented a 
further increase in the West 
German unemployment rate. 

The institutes assume that the 
D-mark’s current level will 
remain substantially unchanged 
for the rest of this year. They 
also assume that public spend- 
ing will be maintained at levels 
currently envisaged and that the 
Bundesbank will not significantly 
change the present slant of its 
monetary policy, although the 
report does sound a warning note 
over the recent rate of growth 
of West Germany's money supply 
and recommends that the Cen- 
tral Bonk should begin to rein 
this in. 

On • the external side the 
institutes postulate a 5 per cent, 
growth in world trade, with 
further strong demand for West 
German exports from the OPEC 
countries, a continued, if more 
modest demand from the 
Socialist bloc, and ah uphill 
struggle to sell more to the U.S. 
market. 

The institutes give credit to 
last year's package of measures 
for the stimulatory effects 


BONN, April 24. 

already widely perceived in the 
construction sector and hi the 
short-lived rise in- industrial in- 
vestment at the end of last year. 
What appears to worry them 
most about the present situation 
is the weakness in investment 
during tbe first Yew months of 
this year. This is despite some 
indications that a long-term 
improvement may be in the 
offing, led by such non- 
tradltional sectors as computers 
and office equipment, and having 
less effect on the traditional capi- 
ta] goods sectors such as indus- 
trial plant or machine tools. - 
. On the prospects . for prices, 
which have given less cause for 
concern than almost any other 
facet of the West German 
economy in recent years, the 
institutes are’ roughly in agree- 
ment with other forecasters that 
this year's increase will be no 
greater than 3 per cent, but 
they give a warning -against tbe 
common assumption that West 
Germany will continue to enjoy 
steadily cheaper raw' materials 
as a result of the rise' of the 
D-mark. This year, they say, 
international commodity . prices 


are likely to be somewhat firmer. 

In addition to their call for 
fresh tax cuts and for a dilution 
of tbe goai -of reducing public 
spending, the institutes solemnly 
call on employers and trade 
unions to moderate wage in- 
creases in 1979 to allow cor- 
porate profits margins to im- 
prove sufficiently to encourage 
new investment. 


THE ANNIVERSARY OF THE PORTUGUESE REVOLUTION 

Disillusionment with promises 


BY JIMMY BURNS IN LISBON 


FOUR YEARS after a military 
coup put an end to nearly half 
a century of dictatorship, the 
Portuguese are asking themselves 
, whether it was worth it. The 
i Government, and some political 
' parties, have attempted to re- 
capture the joy of the “Revolu- 
tion of Flowers” by organising 
children's parties and popular 
picnics in the parks of the towns 
and cities on its anniversary 
to-day. But the prevalent mood 
remains one of doubt, if not a 
certain disillusionment with past 
promises which have not yet been 
fulfilled. 

Economic development was one 
of tbe main targets set by the 
Armed Forces Movement on 
April 25, 1974, yet to-day Portu- 
gal finds itself forced to negotiate 
with the International Monetary 
Fund (IMF), accepting that 
development must be restricted, 
at least in the short-term. 

Memories fade too easily 
perhaps: the man in the street 
has forgotten the food shortage-* 
and the petrol rationing and the 
dismal wages that characterised 
tbe last struggling months of the 
dictatorship. He knows only that 
austerity now is hiting hard, and 
that being told by the Govern- 
raent to go out and celebrate the 
I revolution hardly seems appro- 
priate. 

The formation of a govern- 
ment in January based on an 
■ alliance between Socialists and 


Christian Democrats took 
Portugal a step nearer towards 
full democracy in the Western 
European mould: Before this, 
the politics of tbe past four 
years had been characterised by 
extraordinary’ swings between 
Left and Right — an inevitable 
result of the incompatible aspira- 
tions oF those who toppled the 
old regime. 

November 25, 1975. was the 
point at which the push for total 
revolution by the extreme Left 
was arrested and the gradual 
redressing of the balance in 
the direction of a bourgeois 
democracy capable of -taking its 
place eventually in the Euro- 
pean Community began. 

This involved a depoliticisa- 
tion of the armed forces, a 
handing back of expropriated 
land, and the introduction of 
legislation regulating industrial 
relations. 

Current issues of “Naclon y 
Defensa,” the country’s military 
journal, significantly argue that 
the armed forces should no 
longer feel an obligation to 
guarantee the conditions for the 
country's transition towards 
Socialism as specified in Article 
273 of the present Constitution. 

Guided by General Ramalho 
Eanes. President of the Republic 
and Commander in Chief of the 
armed forces, the Portuguese 
military are Withdrawing from 


government, letting the civilians 
get on with tbe job. 

The countryside is also 
gradually returning to “norm- 
ality.” Last summer the then 
minority Socialist government 
showed itself prepared to legis- 
late to set right some of the 
excesses committed during the 
Commuaist push for power in 
1975. when thousands of acres of 
land were taken over without 
any compensation. 

The Land Reform Review Bill, 
conceived by the then Minister 
of Agriculture, Sr. Antonio 
Barreto, having defined the 
amount of land that a private 
fanner could legally . retain in 
the southern and central rain 
belt, paved the way for the 
break-up of some of the collec- 
tives and the restomt’nn of some 
of the estates to their original 
owners. 

Also last, summer. Imnortant 
bills regulating industria 1 rela- 
tions in an attempt to st'fle in- 
dustrial anarchy, and reduce the 
role of workers in management 
were passed. Workers would 
continue to receive information 
on company matters, but would 
not necessarily participate in 
decision-making. Further legisla- 
tion defined the frontiers between 
tbe private and public sectors. 

Tbe present Government has 
put through a key law regulating 
the management of some 600 


tween 1974 and 1975. Companies 
judged to have been taken by 
force are to be returned to their 
original owners. Although such 
measures are judged by tbe 
Moscow-oriented Communist 
Party to be ' a rejection of the 
very principle of the Revolution. 
most political parties are agreed 
that they are necessary if Portu- 
gal is to gain the confidence of 
her European partners. 

The present Government has- 
p reduced a reasonably dear out- 
line of the path which it 
wants Portugal to take: it must 
now convince those who. joined 
the euphoria of liberation four 
vears ago that this -path is the 
best one to bring the country out 
of its present economic crisis. 


Yuvcs’av credit 

■ A $400m. credit line for use 
by Yugoslav industrial and 
other enterprises for purchases 
of plant machinery and other 
equipment In Japaq in the 
next two years has been signed 
by nine leading Japanese 
trading companies and II 
Yugoslav banks, our Belgrade 
Correspondent writes. This is 
the second such credit line, 
the first for $200ra. was signed 
in October, 1976 but since only 
$55m. have been utilised It has 
been extended for a year until 
March 31, 1979. . . 


Jacques Rueff 
dies in 

Paris, aged 81 

By^Oar Own Correspondent 
PARIS, April 24. 
M. JACQUES RUEFF, the 
eminent French economic 
thinker and writer and one of 
the world’s most ardent apostles 
of the role of gold in the inter- 
national monetary system, died 
in Paris yesterday at the age of 
SI. 

Curiously enough, the quiet, 
donnish M. Rueff was not an 
economist by training, yet his 
views have had a decisive 
influence on French economic 
and monetary policy since the 
War. 

He had., an exceptionally 
brilliant career as a civil servant, 
including a. -spell as economic 
counsellor at the French Embassy 
in London during the great 
depression where he is said to 
have developed his attachment to 
the gold standard; 

After the Second World War, 
he , became president of the 
European Coal and Steel Com- 
munity's court of justice, but he 
only met General de Gaulle in 
1S5S. The two men immediately 
saw eye-to-eye atid their relation- 
ship became very dose. 

Together with M. Antoine 
Pinay, the Finance Minister at 
the time; M.Rueff masterminded 
the devaluation of the franc and 
the economic reforms which 
accompanied France's entry into 
the Common Market. . 


Foivkim Tnu. |— l -n.y- , dally 
d ays' and boHdns. _ UA MtarlpliM 


Utr frdsiu) S 360.00 Ui r mailt car atmum. 
Second didjonic paid at Nor Toils. N.Y. 




I * 


..... 




4r\ .* 


OVERSEAS NEWS 


• financial Times Tuesday April -25 197S 



Pakistani 
regime wins 
Civilian 
backing 


The farmer opposition to Mr. 
Bhutto’s Government in Pakistan 
says it 1 is prepared to join a 
national government in Co-Opera- 
tion with the military regime of 
general Zia-ul Haq. The Pakistan 
National Alliance ‘ secretary 
General. Professor - Ghafoor 
Ahmed, said in Lahore that his 
party accepted the: ' principle 
without any rigid preconditions, 
Simon Henderson writes from 
Islamabad. 

*,The actual form of a national 
government is not certain. It 
was proposed by senior generals 
in discussion with political leaders 
six weeks ago. General Zia has 
said it would contain representa- 
tives of all political parties. 


Tough line by Shah 

A dash between security forces 
and hundreds of students holding 
an* opposition meeting in moun- 
tains north-west of Tehran last 
week is seen as evidence of a 
tougher line by the Shah, Andrew 
Whitley reports from Tehran. The 
official version is that 65 students 

were arrested on charges of 

distributing leaflets and shouting 
anti-state slogans. Three students 
were injured. Those arrested 

have now been handed over to 

the Tehran prosecutor's office by 
the gendarmerie. 


Flights resumed 

El Al. Israel's airline, is back in 
the air after being grounded for 
three weeks because of a labour 
dispute, Reuter reports from Tel 
Aviv. Union and management 
representatives worked out a 
compromise settlement of ihe dis- 
pute which began when main- 
tenance men and clerks heM 
union meetings during working 
hours. The El Al management 
retaliated by suspendin'.* flights 
and. although workers have since 

reported daily, no planes were 
allowed to take off. 


Congolese oil 

ELF-Aquitainc and Agip Spa sub- 
sidiary .-Vgip Recherches will 
begin exploiting the Congolese 
offshore Likouia oilfield by the 
end of this year, Reuter reports 
from Brazzaville. ELF holds 65 
per cent: and Agip Recherchcs 
33 per cent, of ihe Congo's third 
offshore field, where 7m. to 9m. 
tonnes of the estimated reserves 
of 40m. tonens arc expected to be 
extracted. 


Ethiopian defector 

The top civilian in Ethiopia's 
southern most Sidamo province 
has defected to a Somali guerilla 
movement along with 12 other 
Ethiopian civilian and military 
officials, ihe Danab newsnaper 
said on Monday. Reuter reports 
from Moaadisha. Danab. organ 
nf the cWstern Somalia Liberal- 


Moza 
puts e 




iphasis 


on economic 



BY .QUENTIN PEEL 


'-JOHANNESBURG, April 24. 


MOZAMBIQUE'S- -- PRESIDENT will,, bring int# .the Ministerial 
Samara Machef has." announced Council Sen: -‘Sergio Vieira, 
the first ;maiox rreshuffle ' 0f ; .his .Teenier chief -de-cabinet to PresL- 
Government,- - -aimed. at . giving fieotMatfirci'; in. the powerful post- 
greater emphasis to management of .Governor of the Bank of 
of the country’s economy. .Mozambique. The fanner' 

He is creating two- new minis: £ assima » 

tries (internal : and . " external becomes Minister of Labour, 
trade) and- giving a seat the Seii. Stdoraao Munguambe, 
ruling Council of Ministers to a former Minister of Finance, 
state secretary responsible for becomes Minister of External 
the fishing industry, a major Trade, while Sen. Riu Baltazar, 
export earner. the former Minister of Justice 

Four of the country’s 10 pto- and a lawyer, becomes the new 
vincial governors have been re- Minister of Finance. Sen. 
placed, “ to reinforce the defence Manuel dos Santos, former Secre- 
of public order and repression of tery ■General. of the Ministry of 
criminality.”" • Foreign Affairs, becomes Minister 

According to a presidential of Internal Trade, a job whicb 
communique, the reshuffle is in will entail attempting to sort 
part the .result of tbree years' ou t the country's enormous 
experience in government, but supply and- communications 
also a realisation of the need to problem, 
reinforce “ the economic State The Mozambique economy is 
organs " in order to enable the iu desperate condition, with a 
planned targets for industrial and trade deficit for 1977 estimated 
mining production, trade and at S2S0m., and little prospect of 
internal supplies to be achieved, reducing it after disastrous 
The existing Ministry of Hoods in tbe northern provinces. 
Industry and Trade is to be sub- Tbe Rhodesian guerilla war has 
divided into departments of aggravated economic problems, 
industry and energy, internal both because of the damage 
trade, and external trade. The caused by Rhodesian incursions. 
Ministry of Planning and and the cutting of Mozambique’s 
Economic Development, headed own north-south communications, 
by Sen. Marcelino dos Santos. * Observers in Maputo do not 
vice-president of the ruling attach any particular significance 
Frelimo movement, will be re- to the appointment of new pro- 
named the National Commission vincial governors, although the 
of the Plan, presumably -to con- official reason for the move, re- 
eentrate entirely on the central lating it to law and order, sug- 
planmns function. pests that unconfirmed South 

The new ministers have all African reports of deteriorating 
held important portfolios pre- security in Mozambique may 
viousl\. although the reshuffle have some substance. 


Vietnam 
plans large 


in 


population 


By K. K. Sfcrma 

recently ih Hanoi 


Militants may be included 
in Lebanese Cabinet 


BY IHSAN HIJAZI 


BEIRUT. April 24. 


tion Front IWSLF) and the . _ _ 

Somali Abo Liberation Front -week. .Dr. Selim 
tSALFi. said Mr. Wolrie Emanuel 1 outgoing Prime 


surrendered to SALF guerillas 
operating in southern Ethiopia, 
west or ihe Ognden region whore 
the WSLF is active. He was 


ENCOURAGED by the agree- Syrian troops, forming the 
ment announced by Lebanon's backbone of the' Arab peace- 
leading politicians yesterday, keeping fqrce, will have to under- 
President Elias Sarkis is take a major role in the iinple- 
expected to name a Prime mentation of the agreement. 
Minister within .the next 24 Informed sources said Syrian 
hours to head a Government of officials hare made it clear to 
national union. Lebanese and Palestinians alike 

There is speculation that both 

making. The strong action the 
who plajed injijor- .oJ£s during Svrisns took a^ainsi rhristian 

hi e in V |udprf r in 6 t'h^rrivenimenf' mil ' tiamei1 » n the Beirut suburb 

whiS Cl u^ d rpV^ VhP Rhini " f - Ain d Kammanch earlier this 

' i~S inon1h w** cited as an example 
Of technocrats lhat resigned last Left-wing nPWcnytiPrc' uiapi 
al 1 Hpss, 

Minister 


thj - newspapers were 

in * cool towards tbe accord to-day. 


favoured 

Cabinet. 


to head the 


* nothing that Moslem and Lefi- 
nevv wing militias were not represen- 
ted in the parliamentary 
A six-puinl accord between committee which proctoeed. ihe,! 
described as Chairman or Cover- 1 Chnstian and Moslem leaders agreement. ‘.V >-r..| 

nor^ of Sidamo. He is the first ‘ 6n Sunday provided for ending But most observers .-fivtieve 


Nifewco'legc clash 

SSi-rlnkln^SfficiS' repirie^To IPalratTa^n WuernTa activity ’ '7n the" attitude by 'the _ PrilefiVlpK 
have defected from the Ethiopian I Lebanon and ! disarming private is what counts. Two-. tit* » f. tf«»i CD | Stashes be iv 
side since the Ogaden war was j Lebanese militias. Bur agreeing Arafat s aides were .last ..night 


ended by a powerful Soviet and 
Cuban-backed Ethiopian counter- 
offensive last month. 


to these principles- is one thing given a briefing on the accbrtf 
and implementing them is an- by an influential member of -the’ 
other, one observer pointed out. Parliamentary committee.- 


THE _ VIETNAM Government 
P**? 1 * 1 - ' substantial addition?! 
inv ^*“^CDU, pti its scheme for 
establishing new economic 
zones which .are really new 
■settlements .. involving large 
qf people from -the 
north, to- uninhabited areas in 
the- South and to the highlands 
and coastal areas of the North, 
The scheme, launched many 
years ago but interrupted by 
the war, has been gaining 
momentum during the past two 
-years. Officials say that in 
1976 and 1977 as many as Un. 
people moved from the North 
to new economic zones in the 
South. The total Government 
Investment in new economic 
zones in these two years was 
14m. dhong (roughly $9m.) but 
considerably more effort has 
gone Into the zones in terms 
of human labour. The r main 
objective is to disperse the 
population so that not only- 
does It make defence of tbe 
country easier but also adds to 
arable land through reclama- 
tion of mountainous and coastal 
areas as well as uncultivated 
land In South Vietnam. Move- 
ment is mainly from heavily 
populated provinces in the 
North Itke Thai Blnfa, about 80 
miles from Hanoi. In the past 
two years 180.000 people have 
moved to the new economic 
zones in the north and south 
from Thai Binh alone. The 
southern zones are located In 
the provinces or Kieu Ghang, 
Dae Lac and Song Be, some of 
which are near the disputed 
border with Cambodia. It is 
hoped to reduce the population 
of Thai Binh by [os than half 
its present size but the plan 
faces difficulties because the 
Inca! inhabitants, mainly poor 
farmers, do not want to' move. 
They arc being persuaded to 
move, however, with the help 
of incentives and hccause it 
will help overall growth of the 
country. Not only does the 
plan for new economic zones 
create new agricultural produc- 
tion opportunities hut also 
permits use of surnlus land in 
the original densely nrtp»i la fed 
provinces for higher rood pro- 
duction which is badh needed 
to view of tbree successive 
crop failures. The main crop- 
in the new zones are rice and 
lute while salt is produced 
from zones in coastal urea**-. The 
new zones are .to* be rem pried 
into stale Farms and ndieciives 
which are provided with all 
haste facilities--! Ike .'wspitals , 
schools and the like. 


CHINA AND THE SOVIET UNION 


Troubles on the border 



BY GOUftA -MadJOUGALL 


*£> 


SINO-SOVIET relations have invasion along "a front- stretch- British Harrier fighters to Peking treaty of cession the border,: • ” 
JFSS for thousands of Kilometres." would be regarded as extremely, along the Chinese bankof ' 



Not a day passes without a centry treaties which gave , the' point of view (as outlined by which erupted into fighting 

firarip fmm Polo n a nn enroo r- -701*0 -nH <hai* t - . • * *».. r , - . .0’ " 

10 


*££ f f°*P £ ekil ?6 on some Czars and their heirs vast areas foreign analysts; for the Chltiielse 1989; though in fart the 1 ? 
®S5? 0f !? c lhr ¥S t t° ln -?- e v a 5 •,*** were ^*581- H have hot ’defined it publicly sensitive area is' close to K‘ 

world peace. While these blasts said it had already conceded. that themselves) is -that- inner Mon-baroysk itself. There the n- . 
have, been habitual for yews the Chinese had a claim- in -the. golia and the north China plain channel Sows dose to the So . 
Moscow has begun to take the disputed areas, but_matntaiaod'ue ideal tank country. Thus a city. The Russians are 
Oiitiese more sen ously. Worry- Peking was demanding changes -.defending anhyneeds more titan ticularly anxious to keep _ , 
mg the Rremlm is the fact that much bigger than justified. • yifleB^-preferably biodern anti* nearby islands as a bu 

re King fias rejected all its In its note Peking renewed a tank missiles and plenty of trans- between Kharbarovsk and - 
since the death Chaar- demand made in 1974 that Mqs-. port— to hold off a conventional .Chinese, 
man Mao and is galvanising its cow should withdraw its troops- Soviet strike 1 . •- However, last year.. . pres 

economy to grow swiftiy into a from Mongolia and reduce man- ■ in one respect the Chinese ably as a result of a So ‘ 
wo ^.^ el i, . >ng along the border to the levels have already, begun modernising, concession, the foreign m 

Officially Mr. Brezhnevs trip of hte early 1960s. There js, ho Peking launched its eighth sa tel- strfes of the two. count. ’ 
is made to_ view the rtsmg new doubt that the steady increase me at "the end 'of- January reached an . understanding. \ : ; 

ships might use 


•i* 


,-:-J 


was 


industries and the railway being 
built a couple of hundred miles 
north of the old Trans-Siberian. 

However, be seized the oppor- 
tunity of inspecting troops 
stationed along the frontier and 
watched military exercises at the 
far casern city of Kharbarovsk. 
on the confluence of the Amur 
and Ussuri rivers, the edge of the 
disputed Sino-Soviet border area. 

While the Chinese are not 
claiming the return of all tbe far 
eastern territories which they say 
were absorbed by the Czars 
under ** unequal treaties ” of the 
last century, they cannot fail to 
view Soviet plans for Siberia as a 
threat, although a long-term one. 

The prospect of a migbtly 
economic power to the north 
must be an anxiety, particularly L jwviad 

when the border remains un- k%. 

settled and they view the Soviet ‘ * 


:S. 





' ' 

-^MONGOLIA 


Y-. 




PEJUK* 


c H I |\| A 


JSEL 



Union as the world's biggest 

menace to peace. of Soviet forces there has raised year, recovering the capsule bed of incidents, was removi 


Chinese 

main channel when the ri- 
was low. Moscow seems to h 
waived, a demand made In 1 
that in return for that con cess 
the Chinese would have to s 
now! edge that the adjoin . 
island was Soviet. 

But border incidents contii 
elsewhere. In early April - 
party official in Inner Mo age 
was accused of stealing state 2- 
party secrets, one of which v- 
a list of enemy agents in 1 
region. In February, a Ghint 
unit on the Heilungkiang strut 
of border “ dealt a blow 
tage by Soviet, revisio 
while on the Inner Mongol: 
stretch “ an enemy, mo 
; vehicle was seen frying 
- sneak slowly into our territory 
Saif ud in. former party' boss S. 1 ' 1 
the Chinese region of Sinkia: 
which in the past has been a hi 


to visit ^ 


■.sain' » 

sJ fr o\v to r< 


... 7= :«rjS 


iZt'iT 


The territories in question are tension. Chinese sensitivity ig with-’-its store of 'scientific and from his post in the same mon -\ 
relatively small, only about 400 heightened by the face' that presumably military information, in mysterious circumstances.. : \ 
square miles and mostly river Peking is only a day's drive froth It was the first 'launch since the Even the trade relations nt- 
islands. Border negotiations, the Mongolian frontier, and be- end of 1976, and the Chinese may seem, to be on the wane. .. 

which had beep in progress inter- cause In the north-east the Soviet have learned .something .from it Soviet team signed the anrm 

mittenUy since 1969, were infer- Union borders on China's key that hardened their attitude. They protocol on April 18 in Pekti - 

rupted in February 1977. They industrial area. It has not been started to get the capsules back after some unusually speec • 

Jjjd 7b,limAi4 in in n..n f.. ,L. /Ikin... A. ....'ikiL • ,A-*C J ^ L ■ ... . - 


! 1*1 
. VI’ 




in easy for the Chinese to watch in 1975. and the Russians evi- negotiations which seem unlike 

1 navi 


It 


.!U- 

c;-d 

-‘TV 


m 


fen students 
vlrch .<! leas' 


clolcrd 

and.,, police in 

sevtfn people ve--c reported 
kiffed, our La^os correspondent 
writes. 


resumed in Peking . ... _ 

November 1976, shortly after the the steady build-up of men Arid dently consider them enough of to < have~provided for any expa 
new pragmatic leadership of missiles across their ' frontier a threat to use their own inter- sion. By 1974-75 trade hi 
Chairman Hua came to power. In when their own military are : 10 ceptor satellites .against the recovered- from the nadir of. 191- 
spring this year a frigid exchange to 20 years behind the Russians Chinese ones.' Pekiiigls. launches mo a point, that . put Mosqr 
was revealed. Moscow in in equipment. ' - s: are not" yet frequent enough' to among China’s top 12 par- 

February had proposed a joint Roughly 7m. men on each ^fde provide, them with' consistent ners, out it has begun to slk' 
declaration, basing relations on face one another across* - the information on Soviet military down again. Soviet figures sho ' 
peaceful coekistence, respect for border. Last year the CMiftifte dispositions, but as they become a sizeable drop last year fred . 
sovereignty, non-use of force and said they did not think “fhat so the Russians can hardly fail those of 1976 
non-interference in internal Soviet ■ numbers had increased to grow more concerned. In Jan nary /September lai; 

affairs. since 1974, but that their equip-. Last year, Moscow did seem year Soviet exports droppe 

Peking replied in March that ment was now more formidable, ready to make some concession, to almost half the value 4 . 
such a declaration would be a The bulk of the Chinese forces For. the first time since 1974, January/September 1976 Qwiu-_- 
hollow statement If Moscow's are in north and north-east the talks on 'river navigation to a big fall in' aviation -am- 
joodwili was genuine it should China, defending tbe capital and along »he AThurand Ussuri rivers generating equipment both q - 
agree to maintain the status quo the Manchurian industries. -The were resumed. While the which Moscow had previous!;'' 
on the border, avoid armed Chinese have still not tested^apy negotiators h.ave -■never been supplied in quantity. Chines! ; 
clashes, and disengage the forces lCMBs; their missile resources empowered to' ’ diSCU^S', actual exports were down by nearly 4 7 
of the two sides in the disputed along the border are thought to border questions, ..the. matter',of quarter, so that exchanges ende? - 

areas. These have always been be confined to about 40 liqmd- where the harder ran was roughly in balance. Pekin* 

Peki nil's conditions and it claims fuelled IRBMs in hardened sitote obviously relevant: For years probably means to limit It! — " 
lhat lhe> were agreed originally in the north east. This. is um* the Chinese have complained Soviet trade to basics and ft 
by Premier Kosygin and Chou compared with the rocket-poTOr. that -i'ie Channel -.to which /the took for all its hjgh-technologjni) T|A\V<2¥1 
En-Iai in their hasty meetina at facing them. , ■■■•':.*& : Russfons* tvfeffefi to; conffii^' their, goods in - the West- But if. even” « ” 'r 

Peking airport in 1969. Some Chinese gcncrab* would • •«sels in the sensitlve : area pf the treding relationship is goinj 

Pravria replied on April t.that like to reduce the iiwq y a fitjr of rhpsoii^k , VaS. - too shallow to disappear, the outlook for 
Moscow wtuild not withdraw its equipment, a prosper i/Whi eh has v.N-n ihe rtyor was low. proved Sino-Soviet bilateral con 

ir imps, for that would leave the alarmed the Russianyknough for :Thc * Bor- lets •* have • always tacts in other spheres is bleal 
disputed border open to Chinese Pravda to warn tjrat -ales of argued 1 tiiar hnd’r the original indeed. • 


' T «t * 

1 

a:«* 

: '. .ib 

v * 

:'.r 
••• :»a 



Technology 

Industrialisation 

Equipment 


COn^UCCiRG ifilPACO 
^c^LUinG DUUUOQUm 
?=50>?ECuVinG CQtlZKZ* 



International Center for Trade Promotion 
BP 3329 Dakar Senegal -Tel : 51 11 1 - Telex 430 SG 


BY DAVID HOUSEGO 


VIENNA, April 24. 


THE ECONOMIC prop sects of the vicing problrms. grovrtiu w Actual disbursements of loam’ 

1 poorer countries of Asia would Amonwit those attending the Describing the economic per- however at S356m. were wel". • 
be “very grim" and international three-day meeting are Finance forinance last year of 15 develop- below target and only fraction' ' 

| economic relations severely Ministers from Asian countnc-s ing jnember .countries of. the ally above tbe level of 1975 
j 'trained unless there was early and senior representatives from region for wbich data are avail- A f „ th . J, ’ 

; action to case their massive debt the major international banks, abte-as “not unsatisfactory,” he IT 3 ® on * lQe S10M . . 

burden and provide them with The ADB has 48 member coun- noted nonetheless a small 01 common- - 


r.can 

A'S 

T 

'-•cr 

E 

«-;rc 

'.xe 

Mai 

-.lie 


■jdditinnal resources to finance tries including most major Wes- deCTMse' irT their rote of growth t0 msaiy toultilateral institution} > 


’heir balance of pr.ymcnls deficit, tern donor nations. 


>rn donor nations. amts- wid enin g of ibelr~ trade nations^-has bwn the-'.*": 

\fr. A. G. N. Kazi. Pnkistah's Mr. Kazi's stark portrayal of dcfici1k; : 1 1 - ' difficidty developing countries _ 

IMInisler of Finance, warned the the problem clearly reflected the A matter af erowine concern * ,avc ba “ rajs ‘ n fl l ° e l° ca * CUJ ^ ' 
•rnmnl meeting of the Asian view of countries like Pakistan ]Lj r ivnshlda * said araonc the 5* nc , y ^sourees to match the 
"ic-elopmcnt Bank (ADP) here with high levels of outstanding exporrtinentatea nations of the fore S? f ? T a project^ 

0- flay- debt and little access to the com- re gi 0nt was t h e instability of P p 9 vlded tiie bank. — 

!tlr Kari. who is chairman of mercial markets. Tbe faster- commodity, prices and the threat is -now easing ita 

lie Bank's Board nf governors, growing notions oF South East 0 f protectionism in the Indus' rales on local cost financing — a 

‘cclcred that the external debt Aria and the Far East are still trialised economies. move welcomed by Mr. Kazi bul 

:f 17 of the developing member looking to the banks to re-finance He emphasised the need for opposed by some donor nations - 

‘on n tries of the Bank has in- their existing debts and meet more concessional finance,- As a and towards "programme iend- 
•l eased by ■**! per cent, to S47m. their new requirements. result of the S2bir. agreed- yester- ing" under which developing 

■oiwefMt 1974 and 1976 and However, a note nf warning day fbf the “soft window^ Aaian countries can borrow Foreign - 

vmoarM to have grown sub- was a ho sounded by Mr. Taroichi Development Fund, the bankwill exchange to purchase spare 

1- nthllv last year a* well. Ynshfda. the Japanese prorident b e position to provide toore parts. 

Cnn.-e^innal aid to the region nf the ADB who said that th^. so ft-tdiTO loans over the next in- 'iipite of its present high . - 

r v-n donor governments or miilti* success so far of developing fQur years. ..WJ :- liquidity the ADB is Itself likelv ' 

S£: n S c T un,ne3 ,» n wUiwrin- lo the Demonstrating the growing tomorrow 5400m. this year on 
V I. VVVa-' two •' pan> from 1,5 changes in the international roIe the 'bank. Mr. Yoshida the commercial markets of which - 
■.as in la.o. economy, onnot he pormittrd pointed to a 14 per cent, increase SlSOmi has already been raised. 

The result. -=aid Mr. Ksxl. was to nbsrtire inn magnitude of the -, n new loan commitments last Bank officials are anxious for 
•*iat development had been tasks that lie ahead." year' (about 6 percent, in real the ADB to obtain the same high 

’.owed down and many develop- He declared that inrreased terras) to a new peak of S887m. credit rating as the World Bank, 
ng i-min trios furred hack on investment and a more adequate- 
hurl-lcrin vn in me rcial credits flow of external resources were I 


a 

yti 


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hal exacerbated their debt ser- essential to achieve sustained 


French expert describes 
Khmer Rouge tyranny 


BY RICHARD NATIONS 


OSLO April 24. 




NAME: ... 
ADDRESS : 


. In order to get the FIDAK 3 documentation, will you send back this advertisement to B.P. 3329 - Dakar 



"»R. POL POT. the Prime 
'Tlnister of Cambodia rules with 
ihsolute power which was con- 
■oli dated by the ruthless suppres- 
-,'on of widespread. but 
ipparently isolaled. revolts 
vithin the party early last 3’ear. 

That is tbe conclusion of 
\T. Francois Ponchaud. a French 
mthor. who is remited to be one 
of the best analysis of Cambodia 
mder the Khmer Rouse regime. 
'1 Ponchaud described what he 
'•tiled Cambodia’s serond 
-evolution during an inter- 
national hearing on human 
-frjhr.s in Camhndia. held in Oslo 
■ I the week-end. 

Both M. Ponc h and s*nd Anthony 
Waul, author of Tlu 1 Murder of n 
'ion. gave details to rnn- 
firm observers' earlier suspicions 
hat the north-western provinces 
in particular had been torn by 
an intense power struggle over 
the past vear. Mr. Paul quotes 
Khmer Rouge defectors to 
Thailand for his vivid account of 
sedition initiated by senior 
officers in the northern province 
nf Oddar Meanehey. 

Many observers have con- 
nei’tcd Pol Pot's disappearance 
From Phnom Penh between 
Seuicmher 27. 1978. and April 
ifih i as a mission lo test loyalties 
in the muer brigade and to pre- 
pan- the subsequent purge. 
Pon-.-haud and Paul agree that 
the ruthless elimination nf 
suspected enemies in the party 


was widespread and bloody and 
continued sporadically through 
the first half of 1977. 

“There is no question." M. 
Ponchaud says, “that by the 
time Pol Pot travelled to Peking 
in September. 1977. he had elimi- 
nated all effective opposition." 

Most of the evidence at Oslo 
confirmed the impression of 
gross and systematic violations 
of human rights in Cambodia. 
But whether the regime has 
attempted tu liquidate physically 
iis “ I'lncc pr>»»nw •• remains in 


its “class enemy 
question. 

Of ihe 10 Cambodian witnesses 
—refugees from Cambodia over 
the past couple of years— only 
three had directly witnessed 
more than isolated executions. 


Gulf pollution treaties 


Eight Gulf .Stales hare approved 
two anti-pollution treaties and an 
action plan lor protecting the 
environment, a spokesman for 
the United Nations Environment 
Programme l UNEP) said on 
Monday, Reuter reports from 
Kuwait. Speaking towards the 
end of a 10-day conference spon- 
sored by UNEP and attended by 
Bahrain, Iran, Iraq, Kuwait. Oman, 
Qatar. Saudi Arabia and the 
United Arab Emirates, the spokes- 
man said the two treaties also 
provided Tor setting up of a 
regional organisation For the pro- 
tection of the marine environ- 
menL 



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Vandal Tides* Tnesday April; 25: 1978 


^ AMERICAN NEWS 


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to White 


hope pinned! Venezuela 

; . to reduce 


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*5cs!£7w.\» 


«*!$< 

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on gas price compromise central 


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& DAVID B£U. 


WASHINGTON, April 24. 


budget 


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-TSB CARTES Administration is 
aow Jseepmg its fingers crossed 

■ ifiat'the tentative agreement on 
".natural gas pricing reached over 
ftie -weeSehff will be. upheld by 
’ the jornr Hoose and Senate Cow - 
■,%ittee which is considering 
~£o6rgy- legislation. ■ " 

. The full Committee is due to 
West later this week and there 
-trc- some signs that the com- 
reronuSe — which ’ is midway 
o^ween what the. Administration 
-4bd the Senate' wanted could he 
.defeated. If if « passed, how- 
--ever^ the. way will be open to 
consider the 'final part of the ■ 
■Energy Bill which. would impose 
-_a tax on - most domestically pro- 
Huced crude oLl. . 

For the* moment, however, the 
Ariministration is p re-occupied 
with natural gas. Under the com- 

■ promise now agreed gas will he' 
deregulated - after January 1, 

■ i985. Until then, the price will be 

■ allowed to rise initially from its 
-present level of $1.48 per 1.000 

cubic feet to $1.93. Between now 
and 1981 it would rise by the rate 
of inflation as measured by the 
GNP Deflator -plus 3.7 per cent. 
From January, 1981 until the 
end of control in 1985 it would 
climb by the rate of inflation 
plus 42 per cent, a year. 

The ending of controls in 1985 


would sot ho irrevocable and 
in the subsequent t»o.years. Con- 
gress- would retain .'thfe“right to 
re-impose them- if, the ‘‘market 
shows signs of getting odt of con- 
trol. Bat by tWenJi -of *1988 con- 
trols would flnally .be dropped. 

Over the nfest seven years, 
according to the Committee staff, 
the compromise means that con- 
sumers will pay up So -$31bn. 
more than they would have paid 
under, the original . Carter Bill 
which was . passed .more' or less 
intact by the House; lie Senate 
version of the- Bill, which, would 
have dropped controls mueh more 
rapidly, would hav.e ‘cost a fur- 
ther S30bn. 

Yet the extra $33.btt. igreed by 
the small group pf Congressmen 
and Senators who have been 
negotiating in : secret, for weeks 
may be too -much for' many of 
those on the full. Committee who 
still favour regulation And- lower 
prices fMr. Carter, who used to 
number himself among" them, is 
now said to be prepared to accept 
aim of / anything so as to -get some 
kind of measure ' out '- of. Con- 
gressl. ' . ( 

It is, therefore, ppssiWe that a 
coalition of libera! Dein6erats 
and conservative Republicans 00 
the full Committee could.- com- 


bine to defeat the compromise. By ^° SC ^ **!!" ., . 

And Senator James Abourczk, CARACAS. April 24. 

who favours continuing regula- THE VENEZUELAN Minister 
tion. plans a filibuster to try to of Finance, Sr. Luis Silva 
defeat any suggestion that regu- Luongo, has announced that 
tattons should be taken off. the central government budget 


tions should be taken off. the central government budget 
~ ,, .... . for 1979 will reach about 40bn. 

On the other hand the White , loHvars (S9 . 3bB .,. TWs vonslt- 


u . .. . _ , . ■ ■ « « 1. . < Mumarn t 1. 11119 lUUDil' 

House can be expecteo to lobbyj tul * s a reducljon frow (Ilc 
bard for the measure and both 197s eealrM g avernment 


Senators and Congressmen are JEtert sil ,S out at 

weli aware that their constituents I siojubn. and Xu already 


sre impatient at the lack of pro- g^wa hV more than SI 9bn 
gress that has been made on the ^ rough b f 0rcign borrowing In 

than a 1977, the* Venzuelan Congress 






year of negotiatiaos. 


approved an initial budget of 


The Socialist salute outside Santiago prison from & man freed under Chile's amnesty. 


Meanwhile, attention is already 58.33bn. which grew to Sll-Bbn 
shifting to the question of the by the end of the year. Part 


tax on well-head production of of the increment in the budget 


cnide oil. Sen. Henry Jackson, for 1978 was due (0 new appro- 


the chairman of the Senate pria tions for a variclv of pro- 
Energy Committee, said yester- j ecls> w hile Utc remainder 


day on television that the lax consisted of more than $1.5bn. 
was effectively dead and called in foreign loan credits. 


on the President to impose a Despite high-level attempts 


S5 a barrel levy on imported oiL ^ con m»l official spending 
But Congressman A1 Uilman, the since the boom in petroleum 


powerful chairman of the House export revenues in 1974, gov- 
and Means Committee, eminent disbursements have 


said that once the oil industry- 
realised that the President 
means business on an oil levy, 
if no tax is agreed it will 


remained high and cuts virtu- 
ally non-existent. Dee to a 
drop in petroleum revenues 
earlier this year, authorities 


JT-n e >5 a ^ , itS ° PP0S -r i0n A 0 ? e ordered spending cuts amount- 
well-head tax even if not neces- - - 


ing to $470m. in the current 


sarily in the currently proposed bll * lgeU „ xeniaiQS to be seen. 


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Dayan to visit Washington 
to-morrow to resume talks 


BY OUR OWN CORRESPONDENT 


WASHINGTON, April- 24. 


MR. MOSHE DAYAN, the Israeli 
'Foreign’ Minister, is to arrive 
here on Wednesday for two days 
of talks, in advance of another 
meeting between Mr. Menahem 
Begin, the Isareli Prime Minister, 
'and President Carter during the 
first week of May. 

The new U.S.-Israeli contacts 
coincide with a new flurry of 
diplomatic activity here and some 
suggestions that Israel may now 
have reformulated its position on 
the key question of the interpre- 
tation of : UN Resolution 242 
which calls on it to withdraw 
from territories which is has 
occupied. 

Administration officials are 
cautious about these reports and 
remain somewhat confused about 
Israeli government attitudes to 
the resolution. It was Mr. Begin's 
assertion that the resolution did 
not refer to the West Bank of the 
Jordan which irritated Mr. Carter 
and led to the tense atmosphere 
in their talks last month. 


Since, then, according to 
officials, the -signals "from Israel 
have been more than .usually 
difficult to interpret - The u.S. 
took "heart from the"'Apri*. 16 
resolution of the' Israeli cabinet 
that Resolution 242- remained the 
basis for negotiations: -but there 
is some doubt that it represented 
any real change ih tfce" 1 .Segifl 
position. -. /**■• > 

It is taken- here : as a -sign of 
the divisions :withih‘ the Israeli 
administration, that : Mr-- 'Dayan 
did not, when he spoke, of -the 
need for troop, withdrawals, add 
the key phrase **in nil sectors.” 

In an effort to' get,' past .this 
problem, it is- therefore possible 
that the UX will-presenfits own 
formula to Mr. Dayan and Mr. 
Begin now that" Mr.' ..'Alfred 
Atherton, the " -Tovihjf- ;U^. 
ambassador, in the 'Middle East 
has clarified* the '.Egyptian p psi - 
tion. But officials; are<Atc wilting 
for the momenl to ^psculije on 
what- this fonfiuIa T m®ht*he« '. 


Coca-Cola, 
Pepsico told 
to end limit 
on bottling 


By David Las c dies 

NEW YORK April 24. 


however, whether these reduc- 
tions are carried ouL 

Although an outline of the 
1979 spending plan has not 
been made public. Finance 
Minisiry official arc already 
working to prepare a draft 
hudget for presentation to the 
legislature in Jnne. It is ex- 
pected that the administra- 
tion's areas of priority — public 
works, education, agriculture, 
industrial development aud 
social services — will be re- 
laioed. 

Outlays for debt sen-ice of 
domestic and foreign obiiga- 


THE TWO U.S. soft drinks j tions have risen steeply in re- 


giants. Coca Cola and Pepsico. 
have been ordered by the 
Federal Trade Commission to 


c cut years. Public debt 
serviec and refinancing of ex- 
isting debt cost the Venezuelan 


dismantle their battling opera- 1 government more than S1.9bn. 


£ Ottawa newspaper foldsi 


BY YICTQR MACKIE 


OTTAWA, ‘April24. 


A. NEW morning tabloid that 
started publishing last September 
to-day ceased publication, having 
struggled on for nine days since 
being put into the hands of the 
Receiver on April 14. 

When it folded, its circulation 
was only between 10.000 to 

15.000 daily, compared with 

57.000 copies the day it first pub- 
lished. 

-It started on a capital of 
S2 50,000. .and its. backers hoped 
eventually to raise Sim., but 
failed. 

The notice of receivership was 
signed by the publisher and 
executive director, Mr. Robert 
Essery. 

'Daison Press of Toronto, owned 
by Messrs. Dan and Paul: 
Isranuzzi, who became the paper's 


financial -hackers last November, 
appointed Hr.; Esgery- receiver 
and general manager. . . 

The tabloid sold -from street 
boxes, which' until its first issue, 
were banned - in Ottawa. 

Every: , f other newspaper 
circulating in -Ottawa, including 
the Ottawa Journal, the Ottawa 
Citi2en,s-the Toronto Globe and 
Mail and the Mdnireal Gazette, 
then established -'street boxes. 


'US. COMPANY NEWS 


Eastman Kodak, well - ahead, 
’MeDonneQ Douglas upsurge, 
’ Goodyear predicts recovery — 


tions based on territorial limits. ja«t year and more than 

Coca-Cola announced that it SL8bn. in 1976. In 1975. 
would appeal against the ruling public debt service cost 
"because it is against the* S4 18.6m., 

interests of the consumer. The— 

decision will not increase com- 
petition but have the opposite 
effect” 

At present, soft drinks bottling 
is carried out under franchise, 
and both Coca-Cola and Pepsico 
give each bottler a strictly 
delineated area to cover. The 
FTC has decided that this prac- 
tice reduces competition among 
bottlers and has kept soft drink 
prices higher than they need be. 

Pepsico was quick to react to- 
day. In a statement it described 
the decision as ‘‘ a crushing 
blow'* which would force un- 
Dtfcessarv change on an industry 
-which .was efficient and vigorous. 

Mr. John Sc alley, the company 
president, sent a telegram to all 
Pepsi bottlers vowing to fight the 
FTC's \ ** unjust decision ” and 
protect', bottlers’ exclusive terri- 
tories. \ 

The FTC's decision is highly 
controversial since it reverses a 
court ‘ ruling of October 1975 
which maintained exclusive 
bottling territories as reasonable 
and concluded that the advan- 
tages outweighed the restriction 
to competition. 

However the FTC. in a narrow 
vote, has now concluded that the 
court decision was an error. If 
the FTC wins its case, it is likely 
to pursue other big soft drinks 
companies 


PRESIDENT Augusto Pinochet 
of Chile, .bis face straight and 
hand raised, told reporters: ** I 
swear that my- Government has 
not received pressures from 
abroad td adopt • the recent 
measures.'’ He was referring 
to measures liberalising his 

regime, and first and foremost, 
to the amnesty of practically all 
those charged with, or sentenced 
for, political crimes. Officially 
they arc estimated to number 
3,070, aod about half of them 
are believed to have been out- 
side Chile before the amnesty 
was granted a week ago. They 
are free to return if the Interior 
Ministry gives them permission 
id do. so once they have signed 
an affidavit promising not to 
engage in political activity.. 

The previous week. General 
Pinochet had startled his com-, 
patriots by increasing the 
□umber of civilian ministers in 
his Cabinet from seven to 11 
and decreasing the number of 
armed forces ministers from 
nine to five. Rut at the time 
he insisted that, although “the 
Government has taken a turning 
in' recent days, the military 
regime has not changed,” 

Since April 1. Gen. Pinochet has 
made several other moves point- 
ing towards a liberalisation. They 
include; the lifting of the nation- 
wide curfew in force since his 
coup d’etat in September 1973, 
and the deporiation of a U.S. 
citizen. Mr. Michael V. Townley 
who was wanted by the Ameri- 
cans for questioning about his 
possible involvement in the 


CHILE 


Effort to liberalise 


the military regime 


BY ROBERT UNDLEY, RECENTLY IN SANTIAGO 


murder in Washington daring 
1976 of a former Chilean Foreign 
Minister and ambassador to the 
U.S., Sr. Orlando Letelier. Other 
measures included the freeing 
and deporting of three top sup- 
porters of the late President, Dr. 
Salvador Alfende, two of whom 
originally bad been sentenced to 
death, and the naming of a 
civilian as Interior Minister — 
** Super-Minister,” as President 
Pinochet put iL 

In the first week of April, 
immediately after the former 
Vice-President of the Central 
Bank, Sr. Carlos Lazo Frias, had 
been allowed to leave' Chile, and 
hie 30-year sentence for treason 
aod sedition having been com- 
muted to 20 years of exile ? — ? 
President Pinochet claimed that 
w no one can say that In CbUe 
there are persons deprived of 
their freedom for having com- 
mitted acts of a political 
nature.” He announced that he 
was pardoning everyone 
sentenced for crimes against t£e 
security of the slate, or com- 
muting their sentences. And on 


April 15, Sr. Ernesto Galaz 
Guzman -'and Sr. Radi Vergara 
Meneses. two former air. force 
officers who bad ,been given life 
sentences for high treason, were 
allowed to leave the country. 
Sr. Vergara Meneses was given 
asylum in Britain and Sr. Galuz 
Guzman in Belgium. 

Whether the Chilean regime 
has really changed or has ju&r 
taken a “ turning." President 
Carter 1 with his human rights 
campaign can claim a large 
share of the credit for the hasty 
deportation of Mr. Townley to 
the U.S., where he is being in- 
terrogated in Washington. News 
agency reports had said that the 
State Department was threaten- 
ing to withdraw the U.S. 
Ambassador, Mr. George Landau, 
from Santiago if it did not get 
satisfaction in the Letelier_casc. 
— The “reason given ~ by”“ the 
Chilean Ministry of Interior for 
ordering Mr. Townley to be 
deported after residing in Chile 
for 21 years was that he had in- 
fringed -a decree-law on the 
entry, residency and departure 
of foreigners. The Chilean 


Government, in an endeavour 
save face, i& sticking by tb 
explanation. The deportatic 
was certainly carried out wil 
speed. He was whisked out 1 
Chile even before the legal 2 
hour period for his lawyers 
appeal against the deportatic 
order bad expired. 

Gen. Pinochet’s friend fro 
boyhood days. Gen. Raul Ben 
vides. has been moved from tl 
post of Interior Minister to th. 
of Defence Minister with expre 
orders from -the President 1 
push ahead as quickly as possib 
the investigation of how fall 
passports came to be issued 
Mr. Townley and a Chilean anr 
captain. They apparently use 
them to go to the U.S. the rnOBl 
before Sr. Le teller's assassin 
tion. 


There appears to be a press/! 
motive behind Gen. Pinoche: 
sudden desire to improve tl 
image of his regime. The free 
in arms sales to Chile by Britai 
the U-S. and several other cou 
tries, and their refusal to gi’ 
Chile technical assistance, h 
put Chile virtually in quarantii 
at a time when it has problec 
with all three of its neighboui 
The regime is at odds ‘wil 
Argentina over the Beag 
Channel, a dispute which COU 
still erupt into war with Pet 
where there are voices crying f 
revenge with the approach of tl 
lOOrh anniversary of the 18J 
1881 war of the Pacific, in wbi< 
Peru lost a province to Chile, ai 
with Bolivia, which lost its acce 
to (he sea in the same war. 


unique 

£ * 1*9 


r m 


ship 


Interlocking 

Boards 


Thv Royal Navy 


The. -Merchant Navy 


Tift Rova) Marines 


Our J-hhctuien 




under fire 


Theirr&abled 


'Tharpcnahmrs 


Their widows 


Their, children 


for Sailors 


In. this Country of ours, there is no-one who Is 
not connected with the sea. . 


' Half the food we eat comes from across the sea. 
Many thousands of us, our relatives or. friends are 
past or present members of one of the sea-fanng 
services, or of an industry dependent on them. 

There are many charities for seafarers and their 
families. One, onlv one. however, is ihe central chanty 
charged with collecting and providing ftrads for all 
other seafarers’ charities, and with making sure .that 
the money is distributed where it can be of most use. 

. That central charity is King George’s Fund for 
^Sailors. Launched in 1917 at His .Majesty s personal 
wish JCGFS distributes funds without cfistmcttoii of 
-service, of rank or of creed: The sole criterion is to 
distribute the money to the areas of greatest need. 

" Wheri you want Id remember our seaferers who 
are in need, remember King. Gedrg&V Fimd for 
Sailors. We’ll see. to it that not one penny of your 
jhone^ gaeito waste. 

Please send you f donation. lo-> 


7 Xing Georges Fund for Sailors 
1 Cheskam St., London SW2X8NF 


i&im FoictfcBHIcS THAT SUPPORT 'SEAFARERS IN K® AH0.Th3R FAMIUcS 

■Uw'u'5*. V. .v’-’- - 1 • ' * 11 * 


•fly Stewart Fleming 
, . NEW YORK. April 24. 

A STUDY of the structure of the 
boards of J30 leading U.S. cor- 
porations by the staff of a Sen- 
ate sub-committee has concluded 
that most of them are either 
directly or indirectly linked 
through common directorships. 

The study sees a special signi- 
ficance. in the interlocking direc- 
torates of the 16 leading finan- 
cial institutions. “Through their 
enormous capacity to lend large 
sums of money and to purchase 
and hold huge blocks of securi- 
ties, they hold significant power 
to influence if not control the 
shape and direction of American 
corporate growth.” it says. 

* The study points out that the 
concentration of interlocking 
directorships is particularly 
strong among the 13 largest U.S. 
corporations such as American 
Telephone and Telegraph Exxon, 
Citicorp and the Prudential In- 
surance Company of America. 
All 13 were interlocked directly 
or indirectly with each other ac- 
cording to’ tbe study, with 
AT & T having tbe biggest 
number of interlocks. 

The study was prepared by the 
Senate subcommittee staff beaded 
by the late Senator Lee Metcalf, 
who was an outspoken critic 
of the business establishment and 
was responsible for the prepara- 
tion of a sharply worded and 
detailed, analysis of the account- 
ancy profession. 

It defines a direct interlock of 
Boards as one where a director 
of one company is also a director 
of another and it defines an 
indirect interlock as the situation 
in which two companies each 
have a director on the Board of 
a third company. 

More recently the Federal 
Trade Commission, one of the 
two U.S. Government agencies 
responsible for enforcing anti- 
trust Jaw, has begun 10 tarry out 
another analysis of tbe interlock- 
ing of directorships as part of a 
study of anti-competitive devices 
used fay U.S. corporations. Hr. 
Harold 'Williams, the Chairman of 
the Securities and Exchange 
C ommissio n, has expressed con- 
cern about the independence of 
corporate Boards. 

Interlocking directorships 
hare long been a target for 
criticism but the practice is de- 
fended on the grounds that 9 
company needs a core of experi- 
enced executives on its Board 




><l 'ex' 




^ FreigMiiner 

■' ^ >/.V - ^ 

: , ■ n ; 

; • : ;• ' i 



“Thanks to the breakthrough made possible by the container, Freightliner customers now 
enjoy the advantages of a unique partnership; the flexibility of road vehicles and the speed 
and economy of rail together in a single freighting package. It’s a formidable V • 

combination which is virtually impossible to match for speed or for cost ' 

You can use your own containers and road vehicles in and out of 
terminals, or ours. In either case, legislation restricting drivers 1 hours and .£ : 

mileages causes no problems. . ^ 

It could pay you to call us. We offer you a partnership that is unique.” tSb&i 

Freightliner - today’s answer to tomorrow’s regulations. s 

Freightliners Limited. 43 Cardington Street. London NW12LR. (s* 

Telephone: 01-386 1 760. 




v 


Freightliner 


\ mcin.^frl l’-? 


the best of road and rail put together 


Vju.wi.i! l-icv-M Linporaic-* 



1 


o 


appointments 


-VERY CHALLENGING OPPORTUNITY 
-MIDDLE EASTERN BANK IN PARIS 
-CHIEF EXECUTIVE 

The Bank 

A joint venture with large Middle Eastern majority and two. 
international bank partners. The bank is . established in. Paris as 
a French company with plans for implementing branches and affiliate - 
network. 

The Job and Position 

General Manager reporting directly to the ^Chairman of the Bgard. . 
The successful candidate will have extensive experience in all phases 
of commercial and merchant banking activities. He is currently a 
general manager or deputy general manager of a successful banking 
entity with proven managerial ability. 

Conditions — salary commensurate with experience, liberal fringe 
benefits. 

Candidates write in confidence to: *■ * 

The Chairman of the Board 
P.O. Box 2708, 75008 Paris, France 

The envelope to be marked “Strictly Confidential” 



Scottish Development Agency 

Strategic Planning Unit 

Corporate Planner 

up to £8,365 per annum 


The Agency’s role is the regeneration, 
and development of Scotland's industry 
and economy. It has substantial resources 
and wide powers to invest directly in indus- 
try ; to provide management and other 
advisory services ; to build modern factories 
at -attractive rents; 'to clear derelict land 
and improve the environment generally. 

The Corporate Planner will be a senior 
member of the Agency's Strategic Planning 
Unit and will work with planners and 
economists as part of the unit's Policy De- . 
velopment Team. The successful- applicant 
will be concerned with individual industry 
studies; the supervision and co-ordination 
of project teams consisting in some cases 
of outside consultants; reviewing indus- 
trial investment cases with special concern 
for market factors; assessment of corporate- 
plans prepared by companies in which the 
Agency has an interest; preparation of the 
Agency's own corporate piaru 

' Applicants should have management/ 
corporate planning experience within in- • 
dustry as well as appropriate academic or 
accountancy qualifications. A good under- 
standing of market and financial analysis 
will be an essential requirement of the post. 

Applications should be made in writing 
giving career and personal" details to David 
Swift, Staff Executive, 120 Bothwell Street, 
Glasgow G2 7JP to arrive not later than 
Monday 8th May, 1978. 


Scottish Development Agency 



REGIONAL SALES DIRECTOR 
American Lottery Management Company 

The U.K. subsidiary of a prominent U.S. promotions company 
is looking for two outstanding entrepreneurs with proven sales 
and administrative ability to co-ordinate an aggressive lottery 
marketing programme in the North and South of England. 
Level-headed, bigb-energy individuals required immediately 
to capitalise on rapid growth opportunity. Consumer goods 
or lottery management experience desirable. 

Earnings potential exceeds £30.000 per annum based on 
realistic performance goals and full product and financial 
back-up. Interviews iq London weekend U9th/30th April. 

Write in confidence to .Managing Director. 74, Arlington House, 
Arlington Street. London, S.W.1. 




Executives 

■ Whatever your 
career problems 
(or aspirations) 
you will benefit 
by telephoning 
for a cost-free 
assessment 
meeting with a 
professional 
adviser of 

FREDERICK 

CHUSLD 

& COMPANY LTD. 

Cvn^iimrit* in lvv.um* Eiulualrtn 
and Carter Arh-ancvmujL 

London: 

35 Fitzrgy Street. Wl 
Phone: 01-637 2298 - 
Pan.- S Rue de Bern TjuuS 
Phone: 

: \otan . 

Employment Agency 
Sunday .4 nsuvruig Service 


Inter- 
Tottcnt-am 
1 P ODT. 


COMPANY 

NOTICES 


HUNTER DOUGLAS GROUP 


3 large international industrial corporation, quoted on the 
Amsterdam and . Toronto Stock Exchanges, 
headquarters in Rotterdam, seeks a 

MANAGER-FINANCIAL OPERATIONS 
(£15,000 plus) 

to join its small, multinational Treasury team 
of sophisticated money managers 

The Company 

— hu ul«i (x-cadiiw MOO million in 1?77, with Intirnnsnil nu mi ticiu ring 
and marketing operations on every continent and m more than 80 countries 

— has a continuous and uninterrupted profit record since its inception in 
(he 1920i 

— is internationally known for its Luaaflex durable consumer and Luxalon 
building and architectural products. 

The Man 

— will report to riir Group Treasurer, be in his -late twenties or early thirties 
and fluent in Dutch and English; extensive knowledge of German a distinct 
plus 

— will have substantial international banking or corporate experience in 
international corporate finance, treasury and foreign exchange management 

— must hive a demonstrable success record in having combined inch technical 
expertise with a bu«inonman'i approach and results. 

Remuneration, benefits and further career opportunities are wholly in keeping 

with this key function within a growth and profit orientated corporate 

environment. 

ftecuc hiralth fuff details, in strict confidence: to: 

Hunter Douglas N.V. 

Department F — MFO 
2 Piekstraat 
3008 AB Rotterdam 
The Netherlands 


BRAZILIAN INVESTMENTS 
SJL / 

Sociedade de Investimento — 
Deere to Lei No. l4bl 
Interim dividend in icspftt of the 
half year ended 31st March. 1978 
of US Dollars US. 40 pci IDR is 
payable on or after 20tfi April. 197b 
upon prnantacion of coupon no. S 
at (fie- offices of Morgan Guaranty 
Trust Cy of New York in: 

Brussels — 3S. avenue ties Am 
London— 33. Lombard Street. EC2 
New. Yarn— 15. Broad Street. 

NY 10015 

representing gross dividend of 36 per 
cent per Cruzeiro share less Brazilian 
withholding tax of IS per cent and 
expenses of US Dollars 0.505 per Idr. 


NOTICE 

- TO HOLDERS OF S% 

DEBENTURES 1978-1987 OF 

THE DEAD SEA WORKS LIMITED 
NOTICE IS HEREGY GIVEN Mat al 
the drawl ns held on the 2Sth dav at 
February 1978. under She super. >sion 
or tne Trustees. OeOe-.iurn ot Group 
S were drawn lor mempcion on the 
31st dav ol Marcn 1973. 

RcMVmrm ts the holders at Bearer 
Certificates of this Group win be made 
by the Ocad Sea Works Lid against 
nresentation ol the Debenture 
Certificates' and Interest Coupons No. 
12 to No. 20. hath numbers inclusive, 
to Bank Leu mi Le- Israel BM. P.O aox 
2. Tel Av.v. Israel. Fccavmen: to the 
holders ol Registered Certificates ol this 
Group will be made b« the Dead Sea 
wnrus Ltd. unOn receipt bv mem ol me 

Certificate si at P.O. Box 2 12. 
Jerusalem Israel. 

Bank Leu mi Le-Isracl Trust Companv 
Ltd. as Trustees- 


Financial- Times Tuesday April 25 1978 


L£GAL NOTICES 


BUILDING SOCIETIES ACT 1962 

NOTICE UNDER 'SECTION 20 OP THE 

.NOTICE , S l?EREBY C given mat the 
BUILDING SOCIETY. No 
; V/y* /ogfrterBd chief office is at 
i a LI"' 4 - NG31 6NS - 

« J?..?*"* 10 " fts engagements to 
Build lug Society. No, 
“S* Vi* Ifrat-named Society 1«M 
m? c JLi2.-I he Central Office to confirm 
SrinJTV™? iXKwfihs landing that the 
thhvH? 1 “"Wtrenee ol the holders of two- 
s'™* *»l»le number of shares 

S Th. mV has not own obtained 

by the Building 

twXSmi5£ ,, ?" <,ri ** heard on the 
tnmrty-fltth jay. 0 |_ MaT 1978 

» be ne«ti on 


WORLD TRADE NEWS 


India ready to seek new 
sources of nuclear fuel 


NEW DELHI. April 24. 

AMERICAN delay in im pie-.- the. United States! become a per- *The refusal , to supply such 
n,eDtin 8 a decision by. President manent feature/’ ; _ ■%. * .. ^uirtrraenis would be a breach 
(ore the date of the nearing. Carter to ship enriched" uranium He could not say the agreeV : .of : the agreement-”,. 


BUILDING SOCIETIES ACT 1962 


to India led Prime Minister pJ5ldfe5? 

ready to find other ways of “en- u P? h ! matter with thePr^wL^^.une7He said present fueH ing. die 


U.K. export 
to USSR 

'-By-David Satter 
■ MOSCOVV^April 24j 

'TBE VALUE of BKtiSh.espo 
. To the Soviet Unltot'raorc 
-I doubled during thfffesf q 

I!' At.'llM 


Mora rji Desai to declare himself 


been broken br blarae : -.He refused to cancel his visttji.of -'iflSS. compared 7 : \vith 
Carter. He would 'take.jp’, the United Staids,- .SC&eduteQ f ' , santt;^erifld te$tyiiaf. pr 
tter with rhePreflidmit 'fr* June. • He said present fuel.) inx sum*' miece: 


suing supply to-day ! ■ V nder ,h , e asreejnenLthe .US. 'itocks were .'enough to -keep ant 

pp 3 t01iay ' • is to provide all requirements of unit at Tarapore going until 1880 
Mr. Carter announced in enriched uranium for fuel at and another beyond that 
January that he had' decided to Tarapore and India cannot- Several newspapers to-day 

w .>. ■ .w fflP uranium to. India's import from elsewhere! • -.Purged the Government' to end its 

s.i3;JSS B ‘S^NoKinb: T a«P°re ; atomic plant now Mr. Desai said that wfiaterci^dependcnce : on Ure -. VS. for 

&&S. Sw W U, .h.°rLS P1 ' Reuteri 

names Society rijs-ippiicd » ihc Central, j — .. — 


NOTICE UNOER SECTION 20 OF 
THI SAID ACT 
..^^OriCE is HEREBY given mat the 
NOTTINGHAM BUILDING' SOCIETY No. 


office • lo'eoni'rni' the" 17^*/ ‘'not^ithstand-'' Four days ago the United 

SWr l oi ,, S.®K St * l{ i s ^clear Regulatory Com- 

S 1 the society hai no* mission fNRC) dismayed India 

" ai * mlnnef reouired bv v... _ a 

The 
I twenty 
1 Any 



Mining equipment orders 


prom 
some- success 
traditionally t 
Soviet trai 


BY OUR OWN CORRESPONDENT 


NEW DELHI, April 24. 


Tit tlP 

HIGH COURT OF JUSTICE 
i Chancery Division! Campaolefi coon 
In the Msuers of 
„ _ NO. TO1I13 ol 197* 
BATSWATER MOTORS LDITTED 
No. 001315 of 1S7S 

BTLETUC COACHWORKS LIMITED 


1 rtiWeu^in!* “r Fricndlv which regulates U.S. 'exports of INDIA proposes to bu^drilliufc The utilisation of- the grant 

( r sxsz 

— S s £ of CM1 “ a; ^%T n te r 

Congress. coal mines. , - ' V grant was being utilised by the 

Mr. Desai told Parliament to- This wilf be in addition to Oft 4»al ' industry for the import of 
day: “I have already asked our equipment ' already bought from- both capital and maintenance 
Atomic Energy Commission to tbe United Kingdom aut of the -goods and expertise from the 
examine. every alternative £10m. grant which .-has heetJ" "Uj^. *- .. 

avenue to keep up the supplies received from ' the -.British - So far £3.8m. his been utilised 

, of fuel to Tarrapore plant in case Government for utilisation in the for import oE' mirdne; equipment 

ACT ln igM MMwrof THE compantes j uncertainties of supplies from' coal industry. ■; ; r V^^from ihe U.EL 

NOTICE IS HEREBY GIVEN that 
Petitions for the Wlodbu-Uo of ibe above- 
named Cmbpaofcs.br ih? Hiah Conn of 
JufiUce were, an flu? ism day of April 
1973. presented to tbe sajd Court by the 
COMMISSIONERS OP CUSTOMS AND 
EXCISE or Klnc's. Beam Hoiue. 39-tl 
Marts Lane. London, ECSR THE. and 
that the sold Petitions ar>.- directed to 
he beard before the Court sitting ai the 
Royal Courts or Justice. Strand. London. 

WC2 A 7LL. -do the utn day of May 1973. 
and any creditor or contributory of any 
nr thi? saW Companies desirous to sup- 
port or oppose U»e making of an Order 
on any of Cite said Petitions may appear 
ai ihe time of bearing in person or by 
his Gpunsel for that purpose: and a copy 


UNIVERSITY OF GUIKA — SUDAN 
Applications are invited lor the 
following post in the FACULTY Ofi 
ECONOMICS AND RURAL DEVELOP- 
MENT. 

PROFESSOR. ASSOCIATE PROFESSOR 
IN BUSINE5S ADMINISTRATION 
■ MANAGEMENT) 

Applicants must have a Higher 
degree ana relevant teaching expert- 
ence. Previous work in a acvcloa.no 
country will be an advantage. Duties 
nlll Include teaching classes In the 
Preparatory College. Salary scales 
under review: Prolessor CS413S o.a. 
Associate Professor £53623 o.a. 
.exclusive or cost oi living allowance) 
• ESI = £1 .54 sterling). TJie Brlttsn 
Government in*v supplement salaries 
in range C2982-E322S p.a. 'Sterling) 
lor married appointees and £141 a. 
£1650 a. a. sterling) lor single 
aooo-ntees 'reviewed annuallv and 
normally free ol all tar) and .provide 
ch.tdren's education allowanced, and 
fioridav -visit passages. Familv pass- 
ages; Iree housing: annual overseas 
leave. Detailed applications i2 coolest 
with curriculum ano naming 3 

re'erees to Be ntnt to the Head ol 
the Executive Otttce UtiWersitv o'. 
Genra PO Bo* 2667 Kh- rtoum. 
Sudan, bv 2a Mav. 1978. Applicants 
resident In the u.K shov'd aha send 

tsux a™ff- A,.r& 

Court Road London WIT 

Further dels'll mav be Obtained tram 
eiti-ar address. 


or the Petition will be furnished by the | TxrccT 
UnderBlRIfiH la ana mriilnr or mnln. 1 TV L 


W. German 
shipowners 
seek help 

By Adrian Dicks 

BONN, April 24. 


underBigifi*dl to any creditor or con in- 1 W ED L' GERMAN 

butory or any of the said Companies squeezed hard by 
r»auirins such copy on payment of the 
regulated charge for tbe same. 

G. F. CLOAK. 

King's Beam Rouse. 

38-41 Mark Law. 

London. ECSR THE. 

Solicitor for tbe Petitioners. 

NOTE— Any person who Intends 


IQ 

appear on ihe bearing of any of tbe 


shipowners, 
the upward 
climb of . the Deutschemark. 
intend to lay detailed proposals 
before the Government for an 
exchange rate guarantee that 
would allow them to remain 
competitive. 

Herr Nikolaus Schuea. presi- 


.. i. pn 

said Petitions most serve on, or send dent of the Federation of West 
^rttfS , o{ 0 ttt e inhS , M e ?d do. UW Tbo Shipowners called on 

notice must state 'the name and address the oovernment to tike measures 
of the person, or, if a arm. the name to help the industry. In the short 

term. >many shipowners needed 
direct liquidity assistance, he 
said. In the longer term, co- 
ordinated. international steps 
were needed to safeguard the 
future of shipbuilding and 
I shipping in Europe. 


• and address or tbe firm, and must be 
; damn! hv the person or firm, or his or 
| their Solicitor • IT oityi. and man be 
I wired or *f posted, mnsi h<- seni by 
< Dos! in sttfRcmi tiaft*-io renrh th» iibore- 
nanv*d nor taler iban 4 'o'.-lncfi' in ihc 
I aliemoon of the I2ib "day oi May IKS. 



to win 
£350m. Iran gas deal 


BY FAY GjBSTER. 


OSLO, April 24. 


id ih.- tnrH^rmrBT ,9 .iV iustice ^he shipping business by I year period from The early IBSds. supply ancillary items such- as j 
Jaociri- Son cSSwnK* cLun ^ protecting it from' revaluation of! This is. -however, subject” to «« purification- plant antf trans-l 
i- Matter of GOTYLANF limited the D-mark. Herr Schues said. He I approval by both the U^-^and port equipment. ' r .. ' ^ yearto 


NORWAY'S Kvaerner Group. .The purified gas would be 
could win tbe biggest single ^piped to th floating terminal, 
industrial export contract in&e 4jkm. from the _shore. where 
country's history, if the United’* 1 w0 V d b e liquefied and tera- 
States Energy Department : gives. 
tbe green light to natural gas a 

imports from Iran. ?7 iS.OOO cubic metres LNG per daiy. 

.. _ , . •. a fleet of six large gas tankers 

.After three years of planning wou ] d carry the LNG to Cove 
and negotiations, hvaerner^and Point on th e U5.- east coast 
the National Iranian Gas Com- _ . . • , 

pany (NIGC1 have concluded 7 a, • HHkem Spigeryerfcet fESl/of 
frameioik ^ has^won a Kr.lOOm. 

delivery of a floating contract to amply prO- 
minal. an administrative, cei&e duction equipment and - Know-how 
and gas ptfrlfin'ng plant dp .-lapd, f° r 3 oew Yugoslav sme lt ing 
worth a total of areUnd plant- 

Kr5.5-Kr.4bn. • (£350-£40<hn:). \ The concern's engineering divi- 
At the same time. the 'NIGC slop will design, supply and 
and Columbia LNG Corp. r of Uie. supervise the. installation - and 
U.S. have signed an agreenient running-in of -two large electric 
lit" the- medium term, however,! providing for deliveries * f pf smelting furnaces for the produfc; 
the Government could do much Iranian natural gas over a V23- .tip® of ferro-nickei; and will also t 


Chantrr)- 

flu- Matter of GREYLA; 
and m tbe Manor of tbe Companies Aci 
IMS. 

NOTICE IS HEREBY GIVEN tbai 
Petition for tiie winding up o: ihe abovt- 
named Company by the Hi^h Court of 
lustier was on (be I2ib day >( April 1878 


pointed out that while West 
German shipowners drew SO per 
ih U.S. 


cent, of their revenues 
dollars, with much of 


the 


; jusi'Cp was on tue ^ui aaj m ^pru iv.s -- . , ,„ir„ _ j 

^PTsviMud to ihr saiif.couri by nirsc.i remainder do llar-unked, a* much 
iioiusaar iinirrnaiionoii' j.iiiiiird vrh«* as 80 per cent, of their outgoings 


TY*tr-?rrd oflicc ‘Is 


at 


IS!S5-5B^^nmjBi' W 1-h" upward move 

Brokers, anir chai gw said fMitton Is IDent Of 


directed tut* be hoard before ibo Court 


the D-mark against the 
dollar now meant, in effect, that 


Iranian governments. 

Details of the . deal wc 
announced in Oslo at the wc 
end by Kvaerner. Carl- RbJ 
and two of the concern’s di? 
tors.-’ The gas. from.' Iran*! 
shore Para Field, in the 
would be piped, some ... 


• Tandbergs." ■ the .‘N.orwegtah 
j electronics • company - xededUy 
i i- rescued from- insolvency .by,» a 
hf'Sia.e take-over, h.as won a ftve- 



aictjna ar. iho Royal Courts of Justicg. r.V Z ” L 1 ' 

strand. Miration wca col. on ihr stb West German shipowners were 

"paying a 10 per cent export 
tax," Herr Schues added. 

Sales drive for 
smaller Airbus 

By Michael Donne, 

Aerospace Correspondent 
AIRBUS INDUSTRIE is now 
campaigning in world markets 
for orders for a new derivative 
of its A 3 00, the smaller, 
■200-seater B-10. Lufthansa of 


dir of -.'May 1978; and any creditor or 
eontritibioTT or; ihe said Company 
desirous u, support or oppose ihe making 
or jui Order on the smd Petition may 
appear at ihe .-time of tbe. hearing. In 
pfrsaa or by his Counsel, for that pur- 
jiose; and a copt of ihe Petition will br 
furnished by the undersigned to any 
rcdtlor or contributory of the said 
Company requiring such iopy on pajrmom 
of Ihe registered chars.? for ih>* same. 

BARLOW LYDE St GILBERT. 

S 5 Dowgatt Rill. 

London EC4R 2S.1. 

Ref: K-nsSlM HSAS. 

Tel: *1-249 4«3. 

Solicitors for the F-cDUoner. 

NOTE. — Any person .rho Inlands 10 
i appear on the hearinu m the said Petitiun 
' must serve on. or send by post 10. tin* 

- above-named nonce :r. wnung ©r his West Germany, and Swissair are 
■ among airlines that have ex pres- 

, foe names and iaar.^ c .- - of tnc pnr^on. . " ...uiin p- rrftI . n 

i or. ff a m firm, uk- nan«- and address of sirong interest wnlie Eastern 
idle firm and mu* hr signed by the Air Lines Of the U.S., which 

!f5T™2lTi:V r ^“r7r recently ordered 23 AJOOs. bo, 

taken an option on ^5 B-lOs. 

The B-10 is designed for short 


M ambng-J.t5 products. ; 

, a small coastal towtf.' : Ka"ogan; \ .The cbnfract'Us a framework 
j where the adminiswative • base agreenteoL pfovkling for initial 
and purifying plant would be delivery worth About Rf.4(hn. 
sited.- . / (£4m.’L 


I (if any and mus: i>: served or. 

I dosil-J. must tw slpi h- post m -atiRcU-m 
. lime 10 reach ihe alx-»- named noi »aw 
I iban 4 o'l-lock.ln tile of,., moan of the atli 
I Slay. 1973. 


NO. 00117" of 1978 

! In the HIGH COURT OF JUSTICE 
J Chanofiry Division Companies Coun.* In 
' the Slatter Of MORSTtiXE BUILDERS 
; « SOUTHER Vi LliTfTEri and In lb. 
(Matter of the COMPAMES ACT IMS. 

NOTICE IS HEREBY GIVEN that 
• Petlilmi for tiie wndme up or the abov-- 
1 named Company by -pr Rjgh Court of 
;jg«-k-e was on the 17th day of AprH 19'H 
I presented to ihe said Court by THE 
: DEPARTMENT OF HEALTH AND 
| SOCIAL SECURITY, ol Suk House. HlKh 
: Hoihorn. London, w.i; i and that ;h> 

1 said Petition ia dir.-.,:, d id be heard 
Before the Coun 0111104 at the Royal 
1 Courts of Jusnoe. Siraiu. London. W.C.2. 
l on the lotii day or May 1*78. and «ny 
■Tedlior or contribuior- of ibe sold 
Company deslroiu to -iipoort or oppose 
•hr making of an Ord<-r on tbe. said 
Petition may appear jr the lime or 
bearing in person or by his Counsel for 
thai purpose: and a tony of tile Petition 


to medium ranges. It is likely to 
he a competitor for tbe projected 
Boeing 7S7. which is expected 
to he launched this mid-summer. 

The launching decision on tbe 
3-10 remains subject to winning 
•‘launeh customers." 

Swissair says it is looking at 
the possi’-i lilies of using such 
an aircrar. but its studies in- 
clude the Boeing 767 and Mc- 
Donnell Douglas DC-X-200. 


$3bn. Saudi university 

Jeddah, ap^i ' 23/ 


Improving 
favourable 
balance. 

Figures released-, today , 
the Britklb embassy show tb 

- British ' exports for tbe Si 
three: months of 1978 totall 

- £12<L8m^ - a 124: . per cent i 
crease over the value of expos 
for the first three months 
1977, which was- only £34i 
This sharp rise was accoi 
panted By -a -slight decline 
British imports from the Sovi 
Union which totalled £13 L8n 
10 per cent, less than in tl 
first quarter of 1977 when Li 
ports were worth £200.8 m. 

British sources attributed tl 
rise in U.K. exports t 
deliveries under tbe £100s 
Coberrow gas compressor st 
tion contract signed in De 
ember 1976. They cantiono 
however, against reading 
trend into tbe quarterly figori 
because deliveries on recei 
major Anglo-Soviet contract 
are certain to be irregnla 
leading to wide fluctuations r 
the trade results, They did sa 
' however.- that the value' ■ 
British eximrts to ; the Sovii 
Union is expected tb be bight 
his year, than last year. 

Total - Anglo-Soviet trai 
turnover for the first quarter i 
1978 amounted, to £232.6m_, 
26- per. cent, increase over lb 
value of trade during the fir 
three months of 1977, whit 
was £200. Sm. The balance in th 
Soviet Union's favour fell 1 
£Ilm_ for the first quarter t 
1978 from £92-9m. in tbe fir- 
quarter of last. year. 

China may bay colour 
TV plant from japan 

. TOKYO, . April 24. 
THREE MAJOR Japanese ele< 
■ trical . companies have bee 
:ask^ to submit lenders fa 
building two coldnr- televisin 
tube making plaints in China 
Industry source? here report 
.The three, companies . ar 
Hitachi;- Toshiba and NEatst 
shi ta Electrical. Industry. 

- China, . which wants tw. 
plants each' capable of makhi| 
300,000- gather - ■ ray_ tubes : 

a mission earlfei 
. , Japan to visit thi 
three ; companies and.' stodj 
production techniques! Thi 
.cost of the plahlis-is estimated 
,,'at- between "YeOhn. (£45m.) and 
Y30bit (£GSm.). 

. JRenter .* ... 



Saudi trucks loan : . 

.The SaudT Arabian ihdustria 
. Development Fund is to grad 
a "Rlyal 12m. '. loan to., thi 
Jatnjom-Hino Motors join: 
’Venture for -a lUyal 18m. phi 
-Ject to. build a truck asserafitj 
plant ' to Jeridah, ReoKi 
reports from Tokyo. The loan 
repayable oyer 15 .years afrej 

BY JAMES BUCHAN . ' ' 3ETOIH1, AHjjl 21; j LriS^taw^B'lTSI 

A SS'JOnt. contract for a pre-cast vffirhive capacity for ^i,®0 stu-[ Per cent, per annum, 
concrete facility Tor the new dents with ihe' possibility' of ex- 1 . * . . ■. 

Riyadh University has been paosioh in the future. The major: IN IgenaU refuse 0631 \ 
awarded to. a Swiss, consortium cotumfttiflfl'.^cpHtMctfi Wirf be • po»rofl Dulfrvn Englueering 

called Penta. The consortiiun, awarded shortly, and these - T qrc : has secured an order worth 
led by Preiswerk. includes Halt- expected to. total ?3bn. tn Value.: over £6m. for special uurwwe 
Haller. Locher! Elemeni, RuU/ er Deigns for the new univeglty contdner handling and refuse 
and Conrad -Zschokke while whicn.Tiaw ®*6n -prepared by-a [ -collection vehicles for use in 
Universal Engineering will be 2i*0UP t of fiye U& arcnitectg and i La gos< Migeris. This in tbe 
re^nonsibie w the engineering. ” n ^ alt * 0 ^ J? 4 HeUmug: j company's^Iargesl ever export 
The project calls for a two- Obata - and .KaMabaum, of order, 
plant pro-castfng facility each DoiiliL i call - for . c.Qnst ruction 
with a capacity of 2.000 tons of ahnott entirely on a - modular 
concrete elements a day which system- of. pre-cast .concrete 
will make it one of the world's elements.- ' 
largest. #. Saudi Arabia is to- gran: 

Signing the contract on behalf Morocco A Riyal 120m. (S33.9m.) 
of itic Minister of Higher Educa- loan for : building an Atlantic 
lion. Dr. Abdul Aziz Al-Feddah. port to handle phosphate 
Rector of the University and pro- exports;. 

ject director, said that produc- .• The West German - company 
tion Tor the plants will com- Reton -und Monifirbau of Dussel- 
mcnce within 18 months using dorfrbas won a SSlm. contract 
local materials. to provide infrastructure for 

The new university will cover sports complexes in Riyadh .and 
• a ninc-squarc-kilomctrc area and Dammam. 


order. 

V. . - 

fcaqui hotels contract 

. Two Brazilian construction 
companies— .Alfredo ' Mathias 
and Esusa Enginerla K 
Conslrucoes with the state- 
owned trading company lmer- 
bras acting as their agent, hate 
won a S30m. contract la build 
two hotels in Iraq, Diana 
Smith reports from Rio de 
Janeiro. . The first will h« 
operated bv Sheralon, tile 
second by Novotel of France^' 


EEC TEXTILES 


Worry over Mediterranean imports 


KLEIN WORT BENSON (JAPAN) 
FUND 5 -A. 

NDTICE OF DISTRIBUTION 
For the Financial Year ended Sht 
December. 1977. a diitrisirtion _ o/ 
US ,0.25 oer Bhare ■ n oavable from 2nd 
May. 1978. against presentation ol 
Coupon No. 7 at me offices oi nither 
Klcinwort. Benson Limited.- 2D. Fenchurcn 
Street. London EC3P 3DB. or KredietSank 
sa Lunembaurgeoite. 43. Boulevard 
Rovai. Lmcemnotirgr. 

By Order of the Board or Directors. 


KLEINWORT BENSON INTERNATIONAL 
FUND 14 V 

NOTICE OF DISTRIBUTION 
Urc Fin " ‘ 


BY RHYS DAVID 





any TWO IMPORTANT areas of con- With Greece, the EEC has a exports reach certain levels. Both Community information become 

Comnanr regufritw on parneni cern — h textile imports surveil- restraint agreement with the- countries bad refused to nego- available is likely to result -u 

®r me rceuuieti char?.; lor the same. lance scheme for Europe: and textile industry itself. Producers tlate formal-agreements with -the some -member- -countries 

m w. ii. os.mc.::d, uncertainty over agreements with there have over recent years, EEC. and Spain may retaliate to choosing to act nationally a 

H ail h’uT 1 Mediterranean ass o- however, invested substantially attempts at curbs.. soon as their own statistics sno* 

London. w?c!i. dates on imports—are likely to in new capacity aimed largely at there -to also concern that the Imports reaching sub-limii 

note— A nv person ■.-ia inread* to dominate this week's discussions supplying the EEC. Greece, an effectiveness of formal MFA within the overall total. That r 

.ipprar on rhe hean n; or lie Sam between Europe's textile pro- important cotton producer, agreements with low-cost sup- clearly less desirable than Com 

Petition must w™ on or Mtw by poer ducers in Brussels. supplied the EEC with roughly pliers last year might be under- rmwitv action, and the Com 

IN Sn nelSK The annual meeting of Conn- 78.000 tonnes of textile* Imports mine* . by weaknesses in mission is now pressing- ai 

.. i maw saw nit nun; and address of textil. the organisation of ,n I9i6— about 6 per cent, of surveillance. Tha; system is member countries for rapid Id 

S ' ftrn, J ^ Europe's national textile bodies, total imports— and including meant to achieve speedy' collcc- formatLOtt. '■ . ■ - .“.:1 

ss£i&si 2f SSt include the Brltu. ii .Textile 20.000 tonnes of made-up cloth- timr of statists f¥om member _ fear BriUsh tc3CtllCjs 

« oi tnc -law Apni. 1978. me ai£ ! solicitor < it any-, erd must be served Confederation f BTC), will be Ihe m?- countries 60 that the EEC can i nA PS_„* of , 

^ .raSnSS first oppontini^for Producc«jo ^ The. Graek Government js not «*** B&S? / % the ^SSeSl.n« hU ^ ^ 

—n system -and th& uiiceftiflniy overrun 


the offices al Kieinafon Benson (Geneva! i 
SA. Place 6u Rhone 2, 1211 Geneva 11.' , . . . 

Bv Order c( the Board o( Directors. • 0* the ‘2in ao; of jjj- 


1978 


Mediterranean imports,-6ome of 


CORRECTED NOTICE 
NOTICE OF REDEMPTION 
MORTGAGE BANK OF FINLAND OT 

7± e J J967.J979 JUS I J. 003.000 
A I u rician at insertan su ill shed an 
March Uih. 1978. 

Please read 

Drxwine of bonds 2?th fel'in-y 1978 
10250 to 10256 

instead of 

1 0250 to 12056 
BANQUE INTERNATIONALE 
A LUXEMBOURG 
5 ocieu Anonjsie 


notiaierrhanio.iro-.iJ 1 ^u?ancrGOOT assess the impact of several a Party to the agreement and has products .- or- from *~“>™ -vst^m' anrt th» uh eertafniv 

‘ ' - ‘months' operation of the laieat said it will not help the EEC to countnes .reach the agreed ceil- 

round of the GATT Multi-Fibre en'orce iL The EEC’s associa- IhS- --“O ' 

Arrangement »MFA). which has tion agreement with the Greeks The . UiK. however, .as 
put stricter controls 
imports- 

The agreement 
broadly welcomed 


uccir; 


CLASSIFIED 

ADVERTISEMENT 

RATES 



EDUCATIONAL 

FRENCH 

GERMAN 

SPANISH 

offered by qualified native 
teachers. 01-955 S641 


E.N.E.L. 

7 \% 1971/I9SB Loan of Ecu 60.000.000 

Notice is hereby given to bondholders of the above loan that 
the Deutschemark { 1 Ecu = DM3.66) has been selected ts pay- 
JJ)®ht currency for drawn debentures and coupon No. 7. 

The drawn debentures and coupon No. 7 -a ill bo payable on 
or after May l. 1978 by the paying agenu* mentioned on the 
debentures. 

Fiscal Agent 
KREDIETBANK 
Luxe m hour seois?- 



j 

Commercal & I^duatnal 

Per 

tow' 

l 

kinglr 

Gibain 

cm. 

r 

Prooern 

4.50 

14.00 

Rrtltiirntial Proporp- 

r.M 

SCO 

AapomunL-nts 
fiiternc-si i Ini csinic.-it 
| .'pporrun!:ii-$ Curjaora-.ign 
Ujan*. Prcduuuan 
CaracH)-. nu»ini?5sej 

4 JO 

14.00 

For Sale* Want 

Education. Motors 

Coniracis Ti-hqprc 

U3 

16.00 

P?r=oflal Gar.li.tmu 

4.2i 

noo 

Ho:cli and Tnvvi 

.'.iJ 

!U.M 

Sook Publt»h<r» 


7.00 


in the member State*, including country’s desire for full member- a matier\df .fielwatwfaction .bu* 
tbe U.K.. but Dr. Brian Smith, ship .of the community. rather- oT concent, because st“88»*b- -------- 

president of the BTC. said last with Turkey tho VFr \ prompt Informetipn from all «* Provisions might lead .to ^ 

I week that action was needed to 32’ the members Qf the EEC is essential ^ increase in. import 

-cmiaterad weakne^sps and noten- rESLuiL Jrr so that -appropriate -and cfrec- ,P® n 6traUor 

n Sn ta Vrom^clearthat h= ' lve at l 0n - h ?V, e cSiiX” T“ere is the pro. 5 est. 1 oo, tliisj 


ments 
limiting 
Iproductj' 


Premium pat moos jyiilPle 
(Minimum sue ep coldtnp ('ms. I 
El W par single eoJumn tm- Mir* 
n.r In rUicr it. -mils xritc to: 
Classified Advertisement 
Manager. 

Financial Times. 

10. Cannon S*tree». EC4P dBY 


i t 


.“J S’SLSnWSK SSSg'-M 

in« growth in imports of “ ^ emfi a PI iro ached in the ^ our 0 f the end of each.® 0 textiles br world standards 
causing disruption. u, i>’ month its tttttte and^ ^ clothing ro*e of impart peneiratioa 

There is provision for other There is uncertainly over how imports for die inopth, -so re- double that of. the United Staten- 
products to be included should effective EEC action would be in slratots can ta‘ : lBtroduefed;-,as Nevertheless- there, ts likely to 
ihosp reach a significant level of imposing limits, although the goo n as agrepd- limits are be ^proesurt for further reduc- 
trade Turkish association agreement, reached, rions, possibly as. a trsde-off for 

Only one-year informal agree- unlike the Greek one, has a safe- The U.K,--Irelaitd. '.Bergianv cuts by other .coiib tries i*-«B5er 

menu have been reached, how- guard clause. France and'^ laaealNarg . citt-areas.' -The. UJK-^Industry 'Hks 

ever, with ihc .Mediterranean Similar difficulties might arise achieve that "deadline, 1-but- The urged- the' EEC- tor;.onsi!t«y' tfti 

assoaiaies and there is some this year over Spain and Portu- Netherlands :fsys;. it '.mU ; '-ttke' ‘'Other .WJt. trad.fnftywfion*^^ 
doubi among textile producers pal. both of which were notified longer and Italy, says It' might as. the U S- jjnaldt'-'any conct*?- 

whether those can or will be by the EEC of limits -that would need 1042 weeks. niwn by. thb’ EEC in textile 

enforced. be imposed should their textile That .time-lag .. before full tariffs. 


•'- 7.A 







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VV • ••: ’ \ 
& 

K*' 












mmmm 










-v. 


$©5?$v 






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yaiesW: AP^ 25' 1978 


" ;,theG08 
is a Perkins 3.86 litre 

- an installed power ot 

s an option, there’s the Perkin 
' . with installed power 91 
Naturally, there’s a choice ot 

:an be fitted. The till 


As with afi Dodge Commando rigkis ; 

offers achoicee- 

and chassis options. 1 ne 
120 inches to 159 inches. 

Standard power unit 

4 -cvlinder diesel, developing 

77.5bhp at 2,800 rpm. Asp— 

5 8 litre 6 -cylinder diesel , 

101.7 bhp at 2,800 rpm ; - 
gearboxes and axle ratios 

A very wide range of bodies c« 

cabs canbeHi-lineor Ixi-lin^widia 

1 ■ 1 - 1 « -Trtn m Vi ave a cab that is r 




iXZ&szs&t?? 

rSSSSSSf^^^^ 


"The Dodge* 

Debenhams: aps 
gj^atly reduced, 
reflects the com] 
flke them too. T. 


sjoa^ modemappearance 
And our drivers 


the vehicles’ 







. f ;> 


S 


;P 


HOME NEWS 


Gas production from 
Hewett ‘past 



BY RAY DAFTER, ENERGY CORRESPONDENT 


* I.WSWEUS 
-> Afcwpcwtawaia 


HEWETT 
UNIT- • 



ft.fcnaiwi'fc' i 

ENGLAND i*"*** ‘ 


PRODUCTION FROM one of 
Britain's most important gas 
fields bas-begun to. decline and. 
as a result. ' companies involved 
in the project are planning to 
bring on stream two nearby re- 
servoirs. 

The Hewett Field, in the 
southern sector of the North 
Sea. has been one of the main 
contributors of natural gas to 
the British Gas Corporation 
since July 1969. But according 
to Oil Exploration (Holdings) 
which holds a minor 4.6 per cent 
interest in the venture, output 
is now past its peak. 

The company's annual report Under new purchase agree- J.5; Century Power and Light, 
says that the amount of gas raents with operators In the 3.9; Oil Exploration, 4.6; Petro- 

which British Gas would buy southern gas fields British Gas fina, 16.3; R-W Electrizitatswerk, 

from Oil Exploration m this can trim its offtake by- significant 4.6; Sun Oil. 10.7; Superior Oil, 
current year. beginning amounts. One major operator 9.2: Tarmac, 2.3. 

October was 29m. cubic feet a said yesterday that It was pos- Oil Exploration's annual report 
day, some 13 per cent, down on sible that during the summer states- that the' group plana to 
the last year. months of fairly low gas demand seek further licences in the 

This implies that production British Gas might buy supplies North Sea as a member of both 

of gas from Hewett and the at less than one-third of a field's the Phillips and other groups, 

associated Area A reservoir has maximum production rate. It believed that there was a signi- 

fallen to 530m. cubic feet a day Even so, partners in the ficant place in the U.K. for an 

from around 725m. cubic feet a Hewett Field — led by Phillips independent oil company like 
day. Petroleum— are . planning to oil Exploration. 

According to stockbrokers exploit two reservoirs itnme- .Th*> »nnn atsn mentions:- th« 
Wood. Mackenzie production diately to the north of the main . 5 ! °h£ 5? drilling 

from Hewett and Area A was Geld. A development well is being pmiiS! 

expected to remain at a level of drilled on the smaller of there “ the Philhps 

about 800m. cubic feet a day two structures. Area C. by the f ? Jf; ihPlStS 

between 1977 and 1981. The jack-up rig Zapata Nordic. The l,?! 

brokers estimate that of the rig is scheduled to- -move tp. 00 ? 1 ? - - well . confirmed the 
field's original 3.4 trillion Area B to drill another well e5a - s tence * separate ml ana 
(million, million) cubic feet within the next couple" of months, gas eld lying beneath the 
reserves some two trillion cubic Oil Exploration said that if Thelma-Torn structure, 
feet remains to be recovered. the drilling operation was sue- ® British Petroleum has aban- 

British Gas will not he dis- cessfal the wells would be linked doned an exploratio nwell drilled 
mayed by the reduction in by sub-sea equipment to the on block 211-12 near the com- 
Hewett production for with large central 'production platform od' party's Magnus Field. BP was 
new supplies expected from the Hewett. hoping to find more oil in the 

more northerly Frigg and Brent Partners .in the Hewett Field area "in order to enhance the 

fields it is already planning to are: Phillips (operator). 19.0 per commercial prospects of Magnus 
cut its consumption of southerly cent.; Agip, 8.1; Atlantic Rich- which is due to be developed 
gas. field. 19.8; Canadian Superior, shortly at a cost of £L25bn. 


Unit trusts woo the 
‘cloth cap 5 investor 

FINANCIAL TIMES REPORTER 

REGRETS that the unit trust obtain a participation in equity 
industry had ndt made its mark shares. You simply cannot do it 
with the "cloth cap investor of in practice through buying small 
popular mythology" were quantities of individual shares: 
expressed by members of the it would be wildly uneconomic." 
Unit Trust Association \n oral He said that unit trusts would 
evidence to the Wilson Commit- be quite as likely as the invest- 
tee on financial institutions. ment trusts to support the 
But in their evidence published primary market "Indeed we 
yesterday, they also defended would be more likely in so far 
their industry's role as a vehicle as we have, thank goodness, a 
for small-scale and economical steady positive cash flow. We 
investment in equities; its have new money to dispose of 
willingness to put money into all the"- time, so we are 
companies through rights issues enthusiastic about the primary 
and new issues ; and use of the market ... if it became possible 
case committees in which it par- for more smaller companies to 
ticipates to improve the manaee- come to market then unit trims 
meet of companies under . . . would probably be more 
scrutiny. enthusiastic than most other 

They also deferred the level of institutional investors in sub- 
turaover within unit trust port- scribing to those issues ” 
folios, and the use of professional TTie Association of Investment 
advisers as intermediaries for Trust Companies had explained 
their sales. its industry's reluctance to raise 

Mr. Edgar Palamountain. capital by way of rights issues; 
chairman oF the Unit Trust Asso- gave the reasons for the rela- 
elation, told the committee that tiveiy low level of the yield on 
his members wished that they trust shares: and expressed 
could get at the "cloth cap" willingness to consider increas- 
market more effectively, “be- ing exposure to venture capital 
cause that is where so much new operations should tax incentives 
savings are now concentrated." or- '-other incentives swing the 
Mr. Palamountain said that the balance of risk and reward in 
unit trust was the ideal wav for investment trusts' favour. Lord 
the small investor, as well as Remnant chairman of the 
the medium investor, to put Association, pointed out that the 
money into equities. "Indeed discount inhibited his members 
for practical purposes it is the from raising new capital by way 
only vehicle which makes it pos- of rights issues, to put into 
sible for the regular saver to- primary market 


Building 

accident 

record 

defended 

By Michael Cassell. 

Building Correspondent 

RECENT criticisms of the 
construction Industry's safety 
record by the Health and 
Safety Executive came under 
attack yesterday from the 
National Federation of Build- 
ing Trades Employers. 

Mr. Peter Morley. president 
of the federation, -said in Liver- 
pool that he wished to register 
the strongest protest about 
reports from the executive 
which painted the Industry’s 
accident record in a misleading 
and sensational light. 

One report was accompanied 
by a forecast from the chief 
inspector of factories that 2,900 
men would be killed end 
another 400.000 seriously 
injured in the construction < 
industry over the next decade. 

The statement was thoroughly 
misleading and a complete 
reversal in the downward trend 
of the construction sector's 
accident rate would be 
required for the forecast to 
come true- / 

Higher rate / 

He was concerned to put the 

question of the construction 
industry's safety record into 
perspective. The Industry was 
the largest employer of male 
labour iu the U.K. and by Us 
nature was a high-risk one as 
far as accidents were 
concerned. 

U was hardly surprising that 
the industry accounted for 
more deaths and injuries at 
work than any other single 
industry and the same was true 
all over the world. 

The executive’s report was 
misleading because coal and 
steel had a higher Tataiity rate 
and no less than 35 other manu- 
facturing industries had a 
higher rate of serious accidents. 

Starch price 
rise approved 

Financial Times Reporter 
THE PRICE Commission yes- 
terday allowed CPC (U.K.) to 


Scots Tories plan 



on 



lent agency 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 

RESTRICTIONS on the freedom This time the party has sou 
Of- the Scottish Development the views of the CBI and other 
Agency tobuy into private com- organisations, and has taken 
panies are. contained in a policy account of what they said./ 
document to he debated at the. Although the policy will raise 
^conference of the Scottish Con-, the hostility of trade unions, and 
servative Party next month. will severely inhibit the agency’s. 

'A working group headed by. freedom of action, it is likely -to 
Mr. David Mitchell, viee-president gain' greater respect from 
of the Scottish Conservative and business than the previous 
Unionist Association, suggests Conservative view, 
that the agepey. should be able Tbe polScy docunjent 

it 3 hnrtfinff the ^ency's work in land recla- 

I addlt100 “L 1 nation, urban renewal, and fao 

U^t P S e ^ urceS Jni ^ *°ry building. It says a Consem- 
per CCnL ltS tive Government" should shift its 
- thn mLo emphasis towards these activi- 
force t ^ 6 ties from its industrial 

. . ^dorsement of ite investment function— through 

judgment . on • investment deci- control of- the' agency's budget 
sions and reflects the disquiet _ ••**.. - 

which Conservatives feel about . The agency regards investment 
the way the -agency is spending «* industry wa- 
its money cern. It has estimated that in-the 

Mr. Mitchell said yesterday five years to 1980 it will spend 
they were particularly con- fJ20m. jn this way. against 
ceraed about the recent failure -lOO 0 ?: on , fa ® tory building and 
of three companies in which the on land renewal, 

agency- had taken an interest, Tb e * c ° naer,|ra tlves want the 
and about the effect which in- of the agency's small busi- 
vestment in* ailing companies ness service to be regularlymioni- 
could have on their competitors. tore< ** *be Board of the 
. v * agency to-be re-orgamsed so that 

Favnnr - it i* properly representative pf 

* all sections of the community, 

.. The- policy document reconi- -“while being sympathetic to the 
mends that the agency be re- policies of the Secretary of State 

quired to sell each .investment .for Scotland/*- ' ' ‘ 

within five years, so that it Presentation of the document 
could not be used as a back- to the conference marks a depar- 
door to permanently increasing ture in the amount of influence 
the nationalised sector- rank-and-file Conservatives in 

The policy Is open to amend- Scotland will have over policy, 
ment, but is likely to find favour Previously debates and resolu-. 
at the conference and with the tiotis have been rigidly managed 
Shadow Cabinet, since it fills a by the. party leadership "to con- 
gap ‘ in official Conservative form with already:deterniined 
thinking. " " ‘ policy." 

The agency was mentioned Mr. Russell Sanderson, this 
only as an after-thought in the year’s president of the Scottish 
Shadow Cabinet policy statement Conservative and Unionist Asao- 
The Right Approach. The bald ciation. said he intended to make 
assertion in that document that the maximum use of amend- 
the agency's powers to invest in ments; fringe' meetings, and other 
successful companies should be devices to stimulate discussion 
abolished, were not generally and allow Shadow Cabinet 


Champagne 
sales in 
U.JL rise 
)■ by 38% 

Financial Times Reporter 
CHAMPAGNE sales In the UK. 
rose by 38 per cent last year , 
to 38m. bottles, making this 
country the third largest coin 
" sinner In the world.'.' : Front* 
still leads, followed by Ifalyl l 
World sales rose toy’ 10 
■ cent, to a record 170m. b9fue£ 

“ \yben things are gplng- welt- 
- people eelebrate. When things 
are a bit .difficult they ■ thin- 
fort themselves,”. '.said. 
Joseph Dargent, : ~ext&ro& 
affairs spokesman for 1 $^: 
Coralle InterpirofessEonel du 
Vin de Champagne, introduc- 
ing the figures in Glasgow 
yesterday. . T 

There was more eohJfdehge^ 
in Britain's economic future/, 
he raid. -“ We havp- noticed ' 
that young pepple and- youjf 
businessmen 'are more 
more, inclined to bave- i 
pagrie as a drink before 
'.meaL. .and. /very -often 
drink during it” be added. . _ 

“ I think we are i reaching^ 
new class of client In the Sij 
to 45 age group.” ^ 

Duport cul 
500 jobs 
in Tipton 


well received by- industry. The spokesmen attending the. con- 
Scottish branat 'of the Con- ference to get an impression of 
federation of British Industry the true -views of the -party in 
in particular voiced strong Scotland 
criticism. Editorial comment Page 18. 


County councils plan 
fight for powers 


BY DAVID "CHURCHILL 


By Our Midlands Staff . 

DUPORT announced 500 redun- 
dancies yesterday as part of the 
re-organisation of it&^fnrniturt 
products subsidiary., 

The company makes Slum&r-' 
land . and Yoho bedding at Tipton 
in the West Midlands.^ ."These, 
operations -wiH -be divided. -with' 
each having a separate Board 
and management team. 

SI umber land production- will 
be transferred to a plant In 
Oldham. This will mean : the 
|Ioss-o£-500 jobs -in Tipton— The-j 
remaining 200 workers will con- 
centrate on Vono furniture. ": 

.Negotiations opened yestoatay 
with the. trade - Unions ■ Mle' 
redundancies, which- are.likfibpto. 
be phased over the next four 
months. The announcement 
marks another setback fbrithe 
Black Country, which has 
suffered a series of redundancies 
in recent weeks. 

Duport said last October- that 
the ' “weakness ' of ’ consumer 
demand in the past few jregn. 
had a"' disproportionate impact 
on Slumberland and VotioTbirth 
of which were incurring .fieayy 
tosses.- * 

Tt « hoped tbe ration altsiM9oc 
will strengthen the snbsii. 
and- enable, Uie company 
mote - the- separate 1 - brand" 
titles. Slumberland merged frith 
Duport about, ^igbt >‘e»B 

A. 


Fire-hit Mint 
ready f< 
full working 


COUNTY COUNCILS m England on the offensive in its traditional 
-and -Wales are-planning to-resist battle with the -district councils, 
attempts by the big non-metro- Previously it bad been content 
poliian cities to regain powers with criticising the attempts by 
lost, in _ Jthe,W4-XQiY -.M«US£ ^Blg..^iiae.” v f5rnieL. county 
government reorganisation.- boroughs to wm back their 

8 =«««£ 

—a ■■ 

2* Summer Parliamentary ^iei 

recess. _ - .. . — . . • To- --forestall- -the - inevitable r AN -underground -fire*' at the i 

A report by the Association of strong reaction from the 
County Councils, to be discussed districts, the association is offer- 
at to-morrow's executive council ing to hold “ peace ’* talks with 
meeting, recommends that it the Association of District 
should put forward proposals Councils, 
suggesting which local authority The county council's as part 
services “could most effectively of their new offensive, are. to 
be administered by county object strongly to the Depart- 
councils." These should include meat of Health and Social 
any services "at present tbe Security over its failure to give 
responsibility of district coun- their views equal prominence 
cils." with those of' the dirtrict 

The association is making councils in a recent letter- to 
clear that it now intends to go health service bodies. 


New scheme to link 
scientific research 

BY DAVID FISHLOCK. SCIENCE EDITOR 

A NEW mechanism for -col- The idea is that in assessing 
laborative research between proposals for funding under this 
industry and universities On scheme, the council grants corn- 
scientific projeets with commer- mittee should give commercial 
icial projects i* being planned potential equal weight with the 
by the Science Research Council, normal scientific, requirement- 
inventions or processes- de- that is, whether it could advance 
veloped in universities under knowledge, 
this scheme wiu no longer auto- From the stand p 0in t 0 f the 
maticaUy become the^ property un j vers jty scientist applying for 
°:,* h * ^° na - ? esea ?ko Cnv" funds, the new scheme will 

diff cr in two important ways 
licensing from ^ coundl - s exj S ti nB re- 


! agency for innovation. 


search grants. One Is that the 


The scheme which the council collaborating company, not the 

inrrpnso nricec bv an average t hopes to launch this summer has corporation, will own the coin- 

?3FS£r ceJTfo? a ransT of bee 2 d ^ sed „ - ,n “ merclal rights to any invention. 

‘■ 34 -. per _ "":.!?! A ™ I academic critlcisn, i of gj cor- and w{1| s f mply pay a , evy 

porauon for allegedly tatang i tiie tQ ^ corproau^ on use- 
rewards of university innovation, . 

and industrial criticism of the The other difference is ibat 
council for allegedly showing too the collaborating company shall 
little concern for commercial contribute at least 5Q per cent, 
research. of any additional expenditure 

The council, an agency of the above the research grant itself 


Zip makers complain 
about Japanese 

FINANCIAL TIMES REPORTER 

BRITISH zip manufacturers will what it describes as a passive 
complain to the Department of reaction by the Department of ! 

Industry to-day about the Industry to its repeated com- [ 

Japanese presence in the U.K. plaints. 

industry. The industry also complains 

YKK Fasteners, the British that YKK in Japan derives cheap 
subsidiary of the Tokyo-based finance from its workers by fore- 
world leader in zips, will be the ing them to deposit 10 per cent. • 
main target at the annual talks, of wages and half their bonuses i 
YKK's profits and turnover with YKK to help investment. I 
have risen so rapidly in the eight Under the scheme, which YKK I 
years since it started operating calls the "cycle of goodness."] 
in the U.K. that it now accounts employees make these deposits 

for about 40 per cent of the local on which the company then pays starch and glucose-derived pro- 

YKK skies are now thought to iStSSiced ttrouSwut Y YKkI j *S"|£ B hS5£^“ T “ U ' 

£rn? ro a™ impos'd S 0T<!IS< “ ,S ‘ ,perati0 ' “ *Und,r .hTsiegw* 

exported. Its two Drincinal Tbe Zip F a Bten er Manufac- 1 tions of the Government’s price 

competitors, Textron and Light- ^ -tUTere’ Association claims that controls, companies can apply 

ning. have had disappointing four jobs may have been lost for I for price Increases if they can ttU „. c ^ „ ia , n ineiI 

results. ever? one created, by YKK I Prove their profits will be Department of Science, will required to set up the project 

Textron, one of the top two Whitehall, however, is confi- ; affected during the time of the ! spend a t ota ] Qf £is9 m . in the 
U.S. manufacturers acquired the dent that the Japanese are start- 1 commission's investigation- The j current year on research in Its Mr. St. John Walker, secretary 

British company Aero Zipp about ilJ B to respond to low-key investigation of the company's P wn and in university research of the council said yesterday that 

eight years ago. while Lightning pressure to come into line. It j price rises is due to be com- , laboratories, primarily in sup- the scheme was seen as ‘filling 

is half-owned by Imperial Metal has called nn the Japanese to cut . plcted hy July 16. . iport of academic science. a gap in its present arrangements 

Industries, the British engineer- imports— and they have been . Products affected by the t a workine partv under Pro- for encouraging collaboration 

ing company and half bv the halved, according to Mr. Susumu ' price rises include maize i fessor William Farvis; head of between industry and univer- 
West German company. OPTI. Takahashi, managing director of | starch, glucose syrups, starch- "j the department of electrical engi- sitics. He expected It • to be 
The tip industry is cnnvinced YKK in Runcorn. j derii ed products such as starch .noering at Edinburgh University.' launched as a pilot scheme with 

that YKK has built up its market YKK has also announced aj blends and roU-dripri starches, jhas recommended tbe new col- his council making -up . to 
Share through unfair trading £5nt - ‘"vestment programme in ; and glucose-derived products laborative scheme which the £500.000 available— equivalent fn 
tatties. new plant hy 19S0. which will cut : such as brewing sugars, cara--] council hopes to 'approve next a total commitment of £lm.-£1.5in. 

It is even more incensed - by -imports still further. ' ‘ mel, and dextrose. i month. . to joint projects.. 

Aston Martin ‘goofs’ on supercar delivery 

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 

A KEENLY-AWAITED British arranged Press conference: “We tested and works perfectly well-,-' Over a two-vear period, this when the Lagonda comes on 

car launch flopped yesterday, have goofed” it was not delivered at the week- change will add 200 new jobs to stream with a target of two a 

The first production model of the The car failed to make its when it was due to be the present work force of 400 at week, next year its production 
Aston Martin Lagonda supercar appearance because of delivery assembled into the new car. the planL will be at the expense of me 

could not be delivered. problems on its sophisticated Aston Martin is now trying to Yesterday's difficulties may not rest of the range 

The _ £32,620 wedding anniver- electronic display and control ensure a better supply by bring- have done the Laconda’s image r arf _ , hhc rheumatic diseases— during 

sary gift from Lady Tavistock to system. ing all manufacturing of the any good, but with tbe 21-year ■ u pn a ri ', t '“' o-t-.rt r °™ p itliP current year, 

her husband was due for a public This device will give the electronic parts under its own waiting list for the car. the com- ‘ ar ' . s j Last year it had spent more 

showing yesterday at their Lagonda ibe most advanced roof. pany has no real worries about [ h “ a . c o 0I ! s H!-! ant l<r ‘ 

Woburn Abbey home. electronics on any production- At the moment, the system is being able to sell it- pnln , ir s “ e adV|!,es Qn | 

But, at the last moment. Mr. vehicle, with digital read-out re- made at the Cranfield Institute Mr. Sprague's policy, anyway, vg ™“* *‘. na ‘™. 

Peter Sprague, the American placing the familiar dials, and of Technology under a colJalipru- is to keep the company's cars in She chose a Lagonda with red 

millionaire chairman of the New- various pu3h button controls. tive agreement with Aston limited supply. At the moment, exterior and beige interior— ■ and 

port Pagnell company, was Forced Although the companv insists Martin Electronics, a subsidiary it is producing six YS and said she intended to pay with a 

to teJJ guests at a specially that the system has been fully of the main group. Vantage models a week, and credit card. 


Birmingham Mint cost the coin 
casting com pahy over £500.000 in 
damages and lost production. Bui 
the~ 184-year-old company said 
yesterday that it will get most of 
the money 1 back under insurance 
policies. 

The fire was in the Mint's 
casting department last May. The 
company Had to dismantle each 
of its three modem continuous 
casting units in turn, dig the fire 
out underneath to a depth of 
nearly 30 feet, and then recon- 
struct the plant. 

. " It took us until the New Year 
to dig the Are out. It was not 9 
fire you could see. since there 
was no smoke or Same. The earth 
turned gradually to dust," said 
Mr. Colin Perry, managing 
director of Birmingham Mint. 

Hear from tbe casting plant 
might have ignited ash deposited 
in the foundations when they 
were built. 100 years ago. Repairs 
to the plant had been completed., 
and the company was ready to 
resume full production and meet 
demand. 

Prompt payment by insurers 
had helped to keep the company's 
borrowings well within bankers* 
limits. Sn far £300.000 had been 
reel evert on account. 

Ahout half the group's sales, 
which last year reached £S.8m, 
come fmm making coins Tor 
countries throughout the world. 

Cortisone may 
be used again 
for arthritis 

A TECHNIQUE which could 
restore cortisone to favour as a 
way of treating rheumatoid 
arthritis has. been -disclosed- by- 
the Arthritic and Rheumatism 
Council. 

The idea is to deliver tbe drug 
precisely where it is needed, in 
much smaller quantities than 
frere onre used, but whii-h were 
found to produce widespread 
side-effects in patients. 

The cortisone compound— 
hydrocortisone— is combined 

with ' droplets of a natural fat 
which can be Injected into the 
diseased joint where they are 
absorbed rapidly by the inflamed 
tissues. 

In absorption the compound is 
broken down by enzymes, releas- 
ing Ihe anli-inflammatory drug 
within diseased tissues. 

The new drag delivery system 
is being studied by Dr. J. t. 
Dingle at Strangeways research 
laboratory, Cambridge, working 
with TCI Pharmaceuticals. 

In his annual renort. published 
yesterday. Dr. Colin Barnes, 
chairman of the council's execu- 
tive and finance committee, said 
It was committed to spending 
£l.Sni —mostly on research into 


Financial Times Tuesday April 25 1978 ' 

Rival U.S. jet 

casi 



BY MICHAEL DONNE. AEROSPACE CORRESPONMN 1 ^.;^ 

A PLEA by Roils-Royce to <as^ £2D0m. or"-2Hoi 

UJv. Government" for- approval 'develop oyer, .the next -wy? 3 
to go ahead .With a new version'"- Thb fact that corapetitii 
of the ‘ JtBtfU . engine, the Dash’- developing in the - U.g. must I 
535 of 32,000 lb: thrust,, is likely sfderably ^treqcthen>4h<f -T 
to be considerably- strengthened Roy ce/NEB -case to ihertlo 
’by an announcement that Pratt joeot, * - 
;*nd Whitney Of the U.S. u _ d wh i lney of 

launching a competitive engine CoimecticuL said 
of its own, the JT-luD. lerday that it was formally 

. Rolls-Royce "Sbrn'e time, ago mining, itself to developmet 
submitted a report to - the a new engine family, baset 
'.National ^Enterprise Board the JT-10D which would pre 
(which . owns the company on various engines in the 25, 0( 
behalf of the Government) seek- 35.000 lb. thrust range, 
ing development cash over the . would involve init 

next few years -for- the Dash 535. developing a Dash 132 en; 
■V Rolls-Royce sees this engine as of 32tf00 lb. thrust, to com 
the U-K.'s contributioii to the with the Rolls-Royce Dash 
next generation of ‘BOeiiig air- and-' the* U.S. General Ele 
liners in the U.S, and in parti- CP-6 Dash 32, for the Bo 
cular the short-range 757 (in 757 and 777 airliner program 
which British Airways is But Pratt and Whitney 
interested^ and the long-range said that it would dev 
777. a tri-jet. which will use the another version of 26,000 
same power-plants the 757 v . ■ thrust. This would be a com 
Rolls-Royce "believes ^ that '.the 3? r ' for r 2^. e proposed J 
.535 engine offers the company its -European: -Transport _ < J ET). 
biggest hope of new markets over..S r ? m in?*: Yfh. Ic p oemg desig 
tbe next decade or so, supple- rqcmd a French-Amer 

.mentine continued sales of elst- ff'SSfSS 

ing versi<ms>of the RR-211. such Electnc-plf-56 of about 22 

as- tbe Dash 22 of *42J)00 lb.: 1 ®- thru«i> 
thrust, and the bigger Dash 524 This is an area in which R 
of 50.000 lb. thrust and above. Royce does not have an em 
Tbe NEB is believed to be on at present. The U.K. compa 
the verge of submitting its own engine range shows - a big 
-recommendations to - the Govern- from the Spey of about I2,r 
ment, based on the formal Rolls- thrust up to the —Dash ! 
Royce proposals. They are 32.000 lb. thrust. As- a re, 
believed to .be -broadly in favour this, it js already nut of- the-, 
of a go-ahead -for. .the 535,.whicb European Transport pregr? 

■ ' ~ 

Govermnent attacke 
over metric delay 

BY DAVID; CHURCHILL 

CRITICISM of the Government's asking them to make their po! 
delay in implementing its metri- clear on metrication. This 
cation programme came ye? ter- lowed recent concerted atta 
day from a consumers' standards on the. programme. A num 
group. ...... of- organisations have alrei 

The British Standards, tnstitu- .plndgeuiiheir continued suppi 
lion's consumer standards advi- The. consumer standards at 
sory committee . said .ft .was sory committee, in its reply 
"deeply concerned' about • the MroFr.aser re-affirmed its cc 
protracted 'delays in' tfie metri- "piete support far metrication.' 
cation prograjtoe and the v fatlure said ■' that national and int 
to brings rt- to an-.orderly_concro^n«trwiai_ standards woric - 
sion.” “■ •- " already carried out exclusivi 

The criticisms 'followed ‘last in mefric terms, 
week’s call -by the Government - . The committee emphasises t 
for supporters' of metritatidn 'to '^dlfficulties, costs and dislocati 
stand, up and' be.-ewnted.-' An which. result when manufacture 
open lettefejwas isent Jtffijf ^rft-#lrtady geared to metric p 
Fraser, ' Minister -of State- fot. dqctffra but the retail sector 
Prices arid Consumer Protection, unable to accept metric p 
to more than 100 organisations ducts.” 



Rare Bible bought ii 

THERE WAS disa p h tm ehf'at’ York" Held ‘ti'e'best sale of Ann 
Sotheby's sale of printed books can art in New York wh 
yesterday when a rarff-15th-cen- totalled £1.441,542. There w 
tury- block JJook Bible, belong- many auction records, includ 
ing to the Duke of Nortbumber- £140,957 paid for', an Amerit 
land .failed tq find. a buyer. It portrait, tt sedured a 1904 p 
was bought in at £38,000. less : 
than half its pre-sale estimated 

price.- fcsst week, the Duke sold - . ■ c » ■ rDhnM 
[.■a -diamond and emerald. brooch' -9AL.C.RUU1TI 

. , - ANTONY THORNCBOFT 

Most -of the other lots found 
buyers .in an auction which - 
■totalled' C.6I347. . Burgess paid . . .. , 

£9^000 .for a first -folio 1823 of.f* 11 the- Archbishop Willi 
Shakespeare’s works, and a trans- - E , lder Tbomafe E3kms. lt v 
latioo of Hogden. printed in 1483 L* Sf 

bv WUltam Caxtbn was sold for ^ D jY ide i by Hel 
fS.OWu.The same sum secured a ^Irawoemes _ and Cream 
Liturgy. In Greek and Arabic. w ^ nt 

printed at-Snagov ip- Romania in 9 recor d f° r an Ament 

17Dl..TrayIen pa‘Ki £4^00 for a 

group , 0/ early, printed Law. There was also a record for 
Treatises. ' * Amencan gouache in tbe £63^ 

Sotbeb^s completed yesterday paid for The Last Stand off I 
the sate of the miniatures col- Patriarch, also by Henry Far 
lected; by' the late Greta S. The first two sessions of 
Heckrtt t)E Pittsburgh. Yester- Christie's auction of antiquiL 
day’s auction brought in £47.928 - yesterday brought in £154^87. 
for a grand total, or £390.143. Roman glass spouted funen 
Korte' gave £4.400 fora miniature vessel of the second century J 
by Franciszek Smiadecki. A was sold to Manhour for ElS.f 
miniature by John Hoskins -was and another, found with it. we 
sold for £3,000 and one by to the same buyer for £9,S00. 
Thomas ‘Flatraan for £2.600. . Sassanian glass bowl of abc 

8ofheby Parke Bernet in New 400 AD realised £15.000. 


than £i.’25m.. an Increase of 
nearly ,£200. 000. Laie last year 
it had awarded .a grant to- Leeds f.. 
University for work on a total 
replacement joint for the elbow 
and to investigate the possibility 
of replacing ligaments. 

t 


\ SECRETARY’S WEEK 



Yownc me. boss- 

TELL H£R 

SHE'S BLOOMtH' MARVELLOUS 

Afl yeas round sha rypesyotir mall, covets 1 


, puBupwithwnir. 

- Nowyoucand 

• - > . Send flowers to 
- TSwrtocal inteflora honstcan 


life. 


jpftiobe 


rate 


floral gifts fqryouip choose frOTiVandarraigc 

dcliverad either to yoarseCcctatykhomear the office, 


your 



Hie quality cortdi ton and value of every Inlcrfioni 
. order is, of course, fully goarantwi. 
ftthe Rastyoncarido to Aowyour a ppi mati un. 

Interflora has a gift for saying 


A 


* 








Budge 
Basic . 
22 - 45 ! 
ReguL 
Regul 



R 

you 

on 

in. 


0 £i 


^ your 

^‘gularD: 

-^atur 
i nere are < 
( : a]J Delta 
iuii detail, 






Sttarl 


ne delav 


hio ^ns’okl;-' 

f / i •». ks\J t-j isillt ■ 


SALEM? 


sr: V 

v » • • i - 


|fr ^ .9 £: •• 


■:.-.v-:>5 ir;. 






: ‘ 44 ..,4 

• -■ . / f tf ■ 

'• ;. 

j ■'»- 


London New Orleans Return Fares 

l^onuuil rtUOiiui, lb Atlanta lb New Orleans 

■ £177 00 

Budget or Standby Fare — — yr— ; 214 00 £279.00 

Basic APEX (Advance Purchase Excursion) Far 253 50 318.50 

22-45 Day Basic Excursion Fare T 397 00 431.00 

Regular Basic Economy Fare" 735 00 796.00 


Fares save 


on air feres 
in America. 

^BS?S«5SSS5r 

resularDay Tourist round, trip stbs. 
Naturally? with, such big savings, 

there are certain restrictions. ; 

Call Delta or your Tfcavel Agentfor 
full details.- . 


♦Effective until -June 30. Higher in summer. 
tEffecdve until June 14. Higher m summer 
Fares and schedules subject to change without notice. 


Delta Air Lines introduces the first daily 

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YouleaveLondon at 12:10 pm and arrive 

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Comingback, Delta leaves New Orleans 
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And you don’t pay a penny more for the 
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Delta is ready when you are 


n 












10 


HOME NEWS 


- . Firiaiioiai :Tim0s 

'. '- a " "V'- ; • • I 


Supermarket 
price war 
‘will continue 


1,200 new 
jobs in 
, [Ulster 

By Our Beifajt Correspondent 



NEWS ANALYSIS — PROFESSIONAL ENGINEERS - 

Deciding who will exorcise control 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


ULSTER'S 
agency. 
Development 
! 1,200 new 


BY DAVID CHURCHWX 

THE SPLIT among the ranks of sedate institutions — is who ' The 'Council for fe 1 
Britain's 320,000 professional should be in charge of maintain- Institutions. . the umbra 
engineers over how their activi- ing and raising standards through which represents 
i ties should be .controlled Is likely registration and licensing. institutions of 
!to come .to 'a head in London Statutory, registration means shortly tell the 


sotrie- of tht .smaller fesslcra from Canada, the ~ 




expected to Increase sharply in 1 l ^ e - ear 


THERE IS no immediate lifeeli- c*h='-lcu «■« u«cie*uM; state 

hood of any moderation . of the the next year. The feeling was I - B c J . . . . , 

price war among supermarkets, that lust as self service stores ; The agency exceeded its job: by the 72,000-metnber Institution t7nptiv^TiMp U ^^r^H 0 in S f ^Sjljeers and this WQt$Mbe honours degree standard for ture, thft profession would 

but the long-term prospects for took over from service shops in ; promotion target oy 10 per cent. • of Electrical Engineers to discuss iaw e reserved to them by an efficient, economical ; anil .’entry but this has befin reduced tivefy .T>e taken over 1 by ptV- :i \ 
food manufacturers are better the 19fi0s, now . the move was; “ecause of a number of parncu-i the prospects for the statutory rironemn wnit M 53 HMaciory method" of statutory .f 0 an ordinary degree so as TO dans and dril servants. . 

«»» to. b«n fl>r some u-wards super s.o res t.kiog over ^ "* oI TSJSmJSS r u £ "STT , ' « * ““ **>' oU -“ ■ But 4* ' 

1 from th 1976-77 figure of £2^25. i en _ eers ; . tions and jobs -to registered J ■ _- , v stress, that the -a^rainiste 

About a third 
places came from 
ready backed by the 


time. from traditional supermarkets. 

These are the main findings The prospects for food manu- 
of a survey of leading grocery facturers were seen as being 

manufacturers and retailers rather brighter than those for 

carried out by the Institute of supermarkets, though some sup- 

Grocery Distribution for its pliers feared the price war 

annual conference in Brighton among food shops would hit 

yesterday. their profits too. and that the - 1 and would ' prove an important 

The retailers interviewed said number, of brands on sale would ; source of additional employment. 


Colin Anderson, the chairman, 
said the trend should continue 



Theagency. which spent E3.3m. 
s formed 
employ! nj 


there had been a fundamental be reduced, 
shift in the grocery trade in the' 
past year, since competition was Discounts 
intensified by the Tosco chain 

dropping trading stamps. The survey showed that most 

The increased level of price or the manufacturers interviewed , . „ - „ 

rutting was not they stressed, expected demand for higher | { 0 ** ™ 

a question of short-term defen- added value convenience pro- , rnmnsniL^t^inn^ts ^lf 
sive tactics. None forecast any ducts would grow as real living I !^ e p”!? 1 t panies 11 su PP orts 15 
reduction in competition before standards increased. > per ceDI - 



becoming mane t _ . ___ 

>»»•• lhe committee that it beU&re a result of the institution!? pres- Council -for the medical pn „ 

should be eiEdw- sure— including" a-threatio quit *ionis a typical example. . C CD 
a special p^bltote the CEI-tbat the; couiicU : was u tQ nighi's meeting prodM > 5t Vw7 
; persuaded ot .publish ' us report the expected professional' 

^Supporting the- unionisation, of worfo then sir Monty. Flnnif a • „ 

— — p - - — * ^ — ** 1 mvfrmoDws • ■ ■% ■ *•. 

m sh,p 


aw sascs =^°?^ssss. sssr- “ toaisl,t ' s * pro ‘ b 

vSS^SSSStrVSS&i ^ publieandove” J™ ™LS!*T ^ 10 - «fwi.te S ilon.l engineers, ■ ■ at lMst wUl beiltM ,a : 

attendance ^ Government se ^ 011510 mers - iVCSiXi 11 LSS&m *£•' This Ume the institution be- recently wrote to Sir 

J5n£te?s wpl trade union ** * raany countries already Jj,*®**”* *h l 2LJ2I ? *££«*- - Keves it has a trump_eard in Atwell, chairman of the _ 
at which promoted ; SdaS And a sizcuble number op * ra , t ® 3 °{ rogiat ration S n «bt S JS! ?| ae fMt ae If crillciiiag the “oyerly.' potf- ,.„ Q , 

nF rt. Finrt. on ^ licensing tiie lack .of such cre ^ te P ublic confidence . in ; tife t -fassions in a- number of maiur response of ' encineere 'io 2 

2m2SS5 al LTrv bS“ 5 J" a system in 3ie U.R. i* regaMed Profesmon. - ; Overseas countries- have iMfiik emton. 

O rnfi«ion set un Wltl ! suspicion by foreign com- ^ The electrical engineers hw-sb of engineers controlled by an “The committee want to kj . ... 

S»c P Mr Kric viiw pa S ,es engineers. far been .unable to persuade- outside body. One oF Tinnistons what the engineefs really tS 

the end of the year and one said One of the most frequently! Meanwhile, a survey of . 23 i ISuSJ Secret SS5T of refcrece . is ^ to L study, even if this means TOat sornr^ v ’ ’ ‘ ' 

he could not see things returning discussed subjects behind the! Ulster companies has fhown that ' 
to normal for another five years, scenes at this conference has i SI per cent, have been totally 

been the question of trade dls- ! unaffected by the violence. The 


Matins 

.Most, however, said they 
thought things would erentually 
settle down and profits would 
recover — but not to the level of 
the early 1970s. The institute's 


counts and whether thev should remainder said they had suffered, 
he more closely related to cost 'but this included the effects of 
savings. .political strikes. 

This is the subject of a Mnnn-j The survey was carried out 
pnlies Commission investigation.; hy the Business Location File, an 
The survey of manufacturer?; industrial development maga- 
ficures "UEsested supermarkets’ showed ithat in general there w. rine. It adds that 93 per cent. 
nSSreiiw fell to^boS fS ^oer support -for the introduction of of firms questioned would 

? e nt Sfei havieg recoveS d I ?sc0 " ats - 1 *? ,ch were “»« ! recommend Ulster as a place to 
cent. Iasi year navmg recovered c j 0 if*iy related to costs. ; locate a factorv.. 

o 1 ?® T I ' , .K ,n 19 r 5 "io4f J T h e survey did not. however. 

in 1976-77. In the early 197ps p r0 be the very delicate question 

they Were running at about 3.5 0 j whether this relationship be-, ! 

Per cent tween discounts and cost savings i 

All the respondents forecast a should he coqtroiled by law as it i 
continuing trend towards the is in America. ! 

opening of larger new stores and Delegates to the conference 
the closure of small shops. The have expressed differing opinions 
rate of store closure was on this. 


Eric Varley. 

„ . f - , feasion is split ^ over who should point of view. Under -titi --f^E^MT^ngemeiits ^ Tn~- otter connpta. 1 ' ite^mecS^'be^e'a . 

But the issue at staKe—and bear responsibility for carrying structure, all institutions Thus for -to-night's meetingie. bustious 'Mid eontroversiai-^- 
the one that has caused most con- out registration and licensing pardless of size each-- have 6$. institution has brought- to Lon- fact if this happens so 
troversy between the usuaiiy in this country- vote. ^5; don representatives of 'the pro- the better." -. 


ior*‘ 


_i-« 
' \5 


■.■if.- 


Radio mast approved 


FINANCIAL TIMES REPORTER 


‘Sustained effort needed 9 to halt 
office machinery sector decUiii 

BY JAMES MCDONALD 

• - ; • *i fK. 

BRITAIN’S OFFICE machinery quickly to countertct this there the U.K., .Improvements iit- dw' 
industry is seriously in danger of is, in the sector working party's general economic climate, cquld 
falling ‘further behind its main view, a serious .danger o-f majdr encourage, international, 
competitors, especially those In dependence on overseas know- panles to expand here rat 
the U.S. and Japan, according to how, a loss of opportunity for than elsewhere. • 
a progress report on the industry expanded production and em- “More important, there * 
prepared for. -. the National ployment, and a . serious number of medium-siZM^ 
Economic Development CounciL deterioration in the balance of companies which could : Qip: 

The report, by the Office tr ?. d e; ln ?_ fflce machinery." on: opportunities by co 


Fewer airline 
deaths reported 

By Michael Donne, 

Aerospace Correspondent 
TRAVEL by scheduled airline 
Rights was safer last year than _ 

issucTby th^InteTrnatinnal cfviS j Machlnery'sMtOr Working PArty, ^.K -CJdS sections- orihe^aS' 

Aviation Organisation, the avia-lwarns that a sustained effort by MtJriteenntortjt actions ^of^the^m^keU, 


FIFE Regional Council has spark, but Shell/Esso says its 
approved a submission to Mr. site will be at a safe distance 
Bruce Mi 1 1 an. Secretary for from the masL 
Scotland, that an existing radio 
transmitter mast will not be 


tlon technical agency of the UN. Government, management and 


arid where U.K. skills, and/ Soft- 


£230 in. — excluding 

"'IcAO^ahT * I n* a° repoV^ilsue J ! u n ionfisn eed^”^ i ne~is ^ * *» JO Pjr ^/^aiinahle 

in Montreal that deaths on j to be stopped or even moderated. of tots ported In the available -.7^. 

scheduled airline services nun.-! It was already, apparent that offic? si'sS ^lf prfedS* 

The oil group adds that the bered 630. on "25 flignts. In 1977.1 U.K. office machinery manufac- 1° be quicker than in rap jjj v «r 0 wing market f Of Ihfee 

transmitter mast will not be a distance would confom to the 1 gainst I.1S7 killed on scheduled . turers with some exceptions, other sectors.' SSduct^ 

hazard to the proposed Shell/ niirrenT British Stanri-irrf : flights in 1976. -were falling far behind the U.S. n The threat From JiDin 

Mn S smorran l and^raefoot^Bay althou ® h 11x18 is bein * revised. ] But ^ passengers died in 38 , and^ f more ^ recently. JapM jn Resources industry had to be viewed "pry 

The Secretary of State sa.», ,,. n „ -< , H , m -m » n! inw . im-iuic «> v » womo- oe unrealistic to try to nenetration in this sector- 

eleclromc technology, the report create a major new international been concentrated »naih& 

sa Th„r «-r,iid be a maior or ^ a v- isatio 2 in - ^ office electronic calculator^ and- 

There would a v aJ0 , machinery field. lar eaulBrnent It htd- 

* ■ change from “As In several other industries; spread^ intT plain .paper % 

r acciden:;to electronic in the UPC of office t hjs industry will Continue to be and would extend to the' 

>-o Jumbo i machine commonly in use within dominated by a few multi- ranee of office mariifnertfi 

The deadline for submissions! jets on the runway at Tenerife the next, decade, underlining national companies with- the inn word processing 

is April 26. • !a<* year, wh'ch killed 555 people. 'the Importance fdr the future of resources ndeded for the massive unless-- ad>on was 

-the appUfeationiOf new electronic investment on research and counteract it. 


du l oc rt jnuac ugfia uiru a ib do i “ u “» *■***»*• j . — _ _ 

J accidents to charter flights, up development. and volume manu- The working party believed it seriousfv.' In the past * 

The councils decision comes ,-P 1 * . sa ! d from 300 killed in 29 chattel . facture of products dependent on would be unrealistic to try to penetration in this jsecto 

after strong local protest.- v . !asl month that he planned to ; »ocidents in the previous year * t^hnoloev. the renort “ -? - ' - v® 

The IRA radio transmitter K™ .«»• JWJ ' The figures havS to be regarded 
mast is Tour and a-half miles .!!?“■ owed d f^ s ! with some caution, says ICAO, 

from the marine terminal Shell/ For further submissions over the !1)ecause of the distortion arising 
Esso plans to build at Braefoot p03ed ^* c j From one major charter 


Bay. 

Radio 

certain 


radio transmitter. 


radiation can, under 
circumstances, cause a 


I— the collision of two 


to 


A FJNANCIALTIMES CONFERENCE 

THE NORTH SEA and its 

ECONOMIC IMPACT / 

/ 

LONDON 

May 15-16 1978 

Already the balance of payments benefits from North Sea Oil and Gas 
exceeds £2.1 bn. per year arid is increasing. The impact upon the 
British Economy and upon business and industry generally is creating 
opportunities which will last only as long as the oU does unless wise 
counsels prevail. 

The Financial Times is arranging a conference on May 15 and 10 at 
Grosvenor House, London, at which the many aspects of the current 
problems will be discussed by a distinguished panel of experts. 

Coming shortly after the publication of the North Sea White Paper, 
the conference will provide a forum which will be of particular interest 
to bankers, institutional investors such as pension fund managers and 
professional advisers. 


The list of distinguished speakers and their subjects will include: 

THE NORTH SEA AND BRITAIN'S 
ECONOMIC RECOVERY 
The Rt. Hon. Edmund Dell- itiP 


Secretary of State for Trade 

HAS NORTH SEA OIL POLICY 
PROVIDED AN EQUITABLE 
FRAMEWORK FOR THE OIL 
COMPANIES? 

The Rt. Hon. Lord Balogh 
Economic Adviser 
The British National Oil 
Corporation 

AN OPPOSITION ASSESSMENT 
OF THE IMPACT OF NORTH SEA 
OIL ON THE U.K. ECONOMY 
The Rt. Hon. 

Sir Geoffrey Howe, QC, MP 
Shadow Chancellor of the 
Exchequer 


THE NORTH SEA IN ITS 
WORLD OIL CONTEXT 
Dr. L. C. Peacock 
Vice-Chairman 
Texas Commerce Bank NA 


THE NORTH SEA AND HOW IT 
AFFECTS THE CALCULATIONS 
OF THE INSTITUTIONAL 
INVESTOR 

Mr. Edgar Pala mountain 
Chairman 

M & G Group Limited 

Guest Lunch Speaker 
Sir Nevil Maeready 
Managing Director 
Mobil Oil Company Ltd. 


To: The Financial Times Limited, Conference Organisation. 

Bracken House. 10 Cannon Street. London EC4P 4BY. Tel: UKWG -1382. 
Telex: 27347 FTCONF G. 

Please send me rurlher details of THE NORTH SEA AND ITS ECONOMIC 
IMPACT 

Name Title 

Company 

Address 



techniques in. office systems. . development and for the large- nmee Mashinerii 

The U.K.. however, was not scale production required to ina partu Proara 
welt placed to Lake advantage of rover the wid6 range of products ypn o nTwfcs / 
that change. If it occurred, and systems. TotfMl Street 

Britain would be surpassed by “None of the existing com- rr«e 

competitors, especially in the panies of this character is U.K.- -i — — — : 

U.S. and Japan, Where “the owned or cenlrolled and it 
technological climate and scale would he unrealistic to think of 
of production are such that they rhe- vasl investment which would 
are better able io compete- in be required to create a new one." 
world markets. There was still scope however. 

“Unless action is taken for expansion of production in 


ector Work, 
Report -,197s- 
l House. 1 1 

! on. s.w.i. 


Neglect of safety 
planning attacked 


-4-U 


-•t — - 


FINANCIAL TlMtS REPORTER 




COMPANIES 'which, hava not 4nd Would be at a disadv&nta 
planned for the introdnetibh of when the laws started op&ath 
Britain s stricter .safety, laws in Such companies ought 'to' hi.-- 
October were attacked yesterday shown management -initiative^ 
by the Health gnd Safety Com- working out with their unto’ • 
mission at the lnrernational * h ® most suitable -arrangeinerr-V... 
Fire. Security, -and Safety Con- ^ or business. . , 

ferencc which opened in London. The' new regulations give tn^C’-i 

But Mr. Michael' Wates. chair- t0 ‘ 

“ f - W,»., MriHb. com- SSrSgSffiS-^?-^""- 
the -conference. nia<wic - rrninne nr in isi.- ' 


pany, said at Uie -come re nee places. - Unions will VaWe>- 
small companies . would be. con- work out how many safety ' 

/used by the flow of new. ip gisla - will be .needed, per . company. ■ — ' 
lion on safety. . “ Mr. Simpson praised some l 

“ Much of our industry js made pouies. and industries fpr .haj- 
up of the small ' ajm 'medium-- Worked out -agreements- alreit 
sized firms, and for them the “Hie' National- Joint -CwradS® ED,7Ci? 

flow of new legislation must be for the Building Industry is dm- 

absolutely. mind-boggling”. - •• and 1- commend- their 3ppfoac“ : '. 

He regretted that management- 1° an industry * which has r tft ’.':. 1 - . 
union relations on safety-sfiouid “.cult hehTth auid safety probleii“ : % 

bd placed on a statutory footing. There ara moves Ih this directid 7 ' - ■' 

“A. situatipa .wfelah imposes^a in - . the eteetrieaL .conrrdctiir- - . 
statutory ItespdhSfWlity "to TOlks industry, and among - the lot- ■ 
has not been easy to enforce in authorities.’*. • . 

the past. : ij . The TUC bad also put a gfe- 

Mr. Bill Simpson, chairman of effort into organising courses li- 
the Health Atid Safety Coramis- industrial safety! he said. 
rion. Said companies which had The national east of acciderii . .... 
j not thought it worthwhile to plan at work has been "put at 
-tfoc- the- new- -laws .were wrong a yesrr. r • '. " L - 




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HOME CONTRACTS 

£13m. rail signalling 
contract for GEC 

AS PART of British Rail's Victoria additionally, connect back to the 
station modernisanon programme, mainland. 

G EC-General -Sicnal has been * 

awarded a conirrict worth over READ It RIGHTsON TEESDALl 1 . 
£12m. Tor general re-nignalllnu has obtained a > 25(1.000 order for 
work, with a further contract or the supply and erection of a bj- 
jusi under XI m for a train chromate rotary dryor lor Pritihli 
describer system 10 work in con- Chrome and Chenurajs. Lagle*- 
junction wjlh the new signallinq. cliffe. 

A new signalling centre al * 

Clapham Junction will house’ the ^NTON PII.LER (U.K.). ha> 
main tram dcscriiicr equiprocni. rece j V pd a i250.0D0 order lor stalk- 
which incJudev tliree GEC 40,0 no-break power supply equipment 
computers and 4. uiicrocomputrt-,. I0 be i n>t alTed on ihp Murchison 
There will he ivo mimic tj^ ch Field production platform in the 
diugranis covering bouthern \ orl j, jjea. The order was placed 
Region s Leniral and South ^ Conoco North Sea Inc.. 
Eastern divisions, with automatic ope,.;,,,,, 0 f lidri for the 

transfer, enabling signalmen io (j onoco B \tx: Gulf Group The 
identify all iruinv within ilic ,.^ tcrn \ . required to supply no- 
controlled area Remote signal brpak py W . er , 0 an sukVA UOV 
boxe* will be cunneclCd to tnc pba.se load con.- i iv ting of Ihe 

centre, using ^tsua I display units platform’s criuca! control and 
m-trumemation loads, includ-m 



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for data transmission. 

The world's lamest train 
describer. ai London Bridge, is to 
he extended .md connected to 
Victoria under a further £lm. con- 
tract awarded to GEC 


•.■ompulers. 

1 

A Surrey firm. RACAL-ZUNAL. 
has won a contract to supply over 


The Victoria project involves 200.000 reels of audio tape ro Ihr 


and 


BBC for iu national, local 
overscan radio service?. 

★ 

The McTAY ENGINEERING 
GROUP has been awarded the 


£43m. expenditure on signalling 
and track improvement up to 1R33. 
and covers, over 70 London and 
suburban stations. 

“ ¥• 

Tyne and Wear Metro contract has phwe one tankage contract for 
been awarded to Scunthorpe-based the United MoJas&s* Gladstone 
railway truck layer and manu- Dock Terminal. Liverpool. The 
facturer GRANT LYON EAGRE, contract, worth £150.000. is for the 
It ix valued at about £400.000 and supply and erection of S mild slcei 
requires manufacture and instal- tanks. 

Lation or 4 km. of .tI8Ck and * 

associated sidings on the Bullms has placed a contract 
approaches to the Byker Viaduct worth £90.000 through Philips 
4 1 * * Group Projects (U.K.) with PYE 

RUSTON GAS TURBINES, or BUSINESS COMMUNICATIONS 
Lincoln, has woh £>.6m. orders to for the installation or public 
supply North .Sea installations, address and entertainment audio 
British Petroleum has ordered four systems at three of its hotels, 
gas turbine sets for Cruden Bay. + 

Conoco has boucht two compressor INERTIAL SYSTEMS -has been 
sets Tor thi> Indefatigable Field, awarded a 13-i.tHHJ contract by the 
■tnd Shell Es«»i has bought two South West Water Authority to 
compressor sets fur use at St. provide j security system which 
Fergus. will protect the operating and 

¥ * ¥ control facilities of a dam. 

John Tams has j-:aced a contract Wimbleball Reservoir on the edge 
worth £310.000. for the first stage or Exmoor, against intruders and 
or a production unit at ■ Berry vandals. 

Hill. Kenton. Sioku on-Trent. The * 

30.000 square feet factory will be The English Industrial Estate? 
used (or the woduri.Wt of flat- Corporation stale that work is to 
ware. It will *v «q tupped with a siart on a .1.300 sq. fL factory for 
s|ij»lioiiv-. tunnel Kilo and boiler the Development Commission at 
room. Main con:r«-tor is B. W. Bentham. near .Settle. North York- 
DAVIES < CONTRACTORS) «nd shire. A contract worth aboul 
construction is io be completed £141.000 has been awarded to W. G. 
early in 1U7D. ROYLES AND SON. Work is also 

* “lari Ing on a 10,000 sq. ft. f acton - 

Shell iL’.K.) hah placed a contract, for the Development Commission 
valued at out £300.000. with ;it Lonctown. Cumbria. This fac- 
MARCONI COMMUNICATIONS inry can be divided into two units 
SYSTEMS for »hr installation uf nf 3.000 sq. ft. each. A cnmrnci 
radio equipment ihHf will esiab worth about £120.000. which 
jjsh a comm in (call oiis Iff include-- sin- dcvGlopnipni. lias 
" | between olti^oic stations, and been awarded to HARWICH EROS. 


In 1977 our aim has been to improve, upon the pverall results of 1 ! 
1 976, therebY enabling the Association to ’further cahsolidate its 
insurance funds and to increase its free assets. Because of changes 
in some of our overseas business arrangements the figures are not 
comparable but the underfy ing position shows that we have 
achieved this objective. 


Wng dii 

'Inrmah 


Group Summary of Regults 

Investment income (Gross}' 
Underwriting Result ^ , 


1977 

£000 

8.863 

(1.747) 


1976 

£000 

8.638 

<296) 


Profit of terTax 


2,408 


1.465 




General Business Premiums 
Long Term Premiums 
General Business Funds 
Life Funds 


Total general insurance funefs tod free 
reserves increased in 1 977 fronl £1 2Q 
million to £1 26 million. Members' • 
funds now amount io £1 8.6 million. 
Net written premiums inaehSe^froiTfi 
£71 .5 million to £78.3 miliidri,an 
increase pf 9-5%. 

The Group produced 6 surplus of 
approximately £2.4 million as against 
£1 .5 million in 1 976 and, when": 
undisclosed reserves are taken into, 
account, the statutory solvency margin 
of the Association has been/.' 
considerably strengthened.. ...~y 

UK and Eire ^ 

■ The impact of inflation on Liability, 
claims generally combined with thb. 
incidence of claims arising from . 
industrial disease and noise.'riohtfoued 
to cause problems. Experience under' 
the Motor Account, though. ■ ■. 

satisfactory, worsened during the-, 
course of the year and the Pipperty - 
Account remains unsatisfactory. ■ 


. £000 
78,292 
27,855 
107,231 
99.078 


£000 

71,532 

24.085 

101,928 

73,456 


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Mr. 

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Mr. 

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Mr. 

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AXn 


Overseas Territories . 

Our Australian business provided a - . 
worthwhile contribution to our overall 
result. , 

In South Africa out results continued 

xo imp rove and a $u bstantial overall _ 

surplus was achieved. . 1 x* r« e\cc” 

Life Assurance * ■“ 

Our principal subsidiary,^ ationstl - 
Empiov'ers' LifeAssurancQCoHJpanyi - 
Ltd., - has once agalnpToduBedrBvery. 
satisfactory inefeese in new business, . 
with net jenewable premiums t>f£6ji. 
miih'bn and £1 ,9 million ofsingle'. : 
pfemHimssecured last year: The total 
premium income for i 077. was ... . . 
approximately £29 mnffon compared 
wrtfi'£23*5 million mlS76. Investment 
!ncomBlncfeased-froHrr£S : 9 rilfftlonto . 

£8.9 mUlion. AttHe end of the^ftarlKe 
long term funds amouritedto over £96 
million, an increase of more then £25 ' 
million over the figute 6f a year ago. 


'.tSb , cirtct 

. .Mr 

"ffi" 

Crisis 

> M’l 

'he i 
contu 
Snare 


..tv 


l ^n ; C n - Mr. 

** Far. 


By apply mg.oursel vesfreafisttcal ly to mpdern need&and mmheids 
we shall endeavour/throughout 1978 and th§ years ahead, ta 
merit an even greater supportfrom . Brokers -arid Agents arid to. 
produce a satisfactory result fd^ our Members.: ■ - • ••; 

M. King* Chairman ■ ' W. 



General 1 nsurance Associatien 'Lirnlted i 


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Atjn v. *-h i, . 

i P _ Mr 

H *?Er K'- 
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ntf 0 . Unions at loggerheads 
over recruitment drive 


sr f^fCX GARfffiTT, LABOUR STAFF 


Tanker men urged 
to back Shell 
white-collar strikers 


Newsagents stage protest over 
•anarchy in Fleet Street’ 




ABOUT 3W) newsagents yester- 
day inarched through Fleet 
Street. London, in protest 
against anarchy ^ in . the 
newspaper industry which 
they claim Is threatening their 
Livelihood. 

Supplies of national news- 
papers hare been disrupted 


VtbZ ASSOCIATION of Profes- from the_ TOC under -Ride 13 If hy carrying out industrial action | by PHILIP BASSETT, LABOUR STAFF I n fi S paper industrv which 

: f '■ Executive, Clerical and it felt that that was the only at the AA. contrary to a disputes t {h« vS5m U threatening their 

r . Sthff has^aslced- Mr. way it could solve the problem, committee finding, and by inter- 1 TANKER DRIVERS working l er inmate had now j c „ned thei “iSihood! 

'ben' Murray, TUC general Tt was under this rule that the fe nng in merger talks between- [yum Shell oil depots have been strike and that almost all the [ Supplies of national news- 
secretary, to tesue fonnal.warn- Transport and General Workers association and another: asked not to >rass the picket main terminals were dosed. papers hare been disrupted 

* to.lfr. Oive^Jenkin^^miion xjxuon was expelled last year, to ILC-affiliated trade union. j lines of m Shell white-collar He said that Shell had refused: because of industrial action hy 
n0 * -St ® he reinstated within about an Last year the WC disputes! workers on ofTu-iat strike over to hold talks with Uu* represents- • members of SOGAT employed 

s«®er lo an Ara*. ^ruitmenc bour committee upheld the right 0 f 1 P ;i - V - Mr - Ro ^' r Uvons. a nalionai lives of the staff involved.. ia London wholesale ware- 

. Sj? 111 • Autom ■ ■ e APEX said yesterday that the a company staff association to ; officer ot the Association or Ganges tn south London hadi houses. 

f^sspoapw 11 ' ■ staff association at the AA- had give its negotiating rights to tbei Scicntific ' Technical urn! Mana- already been nit hy petrol short- : About 27m. copies of 

c-iiitlE J tS 5!5 voted overwhelmingly to merge trade union of iis choice. I gena l Staffs said yesterday. ages, and emergency arrange- nations) dailies were lost in 

Stojfc does > ith APEX ' 85 P« cent of u the APEX says that part of the' Response to the tall could menu I- for one hospital's supplies - the first three months Of Ibis 

‘ ".U^^ 3 ^wSternsiM?.dur^ Z ' 400 association members ASTMS ■* interference - included i- ,enousJ - v affc<t lh « supplies of had been made. : year, said a spokesman for Urn 

v an^ balloted supporting the move, circulars to A A JtalTquSnins i 5crl " u an f Vi? un l? ns ' Tte clencal PlalT have been National Federation of Retail 

.t-wiu press .ior acuon^oocier &p«nr has onU- AWn .. ®! ASTMS and ACTSS. the white- offered pay ri&e«. i.r to por cent. N.-u-uf-onis. 


•v.. *wt SWK „“ 7 rr* bafloted supporting the move, circulars to A A staff Questionin'* i- el1 nu am * P elrnl - 1 he unions, ino clerical sum have been National Fe 

> S^UTlS wSchtedesSd At- the moment. APEX has only APE^s Xmfv Si* ZSSSZ ! AS ,™ S and A ™ S *' lhe "'hite-’ offered pay. r ^ »r 10 per cent/ Nugents 

’ mLd'aSS- 'wuffi 27 members within the AA. The rion." particularly in reference co,1 f r * eet,w H i of Uu T transport plus ar least - per cent, for in a fetfe 

• -'VibSJttuXtffiB vfeSfi staff association has more than to Gruiwfck. ■ ™kcrs union, claim that Productivity. They claim thai major publ 

.' Svdpp *£•* against me -principles The ciTnii,rh,- ,i« n r,urf su I 1 P ,,e:i In s^rages and other Shell has been tort much more . Shorroek. i 

Edwards, APEX Mr. Edwards said that ASTMS, by Miv^Ken' Graham*. ^H«nstant ’ ^vir^xvin^ sahi^hat 7^ per” ent* SJs^'ihfo./fndosirv 

• Oissistant general secretary, said which claims TOO AA members, general secretary of the TUC, :n p f t hf ‘ clerical romnutor and c siili said that -9 ou/ of ih*. 4 « SSESmS^** 

?»!ssi a ^ ^ 


About 27m. copies uf 
national dailies were lost in 
the first three months of this 
year, said a spokesman for the 
National Federation of Retail 


ACAS sees no agreed way 
to solve shipbuilding problem 


Hovercraft crews seek parity 


BY PAUUNE CLARK, LABOUR STAFF 


In a fetfer delivered lo ihr 
major., publishers Mr. John 
Shorroek. president of the 
. federation. described ihe 
supply situation as “ no longrr 
tolerable/’ 

The federation added. 

Millions of copies have been 
lost and «e are no longer able 
to rely on a steady supply of 
oar staple diet — the new>- 
papers on which vr depend to 
win customer loyallj/* 



Rush-hour 
buses halted 


TUC needs more money 

BY OUR LABOUR EDITOR 

Unions are bcinj: asked for a The finance and 'general pur- 


safes 


:J ■ ■ R * ‘ 1_ • B • *| * _ __ 1_ 1 BRITISH Rjil s hopes for an parity «?th Sealink officers ■' ; ' ' _ — 

• Qfllfirilll IfllUM I expanded cross-Cbannel Hover- Meanwhile, union represents- . 

mV WJtC MUpuuiiUiiig yi UUICIU .icraft service this summer could ^reikdmfn “m h Se 1 Rush*hour TUC needs more money 

BY ALAN PUCE, LABOUR CORRESPONDENT . ; trial relations problems affecting sra^oii^the P pTin? ”1° MargaKt' hllSPK BY OUR LABOUR EDITOR 

,staff and Might crew. service from Dover to Calais and i uuac ^ iiailvu - 

HIE ADVISORY, Conciliation ing with its demand fora national the managers union is not affili-j The Merchant Xaw and Air- Boulogne. ' " ! RUSH-HOUR hus services in O _ l nlons ar ? bein ^ ssked_ for a The finance and general pur- 

ind Arbitratloa Service has recognition agreement. a ted. argues that existing unions ' Une Officers’ Association said British Rail -said j esterday London were affected vo^erdav ' 7° I 1 ? urtThli po !f s J " ,el yesterday 

found that there is no prospect of Representatives 0 f the Confed- can offer adequate representation : yeslcrdav it was backing 20 Sea- same officers had agreed In J* . - . nf . hrp ,.„ ‘ ri ri * ’ j!®"* 1 Ufl th ? nd d€>c “? ed f o, recorainend a 3p 

v conciliated settlement to the eration of Shipbuilding and ln all sections of staff and that, speed flight crow who threaten- operate the cro^Channel sea , , the firsl C f threatened « fries .TUC. out of the red. increase in each member s affilia- 

'iispuie over union representation Engineering Unions convinced 'he introduction of more unions me not to 'operate thp new trials nf- the Mark 4 version | of s toPP a S e s bT London irans-j Now in its fourth year of lion fee for next year, and 2p 

jf managers in the shipbuilding ACAS that they remained and a proliferation of bargaining !. stretched SRN" Mark 4 craft when scheduled ■ to start in the next (port staff to protest about the i deficit, the TUC has had to draw in 19S0. The present fee is 20p 

industry. "resolute and uncompromising” un its would he detrimental to i it comes into service in June few days- -Bui the longcr-ierm ; Introduction of a new rationalisa- 1 on much depleted reserves to per member a year — a total re- 

This effectively throws back to in their opposition to this. industrial relations. 'unless they are granted pay oudoofe was “ worrying." Uion plan. • keep running. . venue of about £2im. 

the British Shipbuilders ; Board Coofederaiioh leaders can be l 
the highly, sensitive question of expecte d to renew their pressure i 
jv-hether U should .recoginse the for an ^ Iy declsion aga lnsti 


j . ■* — : — .v expeciea to renew tneir presBure i 

ditto A?* fer an early decision against 

M l i 40 k Shipbuilding and AJUed Indus- SA1MA at thetr monthly meeting 

Vlth British Shipbuilders board 
u finm members to-morrow. The board 

K!? Sir 1 LSeiri? V uma wU1 then Mnsider tbe issue when 

SdiSbSS « “« te in New<asUe Dn 

SAIMA members are engaged 
^ A S - in an overtime ban in an attempt 
¥*T Ice * to hasteira decision from British 

ni»riaii<l ' Shipbuilders, although the dls- 

.. J/6m3flu . mptive effect of this has been 

Senior ACAS- officials have met limited. 

• ; ■epresentatives of both sides and The union supports its 
' ‘ wttefied themselves that there is national recognition claim by 
to possibility of persuading them arguing that it had a number of 
’ : o reach a "mutually acceptable recognition agreements in indl- 
' settlement. SAIMA, which is vidual yards prior to natiqnalisa- 
• tow 'part of the Engineers and tion and that it has shown itself 
•Managers Association and claims to he more effective than other 
. :o represent 70 per cent, of mana- unions in recruiting managers, 
'•jets in the industry, is continu- The Confederation, to which 

More civilian work call 


•% ' ... V- ■ 'i 




* 1 1 1 


iTi*v 


BY OUR LABOUR EDITOR 

lONISTRY OF DEFENCE estab- 
ishments should diversify into 
hilian work, says the Transport 
nd General Workers Union. 

.The union, now preparing for 
*ay negotiations for Its Govem- 
itent-em ployed members, says 
hat about 10.000 jobs are at risk. 

' 'A document from the public 
services committee, entitled A 
Setter Deal for Government 
Workers, says that it is time 
the Government put its own 
jhouse in order. Many of its 
employees would be better off 
nn the dole, and women were 
particularly poorly- paid. 

It -says that mo rigid pay. policy 
should deter: the union from 
doing justice to -Its members. 

The TGWU's claim includes a 
“substantial " wage increase, a 
shorter working week, and tine 


APPOINTMENTS 


demand for diversification to 
save and create jobs. ■"= . 

* ' •• r 

Scots bread 
threatened ./ 

Unofficial action/ ni^r ‘'threaten 
bread supplies in sctfnp parts of 
Scotland, after the breakdown 
yesterday of talks between the 
Scottish Bakers' Federation and 
the Union of Shop Distributive 
and Allied Workers. 

The union seeks a productivity 
deal' for .its Scottish members 
employed', by Ranks Hovis 
McDougati and Associated 
British Foods, so that jobs can 
be created for some of the 900 
Spiller? employees who are 
losingitheir jobs in Scotland. 


Planning director 
for Burmah Group 




Mr; Jonathan Fry is to join the 
SURMAH GROUP as planning 
lirector from May 2 and will 
>ecome a member of the Board 
jf Bormah Oil Trading, the prin- 
cipal ; trading subsidiary. 

* 

' Mr.> D. M. Davies has been 
ip pointed managing director of 
he machine tool ' division of 
VLFRED HERBERT. He has been 
inancia) director of the company 
ilnce 1973. 

★ 

Mr. Philip Tarsh; a director of 
he LOnrbo Group, has become 
chairman of VOLKSW5AGEN iGBl. 
4e hais.been-a nonexecutive direc- 
or of Volkswagen (GB) sance 
.973 when Lour no acquired the 
rompany from Thomas Tflimg. 
dr. Tarsh replaces Mr. F. A. Bui- 
:her. who has retired because of 
U-heafth. 

- 

Mr. Robin Clark bas -become 
rhairman Of TAYU3R ULARK and 
he EQUITY TRUST in place of 
dr. Robert Clark, who remains a 
ion-executive director. . . 

4r 

Mr. ^Leonard Colley is to- retire 
Tom tbe partnership of KEMP- 
3EE AND CO., stockbrokers, from 
o-raoitow, but will remain associ- 
ated With the firm. At the sam e 
ime Mr, Colin Humphreys, Mr. 
Charles ran Straabenwe and Mr. 
Brian Dnrrant will join the part- 
lershlp.. *. 

Mr. T. F. Honess is to retire 
Tram his executive appointment 
Aith the GUEST KEEN NETTLE- 
. FOLDS group on June 30 and ne 
will then become a non-executive 
director of the company. Mr. A- 
Oaly is to be chairman of can 
S ankey from July L 
' * 

jffr. .3. R. Spenee,. managing 
director of Weir Pmnps. has 
minect.'the Board of REDMAN 
KEENAN EVEEKtATIONAL as A 
:ion-esecutive director. 

: Mr. David Df. 'Williams has been 
appointed a director of MURRAY 
•JOHNSTONE. . 

• • 

! Mr. Daniel Bnfton is to join the 
Hoards of- DUNFORD HADFIELDS 
;nd BROWN B.4YLEY STEELS as 
'urchasing ^director on May 1; in 
•'inccesson to Mr. . Frank Hoboes. 
:\h» is. retiring’ but will remain 
’i consulianL 


Mr. Gerry Pickett has been 
appointed to the Board of R1DAT 
ENGINEERING COMPANY. 

Clarion Mechanical Holdings bas 
appointed Mr, John Jtoore as 
managing director of CLARKLIFT 
MIDLANDS. He was preriously 
\riih Lansing Buena H. 

* 

Mr. "Robert White has relin- 
quished h»s directorships of 
DENBYWARE and subsidiaries 
following the company’s decision 
to discontinue its furniture 
business. He remains in an 
advisory capacity. 

* 

Mr. Michael S. Tate has been 
appointed managing director of 
HENRY JONES iFOODS). Mr 
Neil Carder, general manager of 
the international division, who 
has also been acting as chief 
executive, London, will return to 
the Melbourne office next month. 

■* 

Mr. W. C, C. Morrison has 
joined the Board of BROWXUIE • 
AND CO., as a noD-esecutive 
director. 

- •ir 

Mr- Ron H1H is to retire from '• 
the Board of BRENT CHE3IICALS . 
INTERNATIONAL after the next 
annual meeting but will remain 
with the company on a part-time 
basis. Mr. F. I. Brittain and Mr. 

. F. W. Stubbs will also resign from 
the Board on that date bur will ' v 
continue with Uic group on the . 
Boards of certain subsidiaries. 

* 

Mr. Christopher N. Jones has : .■ 
been appointed to the Board of ■ ... 
BERNARD SUNLEY ECVXST- - 
MENT TRUST and continues as 
chief surveyor., . %-.v 

•k . y-y 

Major General R. 3L Carnegie .y.v 
fe to "be Military Secretary'. | 
MMSIRY OF DEFENCE, in July j; 
in Jttre rank of lieutenant general ; 
In- soecesaon to Lieutenant Ivr 
General Sir Robert Ford. .Major :y 
General P. J. H. Leng wiH become • ■ 
General Officer Commanding ; 

.1 (British) Corps in July in ihe • - j 
rank of lieutenant general m 
piace of Lieutenant General hir ■ 
Richard Worsley. 

* 

Mr. Ian Wilson has been 

appointed truck sales and market- 

ms director for medJum/Jigni ... 
vehicle division of LE1L.AXD 
> f EHiCL£S, 



v ' ' '"For oitiioajy use, ow standaaNi phand t •. " To getisoiiie.Idea of ifcs ;■ ■ ; 

battle rotary dialis fine, . ... : .• ' tap out a 14-digit 

■ But if you’re on the blower all day, it can our picture. - . •• • . 

be a bit fatiguing.* ' : • 

. r So, if -you use t^epbonb a lot, we heartily on your, chad pbone . * 

recommend the Pusb-Button^eypbone.. . As you will see, callh^ a niimber is 


much easier with a Push-Butijon Kejfphdne , 
making phoning le^ tiring and frustrating 

■ ' ft^^ co^youarliitie extra - but we think 
it’s Weil worth it Tour local Telephone Sales 
Office will be pleased to give you details. • 






The Usi of Application? will ««n at 10 ■- Bl - •* Tlmrad*jr, 27th April, 1178 «nd will 
chwc ai any time »« the same day. 

This Issue is made in accordance with a General Consent mem &» the Trauum 
under the Control of Bomncma Ordef. jfl« 

Application baA been made to the Cmmdl of Thr Stock ExcBsnse for Use Suik b*?nip 
issued to be admiti-d to the Official List. 


Financial Times Tuesday April 25 1978 


PARLIAMENT AND POLITICS 



LONDON BOROUGH OF GREENWICH 

ISSUE OF 

£ 20 , 000,000 

LONDON BOROUGH OF GREENWICH 

Ilf per cent. Redeemable Stock, 1986 


Speaker halts further 
naming of Colonel B 


BY IVOR OWEN, PARLIAMENTARY STAFF 


Worker 
director 
proposals 
out soon 


6/ Ivor Owen 


A RIGID damp-down of any 
further use of Parliamentary 
privilege by MFs to enable them 

111 per cent. Redeemable Stock, 1986 pubiidy to identify colonel b- 

**4 F v * the army intelligence officer 

Aacftorttnl bv Vie Council of the Loudon Bor md/h o f Greenwich and Issued in involved in a Secrets case — was 

accordance setth Ok prortsimw of the Loral Gorcrnnusd MX. 1372. and, the Local imposed by the Speaker, Mr. 

Aalborg >M * ood Bond,. R Cations 1974. Geoi^e Thomas> 1q ^ Commons 

yesterday. 

He made it dear that under 
the sub judice rule adopted by 
the House in 1963 the identifica- 
tion of Colonel B by four Labour 
MPs last Thursday should not 
have been permitted. 

An unsuccessful attempt was 


to oil-fired 
power stations 


Price of Issue £99 per cent 


On Appflcatisn 

OB wot May. 197* 

On uth Ann, 1913 


PAYABLE AS FOLLOWS: - 


St nit UHL 
£« per cul 
£ 49 per cent. 

£99 per tent. 


interest (lam income Tax) will be payable taif-arairiy on ibe 1st April and Um unsuccessiui auempi was 

1 st octeiwr. a ihn pvnent of com '(less income Taxi per run Stack will be made by Mr. Max Madden (Lab-, 
m«4e *n the ist October, i to . Sowerby) to secure an emer* 

Tbe sox* is an fmestmeni ^ ***** f cftH * a * e t0 Tru41Cie genev debate on the implications 

In nnrenance of a RmoIuUwT passed by th" CouncO of me London Borouch of Press freedom of the action 

Grnovidi on (be 9th November. 1977. BARCLAYS BANK (LONDON AND INTER- taken by the Director Of Public 

nationali limited are anrbortwti to receive appucaitom for the above amount Prosecutions to warn newspapers 

or Stock a, tte NJW I«« 5 Deparanenu P O. Bo? LA 2 London Wall BnUdlnas, lhat ^ ey might be held in con . 

Insecurity-— The Stock and the imprest thereon will be secured on all she tolHpt of court if they named 

revenues of tbe Council and win rank pan ftnatu with the eaistlna 'and future debt Colonel B in the COUTse of 
or the council. reporting proceedings in the 


2. Provision For Rewynnt of Leans. — The Borough Council Is reeutred by Arts! Commons. 



nr Parliament to make annual provision towards redemption o! loans raised tor 
capital expenditure, and to make such returns in connection therewith as may be 
required hy the Secretary or State for the Enrlronxneni. 

3 purpsso of Issue- — TIN- net proceeds of ibr present Issue of Stock will be 
applied to replan mamrtna debt and to finance auibortaed capital expenditure. 

4 . Redemption of Stock.— The Stock will be redeemed at par os the 1st April. 
IPSfi unless previously cancelled by purchase 10 the open market or by agreement 
with the holders. 


Bnt Air. Michael Foot, Leader 
of tbe House undertook to con- 


MR. MAX MADDEN 
“ Freedom to report.' 1 


tunity should be afforded to Mr. COMPROMISE WILL be the key- . .T^ 

Sam Silkin, the Attorney note of the Government's pro-.' 

General, to explain why he had posals for securing the appoint- by jqj-jw ulimt parliamentary CORRESPONDENT 
instructed the DPP to advise the ment oE worker directors, Mr. . BY JOHN HUNT, PARLIAMENTARY cokwotnikni 

media that it was not accepted Edmund Dell. Trade Secretary, . . , • .. , . , 

that the publication or Colonel indicated in the Commens yestep- StR. ANTHONY WEDGWOOD the electricity supply rads 
B’s name would no be a con- day. ■ . ‘ -BENN. Energy Secretary, yester- but thee were killed off . 

tempt of court. Replying to questions. he told day came out strongly against result of stiff opposition fron 

The assurance given later by MPs that they would now have the ordering of any more oil Liberals, 
the Attorney General that he to wait only “a little amount of fired power stations for Britain, The contentious proposals 
was not contemplating any ac- time” before the White Paper when he opened the second read- centralfeation were revived 
lion against the newspapers or announcing the outcome of “8 debate on the Nuclear Safe- recent j 0 !, nd jT 8 

the broadcasting authorities had extensive consultations, held by guards and Electricity (Finance) ne for dlwussien by 
done little to remove the concern Ministers since the publication Bill in Die Commons. W 6 

and anxiety of the media about of th e Bullock report -on in- “l would 611(1 « impossible to Nationalised industries, 
the extent of their protection in duslrial democracy, is presented contemplate the ordering of The suggestions include 
reporting the proceedings of Par- to Parliament . ■ more oil-fired stations." he told establishment of a single si 

liament a » pr »,«, Miniata* had- f a ;iL'i‘ MPs in the middle of a long pas- tory body, the Electri 

For many years, said Mr. Mge ’ in wbi * h h l «mpbas»sed Corporation, to replace i the 

Madden, it had been accepted Hr pficholl? Ridlev rr PirX *** need t0 get majnmura Electricity Council. Cen 
that MPs enjoyed absolute pn- ces 't e r and Tewitesburvi to StT benefit f ™ n lhe heavy invest- Electricity Generating Board, 
vilege and that those who re- firm that the Wtrite p2ir wSid went taken place m J2l? 12 area electricity boa 

ported Parliamentary proceed- that - Bullock u dS" the coa! industry. The corporation would t 

ings had qualified privilege, “iv Labour backteSL vSSrf Thls matter - he said - was power to make or sell electi 
so far as those reports are full tlfei? support fjr l rSiiS particular interest to those who plant and fittings 
and fair and without malice." approach ra ““ 1 -.nfere putting forward proposals Mr. Benn^madc it clear to 

But the action taken by the Mt Ivat- far 011 fired stations. ; House yesterday that he wc 

DPP seemed to c^radict this i iiinA Mr. Benn added- that his make every effort to bring rt 

view. Early clarification was wojfld jhortiy proposals Jor*m in a tJM 


should* be“ thrashed ° out" in“the Identification of the officer or any ^^Tutur^date b rf ScflSu” use ofcoafhi power hoped that by then the propo 

nearhiture reference to the criminal case in W Mr. DeH refused to agree that generation. ... would have the backing of 

8. interest.— inn-rest ,ie«. income Tax, win be paid luir-rcariy on :ik i* a^i j in imposing the ban on any wh ^ h Spilker^wh^ on Fridav Next tirae ' M newspapers' or necessarily^orse titan no^rea? Ttic En . ei ^ y Secretary stressed select cjmmlt^e - ‘ f qr nat 

SS £ -rx. r„ % ai? he r e S e ad S K^lT h a;, ”mm e r S „ b e r d 0 ^ c “^ t you ^ne'^StuatioTta ^,Tn ^ “ 

uerson first named in tie aenjum unless matrucllon* to ihc contrary arc given Id I “• “P 0 ™ ™ debate nn a mnlinn Pallino nn SUaded to SUbm t or to face legal many Other countries, you wfl wl hnvn an eleefricitr ; - sur 


person first named in tbe aenjum unless insirucilons to tnc comrary arc given in 
wnring. 

Tbe first payment of £3.1 18 1 Hess Income Tax) per £100 Slock will be made on. — .... 

the 1st October. 1978. by warrant Id the usual way lo the M Wen si registered on the I Thursday because he had been 
29lb August. 197S. unawarp that fh« man*, wac enh 


7. AppllcatlBw and General Arran Dements.— Applications on the prescribed form. ■ Prosecutions constituted a CO IT- JI Kina, ne declared; : ^ mirtp- on which Bis denartment industry. - . '--'■Y 

accompanied by a deposit of £19 per cent, ol the nominal amount applied FPr. vrUl be JUdiCe. tpmnt nf ParHamont -.etTinw *h m 6 n Sl on t0 Ihe reporting of I n conciliatory tones, Iftr. John m»-!i /v.i He thought there 1 Wfrfl,' 

received at Barclays Bank i London and InreruaUonaU Limited. New laaoes Depart- In the interval he bad made “T 3 ? 1 of . Parliament a C know- parliament. Up -to the Colonel IVott Charinw Trarie Caprptam National Coal Board and the . He 

ment. p.o. Box 123. 2 London wail BuUdinss. London w*n. London BC2P 2 bu. and inquiries and it was quite clear lodged that a Parliamentary » incident most neoDle thou eh i ,,~a!\-i; A 5 a ae ^lZT re ^v unions are represented. thing absurd ahotrt- a jas 

must be for a minimum of £190 of Srock or for multiples thereof up to £1.900 Stock. — «— u-^ “• mciaem, most people tnougni underlined th- advances whlnh — - t— ^ 


bad n« i nlervened wh eq. the m0ti0n » IM »« 00 JESB£ “Si" bT SeTt- matched by" ^Tppr^te ma7 have an decMcity,^ 

officer's name was disclosed last **“ ,j* nvlIe |“ v Committee to Ky General. * SSnSS JtZSuiSZtm 0nly that raornin « be had l"*** 1 *- op ^. at1 ^ .™ 

»J Thursday because he had been consider whether the action Madden emphasised that Si i5SL3. J ^discussed the matter thoroughly having any obhg^m ^h 

unaware^ that the matter was sub Erector or Public broadcasting had adSd a new £SiE P S?SJu P™ blein ® °* ^ with the coal tripartite com- regard to. its own. siipply 

judice. Prosecutions constituted a con- dimenLion to the renortine of mittee on which Bis departmenL mdustty. - - , ' ‘ 


Limr aoDlicatlons must be made In accordance urltfa Uw foltOH-ina acale:— 

Applies dona above £1.009 Stock and not cxceedms £3.000 Stock U multiples of 

£5M. case uun m |uugiesii. it uiere* *-■“* * vu * 

Applications above u .000 stock and not exceeding £ 20,000 stock tn multiples fore clearly came within the Privileges. 

uOSSn o„ cd .000 »t 1= mm* or a*. coJld S? 

A separate cheque drawn on a Bank la and payable hi the United Kingdom must referred 10 In any motion, debate, ■ 
accompany each application form and no application will be considered unless this question Or supplementary over me I 
condition is fulfilled. question. House mu 

In the event of partial allotment, the surplus from the amount paid as deposit All MPs worn hnnnd hv this were In I 


» DgU u,, SU c h . fi0U « ZWiSR M2 

>uld not be given preference tor shuttlecock with every change-dl energy poHcy would find a reorganisation of the ; electn 

m . . . tW4, UOVemmPTir * • ■- ___ « _ .t_i ^ r.ivnriUr inriiietrtr fiftmoa Inin An 


suppiementaiT? over' the other°business of the ^ if the freedom to report market tor British coaC which supply industry comes into op 

PP • ^ House must stand. But if it fully/ fairly and without malice cheaper than Gerrqan epaj. turn." he added, 

bound by this were to be decided that the ] s threatened, or even hSd to SSSv^iJl scheme^ ^ whS ^ B111 ' which ? e R 

md by iL even matter should be referred to the serious Question, the ahsolute debating compensates the Centra ? SMerators and boilers wo 


Finance Bill challenge 
on top tax rates 


been enacted and repealed, oyer s rt also B layg dwn ^ pro . Wilcox and 2flOO in other hiUe,:-'* 1 + 

the years. Throughout the con- (. e d ur ps for the ihsoection of clvtl tries. . . •>.: ’ 'i*. : 

nuc,ear iT ' st a Ua l i 0 T, s in Britain Mr. Tom Tiing, Conserya^ ’*** , ' e '^* J ^ 
he had emonasiKcrf the need, rar , .u_ .l . », • anonm mAbtemm mil 4h9f d.iL«MM I'-i . .r 


k- «V aL«iLjX :„rA: nuclear installations in untain . i 'T ri TS J 

he had emphasised the need, Ar UTlder t j, e tenns of ^ Nuclear energy spokesman, said tbtf*faw»cr > J 

agreement if at all possible, and Non-Proliferation Treaty. was just the renmants off * 

for legislation which would have Thc B1 ij iSi ^ fact' onIy a original Bill. He thought.:^ — " 

a wide degree of acceptance. remnant of the original Iegisla- the Tong delay over the legid ! fj. .. 
I cannot say that ..the tjon w hich Mr. Bean wanted to lion and the eventual killing jt .■ 

endeavours to achieve that Jttpa- brin^ forward. He had envisaged ot the reorganisation prajwflh T^Z 

tion have resulted in sttiKess. a containing sweeping pro- was a classic example of M ■ T j • 


m tbe event of partial allotment, tbe surplus from the amount pain aa deposit AH MPs were bound by this were to be decided that the is threatened or even held in i The Bill which the House was ;ar - uenn 5a io oruere jar 

Sft»Kr aw,Ualn, by chew - “ n ° 13 d " depMK rule and were bound by j? even matter should be referred^ the serto^T qSIstioS! ™ ibsoluS fa^to^.rdto welutlSS ^compensates the Central Bs-jgmjwd boilers 

aunS RBS »J3S ? Speaker was Sound^o %££ mM b? eJtfaZ™' 1 ****' ^ m'raiS maAera “oT behalf *^”^11 agreed that theii-Ud ,3jf5!l *S “fjf .^c ■ r 

vttri-, -The se^g^Se^ c « SMKa =s ?«Jtsaa EsSPSaH^ ■ 

Payment In fuU may be made at any time after allotment, but no filacotim will be proper course for Members who contended that an car* oppor- a acHpua S.pw, _ T32* SH-n Ihe pro- 

Default In tbe payment of any uvtalmnu by Its due date will tender all previous 
payments liable io forfeiture, and ibe allotmeni to cancellation. 

Each applicant to u-ltoni an allotment of Stock Is made will be sent a Letter or 
Allotmeni. which must be produced when luntalment payments are made. Allotment 
Letters, which may he split up to 3 p.m. on 23rd August. IKS. nrUI contain forms ol 
renunciation winch will be available up to 3 p.m. on the 3SUi August. 19«8. On 
payment of tbe instalments due on the iStb May. 1978. and the llth Auguat 1978. the 
Letter will be appropriately marked and returned to the sender. When payment In full 
is made, the Letter of Allotment will be appropriately marked and returned to the 
sender, unless the registration application form has been completed, in which case 
pages l and 2 only of tbe Letter will be returned to tbe sender. 

Partly- paid Letters of Allotment will be split in multiples of £100 Stock but lully- 
pald Letters will be split In multiples of Ip ol Stock. No Letters of Allotment trill be 
split unless all instalments then due have been paid. There will be no charge for 
. splitting Letters of Allotment. 

Slock Certificates win be forwarded on tbe Sind September. 1B78. by ordinary post ..... •'-►*«-**■---; | |0|| UPfr/lfl Tr> rOPHnClflLiriJ ; 

SL 3 : jaeA’suRsass 1 vd s» wreutieut A*™?/!; gs' ¥ d a Ys52B"SE °. c ’ b ‘ &* “a “»* jhs ' »»; Ji'/XX* uX'/M' 1MiU u, & tu f ctuuMaer * 

i.etter of Allotmeni has b«n lodged with Barclays Bank < London and international > fi® pressing for big cuts in Duchy of Lancaster, ihat a cor- be saved by enough stray votes , nrv f ,, u l,» 

Limited, now issues Department, tor exchange for a certificate. After the the top rates of income tax when rectton in higher rates “ is now from other minor parties. 1U P ‘ir 1 a 

2 =nd septemtar. U7i i Letters of -^ouncu w-ui ceaae lobe valid. detailed examination of the overdue, and 1 think that we Meanwhile. Mr. John Pardoe. SU5^ JEJaP^ Trt IllIV KOPITM? / \/Q * 

S SSSSidOT. ‘Un'JSS'ttfi W ™r£ e / ta for«d LibCTa! wono mlc !iPOliesman. has ** »• ' : f , \ 1»4M WU J "UCIllg ! J / » 

v„\.t. registration number if applicable. This commiaafon will not. however, be paid encouraged by the apparent full This has reinforced the view again defended his party s lax / . • . • 

m respect of any allotment which antes om of an underwriting commitment. endorsement given this policy at- that the government would not cuts policy. It was, he said, "not A MPs QN .'IsQTTt sides of the Mr. Walter Johnson {La 

a. siaostics.— Beiannw io the Loudon Borougbof Cre-eawicb. the weekend by an influential look .too unkindly on an amend- brinkmanship, nor a wrecking | QTTlIlQlfTTl Commons yesterday urged Mr. Derby S.) urged Mr. Dell Jo .a 

nSSSwi vi^w A prt JI «i 7 isiiK^ra Cal> ' ,n ®t Minister. ment being carried to this effect, operation, nor an attempt to Vy'dtIllliAI&ll Edmund DeU i; Trade Secretary, a meeting of British Airttj ; 

Product of a rate or ip in £—i9n‘'7s'Vesdniatedi coo.ofle rhanopoln thu fioiri nthAr b y r w, 'thout the threat of Left- manufacture a breaking point for _ / to think again about buying British Aerospace and /Bpfl : 

, than in the crucial area of the ^ ng t i’°i? b ] e . ,l T ou l d have the Lil> * Lab P acL 11 ^ simply a x GL..., British, before placing an order Royco to ensure the right -'dn : 

Ne. Loan Debt a. tut March. 1977 .esumaied. tux*.** ™ iSly com**- & c 1S“ d -f Bd ,l ma , de ^ m 4 ? vc r ^ tatera ent of our agreement IQ DUV ’ to repkee \British Airways sion was taken \\ f i 

a. Prosoecfusea and appiicarion rorms can be obtained from;— | n s j 0 be seen at Westminster as’ !* s ® f' cost reduction with the Government. ■ •» existing fleet. .. tr v^ctinioi : 

Barclays BANK (London AND internationali limited thf 1™ iib.i» If to the top rate to 60 per cent. Mr. Pardoe. who will have tw •,« , • Mr. Dell said that si a meetinc J ””P. Fr - iee .< c .- Eas “ e j8l 

po ' ““ ra ' ’ w, “ 8 "“ to ' a riEs¥i a. 83 per cenL is pu ‘ at only British . rvwsa?! \s&- 

. shape the h ^ -* «» -lj£* ^ S J SSSt J-J * Rupert c „ nweII ■* U 

“ “ thnt PVfln if tnPv .mri Tnnpc nm hAnnnrorf it* narf Anmmri. - — . . » ... mam _• «. • « .* i N*rw*. 


V-V 

.aHS-Ag 

CM 


BY RUPERT CORNWELL, LOBBY STAFF 


What the Government Is# 
facing is the need to publfcsl 
own proposals and to attemi 
win support for them.” \ 
He stated that the White Pi 
would define the kind of “sj 
tory fall back" there should ! 


posals for the reorganisation of not to . legislate. 1 

• - .ViS : 

Dell urged to reconsider! 


V.'rjSf 




ry arrangements ■ pould 
negotiated. // •,/ ; \ 


PEMBER ft BOYLE 

P.O. Box 433. 38 Finsbury Circus London ECCP 2HB. 

THE BOROUGH TREASURER 

Umuanal Offices, 43 33 Wellington Street. Woohrich. SE18 sBA. 

By Order of tbj CouncO. 

D. P. BROKEXSHIRE. 

<3d«J Ercruttr-ff and Town Clerk. 
S J. TUNBRIDGE. 

Boron pi i Tmtswcr. 

MUNICIPAL OFFICES. 4S.'S3 WELLINGTON STREET. WOOLWICH. SE1S bR.\. 
2 11b April, l«78. 


me List qf Application* will open at 10 a-m. on rimrsdav. 27tti April. 1078 and will 
dose ol any time thereafter on the unt day. 

APPLICATION FORM 
fur 

London Borough' of Greenwich 11 -J per cent. 
Redeemable Stock, 1986 

Issue ef EHLOULDOO Stock U 09 her cent. 

To: BARCLAYS BANK 'LONDON AND INTERNATIONAL- LIMITED 


Campai 
to ‘buy 
British’ 

By Rupert Cernwell 


MPs QaV BpTTt sides oF the Mr. Walter Johnson iU 

Commons yesterday urged . Mr. Derby S.) urged Mr. Dell to. a 
Edmund Dell. Trade Secretary, a meeting of British AirWfij 
to think again about buying British Aerospace and .‘3hjH 

British, before placing an order Royce to ensure the right da 
to replace \Brltish Airways sion was taken . . J 

^M^Dell said that a i a meeting "if A^rfon'r 
earlier this month with the ehai^ d J?J: b “J.s?3fi 

man of BA, Sir. Frank McFad- ^ 

wan, a proposal had been put w °ri d 15 Kcpocted to. , . ^ 

forward to buy 19 American- Mr. Dell said’.-- that mar 


Both parties were ye 
pointing to the comment 


Japanese deal ‘covers vehicles „ , 

M. being channelled entirely into need in the future. 

assembled in Irish Republic’ «‘sS-.ssl!| ~~ 

Edmund Dell and Mr. Eric- — 

ERRYDODSWORTH. MOTOR INDUSTRY CORRESPONDENT Varley. industry Secretary, will . 1 ■IBfrBl 

* ... he liaising closely with the j 

MICHAEL MEAGHER, established a prime position io an invasion of thc British market, National Economic Development j 


r-ti [Ibsosu cf 
-it:' 


look into vrays of promoting a wood) said the jobs of many who said BA's preference for;tl It** 

successful “Buy British'* people depended on British BoeJng was no critidEtn of-ft^• lo, 

campaign, to prevent the greater Aerospace producing the aircraft British-made. BAC 1-11; - Thrj — 

spending power of consumers British Airways were going to simply preferred a larger iu J. 

being channelled entirely into need in the future. craft. Hi f 


Barclays BANK 'LONDON and intehnational. LIMITED I Under Spprelarv tor Trade said the Irish market 

New iMMJM Droanment. p.o. Bo* tax. 2 London wall Bmioinos. t. Orion w^r, I unaer aecreiarj tor iraae. saia me msn marKi'i 

London cczp 2 bu. (yesterday that Japanese coramer- The mdicatio 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


IfW* horebv apply w 


Under Secreiarj- for Trade, said the Irish markei but it had not maienalised. said Office (NEDO) as well as con-j 

yesterday that Japanese coramer- The indication-, are that Mr. Meacher. sumc? interests, 

cial vehicle manufacturers were because thc vehicles are The Society of Motor Manufac- The campaign, which has been j 

unlikely to use the Irish assembled locally in the Irish turers and Traders, estimated that personally ordered by the Prime 

1 Republic as a base for exporting Republic, they fin not fall un- about 60 vehicles assembled tn Minister.' is io ensure that the I 

to the U.K. equivocally within the agree- Ireland from Japanese coin- extra money in people's pockets ! 

■ pwjn 0 ») w London H e made clear in the ment on limiting Japanese ponents were registered last year, does not go straight into foreign j 

Commons that any vehicles vehicle exports w, Britain. Thc all in Northern Ireland. There goods, and raise the danger of ! 

s«me or *n» im amount tti»» may t» moited .o me u* «no t0 pay ior tue mhw in trans-shipped to the U.K. via the agrcemeni talk# <;nmficall v were another 30 in tbe hrst three another balance of payments ; 

SfiSSSSmiTfAJm STMTtBWM'to £*Ji uFUhSFti* Republic would be regarded as about “ direct “ exports but doea months of this year, he added. crisis. i 

to tne oral wriiton lodre^ and mat iu-i stock m rogutvrcd mv our ahwu. direct exports from Japan not appear in i-ijvor vehicles 1 

lfW« enclose ISO roquireo deposit of t . . . . beino M3 dot eont. 

on the nominal amount aoollad tof and warrant hat me rheouc attached hereto will 


Questions 
answered 
about f 



x 



direct exports from Japan 


Vehicles 


nol appear in rover vehicles 


category assembled within uiher Common 


be honoured im hrit oresentation and agree that any allotment ef Sux»- is made strictly 1 WOU Id fall Within the assurances Market COUntrie? 


on this understanding. 


Miwe declare that I am not no ore of us ■* re., dent out,.d* the Scneduleo S* 1 ? 1 ? * Pane " S’^ 0 10 , Mr ' admitted JCSler- 

Terrltoriei: within the meaning ol the Exchange Control Act 19d7 and tnat iwe.naii I Britain about avoiding any direct dav that eonds vehicles 
GuiaiM SoM r T«r!w«5f ock 0,, beh " v JS "° m,ncPis ‘ ■' "*» onnants. re.idem export of trucks to the U.K. assembled in I he Irish Republic. 

, Mr. Meacher's cominenis which had paid »he Conimtin 

i9TB signature . t, follow suggestions that an Irish Markei export iar;IT. had free cir- 


vebides 


SIGNATURE 



company. J. Harris, is about io culation in the EEC. 


begin exports nf Japanese But he added •• I -think tin- 
trucks to the L'.K Japanese accept mat ihis is a BY R 

These vehicles, assemhied in very sensitive spi i.jr and would 
Ireland from purls supplied by not encourage th. manufacturer THE 
Hino. thp heavy commercial involved — J. Harris — lu engage rejected 


Japanese 


Foot denies attempt 
to by-pass MPs 


youi 

WiD 


Hino. thp heavy commercial involve 
vehicle manufacturer within the in thu 
Toyota group, . have already Then 


BY RUPERT CORNWELL 

E GOVERNMENT 
.•cted a demand From 


To 



has device tn *• by-pass " Parliament 
thc on major decisions. 


Plc.tv Ukc Block letter* 

iTfle UII'.Cb Of low *r» fO» JiV ir ui« Ui( a: Jant aoplmt.ir.k- 


signature. 


v.r»* Nime.il 


V"rnair* ana Designation 

■Mr. Mr?. Miss or T.fte. 


Aircraft projects ‘decided 
on commercial grounds’ 


thu arrivny." powerful committei* which vets Mr. Foot dismissed these alle- 

There bad been rumours about the flood »f subordinate Iegisla- gallons as ill-founded and . 

lion before Parliament tor the absurd." But the rest of his 

- . _ . automatic nghi to examine such letter promised a constructive 

"flPPlflPfl ll ^3 s u r ^- s before they are response from Ministers to many 

'VL3 liCvIUV'li approved hy ihr House. of the recommendationj: of thc 

This was made clear hy Mr committee, whose members come 

a j m Michael Fool, f.i'ader of the equally from the Commons and 

prminrte Commons, yesterdav. in a lengthy the Lnrd». 

^AvUtlUj ^nd conciliatory reply to Mr Although the pressures oi 


pressures oi 


M* ••(I- 


Pl*lk* uif Block L*tMr« 


BY OUR PARLIAMENTARY STAFF 


Graham Page. Tory 1UP for Parliamentary time meant that 
Crosby, rharrinan of ihe Joint the Government could not pro- 


SIGNATURE 


...... . -..« . c . Committee on Statutory Insiru- raise to delay a debate on an 

DEClalOAS U.v new civil air- SMAS and senior management nients which, in February, issued order until it had been beruti- 

craft projects in Britain will be of S.NECMA .< report bitterly critical of nised by a committee. Mr. Foot 

Laken on commerciai and not on 'I have invited ,-emur manage- Ministers' u*e of such orders. did undertake tn see that thc rule 


political grounds. 


Erie ment nf Boeiny. Lockheed 


Syrnamr and Dti'iution 

iMr . Mr».. Mij> or Title, 


Ailaiiu in- fill) 


Rlcaic iik Blutk Letters 


Virley. Industry Secretary, told McDonnell Duugias 
the Commons last nuht. London fur di»cu-siu 


[misters' u>e of such orders. did undertake tn see that the rule 
That report had attacked the ihat there should be a three-week 


visil Govgrnnienl tor its “astonish- 


between an order 


e Commons last nuht. London fur diftcu-nuns. I will mgly casual altitude" on suburdi- before Parliament and its pn- 

He was replying tv a written wnwrjaKe. as appropriate, fur- na te le.t*islat»nn. or statutory forcement should be normally 
question from Mr. Kenneth discussions vith reference instruments as thoj are techni- observed. 


♦ AtMgSgq*.- 1 " 11 * 1 “ ,or a minimum of £100 Slock or Ir, tpulUpIo Unroof ub Io | Whftt part the Government was Uv .f. PtoJCClS 


Clarke (C. Rushcliflei asking t0 ? European collabora- rally known. It claimed that There were, however, many 


£1-000 Stock. ----- - ... — — — • 

Larger BpplltaliBm must be made in BCCOrdBace with live following ujla: — 
Application! above £1,000 Stock and not ucgodOm jC5.0bo stock in multlplov ot £500. 


playing in the decision of British 
aerospace over collaboration in 


Whitehall departments had cases where the 2l-da.v rule was 


I must make n clear that all cynically used tins back-door inappropriate, he pointed out. 


these discussions are for 


eI°6m? Stosh ln 01 £, -°“- the joint European transport pro- 2Sfn»n« tuf- aro . n ° l an: '' 

» ii Mils dKUratron cinnot I* m *g- .t ibOuid be deleted ana reference unould be jeCt and With U.S. Iflanufac- seDfcL ni-SOUdvlons. 

. 5 _^ES!!S!LP!K 2 B?l.* “SSSS.? » AuBrwft Aawt. turers io future civil aircraft 


through whom lodgment should be effected. Authorised Dmovltirics ire Hsiea In tn* ’ 1 

Rank ol Enufinds Notice E.Ci. and ndudt most Banks and sfodcbrolers In ana PfojeCtS. 
solicitors practising in the United Kingdom, the Channel islands or Jie life ef Man. M J 
Awrowl Agents In the. ReuuQlic of Ireland are defined in the sf E^gWs Mr. V 
NOttCC E.L.lDr 


Mr. Varley replied that the 
Goveruraent bad repeatedly made 
clear that it regarded decisions 
on new civil aircraft projects m 
commercial. not political. 


Anti-dumping 
plea to EEC 

By Olir Parliamentary Staff 


Statement on forces pay likely 

BY MICHAEL DONNE. DEFENCE CORRESPONDENT 


nSBwYc.i 6T ^ ,n ™ " EnsHaDOS La run .ufih uiX i THE GOVERNMENT'S long, also adjustments to various 

Klneoom ' “ e cna ""* 1 cliw tEt it ^ regaled listens Dka tO EEC awaited statement on pay for the special aspects of forces’ pay- 

a separate cheque drawn on a BANK in ANo payable in the unites «„ JL,., „Ln AjAjV/ a riiied furcvs is expected in be including payments for hardship; 

kingdom must accompanv BACH application form, on ne " c }\ u aircraft projects d, fly q ui . Parliamentary StsfT made to-day by Mr. Cailachan. and unsocial hours — that will; 

NO Vh^'^Tou” 1 ^ ™ ,s « N0,TloN * fulfilled, commercial. not political. TirE DEPARTMENT OF TRADE Prime Minister. H will be bring the overall award up to an ! 

Barclays sank /London and international, vimited n*w i»„ n -I is advising the L'.K. sofi tissue accompanied by a White Paper, averaao of about 14 percent. 

PcMrtm eat. p .o. Bp« i23_z ionagn wan Buiwing^ Lunaon wan. London EC 2 P am i am jvvauin, proposals jrom i n dustr>- on the prseentation to selling out thc Government's The Government's aim is to' 

^ Br l ' 1 tl ? Aerospace on possible ee C Commission of an anti- detailed decisions. try to boost morale in the- 

"Greenmui w»»n . cotiaDorative projects. dumping application against soft Thp proposals are widely armed forces and to stem the’ 

k ,jS R n1JSMr.1S! > iA ftS" Sm" wuS ffld'wre “Dunns my visit tn Paris in joilm rolls from Spain. Mr. believed to include not only a current drain of skilled pcrsrni- 

i«i«na;iuu. February I saw the rTpncb Michael Mcacher. Trade Lnder ray rise nf ahnut ten per rent., nel. while avoiding thp impres' 

«... roiBtsters respsnsibie for aero- Secretary, mid ihe Commons in m f r a i within the Government's «mn Ihat the forces have been : 

«/ veoodH. sp ace matters, tne P resifleot ui a written reply last night, ^fiidnlmes on p.i> policy, but sioslod out for special treatment. 


Q: In these days it is hard to estimate what I 
. may have to leave when the time conics. 
'..I want to be fair to close relatives; but I also 
want to benefit a cause close to mv heart. 
H0w can I' best ensure both? ' 

Ar Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportioas of your estate to the 
; individuals you wish to reniember^siay *20 L p 

• to one, ln% to another arid so on-^rtd then 
'* the residue to the cause you wish la help. 

Q:. -I 'wish tn- remember old people, since they 
? seem certain' to be in "continued need: but 
■Jheir needs may change. How. can I antici- 
L pate what they may be? 

A: Help the Aged. has a justified reputation for. 
'"Keeping well abreast -of .the needs of old 
'people; and has pioneered a great deal of 
much-needed work. Jor lonely, sick, hungry 
. and despairing old .people.' Their trustees 

• are especially careful fo make maximum use 
of volunteers in daily, touch with .the elderly, 

1 thereby ensuri ng -the ihost practical response 
to' need and obtaining the utmost value for 
'each bequest . - . 

They publish two useful guides for those con- 
sidering their wins; and I often commend these 
to clients to study in advance of consulting me. 
Copies may be obtained free on request by 
writing to;’ Hoh- Treastirer; The Bt Hon. Lord 
Maybritv-KIng. Help the Aged. .Room. FT5L. 
FREEPOST 30. London WJE- 7JZ (Xo stamp 
needed); 


tal 


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IG.D. services -you 

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111 UW ^ .••••• _ .. _ 

u utawi Bank Intematkwial $*} Delivers. 

rrtr^««hnrch Street. London EC3P3BN. Tel. 01-606 9944. 









^*1 1 
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Sin^ncial Times^Tuesday Apnl 25 


• RESEARCH & DEVELOPMENT 

Fuel cell work goes ahead 

A SECURITY ■ CONTRACTS Of nearly ?LSm- GE studies indicate that large, 

have been awarded to two central, fuel-cell power plants 
1 il ^ General Electric Company of the operated cm synthetic gas Tram 

1/DflllPOC TflP nilltinpr U.S. for components to support on-site coal gasifiers- theoreti- 
JR.CUlllV'CJi lliv mimUCl initial studies on advanced fuel cally could he cost-competitive 

cell-battery-like devices that with the most promising coal- 
-m convert chemical energy in fuels based power generation con- 

of false alarms 

Wi from the U.S. Department of on the. economic performance of 

• r - iuniiif Energy (DOE), will support work rae. total* fuel power plants, pay- 

SPUKIOUS triggering of in- a tony, JJ ?P Iy at ^ Research- and Develop- attention to- integrating them 
trader alarms can cause a great spike or the effects of a tn under- men ^ Centre, Schenectady. The ktio an electric utility system. 


HOTED BY ARTHUR BENNETT AND TED SCHOETOS 


METALWORKING 




£UI 


the middle of the rught. can be programmed in. evaluate various fnel cell power these designs will be subjected 

British Security Industry As- The unit can detect and place system designs in a parallel con- to “sensitivity analyses” to com-- 
sociation recently recommended j n its memory an initial trespass tract, awarded by the Electric P are overall economics and per* 
to its members that any audible across a perimeter fence and. Power Research Institute fo r mance levels, 
warning systems installed out- though alerted, can be instructed fEPRI), expected to last about 
side premises should be so ^ to sound the alarm till a two years. 

designed that after 20 minutes second sensor — perhaps on the Valued at 81.4m, this uart of IVAjVi*** 

the alarm bell or other device premises itself — has been the contract provides fundTfor 1 VJLUT 0 SCODC 
should cut out without the need activated. On the first intrusion, the first phase of a programme , 
for the keyholder to switch on. it could also be instructed to to perfect and demonstrate fn 

Securicor has announced that alert the police without sounding advanced “ second generation n IU liC Vvll/U 

it is now offering in all specifi- an alarm. fuel cells, which employ a # 

cations for new alarm installs- More on the device, which can molten carbonate electrolyte. i/f/inn 

tions a self-powered bell unit be used to protect machines and <, ]KH!es _ ln p , riv researci . lliCad - 


W 0 
i m 


tions a self-powered bell unit be used to protect machinesand Success & ^ research . 

which incorporates an automatic workers as well as provide X or* n toe door^ rr J •_ 

rut-on t. This will silence the security, from Gwinever. Neston, JT WAS -announced yesterday 

audible alarm 20 minutes after Corsham, Wilts. 0225 810591. ? at •* h 2 “ nount ** National 

it ha* Bone on— bv which time Md ra “ e J ate 1980s. of Research Development Corpora- 

its ioh woufd normallyhave been a nmRwnegmvatt demonstration tlon (NRDC) can invest in an 

ion? Artoe n «™rtime aV it win _ , . ^ ^ 

switch on a flashing alarm light XJSwirfoTO i"l\£k 1^^. , , SFSStF PProval ° f the Secretary 

in the face plate that will con- OiHUvlS iflv ^ tw^year-long Phase 1 1 Industryjias *>«“ 

tinue to operate till the key- programme will focus on tech- increased from £20.000 to 

holder arrives. i -| • £j nical problems critical to the £2&o,ooo. .. 

Securicor is on 01-828 5611. SllODllltGr ? lt V nat ?, sl £ ces8 This means that NRDC will 

“antiine G^never JUU 1 ,1UIV1 fuel cells. These involve fabn- now have the anthority to sup- 


In the meantime, Gwinever -* LU Z now nave me antoonty to sup- 

has brought out a central control DEVICES to lessen light-finger- 22“ £2* ? I? 3 S ml t 5SS ar ? of x Up 

unit for alarm equipment— both ing In the audio retail trade 0 vn ^ out 

for fire warning .and for .anti- have been introduced by Volu- ESSEu* 


intruder worb-for which it malic, Taurus House, Kingfield ““ CUU “ ,U “ C,1B * . of State for Industry, 

claims high immunity to spurious Road, Coventry. ‘ 

action. The alarm systems, .called _ 

Suitable for incorporation into Protectalarm, Protectaloop and A CALCULATORS 
existing installations it has been Multiloop, have been previously ~ ' - 

designed to the new British used in various areas to combat r T~ , l _ • * __ _ * x. , 

Standard BS4737 Part II which shoplifting, hut the new loop 1 11100 SC 10 I 1 LIX 1 C llDltS 

comes into operation in J.une alarm systems use audio security ***i*nj 

year mid conforms with cables which are actually three scien tific hand-held programmable sdentifi<^-features 
00 fi w ^ plugged into hi-fi sets, cassette Qjg^tors, falling comfortably more powerful functions, larger 

Programmable Alarm Interface recorders and portable radios. If r;. ' sloped displays for easy read- 

System (PAIS) has a memory any attempt is made to remove wthi ° the reach of students and ^ diamoSe eiror aide 

which is programmed on user the audio security din plug from younger scientists and engineers, systems, accuracies formerly 

instructions, when installed, to protected merchandise, the are offered by Hewlett Packard, available only- in the most 

specify what combination of alarm (at 100 decibels) is imme- King Street Lane, Winners!}, sophisticated calculators, auto- 
signals from the various sensors diately sounded. Any number of Wokingham. Berks. matic commas to delineate 

and what minimum durations units, says the cable makers, can Each model in the series— thousands and millions, non-slip 

will activate the alarm. be protected within the security HP-31E scientific. HP-32E rubber base pads, and positive 

This means that vibration from loop. advanced scientific and HO-33E click-action’ keys. 


Three scientific units 




m „fe 

ecmstruction?^; 

01-9951313 
.. — y, 

'materials. 


4 


for leisure 





an ALL-WEATHER . satfisl ;i 
suitable for indoor and out 
cricket wickets, has-been a^.' j.:' 
to the range of recreational, - ■ . . 
facies manufactured J>y ; j : a \ i 
Rubber’ Company. - . 

The Neoprene • mat<- . 
developed from the cotnpi^r: 1 - 
rafming track materi a l; Poljj : ’.&* 
a wet-pour method- on to a ; :>- ' 
pared concrete base, is faty 1 .. . 
with a top coat of paint to -" 1 “ - 
vijde a quality playing, surf.. 
Suitable for fast and'slottr 
ing, and matching the •' 

■ variability of a- -'good i* 
wicket, the -new surface* kn-|,:-. 

■ as Avonwicket, it in situ at l' v ‘ ,-.- 

and has already been tester ^ ; . 

"three Gloucester county plaa^ 5 '-" . 

Further from Avon ai-Brl v :? ' c . ' 
end,'. South 'Walesi. 02216 ^-; ' 

Conduetiv^);; 


adhesive 


Does the johin one go 


A ' ROOM ;-TEMPERATC<; - 
curing, two componjeht, .elecJ . 

. ... ally ‘ eohductive , sQVer' ep '.![ - 

This is the latest spring coil--. | h>ac f-n a lAK-'-fvi rkfiA rr/i adhesive, . called. Eleoolit 

ing machine developed by H LWCS IDC JOB? U1 OUe gO v «Sg 

Bennett M ac hin es. It will eon AN ADDITION to the Bra^k- a range of well-finished parallel electrical conductivity ' m ;r ' 
wire up- 3mm in diameter, range .of tools manufactured Jw holes, claims the. maker. . superior to otjxer -silver 
Maximum coil diameters are G - & J - HaU, Burgess Bo 0, Made of. Cobalt super high- adhesives on-the market.: - - 

AAtnm a™* Sheffield, is its Sawborer; ’ Jnr. speed steel and ' capable of Suggested for diip hondhn^- - : 

” ■ _ apg OQipaL speeas opening out the bores of cireulax handling the toughest saw-blade hybrid circuits^ . ; hybrid- -ass' ■ 
range from 24 to 212 springs saws and discs. ■_ materials, It is available- in two' blies, wave • .guide-- .plumb) ;'1 . 

per- minute. The machine is A three-flute cutting action. sizes— f-inch to two-inch dla- making electrical ,.-coniiecflJ , *‘" r ' 


Basle, Switzerland, from. June 
20 to 24. It costs about 
~ '■ £20,006>:. 

(Advertisement) 


Swedish stirrers for U.S. 

TWO MAJOR oidets for flsWtac- the U.S. marketing susbidiary of 
tion stirrers for Drimarv' &wnt. 'Sweden-based ASEA. 


DKBSECO 




tion stirrers for primary faggot, Sweden-based ASEA. : - gate Street. Dover CT17 

sheet and plate complere^for _ t ' rbe equipment -consists of a (0354 202656). 

Kaiser Aluminum and cScal S ^ r 

p. . .11 1. - iii f t ' 1 ' single thyristor convertor to Tk t. , . ■ . 

Corporation a remelt -furiihces power the stirrers, switching and . HU £*XX7 -4 
(two each at Ravenswood,'West control cubicles, and ancillary Vv'** " 

Virginia, and Treotwood,: Wash-, power equipment. ' . _ .« .. 

ington) have gone to ASEAto<^, ' More on 01-467 9119. ; ' jQ J- Q|| 


room' . temperature ln_ 24 he.-. •: ■' 
and to he rapidly hea't cured, r ^ 
yield a volume 'resistivity^-'.-;; 
.0006 ohm/cm. - 

Further: information fronrri "’ 
company at Leader House, 
gate Street. Dover CT17 9r. 


for old 


April 1978: Vol 7 No. 4 


Japan’s economy moves 
into new fiscal year with 
key bottlenecks unsolved 


The Japanese Government 
took a series of business prop- 
ping measures in the fiscal and 
monetary phases in fiscal 1977 
ended March, 1978. Included 
among them were compilation 
of the two supplementary bud- 
gets and the lowering of the of- 
ficial discount rate and long- 
term money rates in rapid suc- 
cession. 

Nevertheless, the Japanese 
economy has entered fiscal 
1978 without showing least 
signs of starting a tangible 
recovery. 

Against this discouraging 
background, a large-scale 
General Account budget for 
fiscal 1978 aggregating ¥34,295 
billion was approved by the 
Diet for immediate enforce- 
ment. 

The Bank of Japan also 
reduced its official discount 
rate again by 0.75 per cent to 
3.5 per cent per annum, ef- 
fective March 16. 

The Government is expecting 
domestic economy to be suf- 
ficiently spurred for recovery 
in the new fiscal year on the 
strength of such business 
bolstering measures, fiscal and 
monetary. 

However, the latest spurt of 
the yen exchange rate in 
relation to the U.S. dollar 
after the sharp upswing last 
autumn is offering new cause 
for concern over the future 
course of business recovery. 

Considered partly res- 
ponsible for the latest resurge 
of the yen value is the so-called 
"benign neglect"’ policy of the 


demand factors, that in the 
past principally had supported 
the growth, was a noteworthy 
feature of the GNP trend in the 
aforementioned quarter. 

• Among domestic private 
demand factors, housing in- 
vestments showed a res- 
pectable 4.5 per cent increase. 
In contrast, the gain of per- 
sonal consumption expenditure 
puttered along at only 0.6 per 
cent. Plant and equipment in- 
vestments also made a modest 
1.2 per cent boost. 

On the other hand, inventory 
investments registered a crisp 
growth of 9.2 per cent, 
debating the still slow progress 
of inventory adjustment, at 
least on a GXP basis. 

Meanwhile, the nominal 
growth of GXP in the October- 
December quarter of 1977 was 
limited to only 1.2 per cent 
under the pressure of the 
continued calming down of 
prices. This was another 
feature of that period worthy 
of close attention. 

After all, the situation still is 
far from giving a tangible 
support to business and in- 
dustry to regain the recovery 
mood. 

What is considered to give a 
glimmering ray of hope is the 
trend of production activity. 
The mining- manufacturing 
production index in January, 
seasonally adjusted, marked a 
0-9 per cent increase over the 
previous month in a con- 
secutive upswing for three 
months. 

The shipment index in the 


inventory-related indices. 

The inventory index of 
dealers (1975=100), on the 


to be further propelled. Is view 
of the continued standstill of 
personal - income, however, the 
futurd growth outlook for 
housing investments- is 
anything bnt' encouraging. 
/With reference to personal 
.consumption ■ expenditure, 
y consumer spending by 


continuous downgrade aftw/ households in Decem ber. 1977 
lp ^ arcb> registered only a modest gain 


Washington Government to - mining-manufacturing sector 

cope with the deterioration of in January accordingly in- 


the U.S. balance of payments 
and the resultant decline of the 
dollar. More basically, how- 
ever, the failure of the sizable 
surplus of Japans current 
balance of payments, including 
the trade balance, to diminish is 
considered to be offering the 
root cause. 

Partial brightening 

According tqnatidnal income 
statistics (preliminary) recent- 
ly announced by the Govern- 
ment, Japan’s real gross 
national product in the . 
October-December quarter of 
1977 showed a 1.0 per cent rise 
over the previous quarter (up 
4.2 per cent at an annual rate). 

In the composition of major 
factors contributing to the 
growth of GNP in the quarterly 
period under review, govern- 
ment fixed capital formation 
registered only a meager gain 
of 0.1 per cent, while the sur- 
plus of the nation on the 
current account declined by 2.1 
per cent The extremely poor 
performance of these two key 


creased by 0.6 per cent over a 
month earlier for the third 
consecutive month. 

However, far less en- 
couraging is the production 
forecast index for the manu- 
facturing sector, which en- 
visaged a 1.8 per cert dip for 
Febniary and a l.l per cent 
sag in March. The recovery 
keynote of industrial 
production thus still has con- 
fined to lack sufficient vitality. 

Inventory adjustment 

The trend of inventories has 
been a major point at issue 
since late 1977 in gauging the 
future course of business 
recovery. Tins issue in sum is 
primarily centered on the 
following two points: 1) When 
inventory adjustment in swing 
will become finalized; and 2) 
How and when the new move 
for inventory expansion will 
start after the end of ad- 
justment operations. 

As to the first point, 
reference may be made to the 
recent trends of principal 


1977, stood at 92.8 in Decem- 
ber, 1977. This serves ti/ in- 
dicate that inventory adjust- 
ment has been in Smooth 
progress at least /m the 
distribution stage. / 

In contrast, inventories of 
raw and processed materials, 
also on the downswing since 
May. 1977, has begun to turn to 
an upswing again in recent 
months, denoting that adjust- 
ment has not made sufficient 
headway as far as such 
materials are concerned. 

Inventories of manufactured 
products also have continued 
steady. The inventory index of 
manufactured products held by 
producers in the mi nine -manu- 
facturing sector continued to 
increase over the previous 
month by 0.7 per cent in 
November «1977i. 0.7 per cent 
in December and 0.2 per cent 
in January. The downtrend of 
the index from summer 
through early fall has come to 
a halt. 

Inventory adjustment after 
all is expected to continue for 
some time. 

As to the second point, the 
end of inventory adjustment is 
not expected to be immediately 
followed by a sizable increase 
in production inasmuch as the 
start of the ' move for in- 
creasing inventories from 
productive moves or otherwise 
is considered to depend largely 
on the trend of ultimate 
demand factors. 

Final demand 

The course of final de- 
mand thus requires close 
watching. In this connection, 
payments of public works 
expenses and related outlays 
have been smoothly 
progressing. Such payments 
are destined to continue a high 
growth for some time on the 
basis of government fixed 
capital formation along with 
the enforcement of the large- 
scale budget for fiscal 1978. 

What poses . a. major 
problem, however, is the 
continued dallying of private 
demand factors. In the phase 
of private housing investments, 
another prop to the rally of 
business, housing starts in 
December, 1977 declined by 4.8 
per cent from the year-ago 
level and further dipped by 6.2 
per cent in January 
(estimated;. 

Housing construction 
projects based on the 
Treasury's outlay are expected 


of 9.0 per cent on a nominal 
basis and 0.8 per cent in real 
terms over a year earlier, 
according to the household 
budget survey. No tangible 
rally is evident in ihis sector. 

ln connection with private 
plant and equipment in- 
vestments long in the 
doldrums, some related in- 
dicators have begun to show 
slight signs of recuvering. This 
is a noteworthy trend. 

In view of the still xide 
supply-demand gap. however, 
the continuous cam of plant 
and equipment in-, estments on 
.1 marro-economif basis can 
hardly be expected, although a 
short-lived rally considered 
likely on the sirength of in- 
creasing capital outlays in the 
non-manu(aciuring sector 
helmed particularly by the 
electric power industry: 

Equally worthy of Close 
attention is the (rend of export 
trade. The monthly value of 
customs-cleared exports on a 
yen denominated basis 
registered a decrease of 3.9 per 
cent in December. 1977 and 1.4 
per cent in January from the 
year-ago level, although it 
made a moderate 6.2 per cent 
increase in February. On a 
yen donominaicd basis, the 
increasing trend of export 
trade has hailed. 

However, ihe picture is 
different on a dollar 
denominated basis. On that 
basis, exports, customs 
cleared, continue to swell over 
a year earlier by 17.6 per cent 
in December. 19.8 per cent in 
January and 26.8 per cent in 


February. 

This wide gap 'between the 
yen denominated figures and 
their dollar based counterparts 
is solely attributable to the 
sharp appreciation of the yen 
against the C.S. dollar by 19.4 
per cent during the period ■ 
from February. 1977 through 
February, 1978. 

On the other hand, imports 
have continued stagnant 
mainly because of the. delayed 
recovery of domestic business. 

As a . result, the surplus of 
the nation's ..balance of 
payments has continued in- 
creasing. Hence, the surplus of 
the . ‘current balance of 
payments in fisca!"1977 ending 
this month, is inevitably bound . 
to surpass Ihe revised 
governmental target of Sl0.«00 
million. The renewed criticism 
overseas against Japan is 
likely to ensue. 

.Ml in all. Ihe keynote of 
final demand factors has 
continued extremely feeble, 
and rapid recovery of business 
appears- difficult, at least for 
the lime being. 


’ The price trend has 
remained virtually intact. Both 
wholesale and consumer prices 
have continued calm in 
response to the easing supply - 
demand balance, stability of 
overseas commodity markets, 
the stiffening yen exchange 
rate and the standstill of the 
wage cost. 

For instance, the advance of 
the wholesale price index over 
a month before stood low at 
only O.l per cent in February. 
It stayed at a level 1.7 per cent 
lower than the year-ago level 
as a consequence. The con- 
sumer price index in Ihe Tokyo 
metropolitan district in 
February also made a slight 
gain of 0.5 per cent over a 
month ago, and its advance 
over the year-ago level was 
limited to 4.5 per cenL 


SETTING-UP times pa-we 
& Bennet 36-inch vertical'll 
have been cat by up to 45 
cent since toe introductiq 
Philips digital position re^j 
at Hydrovane, Compressor! 
Redditcb, Worcestersiurvu,' 
addition, toe highacc^ra qro 
systems, means lest rewot 
and greater InterchJtttgeabili 


I * ' Vvi • .. A. method of jttcycUng'.iif 

Accuracy mim proved ■■ 

** . • • . toe same characteristics as viri 

a-VKwer alumlniiim ' arid .fqsniv -.castings' ^olls,- -is. ' claimed by Leybe 
ical'jbdggs used in the compressors. ‘Opera-: Heraeus - In collaboration wj 
-to -Jtia£&r tions include feting fcnd- ba@ng Aseol and Degussa AG. 
iuctfoWfof bell housings^ lanterns, - oil The process, known. . 
a reafflats chambers, compressor «taiqts and Recyclon, is based on toe elimU 
esroratftn soon. <- tion of water and low-boQE 

hinLi.'^a.jv-'flCdleram^ raw wfilety pdlnt imparities from toe vi 

paqrof infr>$o thq pdrt batnn a'fypicaj.ofl ' by reaction "With metal 
reworifirigvalnmrahin^ oti' chamber, with an - sodium at high temperatures, a 
eability of /8-mch diameter bore- the . bore distillation'of the entire quant 


machines and operators. . tgleratfce ^dald be ±9.0015 inch, of oil under high vacuum. 

Hydrovane air compressors are and." faring -^operations on the * With the mixing .and stori 
known the world over, and the stator would tforfcfiOQl inch over together of all waste oils iifcf) 
purpose-built fictory in . Red- a 144ndk leagfhwito parallelism process. It is alleged the po 
ditch manufactures industrial and flatness -heta^ within ±0.001 fractions that are produced ba 
stationary rotary oil-sealed air inch,; \ ", J v . the same essentials as new oil 

compressors and portable -sets for • More from . Phuips -Machine More from the company at T 
road construction and. repair To<ff'.Controls. POB:22; Dorking, Greenwich High Road, Loud 
work. Surrey RH5 5 AQ. 0308 711233- SE1Q8JA (01-858 1127). 

The vertical borers are useit | — - — 

for accurate machining on various 


PUBLIC NOTICES 


The international hank 
with vour interests 


• COMPUTING . ■ Mig ' ■■■■■■ ; ■ — 

fCPAIlQ fTSIPlr. SOUTH EASTERN ELECTRICITY BOARD 

t'l. ' Maximum Charges for Resale of Electricity 

/VT fnnilCQnflG Purwmt to S*ctJon 29 of the Electricity Aet 1957 tJw Board 

v/A ill wJ llijmiUij twrvby gives node* fixing maximum charges in consideration of 

which eJeccricity supplied fay the Board may be resold by persons 
r\r CflOmCI /tawhom lets so supplied a* fellows: — 

U1 u U ill vvj On and after the 1st May I978che maximum charge ac which 

* . ... . elecuidty supplied to any person by the South Eastern 

QUIh-SELL is a high capability . Electricity Board (whether supplied -on the Board’s Domestic 

system designed and developed Two Part Tariff or otherwise) may. bo resold by such person 

specifically for wholesalers and for use by some other person for domestic purposes In all 

retailers, which can handle up (O ' types of accommodation, shall be a charge per unit of OJp 

40,000 product lines, as well as V more than toe unit rata in that Board's Domestic Two Pare, 
complete stock control and sales . - ! Tariff as varied by the fuel cost adjustment, with the addition 

ledger for less than £15,000. ' of a charge of not more 'than 33p per day on which tho : 

Tbis covers Special programs, ... » supply is made available to that person, 

two display terminals, a printer ' D. A. GREEN, 

and a DEC-PDP 11/03. Secretary. 

Handling of customer orders T Queen’s Gardens, 
and enquiries, is speeded up and — - ' Hove. Ease Sussex 
the equipment improves the 
throughput of sales, makes sure Aprs.ivre 

the business Is never out of • — : — *-* * — ' 

stock, bandies accounting and - * 

tclla users what tbeir profit (or ~ 

toss) situation Is at any time. - . WW 1 WgWOfft fftffan 
Turner's Electrical Services, 

an electrical wholesaler/re taller H h|H0A<4 RiinCn 

in Slougb Market, Berks., has ■Hr' U^g«MD||||Ml 

installed the first of these svs- AmrmEE Iftiil 

terns. It is handling up to 25.000 * ■ OlUTKcHf IfIKU IN' 

fe-r ,T ““ JE tomotrowkbij 

According to toe company the Mil ■_ * 

cost per week of the system is KH TWh Hal niff 

half that of the equivalent lMMI UMTl WR 

manual one. ■ ' M. ' J - Diere’sastrtegttnvtxldre^ 

, instalIatl0 i n T«Pjaces the , IBM 370/158 computers, 

previous manual card system " - AnAmbhlVsRrihhViw 

which wes “ just too titOMoosum. MM 

ing” for the company’s large co ^ J ^ewlnsta^bjrabureflu. 

range of electrical stock. ftfi The namtfs unusual buctheactnr 

Electrical part number? can • BecwseDztasolve's AmdtolVS b 

now be obtained in seconds from " ‘ -JM HB conr^ateile, Itfs more than doubled ©! 
the computer together with the I_|J It puts our J^bonmu right atthe 

bin code. 1 WhM devdopment,geared-iq>to*yf6ryc 

Gamma Telecommunications • U ^ tibrmgsyourefiabatyofanewor 

5S£” S - Wotanghao. (07M) gbrf powoSdooToTSa^ 

' . Above aB the newAmdahlV5ensi 

fl| ymi’vegrown to expect from Dataiol 

r OreCaSllne E^i: l you^exp^whh interest, intfagfi 

O ;'M1| The IBM Senrieu from Datasolv 

package JiS 

a G So S So 1 S? Eh 2 sb !2 n BOCDataso*veUmitod*99 Stab 

finace the further development - ‘ - 

JL^udget and cash flow fore- n,, to m afi ^ rSiSSoo? 

casting package called Budget 6. S* '*« *£«“?■■ w 
Budget 7, as the updated veis I » i^amdoo?: 


SEEBOARD 


We were today’s 
biggest British IBM 
bureau until we became 
tomorrow’s bngest ’ i 
British IBM bureau. | 

Tbere’sastrtefia^vtxldiwwto 
IBM 370/158 computers. 4 

An Amdahl YS.Britasi'sfka. One of the mostpowerful’’ 
computers ever Instafiedbyabureau. ' 1 

The ramtfs unusual But the aetkm^fanl^ ' 

Because Dative’s AmdtolV5 is totally IBM- 
coiT^utlbfe, Iris more than dbubfed oureapadty dven^tt. . 4 
kputsourJ^bwiTOi^atthfifftt^trftefvte- ' • 
development, geared-up today foryourdemands to morrow . '.j 
Itbrinayou reflaMky.ofa neworderand putsnew 
powa-behlrxiourmi-ftnejervlces. - • - - . 

Above a8 the ngwAmdahlV5 ensu r es th a trhe service . ’ 
ymi'vegrmfflteexpertb ^ Datasq^ ''' 1 

ynuanexp^vdtelnterestifothefotMt ' i-'. .2 

The IBM Service from Djrtasolve— grow ing aheacL -j 


;BOC Datasoive a 


BOC Datasoive Limited, 99 Staines RoadWfet, 
SunbarY-onTbMnes.Mddesex.Tdq^Mne: (76)85566. 


CHASE DISTRICT COUNCIL 

0 . tft ttcd 2601 April, . 19 ’ 
October, » 71 . u m. m» 
i M. ABpHcatkMH- -malt 
>■ - Tow Dduumnoa UMJ1 


a 


sion is to *>e known, will be 

suitable for IBM 360 and 37D K»a> — branO; mek. ^f^oo.ooo. m s«h AwMT-Trt 

I* «,sii artum CUiraiBfl w Oe cnlsUcdte ttaw !«7»- .* an *WW« 


h. We have vour interns si heart. 

B^Ndai-ichi kangyq bank 

Lenrfm Brandi: Ftftt, Fto tr. P A O Sid*. 1SS-13B Leafc>hall Snerr. 

London EC3V4PA. EndaAd Til. 10U-2SJ09W 

Hoad Offlea: 6-2. M<nintairiii Cnivoto»u. Tafcvo IDO. Jw Bnnefm ami 

Agancfaaat: Nor. Yorh . L« Anqd«f. Ouwlrtm 1, 7 dam. Sraai, 5in«w»a Ragmemilm 
ofticssar Oiicago. Hootwn. Toronto. Sio fi»icoCi1v. &naca-.. Fran! 

Par». Bairji. Jatang Sv*W. ffubi Tarim at: C1 iic*jc>. An«!r;rdam. Zuricb. Londta» 
AfMlaiad and 4sodat»d Ml: Rio da Jana,rn, Londn. Lu>rmeOrQ. him Ko~y. 

Ba-gko.-, S'^gaoAis, Kuala LufflPW. Jakarta. Uanilj. "Whsurn*. Svdn-,-. H-aridn . 


users. It will initially bp a .TSi HOT 5 TaSTTSwiSa I p -* - * /kroiicationr'aai£5"£»l 

batch system but later be usable ^ ^ i 

under TSO. The projected de- ■ 

velopment tune is nine months. c^SaSs^. ‘ APT ftfll l FPIFS • ■ 

This is toe second occasion ; 

Allergo has been backed by the • 

NCCTS Software Products • CLUBS 
Scheme. The previous occasion 

was for ihe further development »vl m,- SMT/A.i* ! 

of Sbfidow 1L a teleprocessing iijis»?wa«f 

monitor which . has achieved grtaJc wwfcinwina ; a ftynga . 4 

success all over toe world. 

Alterco. 38. Soho Square. Lon- " . ***** 1 1 ' ■ 2 

don W1V 5DF, Q 1-734 9681, • 


AAnriw <u«nrt#a » Be' nKUedto tbm 
aSni WIM to enter proton Ovly/ 


INWCG fHAMBURO &JR.M, 1 
uCSa. 2000— HAMBURG— if. I 


ART GALLERIES 


Street 73 d BSS7. A I* T 
Kens. Three -Smetacplar 1 


f\ 











cs 






EDITED BY CHRISTOPHER LORENZ 




European petrochemicals industry has got its sums badly wrong. Kem Done reports. 


;. industry' La 


-Qf\ t tbegreateat 

^ tfiafcis telngprepared 


■giaJrf'A afcis ftetoS P«partd 
% griropean banking com- 

* It‘ -faces- the prospect 

v . *hole of 

\ ™ ••m . ytprs /frith pro- 

'> 6\V L £&<*& *l*^r .-V : -• • 
. USbW> ^jmqnths, 

iftf 1 » since' - the - European, 

IPltju to recover 

Muiociimt in. the wake l 


y1 


rs^r-S of oisercapacit: 

She recession In the jarake. . : ./ 

r thfc "Afah 'Oil' >- embargo,; • -_w ce^ok ' such* a$ demand for basic 

■£am$:.vmi*22!" ■<***..&* "" s 


sure will result from current “W" *W . _ _ 
investment -by EEC producers B A\'Ym7 III 

■ themselves to dear production B ■ ■ B. flf /I 
bottlenecks in existing plants. B JB.XJF. " ¥ Wm 
Taken alone, none of these fac* 

- tore poses a major threat, but 
together they presage nver- 
capacity for . most petrocngmi- • 

cals in the .EEC “throughout T1 1 (■ 

the . whole of the 1980s,” says ‘.If 

Eurofinance. : 

Admittedly J the picture'varres ; _ . 

S?SS ^S^mSPamOs DESPITE THE ^™ c s ^P^- 
xvj, . fnr* . mnst netro- nf niftnt in-xoauy sectors of the 


a 




SpSon. decisions are 

only taken after many months. 

and sometimes.years, of uneasy . 
deliberation, hut once made 

mm ‘kannTHA itmAtTAr. 


SfrSTlSS mSrSSS Srs^* ^ 

... . :\:f&ent Advice to a number- de mand is : .growing ??ustty. but process f aced b«o ^ j^eSiately fester. / Construction began in 

international' banks, is projincts. ; ..'Tbe -latest inquiry by substituting -ao Fnro finance points i ate 1970. andtfae plant is due 

“. St iie European.^ s >« a f rate ^ ,* coLS^tinT^of *' ^ ** the ccm- 

!’.■■ ‘-^SSSt gloomy view verges of Chemical Manufacture^ asjjast *f ori ner Slant takes several years and cany's subsequent heart-searcb- 

• -rrVfgdfcSJ- optimism. -. " Federetions.only.loote-ahe adas Most important, former as g^out the', wisdom of the 

- . ! *Sfc considers' that some form .■--•• • ~ /, a! ways happened in the past, move illustrate* dearly the 

, ' •b&griletion of chemical mar* - . : - caii manufacturers take the market would gradually troubles and 11 ^5 e ^? 1 ^L th 

\A U IfTtoevitaWe. Where sted ^How IBUCfrSUftenng Can mailuracrarerb L^ ^ with capacity. In fad. are overtaking industry 

*UuPfbJu? synthetic fibres - have, led w, - M ,u ov ormlv tOPOVemmeiltS for concerted 1975 was the .first year m'tne According to Mr. Michael 


always happened in the past, move mnstra^a 
th^market would gradually troubles and uncertoaties that 
catch up with capacity. In fad, are overtaking the J ndu ®^- 
1975 was the .first year in tne According to Mr. Migael 
history of the petrochemical m- Pococ ic, ch^iiman of S^ll 
rf„ctrxr rh»f an actual decline in rp_,_ CTinP t and -Trading, SCUK^s 



'..5** v^Y. : i 


. - ^7"qheU Transport and Trading, in tront o£ bis new problem 
Mr. Michael Poe®*, chauman of SheU gJ^f plan t. . . 


V^Onrin ,.^3hievitable. Where st^ *HoW mUCtt'SUHeniig ^tchupwith capacity. InfacU are overtakmgthe industry. Po «**, duniman of - 

Ut HlCfil0d synthetic fibres -have, ied Kp c nrG t h e v apply tOgOVernmentS for concerted 197 5 was the -first year in fine. According to Mr. Mikael . - •.•■■■ . ... plastics plan. . lt . nowwi tti the advan- . 

ii ji 'Hit -WAV' Dfetrffehemicals - will OCIOrci jr IrF • . ■ • „ ,• qi ' history of thfi pctroc&cznicsl ib- precncfc dwtonfln of Sbril • w niinninE permission^ " . vj 'l make* 

i.Qhpciv dldw. There is ho!- solution. .,. . - '*■ ••■••••'• . ' •' action. dustry that an achzal decline in Ttausport and Trading, SCUKs projecled-at about « potential construction tage immedidfely 

u, *CMVfl £ ^ncerted acUon by manu*. ••'•• • • - ■'■-•■ ■• .- • Shmand occurred, in the EEC iSSt ' company, this sort : of .heranncm. in crther-words, two and POjenu« the. investment unmemateiy 

- “ fnturprs and goveimnents.to- ■ ... .. ^ ^ 0rt . mr b O K rmt side the EEC for its products.” project takes at least five year* points above GNP. was clear from our studies- attractive; lets do it Jui«My. , 

.. tn develob sneed Hy the far 1 as 1981. But it . ■ _■ ■ , ,, ,v.«r «rnduc- 'sn whv. inf view of 'all this, the original Idea to the *>s ner cent, plant over-capacity • It w ~ioment was the beat a competitor to th P * 


»r at concerieu .. r — ■ 

-r, icturers f ove 23Snfe the ^ i-^ twW But it wedicts that export- markets outside the EEC 
■-r Hther, to develop speedy the fat w : are building their own produc- 

-'^•Itedks ahd : balances which ^ the for,:. this fivfrgiear pKOPfl nlants This is particularly 

197T ov«c,p, 1 *rftrthe^or Uot pluti. Bl0(: . 

ctiidv. ^ These checks hage petrochemicals, _such as ® . Keen a 


: =■= i-^ket 'needs,” says the .ran®-. 1977 overcapacity rut 

- “H-^toce study- ^These checks ^ petrocliemicals, .sjwn jn the past bas been. a gests a variety or reasuu*. look at the possuuu-iy m «e re not looseu u H , u - : nhat the time the evaiuauon happy with. the. decision? x.»« 

J^ud balances-hay'e to cpmq- The ethylene, can . only-. : sizeable export market for tries, such as the U.K. -which a £25m. low density frightening- m ade.” The planning team answer plainly is. no. Accord- 

. - '*:V£bBStton.-wls jaot ^whether ®ey.. worse. v-arrof a EEC petrochemicals. , have their own ail and gas re- polye aiyqene plant at Carring* - For Shell's own position ,on .. deed something like £400 jn g to Mr. Pocock: “Things 

' ;L-'>iU, butwhen?. How much s^- Etfaylenei^triie heaxtM^ addition some of the big sources, consider theyshouW ^ ^ denaty polyethylene ^ other axis, our’ compebtive 198 0 was in the likely ha v e - changed pretty drastically. 

. .' -v^tnog can tfie feuroi^h peWH modern petrochcmic^w)^ ^ te ^ a in s ou th- upgrade^ and add value is an established plastic iwith a- stie ngth was also considered P^i° n jju t w hen that figure was First of a ll. the economic 

.• liifciemieals .manufacturers and >1S Slndncta; -from East Asia have constructed valuable £*£££&** mature -maiket in packaging, ave rage. We have ia- pw cenL ■ emputer model^the scenario we were thinking about 

. /"a before they great variety of produo^g“ own synthetic fibre raw around the EEC wish Lto-be m«- ^ and bags seen m of the UJL market, way behind cashflow calculations at that time was con- 

'..V-iii ;^nts forconcerted artion. pi astacs^and fibres Sants. And coun- sufficient, m. petrochmnic^ supermarkets, and m mouldings icl -about equal with Union J[ ttat a t that price the -valence/ -you assume that 

. -'...I** s^Eurofinance's Report goes and an^Ereeze. Ec^^ ^ frin o£ ae EEC, even though some do of various sorts such as plastic carbide, we have good . tech ; roiect -would not meet Shells ^ pat ient gets back to normal 

- -^^rthisy^toite-n^ share- viahie^pjants Sch as Spain, Austria, Portn- a big enough mark . et >° A ab ®®* budgets. Manufacture is com- nology - and manufacturing „turn on investment hea uh-a nonmd growth rale. 

.-. :r: >Mex bankSr tadndinjt than ‘ ^OOm. and Jd and Norway are also build- the production of one giant -ind it is^ a very competi- capabiWty, and our manufa^ir-. ^ CO m paja y s minimum ' test j now if we were des- 

• - -^tSoiny’s JDresdner - _Bank» have beemne the b capacities, which ethylene plant . g market '! • • ing cost is .quite competitive The co f g r cent crihin g our most likely scenario 

- ’3SS end's Credit. Su^. b61s of ft® -wOM**** SStkm ftom being a Eastern Woe toA* chCTricals ^ ma kes ^ r i d ^de.» . *«*"**£ ^ .'terms -with for -^e next few^ years; -for 

-7 J'^man -Brothers ^^^^^^^ong market for EEC goods into balance, of ^ itft gwn.iflvestsnent ijan^.^ - ^ out iODk for^the \*otef disC ounted. Britain and for Europe, we 

•: ‘ ,: -pd Sodete Generate irfFrence, other ehem^al produ^^^ exporters to the Community, view: petrochemical . as^ a-way framework of the at ^ was deemed to . would call if ‘mature rcsigna- 

---...Stria's Creditanstalt v-Banfc. the line. 3Eti ^^ p ,^^kely In the last two years demand 0 f gaining :.more hard current; Group * s worldwide cbenn- , te a^rage: SheU’s jargon des- tlon.’ ■ Shell, is looking at a 

-Vcprein and Soriete Generate . de j n Western Europe^u^eiy. ^ ^ ^ again, but only and are less. concer^d ^about ^ s . 'strategy^ It also' takes ^ption^s “ custodial,” which QlflCUerS growth rate in Britain of less 

■- ZiT^-Canqiie oE Belgium. • • ■_ to- &v* at . am* slowly, and further factors are fully covering their caste. This account - oE broader planning m JJ nt it was good enough to necessarv rate of than 3 per cent. GDP with 

’ - is unlikely that: its tote per -cent, a r ft emerging which will guarantee leads sometimes scenarios, winch describe the under review, at least. To get ^ or e like plastics growing nearer 4 per 

\ roenosis would yetibe accepted four years, compared over ^japaaty. Not say s Eurofinance. such as the muni view of economic Jf ^,„ n i w /flp mfl nd balance, return a price of mor 9 annum rather than 

0\ T ' A»lf« v all Detrochemical -manufac- of 8 per cent and- mo^j ^ EEC industry recent export of Hungarian pro- and world trade ™\w^%m\natiari and the £450 per ton was Tieede the g per cent, assumed for the 

e '’ Oils iZ mrnS this competition p y lone ,o Jc^.tl ^Th J capital in- ™ * ‘‘^"co^ftiten 1980 . Tto Plm™ j££ Srt5S« P™icct” 


demand occurred , in the EEC ' company, this sort of .^er -mnum. in crther-words, wo the investment f 

for its products.” ■ ' project takes at feast five years p^nts above GNP. There was .. It was dear from our studies- attractive; let s o 1 qu _ • • 

So why. in' view of aU‘ this, froithe original idea to the 25 per cent plant over-capacity . ^^cial element was the beat a competitor to 1 3j e M p " n ,?'. 
are companies stiU Investing te start m p 0 f the plant. in Europe but transportation thfft^e ^Jyethylene price in and lets build anti-cych rally. 

nanaritv? The. Teoort sag- ^ -.ij.i 0705 Shell started ««ctc nrp significant so imports expeu.cu cam ner later is Shell 


1980 -as against -some *310 per Two years later is an«. 
ton at the time the evaluation happy with the . decision? The 
The olannins team answer Dlainly is. no. Accord- 


tor old 


7Zr££Sm£+-£2E» of 8 per “" U Till STSc ■£**» ™cenT export of Hpcgarira pro- P" ,on W ' aS ’f ' I he6 pe for ttie 

“are To feS this competition p y lene ,o Je^.rl ^Th e „ pital to . ^ e nte ”^”o^f.itom 1980. Tbe STrrin^on project.” 

»ies Of successful^ price in-^ at ^ p ^ e ^' in / ^ 0 wthv ;te Arab oi l producers. Extra pres^ value Pocodc told a recent meeting of ^ ^ u.K. for ^ S^od-- of “ what if ^what^ £ the pne at^ b shell’s 1980 target 

.Elemented -racenthr^ The, dechning gro the of Con, ^ this case 70^00 


Holec is an acronym for ' Holland 
and "Electricity " but the international 
qroup stands for perfection in 
electro-technical projects worldwide. 

Holec was established in 1S63 with 
fhe meraer of several Dutch fimis 
which had been active in the broad 
electro-technical field for more than 
70 years. The products of these 
firms - Hazemeyer, Coq, Heemaf. 
Smit Slikkerveer and Smit Nijmegen 
have been at home around the world 
for decades. 


Its policy is directed to selective 
growth in areas where its know-how 
and experience are strongest. 

The Holec Group is small enough to 
work well w.ih local firms email sorts 
of ventures yet large enough to have 
the resources to handle the largest 
projects single-handedly.- 


^ ■ sa && e 

Unprofitable 

It many cases, prices in the Shell in the product. For ow j n plastics market _ the clinchers, n. .. . ^ t cer tainlv in "plastics the indus- 

Europe^ Community .ttfve density of about 6 per cent, a year, ueelented " £ tedifr ^ isSosiw money heavily. 

Shell tmmtm. ]X* ■«». “'g per' cent, gretil word, Bfussei. is Wed the* are 


“ s ^ ^ „ Judge lha the = &’«• 

are far lower, than; they, have project’s profitability, taking JJ. • 20 per S ■ searching around for remedies 

SJS «"SKJ M rss 

S Try;-"-' th r „rr^ ^- t0 - ^ 

than nmnufacturing. “Several— = — — — rr ; TT ■ ^ . - 



The Holec Group's growth 
internationally has been strong m 
recent years, for Holec. with its 
worldwide 7,000 - strong work force 
is the perfect partner for electro- 
technical projects around the wo Id 


Hole c has five 

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• Holec Machines & Systems 

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• Holec Projects 
Holec Projects combines the basic 

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•>/ 








'o*0 




llldu — o- - 

EEC economies are - ; n«, fre£ : • 
economies. Political ■ considera- 
tions prevent closure of plants. 
The fittest survive, but so do 
the weakest because they are . 
supported. Fibre activities in 
companies such as Rhone 
Poulenc (in France) and, Mont- 
edison, (in Italy) have .had 
heavy support from other ac- 
tivities in the companies for 
several years.” . * _ j. ' 

So the future for. the industry 
looks bleak. Restructuring may 
provide some relief, says Euro- 
finance, but industrial concen- 
tration will provide only a very 
limited answer; The only long- 
term solution it- can see lies m 
regulation, of tte- m&rKrt, 3nd it 
takes its lead from moves that 
have already been- made te the 
Community steel and synthetic 
fibres industries. 

The multinational chemical 
companies operating in the EEC, 
both European and U.S., are un- 
iikely to cheer such a conclusion 
but it is guaranteed to make 
them think long and hartL 1° - 
the meantime, the- attitude of 
Eurofinance, at least, is dear. 
“If one concludes that such a ' 
market regulation is unavoid- 
able. then those who are smart 
will have to come to the con- 
clusion that the greatest con- 
tribution to their future profit- 
ability is two-fold.” They vOJ 
have to think deeply vrtiat 
course regulation should take, 
and how quickly it . could be 

applied. m . tS ’ _ 

Ntffr PriraefcenuBal_.’ Study: 
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16 

LOMBARD 


A lesson on 


priorities 


BY WILLIAM DULLFORCE 


THE NORWEGIANS might be. between the wars. He was 
excused for regarding economists a powerful personality who was 
with a jaundiced eye. The belt- sceptical about the mechanism 
tightening revision of the of the free market - He stressed 
country's long-term programme the quantification aspects of 
released recently by the Govern- economics and believed that 
menr represents a remarkable these, exercised as a practical 
about-turn and an implicit con- applied . dKetoUne, could do 
fession of inadequacy by the pro- away with three-quarters of 
fcssionals who run' the Nor- the political, struggle, 
wegian economy. ■ • His students -have since 

In very few other countries do permeated not -• only the 
economists exercise such in- Norwegian 'Labour. Party, but 
fluence both at political and civil even the political oppositions -n 
service levels. But if they do addition to occupying a majority 
nothin? else.' the Norwegians* of senior service posts. As 
current problems underline the early as 1946 Mr. C. 3. Hambro. 


limits of economic planning. 


the Conservative Party leader. 

“"“'I* ^““r^T.^ina complained, of the “swarm of 

The 4m. Norwegians are llv mg .. oun g t intelligent economists let 
a Paradox. Offshore loose on a defenceless society, 

(and have been developing for AUUO,: 


nearly a. decade) hydrocarbon re- ... 

sources which in per capita terms I nt nniyr] 
are far greater than those of the XJ\' + uvTru 
U.K. Now, after five years of professor Frisch's economists 
income: growth among the highest jj ave given, . a remarkable 
in Western Europe, they have co hesion to Norwegian economic 
been told they have an _aiung puking. But it is fair to say 
economy and must accept, cats Norway's present economic 
in consumption and income. crisis — temporary as it may be 

Last year they ran up a pay- —exposes the danger of relying 
ments deficit corresponding to 14 too heavily on the professionals, 
per cent, of the GXP and in who work with econometric 
absolute figures second only to models, ignore more diffuse in 
that of the U.S. in the OECD dicators and eschew value 
area. By the end of this year the judgments, 
foreign debt will be more than They react too late when their 
Kr.lOObn. (S20bn.), equivalent to models let them down, and con- 
about half GNP. It may well centra tidh on macro-economics 
grow to Kr.l50bn. before the oil leads to neglect of the interest 
revenue is large enough to allow of business. . 
for repayment. Norway's oil depletion policy 

Last year’s figures also was based originally on what 
exploded the fiction that the seemed to be a sensible decision 
foreign loans were going almost to preserve a valuable, wasting 
entirely to oil development and asset and to forestall dislocation 
ships. The so-called “mainland” of a small economy by a sudden 
economv- accounted for about a influx of wealth. ■ This policy 
third of net borrowing. ‘ has been contused by environ- 

mental interests, concern for the 
fishing industry and social fac?- 
I nn pacH V tors such as opposition to im- 

X UU LU5UV . . ported labour. 

The Norwegian economists can While paying lip service to the 
claim that they are the victims need to use oil income-to restruo- 
of twin circumstances:' the un- ture mainland, industry, the 
expected prolongation of the -Government failed in the past 
recession ■ and over-optimistic three years to develop a coherent 
forecasts by oil company policy. It concentrated on main- 
engineers of ihe speed at which taining employment in existing 
oil and gas could be extracted industry, such as. shipbuilding, 
from the North Sea. But the fnd Outer private industry 
linebpin of their domestic eco- a limbo- 
nomic policy — the annual com- It has sidestepped the issue- of 
prehensive wage settlement energy policy * over which it must 
embracing Government fiscal tangle with environmental 
measures, employers, unions, interests and again make value 
State employees and farmers — judgments, 
which has been operated since 'Hie Norwegian Labour Party 
1974, has clearly been too costly, is pragmatic by tradition. Three 
TWic other Cabinet members have 

This comprehensive formula, n0W joined Mr Kleppe in revis- 

L e C Mr 0D pJ? C ^fn^ tog economic and bSdget policy. 

71,6 present crisis appears to be 
Ihf the Norwegians into tak- 

° f Norwegutn ing the political decisions they 
economic planning. have so far shirked and which 

The economists’ influence must come before the economic 
dates back to Bagnar Frisch, planning and steering. They offer 
Professor at 'Oslo University a lesson in -priorities. 



' V’ 

Financial Times Tuesday April 25 1978 ^ 

the 1967 first-growth clarets 


f*!* 5 


y .v st 


RO\ 


column ?S^n here were n0 more ttan chateau’s wines I marked 'the the Margaux, and with spme tion), another thought it rather T was present nt a similar 

TOlumn may recall accounts, of ■£40-£5Q A case. .very disappointing '64 down .as 3 style, hut lacking bodyjdulL dried up on the palate.. - Ihe blind - lasting in. Bordeaux Of. 

tastings of the first-growth clarets « bas generally been con- or 4, only to find that “a die- Nothing to support the nose, said women tasters liked it, as fairly October, tn the cellars of Dutf 1 

of good vintages when they have Sr™ “at to 1967 the St- languished expert had awarded one Master of Wine. fruity. . the Bordeaux firm associated " ' 

passed the' initial decade ■ W “ w . toe wine 13! In any case, such a Monion-Rothsehild. Good Jeep - Th e deepest colour^f T £$ a :® erre -Houeix of Liboi , 

more snccessful than the .wide range allows too much sub- relour and typical full Moaton -ij hf» arnS. “Huee were ten tasters, tat, ? ... • 

' • ThP flavour did not coma -«*» a bl J> frl:- ine representatives of all “ 

idea — — ° r -J6U va uid souse OI «iiy nnni score; 

now the turn nf thp iqrou • HR** restricted- to the xour this occasion we marked 

now tne .turn of the 1967s. - Itedotf leaders- and Haut-Brion, to. 7. This produced a L 

This has never been considered tifne . Cheval-Blanc and consensus on the. quality oi me -were — uncoaracieriiic, - t snort/,'". 

preference counted. . Th* n 1 'Jz . 

ffSg* w.iitonr- (27i,..Pfitrus Z 

Cheval-Blanc (MViBaufrK' / 

(31), Mouron-Rothscbild f.: 1 
Latte-. (60), Margaux 
: Ausone (73). In. - -Bordt ✓ - 

Wetrus. Again a big. ccflour, Latomr- was rated higher, B * T 

but there . - 

pattern, ' . 

^vdeep. concentrated taste Ot a marked • disappointmeaj . 

-. define Pomerol. bat a very, agree- three of the leading Sfrdoc$ v 




weather was fine until the end of superior “rinec-iewche” It must of. an hour -previously were yet. said another; agreeable 

the pickiog, and the crop was sald^ that- this ** mouth- served in pairs. . Here then ore long finish. After three .. — - „ .. .. . 

exceptionally large for the period, wash did not show very well, my no tes, made at the Uble, but unexciting wines, this seettotfmtb true, rich Pomerol nose- Brion- lower, bui 
the biggest so far in th,e post-war being rather lacking in fruit and t. v - _ : ,r - •'•'Fairly full fiavtrur. tacked the similarities of i 

years, though later surpassed by bodj^s-qmt it Was not the only one . ’ - . " •^.^deep* concentrated taste Ot a marked • disappoi 

‘ " 11 inline Pomerol. but a very, agree- 

able glass of wine. This was the 
(general view, and it was thought 
to be well-made “ with some of - * ' jr ' ''' . 

the velvety quality of a good vxOOU yGrtf 


the huge crops in the seventies, of tiie evening. 

The _ total of appellation con- As prerionsTy, the tasting took 
trolee red bordeaiix was lfim. bl place in the course of a leisurely 

dinner, as wine is best judged in 


WINE 


Opening prices 


BY EDMUND PENNING ROWSELL' 


the company of food. The party 
of- six— -the mnyiimim number 
for the .serious consideration of a 
, . single bottle of a wine— Included 

The large sue of the crop was two Masters of wine and their refreshed with the comments, of- -particularly grateful; .and : <a 
reflected in the opening prices -of wives, -scarcely less experienced . others. . . women tasters were- espee&B 

the first-growths: generally the than’ their spouses in tasting . appreciative, as shown* 

same or lower than for the ’66s. wide. So," with -my wife, we had Marganx. Good colour and very their marking. ' t.v .’T 
Ufite and Moaton-Roths child three men and three women, nice nose; A tight wine, elegant. Cheval-Blanc. I found sligl 
(not officially a premier cm until with rather interesting variations fairly .well-balanced, -but* with browu tingei in the coloud 
1973) offered thele- wines at the in the : results, ' Female wine little behind it, and with a dry -another taster thought th^rei 
*66 price of Frs.27JXK) a tonneau tasters may . "be • less label- finish Rather better than i Fuller than expected, . fBoth 
(roughly. £2,000 for 96- dozen conscious than males! personally had expected, 

bottles. ex-<di&teau), but’ Petrus The marking bn such occasions Lafite. " 

(Frs^O.OOO), Latour fFrsJO.OOO), presents 'Some.- diffi culties. 


" , J*dtrus.' 

■Wi- After tins duite arduous Nevertteles the iianal cat 
*"bxercise. involving re-tasting on such occasions, musb.' 
replenished glasses^ the entered. . Our recent tasting t, 

—s were v coUatedL The three account of one bqttle.apie^ /i 
iale testers placed. P6tnis first, mMtj -wine at (me single din/' --' r 

Wltb " T -■ T OtAlfW 


_ „ . . . . . . A the seven. I found' the bouquet nose to me was distinctly sw, 

Ha lit? Brion (Frs.17.000). and common form isfrom 1 to 20, the lacking, but it did devolp in the to- another of the party..- 'it ’i 

nil 1 q fflr flirftrn the ton • Tvs oVoee end a«a nf thft aDiaw . oIa 41 AVanmu trt -j thi ^ 


• 40 .*i.vwvii BMW WVUIUIU 1 L 11 /llU id UUUI 1 (U wW, UiC UUL XL LUU UtiVUlp Hi CUiULlit 

Margaux (Frs.15^00) were all later figure being it the top. 1 Tn glass, and one of the other male, “creamy," to a. third .“.clL 
FrsJ.OOO to Frsfi.000 lower, and practice,- however, this seldom tasters found ifthe most .interest- There was some difference 
only Cheval-Blanc at around produces any markings below ing of all. but one of the female opinion* here, for while‘1 & 
Frs .20,000 was slightly higher, double figures. - Last autumn in tasters though ft had a “ veeet- the wine soft, sweet,, witii’a Sli 


. uutn .T>r> The overati order, with marks; they may. . well ..shine_ j r 

Erailions and Pomerols. tend t&; W as as follows: Haut-Brion t34), brightly. Ninteen- ;: - 

The . lightest colour of tawntbess as they age.) The pctrus (33>;.Cheval-Blanc <28i'), was a good but aot -peat -. . ; - 

* - -- --- -- • tatour (24}). Margaui- (1B9). srartiiig attractrvely 

^Mouton-Rothsehild . - '(173) ■ and of the .Martere _ofj- Winei.s^^ 

“ ite (131).. It will -be observed “lackmg the substance, to ^ 
w>«t by and large the'.Mfedocs port old ago- . /Th®5[ should ... 
>were~judged less successful than drunk while enjoyable, and t - 
representatives of the Other applies- even -more so. fuxilt . 


The subsequent opening retail Bordeaux -at a- tasting of a single able ” nose. Rather fuller- than taste ofadded ragar.tchapiaiisaij- districts 


down the Bordeaux social so . 






Soldiers Point may surprise 


IT SEEMS doubtful if to-day’s Soldiers Point, another Derby Tbe Paddy Prendergast-trained 
Ladbroke Blue Riband Trial hope for -Mr. Paul Mellon'. B&Uymore colt, who runs in the 

Stakes at Epsom will shed much 31118 compaction of Mill Reef, colours of Mrs. Jim Matiion, 


ENTERTAINMENT GUIDE 


lieht on the Derhv Dicture for - wh ° won toe 1971 classic for Mr. won his only race as a juvenile, 
light on the Derby picture, fqr MeHou, never • cniite fulfilled and if he t« 


Launch (12-1), and Sexton Blake. 
Exdirectory and Julio Mariner 


, , ... * j - , — « retains his unbeaten 

although it has attracted nine early promise last season after record in the Nijinsky stakes 
runners, including represeota- accounting for-, the more ex- there is little doubt that he will 
ti-es from tbe 0‘Brlen, Hern, perlenced Headingbam Boy at go to Epsom a well-fancied. 
Hills, Watwyn and Price stables, Lingfield. However, he has been challenger to give his popular 
the field appears somewhat encouraging his trainer to think trainer a first-ever Blue Riband, 
second-rate. .. that he is ‘back to his best and At present Try My Best domi- 

A year ago O’Brien and nates Derby picture with a 

Piggott teamed up to land the ^ recent renmng at Doncaster, top quote of 5-2, and is followed 
spins with Be My Guest an easy l n ^ bettij3 g to Admiral’s 

winner over Saros, and this time ,^ e opting. Soldiers Point Launch ( 12-11 anrf Sexton Blake 

Coriander will probably go to could cause an- upset _ 

the post a clear - favourite to , Even if they do not land the (all at 18-1). 

feature event? -with Soldiers.. 

Point Balding- and stable jockey 
John Matthias should not leave 
tbe course empty-handed, for Be 
Better Jopks - tbe ready-made 
winner of the closing event the 
Bunbury Stakes! following her 
half-length defeat at the bands 
of Rhineland : on Brocklesby 

Stakes day.-. - * 

Exdirectory, Whose Derby odds 
is were clipped from '33-1 to 16-1 


post 

repeat the performance. 


RACING 


BY DOMINIC WIGAN 


Although this Forli colt . . _ 

entitled to respect following two by -Ladbrokes following a fluent 
smart autumn efforts, which in- victory . in Saturday’s H-raile 
eluded a dead-heat for second Ballymoss Stakes at The 

place with Camden Town behind Curragh, will have bis next out- 
Derrylin in Ascot's Clarence ing in the BMW-sponsored 
House Stakes, I would rather Nijinsky stakes at Leopazdstown 
take a chance with Ian Balding's in ten. days’ time.' 


SELECTIONS 

EPSOM 

2.00— Follow My Star 

2.30— Dubois 
3.05— Snow-Star 

3.35 — Soldiers Point*** 
4.10— Albert Hall 
445— Be Better** 
CHEPSTOW 

2.15— Stoat Fellow 

3.15 — Sun charmer 
345 — Coart Leet 

NOTTINGHAM 

2.00— Darlings* 

2.30 — Star Sense 

5.00— Cavo Rico 


T\ Radio 


. •'1-- 


C.C- — ' Them* rtiMtrd accept certain 
■tart*- by te*w»non* or. at. the box . 


OPERA & BALLET;. 


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all porta, .oil sale. ftsnx."io ajm.. cw-Ttar 
Of per#. 


SADLER'S WELLS THEATRE. Rosaberv 
Are. EC!. 637 1672. Until attrlS. 
SADLER'S WELLS ROYAL BALLET. £*US- 
7.30. Sat. Mats. 2 JO. TornghL Tomw 
and Thurv. Les SWphldes. Las Hermans, 
La Boutique Fantasquo. FrU Sat- as« 
Moo. next: ^oiltaire. Giselle. 


THEATRES 


A DELPHI THEATRE. CC.' 01-638 7511, 
7 JO. Mats. Thun. 3J3D, Sats..AO. 


Evgs. 


IRENE 
THE BEST MUSICAL- - 
of 1976, 1377 and ?B7« *■■- 
IRENE •: 

LONDONS BLsT NIGHT OUT,”. 


Sunday People. 

‘ “ NfeAJ»LY7 


_ ,H 


ALREADY SEEN BY 
MILLION HAPPY 
CREDIT CARD BOOKIN 


ALBERT. 836 3878. Party Rates, 
card bless. 836 1071.2 ifrara 9 
b tMiuj. Mon.. Tucs.. Wed. 


7^5. P.m. Thurs. and aab 430 and 
THOUSAND _T1MES__WELC0M 


Well 

LIONEL BART'S 

IUVER 

with ROY JfUOD 
CONSIDER Yr 
ABLE TO SfcE 


MIRACULOUS MUSICAL. 



If AGAIN. ; Daily Mirror. 


f Indicates programmes in 
black and white 


BBC i 


5.40 News 

5^5 Nationwide (London 
South East only) 

6.20 Nationwide 
6 JO The Feather . and Father and Weather for Wales. 


£25 Racing from Epeom. Faim 


Wales — o^a-620 pjn. Wal6s To- Noon. 

and day. &50 Heddhv. 7.15 Teithi’r 4B0 Runaround. 4.45 JIagpie. 5J.0 5“??^ 
Tir (cyfres). 7.45-8.10 Tomor- Sportscene. 

' row’s -World. 12.10 a-ni. News . 5.45. News 


740 Tbe Bionic Woman. 
UJD Sian and Worn an. 


10 JO 
X2M 


6^0-755 ajn. Open University. 
928 For Schools. Colleges. 12.45 
p.m. News. 1.00 Pebble Mill. MS 
Ragtime. 2.00 You and Me. 3.14 
For Schools, Colleges. 320 Trent. 
3.53 Regional News for England 
(except London). 355 Play 
School. t4J80 Champion the 
Wonder Horse. 4.45 Goober and 
the Ghost Chasers. 5.05 John 
Craven’s Newsround. 5J0 Stop- 
watch. 


Gang 

7.40 It Ain’t Half Hot Mum 
8.10 The Standard 
9.00 News 

925 Play for To-day 
. 1L05 To-night 
JL45 Parents and School 
12 J.0 aon. Weather / 

News 

All Regions as BBC-1 except at 
the following times: — 


Scotland — 555-620 pjn- Renort-- 
iusr Scotland. 7.40-8.10 The Good 
Life. 1L45 History is my Witness. 
1220 a_m. News and Weatbei* for 
Scotland. / 

53-3jR 


64W Thames at 6 
625 Crossroads 


HTV 

UB p.m. Report Worn Read linn. US 
R'-POTt Walts Headlines. 2JI Uouseparty. 


■■port 

7 00 Thp Sit "TTfllion nollaf Van ^ Popeje. US Crossroads. <4# Report 
' rV i?? _ JJOUar West SJ5 Report Wales. kJO Emmer- 


8.00 Rising Damv 
820 Armchair Thriller 
920 ITV Playhouse 
104W News • 


Northern Ireland — 353-3,53 pjn. fl050 ,*The' Gun of Zangara-' 
Northern Ireland News. .555-620 • starring Robert Stack 

Regional S* De A T°?? d _ s «-, 1220 ajn. Close: Gillian Bailey 

regional jj ew - s Weather for Northern • 

Ireland. 


dale Farm. UL30 ** Flrabooae ” narrtng 
Vtnir Edwards and RJcbard Roaodtrec. 

KTV Cymrn/WaJes — As HTV 
nenerai service except U9-US p.m. 
„ Psnavdau Newyddlon r Drdd. A2B Wirt 
llawr. UM4S Seren Wlb. 64HL6JS 
V Drdd. ■ 1930 Yn Ddeg Oed 1U5 World 
in Action. U4S-L22Sa.tR. Happy Days, 
rparfe-a nnpm fnp SarP rhi ,rrv Wea*— Ai HTV - generat wrrlee 
Mve . tne except: LJO-XJB p.m. Report West Head- 
Hues. IJS4JD Report WML 


SCOTTJStf 


F.T. CROSSWORD PUZZLE No. 3,651 



ACROSS 

Z Drink wine for nourishment 
(7) 

5 Beat the left side in harmony 

(7) 

9 Arrive at a stretch of river 
(5) 

10 Caught with tut outside. It 
could be alcoholism (9) 

11 Left on farmhouse at a good 
distance 14-5) 

12 Cut things fine but walk 
affectedly (5) 

13 Rigid body (5) 


4 Capable of learning about wet 
weather in chan (9) 

5 Travel round Greek capital 
in between furrows (5) 

6 Speed regulator for runners 
and hearts (9) 

7 Group of stars or one getting 
on (5) 

8 Coloured chap is touching 
without passing through (7) 

14 Sack watchman seen on hearth 
(9) 


16 Write down it is inflammatory 

15 Get away quickly for a meal 17 Divine spirit in port (8) 

<9> 1$ Recruit from raft in river (Tf 

IS Some French start working 20 Observe 5 down, it’s raised to 
for postponement 19) surprise (7) 

19 Gathering regret going round 22 Distribute to children t5) 
church (5) 23 Argue for soft metal (5) 

21 Copying a silver-plated 24 One more in next race (5) 

S3 Tte ™ r t Of carrying beer be- SohlH,,n 10 Pun "- N «- 3m 
fore time (9) 


25 Will tame Pole appear in 
trial? (9 1 

26 Feline found in plant I. ger- 
minated (5) 

27 Finish in Eastern Mediter- 
ranean to be corrected (7) 

28 Show about everybody being 
superficial (7) 


HUGE QHG 
GQEBnSEft EGEHSS 
EE b 0 e m a a 
sansGEinna ebeeg 

Q E □ £ B □ D 


DOWN 

1 What’s left over— it’s on more 
in France (7) 

2 One who accuses in outspoken 
row (9) 

3 Different article in gold (5) 


4. 



0 S 

5 E 

sraa 

□ □ 

BEE 
ffl B 
RQE 


Children Week. 

England-^— 5.55-620 p.nu Look AH' DBA. Regions as London 
tiSdA MSS«er.^?Wx5SS "” Pt “ lhe f ° U0Wing ¥■ e*. «* Rn ad Report. SOS 

Ss ANGLIA I^ T V^.^ Cro ^ Yoor 

Points West (Bristol); South To- L2S R.HU Absl>a News. IM Homepartv. Problem? 7 JO Emmcrtale Finn. 7 JO 
day (Southampton); Spotlight SJS Ernn«nlaile funn- MO. 'About AnsJlt GrL Some loi. UJQ Bowlitm— T»u? Scot- 
South West (Plymouth). sSm^J?“*Saj# £.r^“' xuTiSS! * pon Trooh ' UJ * LaI ° Ca “- 

Cbristians tn Acton. SOUTHERN 

^I'y I JO p.m. Southerns Noun. 2J0 Hauv 


BBC 2 


6^16-755 slot. Open University 
1020 On Union Business 
11.00 Play School 


, part?-. 4-28 Rtmaroimd. 5AS Entry Boop. 

L» pj». AT\ :«rw*d. sK. 5 05 Urerne SJi Crossroads, fc.00 Day By Day lochid 
and Shirley. Mo .VTV Today. 7JI iru Soot ha port. 7 JO EmmntUlu harm. 
Einmertale Farm 7.» England Their 7 jo fl« Some Tn! UL30 ■■ Drarti Stnlk " 
f1 - _ - n tho , Dftnnla'c rhiW Enalaad M JO Midland Footballer of the tartan Vtacc Edwards. 1M5 Sottrhcm 
I.la P-m. Other People s Clrna- Year. lLOQ Marcus Wvlby l£D. NCtra Extra. 22.05 ajn. Drtre-lo. 

BORDER . TYNE TEES 

ttJ# ».m. Border \..wgr “2J6 -Rouse- S.2S gum. The Good Word followed by 
party. 5J5 Out of To* n MO Lookaraond North East News Hcadllnos. US p^n. 
Tuesday. 7 JO Emmcrdal* Farm. 7 JO North East News and lookarocmd. 5 -IS 
Gei Some In: 10J0 Late Film: ” UwWc Friends of Man. AM Northern Ufc. 
Daisy Qover." stamns NalaUe Wood and 7jo Emmcrdale Farm. ■ 7 JO Cct Some 
iJirlstopbcr Plummer. t!22S a-m. Border | D < 17 ap Epilogue. 

News Summary. _ _____ 

rHAN\Pi ULSTER 

^ ^ l,CL UO o.ra. Lunchtime. 4J3 Ulster News 

US pjn. Channel Loncbtlme News and Beadllnes. 5.15 Friends Of Man. 0.00 
What's On Where. 545 The Fllnmaoea. ulster Television Neva. 6.05 Crossroads. 
6.00 Report at Six. 7.B0 Treasure Hunt *jo Reports. 7 JO Etnmerdale Farm. 
7 JO Charlie's Ansels. UJS Channel Lain 7 JO Gel Some In’ IOJO stn-ets Of San 
n'i vrs. IO.SO Tbe s-n -is ,jt Ban Fninctv.-n p- rand see. 21.30 Gardening Day. 12J0 


250 Ha vine a Baby 
350 The Living City 
4.55 Open University 
7.00 News on 2 Headlines 
7.05 On the Rocks 
750 Ncwsday 
8.10 Chronicle 
950 Rhoda 

925 The Man Alive Report 
10.15 Living flu the Land 
10.40 Late News-on 2 
1050 Snooker: Embassy World 


Professional 

Championship 


Snooker UJ Man and Woman. 12J6 Oscar uedumc. 
Peterson presents . . Const Basle. 12J0 
.... . _ a-m. Commenuirts ef Prevision 

1150-1150 Closedown: Georgme Meteurologioncs. 

Anderson reads * Throw- rD ,.. nilV 

ing a Tree’ by Thomas uKADlrlAIN 


Hardy 

LONDON 


westward 

12.27 p.m. Gus Hooeyhun's Blrthdsra. 
Z.3B Westward News Headlines. 545 The 
Fimuioocs 6 JO Westward Diary. 7 JO 


9J3 a.m. First Th:ng. UO p.m. Trcasora Hunt. 7 J8 Charlie’S Angels. 

Grampian .News neadlin.-,. 545 Challenge X0J2S Westward Late News. IOJO The 
ol the Sexes. 6J0 Grampian Today. 6J5 Streets of San Francisco. iua Man and 
I'oumry Focus. 7jo tmerwaicy. IOJO Woman. 12JS Oscar Peterson presents. 
The Streets of San 7 ran cisco. 1U6 Man Count Basle. 12J6 ajn. Faith for Ufc. 

950 a.m. Schools Programmes, and woman. 12JQ Reawttos*. 1225 a.m. vriDL-cinDc 

1155 Beany and Cecil Cartoons. Slab* GaDerr. JUKIvarliKIi 

15.00 Panerplav. 1250 pjn. Pip- Gff AM4f1A 1_29 p.m. Calendar News. 545 Challenge 

IIM nir IM VlKAINADA Of the Sews. 6.00 Calendar lEfltk-r Moor 

Ec JnfFTbSkL” i*«i Holn^ » M. This Is Tour Rl*lu. MB This and Belmont edition). IM Emnu-rtalr 

News plus FT index. HelpI J 5 Vour3Uaht (repeat,. 545 Crossroads. Farm. 7 JO Get Some In! UJO The New 

150 Crown Court. 2.00 Aficr «jq Granada Report*. 6 JO Emmrrdaie Avengers. UJO Drive -In. 


n 1 DIO 1 247m Piano -RecitaJ >S>. n_20 Vienna Wind ScrendJpUy. 5J5 Weather, proaramme 

1 Quintet iS - '. 12.05 p.m. Midday Concert news. 6J0 News. 6J0 Just a Minute »S». 

(SI Stereophonic broadcast pan 1: Purcell. Vaughan WUUam* (S'. 7J0 News. 7J5 The Archers 7J6 Time 

5-00 a.m. As Radio 2. 7JB Noel Mr News. MS The Arts Woddirldc. UO for Verse. 7 JO city of Birmingham 

Edmonds. 1.00 Simon Bates. UJl Paul Midday Concert part 2: Dvorak (S'. 2J» Symphony Orchestra (Si <as Radio S). 

Burnett. Indudinx Z2J6 p.m. Newsbeai. Gabrieli String Quartet part 1; Haydn. 9 JO Kaleidoscope. 9 49 Weather. 10.00 

ZM Tony Blackburn. «JX Kid Jensen. Alwyn iSJ. 2JfS Interval RfiadUS. 2J0 The World Tonight. UJO Not Now. I'm 
including 5J0 Newshcat. 7 JO On The Gabrieli Suing Quartet. - part Listening Again. lLOO A Book al Bcdtlnr-. 
Third Beat iSi 1 Joins Radio t>. «J2 ,\s BccUroven 3J5 A -Little Light Music (Si. 1145 The Financial World Tonight. UJO 

VHP, MJQ Jmu Peel 15 1. 12JMJB a.m. 4 JO Violin and Plano redul (S). 545 Today in Parliament. 1240 News. 

A* Radio 2. J**z Today (S'. JS.e HmuswanJ Bound. Df>p *>„ t 

VHF Radius 1 and 2—5-00 6.IW. With «.E News. +640 Homeward Bodad (cOo- Dlit KSCUO JLOnuOll 

Radio 2. in chid ing L0 pji*. Good Linen- unneflt. J6J0 Lifelines: tvort: and Train- 206m and 94 J ’VHF 

ilst. 8.D2 Nordriog Render ons >S>. M2 Ing. 7.30 City of BirmmshaiD SHrmhouy . Rrt , . „ B ^ _ 

Among Your Souvenirs tSi. 4JS Spona Orchestra part 1: JuSn. Bradi ^ 5 - 

Dcsfe. UJO With Radio 1. 12.0HJ2 ua. .S-. 105 Finding a Voice wtth Patricia .’f rSfV? 

WHS Radio 2. Beer. *25 Qiy of Htmtingham Symphony i ijSHSnVto? “iS 

Ordwera narr + m Ur ph*» iQi t.2S TTw 5BWCUt« W uOtCfi RM. 

urenesrra pan Bcrilo* «i.„ 1 -° LocjSm MM _ 7J# I(1 TowtI lai ]ua 


RADIO 2 l-500m and VHF 


Ring and the Boob. U45 Haydn and 


5 JO a-m- N«mi Summarr. 5JZ Ray Hcrabovon piano reeitil /Sy * UJO Finnish 1 

Moore with The Early Show iSi. Includlns Radio Symphony Orthestr* (Si. U-25 *v 

645 Pause for ThoughL 7J2 Terry Kogan News. U.304US Ton (5 hFa Schubert Sot®. Tone from ttc Bn* of 

■ S. Including *47 Racing BUBeUn and Radio 3 VHF wily— 6.9M.00 *»• and tommoos. lw uok. as Radio a. 

IJ5 Paisas ler ThonahL 30J2 lirainy 5JS-7JO p.m. Open Uaherslty. lymrinn RmadMe4in«r 

Young 181. 1245 pjn. Waggoners’ Walk, n A nm 1 LOHdOn OrOadCaSUDg 

12J0 Pete Murray's Open House (S> in- KA12IU 4 . s : ■ • 261 m and 97.3 VHF 

eluding MS Sport, Deft. 130 David 434m. 330m. 283m a»d \TIF $.« un. Momma Music. 6J0 A.M. non- 

Hunlhon <S« including M5 and 3.0 Sports *45 a-m. News. 64* Farming Today. rt * p news, U4VcS «« “ revtvr., 


Desk and Racing from Epsom. 4JB 6JS L’p to the Hour. 7 JO News, tjo uux> Brian Hairs Mo a.m. LBC 

Waesoiwrs' Wane. A,«S Spans Desk. M7 Today. 7J5 Up to the HOur tcomlnnedl Indu^a Ceorve Gale's 3 

John Dunn 151 including SJ5 Sports Desk. Including Thougnt for ihe Day. *J0 Sews. n'dOc): call 8JB Liw 4-0-nh Tan 
Sports Deft. 7JZ Folk 7B 'Si. 7 JO us Today. SJS Yesterday m Parliament. GlidlrlSL 9,70 Nlnhiiine tn oA«*0 ajn. 
UP The Third Heat (Si. BJ3 Sport on 3 WN«ro. 9J5 Tuesday cV MJB.News. Adrta* 

Special. 745 Spans Desk. 10J2 Three Ih 10J5 Heron for a TuthT MJO Dally ScML 

3 Row. UJO It's a Funny Business Bays Service. UJ5 Morning Slory: IM* News. CaDltfil RsdlO 

Dora Bryan. 1M2 Brian Matthew Intro- 1M5 -Thirty- Minute Theatre. 11J5 Profile. r j .-omn* 

duces Round ?Udnlcht. Includlns 1200 12J8 News. 12J2 pjn. You and Yours. 1 94m rhq W YHr 

Netvs. 2J04JZ a.m. News Summary. Hja Desert Island Discs.- liB Wealbcr. _U5 a.m. Graham Dene’s Breakfast 


n j nm 1 4(Um St^i«oac\ r HF'P ro ® ramn > e Deirs ' LOO The World at One. Show (Si. MO Michael Aspel (S'. 12J8 
KALI1U J ... oierw “ ' “ Mo The Archers, ms Woman’s Horn- Dare Cash rSi. J.00 p.m. Roger Scott (Si. 


X Medium Wave only Including News. 2J5 Listen -with TJ* London Today Including Prime 

ttJS a.m. Weather. 7J0 x.-ws. 7.0S Mother. JJO News. 540 Questions to the Minister's Question Time rS>. 7 JO Adrian 
Overture 1 St. 8J0 News. 8iB Momtna Prtmr Minister "lire” from the House Lore a Open Line (S>. 0.00 Yoor Mother 
Concrn -S*. 9JB Nru-s. 9.05 This Week'* of commons. JJ5 Money Bo*. MO Wouldn't Like It wlih Nirky Herne (Si. 
CompoM-rv Obn-clii and Dc I.a Rhe (Si. News. M5 Gardeners' Question Time. UJO Tonr Myall's Late Show rSh 2.00 
IOJO Stallmen. Symphony No. i iS>. IOJO 4J3 story Time. 5J0 PM Reporu. 5.4B a.m. Dancan Johnson's Night Flight iS>. 


ALDWYCH. 636 6n0«.‘ 
ROYAL - SHAKES PEARL j 

repertoire. Tonight 7j£ 
Part 1 . -* Breathaklj 

Guardtan. Wild He 


, 336 5352. 

'COMPANY in 
HENRY VI 
production.” 


Part 2 


C tomor.). Part 
STEVE WKO— J 
LONELY DEATH. 

ilium nation.” The Guarulan. All seats 
X2.00. RSC also at THS WAREHOUSE 
* see under Wi and at Piccadilly Theatre 

In Peter Nichols' PRIVATES OH PARADE. 


"An evening of sharp 
Gw 


ALMOST FREE 485 GB.2A. Limited Season 

' SAMSON AND 


Only. Well Mankowtas 
DELILAH. N.B. Nip hilt 
Suns, no show ' . 
visual and emotional climax 


Nldhiiv at 8 p.m. met. 
Friday. “ ftemmrkabtc 


Times. 


AMBASSADORS. 01-836 1171-3212. 
Oaens TofUotit lor 2 weeks only. 
Evenings st «M). Mats Sals. 3.O.. 
BERiOSOVA. GIELGUD 

KELLY. CACIULEANU 
STEPS. NOTES AND SQUEAKS 


APOLLO. 01-437 2663. Evenings B.OO. 
Mats. Thurs. 3.00. S»L 5.00 and 8.00. 
DONALD SIN DEN - 
Actor, of the Year. E. Std. 

IS SUPERB.” N.o-W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND. 
"WICKEDLY FUNNY." Times. 


2132. 


ARTS THEATRE. 01 -B36 

TOM STOPPARD'S 
DIRTY UNEN 
•' Hilarious ... see IL” Sunday Times. 
Monday to Thursday 8.50. • r’day end 
Saturday at 7.00 and 9.15. 


ASTORIA THEATRE. Charing x Rd. with 
[ully licensed Restaurant]. 01.734 4291. 
Nearest tube Tottenham Ct. Rd. Mon.- 
Thurt. 8.00 a.m. Trl. ano Sat. 6.00 and 
8.45 Instant card looking 

" Infections. appoallng, (oot-ctomplng 
and hcart-tnumn'iig," ooserver. 

Half hr. before 'hew any available too 

price tickets £2.50. Mon.-Thurs. and Fn 

6.0 p.m. pert. only. . 

■EST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. 836 6056. Mon. 10 feST 
8.0. Frl.. Srt. and 8.30 

IPI TOMSI 

Exciting Black African Musical 
It's a foot-stamslng, uvlsatlng. actlgn- 

packed musirxl. Newn of nw worm 

THIRD GREAT YEAR 
Dinner „nd top- price se at £a 75 me. 
COMEDY. 01-930 7579 

Evrnlng 8.0 Thurs. 3.0 Sat. 5.30 840 : 

MOIRA LI«TFR TONY written I 

Marpa— - roupTFNAV Dnrmot WALSH 1 
THE HIT COMCnY TWBILLFR 
MURDER AMONG FRIENDS • 

’ Blackmail, armed robbery, double blue 1 
and murder Times. “ A rood deal 01 1 
tun.” Evening News. 1 


THEATRES 


HER MAJESTY'S. - CC- .01-930 66M. 

?«— • 8 ^1 BSMSMT r^ 00 -- 

in LESLIE BR1CUSSE anfl • 

ANTHONY NEWLEVS 

TRAVELLING MUSIC SHOW 
with Derek 


Directed bv^SSn^^ELOVE.. 


" it Is packed to bursting potirt with the 
•wrcanxiity and sheer energy of Broce 
Sun. -Express. ’’The audience 
Sunday Telegraph. 


- Forsyth, 
cheered. 


KING'S ROAD THEATRE. 
Mon. to Thar*, 9.0. -Fr-L. Sat 


7488. 

.50. 8 JO; 




NOW' in ITS Jith ROCKING. 
THE GREAT ROCK 


•N’ ROLL MUSICAL 


LONDON PALLADIUM. CC OT-437 7373. 
FROM MAY 25 to AUG. 1? 

THE- TWO RONNIES 


BOOK WITH EASE: ON THE NEW 
(CLUSIVE TWO RONNIES HOTLINE 


01-437 2055. 


LONDON PALLADIUM. CC 01-437 7373. 
Until Sat Ton't- Tins.. Thurs. 9. 
Wed.. Frl.. SsL B.TS. 8. 

L1EERACS 

IN HIS LAS VEGAS SHOW 
Note additional 6.15 pert. Wed. 


LYRIC THEATRE. CC. 01-437 3886. Ewe. 
8.0. Mats. Thurs. 3.0. Sat. 5.0 and 6JO. 
JOAN PLOWRIGHT 
COLIN BLAKELEY . ... 

and PATRICIA -HAYE5 -la 
FILUMENA 
by Eduardo Fllleoo 


. THEATRES :: 

TALK OP. THE- TOWN. (XL 01 -73*^30.", ". 


8.00. 


a^ 1 


ELINE' 


■ ... a'- ; ;• 


THEATRE UPSTAIR*, t: 01-730 2Si' '. . 
TuesdaV-Sundaw- -7 JO - ?* 
SHARED EXPERIENCE,' . ■ 

In BLEAK HOUSE . J"- ;■ 

by Charles Dickens . ■ T -X- 
(In a parts. In Repertoire^ y". 


VAUOCYIUjE. 836 9WUr. CC EvS* at 3 . • 
Max. Tues. 2AS. SaL 9 and J ----- 
Dinah SHERI DAN,- Dot an GRAY-I-- 
Eleanpr-. SUMMEStFiELO, James ORQ'T .... 
A MURDER K ANNOUHCED - 

' ' THE NEWEST WHODUNNIT. V!„ - - 
by AGATHA CHRISTIE . - " 

“ Re-enter Aurttra with anothar^ u, - - . 
dunnlt ML Agatha Chrtxtie is itaiMng*- . ... . 
West 'EM vtt again with another oft- - - : 
henmsbly Insenfous murder mystvN. - , 

l ews . ' 4 . - 


Felix Barker. Evening News. 


VICTORIA PALACE. Ton' t. 7 JO RO' 
GAUL PREVIEW “Annie w Few 
it C&OD, £4.00 6 £3.00. 


I 


jr 


VICTORIA PALACE. 01-834 131' 

rfor 


STRATFORD JOHNS 
SHE1L A HANCOCK 
ANNIE 


Wen 


-A NEW MUSICAL 
BROADWAY’S B1GGE: 


■A ’ 




from Tonight. 
« still av&Kable). 


-st 8ir ir’ 

Eros. 7.30 Cl0f- 


yw»jui mnnavmci. Opens May sJi' - 
Sub. - Eros. 74Q. Matt. Wed-.* SaL.jJ- =- 


ir.t 


Directed by FRANCO. ZEFFIRELLI 
. TRIUMPH." D. Mirror. 

D. Mirror. 


TOTAL TRIUMPH." D. 

••AN EVENT TO TREASURE.' 

- MAY IT FILL- THE LYRIC FOR 
HUNDRED YEARS." Sunday Times. 


MAY FAIR. CC. . 629 3036. 

Mon. to Frl. S.Q. Sat ' SL3U and K45. 
GORDON CHATER ■• Brtlllant." E.N.- In 
THE ELOCUTION OF' 
BENJAMIN FRANKUN ■■ 

. hr Steve J. sneara. 

"A camsassionate fmmy. fterceiv eloquent 
Play." Gdn. "Hilarious.* 1 ESM,'>‘Vfk3wdty 
amusing.-* E. News. " Spellbinding/' pus. 


L-7CM, 


.. .-.-Tom tqmu.iaee Asher td • 

?Y*VERY-CRrriC, • - 

1. u«ll June 1 1 at 7.30. 


■Whs. . 
ALEC McCO 
evory 


NATIONAL THEATRE. 

n a^gcJ: Toot b~io umka 


OUVUR (open 


928 Z2S2. 


early start*. BrSno try ibseo Jn_ 


vervon by Geoffrey Hiir. Tomor.; 7J0: 
roe Coaincrv wit*. : • 4 . 

LYrreLTON- (proscmluBi stag*): Ton't 
and Tomw. 7-»S; PLENTY, a now play 
bv Davnr Hare. • • - • 

cOllOLOa (small audltoriulaj: Tonight, 
and Tomor. . 0: LARK RHE. .written by 
K«Ui Oewburst tram Flore Thompson’s 
hook (prom, ports j Many egceimm 
choap seat* aH 3 -theatres day . of pert. 
Car park. Restaurant S2B 2033.': Credit 
card bfcngs. 928 30S2. ■ 


OLPVI C '928-7616 

Pftomcr AT TMT OLD VIC. 

- NnW season to -May 30 - 
•-•TWELFTH NIGHT 
Prospers mat comoav M The OW Vte.. 
Today. Wed. TBura. ^Frt. 7.30. Sot 2 JO 

Eltoeb ADdos as SAINT JOAN returns 

• ~ - May 3 ' ' • • . 


Mi 


Cards. 01-437 6834. 

S.Q. Fri Sat. ft.O and 8A0. 

JESUS CHRIST SUPERSTAK - 


PHOENIX. 01-836 2294. Eveniim 8.TS. 

H and Saturday 6.0 and BAO. 
BROOKE TAY “ 


BROOKE TAYLOR, GRAEME • 

!»A&«^£hJr te 

A New. Comeoy br ROYCE RYTON. 
•‘LAUGH. WHY I THOUGHT 1 WOULD 
HAVE DIED.- Sun Times. "WHAT A 
SCREAMED. Mir, “THE AUDIENCE 
HOWLED WITH MI RTH.- D.Trt- “ 3HEIR 
□ELiGMT." E. Stand. “GLORIOUS CON 
TlNtlOBS LAUGHTER.” Times. 


Warehouse. . Dortmar - Theatre, r#W 
Garden. 836 6808. Royal Snak 


“...r 

.-••rj 


Company. Toolt - ''Strimtoeru'i 
- DANCE OF DEATH (sold out). Adv.i 


Aldwych-- 


WE5TMIN5TDL 91 -834' J 

• SENTENCED TO LIFE r 
£7 M btadM .MugBoridoe * Also The 
Preview* from May 9. Opens ‘Ma 


. 1 =/ 
U c 


Pn<ITEHALl__ 01-930 6692-7 

Evgs. 8 JO. Fri. and Sat. 6-43 and.. 

Paul Raymond - presents die Sami 
. '. Sax Revud of t be Century 
■ . - . . . DEEP THROAT 

v Due 40. overwhelming public demand*' 
■ • — season, extended. • . . . 


i.l» 


WHWMTU. TMEATRe- - CC.' 437'631f - 
• TWiro-NIgWyS-OO-and 1 0.00 ’ " 

PA 




■ • • -ria 

r« 

*•.«** 

, -r yJW 

a 


-■ i 


,• THE EROTIC EXPERIENCE OF 
'• MODERN ERA . .. 

•Tate t*r. onprocadested' (Units wfiat 
.PBnptssIble on our stages, f . Ev. JMwh 




78*2 :.-r - ' > ■' 

_ nut' k: ,:.i i* •• - ; 

You may "drink' and- l Snohe~in .af 10 ” ^ 

■ . •" aiimtoyinm, , '■ > ,1.^ - • - 


^° 2B - '• •CrBK'rarr 

bkgs. 836. 1 071-4 from 

Mon. -Thurs. ~ * - 


’-.'. vC ■ 

• I - rt- ^r 


16.1071-4 from 9 iwil-Z jtR " 

ura. 8. Fri. t Sat. S.IS * 84B-- - ••• ; -•»» 

^ENORMOUSLY - RICH, - ; • L. ' V . > 

T TUNNY^ Erorilng . ' .'.C\ J 


VERY 

: Mary O'Malley’s smastMitt Comedy 

ONCE A. CATHOLIC -1 , 

^Suorame- comedy «n^sex and raUgiggj? «•;- 

Tf 




•; r 
.-•-•rttijrj 


LAUGHTER." GoartHan. 


-Li'" N t "' 


TOUNG VtC Inear Old Vic). . -923 ._ . . 

S’ttK-ZiJS RbvJl.StiatewareCompa 1 ?'-- >• 
j" macbetij. (This week. sold out an f-.., 
return* un dooru - ----- - - i: - 


CINEMAS 


v-.j 


*r 2 SHAFTESBURY AVE. 83 
ifj gi Jyns^ An. Seats JookaMe. 

'■THE GOODBYE GIRL [At. »*. asur^- 1,. - 
2.00, 5.10. 8,10.- Ait .. . 

2- 9WEENEY a IAA3. Wk. A Sun. 2J6 " l -t u' 
tOe ft-IOd 



CAMDEN PLAZA. (OPR. CaMWI 
lutX’J- 48S 44J3. - MelvWe's- 
SBa gu ioe OtriRer THE ARMY II 
SHADOWS CAA). 3.10. SJS, 


' Thaw. Djutolg Wan 
SSKSf 2 IAA). OLARJOTS OF 
£PS^ lU -l' ST 0 ®*- 2 0, 4,55. 7JS. : 

* Oaysi THk HiwING FLA Cl 

PICCADILLY. 437 *506. Credit card took.; trJ ySfPv perta. jL O O. S.OO. 8.00 
- _ -ros. 8.00. | |^gg*g1900 part z <x». 



838 1071-2. 9 a.m. -6 p.m. Cvtl 

Sat. «-45_ and a. is. wed. Mat JLOO 
BEST COMEDY OF THE YEAR 
Era. Standard Award aad SWBT Avrant. 
Royn Shakespeare Cotnpaay In 
PRIVATES ON PARADE 
. • b* Peter Mkhoia. 

(Not suttxme tor diutfm). . 

“ HUGELY ENTERTAINING 


EXTRA VA GANZA-- L Timas. 


at ARhvych Theatre. 


P7UNCS EDWARD. CC. (Formerly Casino). 

01-437 SD7. Previ e w s from June 12. 
Opto June 21 EVfTA 


FfONCE-OT WALES- CC, 01-030 8681. 

■ Mo n day to Friday at B_p.jp- 
SK.' 5,30 and 8 AS. _Mat Ttort. 3.00. 
“ mKaskhis^comedt MUSICAL." 


ROBIN ASKWITK 

' 


Prom. 


w.1. 469 3732 

-RwSrtT" P UYCM d-: 


i °AVI D M ' 


MY AIR* txt, . lEngusl 
sparkling New Frn^t - „ 

RahM - j-— -.--jd-Jilth iiai«e» . _ . 

J gjsgjS 3ttw. STuff j k h a ..:v 

5 “4/- SAT 

; f«3*. 


D f 7i s i^5. SMO. 9 M. 
at Theatre. 


Afl s«ats WflNe 


tie 


CRITERION. 


Evunlngs 8.0 «.-<« S 50 8.30, Thar Vo 
LESLIE PHILLIPS 

impeccable - • >n«'*r,' T Sun. Times. : 
In SEXTET 

SECOND '■ HILARIOUS '* r EAR ■ . . 


- NAUGHTY 
Of LAUGHS- - 
Cfc EDIT CARD 


t love my Wife 
" ' NICE WITH 


-n«! a 
-■:hub 


BUT 

Nm of 
BOOKINGS 


A LOT 

the World. 


0848, 


O i UO. t, 

nwht 8.00. Wed. Sat. s.no 

A CHORUS LINE 

A rare df«a«fsilna. joyous astonichlng 

stunner." Su nday Times. 

Dll CHESS. 836 8243. Man. to Thurs. 
Ev9s. 8.o._ Frl- Tar. 6.1 s and 9 0 


QUEEN* THEATRE., CC. 01-734_118«. 
EVeatPBS 8.0. Sat. 5.0 and 8J0. 

- ■ AUC GUINNESS 

BEET ACTOR OF the Year 
variety Oub or gb. Award .. 

THE OLD COUNT* 


A -New. Piny by. 


Otre<ttd by CL) FFORD WILLIAMS 


BENNETT 


FLAY OF THE YEAR _ 
plov er s London crKtc* award. 


. OHl CALCUTTA! 

' Thp Nudity is s-unnlno." Daily Tet. 
8th SENSATIONAL YEAR 


RA¥Mfl*S~RCVinSBAH. CC. 01-73^1593 


' sgt, 7' ^ 9_ Bfu., • - 1 1pn t. lOpen Stmt.) 




Oi'KE OF YORK'S. 01-636 5122. 

Evos. 8.0. M»«. Wart, and Sat, at S co 
JOHN GIELGUD 
in Jul'an Ml-l-ir* 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION I . M 
Rrtlll.intlv wtrrv . . . nn nna ahnnM I 
lain It." Harold HoHioij rorami). Instant { 

eredlt card r»wr»tl"i* Pimer and rep- i 

wlw seat £7.00. 


THE PXTT1VAL OP 
EROTICA 
Putty Air conditioned. You My . 
drink ■wLawmtee te the nadltoriam. 


ROYAL COUM 730 1746.- Last week 

by Nloef Williams. 
mw wv. e. TWrm. " Mum 
“ and forcer". Gdn. -. 
Theatre Upstairs. 


: RO^AITIV yiwj wnn. iti^w jwi; 


Fortune, iw rii Em* 

Sat. 5 00 and 8,0(1. 
Muriel Pa«ln*> »f Mirt Mn qpic 
. &>"&tha rqnicriB-q 
MURDFR AT THE VICARAGE 
Third Great Year. 


Credit Carat. 01-4« »W4- 


GARRirK TUF^rnr. 

ergs. 1.0. W«1. Mat. 3.0 

jill Martin, juiia button, 
ERIS FLYNN and ROBIN RAY 
In trie 

'■BRILLIANT MUSICAL 

fntfbtainm*nT." P"nnn 

SIDE BY RIDE BY 4DNDHEIM 
" GO TWICE " S. Mm-Ipy. Punch. 
"GO THRvp TIMES.** C. Baro-s. NYT. 

LAST WEFK. ENDS SAT. 
GAPRICK THEATRE. 01-836 4601. 
Oneni May l»t 'at 7.0. Ruh. n o. 
SaL 5.30, H.50. Mrt. Wed. 3.0. 
TIMOTHY WEST. CruMA JONES 
MfCHO"L KIT^HFN 
In HAROLD PINTFR'S 
THE HOMECOMING 


London critic* vote 
. . .--BILLY DANIELS fn 
BUBBLING BROWN SUGAR 
^TietC MW leal of 1977. 

BooUnp a cea g t n tf. Major eredlt eardt. 


— STjTia r.- v ■SBeclarrtdncdd rote* Mr mntl 
. ftJ.Bie. ijQi a Mmttod who Mdrti 


matHNat dor 




«U 


MIL 


PATRICK CARGtLL^and TONY ANHOLT 


■ , -S’j! mrajffl- ' 


" Seerrtfl the pWv *»>» T»- ■ to fttt, u 
Stwr. and mat Jov. ’.Punch) 


itaahrrliB to. Awwwwd*ra May 9. 


Glohe thfatre. 01-4T7 isgs. 

E»g*. 8.15. Wrd. 3.0. Sxt. 6. 8.40. 
PAUL FDniNr.TON. IULIA MrKENZIE 
BENIAMIN WMITBOW In 
ALAN AV'-KP«-*i'“N , S N-w comedy 
TEN TIMES TABLE 

"Thte mint be tho tiaoot^ir taugnt-r mak 
" This must be the handiest lauoht-r 
maker In London. D. Tel. " An Irrrsii. 
Hhly wjagMr evening.-' Sunday Times, 


tmrrnw pv . C C . . 838 ASM. 
*£**£*? a«* 4 ■ WC2 WWb-HflmWB a«p 

^S«4*&baS£oN Ohioan cdEt^Rjii 

^.nsawas 


GREENWICH THEATRE. 05 B 7755. Evot 
7 ?n Mat-. Sat. 3.0. ARMS ANO THE 
Man. a CemedV he George Bernard 
Shaw. •• FellrRy Kendal Is a solenoid 
Rale*.". Evg.. Standard. 


HAYMARKFT. Qt-930 9832. Ent 8.00. 
Mats. Wqdt. 7-10. 1-T, 4.TQ atH j g.oo. 
INGRID HBGM&N 
WENDY HILLER 

Derek .. . DOkRts Francis 

GODFREY HARE - CUKA 

WATERS 0F n THe MOON ' 
"Murid Berenuii itiaaes. the IMS* radial* 
— •rnasisllable chariima." Dally Mall 
•‘Wendy.HIHer.fi Mperb," Suit. Mirror. 




STRAfmw '- M-ffW 2M0. CmbIihB 

■-'w^Raurasnftt: 

■ LAUGHTER maker ■ _ 


MO. 




rraATVOWMiPoaMVOH. J^rai; 


ImBrtfrMv kwtahS*' Mr WC ^ 
tempest May. i :x.- tint TArtif W Of 

VUT***-* 


Land? 

S SSLTK.-tsfi' «•« -He'd 

■K' 01 f72 3 20I1.2IT s - ;co rvl 

SjJV* oiy. -1 jOji.- 'ri-ar---.- .. : _ ' y* 

7 -60. aii seats bfcue. except ijfeia-- . -“:D4r 


Rnriottwanoe weekdeye. 


PRINCE CHAR 


. Dtv. fine- Sm. 1% in c u ^ 


°ty . ftoc.. faM.12.to, 


••--*• i. i ueiien 


U&mftUt?" "-Si Seats' 



■*W"£r r .. 

ft THE PINKPAKfllOl STRIKES AGAIN ■>,' F~ . . 

RETtOM OF THE RINK PArtTHER-j f s 
Ju>- _ Sro-iw. *,2B.-TJ0. Fri. eod’Vis ■ ’ 

Sat. 2J5- 6-AO. tCMSO. • • , , L - 

sruwto T. 2. -3,- A-lp>*)« artg».-.«57 : 5 


WAN WIT M WI GOLDIN 
■tAlr-3Jg,.l.tO. TJYX AND LET 


It ‘^sj 



uio ° r -y f 



ART GALLERIES 


8!Ea.m i ^v>jr.ji!-,r L \!.s . . 

atJuSir 


j/a. OM 8opd 


st.. w.i. 


{^_g^up^wn«i 


- . and. Ri._„ ... 

8 May. Mon— Fri. IJDr, 


jeo-tBBOr Until 

1-M0. San. 10-1. 


LTD. "Tin. 
Watarcolsun- 

ta 





w5a.fir g**aj^ 

— - ■ -.*w — 144^. E*f. 8. 00. * 


— ACATH A CHdKT trj. 7 .' -|-o 

lUN. j! 


■« , *sars’C , tei^ s lst ^ 

,^'Apri 


THB Moosrratr 
WORLDS LnrtGKT-<VEA RUN; 
Y6A1T- 





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Fl.«« 1 3 May. Ogeu , * 




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FinkBcial Times Tuesday April 25 1978 \ 

^glish Portraits 


Marseille Opera House 





IT- 


/i. 


XV*W- ••'•• by 




the past 


Cyrano de 



iv ... bp Dr: ROY STRONG, Director of the Victoria and Albert Museum 

:C : • 

rtf the more, gruesome 

Sf*™ . - liL. M Vi 1 1r- 


by CLEMENT CRISP 


JraJL awaiting those who chair 
.- V-: ( f^;wds, direct companies,’ hold ■ 
• wWM Office or. preside 

i ?£r ancient • and 'venerable 


3£r ancient 

• >occ!esiastfcal otlay/ 


sooner or : later they have 



G 


, «)od 




into a radical, erabar 
- No wonder Britain’* 

‘'' 3 -VP£he doHrums. There was no ’ 
self-effacement In the past 
cistocrats, industrialists, poets, 
jiiticians. writers. clerics, 

. ttjr as t€rs of colleges, all exhibited 
■ : . temselves unhlusbingly. Their 
in seLf-acHf eyem ent and 
^■v. 'tagratulation knew no bounds. 
; ^ i| peer down at us shrouded 
robes and surrounded by 
: tributes of office: they gesture 


■ ^ ir-VRoy Strong, will b« writing 

-j^^tifabut art every month m the 
. ’’ "■ y^jninciaf Times.. He is the 
’'i.'^jiftctor of the Victoria and 
[' 4jhert Moseom, having previously 
the same port at the 
: : :■* Rational Portrait Gallery. He is 
■ authority on British -portrait 

V 7 -^t jajnting of die sixteenth and 
. ■’■•'•,’ seventeenth centuries. 

-.ifeesitatingly towards the great 
ie or - garden, they have 
ted, towards the work$- of 
they have collected, dr the 
s pr charter which embodies 
r.fuJfiintent- ’of thdr life’s 
ns. '-No dreary .-little 
-land - . shoulders . In-.. a 
■rnbplea grey 'suit for them. A 
'.Hu-, artrait was more than an 
‘'-S Dologetic likeness; it was a 
?. hopping celebration of achieve. 
7^* V^-ient, an exhibition of the power. 
:* human' personality, a state- 
- 7 lent of confidence in the .future. 
r. ii: ;nd now-ifs all gone. 

A1I this came vividly to mind 

• "■ ; > hen I went to AgneVs deligbt- 
- — _I_ s or»al melange of Three Centuries 

• f British Painting. The portraits 

■J,;i;V:'-aUier«d there pin-point all those 
Qualities .which - made this 

• Gauntry, up until the - present 
'“'Vc^mtuty, the most face-obsessed 

r ’S"t . in Western Europe. In 
v. - B ritish art, faces come first and. 

• Horses second; all other subject 
;^:atter trailing miles behind. 
'■nee we used to he apologetic 
V-py ' ‘ ; >Jout this and it is .only ■with 
opening up of the serious 
. ...-■‘■•“i udy of our own art. prompted 
V--V. aove all by toe formation of the 
7"- .el Ion collection* that we have 
. ^ .’.'amt otherwise. ,Where else. 

•• instance, in Europe in' the 

• V..;>eand quarter of the I8th' 
■ : - i ~- : '--intury would, one find, a more 

. . . Enchanting painter than Devls, 

ETTlio makes the prettiest picture 
: -‘'Vl-J.at of having to paint two very 
--- j^Eibi 0 'sisters. Undeterred .. by 
. /fhat he depicts them in gorgeous 
-. ,; .3nk and blue dresses, pin citing 
:-V-.7 1 .-”- aney suckle in a sylvan. -glade 
’ -. righ above .'their . house which 
... 4 -'-~i__ts on the River Wye,. wending 
' -/‘S peaceful 'way iii^the distance. 

-7-iie small full-length coaversa- 
•' ,Vr on piece is that most English 
■■ creations, an expression of 
-■■ ride in possession and delight 
. the natural world, which 
’ '_tems right down to to-day in 
. '•■■■. -llaude Harrison’s groups of 
i ’ weedy couples with their be- 
' , leaned offspring grouped before 
-• - he rectory. 

■ . * We have never fallen out of 
jve with the eighteenth, century 
Vjl. ut we have only recently re- 
. : ' Earned to read the art of. the 
•. • - todor age,.. Robert Peake’s 

• parking unknown lady is a 
.ttJe jewel of early portraiture. 



*The Misses Clarke in a Landscape ’ by Arthur Deris 


?nder in its ebaracterisation and 
- harming in its response to the 
■- ’• attera of jewels. lace, pearls 
VVit-'nd spangles which makeup the 


Elizabeth Hall 


-dress. No such feelings of.’ affec- groom or owner who stand hesi- 
tion are awakened in us by the tantly by in attendance. There 
late seventeenth century which is always something about Mar- 

, . , . •. shall s technique which gives the 

has been out for ajmost too ItfQg- , onlooker a ^ SUal io it, the deli- 

Lely’s “Sir^ Ralph Bankes, berate use -of almost startling 
builder of Kingston Lacy,* is a colour plus the trick of sharply 
first rate- instance of just bow defining the foreground and 
good a painter this artist at his jetting the distance retreat into 
best: can be, but it is difficult 3 golden haze. Although the 
for ns to. get any lasting' joy out Gainsborough by traditiorTrepre- 
of this accumulation of swathed sems a member of the Abdy 
draperies, mushy, landscape and family it is in fact one of his 
lugubrious dog. . iFashions- in genre paintings. ' a “ fanev- 
taste are. after- all essentially picture.” of “ A Peasant Girl 
associated with identity >nd "wn Gathering Faggots in a Wood." 
buy- portraits- if they are notj n sensuous rendering ’of the 
ancestors, as mirror images ;of ; ^ n | e gir] > s features and the 
our own- ideal selves..,. So- m thd: extreme. decoUete of her dress 
case , of the - Agnews, exhibition jt confiiips one's worst .suspi- 
there is no empathy for the C j 0 ns about the artist. This par- 
world of -the Restoration We ri cu i ar mt lb girl is at the fount 
feel ' instead - an imfiiediate 0 f taste which leads down via 
warmth towards /Other - portraits tewis Carroll's Alice to Shirley 
there by Hudson. Nbrtbcote or Temple. \ 

Hoppner; which^re ’actually far Th e exhibition, of Bryan 
less’ good as paintings, because Organ's latest . paintings at the 
.they present's with the area- Redfern Gallery continues the 
diah ideals^ of the English portrait story d'own to the pre- 
gentleman jind his appurten- sent. I must Confess to being 
ances. • _ y • . prejudiced about his .work 

Two which adhere to these because he once painted a huge 
ideals and! which not only stand canvas of me standing wistfully 
up. to bulf match and surpass the before a picture of beruffed 

l he „ Gai " s ^ rou ^ 3 u- d Jacobean worthies who turned 
Ben - Marshall.- -Skiff with his •. . 

owner tiohn Howes standing on ^ eir g^st-Hke Jwads tow ards 
Newmarket Heath epitomises the the spectator. Although he has 
civilisation of the horse, infi- u penchant for painting names 
nitely more beautiful than either (a vice of all portrait painters 


headed by Sutherland)’. I really 
rate his portrait 'of Sir Rex 
Richards as a . distinguished 
addition to the walls „ of any 
Oxford college. It is crisp and 
alert the sitter swings into com- 
municative encounter so that we 
almost sense the wit and wisdom 
about to be uttered. The combi- 
nation of photographic realism 
grafted on to’ abstract. form, 
which is the essence, of Organ's 
portrait formula, is here very 
successful. . Ode now watts for 
him to develop this by pro- 
grossing towards . a more 
painterly style thus avoiding the 
incipient ’graphics that his ■pre- 
sent manner could lead to. 

In respect of portraiture the 
present resurgence of realist and 
ultra-realist tendencies in paint- 
ing have removed . the stigma 
which used wrongly' to -he 
attached to face-making as ah 
inferior form of art. Tlu* latter 
could never satisfactorily - go 
abstract. When it did the result 
was unrecognisable and. recogni- 
tion, pleasurable or otherwise, is 
the essential ingredient- of the 
portrait. As we move into a 
period in which the explosion 
in the visual vocabulary of -the 
painted since • the .beginning of 
the century becomes a series of 
alternatives rather than', ulti- 
matums the ground; could he 
prepared for a renaissance' of 
the portrait. •* 


The ’.historicaf • figure xrf 
Cyrano— poet, fighter, wit— mid 
Rostand’s -extension of Us charac- 
ter -into an heroic lover, tragic 
because -of his grotesque nose, 
are- united in Roland Petit’s .two- 
act 'Cyrano de .Bergerac which 
way given & new- production by 
the Ballets de Marseille last Fri- 
day.- It is a.portrait ail the snore 
persuasive because taken .on -that 
occasion by .penys Ganio. Ganio 
combines physical bravura- with 
a sensibility rare among danseurs 
to-day— and .the. fact that the 
Marseille troupe is also to field 
another Cyrano in the darker, 
more brooding person -of- Rudy 
Bryans is some :testteiony to the 
artistic strength of Petit’s -com- 
pany. The -ballet is not new. It 
was created in Paris in 1959.- and 
seen shortly . -after, in - London 
with Petit himself as Cyrano; fior 
this revival though, the staging 
seems ta me .to have been some- 
what rethought- 
It starts-witb the advantage of 
new design-. -by Ezio Frigerio. 
The- stage, is boxed in by natural 
wood pranking— Frigerio-’s -ability 
to make: dramatic capital from 
monochrome .shades wiH .be 
remembered '-from his superb 
barracks .'facade . in the Man- 
seille/Petit. Coppelia — and these 
panels can be adjusted, lowered, 
or so disposed as to provide a 
variety of locales: a theatre, an 
inn. with catwalks to ■ furnish 
different levels for the action. 
In particular ir opens out tor 
the .scene at .the siege of Arm 
to reveal -a. blbod-red sky, against, 
which the^" silhouettes of the 
{fighting- mfen are powerfully 
[placed.- The addition of beams, 
or • of .skeletal architectural 
pieces, provide other necessary 
changes of setting with speed 
and ;thal special poetic aware- 
ness that -has ever characterised 
design for .Petit’s ballets. (The 
balcony .scene is given in a set 
of bare boards, and is brilliantly 
effective. V . , 

Petit’s Cgtuno is a panorama 
of events.- against which the 
hero’s tale-, can be told, in 
manner pot too unlike the pro- 
cedures of Grigorovich's apd 
MacMillan’s- : historical ballets. 
As • usual . with Petit, if. is sus- 
tained -by .a tremendous sense of 
theatre; the. opening scene at the 
Hotel de -Bourgogne shows tbe- 
s tart ’of a ptjlay with an attendant 
lighting a: candelabra, and ■ ai 
once the attention is gripped. The 
action thereafter moves with 
commen.dabte. speed. The central 
argument—Cyrano’s love’ for 
Roraner bet love for Christian; 
Cyranb's .willingness to -provide 
the- letters and emotions with 
which Christian can win Roxane, 
and which.- .are his own declara- 
tions of - .love — is played out 
against the 'larger canvas of -the 
wars, of .’ religion. .’ Intimate 
moments, such as the touching 
balcony trio in which Christians 
passion is expressed m Cyrano’s 
words, are placed against .the 
campaign ardours which estab- 
lish Cyrano's • identity as a 
soldifer. -If the choreography 
lacks something in largeness of 
impulse for the, military scenes, 
its compensation is the skill 
with which Petit evokes the 
atmosphere of the drama: a fight 
at the Porte de Nesies is played 
along- and oyer an architectural 
structure : ratheii tike a huge 



mm 


Denys Ganio 



by DAVID MURRAY 



- r J Miss Ameling is one of the'best 
’’’ ’’ -.ieder singers to be heard any- 
' ’here these days, and her 
.^-rchubert recital, 'with Dalton 
‘ " ."-■‘r. ; tald win on Sunday was ..a 
.. -rhjmph. She had the full house 
,<he deserves, and left it richly 
-s atisfied. Under the’ circum- 
,:”f tances^ critical detachment 
! Jielted. One cannot even ca ta- 
.. . ; ..'i'^ogue highlights of the evening, 
: rpr the standard of Miss 
. uneiings work is remarkably 
■ ^ ven. She sings nothing that does 
.. suit her, but her range is so 
, xtensive that that is.no con- 
straint. 

There are singers who culti- 
- ate Lieder in addition to opera; 
. nd singers who comDine recital 
’...^ork with oratorio.' From the 
_ •.‘/Vr.-'ormer one expects dramatic 
^-tair and resources of vocal 
’’ ;,OLour, whereas with the latter. 
... ■ ■'' l r»are.jnnsical tine is likely, to be 
ire-era in enL ‘ By nature Miss 
Imeling is among the latter, 

. hough white-voiced fluting is 
■ iot at all her style. Her pro- 
;-r':Taimne opened with the pre- 
iictabie group of spring songs, 
:I » , irettily shaped and delivered in. 
silvery, bubbling tones ■ and 
,»-'' :5 .'aaItiess diction; but interest 
lulckened sharply with “ ErlaE- 
ee,” where superb technical 
ontrol achieved a- ■ magical, 
” peaking ..stillness. One hung 
“inon everything that followed: 
iy Auf dem . Wasser zai singen 
“ ipeaed into a revelatory perspec- 
ive with its last .verse, “ An 


Silvia ” was utterly, seductive. 
** Die junge Noane ” was a mov- 
ing resolution of inward and 
spiritual struggles. 

The second half was mostly 
Goethe, beginning with Mi goon’s 
songs from Werther. Miss. Ante- 
ling did not persuade one that 
Schubert's “ Kennst . du das 
Land? equals . WoLFs. _ but 
“ HeisS’ mich niebt reden ” had 
the ring of authentic tragedy 
and to “So lasst mich sebeinen " 
she offered -a potent vision with 
inspired ' simplicity, and direct- 
ness. Perhaps “ Heim Itches 
Lieben” missed the tone of con- 
fiding intimacy and “ Gretchen 
am Spinnrade.” — sterllnc sing- 
ing. certainly — was a touch too 
external, buf“Liehhaber in alien 
Gestahen ” was delectably pawky 
and neat: 

In all this Dalton Baldwin was 
an alertly faithful accompanist. 
Miss ■ Ameling preserves the 
rhythmic integrity of her music 
to on unusual" extent, avoiding 
any feeling of rigidity by very 
discreet hesitations and quicken- 
togs. and the precise rapport 
between the two -artists betokens 
long recital-experience together. 
The slight dryness of Baldwin’s 
touch sets off the round ness and 
warmth of the Amelin? voice lo 
perfection, I wished only that he 
might .haye "bustied less in the 
piano-part of "Her Einsarae." It 
is a distinguished partnership, 
and better justice is not likely 
.to be done to Schubert’s songs 
this year. 


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Northern Ireland Opera Trust 

La Traviata 

Unable to find a suitable Rita TaJarico’s Voice, acutely 
theatre for the staging of- its focused and firmly projected, 
spring season — the ABC Cinema, carried well at all dynamic levels, 
the usual Venue, was burnt out a and her phrasing was always 
few months ago — the Northern neat and frequently- expressive: 
Ireland Opera Trust has this Violetta’s ’ marvellous dying 
year had to confine its activities utterance was most affeotingly 
to a Gala Concert and to ihree delivered. DonaJd.Pilley, faking 
concert performances of La tra- over at short notice — as he -did 
viata. one to Londonderry and recently in- ENO's production 
two jn Belfast. The RBAI hill -has of The Force o/ Destiny at the 
adequate acoustics, but not much Coliseum—from ah.'. to disposed 
atmosphere or intimacy. That colleague, sang Alfredo with wel- 
tbe . performance on Thursday come security and fresh, robusfly 
acquired, after a somewhat chilly nourished tijnbre. He was at his 
start, very considerable dramatic best to the scene at Flora’s party, 
tension, was due to large where - Alfredo’s bewildering 
measure to the conductor. Alim alterations of mood, between 
Francis, who communicated .his rage, despair. and remorse, were 
own . decided views on Verdi's sharply etched. As the elder -Ger- 
opera to the Ulster Orchestra, mont Gianluigi Colmagro proved 
the NIOT Chorus and the princi- that Giorgio, far ’ from being, a 
pals. boring part is one of the most 

Mr. Francis inspires confidence rewarding of Verdi’s great, bari- 
in audience and performers tone roles, 
alike: he balances the demands Gianluigi . Colmagro. ■ also 
of the composer and those of aware of the effectiveness of 
the singers — demands which restraint in highly emotional 
sometimes seem mutually exclu.- scenes such as the : interview 
sive J — with quite exceptional with Violetta mentioned above, 
skill, while be never allows com- feept the fuH .weight of his fine 
promise to rear its fatal head.-'voice for the climax of a "Di 
His reading of La traviata was Provenza il mar ” which he sang 
passionate, emotionally filled eloquently. ^Patrick, McCarthy 
with joy and pain, but also tartly made a lively, - insouciant 
shaped and restrained in the ex- Castone; Clive Harre was Jmpres- 
presSon of those feelings. He sive as Baron Uouphol: Mary 
never made the mistake of treat- Gilmore contrtouted a generous- 
mg the work as a verismo opera, voiced Flora. Hie chorus suffered 
Nor did Rita Talarico. who sang- from, the general air of frigidity 
I the title role, turn Violetta into at Violetta’s party, but', made 
ait ancestress of Mini!. The ample and splendid amends at 
Italian soprano undoubtedly Flora’s reception—! don’t reraera- 
found' the concert platform in- ber hearing more convincing 
hiWtiog. especial! v in the first fake gypsies— where Alan 

act, but once launched on the Francis's razor-honed . attack 
scene with Alfredo’s father, she gave the. big eusemblg an authen- 
became totally immersed in the tic, frisson-inducing excitement.- 
music. ELIZABETH FORBES 

. ; Scottish Opera’s 1978/79 . 
subscription season 


The fourth season by -Scottish 
Opera in its own home, the 
Theatre Royal, Glasgow,, marks 
the expansion of the subscription 
season from the original ten 
Dperas to 12 , so that the season 
will now cover the period from 
October to mid-May.. with a. short 
break in the early Spring. 

In another major change, the 
subscription -season will for the 
first time include’ performances 
by a visiting company. The 
Welsh National -Opera will con- 


tribute two works their highly 
acclaimed Etektra and a new 
production of The Magic Flute. 

The season also contains foiir 
new productions by Scottish 
Opera, Dido and Aeneas/SavitH, 
Simone Boccanegra. Rigoletto 
and Katya Kabanova, and 
several, revivals including The 
Catiline Conspiracy and Der 
Rosenkavatier. . . 

The seasoo opens in -October 
with' Simone 'Boccanegra in a 
new production by Feter Ebert 


pediment — the effect is daring 
and authentically dangerous: the 
return of the wounded from war 
is a Cal lot engraving come to- 
life- 

There is only one passage to 
the work which .1 find puzzling. 
This is a scene in a kitchen that 
Petit has cast as the statutory 
19th-century divertissement, with 
Cyrano obliged to watch a dis- 
play of arch* classical numbers 
(they include a pistachio ice in 


a tutu: four girls as pheasants; 
a quartet of diminutive boys, 
feet resolutely unpointed, as 
scullions). It drastically relaxes 
the dramatic tension of the 
ballet, and takes us from the 
dance theatre in the Foties 
Bergfere. 

Elsewhere’ Petit has made a 
serious transfer of a literary 
masterpiece . to the stage, and 
supremely he takes us to the 


heart *af Cyrano as a character. 
Denys Ganio's performance 
strikes me as ideal. His light- 
ness and verve as a technician, 
an audacity and quickness of 
step, exactly match the qualities 
of Cyrano. And underneath the 
braggadocio and the charm we 
are shown the romantic idealism 
that the grotesque nose nearly 
bides. In the more conventional 
jeu ne premier role of Christian, 
Jean -Charles Gil makes a very 
good showing; but I was Iras 
persuaded' of the rightness of 
Dominique Khalfouni as Roxane. 
Khalfouni. an dfoile of the Paris 
Op 6 ra. lack 5 nothing in brilliance 
or distinction of manner, as I 
noted of her recent Juliet to 
Paris... But at this first perform- 
ance, the qualities that make 
Roxane so attractive to Cyrano 
seem hardly manifest: she is 
beautiful yet somehow blank, 
and something of the ballet's 
heart is lost thereby. 

Ultimately. 1 suppose one’s 
reception of this Cyrano depends 
upon how much one loves the 
Rostand original. Petit has not 
cheated in the transfer to the 
ballet stage, because his Cyrano 
and Rostand's (and, 1 would 
add, Ganio’s) are recognisably 
the same thrilling creation. 
Lacking the Petipa/Lavrovsky or 
Petipa/Ashton background that 
has sustained the development 
of the big ballet to Russia and 
Britain. Petit sometimes offers 
theatrical rather than dance 
solutions to crises of narrative, 
and even of emotion: the fare- 
well between Roxane and Cyrano 
is played beneath a huge prac- 
tical tree which dutifully sheds- 
sad leaves fof the wrong penus) 
as Cyrano breathes his last: at 
moments mimetic and static 
rather than dynamic excitement 
grips the attention. Bnt Cyrano 
is, at its best, touching and 
consistently beautiful to look at, 
thanks to Frigerio’s sets and 
Franca Squarciapino’s costumes. 
And the Ballets de Marseille’s 
identity as a major European 
company is further strengthened 
by the staging. 


Music festival of remembrance 


The musical world's obsession 
with anniversaries is reflected 
in the wide range of delights 
offered • by the King’s- Lynn 
Festival fJtdy 21-29). ' . 

VivaJdTs birth- 300 years ago 
will be marked by two concerts 
by the- Academy of Ancient 
Music. On July 25 the Academy 
wOl be directed by Christopher 
HogWood, with Stephen Preston 
the soloist In four Vivaldi flute 
concertos. 

On July 2S the Academy and 
the Choir of Christ Church. 
Oxford, will be conducted by 
Stinofr Preston in performances 
of Vivaldi’s Gloria and Haydn’s 
Great Organ Mass. 

Three concerts will commemo- 
rate .toe 150th anniversary of 
Schuberf's death. The Halle. 
uadeF James Lougbran, will give 
the Symphony No. 9 in C. The 
Great -on July 29 and Peter 
Knapp will devote the first half 


of his July 23 recital -to Schubert 
lieder. 

' The Songmaker’s Almanac on 
July 27 will examine the follies 
of innocence and experience as 
described- to songs by Schubert, 
Rossini. Mozart aod Wolf. 

The 50th anniversary, of Jana- 
cek’s death has lead Contra- 
puncti to include his Concertino 
in its programme on July 25 
with Ravel’s Introduction and 
Allegro. Stravinsky's The Sol- 
dier’s Tale aHd Martina’s jazz 
suite La Revue de Cuisine. 

The festival opens on July 21 
with toe Mexican conductor 
Eduardo Mata conducting toe 
London Symphony -Orchestra in 
Carlos Chavez's Chaconne on a 
theme of Buxtehude and the fol- 
lowing night the King’s Singers 
will include Stanley Glassers 
Lalela Zulu in their programme. 

The Borodin Piano Trio will 
play works by Ravel, Beethoven 
and Rakmaninov ton July 24. 
Other highlights include Musica 
Reservata at the church of 
Walpole St. Peter (July 24). 


Choir of Christ Church, Oxford, 
at Swaffham Church on July 27, 
the Australian mime artist Nola 
Rae (July 24 and 25). London 
Ballet Theatre (July 24) and 
the National Theatre Company 
(July 25 and 2&> performing 
Pinter's Poems and Prose and 
The Groucho Letters. 


Poetry competition 
winners 

Dr.' Dannie Abse will adjudi- 
cate on toe entries and announce 
the winners of toe English 
Association’s Poetry Competition 
at .The National Book League,. 
7. Albemarle Street, London,. 
WJ, at 6.30 p.m. on Friday, Juno 
2 . 

The M-inners trill be invited 
to read their poems and, after 
an interval, Dannie Abse will 
read from his own works. 
Entrance is free. 


I 


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18 




FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Ftnaadmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 SM 



Ffripcifll Times Tuesday^ Ajprii 25 a 197S 


new 





Tuesday April. .25 .1978. 



The aims of 



By DAVID HOUSEGO, Asia Correspondent 


intervention 


N 


EW 


wind is filling cent -a;.yaar in line with^"? 
the sails of the be- inflation} '.could be accohinwK . . 
catlmed . Nortlr/South. dated’hy- : capital flows ftom the ■ 
dialogue; The militant pressure OECD - n^ ■ The estimates “ . 

'from developing countries -for of private flows are based on 
redistributing the world’s growth projections for indivi- 
fwealth that followed OPECs dual countries and on likely 
j success in raising oil prices ‘"supply developments" tin • 

EARLY ON in the life of the But it is not at all dear how (seems for the moment to have other words .what the-.com-- Official aomx»r 



PROJECTED EXTERNAL CAPITAL ROWS 
TO DEVELOWNfitBlINTRlESli- 


\ 

•M?. 


v _ r ‘ '* * 


CLOBAL CURRENT ACCOUNT 
BALANCE 1976-85 


Average- Annual Growth 
Rates, 1978-85 
Current Constant 


Level 

1977 1980 1985 

(US$ Current Bn,} “ 


(U5$ Current bn.) 




Grants 
Bilateral loan 
Multilateral loans 
Total 


- -tas— T-f 

10.7 3J 
108 ‘ 3A 
104 ‘ "3J) 


-OECD and Capital Surplus OPEC 
78 Oivdopimf Countries 


1976 

273 


1980 

425 


43 

17-6 


' ’ 7.9 
243 


H.f 

383 


Private sources:' . 
{ihdUdlng direct 
i n vestm ent ) 


Low income .countries 
Lower middle income countries 


2.9 
— 53 


12.6 


5.0 


20J .294 


11-7. . ... 383 t 5Xfc 


. 9251- 


Intermediate middle income countries “153 


Upper middle income countries 
Capital .deficit ofl exporters 


“ 1.6 
33 


5.7 
— 18 
“193 
— 35 

• % V 


V** 


present Goveroment a White agencies like the SDA weigh blown itself out in the exhaust inertial banks would he ready 
Paper was published with the the potential social advantages tion of four years of almost to lend), 

title "The regeneration of of a particular investment fruitless negotiations. The im- What has changed since these 

British industry." It described against the commercial risks, or, petiis for malting a fresh start estimates were worked out last 

the various instruments of to put it another way, how is coming from the industrial- year is that: 

intervention the Government much money they are prepared ised nations. I.— OECD growth could be- as 

intended to use, including the to lose In order to save jobs. This is obviously too broad Iow as 3-4 per cenr. a year in- 

National Enterprise Board, to A Conservative study group a generalisation to encompass stead of the ^average of 4.5 per 

stimulate investment and make has suggested, among other the many strands within the cen t* assumed by the Bank. At Total resources. . ., t 

industry more efficient ' Iii things, that toe SDA should be Governments ; : of the U.S., that level there would be no - ■■ ■ - 

practice, partly because of the obliged to takp in private-sector Britain, or Germany, let alone sig nifi c an t reduction of unem-- Memorandum .item:- 

sluggish performance ' of the partners before entering into among the OECD- nations: as a ployment in the industrialised . not W«wh«re 

economy, the Government has new investment commitments, whole. But it is echoed in the nations "with the result that 

intervened more to preserve This would subject each project more than rhetorical emphasis protectionist pressures to safe- 

employment than to assist with to a market test and would, of that President Carter, Mr. guard jobs by keeping out 

expansion and modernisation, course, severely restrict "the C allaghan and Herr Schmidt LDC imports' are likely to. re- — . „ . 

In addition to the Temporary SDA’s freedom of action, but hav ® been Pitting on the poli- main strong. _ _ t /ndurfe* or; ewintriM. 

Employment Subsidy, Sections the principle of bringing in am * economic interdepen- * 2 — The level of LDC exports 

7 and 8 of the Industry Act partners from the private sector dence «* ttc two halves of the of manufactured goods would ^ ... - a . -.a- -utp- 

have been used in several is certainly correct. globe. correspondingly be lowered earnings has occurred hitting creare&eirdrafringsortopdnate'a position of its own. ably it is the potmitially ^ -ire- ■ 

- - - - - -• • r — — ■*«»»■ * annuil tho'-medljirn snit urnwr TMT* amniml tfi cri-m* Am- - m.. «ndfinn nwr trartA is' V*rimfTTJrtfn-v fpfltnrioi' rvP'tfv “ 


-- 


included, and change. 

. bi reserves : 

Current 'account balance 


- -v' Sub-total "* 

■ ’ ■ : s,: - v?v Other 
'r!** — T13 —T44 : Total deficit 




■ v_ ■ 


V 1 .. 


.-ML»: ..“W3- 


=i ~ fin US$ 1975.) 


- —273-- ^gg ; 

: (•— -27J0) • t-iV5$.Jr 


- j 


globe. correspondingly be _ _ _ _ __ _ . .. 

instances to support companies a different- sort’ of constraint It Is reflected in the more 32.7 per cent annual hardest the medium and upper IMF, .approval to give ^hest ' The position, over trade is' c rim i n a tor y £$atuie£:($ ;i xr ■■ * ; 

or factories threatened with would be to dblige the SDA than perfunctory attention growth predicted by the Bank, income developing countries-- access; to the ctmmien^fmas. characteristic of the muddle. 


closure. The National Enter- , nd similar aeeMies Mttol being given to identifying areas T™* ™ roughly the historic Zambia, the Philippines, Thai- -kett.- " They ^oniplaln western goveminente GATT, 

n , anQ S£mUar agencies not » hmi u M 1«X land Korea Malavaia Rraril TftlTP nnnrtitinno a Mia Hno nf rensnn. HtnJf at 


which 


pa! 

'p.j.-nt 


■prise Board and its sister organ- nnderb.ke of mutual interest— energy in- frond in the decade up to 1?T4. l and, K orea, Malaysia, Brazil, IMF conditions— usually a pack- would accept the Une of reason- limit access 

— “ — ^ nnaerane new vestment in mineral wealtlvffie fWorid Bank - and ' GATT' Argentina, Jamaica.-QriierPeni,- a ge - inv ol vi ng Ufflt-Tntfligta^ ing behind the following ,re- tured products 


i sations, the Scottish and W el sb unless ifiev watv — , , . . T ^ w . 

Development Agencies, have fining frnrn ^Xmal recycling of the OPEC surplus, figures differ depending on and Turkey, for example— which -targets, devaluation, a- cut of marks by Mr. Long ^pn restric- in their gifflet.. _ 

inevitably come underpressure the expansion of trade — where wfc at countries are included.) stand the best chance of fast public expenditure and a durh tions on the export , of manu- . TSie JSsufis ~of :Jm% „ 

— ^ The^^Tn^eS two sides stand to gain from Bank saw room for a growth. They are also tiie group, on wage-amte-ore appHe- factured gpods irom develop and ;_^n^ : reform. 

chn?,M milBiis together North-South further 2 per cent annual of countries that have borrowed ableJo Industrialised nations or- countxies: _ . . : more diffifcult -ffiap-.-trade^ 

SSri , „ “J5 issues have been inscribed on growth if more liberal trading most heavily from the com- ip- ciro^nstances of growing.. - ' small advance -has bera-^ . 

u«» c u^wu*«= S2f^J3S? P r2 6 S».' the agenda of the Bonn summit practicer- were- adopted; but merdai - banks,- -iccumoiffting a-foorfd dei&andr- But in.tba.pre. .'.'rpv* i'- • ■ £ in the agreement iffprimrfp^;. 

increasingly active, especially^ ““J™ of major industrialised- powers their marked down its base high proportion of medium term sent situation, they see them-as ' ' 1 hP.lHPlC fit • write -off abodt- ;: - 

in helping small- and medium- . . ^ . i n July estimates as protectionist pres- debt and of repayment obligar. condemning a Government to an 

— j ■ - ■--- •- interest -Qiat private-sector . *, . _ Hires ptpw in 1077 -In its hase tinns — ^utrentiv runrtitie? as Meh indefinifp. rerind of W nr nrti 


r.cy 


to rescue firms in difficulty. 

Criteria 

These agencies have become 


- - \->ur 



The logic of 
adjustment 


ir 

--•Ji nP 


officii debt oWeirby tite pob^;-''' 
nations. ' But thifrddes i' :? V .. 

the potentially farmnre seilss ' " 


N.-v-rr; 


agencies no doubt feel obliged 35 po ^ Dle 
to justify their existence. Facing Selective 
demands that they should “.do 
something” about local unem- The Government 


world trade. A year, ago It was 


I still possible to see the 1974-75 3— ^ OT ^, ocU ^ y 1977) 

, recession as a more painful the ei^VaJent of about tw°- 
^“cies instance of the post war cycle -**»* «* <*&>**- 


the *<* countries reftBe! 

accept for tbcacselves the 01 _ ; , ... 

reaged _^30 Bbn. b y ^e. eo4. °f 


ploymenC they maybe tempted ought to be guarding agai^ I ^ wWch low OEC^ growth pro- ^ ely to .be less as prices ; Bat aggregate . ftgtaeg: conceal ^objaih b?sfc levels of'-nuttiflon, im> counttieste ■ continue 

voked MpH levels of liairidifv sa ®- ■“ ie terms, of trade as 'be- me .sharper, exposure of par-, health and education. ^Thls-can- cuvnnrr that 

tween commdditv exnorts de- ticuiar countries and ijarticiiikr tm - M WiSaSS sa ?H ? n . 


reasonably fflpect c. caS tKa ^bur-fliL^^ 

■ own, and the lfig horroy ' 
Second, any mde^read-res--®^^^ ^ 



to take on marginal business hro dangers—being used as a w - .... . ... .. . .. . ; . — 

simply to establish their “soft touch”, by companies whit* were taken up by de- commofety exports de- ticuiar ,countriES and T-articniar ^eaJEued for .both -on groans ^ W u«, -m, wwxw -- . - ..... 

presence on the scene. There are perfectly capable of veloptng country borrowing and co ™ t ? e s and manu- banks. ■ V. f. .6f -ojiu^ypnd. pf -economics. Ja triction of markets Inthe Indus- 1&* ; - • ' . : - n t tb 

have been one or two cases raising money from market then repaid as their export goods have been shut- The more pessimistic view of that a half -starved .illiterate trialised worid woiild not only ^ nanci ^ L - ins “tUti0t^‘-:'l : ft^7 :':- — -,t. xv 

where investments were under- sources, and being used as a earnings recovered. Thus by by 811 a yera 8 e “ Jf™ these changes Is that the community Is a burden;pn, the . require most develomng coun- hope the' leveragfii-.'ti;;. in*" ^ i: -,. r , 
taken with clearly inadequate lender of last resort by com- 1970 OECD growth had picked 2 per cenL *7«*r to the disad- 1974.75 .'recession was not a rest of .tiie population.. But- tries to cut beck their own im- Wilt enableitlM; .0:? #?:: " rMX 

prior investigation. While these panies whose future is so uncer- np from virtual stagnation to vanta «? “ . .™ e developing cydical phenomenon arid that; mott developing countries. '^s- ports; for many of these coun^ cant ? niie ‘-. t b - ' ' ,-.,;r-r-i 

may be put down to inexpert- tain that no private sector over 5 per cent and developing rountnes since the boom of the instead, it masked a structural lika.the emphasis on basicneeds tries it. would probably drive loans - ''^7''^ J V : 
ence or over-eagerness, they institution will help them. If country exports improved from J\ orean war.-That trend looks turning point leading into aad rural development seeing it - them to repudiate their 'ex^- A kmau^ ^ -advance '%as 

bke continuing. a n haKe of slower- prowth. as - an . attempt to curb-' their And thiid. if been mad? -with 


may also reflect a 'willingness they turn away both these sorts! a 1 per cent, growth in 


r can 

a 0 vu — r .. a smau -tiuyshcb -oas -ai 

a [phase of slower- growth, as - an . attempt to curbf their ternal debts. ^ _ - _ 

. increased barriers to trade, expansion into _ mjinufactrirmg . developing countries are deified' Tbb'-'Proposed ^ Goafinan : Rr ‘ 
wider current ' account defi- industry or as politicaJ Interfer- the possibility to earn:' reason- ^ the presjpeCb'.of ? jH3? i - - v-U5* 

ence with. the wav fhevnm fh»tr .ki. m< srahilisaticm- schemes^ for- a--- ^ ' - - 


1 "!> 


to put social ahead of com- of business, there will be very 1975 to 10 per cent, in 1976.. 

mercial considerations. little for them to do, and that The OPEC surplus seemed to - 1 nmutr i cl i 1 l 

The Scottish Development will be ail to the good be levelling off and the current xiuuugi u * cits for developing -countries, enrewith the way theyrun.their able incomes, they wiil.be un- stabilisanon . .sch^asf -Sm-j 

Agency describes itself in its. It needs to be recognised account- deficits of the less • wnrl/'orc ..and-, a .greater . dependence :Country. . ... j‘-- -able to. offer- -the potentially . 

annual report as “an investment that the contribution of these developed countries (LDCs) VtUIACIo . on foreign borrowing if they are _ All these .points of. frietton, gigantic hKfrket-'vrtudi feey substantive agreem&gfj^ — ' ‘ 

bank of a kind, but it is more agencies' to “regenerating” were shrinking. 4— RemittanCes bv immigrant t0 sustein.some . -improvement In ^pied with the gloonridf £t> hold out-for the future Siipport ™ •- *. =- 

than an investment • bank; its -British industry is. at best, The World Bank concluded ' workers employed in Europe, P 61, c*P[ ta incomes. Mr ; OhvuSf look fp? -the worW-^con^y, ofjfce-worid ecomray^- " .f*r - 

interests are wider, its horizons marginal; there is no merit in that “the developing. countries’- -the- U^. and -{possibly}- -the diTO-Qtot-geflgl^-QLpAJ^PPinl^^ ^ i nc r eas i n g 

are longer-term and its cob- creating' a set of Government- remarkable recovery in export Middle East which have played p0 ^ t f T0 feel they ere hamstrung the .PoMffiStiL.oa.1J 


if 


ce ™'*^" '«#* “ to|53STA«d5r.’iil«?iSES; -S229 I 5SLJ2L^39SS^ 


m . • — 7 • - ^ — * — . UUXJU 5 ■ miw..i.iuuuauo -«*** i. fcnnv ^ wnrir! PonnnmV tn "VPPnVpr 

commercial; the balance is not various parts of the country. If the expectations that the long of payments of a number of r~~ r~7 ~~ — t~ r . — — “■’T"' 

an easy one to strike” The there Is any justification at all run trends that have ..been developing countries have .be- ' a ? incJ , des th®_ uncertaintypv^- -diL . pnoes, jobs-ithou^i the evidence- is •JSIL®,- 0 ? ?? 

Agency is required by statute for their existence, it is to characteristic " ” r ‘ r " n 

to have regard to the profit- assist in special situations development 
Entity and viability of the where for one reason or another themselves. 

companies which it supports, the market is not working oil LDCs “have substantially - f _ n1 ., - . . . .... * v *tri 

but it can take more risks than properly. Deciding whether or completed the adjustment pro-, deficits of the LDCs hence ^f^ u ^, 0 ° 0 n j itv hnftTn nf th „ m ®* ter ‘ . - ’ tn f refl ®* <3 . adjustment 

a private investor and wait not to intervene in such situa- cess.” Read now, so confident would widen beyond the expee- “SSL 3 . Bre aMng out of tiie impasse assistance in phasing .out “old” Overview <>>mmrbtec (too mw 



a ffitvaic iuvcolui aim w«uv uut tv uucMtuc ui malu aivu «- i '* v «. uwn , ov wunutwi » v * w >vu ___, w 1 IV 7/ le - ipv aiy A v)f i fhAiv ■ , ^ — “ — . * . . _ . , — u ™ _ llA . ^ 

longer before receiving a tionS calls for careful judg- a pronouncement has a hollow tations of the Bank depending “g-Jf 7 Vf*. j^ y a 13 another matter. Negotiations indnsfaies, encouragement to de- of a poUticaLdfibatl 

return. It can, in short, behave ment; it also implies a highly|ring. But in its then bullish on how sharply those countries ™ ftSnl 3? wiS n^^sto explore the and UWCTAD (an 

in a mm-commercial manner- selective investment policy. 


Civil rule in 
Latin America 


political debating forud 
uimffid 

mood, the Bank gave a bullish curb their imports and capital cult by pressure from the west tence 0 f th e Group of 77, acting rich horizon of expanded trade pressure group for the Group 1 

account of the prospects for investment UNCTAD, using the over: — for the developing nations, of among themselves, and greater 77) there is no focal point fi 

developing countries until 1985. admittedly artificial yardsticks 1— The domestic management carrying on board all their aid flows leading to greater em- bringing ,fogttfiec;kucU wide^gwoea####**** 

The two accon?panying tables of “internationally agreed" of |heir economies. As more members for every demand they plcqrmmit in the' LDCs — all to divergent' issues. -!ffor does 

show how the projected expan- growth targets for developing Governments have felt the need make. The West has responded smrie extent offset the." 'con- West have' anyjclfeajr idea of hojji *•••« 

sion of LDC current account nations foresees a far wider tio borrow or have been unable to this unwieldy raft with' straints ■ imposed on them far it wants to •’'go. But ttSSn aa **« 

deficits until 1985' (rising in foreign exchange resource gap. to pay their debts, they have critical comments that have throufdi growing protectionism change in direction is rionethjH •*» JJJ 

money terms by abofit- 7 per 6 — A slowdown of export turned to the IMF either to in- forestalled the need to co-ordin- ~ln the West But understand- less noticeable arid Important HI] ••• ms 

:::. ••• 


■nh 


TEE TIDE of military role in region, like Paraguay where 
Latin America is receding. In General Alfredo Stroessner is 
the next three months three enjoying his third- decade in 
countries are scheduled to move power, are making no • move 
back towards civilian Govern* towards civilian rule. + Waw 

ment In Peru General Fran- The reasons for this wide- Iwlay LTay 
cisco Morales Bermtidez, the Pre- spread shift In politics are not shouidiyon. happen next Mon- 
sident. is convoking a con- difficult to find. In the .first , . , EI]lntt - s 0 = 

stituent assembly in June which place the military have shown , < f aSS _ “ . 

is to decide the best way back themselves to be no more com- *“ oe s h°PS, and see the staff all 
to civilian Government after a petent than cirtlian politicians ea S e r to sell you some smart 
period of military administra- in tackling the problems of boots, remember that the firm's 
tion which has lasted since development which alL the directors are hdlding the line 
1968. In July the military junta republics of Latin America face, against International Marxism 
in Ecuador and General Hugo In the second place President (their capitals). The group has 
Banzer in Bolivia will hold Jimmy Carter's policies on . ... . . ... 

elections which will, it is plan- Latin America have been having ? nno !!*fi ed ^ at lts S ^ jr ops 
ned, allow the military to go their effect Over the past year he staying open on May Day, 
directly back to their barracks the White House has seen to which it believes is being “ per- 
leaving Government . in the. it that those governments which verted” hy Left-wing politics, 
hands of parties organised by have consistently disregarded to the detriment of its. tradj- 
civilians. • "the U.S. hmnkn rtghte initio- tionaI role as a spring festival. 

cvv«ff trves have felt Washington’s dis- 

Signs of change favour. The most notable ex- J ,. w £* n 1 w «“? ° £ l 5 e 

In other countries, too, the ample of this process is to be Qire ctors Adrian Elliott, he 
drift away from Government by .witnessed at the. moment in ex Prossed surprise that some 
the army is being felt, albeit Santiago. The U.S. Administra* 

not as directly as in the three tion is pressing the Pinochet ^ ^ Y; ouJ ^ . h ,® 

countries already named. In government hard about its sus- said tnoughtfully. we don t 


MEN AND MATTERS 

Kicking out 



The spokesman then admitted drum ” and displaying contempt 
that pools are illegal in some in letters to the Cardiff papers 
of the countries where the about the quarrels over the pro 
advertisement would circulate. jecL It looks as though Jim 
All that apart 1 future . .frill - be 'ftetog’.soE&e heckling if 

advertisements could. ■ prove hje .appears at the public debat 
surprising, particularly if there ing sessions that are now in the 
are some winners from West windi. 

Germany or China. Besides ~ 
those 


anonymous winners, 

Hitchin Man and Llanelli Man, Ufirlp flipj- 
we might have Heidelbeig Man ww ,uc 
and Peking Man. One of the more curious pieces 

— — — — of intelligence from New York 

ex*- is that Heinz are negotiating 

oxar wars to take over Weight Watchers 

Go, and catch a falling Star. . . • This follows on the footsteps 
The arguments surrounding a of an agreement by which 
£250,000 sports project in South- Heinz will acquire Foodways 
East Cardiff, the Callaghan con- Inc., which makes, frozen 


“ Not the size or fish catches. 
I’m afraid, bu; farm price 
increases! ” 


Chile General Augusto Pinochet pected involvement in the Wow* ^^.to be^L°ts of us see May Bigger DOol 
* j-.,-.. Ls ^ — « — — -- «- - • — a- - —■< — uay in terms of tanKs in Ken «=*« ^ 


has remodelled his cabinet so ing up of Sr. Orlando XeteHer,.- 
that it now contains a majority a former Chilean foreign minis- j 
of civilians while over the ter, in Washington in 1878.1®“?]“. *? n “ up 
Andes in Argentina General > principles. . 


Andes in Argentina General SStmiSeant 
Jorge Videla and his fellow Zlgmjicam 


So we Thought we Litdewoods Pools .'must- knew districts concornod. The Adams- 
stand up for our somethiiig. If they are pre- J ovw '" Community Trust is a 
pared to spend $2,450 on a foca ^ P° in t dissent and its 


stituency, go rumbling on. Itb luh^es and- (Mzmera under the- 
planners, a group of county Weight Watchers’ label, 
councillors and other local Well, there may be 57 Heinz 
worthies— with the prime minis- varieties to choose from, but I 
ter as their president— were hope that all those: secretaries 
yesterday charged with not tak- in search of slender elegance 
ing^ enough trouble to consult will not start turning to a diet 
residents in the four deprived of baked beans and mayonnaise. 


■ Elliott’s will not be compel- l^ti-page _ advertisement _ in 


tocai point or dissent and its cul> c x 4mri 
chairman, Ede Belcher, has otamp 


officers in the M there «e . WrHe tte European. Com- 1 Ung their staffs to work on May SuTS^fSriSkliStan r?p°uhllc of^huthaSahS 


saying that civilians will more inunity has been less explicit Day. Attendance will be volun- -* star ^ the acronym of their i u Rt 

and more be called on to take than the Carter administration tary— although it seems that gamblers or that the markets na m e s __ SpTott Tremorfa if rennWtefSI ?££ 

responsibility for Government in- demonstrating its disap* most employees are eager: per- are losing their attractions. Adamsdown and Roath. ’ W hn rannoAwKi Jre’ fmiiShf 8 
Even in Brazil which has been proval, the transfer last week haps it is the prospect of double 'ou could win £500,000 any Af{ ~ a JoU “ ry scheme to foundlfl S 

under military rule since 1964 of toe principal EEC office in pay and an extra day off. . week." the advertisement In the raise fund ra j‘ t difficulties iSiSSP? ,e §i22 
there are signs of change. The Latin America from Santiago to Notwithstanding the firm’s L n “ ra , ational , thro «^ lack of sippon. to^Sta? bo °L« ^ 

impatience of large sectors of Caracas is a significant move. des ire t0 avoid provocation, the reads. Niiw-lenths of 0Tg&nlser& approached the KaSSri dSLif 

the public with the artificiality Caracas is the capital of Vene- 450, 000-strong Union of Shop, J? s readers are outside Britain: WeJsh 0ffiee f0r fUnds But iSJlf, f 

of the system of strictly con- zuela and Venezuela is a Distributive and Allied Workers but a Baflk of England spokes- community workers think the Zhb* ^ 

trotied political parties has democracy. says it takes “ a very poor view assured me..toat priorities in building a massive ” 

been manifest over the past The importance of the trans- 0 f the suggestion that you are resrdenT Samblers' bare t * e sports .centre may -be aut'i'* - ■?-■ - 

“ — - • - Tight to upon dl_.a.eir 0rter.lt point, to its owo.efforU 


year- When General Ernesto fer was underlined by toe fact! a Communist if you take a right 


Geisel hands over power to that the new office was in* holiday on May Day." A union winnings and there was no in opening a playschool, a pen* X* SS? -»J2!5?S!L - S 
General J0S0 Baptists Figuei- augurated.' by Herr Wilheim official told me he thought the. difference where football pools s i 0n ers’ centre and an advice «PJS® P0US - 
redo next year he is likely to Haferk&mp, vice-president of company' was being distinctly are concerned. office with scantv funds One P 1 ™ 1 ™ a , *““«• Iorfc 


and 


- * . .. - J company was being distinctly - . "IUI l v x uiiup, t/iic cr>AHn A clntlT to jan- nr .,. j 

advise his successor to give toe the EEC Commission. old-fashioned— and indeed, it A'Littlewood spokesman told of the community workers Clive 85 » A *” “ “®* red 

- - 1 --' - — - w ' upon the howl of the spoon. 


civilian politicians much more If all goes well toe swing was founded in 1776, all of 13 that they had authorisation Grace, 


_ „ tad authorisation Grace, told mo yesterday that “ l “ e s P oon - 

room for manoeuvre. away from military rule and years' before the French Revolu* to pay winnings outside the muc h of the work in toe Star , “ „ „ jwfbv.' 

Even in those countries where towards civilian administration tion. USD AW also thinks that sterling area provided the districts was with unemployed flogai,: „ “ lood 

military rule is closely entwined in Latin America could accele- ElUotfs are confusing the whole premium came in foreign youth. “They might not react fre 8 ®^- It is hard -to.beUen 

with family tradition, as in rate from now on. If it does issue by saying they close on exchange, .... . well to a concrete monolith of f0Ur months of quasi- 

Nicaragua which the' Somoza Washington and Brussels wiH Good Friday but will open on He said that only 29.8 pence a sports centre," he said. freedom have so eradicated 

family has been ruling since the be under something of an obli- May Day, since both are of each f 1 stake was returned There is clearly a feeling that P^riy that Bophuthatswana's 

early 1930s. there have this year gation. Having censored toe national holidays. However, the to winners. The Government the sponsors— branded to me as peoP 3 * risk getting the bwanas' 

been strong calls for a move to military, they wiil.be bound to union’s officials will be glad to takes 40 pence and Littiewoods very prestigious "—are out of 

civilian Government. To-day it pre ear to reasonable requests hear that Adrian Elliott thinks the balance. I would have touch with the districts con- 

ap pears that only the least for economic and. financial as- they are “ doing a good job and hoped our businessmen work to cerned, Belcher yesterday 

developed countries of toe sistance from the civilians. are not politically motivated-" better odds than that. accused them of M beating the 



•••• 

;••• 

Ml 


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til 

SJM 

I 





«iij ji 




Street through Peterborough. Today, the dtyhaaona of 
Emope'S finest road systems. 


^ : u — : . — - * —*^^**w V— M ■■ iW 1 MO B Mi 

"TeteiBoTOqgh Qffexs a rompany looking far nawpi^gnisag 
or silarfOTth^r own, bmHing. Peterborough has nil file 


■ And London, is only an hour away. 


to PoterbotouglL There's alargeppol of tobohr. Bates 
a^toic&lowpt than in London and theSoufhEasfl 


• Kncf John Cmw .-•••• 

^ - Chief EBtates3m.Vefyor-: -• 
GZ33-6883} . ' ! V - ‘ : ; . . 
Peterborough pavaloj^ 

- POBox3 . 




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' April 25 1978 


e 



SURVEY 


19 


Tuesday, April 25 1978 




TT — » - •« • 


Spanish Banking and Finance 





V ... ... .- 

'H-v 

■“U- - • • - 

"*l.r 

'ki.? ' ‘ :’■ 

■ i ^SBCESSIT days, there has 
- £be ■ unusual spectacle of 
of . banks, in Spain pub- 
loanciag the availability 
i-tenn credit at attrac- 
The offers bare been 
either at small and 
companies- or at 

Tn _ generate new jobs. 

.„ ffsi the response has been 
!:-.^SmnuL. This is not because 
considers a rate of 
.... ^v^par cent " for three years 
: ; . ^(reasonable. It is simply that 
;,^&amd f()r credit in the private 
• ^ts^r^ slacfc and has been so 
.. ajferznonthfi noW. Indeed the 

V : tah» .difference now is that 

has ceased to- be so 

■ . :^ensive and is inure readily 

:-..)-~^The slack demand for credit 
■-r^itecto the general lack of 
' ,\‘:.Tifldence that still . persists 
fj^inaghotit the . business com- 
: r- over, the direction of 

: economy. Back in- October 

; ien tite governjpent and- main 
” position parties signed the 
. : rjncloa pact that Included a 

■ pf tough., economic. 
.'V ^sasures to curb inflation arid 

:^|tice the- payments deficit, it 
■/"' *■}» hoped that byntfw the Worst 
'; '^-3uld be over." At least the 
-t^ijession would show; signs, of 
V < : ^.tWning out This is not the 
sfe Unemployment continues 
rise and Is now oyer 
-■ -'ii^cks continue to be . drawn 
r ^wn — and the .State sector 
art, new investment Is riot 
i: ^coming. ' 

'.^Before painting too gloomy a 
‘ _ it as worth drawing 

~ r- ^ffintion to the f ew brigh tspot5. . 
: 1 — ; jee tile peseta devaluation of 
.. u Mt July monetary policy has.- 
Y/^enused as the key instrument 
* ‘Government economy policy. 

■ - - ^particular high priority has 


Spain’s aspirations to become a member of the European Community require it to make 
radical adjustments in many sectors of its society. Chief among these are financial 
institutions which, as this Survey indicates, are lacking in modem ways of thinking. 


been given to curbing the money 
supply; gradually reducing its 

annual rate of increase from 21 
per cent, to 17 per cent by 
December 1977. This was 
approved by the Mondoa pact, 
which envisaged maintenance of 
this level throughout 1978. The 
Bank of Spain, however, took, an 
even more restrictive view of 
this policy and last Octoberthe 
money supply increase fell to as 
little as 10 per cent, pushing up 
inter-bank rates to as high" as 
21 per cent Because, tile 
majority of credit is shortterm 
for some six weeks there were 
serious distortions in the 
money market 
The" net effect was to put more 
pressure on the cash flow prob- 
lems of many companies and in 
turn frighten the banks from 
lending. The high cost of money 
was also an element that led to 
the collapse of the Banco de 
Navarra in January. Since 
January, however, the Bank of 
Spain has taken steps:. ;to 
cheapen the cost of money arid 
remove these tensions. But .this 
was an awkward moment and 
many felt the Bank of Spain, had 
over-reacted at the time. True or 
not it has made it easier- to 
adhere to the overall objective 
of keeping the increase : in 
money supply down to 17- per 
cent this year with a 2.5 r per 
cent margin of manoeuvre., on 
either side. In the first quarter 
the margin has remained on the 
underside of the targeted- 17 
percent . 


Prom an annual rate of 30 per 
cent, last November it is now 
about 20 per cent and can, it is 
hoped, be brought down to lo or 
16 per cent by the. year end. It 
has also been a major dampener 
on demand. Imports have 
levelled off and this, coupled 
with the effects of devaluation 
and a switch of productive capa- 
city to exports, has allowed the 
balance of payments to improve 
out of all recognition. Before 
devaluation the current account 


may well make more sense to 
draw down on reserves a little. 
This might also help to offset 
the beginnings of a note of con- 
cern among the international 
banking community over the 
level of Spain’s foreign debt. At 
the end of 1977 foreign debt, 
excluding abort-term commer- 
cial credit, was $12.9bo. This 
year it will be paying $1.7bn. 
in principal- and $800m. in 
interest 


from the fact that the dampen- 
ing of the economy has been 
achieved without any major 
structural reforms of the eco- 
nomy. Inevitably such reforms, 
which are long-term by nature, 
lag behind immediate measures, 
but the Government of Sr. 
Adolfo Suarez has shown itself 
far too preoccupied with 
political issues despite frequent 
statements that the economy is 
the major priority. 


delayed the' implementation of 
important policies and has done 
nothing to dispel the sense of. 
immobilisme that has sur- 
rounded the Government’s 
approach to the economy in 
recent months. 

This has been evident in four 
main areas. First, the Govern- 
ment is four months behind 
schedule in approving an energy 
plan, a delay caused partly by 
a change of Minister in 


Decisions piling up 


By Robert Graham, Madrid Correspondent 


Cutback 


This, tight control of the 
money supply has been an im- 
portant factor in the sharp cut- 
back in the rate of inflation. 


deficit was projected at $5.5bn. 
for 1977. It turned out to be 
$2.5bu. when only in October 
this was the 1978 target. 

On present projections the 
current account deficit will be 
around $1.5bn. this year and in 
the first two months there was 
even a $7m. surplus helped by 
good tourist returns, higher 
exports and reduced energy 
imports. Thus reserves now 
stand at an all-time high of 
$7bn. and the peseta has 
retained a fairly dean float. 
Indeed, the reserve position is 
now probably strong enough 
for the authorities to consider 
a revision of their approach to 
foreign borrowing. 

Instead of borrowing over 
$3bn. this year on the Inter- 
nationa] market as planned, it 


The strength of Spain’s 
external position, the cutback in 
the rate of inflation and general 
adherence to a 22 per cent, wage 
ceiling have been achieved at a 
high price. Spain Is now 
experiencing a recession whose 
severity is much worse than 
anticipated. The Mondoa Pact 
envisaged a 2 per cent increase 
in domestic product this year 
and a dedlne of 2.5 per cent in 
capital formation — but both pro- 
jections now seem optimistic. 
The main activity is coming 
from Government expenditure 
and a continued substantial in- 
crease in the release of official 
credit Meanwhile the private 
banks, which normally account 
for 60 per cent, of total credit 
are playing a lesser role. 

The prindpal concern stems 


Until the new constitution, is 
approved and the municipal 
elections out of the way, prob- 
ably not until the end of the 
year, it seems that Sr. Suarez 
and his Ministers will be in no 
mood to direct their full atten- 
tion to. the economy. As it is, 
Sr. Suarez was obliged in 
February to accept the resigna- 
tion of the chief architect of 
economic policy. Prof. Enrique 
Fueutes Quintana, the Minister 
of Economy, and introduce vir- 
tually a new team managing the 
portfolios that deal with the 
economy. 

The Cabinet is now more 
homogenous, and it is to be 
hoped, less prone to the kind of 
squabbling and personal rivalry 
that bedevilled the previous one. 
But the reshuffle has further 


February and partly by the 
ioherentiy awkward choices 
presented by the plan that in- 
dude greater State intervention, 
especially iii the running of the 
privately-owned utilities. Spain 
is the only large industrial 
country not to have come to 
terms with the problems 
created by the quadrupling of 
oil prices in 1973 and energy 
imports are now a quarter of 
the trade bill. 

Secondly, tbe Government has 
found itself unable to make up 
its mind on wbat to do with a 
mainly privately run steel indus- 
try that has at least 2G per cent 
of excess capacity and ' has 
accumulated losses of $3 65m. 
which will double by the end 
of the year. It has been equally 
underided over the . future of 


tbe shipbuilding industry, with 
40 per cent excess capacity. 
Thirdly, it has failed after nine 
months to reach a settlement on 
the future of the country’s 
largest and ailing capital equip- 
ment manufacturer, Babcock 
and Wilcox. 

The Ministrj oF Industry 
wants to avoid the precedent of 
the State supporting “lame 
ducks” but this has only com- 
plicated the solution. Mean- 
while, the company has had to 
suspend all payments as of- last 
mouth and has defaulted on at 
least three foreign loans. The 
company’s predicament may be 
particular but foreign bankers 
are unimpressed by the lack of 
urgency with which the Govern- 
ment has reacted. 

Fourthly, the Government has 
been toying .for over a year with 
the issue of the admission of 
foreign banks to Spain. Despite 
a set of criteria existing for at 
least two months now no deri- 
sion has been made. To this 
list of indecisiveness one might 
add that the president of the 
State holding company, INI, has 
just resigned or been made to 
resign after six weeks of 
rumours — without the Govern- 
ment having a replacement 
agreed. 

In ail these instances Sr. 
Suarez has preferred to defer 
rather than upset powerful in- 
dividual interest groups. The 
banking community, with its 
close involvement in industrial 
equity and still jealous of the 
privileged position that it en- 
joyed under the protectionist 
system of Franco, has been a' 
particularly strong lobby. 

Already business confidence 


has reacted uneasily -to the 
prospect of greater trades union 
power and the development of 
democracy in Spain. However, 
the Government's indecLsiveness 
on important economic issues 
has added to this uncertainty, 
making the climate more diffi- 
cult to implement measures like 
the overhaul of the tax system. 
The latter is the one reform 
which appears to have been 
acted upon with the greatest 
despatch. 

Short-lived 

A more basic problem is that 
economic policy, as contained 
in the Mondoa Parr, is based 
on' palliatives. Halting inflation 
and improving the balance of 
payments can only be a short- 
lived achievement if once the 
Government decides to stimulate 
economic activity import 
demand rises, inflation move?, 
upwards and the pressure i>n 
wages and living standards 
increases. Yet this is what 
threatens to happen. 

The problem is not uniquely 
Spanish. The difference is that 
(Spain has a relatively weal: 
export base, with exports play- 
ing a much smaller part in 
GNP than in other European 
countries. Spain also still 
cushions domestic product? 
with a substantial degree nf 
protection, a protection that it 
is in theory committed to dis- 
mantle if it joins the European 
Community. This tends to 
suggest that palliative measures, 
in this case tight money supply 
and dampened demand That 
keep unemployment high, will 
be retained as medium-term, 
not short-term policy. 




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••••••••••••••• •••• 

BNP 



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commercial bank/ has an international network 
extending over sixty-eight countries. 








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=L.*~1 ]6 Boulevard desKcHera 73)09 Paris 

- 1 td:2444546Tete»28aai5 


'• 

•• 


BNP 


•! 

*• 

•• 

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Vv«%v.%v»%%v»v,v.v/w.**v/»%%vav/*v»vav*%v«%v»**v*v*V< 


BANCO EXTERIOR DE ESPARA 

The exporters bank 



EXPORT CREDIT 

Leading Spanish Bank in export finance, accounting for 47 % of the aggregate amount of Spanish 
export credit outstanding at the end of 1977, and for 76 % of the loans granted in the same year. 

Record of credits granted in 1 977: 1,717 million US $ in effected loans and 3.637 million US S in 
committed loans. 

Lines of credit currently extended to 27 countries, for a total amount exceeding 1,000 million US 3. 


B.E.E. NETWORK IN EUROPE AND 
Europe 

FRANCE: BANCO ESPANOl EN PARIS (20 branches) 

16 . Roe de fa Chaossee d'Antin. 750© PARIS. T: 8246841 

UNITED KINGDOM: BANCO ESPANOL EN LDNDRES (5 branches) 

60, London Waft LONDON EC 2P 2JB. T: 6288714- 

F. R. OF GERMANY: BANCO ESPANOL EN ALEMANIA 13 branches] 
Crosse SaUuastrasse 1-7, 60© FRANKFURT7MA1N 1. T: 291061 

BELGIUM: BANCO ESPANOL EN BRUSEiAS (4 branches) 

4, Place de Breed are, 8-1000, BRUXELLES. 7: 2130200 

• Correspondents att over the world 


AMERICA 

America 

PANAMA: BANCO EXTERIOR. S.A. [4 branches) 

Av. Balboa, esq. calle 41. PANAMA. T: 25-3500 

PARAGUAY: BANCO EXTERIOR,. S.A (9 branches) 

25 de Mayo y Yegros. ASUNCION. T: 92072 

UNITED STATES: CENTURY NATIONAL BANK & TRUST CO. 
1372 Broadway. NEW YORK, N. Y. 1 0016 . T: 695-7400 

NICARAGUA: BANCO EXTERIOR, S.A, 

Plaza de Espahe, Ethficio Malaga. MANAGUA 

ECUADOR: HNANC1ERA 1BER0AMERICANA 
Apdo. 2777, Edit. Cristobal Colon. QUITO 


Banco 

Home Orsa&iza&R 

Exterior 

Head-Office: Carrera San Jeronimo; 35, Madrid fT4) 

deEsparia 

Apdo. Correos 1042. T: 2327800, 232742a 

Telex: 27741 «EXTEBANK» 


Orgenhatioa abroad 

• 8 Banks. 4 Finance and Commercial Corporations 

• 8 Representation Offitas covering; Mexico, .USA, Portugal, TJ 
■ Colombia, Guatemala, Venezuela, Brazfl and Argentina. 


^ 2 ** 







20 


• 1 


!ff 



Financial Times Tuesday April 25 197 f W 



SPANISH BANKING AND FINANCE II 







mi 



For every US Dollar investedin Spanish industry, 
: 30 cents are invested by INL ; 

For every USDaDai’s worth of Spanish exports, 
17 cents are accounted forbylM companies 

Few every US Dollar of Spanish Gross lndus trial 
Product, 10 cents are accounted for by INI 

The INI group is present in the most im- 
poriant sexrtprs>of Spanishjn^usfiyjrEnteigy: . 

(Oil, natural Gas, Uranium, Coal, Electricity); 

Steel and Aluminium; Petrochemicals; 
Fertilizers; Woodpulp; Manufacturing 

(Shipbuilding, Aircraft, Trucks, Automobiles); 
Engineering and Gonsutting*Air Transport;- - 
Stripping; Foodstuffs; Tourism. 



Institute Naciona] de Industrie 

'Address: PlazaMarqngs de Salamanca ft Madrid 6-Sp«*ia 
Telex: 2221 3 INI « - Cable: ININDUSTFOA 
Telephones: 401 40 04-402 31 35-401 40 06 



Bank 


International Ambitions 

The BANCO HISfi^NO AMERICANO, with a network of 1,100 branches situated 
tfiroughout Spain and ah international organisation, is superbly placed to ensure that 
it offers the best possible sente to its customer, both at home and abroad. 


* Asads and liaibiBties as ai31** decanter 1977 

(USDaOars-mHBons) 


ASSETS 

Cash & Banks 
Investments 
Loans &_Discounts 
Other Assets 
Contra Ajfcs 


'1,752 

1,033 

5,859 

392 

7,449- 

16,485 


LIABILITIES 

Deposits 
Other Liabilities 
Capital 

Surplus Profits & Reserves 
Contra A/cs 


8.123 

409 

233 

271 

7,449 

16,845 


International Developments 

BANCO HISR^NO AMERICANO is fully aware of the commercial and financial climate 
. that links Spain to the rest of worid and has made, during the last few years, a sustained 
effort to provide its extena ve netwoik .'.of branches, with an excellent international 
service. It has recognised the needs of both Spanish exporters and international 
inyestors. Side by ade witb these developments, the central departments which liaise 
with the International Division have also heen reorganised. 

BANCO HISFANO AMERICANO’S excellent understanding with similar banks all 
over the world forms asoundbasis for international business. In order to enhance this 
position we are established directly in the major international financial centres and 
we have a wide network of Representative Offices in several continents. 


EUROPE 
branch' ' 

Paris 

Banco Hfcpano 
Americana 
1 AverriJt Frankihin . 
D. Roascuch 
75006 - Pans. 

REPRESENTATIVE 

OFFICES 

Frankfort 

6 Frankfurt am Main-1 
Kafaerstrasw, S 

Copenhagen 

(for Scandinavia] 
R&Baisphtfcen,4 

WHOLLY OWNED 
SUBSIDIARY 

LdwaAtnas 
BaDGoHcpano 
AmatanoHokfes 
OaxamburgaSA. 
22-24 Boulevard 


PARTTAUY 
OWNED 
SUBSIDIARIES 
_ London 
Banco Urqiiflo 
Hspano Americano 
Limited 

S Laurena?Fotnitoey 

Hill 

Bnwcb 

Ni 


40. Boulevard da 


G 

Rhortnier ■ 
iSodeteRhodanfennc 
d'lijwstjssBTieius . _ 
Inrexnafloruux) 

1 1, Quai des Beiges 
.bis (Instituildhal . - 
Research mid 
liiwsofieniServiesJ ' 
aS. Rue du Stand 

Utunboiug 

Europanners 
HUg.S.A 
l l.AvenuedelaFode 


Surinfidna , 
CommeraOedfc 
Bank A. G. 
Emopartnes 


AMERICA 

AGENCY 
New York 
Banco Hispano 
Americano 

iTower 
.Avenue 

REPaisENTAITVE 
OFFICES 
Bncnos Abes 
Contends. 456 
Dpto.81 
Edition Safiro - 
Rio de Janeiro 
Awfa.Rfo Branco. 134 
Etfifido CgqKidO, . 
elndustria . • 
Bogota 

Cafel7.N.°7-35 - 
Edffido Ba nco Pfrp ufar 


San Jose. 

Costa Rica 
Cafe Carnal 
EdlfwoCoiUii' 
Mixico 
' Avdo. 16 dc 
. uymbri?. 66 

bhcio Pnncca 
Lima 

•faun Huollaga, 320 
Edition Mefchormato 

Caracas 

Auda. Urawrsidid 
. esq. a.Tnpcsos _ . 
Edifido Banco 
HipotecartoCr&lIlo ' 
Urbano- " 


AFRICA* 

MIDDLE EAST 

REPRESENTATIVE 

OFFICES 

Beirut 

Riad Sofr. 5tr«f 
Arab Brink Btaldmg 
Teheran 

b K«yfen Khan Zand 

PARTIALLY 

OWNED 

SUBSIDIARIES 

Casablanca 
Untoi Banana 
Hspano Manoquf 
69 rue du Prince, 
Moufay Abduibh 


Cairo 

Mbf Inioinatiorial 
Bank 

I So Muhmed ' 
Fend Sn.-et 

Teheran 

Cie.panir.:o iSoeitdad 
•fcFWiodony 
iVMioi.Hnipano 
L'anu, s.A.) 
t oi Lvmjiav 
Senwi.'a 
31 1 Buikhng 
193 ban E-Novkn Av. 


site. 

BANCO HISPANO AMERICANO 

L' rTERNATfONAL PARTNERS 

BANCO Dl ROMA - COMMERZBANK - CREDIT DfONNAIS. 




COMPARED WITH Spain’s 
industrial weight and level of 
economic ■ development, the 
structure of its banking system 
has remained 1 extraordinarily 
archaic and complex. A foreign 
banker the other day said that 
it reminded him. of a large 
multi-layered chocolate cake 
that had been allowed to melt a 
little in the sun so that all the 
layers coalesced. _ 

There is more, than a grain 
of truth in this analogy. State 
financial institutions and State 
policy merge with private 
institutions and private Interests 
in a confusing blur. It is. a 
system long accustomed to State, 
intervention — yet the powers 
that intervene have teen in- 
timately linked with the private 
sector. Right up to 1974. the 
system’s deficiencies ' were 
masked by the economic boom 
and protectionism. But in the 
current recession, and faced 
with the prospect of liberalisa- 
tion, the system is under siege- 
and going through a major and 
painful readjustment 
The more open-minded within 
the Spanish banking and 
financial community — and they 
are still a distinct minority — 
regard the period of readjust- 
ment as both healthy and neces- 
sary. Indeed they feel it is an 
essential prerequisite if Spam is 
to play a part' in the enlarged 
European Community. The great 
mapjority are stiU fearful' of 
change, reluctant to let down 
the barriers of protectionism 
and bemused- at 'how to cope 
with recession. • • • 

The impact of the State Is 
felt not merely through the 
Bank of Spain (BOS) which ad- 
ministers monetary policy— the 
most important single instru- 
ment of economic control. The 
State also has its own specialised 
credit institutions like the 
Farmers' Bank, the construction 
and mortgage banks and the 
Banco Erferior which finances 
exports. More important, the 
State has relied, as an integral 
part of the banking and finan- 
cial system, on mobilising re- 
sources through extracting a 
percentage of both bank and 
savings bank deposits, for in- 
vestment in specific economic 
sectors. 









Interbank Market; M to day dperatiohs 

25.fr = 7 C= • - • ~n 


Strategic 


The idea is that the Govern- 
ment then has available cheap 
credit for strategic areas. Credit 
so mobilised has become known 
as “the privileged circuits." 

However, until last year tte 
Government never felt obliged 
to account for the use of such 
resources and often they were 
misused. The privileged circuits 
also perpetuated the official 
control of interest rates. 

Furthermore, the State 
presence has been felt through 
the enormous financial im- 
portance of the social security 

budget. This absorbed the social per cent, the local banks almost tipos” 


Ten Day Averages 



mu d firm- sized-. family-COntriJ- ~r: . : : * 
batik seeking to consolidate ~ r.. . : 
future under the wing of m# 1 ""-- ; 
bank. In -addition/the SiunF-' ■y-'. 
(Ffehro in the case oEJ6ar?: : : • 


. appeared more . than happ?^.? ;* . 

, . obtain a more realisable ‘ 

asset in-tbe form of. shares^ ^ *.'1 . . 

-. big bank. Another njotiL ' 

■ vdtfi Giedps for - kHtance-rC s * ' 1 

been; to- offset potential 
- -ties arising from the cu m 
effecte of the recession. Alii^/ - 51 " ? 
eertaiulymore hanks will :r - : ■ 

• and there are many nimouf c1 ' a-J ” f 
eluding talks between • 

. Rumasa group and Banesto. 
bankers believe that the 
.. step could wefi.. be for 
. smaller banks -to- merge at 
themselves - rather than- . 

' bigger units. 

little- has been' said of. 
carefully these ■ mergers '■ 

(under - the - table been thought through — 



security contributions of em- 10 per cent, the regional banks premi um s above official interest there remains a strong fei 

plovers and employees and paid 8.5 per cent, and the foreign rates) have found tbemselves that because of the indivi 

out health and welfare. Again, banks 0.6 per cent). • squeezed... style in which bainks are ru 

until last year, this system was Spain in fact has more banks Additional pressure has been Spain- one organisation, is nil 
not monitored and was not in- than it needs. It else is over- placed on those banks with being grafted on to ano 1 
corporated into the budget, branched. In 1974 the BOS loans to industrial enterprises ’ Greater size is not seen 

even though its expenditure was sought to stimulate the banking that have suffered -cash flow necessarily, more efficient ' 

greater than that of the budget, sector by liberalisation regula- problems from reduced domes- Indeed, the rivalry anions 
The widespread suspicion was tions on branch opening. The tic demand. For the. first time 'leading banks to ach 
that social security contrihu- result was that in the following the- huger banks have - found primacy was an important 
tions were also used to provide three years 4,580 branches were ft necessary to increase sharply sideration that pushed Ban 
cheap official credit, buying also opened, compared to 2,784 in tb? provision for bad debts, in to buy up Coca so that it c 
Treasury hills and bomh of the the previous 12 years. Last some instances raising the maintain: its position as 
State holding company INI. Its year the increase in the open- amount by 100 percent leading bank ahead of Ceni 

share portfolio to-day is prob- mg of new branches was only ^ c^nAnniiv the rrnnm»m»i - -bS — 
ably the single largest in the 12 per cent, compared to an Kani-e have found themselves ii, Th ^v Pr ^ , i eS i? aVe f* 1 * 

previous ^two^ yeare f °it ^is ™dcr ^easing pressure from latere hare teeMhree"' 

to ^promote* the stock '"exchanges now“ tt ? ^^0000^. SSS. ^ 

by holding a substantial port- su ^ h expansion was too rapid akin -to ffie teUdtog lelLif?* 

folio. Since last July the BOS and ^ l]I not repeated. Spain ^^es in Britain in terms of ^ ^ an ? on J “ ni 

has not intervened on the ex- for ever y financial, weight have proved ^ sn6 t ht£ tant ram/hrinf! 

change as an act of deliberate 3 ’ 500 inhabitants. fl^Bwelros far more ^Cantabrn co. 1 

poticy. But both through social Another particular feature is in Attracting deposits because- 

security and through the BOS the heavy involvement of the' of the liberalisation of interest' el „ B ^endonaL . TI 

the Government possesses a for- banks in every sector -of rates. They have also since oanKa wmeyi o 

- extended themselves, in 


Imidable arm to influence the economic activity, not merely last .summer been allowed to 



private banks have been kept are no figures available but creastfff tinder taie point against *^* 8 could i tbttI .Pt«.5ter 
under verv loose control. It did guestimates indicate that 2lTperf?eari.:iii December; while T ) ^ ler - two ■ hanks. baye ; ^ 
not interfere with profitability Spanish banks either own 0 r chiringtfefi same period deposjts ^ en ? v ^ hy^ spKrally fsW 
— rather has its net effect been indirectly control over 50 per lathe savings bankas Increased hospital'"—* bank' w*t«i 
to dampen competition. cent, of Spanish industry — an -to IT pef^ cent and 15 -per cent, PUs.500m. capital subscribed 

There are now 108 private exceptionally high percentage, respectively.' per cent by. the BOS and 

(banks in Spain (against almost In turn this links the banks - - '' ' remainder by all lie prft 

1 190 30 vears ago) whose com- very firmly to .the industrial ... * ■: . hanks. _ Caiitabricp will P| 



and four foreign which have in few hands. At ' the ban od jje establishment .of . ^ Atks afp , 

established themselves through same time bank directors have fordgo banks in Spam has also neritble. But 'these three ; 
historical circumstance. The traditionally been closely had .lapses bare" prebahly had 

main characteristic is that seven associated with the Government effect Jfos* Of co®" saint ery effect on the aiith. 

large banks— Banesto, Hispano- so that certainly in Anglo-Saxon nutoity^ve view^ftia .^os- ^ ^ ; Qb 
Americano, Bilbao, Vizcaya, terms the instance of conflict pect wtth a m^tare of ^pidon as-a'! whokj. -Ti 

Santander and Popular-account of interest in official duties offers have teen 

for some 60 per cent, of all would be high. tiaHy .wfthiirlte andl 

deposits. If their wholly-owned Against this background s ig- to tte ^ ^ public, Whose depffl 

or partly-owned banks are in- nificant changes are taking fioaranteetT-' by a ft 

eluded the percentage is even place. First, the recession, ^ attabli^ied ■ last-^Jetober.- 1 

higher, while three banks — which began to be felt last ,n ? re 85 a ' c0nse ^ ue “ ce f hC‘poblic 

Banesto. Central and Hispano- autumn, has exposed the miner- °“ er r^T^-ftiture is expected to plump 

Americano— account for 40 per ability of the small and badly (that mapflfiS _ me dealing:- with the bigi 

(cent nf total deposits alone. managed banks. Those' banks hanking con^UPity nas^ientog banks, Which have a more so 

! There are in fart relatively which expanded fast paid ne€ ^ to i_ prepare agamsi. suen Already there is-afl 

few banks that have a proper higher salaries to attract extra competition.. . - _ •. .. evidence of a transfer' of 

( national coverage, yet they personnel for new brandies, In tilisrcase of Central / Brenc o posits' from- the smaller- baj 

account for 08 per cent, of all and competed for deposits by and Banesto/Coca and Banesto/ to the .larger. ^ 

! credit (followed by the in- over-indulging in the illegal Madrid the. . \ Roljert Graha 


dustrial banks that provide 14 but tolerated practice of “extre- appears to have been that pf r ' . 


A i 







21 


ed, 

ion 


SPANISH BANKING AND FINANCE HI 



sway over 





? i. 


* -r Ij. 


•I 

4 1 «yi«. 





HpOKDING .TO -baa HOjnmon Since 1973 feedifferaacesbe- capitalised. Spanish banks not 
gjaste, Spanish hanks owio twee® the Two kinds, of bank only prefer to avoid the indus- 
^tbin& over. 40 . J«r. eent of have been- largely eliminated— trial risk by lending* instead of 
k.^l^iS.'tibdust^F.C -Any. commercial banks can now -issue increasing equity capital; 
rt'. figure, ~ given * jtheV small bonds, for example, OB&'flje^per- interest payments are Dot taxed, 
fe^t of i^forinatinn; on their centre of- industrial banks in- whereas dividends are. 

. holdings. -.the banks vertxaefits controlled by the if these links imply that banks 
iglose, can.be. np mote than a State has been' raised to bring 4t are in a. position to' exercise a 
fW ®?®ss- What .is. clear; nw3r more nearly iztfbTiae wife great deal of influence over 
ijmer,' is: .thatv the' hahM-r- that fOr'-comnierciai bantam Al- industry, they also, however. 
'fcpieRtly a '-nwafterynf.'tlttm though indnstrial- banks do nnich imply that industry is in a 
oonjimctionr^liave more longer. 'term 1 lending than position, on important occasions, 
jtyed'* crucial rolein .the pro- commercial, .they-now hAvft'xela- to exercise a great deal of in- 
gflon-ef. most big co m pa nles tively kittle distinctive fftncthm- fluence on banks.- Thus the 
Hped apce the : Cwil- War... _■ general ^ -pattern in indus- possession of common directors 

'although since- the: death trial promotion Is for a bank, doe s not necessarily work to the 
^Franco T>oth their political : or group of, banks, to. beglh-witib banks advantage ; it may mean 
^^.ahd their general -room 'a> very large degree of”cbirtn>l that a bank finds itself lending 
g ^'manoeuvre have'; declined over a company, ensuring feat money to companies when this, 
Bjfcpdly,- they, retain, a fcighit is rtrn by people in.wbpm on commercial grounds, is -not 
jjj&e-qf control. over Spanish feey bwe cahfidence, and ; :then- really, justified. And in tbe 
jjustry;- .to TGdibce their holdi^ iaoSgrea- current economic crisis, where 

i^tlwnjgh - In . ;the curfrent lively, r Thus Drqirijo, for ; es- many. large Spanish companies 
fliticW. .climate,- bankers- tend ample.- will' begin with a. 20-40 are in very serious trouble, and 
iplay flown the ; extent of such .p^p cent, -stake -in. a new com- a number of them are . in. a 
some ctfihe: large banks jjany, and at the stiut'wiB- have situation oF virtual suspension 
je , notably Proitd of thebr pro-- - rep i^htatives - on the -heard of pajwntt, banks are often 
rtjcinal role. Prominent among and the executive committee, compelled to go on pouring 
Hd a - is .r' Banco . .Urquijo, taking a fairly active role In money into them, to protect 
claims -to -have been the guiding -.the enterprise, 'before their existing investment and 
^.active in -promoting induS 1 - prying to -Steer it towards -the loans. 

*>— . 'ffififr pyer a oentury. and eon- stock market; reducing its ovm 
- tgajr-.'has -some .200 .direct shareholdiisg to 5-10 per cent - Cn V ara 
> ' *Wds- pattern 'Of promotion ocvwc 

around £80H,iM)p. - con4i^Mi^--a-igOTd deai .to : the Altos Homos del Mediterraneo 
only inditstnal control 'which Spanish. /iianks which currently has very severe 
leriha •of- - '• legtt.dofin^;. eseccase oyer industry. For. .fee payments problems, is a -case in 
jgjiw/ aihong-.'thd- SpMi^h. bank- bank, or banks, are able at fee point To protect their interests, 

' gfairts-— is. - 'relatively : fiaall gtnxt. to ensure that a pompany the banks concerned have agreed 

* ^#tenns of deposits..- However, ^ ^ ^ to raise their combined equity 

4|j.te» : a'Clo^e rekttioaslnp with cpidSdence, wait thear cwm stake by a further Ptas^bn.. in 

sitting on .the return for Ptas.4bn. In govern- 
-^-aeb, m turn*- is fee only, one At fee swne tiane^ttrcs ment ^oney, and may have to 

* ] i ttoe- commercial whiarare disposed of byfe* contribute further to the refin- 

bankare often bought either by ancing of -the company. s -long- 
iushrial bank^i^amL^e^ ^ shar ^ boMei&or ^ itg term debt 
no has a substantial stakeih - Z ™iEE'-'. How much influence the links 

■quijo, and they teha t between banks and industry 
?rrk together In' tfceirf^idu* on the banks’ lending be- 

activitiers, both having ^ ^ Saviour is an endlessly debated 

.%*U»KL B aaltm (end to deny 


were used to rationalise stock- 
holdings. At the same time, 
the crisis Ls dearly making the 
banks want to diversify their 
loans, and also their equity 
holdings more, to spread their 
risks. What is, however* hard to 
tell is bow far the disillusion- 
meat with the banks' industrial 
vocation that industry's prob- 
lems has induced is likely to 
be of permanent significance. 

There are already some long- 
term developments which point 
to a lesser degree of effective 
bank control over industry. For 
one thing there is the growing 
professionalisation of manage- 
ment; managers tend increas- 
ingly to be chosen for technical 
competence, and even where 
banks have been involved in 
choosing them may well be less 
responsive to their wishes than 
in the past There is the pros- 
pect too in the longer term of 
a growing separation between 
banking and industrial activi- 
ties. with loan decisions being 
made more on purely commer- 
cial grounds, Oven if banks' 
industrial holdings are not 
reduced. A fair number of 
bankers would like this in any 
case, and it will become more 
and more necessary as Spanish 
banking gets more sophisti- 
cated. 

Such specialisation need not 
reduce the influence of Spanish 
banking on industry. ,But it 
might reduce the effects of this 
influence, by making loan deci- 
sions increasingly responsive to 
straightforward commercial 


criteria. It -will be hastened 
on as Spanish companies come 
to provide more and more 
accurate financial information, 
and banks acquire the appara- 
tus to analyse it — developments 
which are clearly interrelated. 

These developments will of 
course also greatly reduce the 
need for banks to have repre- 
sentatives on the Boards of com- 
panies in which, it has a share- 
holding to watcb over its 
investments. That of course 
need not be sufficient reason 
for the disappearance of 
common Board members, still 
less for any long term reduc- 
tion in the scale of banks' hold- 
ings in industry. In estimating 
bow likely the banks are to 
maintain these, one needs to 
remember how the banks came 
ta be so involved with industry 
in the first place; how, after tbe 
Gvil War, in the absence either 
of a functioning stock market 
or of foreign investment, they 
naturally had to take a leading 
role in providing equity finance 
for companies. 

The Spanish stock market, 
despite the innovations of the. 
1960s, continues inadequate as 1 
a source of equity finance, and 
its development has been vir- 
tually totally arrested by the 
economic crisis. Until it 
develops further, the Spanish 
banks are likely to retain a 
large measure at least of their 
current industrial role. 

David Habakkuk 



BANCO DE MADRID 


31st -Dec-1977 

Capital aind Reserves Ptas.— . 6.010.375.000, — 
Loans& Discounts ... 57,405.624.140,86 
Customers’deposits „ ... 63.162.241.840,39 

119 Branches 

Central Foreign Department 

... Carrera de. San Jeronimo, 13 
Madrid-14 (Spain) 

Phones: 232 36 20 - 232 19 00 
Cables: BANDRI 

Telex: 42801 - 43398 - 44279 badri e 




^ * * _* 


- -crtfcf f ‘- ’ ' Hmm^de Viaeay^ refiulaDoa vying that only 23 

^ mgeSl . ; ; .. - Bjnw.de Bilbao jn£- per ceuL of ^ value of their 

- . rhe largest group of - shire- Based <fe Voacajsr as.weil astw deposits can be lent to the total 

' iding s however, is possessed Basque - • 5a J y hanksr ar^ ^ However, the ctetini- 

Banco Central,, wbiree indue-, tjon 0 / •• affiliate ” is any com- 
il' group contaSns compatAes mstatiitions- - in the pany iT1 v hich there is more 

^^hicombined production- J^than a 20 percent suke, and a 

:vae Jtl.66bn: and, ' ;in^udes ; ^ 3^ bank can exercise a domioanc 
• ■ .- agados y Construcciones, . the , tiiey amtxol-is -suhstan- control over a business wife less 
conjstiiicticm company: jp ... than this figure. 

: "jain, as well as the Cbmpania ' In fact, it ist almost certainly 

jpafibla . de Petrbleofc Also 1X116 fe at banks direct much of 

tWEtaentiy-uivoIved in- indus- <tireciors in rauunou, no, or jending to companies in 

' -ial -promotion, is the Banco /d® , en #°. together which they havei,a stake, and it 

Ibao. which like the Banco de elfe Cugh «■ JP, important to WO y i i < i he surprising were it not 
: acaya,. is deeply involved iif nememoer.feat the possession of ^ financial information 

-■it heavy industry of the-Basquo cmphxhi .ddectors may be a about companies in Spain is still 
• entry. The Banco Espaflol de symptom oi0nEporl)aiiit links, but SQ primitive, unreliable, and fre- 


’ -—^1 -promotion, is fee Banco ds 4o£ e fe er which they have! a stake, and it 

4b4o. which like the Banco de Mfe tfugh »t imiportant to w0u ih be surprising were it not 
:^nsiy a, is deeply involved iif rememper. Bijft the possession of gg financial information 

heavy industry of theBasquo c m o jikhi dnpotors may be a about companies in Spain is still 
- entry. The Banco Espaflol de symptom a^imporlanit links, but so primitive, unreliable, and fre- 
- the 'largest Spainsb may also fn&so nothing. It is quently fraudulent, that unless 
-...(ole, has very extensive Indus- also.imp<rttant-to remember feat a loan Is granted purely on the 
. iil holdings in, among bfeex ipaity b^p®*are often involved basis of * guarantee, to have 
*4ds, cement, constructibn. foofl in^si single company. For ex- some representative of the bank 
••■•oAicts; and shipb ui ld in g, but ■aflDpte,y in -fee crisis hit steel on the board of the company is 
Udds to play a rather more.pas-.-xxMtipaoy- Altos Harnos del of ten necessary to know whether 
. Ip nrfa. , ' Jtediteiraqeo, almost all the it is a safe risk. At the same 

Apart from Banco Urquijo, aB- major Imhks are involved wife time, while the illegation that 
•: :tbig Spanish baifes are legally feaf«s averaging a UttJe under banks only lend to large enm- 
m • -oameraal ban^. Spedflcally- 4 per -cex«. 5 -- ' panics in difficulties where they 

Spstrial banks in- Sf«un begin -.Berides -these means of con- have a. stake is probably largely 
w- 1962, when" fee then Minis- trol, • Spanish' banks also influ- correct, bad they no such stakes 
‘ of Fixwmce,. Sr.’ Mariana, -ence industry- through the there might just be fewer loans 
"ivarro Rifein - who • betieved proviswh df- loans, particularly to these companies. 

... it the existing mixed 1 bank^Tas a great deal^ ^of'lenflhag in the Daring the last couple of 
_ .d- an excessive eontrol- ^ in- Spanish ? banking aystiem is still years, banks have rather got 
.'sfcry, tried to separate 'cot&i short-tenn roll-over lending. It their fingers burned with in- 
'^ ircial and. industrial banking, is - '. Tdira important here to note dustiy. - ; Dividends have been 
;the 17 industoal banks, how-' that Spanish industry is. by the low 'anti the stock market has 
er. only four are not aubsid-- standards.' of other 'Western sunk. 'ever lower. It. seems 
. ies of a comineraal.baiik; countries, ; seriously under- likely feat last year reserves 


u 






Soa 


I 



1 . . • . • 

In recognition of the growing importance of 
Spain in world trade and investment Midland Bank 
now has a Group Representative Office in Madrid. 

This office will provide a vital point of contact 
for businessmen throughout Spain who are seeking 
to develop their international business. It will also 
offer assistance to customers outside Spain by 
drawing on the world-wide experience of Midland 
Bank Group. 

Contact John Burgess, our Group 
Representative in Spain, at 45 Serrano, 
Madrid 1. Tel: 276 80 78. Telex 42405. 



GroupReprescnialiveinSpaifl, anyoraneno 



Midland Bank International 

WKll^dBanklirn'Oed, bnegtftiwialDivlakm, 60 Gia«daiTdiSUtctiI^mdOT£Cag3kN.Tel; 01-^)69944 









22 




MADRID 

MAIN OFFICE AND BRANCH 
Alert. 47 -Tate. Z 32 60 00 y 222 65 55 
Telex: 27256 y 27602 
INTERNATIONAL DIVISION 
Ay. Joss Antonio. 4 - TeL 404 20 53 
Sub-Branch 

Sor Angela de la Cruz, 11 -TeL 455 75 04 
Veldzquez. 49 - TeL 245 76 01 

Arapiles, 17 - Tels. 448 42 08 y 446 43 16 

BARCELONA 
Paseo de Gracia. 27 
TeL 301 00 00 -Tetec 54570 
Sub-Branch 

Muntaner, 242 - Tel. 218 61 50 
PL San Gregorio Taumatuigo, 6 
Tel. 322 21 03 


ALICANTE 

Rambla de Mendez Nfttez. 40 

Tel. 20 88 77 

BILBAO 

Obispo Orueta. 6 

TeL 442 07 50 - TetoC 32527 

Sub-Brandi 

Rodriguez Arias. 27 -TeL 43228 00 

CADIZ 

Avda. Ramon de Carranza, 18 
TeL 22 5000 

GUON 

Marques de San Esteban, 2 
Tel. 34 22 00 

HUELVA 

Queipo de Llano, 13 - TeL 21 80 07 

LA CORUNA 

Linares Rivas, 35-40 - TeL 22 53 40 



OVIEDO 

Asturias, 10-TaL 2437 68 CprtwwonaD 

SEVILLA 

Avda. Jose Antonio. 10 

Tels. 22 89 33 y 2209 01 -Telex: 72662 

TARRAGONA 

Conde de Vallellano, 105 - TeL 21 39 30 

VALENCIA 
Pintor Sorolia, B 
Tels. 322 42 90 y 321 1305 

VIGO 

Avda. Jose Antonio, 9 
TeL 22 79 50 (provisionaD 

VITORIA 

Postas, 7 - Tel. 231200 

ZARAGOZA 

Avda. Marina Moreno, 20 
TeL 22 93 61 -Telex: 58183 


LONDON 

BANCO URQUUO H1SPAN0 AMERICANO LTD. 
8. Laurence Pountriey Hill 
London EC4R-0BE 
TeL 283 79-SI -Telex: 887256 


MONTREAL 

URQUUO CANADA INC. 

Suite 2042 -Sun Life Building 
Montreal -P.Q.-H3B 2x7 
TeL (514) 879-1139 


NEW YORK 

NEW YORK AGENCY ■ 

One Liberty Plaza - 45 ft H. 
New York. NX 10006 
Tel. 212 -701 95 00 
Telex: WUT- 620506 
ITT-4257B0 
RCA -235095 


ZURICH 
URQUUO FINANZ A.G. 
Bellerivestrasse, 5 
CH-8008 Zurich 
Tels. 34 26 83 -47 62 13 
Telex: 577B0/1 


FRANKFURT 
BockenheimflT Landstrasse, 45 
8000 Frankfurt Man 
TeL 726343/4 - TetoC 416255 

TEHERAN 

311 Building CproviaonaD 

193 Iran-e-Novm Ave. 

TelS. 65 19 30-6519 70 
Telex: 215048 WMOC 1R 
215127 WALT IR 


ABU DHABI 
Lulu Street, P.Q. Bax 630B 
TeL 20400 

Telex: 2930 URQUIT AH 
3344 URQUFX AH 

HONG KONG 

BansaUrqufio Hrspano 
Americano Limited 
1601 Bank of Canton 
Building 16th floor 
6. OerVoeux Road Central 
■ TeL 5461163*4/5/6 
Telex: 65516 BUHALHX 


Autorizado por B. de cspafla con d n* 10.665 


*JtS**h i Ml) 


■/ 


/ 


Lloyds Bank Group 



Bank of London & South America, a subsidiary of 
Lloyds Bank International, is the only British Bank in Spain, 
with branches in Madrid, Barcelona, Seville and Valencia. 

In addition to a comprehensive knowledge of local 
conditions, the bank offers a complete range of domestic and 
international banking services. Export-import facilities 
include finance for capital and semi-capital goods from the 
United Kingdom. 


Financial Times Tuesday April 25 197* 

SPANISH BANKING AND FINANCE TV, 



Madrid: CaHe Serrano 90, Apartado Postal 64. 

Tel: 276 7000. 

Barcelona: PlazadeCataluna9,Apartado Postal 600. 
Tel: 301 21 58 ; 

Seville: PlazaNueva8,ApartadoPostall60. 

Tel: 2229 97- 

Valencia: Plaza Rodrigo Botet 6, Apartado Postal 198. 
Tel: 321 3100. 


For futher information on doing business with Spain, contact 
ourlocalbranches or our European Divisionin London. 



LLOYDS BANK 
INTERNATIONAL 


.40/66 Queen Victoria St, London EC4P4ELT* 
A member of the Lloyds BankGruup 



Good 





ji ' : ' .. . 




GUESSING HOW much Spain 
might borrow on the interna- 
tional capital markets this year 
is so easy task. The -various 
Ministries which have a say in 
these matters and the Bank 
of Spain are far from agreed 
on what the country's strategy 
should be. In part this is a 
financial strategy argument. 
The Director General of Finan- 
cial Policy at the Ministry of 
Economic Affairs- Sr. Toribio, 
told a conference organised by 
Banco Mas Saida earlier this 
month in Madrid that Spanish 
borrowers would have to limit 
the amount of money they raise 
in the international markets 
this year to $3.1bn. 

This figure is over $lbn. 
more than Spanish borrowers 
raised last year but it may not 
be reached. " Indeed others in 
Madrid feel that the reserves — 
which, at $7bn. to-day are twice 
their level last July — are pos- 
sibly too high. Bert use some 
of them and borrow less. A 
further uncertainty is the size 
of the balance of payments 
deficit this year. 


h50O&; 




200 0 Sm • 





f * . «1 




er&ssr 


2037 




woo. 



1970 1971 1972 t9T3 


M- 


A 

fe* 




U 


m 




% 

u 


1977 


M 


Apart from the financial 
argument a further factor re- 
lates to the profound institu- 
tional change Spain is going 
through. Each Ministry is try- 
ing to show it has more muscle 
and Is more important than' the 
next when it comes to deciding 
which company will borrow and 
how much. This jostling for 
position does not make the 
trend of borrowing any dearer, 
as the political uncertainty 
which hangs over everything 
to-day is likely to continue for 
some months to come. . But 
whatever happens on the 
broader front the intentions of 
the State holding company INI 
are quite dear. 

INI is a major borrower — 
in its own name or, mare 
important, as a guarantor of 
loans raised by a string of com- 
panies it either owns or in 
which has a controlling interest 
INI has already borrowed 
$75m. in its own name this year 
and will not raise any further 


loans directly. Last year it 
raised $60m. in its own name, 
the year before $4Qm. ami in 
1975 $110m. 

In the part two years, INI 
has had to obtain the approval 
of the Cortes (Parliament^ for 
the global figure of loans it 
wanted to raise or offer to 
guarantee in both the domestic 
and international maltitots; 
before that, approval; of; the 
Ministry of Finance was -suf- 
fident 

This year, companies which 
INI controls or owns. wiB be 
coming to the market for leans 
worth between $45<hxL‘$80bm. l 
$100m- of which, will' cariy an 
INI guarantee. The rest will 
either not be guaranteed or will 
carry one of the three different 
types of letters of comfort to 
which those banks dealing with 
INI have become accdustomed 
over the years. So banks can 
expect a string of bbiwnjftngs, 
spread over the best /part of 
the current year with no loan 
larger than around $100m. 

INI may well not userits full 
“ quota.*’ Indeed the -amount 
of liquidity in the Spanish 
banking system appears W be 
greater to-day than last' Sum- 
mer after the credit sdbeeze 
came into being. On Anther. 


hand Spanish -banks are no 
longer obliged to pot 40 per 
cent, of their deposits into 
public debt or debentures. That 
percentage will be reduced by 
3 per cent, per annum- starting 
in 1978. Few Spanish bankers 
believe that this slow change 
will actually lead to companies,, 
particularly those with close 
links with INI, having difficulty 
in finding buyers for their debt 
instruments within ■ the Spanish 
banks. 


Welcome 


Turning to the lenders, most 
banks do not seem to have a 
real problem when It comes to 
Spanish borrowings. They still 
have room before they reach 
their ceiling and even if 'some 
of them were dose to their 
notional ceilings the abundant 
liquidity in themarket and ever 
softer terms obtained by 
virtually every borrower in 
recent months would - ensure 
that Spanish borrowers re- 
mained welcome customers. ■■ 
However serious the 
economic crisis in Spain; bor- 
rowers from that country know 
they are preferred to many 
others. All is a matter of com- 
parison and even by the stan- 


dards of one or two ■> . 
European countries. Spafa^c ; 
not look in too- bad shape/-;; s-' 
Is so question of the av fl.’ 
ties ever lettiagaborroi J 
the international martoy-;.: ’ 
Into really- . deep. - watt£ 
matter how late that ci i<; 
may be in paying some^r;^- 
bills or sodal security paj ; £ • - : 

in Spain. - . ' . 

: Spanish borrowers are & 
fine terms in the markets 
spreads of below 1 perl:- v ''.. - 
the i -per. cent forseven-":^’; " 
on the recent Telefonica 
is a good indication of pjs - 
ing trends. ... 

They, have diversified;/^- ;; 
Bounds of borrowing, i.'.; ''' 
past 12 months into yen^s.:- 
and loans and Dentscl^.. 
bonds, although the -r 
DM200m. for the eoontr, * -■ 
had a very bumpy ride i • 
secondary market hf~\, :i-: 
its. terms were too tight, ' 

Spain is also rmdershr ■/ - 
have requested a rating,!/- 
"the leading U.S. 
agencies. No.: result £/-/ 
known, bat were- the- taf Z 
to obtain the rating it!,,'-- ; : 
compatible with - its - prest ' " 
new. and even larger .som 
funds would open 
is U.S. institutional : inS. ;i . e 
are taking a keen intent. -jrr. ' 
Spain and some of their 
going to make six effort! - 
month to go and have a S///-,- 
the country. 


Ivr'-.-.F 
. -- - v a 
. I 

a < 


•r ■’jr i' 

u vl! 


M erty 




— 2:-.’* ■ 




, -e iatl 
— some 

;.x : :r ia 
..araloP 
- j*c as 


spam 1 

"I 

War 

be. 

•stings 

. -rrml 


ri’--. 



To ' say that banks nre 
enthuslastlc about jendfi ^ ■: :? 
iSpanlsh borrowers" 
overstating the case, 
certain, however* -is 
latter will have no 
culty hi raising the monerf/ - -- 
need, and oh terms whief/ 
continue to be fine as ‘ 
the market trends 
the past year prevail, 
lookhig- ' round ’ the - v *" : . 
bankers ' sttn feel . S^ a :':T'. 
customers are among srasf ' i '; 
the better ones they , ca^ - ; ; ’ 

9* inact jn tha 


s 

•'t. 

,rc.i!sy 
WlA* 
th* a 
n::-spCE 
rs-'+ m co 
to 

r.-nfidC: 

.•‘:Rnrt! 

ciCO 

•.hi*. * 

i 


n t 


.-.•an.# 
r ,r - 

• tiie 

n ! -a 


at least 
market 


?r- ! 


Francis Gk 


U -i - : 


/ 




Official steps 



V ... ur 

riiv ■? 




• Lie 
■ Srn 
i-rt 
z .xn 

l! 

. f 

r-vay , 
y-.ar* : 
":iva;e 


closer supervision 


, — - 


" a-" T.a: ■j 1 .’- 


per 
■ *?< 

ft 


4 


LBI, the Bank of London & South America and their subsidiaries have offices in: Argentina, Australia, Banams 
Bahrain, Belgium, Brazil, Canada, Cayman Islands, CMlCjCoIombia, Costa Rica, Ecuador, Egypt, El SalvadoiiFrance, 
Federal Republic of Germany, Guatemala, Guernsey, Honduras, Hong Kong, Iran, Japan, Jersey. a 
Malaysia, Mexico, Monaco, Netheriands,Nicaragua, Panama, Paraguay. Peru, Philippines, Portugal, Republic ofKorea, 
Singapore, Spain, Switzerland, United Arab Emit ales, United Kingdom, UE A,'U£JS H,UrugJiay,^ Venezuela. 


BEFORE ITS collapse in 
January the Banco de Navarra 
had been inspected on several 
occasions by tbe Bank of Spain 
(BOS) over a two-year period. 
Both BOS officials and other 
bankers knew that Navarra was 
vulnerable to a squeeze — not 
least because it was borrowing 
heavily on the inter-bank market 
and offering extremely attrac- 
tive rates to depositors at the 
same time as rapidly extending 
its branch network. Despite 
this, no action was taken until 
it was too late. 

The bankers had only formed 
their association a month before 
and the latter was therefore still 
unable to exercise the kind of 
internal disciplinary role that it 
hoped to play. The Bank of 
Spain meanwhile felt it ladced 
the kind of legal powers to act 
in advance even though it had 
seen the bank increase its capi- 
tal three times in 1977. 

As a result by the time the 
BO Slntervened to take over the 
adminis tration of the bank and 
guarantee depositors, Banco de 
Navarra had accumulated debts 
on the inter-bank market of 
some Ptas.3.4bn. ($42m.) and 
a complicated tangle of deals 
on which mil and criminal pro- 
ceedings could follow, accord- 
ing to informed sources. Over- 
all losses could be $60m. 

The banking community was 
equally unprepared when a 
second and small banker. Banco 
Cantabrico. collapsed the follow- 
ing month. To prevent a situa- 
tion arising where the bank 
would be unable to meets its 
obligations when it opened for 
business of a Monday, the BOS 
called together whata represen- 
tatives of the banking com- 
munity it could fiind in Madrid 
over the preceding week-end 
and announced a special care- 
taker institution which would 
take over Cantabrico. 

It was not until some three 
weeks later that this was for- 
malised into the Co rpo radon 
Bancaria with a Ptas.500m. 
capital subscribed 50 per cent 
by tbe BOS and the remainder 
by all the private banks. 
Latterly this has taken over 
tbe administration of another 
small bank, Meridional. 

The Corporation Bancaria Is 
regarded now by the BOS as a 
stop-gap institution — something 
to serve a specific purpose 
while broader measures con- 
trolling the banking system are 
prepared. 

These bank collapses expose 


how unprepared both the BOS 
and the banking community 
were for such . eventualities. 
Arguably such traumatic inci- 
dents were necessary to prompt 
some action. Until then the BOS 
possessed no clearly defined 
legal powers to intervene. 

As of last month the BOS has 
acquired by special decree such 
powers to use where it is satis- 
fied that Iireglarities have 
occured. The BOS is entitled 
under this legislation to 
administer any bank for as long 
as it sees fit and where neces- 
sary act as liquidator. Under 
its new governor, Sr. Jose 
Ramon Alvarez Rendueles, BOS 
is understood to be opposed to 
further " hospital ” cases and 
would prefer to have such 
hanks declared bankrupt In- 
deed the principal creditors of 
Meridional have been obliged, 
as part of an agreement to try 
and save it, to extend a three- 
year soft interest loan. 


Planning, a department which 
also dealt with the BOS. ‘ 

The BOS is now seeking to 
erardse stricter control over 
evexy aspect of the banking sys- 
tem, through tighter monitoring 
pf , balancfrfiheets, stricter cri- 
teria. for tiie opening, of 
branches, scrutiny of the rola- 
tiodships of shareholders, ' and 
an increase In the number and 
Status of. BOS inspectors. 

- The BOS statutes are to. be 


altered. ConsideredvitalhJ''- . i 
respect are new >r^Etd% 'v,' 
•governing the indepeod^tK^; 
the bank, especially. tteS V; 
pendenoe ‘ of the 1 Bdftfil : : 
Governors both from Gff 
ment and business. The'; 
hopes that these ;ucw J 
tfons will make it i 
senior bank officiate to 
position in private 
banking that would' 
conflict' of interests 



?-.u 


*.■* 


Stricter 


The message has also been 
brought home that the BOS 
must be able to exercise stricter 
control. In the case of both 
Navarra and Meridional the 
main shareholders were persona 
who had only recently bought 
into banking. Meridional had 
been bought two years ago for 
Pts.4bn. when it had only 
Pts.600m. worth of deposits and 
a capital of Pts.300m.-~a high 
price for a group trying to 
establish itself in banking. As it 
turned out Meridional when it 
was taken over by the Corpora- 
cion Bancaria had only paid off 
Pts^.Bbn. of the purchase price. 

There has also been another 
instance this year of a small 
bank. Banco de Toledo, having 
been bought yet reverting to its 
original seller when the buyer 
was unable to complete the pur- 
chase, Such examples are 
typical of a system that is in- 
adequately policed. 

The new governor of the 
BOS has intimated both publicly 
and privately that he is deter- 
mined to see the bank dressed 
with similar powers and Inde- 
pendent prestige as other Euro- 
pean central banks. The 
appointment itself is a hopeful 
sign. At 37 he is the youngest 
holder of the post, and the first 
for a long time with -a thorough 
background of banking and 
economics. His previous job 
was Secretaiy of Slate for 
Economic Coordination and 



HIGHLIGHTS ,’FROM. ACCOUNTS! 

As at 31st December, 1977.& 1976 


‘Net; Earnings 
Total Equity . 
total Deposits 

tStalLoa us& 
Discounts/ 


1977 

3t23 

280.02 

2,913.05 


- 1976 
(Million 

- 29.02 
214.65 - 

2,402.75, 


■M 

• <5j. 

•VaiMjj uk retiiujjk. 


?#visi 




10 


2305.28 : 2,353.36 


- -id- 


.flfipnherof 

—Employees 

-Shareholders 

—Branches/ 


H-19.2 W s 

• \% r .: 1 




8,765 

103,668. 

416 


, 8,639 
102,63a 
350 


’+ 

+ 


oTirt 


,,cv iaa 

a e?;ve 

Suet 

T -e ba 


1 5 • c " 1 *ntrau 


a Placp 


i "■ 


*oiacj 


. ,‘Vfip ” 

i h. ! ih Jn ? 

+i8-.9»: ? ;r -- ^ i 

♦Xn consolidation with Barico Europeo rie Negocii, law Q 

'»JJS$ 1 =: 80.91 PtS. ; ---V s. 

■ ■■ ■ - • . . ^is 0 , ^r.d tor 

POPUIiAR group .• : : 


■*»' 


FINANCIAL FOSTTION OF BANCO POPUL 


V # S- r *'j*din 

th e '* ni 


ntcb, 

Omni 


ESPANOL, CONSOLIDATED WTlH 
Banco Ettropeo de Negodos \ Banco de Castilla 


Banco de Andaluda 
Banco de Vasconia 


; Banco dfrCrSdito! 

-Banco de Calida 


S*. a ^ 


1 «iis L^erej 


tejkVrjv s titu- There 


? Stilly ‘°ans i 


vTOTAL- 

EQdrrv' 


V ■> > 'nUMBEBK^ yifr S* 1 

7dal . - - - of - 90 whS, 


TOTAL 

DEPOSnS 


.BRANCHED 

rteev 


4,023.88 


307.08 


705 








- • - '• r . ,> .' -• .- ^Tt nnl * 




on? 






IT-? • i- . -• 

*1 A!Av S]j - j^aiaa3A!E5jB^ Tuesday April; ^>--197$ 

I SPANISH BANKING AND FINANCE V 




23 


banks 




•B a great parados of the savings banks are" nonprofit various State banks, and 6 per 
; 4 .': •?,» inish banking system that the making institutions, with social cent, was held -by the Bank of 
• J' ^ % jinf? banks, while paying and benevolent works featured Spain. 

; ©ftftelDwest interest prominently in their declared Rigid interest rase controls 

' Europe; , have over the objectives— if not so .-pronto- were also maintained on all 


■■ Us 


decades sub s tantial l y «atly in their activities— has transactions until 197i in that 
‘ " ^^’I^iBed the-proportioji 'of the something to do with ms. yea r interest rates an trons- 
•■-i’r-j.':*-*? IWs savings they absorb. Perhaps it Is also relevant that actions for periods above two 
• y-* Q J»enntfre. in the current they, are not national organis- years were liberalised. Bates 
* r * ^jftiSiiSation they continue- to ations but can take deposits only f or transactions for terms above 
•• $*’* than' the banks, in : a single region or province. a year were freed last summer 
*•*- ^st'year their deposits in- It is certainly . Important that but those on terms under this 
jfced by 20-85 per cent, the'. -they give many small loans. pe riod controlled 

V before by 22.51 per ' cent, notably for housebuying: and such a degree Control 

• M?i&pared with figures for the building, but also for other hardly encouraged any great 

, ihks - -of "18.55 ■ and 19.71 per business and personal purposes, display of initiative in the dls- 

•- -- respectively. At t] — — * -* - - - 

K^ist-year they account 
i S per-cent of deposits 

Mjfch bankiog system. . larly in rural areas and in usually hold much more 

> -. i^Soreover, last summers smal ler towns, still tend to liquidity than necessary, keep- 

) ... 7 make it possible . for regard banks as. impersonal, j ng ] arge suxns with mmm 

j - -./'ism- to develop their activities remote and commercial, .while mercial banks... The- Govem- 

- • They can move into feeling more at home with the ment ’ S conception of the savings 

- - ~ -7'^ >&Hnrtn# 'commercial paper paternalistic atmosphere of the banks was in fact very much 

. ' :-^ v ^;#jreign currency activities, savings banks. : They also feel as pass j ye recipients 0 f the 

. as the Government’s the latter to be absolutely safe savings of the masses. 

. over the use of their —something which is partial- 

■^r •; ; : ^bes«s gradually diminiaTi ^ I arty important, for example, in Poocivp 
^-wOl be able to take far Catalonia, whose savings banks ^ 

Initiative, and obtain t®-*® almost half as much in On the question of the dis- 

- ‘ ~ ratter returns, both in lending deposits as those of the rest of posal of their resources the 

■ - ^4 investing. Because of the Spain put together, and where savings banks will have ample 

."JSrJume of -deposits they -absorb collapses of two great time to readjust. The percent- 

s\is of great importance for- the Catalan banks before the. Civil age of "raiorea . computable^/' 

• - -.vdopment of the Spanish War are not yet quite forgotten, having been reduced imraedi- 

^tiaomy that they should do so. Because of this sense that the ately by 2 per cent last July, is 
• " 1- savings banks are safe -.the failing by a quarter percentage 

current troubles of some of point a month at present, a pro* 
Spam's smaller commercial cess which will continue until 
- - jHowever, they are approach- banks stand to benefit than it reaches 22 per cent.- The per- 
their new opportunities -greatly. ceatage of “special credits" will 

.caatumsly. This is partly What worries many peojplq in also be reduced by a quarter 

\ •' -"^ 7 . -rote conservatism, and partly the savings banks* is the point a month until it falls to 

' of technical preparation In prospect that in taking to the 10 per cent This, however, will 

...V/'.^iganisatioiis which up to now new competitive waters opened still leave the savings banks 
' :■ lived in a very tmcom- out to them they may lose the with substantially more of their 

titive world. Bat it is' also confidence of -, this traditional funds controlled than will be 
r t ■ .1/' %9. fear that, in modernising clientele. Doubtless there Is the case with the banks, a situa- 

. 'Vj stf becoming more like their element of rationaiisation in tion they are anxious to see 

- - -V? ^r-als the banks, they may lose thH. The process of medemir rectified. 

";; j ~:3se distinctive dements ^tion is bound to be somewhat Some of the smaller .savings 
’ : -^,uch they see as accounting traamatic for. the savings banks, banks have already begun dis- 
their past -success. • -• -*. given that until recently, : they counting commercial paper, but 


'■ms 
. 1 ?. 


institutions to modernise by 
taking skilled personnel from 
the banks. 

Two further important 
measures relating to the savings 
banks were enacted. The first 
provided that 75 per cent, of 
new investments should be in 
their own regions. This measure 
is likely to have considerable 
effects in the less developed 
regions of the country, as one 
of the most resented aspects of 
the Government control of 
savings banks has been that it 
meant a decapitalisation of 
poorer regions in favour of the 
richer. 

However, even here its effects 
will be somewhat reduced by 
the inclusion as regional invest- 
ments of companies of the State- 
owned institute National de la 
Zndustria and of the public 
utility Telefonica. For the 
savings banks of Madrid, the 
Basque country or even 
Catalonia 75 per cent, of invest- 
ment generally speaking already 
goes on within the province. 
This appears true even in 
Catalonia, where the savings 
banks have been the channel 
through which a certain volume 
of funds has left the region. 

The other important measure 
provided for a new system of 
election for the boards of the 
cajas, which hitherto had 


generally been recruited by 
cooptation. In future, 80 per 
cent, of their members will be 
elected by depositors from 
people selected by lot from 
among their number. A further 
20 per cent will represent local 
organisations of various kinds. 
The assembly thus selected will 
elect the beard. „ This system, 
however, has only partially come 
into force as board members 
serve for four year terms. How 
it wiH event ual ly operate is 
hard to gauge. 

The saving banks are facing, 
usually with some apprehen- 
sion, a new and much more 
competitive world. However, 
they are under no immediate 
competitive pressure to move 
rapidly into it^-although rising 
labour costs are eating into pro- 
fits and the complete liberalisa- 
tion of interest rates would 
probably do so still more. 

As they are ' remain afraid 
of losing their distinctive 
identity, which they see as a 
key to their success, they are 
likely to test the water gently. 
If those who edge forward 
fastest do well out of it the 
others may rush to follow. 
If not the modernisation of this 
important Eector of the Span 
banking system could take very 
much longer yet 

D.H. 


RUMASA GRUPO DE EMPRESAS 
RUMASA HOLDING COMPANY 


DIVISION BANCAMA 
BANKING DIVISION 


DEPARTAMENTO JNTEKNACIONAL 
INTERNATIONAL DEPARTMENT 

Paseo Calvo Sotelo 41 - Madrid - 4 Spain 


BALANCE RESUMEN AL 31/12/77 

SUMMARY STATEMENT 31 December 1977 


Bancos filiates del 

Bancos Espafioles 



'Grupo Rumasa 
Subsidiary Banks of 
Rumasa Group . 

asociados 

Associated Spanish 
Banks 

TOTAL 

Recursos propios 
Own resources 

1S.632v 962.000 ptBS 

7.975.338.000 ptas 

2fi.608.300.000 ptas 

Recursos ajenos 1 41.892.021. 000 ptas 

Customers’ resources 

87.023.369.000 ptas 

228.9 15 .390.000 ptas 

Recursos to tales 
Total resources 

1 60.524.983.000 ptas 

94.998,707.000 ptas 

255.523.690.000 ptas 


Buncos filiales del Grupo Rumasa 
Subsidiary Banks of the Rumasa Banking Division 

Banco de Extremadura 
Banco General de Comereio y la Industria 
Banco Industrial del Sur 
Banco de Murcia 
Banco del Noroeste 
Banco PeninsuMr 
Banco de Sevilla 
Banco de Toledo 


Banco del Albaoete 

Banco Condal 

Banco de Huelva 

Banco de Jerez 

Banco Latino 

Banco del Oeste 

Banco del Norte 

Banco Alicantino de Comereio 


Sucursates y Bancos en el extranjero 
Banks and Branches abroad 

Banco de Jerez, Londres 
Banco de Jerez, Amsterdam 
Condal Bank Deutschland, Frankfurt 

Bancos Espafioles asociados aJ Grupo Rumasa 
Spanish Banks associated to Rumasa Holding Company 
Banco Atlantic® Banco Co mercial de Catalufia 

Estos Bancos. en coojunto, operan a travCs de 736 Sucursales y Agendas repartidas 
por todo el territorio national. 

These Banks are operating through 736 Branches and Agencies throughout the 
Spanish territory. 

Bancos asociados en el extran jero 
Associated Banks abroad 

Banco de Asuncion, Asuntid: n — (Paraguay) 

Banco de Iberoamerica, Panama 
Banatlantico Zurich SA. Financiera, Zurich 




) wards! 


sion 


' ional income has increased.- lines laid down by the Govern - that as collectors of family sav- 
; may seem surprising that men t at Interest rates a long hags, they must take fewer risks 
n ■ sse small savers have not way below those prevailing in than the banks. 

over more to the . banks the free market For the banks ,? A similar caution applies to 
ice the . latter, have payed the corresponding figure was 31 mreign activities, although the 
rve the legally fixed interest per cent . Caja de Pensions, the largest of 

ies. and the savings, banks Of the 6P per cent, 40 per all the sa^Kngs banks and the 
ve not Their effective interest cent was made up of public fifth largest 'financial institution 
tes have been much lower, sector bonds, and to a. progres- in Spain, hait already set up an 
it these small savers have.. sively greater bxtentjti recent international department 
bded to remain loyal to" the years shares of/ certain large Apart from their caution, the 
.rings banks, partly because of private compares. A further savings banks dee another prob- 
Jier advantages but partly be- 22 per cent was accounted for Jem in moving into these fields 
•use they feel much more at by “special credits* chiefly for of activity. Traditionally their 
me with them than they do housing but Jure for small in- staff work their way up the 
1th the banks. . dusfcry and Agriculture. Three ladder in a single bank: it goes 

Probably the fact that the per cent, was channelled to against the instincts of these 



Ifyoifre looking for a transnational bank, 
come to the Pyramid. 


5 \ I Tte Spanish Prime Minister Sr. Adolpko Suarez meeting for the first time Kith 

. his reshuffled Cabinet on March 2 last : . 





CONTINUED FROM PREVIOUS PAGE 


■ 4 - - 


L»*"- 


■ - ■ 


y years after their tenure bas 
'fi&ed. 

•■At present the BOS Is cen- 
tered unhealthily close to 
,4h the .Government and pri- 
' te business interests. Such a 
nation is not surprising since 
is a legacy of its recent dsist- 
re as a central bank. OntH 
"62 Is was effectively a private 
-nk of banks. 

/Improving the status and 
thority of the BOS is only one 
.. \rpect of the problem. Sr. 
-• ‘ ffael Termes, president of the 
wly formed Association, of 
ivate Banks, believes That this 
dy can also play an important 
, gulatnry role. Through a 
v- rtly state-controlled institfr 
" x m, the Consejo Superior Ban- 
ria, it possesses the monthly 
•" lance-sheet of all the banka 
d through consultation with 
", rembers can exercise- an impor- 
nt disciptinaiy. role, • 

; ‘ : Meanwhile the Consejo exists 
.:aet as a channel of communi- 
-tion between the banks and 
; ’e Government, One suspects 
,.;vat the banking, community 
,iuld prefer to wash its own 
- rty linen in private and avoid 


having a too powerful and 
active central bank. 

Such increased monitoring of 
the banking system and greater 
control by. the BOS cannot take 
place in a vacuum. At the 
moment there are enormous 
gaps in any system of control 
because existing commercial 
law and accountancy practice 
are grossly inadequate. There 
is, for instance, no coherent and 
comprehensive law regarding 
holding companies, a number of 
which— -like Spain’s largest, 
Rumasa — control banking 
interests.. In the case of 
Rumasa its banking interests 
rank eighth in the country. 
There is also no apparent effort 
to curb insider dealing and 
loans to company directors or to 
monitor the real proportion of 
hank loans to companies in 
which the banks have equity 
interests and- control through 
nominees. 

Thus there is wide scope for 
sharp practice/ asset stripping 
and the kind of activities of the 
British fringe banks in the late 
60s and early 70s. Here again 
one will probably have to wait 
until 'some scandal or substan- 


tial fraud is uncovered before 
legislation is considered. Some 
argue that there are so many 
skeletons in the cupboard that 
the banking community as a 
whole/ while realising the need 
for such legislation, -is not 
prepared to see it introduced. 
■ For instance, the introduction 
last December of a decree 
enabling the Ministry of Finance 
to inspect bank accounts for tax 
purposes was greeted with 
raucous protest The more 
conservative bankers, especially 
claimed -this was a breach of 
clients’ confidence. However, 
the measure was introduced in 
the knowledge that -the banks 
were being less than helpful to 
the Government by protecting 
clients from declaring the- full 
range of income. 

How successful such account 
inspection will be is question- 
able, Nevertheless, it is 
symbolic of a alow but pro- 
nounced move- since the 
elections of last June towards 
making the banking system, so 
long the bastion of privilege 
and wealth, more accountable to 

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It would be fairly difficult to exhaust 
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Our bankers are prepared for the 
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(A case in point might be one involving a 
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Tliis is why so many companies come 
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financing— a Yugoslavian nickel mine, 
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24 


>*“ Banco de 


Financial ‘Tubes' Tuesday April ; 25\ 1978 



SPAIN 

INCORPORATED IN 1901 
HEAD OFFICE GRAN VIA. 1 - BILBAO-1 
CAPITAL: 10.143.938.500 PESETAS 
RESERVES: 12.176,194,915 PESETAS 
659 OFFICES IN SPAIN 

INTERNATIONAL DEPARTMENT 

Paseo de la Casfellana, 114- Madrid-6 
Tel. 41 1 20 62 - Telex 22571 - 42382 

INTERNATIONAL OFFICES NETWORK 

LONDON BRANCH 

75 -79-.Golerhan. Street 
London EC2R.6BH - 

Tel. (01 ) 628 45 66/9 - Telex 885245/6 

PARIS BRANCH. 

15, Avenue Matignon . 

75008 Paris - Tel. (1 ) 359 55 09 - Telex: .641423 -641425 

NEW YORK AGENCY 

400, Park Avenue - New York, MY. 10022 - ' 

Tel. (212) 826-1540 - Telex 66199 

SAN FRANCISCO AGENCY 

650, California SfreeL San Francisco. California 94103 
Tel. (415) 392 25 30 - Telex: 67534 . 

REPRESENTATIVE OFFICES 
MEXICO 

Avda. Juarez, 4 - Mexico, 1 D.F. Tel, 585 00 30 - Telex: 1777460 

VENEZUELA 

Avda. Franc is.co. Miranda - Edificio. Torre Europa 
Oficinas 7 y 8 - Caracas 
Tel. 33 43 53 - 33 25 08 -Tejex 23532 

FEDERAL REPUBLIC OF GERMANY 

Friedensstrasse.il 
6.000 Frankfurt/Main 1 
. Tel. 611/23 32 91 -Telex 413215 


ABU 10911 


SPANISH BANKING AND 







ire* 

for 


O - 1 - 


THE CONSTITUTION that will 
be' put to a referendum later on 
■this year isL likely to concede 
that even if Spain is one and 
indissoluble, the Spanish State 
is in Tact an aggregate of 
nations and regions. Two of 
the three' ,** historic nationali- 
ties” among the former group 
— the Basque country and 
Catalonia— -have traditionally 
been the most important Indus- 
trial ' areas of Spain, and it 
would be logical to find finan- 
cial institutions in both areas 
that reflect this strength. How- 
ever, the distinct paths of 
economic and political develop- 
ment in each area have led in 
the course of time to important 
differences. 

In the Basque country the 
banks grew up in the shadow of 
the great steel and shipbuilding 
industries,, which led neces- 
sarily to a concentration of 
banking power. Catalonia's 
wealth on the other hand was 
built fundamentally on the dis- 
persed- and frequently family- 
run textile industry, which 
threw up i hanking system in 
its own image. There were two 
-exceptions to this set-up— the 
Banco de Barcelona which 



v 




NATIONAL WESTMINSTER 
BANK LIMITED 

REPRESENTACION EN ESPANA • 


/ 


PASEO DE LA CASTELLANA, 8 

MADRID - 1 / 

/ 

/ 

TELEFONOS : 226 2536 / 

226 2579 / 

TELEX 23810 WEST E 


Representante : TIMOTHY J. MURPHY 
Representante adjunto: PAUL IMISON 


failed, following an unfortunate 
venture into. D>mark . specula- 
tion during the first World War 
and ‘ the ‘ Banco de Catalunya, 
which, because of its links with 
the dictatorship of Primo de 
Rivera was left, to collapse 
following a run on deposits 
after the triumph of the Second 
Republic. 

This left easy pickings .for 
outsiders, so that by .1950, the 
share of the Catalan-based 
banks in total national deposits 
plummeted to 2.86 per cent 
During the same period the two 
main Basque banks— the Banco 
de Bilbao and the Banco de 
Vizcaya — controlled approxi- 
mately 15 per cent, of national 
deposits. At present these two 
banks hold nearly 17 per cent 
of total deposits^-ranking 
respectively fourth with Ptas. 
410.2bn., and fifth with Ptas. 
311 .3bn. Pesetas deposits— but 
deposits collected within the 
Basque country in 1976 (includ- 
ing the savings banks! 
amounted to only 8J21 per cenL 
of the national total. .The two 
big Basque banks then are pro- 
perly. speaking national and not 
regional banks. 

This relative weakness of 
Catalan finance capital, through- 
out • the post-war period goes 
some way to explaining the 
.more -integrated character of 
Catalan nationalism in compari- 
son with the more fissile Basque 
i variety, where the dose associ- 
ation of the Basque boitrgeolse 
with Francoism was a contribu- 
tory factor in the growth of the 
radical nationalism of ETA, and 
the myriad .revolutionary 
groups it spawned. 

Thus the very, weakness of 
the Catalan banks was a 
decisive element in their resurg- 
ence. which was further 
impelled by the expansion and 
diversification of Catalonia's 
manufacturing base, with the 
metal and chemical industries 
displacing textiles in industrial 
importance. With changes in 
legislation in 1962 providing 
for the setting up of industrial 
banks, the Catalan banks 
increased their share of 
national deposits from 4.37 per 
cent in 1964 to 10.34 per cent 
by the end of last year. 
Throughout this period, the 
Catalan-based banks grew at an 
average compound ' rate' of 
around 8 per cent more than 
other Spanish banks. In par- 
ticular the Catalan share of 
total Spanish industrial bank 
deposits has grown to 24.97 per 
cent 

The relative decline in this 
sharp rate of growth evident 
in the past few years has been 
caused by several factors. The 
Catalan banks depend to a far 
greater extent on corporate 
deposits than do other Spanish 


banks, since .the Catalan sari^ 
banks,- • traditionally; . 'ifee 5 
strongest in Spain, pick up the: 
majority of -private, deposits. 
Secondly, in a high- investment 
area importing-funds fixim .vfiOh 
investing areas, thehigh cost 
of interbank money-— particu- 
larly after the scare- causeifcjy 
the collapse of the. Bank-- of 
Navarra at; the. end ot-laat^ear 
— means that the proportion* 
ately more active Catalan banks 
are penalised. But thirdly/. and 
most important for the; future, 
comes the -relationship . between 
the 1 Catalan and- the national 
banks. ' 


Ranking 


The major Catalan bankas 
the' Banco Atiamico, 12th in- the 
national ranking . table with 
Ptas.76.3bn. in deposits -at .the 
end of last year, a. 163 per cept 
increase on 1976. Following tpe 
Industrial Bank Union'- (with 
Ptas.63bn. deposits and jin iflth. 
place following, a 14.1- p'erjcent 
rise on last -year)^ comes -fte 
Banca Catalans, the T : bank' qet 
up by the family of Sr/.Jprdi 

Pujol, leader of the Catalan 

nationalist minority - ini Parlia- 
ment. ■ .. ■ j' ' 

.' banca Catalans occnpies'17th 
place in the overall- ranking 
with Pta5.58.3bn. deposits 'mid- 
an 18.6 per cent, improvement 
last year. -However;- taken'iad a 
group with- its industrial i bank 
BIG and its smaller aflUiatesr.it 
would, rank - ninth -.overall, 

making it the largest .concentra- 
tion of Catalan capital. ’-“-The 
independent Banco de Sabadell 
follows Banca Catalan* hr the 
national table, with £tas.54bn. 
in . deposits and a 23:1 per cent, 
growth .rate last T&x* : The 
smaller Catalan- 'i /banks, 
prominent among which; is Mas 
Sarda (26.0 per cent'/ growth 
last year to reach deports of 
PtasJ&bn.) maintain high levels 


of growth 'but- cozhe. a long Way 
behind. - . - = - <*i • - * . 

For a variety - of . reasons, the 
viability of -many . smaller 
Spanish banks is, in .doubt;: with 
three failures in the .'pastsfx 
months. .At, least three -Catalan, 
banks are :thought fikely. 'for 
sale, and seld'om k Week goes 
by without ah offer, or rumour 
of an offer. - The big bariks.are 
known to be shopping ^d. will 
find much to attract them; in 
Catalonia. : Mcrtisover,. "jUie 
system as a whole Is entering 
a period of qualitative .consoli- 
dation after the stampede ‘and 
easy profits of fheFrancoistera, 
and in anticipation ".df.;/ the 
eventual arrival . of -the foreign 
banks. j 

The arguments ih fevflur of a 
Catalan-based consolidation — 
ranking aside — are fairly dear. 
The resultant economies - of 
scale at a time' when outride 
banks are vopenLag.^more. and 
more - offices . ( Barcelona 
province now has more bank 
branches than Madrid province)' 
would provide a- dear ad van- 
tage. Secondly, the .Catalan 
banks - can no-'Iongef rely on 
regional sentiment for -a continu- 
ing in crease, in business,- having 
had it . demonstrated, to v them - 
how easily ' interlopers can 
acquire a “Catalantet” yeueer. 

Opinion is divided 'b^ween 
those who' see an urgent: need 
for consolidation. and f^oke who' 
believe that the Catalan banks 
have already missed the . boat 
following the taking of a 27 per 
cent share . .hr - the Banco 
Atlahtico by the Madrid-based 
R omasa group; followed hy two 
incursions by B&nesto among 
the smaller Catalan.- entities. 
Nevertheless, a concentration of 
Catalan - ha-nHiiy ' expertise, 
backed by. the Catalan savings 
banks, whose depbsitsfar out- 
strip. the largest national bank, 
would lead to ' a ' formidable 




assembly of banking power; ^ 
on loc&l . projects and 
international fielcL 

* The Catalan savings' f*‘.“ 
hold deposits uf Ptas.689--; 
presenting neariy 30 per . r * : \ 
ofaH savings baife depv . *. . 
The- Basque country’s hot^. 
in savings banks amount 'i \ :i'- . 
more than 12.5 per cent' J>; . 
have grown ronrideraH? T 
their present level of nH'.- f - :rr ; 
Ptas^f50bDL, amounting -t '< . ;:’ : - 
per . cent . of total .B/' 
deposits. Hitherto the d* ( ... . 

meat of nearly 30 per cei & . 

commercial bar* deposits,'.:': ,.i ( 

68 per. cent, of savings' jp 
deposit. wasj controlled bj.r 
Government. The lowers 
these i ^co-effl dents of obHg,/ *~ r *. 
investment” — in the . cas^r - jj 
the savings banks bygrL.*-'-' 
reductions which will takC : 
total .to ! 35 per cent byi.: 

1983 — wifl progressively l ; j 
them -with more, and j - ■ , 

money on. their hands- ' 

they distribute ‘af bi. . 
impMtant factor in detej". 
injg . the future of , 1 r. -r ' • 

development - • _ . '• - 

Under tiie previous 'j& 

nationalists constantly. 
this drriniijg-off of fuiid^- "■ :C: :: 
tiiey- saw as extortrt-'-foti.r: 
grekter good of -Uadi .: 
d ey elopane nt— w worse, fA' ; ; :: 
maintenance of Airirii^.: 
feudalism. However, thesfo - v- ■.'■ ■■ * ; 
increasing i?topartion of "Tv i* 
private companies anwngC^; - 
companies in which 
investments can be mad^T ^r • r: . 
meant that it is. now easiri - 
savings banks to conc^^r : 
their investments in theifjZ'. -: ■: 

areas. The large Cat^anl ■ 
ings banks say that last' 


r*!C 3 


•r.p Sa 
:-:rrcr 
r.-.j? hi 
-rain. 

li 3 
■pay 

j 

.sn.'SE 

:..r.ccd 
: ::c c 



40X 


30? 


20 % 


io?; 


•< ' /\ • Gash In tfae L Wily > y l 

L ./V' / \ orthapubuc 

/ 7 ' Y . /- 

6P / X v / 

' ’ T"t»l \ /. 


W\ / 



Throe-month 

moving averages 


j i ■ a m 
a iw a awn ■ 


i 1 I b 1_4 1. 


j r* . * .d h . # j - 

1977 1978 


mer’s decree on- the regtom. ... , ;; 
tfon of their. . investment. jl.'.' X-/ 
had ^tittle effect on ' vf\i 
acstivitips. . ; . . ... ■VX.XX. 

-Bat the Basque and -Cri— ;■■■ 
banks invest heavily ■- 

own" regions, both for f-’--' 

- economic-' reasons, and in].. • v - 
Catalan case by deliberates-;. 
siadciiig--.6f' funds (the p«X -.-X 
varies from bank to bank^'j- 
2(F30 per .cent is a wf ! 
quoted figure), possibly to*,.;- .- 
detriment of their custom XI,.-' 
elsewhere. The Bank of Bi',.-- -- ' 
■and Bank of Vizcaya are -'-'X'-.X 
mated to eihpldy soin.e 60T ^ ' ', 
cent of .-their funds loraffi;."-- * . 

The Caja Laboral Populat fl i XX- " 
whidr the Mondragon i a : 
cgjeratives are based, i&izz ■■ ■; 
only bank in eilher area X, ; ‘ I 
solely on' . its region. -7 V. : ... 

deposits now; in excess of "J'""' 
L5bn. ' arid having . . cre^ E _ ' X ' -X.j.' 
16.000 jobs, it is also the K V.' 
that- pioneered : detailed t^.' X • 
search into the : j.-' >' 

economy.- 

. David Ga«?'" 0 3 i ;,w: - 




.•ar-.tal 

rjnkv 

%:rd! 

Pro 

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i nut 

' ■ j 71 S3 

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th« 

.-..uld 

v.iJ: 11 

r: -*'rv 

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t, ir.:ca 

:..j i 

7 ms 
• orr.d 

:-rc hk 

nro 
■‘•.ired. 
:vn -0 
■'.'nd*n* 
the 
ecr: 

V : -U-J 

■••• mnar 
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realm 

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o-jM 1 
fareiga 
The 
r.-'.rainl 
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r^rai'ii 
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r-itrici 



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FOR THE first time a serious 
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the Spanish Government has 
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ally placed with the Bank of 
Spain. This practice has been 
known as the “ privileged cir- 
cuits ” because of the privi- 
leged position of the recipient, 
who obtained funds at rates of 
between 4.5 per cent and 6.9 
per cent. 


Attention was first turned in 
July to liberalising the controls 
on the percentage the savings 
banks had been previously 
obliged to set aside. There was 
an immediate cut of 6 per cent., 
and then a more- gradual reduc- 
tion so that by 1983 the savings 
banks would be contributing 
only 35 per cent of deposits. 
Reductions in the percentage set 
aside by the commercial banks 
did not begin until January this 
year. This Is now being done on 
the basis of a quarter of a point 
every two months, so scaling the 
ratio down to an eventual 21 
per cent 


Ratio 


Until last July the commer- 
cial banks were having to ear- 
mark 25 per cent, of total 
deposits for this form of privi- 
leged finance. In the case of 
the savings banks, which hold 
30 per cent of total deposits of 
the banking system, the ratio 
escalated to 69 per cenL, while 
for ihe 24 industrial banks it 
was 17 per cent This practice 
grew out of the need to channel 
funds to heavy industry and the 
public utilities at a time when 
the Spanish economy was 
beginning to industrialise 
quickly. But in latter years it 
has been abused and proved 
increasingly anachronistic. 

The -most negative effect was 
to increase the cost of credit in 
the market-place, which in 
turn tended to be . to the detri- 
ment of the small and medium- 
sized companies which had no 
access to the privileged funds, 
particularly since Spanish in- 
dustry Is primarily made lip of 
such companies. It also* encour- 
aged the continuance of official 
control nf interest rates With 
the comilary that special under- 
the-table premiums were offered 
to attract depositors. 


To the ' outrider this ' might 
seem an. excessively gradualist 
approach to tiberaliSaticm.. How- 
ever, the privileged circuits 
have become so. ingrained' that 
to. . move any - r faster would 
endanger the equilibrium of the 
credit stmeture,’ officials argue. 
Perhaps /more - important, ■ those 
companies .in. Industry. . which 
benefited most,- .such a& steel- 
makers. are precisely those most 
affected financially hy the cur- 
rent recession. .. 

By seeking to reduce tire sig- 
nificance of this' cheap: 
privileged credit, the antborities 
hove also been able to realign 


the overall interest rate; sL 
hire. The return on ‘this ^ eF reassu-; r * 
credit has been raised - ^ ‘ 

at the same time the of fa 
credit Institutes like the' f far, 
gage Bank or the Farmers: iV* / V/ ' 
will shortly be made- to ' J'te fJOe ‘ -” 

up to one- third of their- eft r a ^‘ u .- e 
needs oa the open market^ a-v c; -' 
in turn has diminished the fa q.- , 
tice of ; illegal premiums! ^ 
deposits. However, it woulto atf,/' 
idle 'to . pretend interest > .“ a 
Have been fully liberaliseOnsM" 

■that .the; efficacy of these lia^./ 
measures- can promote a 
market orientated system. .^? 114 


Private 


^e^ooooooooQocgeooooooooocbacob oggeo dcooooftoo'etosoqaoooooocooccog^ 


si. 



Cvv,:rV. 





• • ,J ! Ru... 

=r S :!. 

.- " I, 

• . • fcir 

>4 r . ;hor: 


thro-jwv 

Circuits 

ir =‘cresl 


Sr 


'-‘rnis 


da Banque .art Espagrve 

> '/’.v-’HEAD OFFICE ... ■ •: 
Paseo dc la Castellana, 36-38 
P.O. Box 625 - 

MADRCD-1 — Tel (91) 446 10 00 
-S6B&E " 






>s.-. 


Tfilex: 44175-SC . 
.. Cable: “SOGBlDIR 
ALICANTE : . . 

Rambla Mendez N&nez, 62: 

Tel. (965) 21 58 61 ..; • 

BARCELONA-9 
Via Layetana. 162-164' 

TeL (93 ) 215 64 00 ^ **.' 

CARCAGENTB (Valencia). J 
San Antonio, 1 
Tel. (96) 243 05 00 / 

JEREZ DE LA FRONTERA. 

Avda. Alvaro Domecq, 4 • . . 

Tel. (956) 34 U 00-' 

LA CORUSA . 

’ Teresa Herrera, 7-9 - 
Tel. (981) 22 64 03. ' 


SOCIETE 


VAjomM 

■: Alcal4,30 . 

Tel. « 1 ) 232 82 37 
.SEVILLA 
. Sto.,TtttBas, 17 
. TfeL (954) 2209 91 
. .TARRAGQNA . . 

Avda. Conde de ValleUano, 119 
• m (977). 23 02 34 
VAJjENCIA« - 
. . Pa. de] Caudillo, 27 
Tri. (96V 32145 88: 

/ ., .. . . .v vigo 

: ' . VehtequOd Moreno.- 38 *. 

-I-' ' ” r * t - • 'Tel; (9861 22 75 03 

ZARAGOZA 
Maria Aogurifo, ® • 

TeL <976>21;72 30' /!** . . .. 

Snbridlaiy df: > ’ 



^ £ ^Pr.rt 

- VT if sv 

: ■ tv r-'' - 

- ■ MW. ' *■!»■ 

' ibr *«'. 

'.uM v.. 

'J"* %' ** 

50. 

^ 113 ?* 






25 


Hi Affl! % Financial Times Tuesday April 25 1978 



SPANISH BANKING AND FINANCE VII 







IS 


^Foreign banks wait 
foE green light 


% 





„ extent to the ser 
_ subsidiaries of earist- 
multi-natlonal clients. 

y«M»-&ey. been currency of . that eoontry^aa ject to me comroio on trade financing and foreign 

“* letteToSit and Srency dealing, the foreign 
^S-tbel opWiS of.- further Spaim - . . ■■ ^ Sin-. wids of* foreign trade banks already dominate in the 

,:r *: dsito bant biranches-iu -Spain, . a-^antoM-Oif -foreign business, originally called for provision of large foreign cur- 
V." •:; rumours were rife before may .thus taA-.JbMf.W* bSikTare not rency loans to Spain and to 

’ tiSstmas Qiat -.its publication dashed when the dec^ee fijahy p ^ duded in the Spanish business, and it is 

[5'v^SiiiehL. ‘ Nothlig *PP*frs, lt r5£2?less deSle * according to the doubtful whether this domina- 

• ; ’ hbweweTi and a conditions will -be rather, less aecree, accorams «» u . increased through 

exhausted .tfeeptMsin harsh, than many ttem ^ The^tber^wudal restriction baring branches, - as dish— * 
' --'S Jig» spMUshrofBcwis’ current feared. :. Ther ®: h ^ n1 ^J a iL r on «— activities of foreign from representative offices. 

T* a decree “before the bank? in Spain will be ttaton Thus the actual_ threat to | 

^ ^Buner." . * v-'-wT^ **«n*a be the Drooortion of their activi- 


EFHtiHon&Company 



:: i?-.S7or them to do the kind JTIUUaUlC - . tv. panies, securities, and tne though this is ratner less iiheu-. 

Cosiness they want to in . Aithoueh' Economics Ministry coeficiente de caja, the share And just as foreign banks are 
* • aS Many are doubtful about that they have not of deposits which Sparnsn un ]ikely to make any 

-a ITmud/new^busmess they de fi£ite decision banks have to keep with the inroads on the business of their 

" ‘old at the moment find in !! thiftbe Jowct figure now Bank of Spain, which has been Spanish counterparts, so a^o 

! even were their SinS&3^ P**- ** ™* widely per ' “* * ey “T'SJSp nnZ 

arises unrestricted, and are A ' Ptas 151 ml require- centage. immediate large-scale oppo 

increasingly wondering d JS ial iy However, this restriction, tunities for proflt—particularly 

- •■■■v?3he?Sw«rt a branch at «“{■ oTlSSgn tight as it may appear, may in as the overheads of a branch are 

■ -T^.ulhoritiei delay oyer the at least, to be ecad^ic. Many For V& **•*£«**£ 

■ -■■Sree is -not now the result o i ™ u £ 1ieve U-* ‘-^ey Spanish officials and foreign given the fall in the douar^ 

- ' yoppasitiontothe admission Pirate profltKy bankers doubt whether ■_ the setting up a branch would now 

-;: T;. t ? foSign banks .in prindplej but thK^tS foreign bankers will be able to cost more than it would have 


In an industry that undergoes ups and downs, 

■ mergers and constant change, E.F. Hutton has always 

stood for reliability and dependability. _ 

Thratgh all those years, weve maintained an un- 
broken record of profitaMiy-andofeontinuous service 

to our customers. 

And now, as we approach our three-quarter century 
t mark, that stability seems even more impressive. , 


international 

ATHENS • BRUSSELS • FRANKFURT • GENEVA - HAMBURG • LONDON 
ATHENS iJKUWLo^o ^ . j^uisncH - PARIS 



BANGA CATALANA 
BANCO INDUSTRIAL OE CAT/M.UNA 



Increased export credit 

- - i f *1 j MlfiMiilmrfi 1 




..JSPITE. THE., wa^^'-" WTT,, r T TEC^ORtCBEDlt IN' SPAIN 

':.:wrth in ex P° r J? a SLJX‘ • " (Ptas. bn.) 

" 'provement of .the Spwrish -»• - ' 

'-.ifle. balance last year* difficult .1971 1972 1973. 1974 

s with the balance of payr. r . . -»s #12 74J5 

mis threaten: to_b® one -of ^h® -Private hanks . ' 42.a o2- 

' ■ 'dor constraints faced by- _ - 

1L4 UJ 154 

^ fm--. «« n «tr*’c 2/from Instituto de 

• Credito Ofldal ' 

S, Bank of Spain. 

* subvention 


1975 

79.2 


197G 

107.3 


20.6 2S^ 


...crisis. "The-, country’s 
' Dpoms:. has not ; adjusted to 
■' : t change in the terms of .trade 
' ft crisis -imposed;’ conse* 


___ __ L4 12^ 26.0 52.3 


crisis -rmposeo, subvention 

" r ently .it now; faces -the urgent ganco Exterior 

■ 'ed; for a massive transfer of oflier 


export field as elsewhere,. to deal 
in short-term credits. With Uie 

development, of Spanish trade, 

however, there has been a grow- 
1977 ing demand for more long-term 
credit and more sophisticated 
financing. This development 
has been particularly reinforced 
39.7 by the growing importance of 
exports of capital goods and 
... manufactured products for 

69 9 Spain. ^ . . 

Thus the Banco Extenor nas 

— become progressively more 

80.8 134.7 involved in buyers’ credits,) 
4.3 3.0 making loans for sums over| 


— 25.0 


” sources into exports. 

‘ r As one measure' to help this 
’" oce^ the Spanish Govera- 

mt-has-annpuuced a sizeable 

in the volume of new 


,de likely to continue laumg m 

wmiwm§mwiwmi 

SEsS 1 

Bds provided directiy by tn ^ - of export w h ea the demand for export __ 

ttituto de Cre 1 o .^-.finance to be topped by the Gov- credit has exceeded peroS fo/twoto fiv^yeaK for 

Thus funds provi ded eminent Will b? the utthsauon bined resources made available to developed countries 
stituto de Credito Qfim i • ® O f«artof the $295bn. IMF credit from the Banco Exttnor*s own a m ain m um of 7.75 per 
e Banco Exterior are to be. :agrded two months ago. The Gov- depog^ and from the Instituto Credits for circulating 

eased from Ptas.17.6hn. iasi intends to use some de Credito OficiaL capital for exporting companies 

•At to Ptas.40bn. .Out or its — - .«ait .. r . 


•* ' 


irom Hie At the same time, it is 

account wort h noting that circulating 
.ceut of capital credits for goods to be 
in 1973, ^vmrtrtpri. which are not granted 

*n — :• ^fTmnnev te^& froin some before storting a steady d __ at — ~r~~r 

i? ^ Pttt*Wlm. which took their share to 52.1. 5n th e EEC, are so granted in 

Sf W 5S ^ DJi. 

' 0blSd Pri tt te ^Swe Sopment of-to a C tivi«es.o£ P ri«t e ^ prefer, m the 




BANCO DE BARCELONA 
BANCO ...BE GERONA 
BANCO MERCANTIL BE MANRESA 

Headquarters in Barcelona 

Commercial and Industrial Banking Services 
throughout Spain including: 

* current and deposit accounts 

* foreign department services * export/import finance 

* E.C.G.D. credit facilities - * Eurocurrency credits 

; Representatives Offices: 

London New York Paris 
New York Agency: Banca Catalana 

London: 131/133 Cannon Street, Undo# E.C.4 
Telephone: 01 -626 6097 Telex: 8812759 


J 

| 

f 


& . 





Morgan Guaranty, s.a.e. 

The Spanish subsidiary of 
Morgan Guaranty Trust Company 
of New York 


This merchant banking firm 
arranges financings for clients 
doing business in Spain* 

It also advises and assists 
clients with their 
corporate financial plannings 
mergers and acquisitions, 
foreign investments, 
project development, 
and feasibility studies. 


Morgan Guaranty, S.A.E. 

Doctor Fleming, 3 . Madrid-16. Spain 
Telephone 457 2400 Telex 27-705 






- =■: ■' : 

rfiillli 




I 


— - . ‘ — 

rat, 



- . — z. 

~r. 


Trust us to make your business run smootWy. 


See yuur intematioTuiI business 
taka off with BB. 

BB stands for th» Spanish hank 
with the greatest international 
eapenence. 

BB brings you a 18,000-stnrog 
team of experienced personneL 

BB places- at yonr disposal a 
nationwide network of offices in 
Spain, numerous offices in 
United Kingdom, France, USA, 
Germany and Italy and 
correspondents throughout 
the world. 

BB symbolizes the Spanish hank 
With dynamic grow t h . 

BB stands for Banco da Bilbao: 
the bank that can. make your 
business run smoothly. 


Call or visit ns attain 

PRINCIPAL LOUDON BHANCH 
36 New Bread Street 
LONDON, EC2M 1NU 
TeL 016388481 
Teles 886451 BB LONDON 

RELACIONES FJNANCIBRAS 

INTERNA Cl ON ALES 

International Finance 

Alcala. 16 - Madrid-14- - Spain 

TeL 232 86 07 - Teles: 23381 BB BFI 

COMER CIO EXTERIOR 

International Trade 

Alcala. 16 - Madrid-14 - Spain 

TeL 221 23 85 - Tales: 22002 BB SEN 

27535 BB SEN. 27616 BB ABB 


Established in 1857 





The Madrid Stock Exchange;. 




Stock market plays 


a minor 



BANCO DE BILBAO 


I 



AS A source of long-term capita] 
tor the private sector, the 
Spanish stock market has played 
at best a supplementary role. 
In recent years' the volume of 
trading has tended to compare 
favourably with that of many 
other European bourses; but 
this masks the dominant roles 
of the banks, and of State- 
directed credit through the so- 
called “privileged circuits,'’ in 
the financial system. Moreover, 
as the CindereUa of the system, 
the stock market's occasional 
notings to Ihg ball have aH too 
frequently -found it caught 
unawares at the stroke of mid- 
night, creating an attitude of 
circumspection among investors. 

The dominant role of the 
banking system in the Spanish 
capital market can be seen from 
a look at the sources of external 
revenue in the private sector. 
Official credit has played a 
gradually less important part, 
dropping from 17.1 per cent in 
1976 to a low of 1.4 per cent 
in 1972, then climbing again 1o 
reach 8.8 per cent in 1976. The 
banks and savings .banks' con- 
tribution has been consistently 
large In 1966 they provided 
51.7 per cent, in 1970 61.1 per 
cent, and in 1976 72.3 per cent 
Meanwhile, the stock market 
provided 31.2 per cent in 1966; 
34.9 per cent, in 1970; and in 
1976 only 1S.1 per cent 

If however, ihe shares and 
fixed interest securities picked 
up by the banks, and particu- 
larly in recent years the savings 
banks, are subtracted from the 
market’s contribution, the over- 
whelming dominance of the 
banking sector becomes clearer. 
In 1970 it provided 73.8 per 
cent against the rest of the 
market's record 22 per cent, 
while in 1976 the' banking sys- 


tem provided 84.9 per cent with 
the rest of the market's portion 
dropping to 5.5 per cent- 
In absolute terms, the stock 
market’s share of new capital 
going into the private sector has 
increased from Pts.52bn. in 
1966. to Pts.l01bn. in 1970 and 
Pts.225bn. in 1976. But its rela- 
tive share has remained small, 
and has further declined sharply 
in the present crisis. Total 
volume of equity trading on the 
market has been small: Pts.62bn. 
in 1975. Pts.78.5bn. in 1976 and 
approximately Pts.67bn. in 1977. 


Dropped 


The index during this period 
has dropped 50.8 per cent 
Meanwhile there has been a 
massive fall of some $26bn. in 
the value of shares quoted since 
the present crisis began exactly 
four years ago, leaving the 
capital value of quoted shares 
presently around $7bn. Many 
companies have seen the value 
of their shares fall by 90 per 
cent, while turning in broadly 
similar results throughout the 
four-year period. 

Spain has stock exchanges in 
Madrid. Barcelona and Bilbao, 
its three most important in- 
dustrial centres, which account 
respectively for about 62 per 
cent. 26 per cent and 12 per 
cent of the business conducted. 

Between 1967 and 1970, when 
Spain operated a relatively 
restrictive monetary policy, the 
stock market began for the first 
time to act as ao alternative 
supplier of capital to the bank- 
ing system. However, apart from 
the obstacles presented by the 
cumbersome system of share 
redemption, backward pro- 
cedures for accounting, low 
interest rates and the monopoly 


of the fixed security market by 
the cannel banks and. other 
institutional investors, the main 
problem remained the thinness 
of the market as a whole. A 

Though the number of quoted 
companies has risen from.78.itt 
1964 to 710 by the end.qf-1977 
the ten . largest compares 
account for €1 per cent of tfitel 
capitalisation, and the ftefee 
largest (Iberduero, Telefupica 
and Banco Central) absorb o4ter- 
20 per cent Less than half of the* 
300 largest Spanish^ companies 
are quoted, on the market, while 
only 11 per.. .cent of quoted 
shares are the olpect of regular 
trading. £ 

The greater— though by 
•British standards still small- 
degree • of ’information dis- 
closure required of quoted com- 
panies has kept many companies 
away from the stock market It 
is a disincentive to companies 
accustomed to maintaining two 
or more sets of books, as is also: 
the fear of loss of control over 
the company’s affairs. On the 
• first point the reported decision 
of one of Spain’s major hanks to 
have its accounts externally 
audited for the first time, and 
the likelihood that the other 
banks in the "Big 7 ” will follow 
suit may signal the beginning 
of an important trend. Further- 
more, the commission appointed 
by the Government to report on 
the stock market — which 
finished its work last week and 
leaks from which are now begin- 
ning to filter through— is likely 
to recommend equal fiscal treat- 
ment for quoted and unquoted 
companies. 

With its present structure the 
market is easily manipulated 
and large transactions have 
nearly always caused wide price 
fluctuations. The most spectacu- 


Iar cases in the market's recent of many companies foflpwf-a; - . --•••• 
history were in 1844-47;, Jed off -announcement of 
by the booming” construction has made £he operataon ^ 
companies and in 1956“57-,ied.by qnentlywoutMess. Since career ■■ : 
the electrical -companies Both issues in fSpaia are camedi- 
bubbles burst, driyfeg potential at par.^both the equit^miS: - ‘ 
investors away for long .-sub- interest market* ara Sepi#; ' ’ 
sequent periods. / - - •; of.the competttive etigfTaf* - * 

A similar occurrence -Was counting. - ■‘-■■I' 1 

avoided in March 1970"- by. -the ■ . _ - . 3- ‘ " 

timely intervention'of the Bank -*romthe market- standpfifr: 
of .. Spain. . Jjbenli.satfpn mvertment has teng -f - 

measures had helped' to build; a . itself . more on f«Wv.- 

modest secondary , market ; and - 

develops new instruments. not xuiiy -explain why previomr;. . 
crucial amdpg .which were' the inflated ■ _ price/ earnings • rafc'V . . 

unit trusts - Combined with the a f e . now- so artificially low.^F— , 
appearance of- profesional ser- stric ^_ financial- terms:: ; ^ - .. 
vices providing 0 ™ oire — an d more gove rnm ent^ may, for.. fipuBfe,;;' 

Triable — informatio n, ' unit annoy -.the investor by^linxitLv t-.j,,.. 
trusts found ready- acceptmice the yield on bank shares, 5ttt-i AT - r -•_* 
among the. investing public^ the other luuid the falfixth&r -j i'-.r.tf. 
which put Ptas.33bn- on their tion -as a result of its poliefe a;;.- r _*>. 
portfolio in the two 'years to: trow- begins to- -make Wthtt -mi vl-t :r. •* 
1968.-- But a gain speculative unappetising - - shares^ 'r:r- 

euphoria devalued these new for. Moderately attractive. But : ‘ -- 

struments, which lost 40 per the ^ investor prefers to -*) - -= as 
cent, of their value in the -year until the . fall tenches bothi^ - ,, _:- j - -•• 

to March. 1970, when the ftanir is.-teue • of-: tee " I 

of : Spain raised interest rates vestor as ^ well, 
and enforced a minimum, of repatriation laws axe-easter,-!^- 
10 -per -cent liquidity against he lias to. -think Sn addUon-1^ , £'[" f 
reception. •- : .. a posmble toture-devaluatknLa,,-,;-r' v ' " 

' the peseta. ^ ^ 

It is uncertainly 'about u-riy 
... futare . that, -provides i* 

Nevertheless, the unit trusts, decisive element- in maintain^ . 
tee development of closed-end the present; prostratiem' of rr n::a 3 y 
and mutual fnnds, and ,;ihe stock market— uncertainty J ; " 

steady growth of -the insurance ^ %cal reform, the. -,A : - - 

companyies had combined- to sUtut 10 !!, - and, as rah :i , i]; 


flesh -oat market, interiock- observed from the vehem#^^ 
lng Jt.-With tee res t of the finan- ouiployers_ "-.j 

ciai system until the onset -of Sooted proposed ^legidatioxj-J^ wuglt 

S&-.ZEZ K::i 

sbow^l 07 o^p a m^ _last^gr,. chunks of a satiik? t L hj, ' e it uV rt 

again ^ ^ 85 111 1976 ‘ ^ iere . novel in which the stock-mari^ 111 :- T- d- ; - 
liwikx un> beinv an. even more j- . ' 


.• 1 :]!*: 

-peril 

_L-;:cr 

’•••dur 

Sen 

enc.-t 

: . D 


l -=. h 
r .inr 
;-nt 

r.. ij^-V 
•1 ’* 
’Viiew 
cr -s 
.•-» pti 

• an 
t! 
1 hr 

. 

- .cr»*a 

4T:jPP 

.TvJrt 
s kjs, au. 

.-.-n-MS 
f .i." m 
-•"OS? 

d 

\::.C \ 
•^ncy 
•rateli 
’JPsy : 
.litesaj 

C%r-L*£? 

Ir. 

-at Tc: 
iurerc 
tbo D: 
pusstb 
roduei 
s per 
‘ 1" esc 
C J. 1 

•‘Jmui 

-Veicpi 


CO: 

chc 


Bankunidn 

The second largest 
industrial bank 


SPAIN 


...... i 

» ' W-'.- f 


M 



y * vVli ' - Sfc- ^ 

^ f,.* *? < 'iA; 


Bankunion 




International Direction Jose Lazaro Galdiano, 6 
Madrid-16 Telf.: 250 91 00 
* Amongst those founded after 1962 


&\ V 


f&ik-ix a#.> > 

- 

** - j mmmi 

vAvli ~ 
i « ^ 

’ % 

. ' ^ - 1 4 : 1 , s ! 

T - 




.m:. 

It: 





takeu:tee fdunge In what is nor- their curiosity value. " . .a 
m^y a peak period. Tto pre-- - - ^ « • ' * -‘A 

cipiteus fall in tee share values David Garaiki 3 ^^ 


Banco Industrial 
del Mediterraneo 

. plays an active part in the key industtfes 
dfihe Spanish economy such as^ilheirilcals, 
‘ . Textiles, MetaIkir^,Tiinber,Biiddmg, 

... Public Wades, Hotels, Transfwt, ' 
AgricultareandSeruices.- 


s ?rea* 
. fur 

u2Vg : 

- nv,- 


at 

S3 

in 

!W 

ch 

ies 

al 











Financial Times Tuesday ApriI 25 1978 


27 


SOCIETY TO-DAY 


i-' 


Muddle and uncertainty for the 



B OF the lirioritlc^ of tfie and Imperfections . Of-'** east- point of view of the recipient 
tSritish Government should . iiig system of cash fogggte end, -must he claimed or collected 
r 8 - re-exam^mtion- ..of'! the related ■ prov^iis^f or.iStritisic- from a bewildering number of 
fcarb state - from .top ; to aflly. ' handicapped" aduits and different offices and agencies 
tsa.-In^oiore ^ Thus the MoSllity Allowance 

* centril DHSS 


sgpssroeat might _ he; . -the .£tis 


Set of a -prfcelectioh.. debate beis.are likely tthgrtw as Jnedi- DHSS* office ^ thr0USl1 a Jocai 

■ ■ ".1- • - :j-_- • LJ- - narinfo 31 Tv a uuiuc. 


omvYS «*!! 3 ?f . be 1 tha i 

£>13 liUle chan* of that longer, or toWes tMW hjndi- JSalWiS^h^t) „ St 
LXwha't - has become' 'an ; :c*!g>ed.ha&ies ^tosarsuve. fourth Dr thRt 


Secffiy. in (SficWiKSd SSe°> 

!?? b 1STnw ter SeS 


{ ; es»fflUihr tosasj-p™: WW with in on network 


on Motion Miviiw' * may be 

S'-Ww and order appears . to back-up material .• for .. the iriouuaib may ne 

-traced its leaders' in act Disablement ..Income- --Group 
Sectual straitjadret ../titter .itan a cool/pteee of 
ftere is, however; foom ^or analysis. Its . .-fdndamental 
pe that a serious, new took message is that the handirapped 


Every separate organisation 

r the"wetfare' state might be —from " the- blind, /through local office will operate 
emoted r af ter the election- if people suffering from crippling “ n °er a different set of rules. 

because- thd . conflict' diseases to disabled housewives J a <* one will require personal 
tween- the- real .needs of '-the -^So'. not receive t^e' benefits documents such as pay slips, 
ise off among us -and the.aftd assistance from the .rest of books, birth, marriage or 
imde of the rest of us to the community fast they , need “ e dical certificates or bills and 
nhg taxes JLs now .so .patently or ought to he: given - - as of accounts. Some want them on 
paging to our society. - right." . . ‘ ‘ a WeeW y basis, some mornhly. 

Ibis conflict has always been 


s of course, but in times ^ t« , 

E output- Is -growing its L/FQSaOlllg 
can ieinhumset-To- - v - 


some annually. 

It is hardly surprising there* 
fore that the EIU reports that 
for some benefits the “ take-up 


CASH BENEFITS IN STUDY OF PROBLEM AREAS 
{From analysis of DIB case files froa 1970) 

Social purity benefits War and Industrial Injury benefits 

' Cash ‘ as of right * 

Sickness Benefit 

Earnings- related Supplement 
Invalidity Pension - . . _ 

Non-Contributory Invalidity -Pension 
Retirement Pension 

Old Person's Pension 

Invalid Care Allowance 

Attendance Allowance 

Mobility Allowance ■ 

Hospital Pocket Money 

War injury Pension 

Industrial Injury Pension 

Unemployability Supplement 

Invalidity Allowance 

Special Hardship Allowance 

Hospital .Treatment Allowance 

Constant Attendance Allowance 

Exceptionally Severe Disablement Allowance ... 

Means-tested cash 

Family Income Supplement 

Rent Rebate 

Rate Rebate 

Supplementary Benefit 

Heating Allowance' . 

Diet Supplement 

Laundry Allowance - 
Clothing grants 

Other e’ .tra-needs payments 

Although not specific to people with disabilities. 
Unemployment Benefit, Widows’ Pensions and 
payments from the Family Fund were 
also sometimes involved 

Source: Economist Intelligence Unit 


security broker— has emerged, but has. in' fact possibly' done among its clients who are 

Any system that develops a need more harm than good by handicapped. The tangle, the 

third of W cehturv- Yet the facts in: the; report i s f ar lower than the numberof * or professional interpreters of encouraging the supplementary overlaps, the injustices are part 
^Iftnment at iWtitnte such an overwhelm- possible claimants suggests that this kind is clearly not the sim- benefits offices to pass clients to of the experience of those who 
dpStmed ^' Indictment of the existing it should be. or that there are P^ed but effective safety net the inefficient and under- are assisted because they are 
system, that its •/ ^jpietiiires several apparently intolerable that Beveridge imagined he was financed local authority offices, poor, or living on pensions or 

the system, designing during the war. At the same time passage of are ill and need the services of 

war or indus- Much of- this has been clear the Apt may have given the the NHS. — — - 

wRanies ^?- whartIms become- - trial, injury payments are tax for some years. What has not impression that all possible has j t & true that the NHS.has a 

old' machihe/ with so eht ppssihlfr-ceair^govt^’fiiijent free and so are sickness and been so well known is that all now krandDne f ? r the handi- Royal Commission looking into 
any makeshift repairs' and" benefits available under the invalidity benefits. Mobility piecemeal attempts at reform capped. This is clearly not' the its future. It is also true that 
ts and pieces added here and welfare system, some of them Allowance is taxed but Attend- — including some of the most case * there has been a investigation 

ere that it has become too specifically intended for handi- ance Allowance is not. Two well intentioned new legislation The principal remedy pro- into the workings of the supple- 
.mplicated for anyone to capped persons and others people with the same handicap of recent years— have so far posed by the EIU is “a new mentary benefits system. But 

jderstand Because output is generally, available to all who will each receive different bene- failed to resolve the central Beveridge” which is highly th e trouble with both of these 

it growing the need to start endure an income below a set fits from the State according to contradictions and muddle of desirable, so long as its terms — as with any 44 new Beveridge ’* 

jain with a blank piece of official minimum. the classification of who they are the system. Indeed, as the EIU of reference do not restrict its for the" “handicapped"' "as ' ' a 

iper is even more pressing; Some of these- overlep_ and and how the disability was points out, in a piece of inquiries to the provision of distinct — clientele— is that ‘ 'in 
The latest piece of evidence cancel -one another oat 
» indicate this comes in a new appear to foe available from a 
•port from the "Economist single Ministry — for example, 
itelligence Unit*, which sets the Department- of Health and 
ut in detail -the contradictions Social Security— hut from the 


and and how 

Some incurred. genuinely fresh reporting, the cash and other help to the ban- each case the real- -overlap- -is 

Inevitably, in such a tangle. Chronically Sick and Disabled dicapped. For most of what one of principle.. Until general 
a new profession, that of Persons Act of 1970 may have the report has to say applies principles of’ welfare effecting. 
“Welfare Rights Officer “—or seemed at. the time like a new to the Welfare State as a whole all classes of : recipient are 
in plainer language social charter for handicapped people, and is hot restricted to those established the muddles and 


.inefficiences described , in the 
rase of. the ban dicapped: by-, the 
EIU will persist ■ 

The reason why principles 
are so important ..can be seen 
at once -by. considering the 
EltfV proposal that . there 
should be a tax free allowance 
for “ the additional expenses of 
disabled living” as well as a 
taxable “benefit as of right to 
handicapped people which 
would provide a reasonable 
income."' 

■ Before accepting recom- 
mendations of this kind it is 
necessary to work out which 
principles contemporary society 
regards as ■•correct. It is oot a 
matter of dodging the cost — if 
the principles are established 
the eventual.net cost may foe 
.higher than if .5s IQ-day. But. *$■ 
the EIU itself seems to accept, 
a sensible: .'budget mu£t..b£ 
worked out (nobody really 
knows what js being spent on 
the handicapped and disabled 
at the moment) as part of the 
re-assessment exercise. Before 
such a budget is possible it -is 
necessary to set down -the 
principles upon which it would 
be based — and that would apply 
to all beneficiaries including the 
handicapped. 

- Thus • a.- payment for “ addi- 
tional- -expenses- - of disable^ 
living" begs the question of. the' 
■difficulty of defining the degree 
_o£ disability ..Which most people 
"would' regard ' as qualifying a 
claimant for such a payment 
Most people would want to 
finance guide dogs for the blind 
but there m ay no t foe ajnajority 
"in "favour of' payments for some 
■one ’Whorlhas a 'doctors' certifi- 
cate to indicate that- his^er her 
bad back makes it impossible to 
continue - with 'manual labour. 

. This -is -not a fanciful distinct 
tioh: - in . the Netherlands : the 


welfare system has come under 
severe- .attack because of a 
widespread belief that 'too 
many ' .people .. in the ; latter 
category- have benefited from 
it. Again, thereu may or may 
not be widespread acceptance 
of the idea that means tests 
should be abolished, but ithe 
means test- everyone Opts *' up 
with — -that is. the tax system — 
might be thought by’ some 
people to be suitable even for 
judging- entitlement to . a 
general disablement cost of 
living grant. 

If this sounds hard, consider 
the alternative. Further growth 
of a. system of welfare without 
regard' - to principles which, 
most people find acceptable is 
likely to bring the entire 
. system into the disrepute that 
has been so graphically 
recorded by the Chairman of 
the ' - Supplementary Benefits 
Commission. At the end of the 
day aH ..those in need suffer 
from .such a trend in' opinion. 

"What is really required — per- 
haps in order to extract more 
from taxpayers in the end — is a 
sound basis of rational support 
for a new welfare structure. 
This should be placed on the 
firmest foundation of them all 
— general acceptance that what 
is proposed is just It is in order 
to' find that general acceptance 
that we need “a new Beveridge." 
for- what has been lost since 
-the -reconstruction years imme- 
diately after 1945 is precisely 
the national consensus upon 
which alone any future Welfare 
State can safely rest 

Whose -Benefit?- Uncertain- 
ties of Cash Benefits_ For the 
Handicapped ; .'TTroffoiKSfi Thiel- - 
ligence Unit; £6-f£3 fordisabied — 
people apd.-£haritable-.-pTganua- 
tioiis). ' . J ' 


.. VJoe; 


Letters to the Editor 


Bureaux de 
change 

rom the Qioxrmafi, 


of individual cases. There are 
signs that this is already happen- 
ing, notably with the proposal to 


tion, has resulted in wholesale affection by many ordinary votes. And run by burgeoning 
pharmacy closures -and-a conse-- Hong Kong people. Its familiar bureaucrats- who • thrive on 

quent forced doubling of retail presence on the Hong Kong secrecy and guided by a 

pharmacists productivity and a waterfront makes it comparable Treasury* which, it is increasingly merge the Anglia and the Hast- 

massive fall in real earnings per in a modest way to the Houses evident, does not know where it ings and ThaneL This proposal 

. unit output per pharmacy, of Parliament in London. is going. This Is bad govern- has been strongly criticised by a 

tjbbe Ettrochange Pan of yover. Whereas in 1964 profit on, turn- W<1T . \i^ octXT ment and it must be a large small but determined group of 

cent. 

! This fall in 
_ .the 

Sabhger Chaquepoint SblS live trades. • servants* T^ societv^s'ranTnaicn if only because it has now got . . - . . . .. . 

'There. is-'mnch empirical evi- f0r ^ integration ^f the exist? some way. The present upsurge 2*JS59?L!ff 


‘ ^ r o“: 


K„,a, Tc„ p,^ tag 

tn Mrint oublic ‘“raense- organisational and 
outside the examine -the^vlilahle'rtatikicai'' n uni be J of overseas, experts. t0 j management .problems of run 

T*’-'** ““ of 


. To-day’s Events / 

GENERAL . * Trade Board, Cafe RoyiLl W.J. COMPAXY. RESULTS: J ; VI :. .-f 

Provisional * . unemployment Speakers - include Mr. Edmund Marshall Cavendish fhill-year). 

figures for April '. 1 Belt. Trade Secretary, and- Sr. Tozer Kemsiey and 3S8boi|m 

TOC-Labour Party Liaison Juan -Antonio Garcia Diez, (Holdings)' (ruil year)..'. 3 

Committee meets. Spanish Minister for Commerce r/iwiAV- nmrrrv/iir- ^ t 

EEC - Agriculture Ministers’ and Tourism.- • - ■ COWFAtSX aitfclTVfcb, ... ^ 

m ^r S PAm.IAMENT.MtY BUSINESS . 

Muusters House of Commons: Wales Bill, 
p,,nri Annual " completion of committee stage. 
tSSEP 1 "’ Hottse of Lords: Scotland Bifl. 

*nS2Sl'i»2!? inR Ab ^n I f™^ committee. Housing (Financial 
rpSimS^Sneva atMri rf Provisions) (Scotland) Bill, jnvcsuntnu • rruai 

(Varia ' House - ?c - J2 - 30 - 

w c ?W5. F ^4£2Sfc pubuc 

SS 4SS22&: aSWLJSS 1 ^ 

House. E.C., 12. Needlets,-Hiflh 
12.-' RatcJifls (Great \Bmge)# 
Birminetram. 3,;. - Shakespeare 
(Joseph), Dudley, V,csC5Pxthn9fi. 
12.13. ■ ■/ ’ - ?- 


Broadstone Invesixnenf- 
120, ■- Cheapside. E.C^ I2J& X3ty 
Offices. Palmerston- Housed 
12. Grmdlays, 22. Fehchuibh 
Street, .E.C, 3. ' Imei'na'lio^al 
Investment = Trusty Winchester 


Starting on: May 23. 

Japanese, U.SI- -and 

negotiators' .discuss .world si«?i u r it 4 ii>c.w Thp Trpawrv a n m 
production problems. Washington. S‘^5^- JDe pm, 

Business. Opportunities in Room JB). 

Spain conference, . .'sponsored OFFICIAL STATISTICS ■ ' 
jointly foy- London. Cham her -of Bricks and cement production 
Commerce and British Overseas (March). 


rlh^A 'we*-«Sr^ a 
~ 1 ~5d.l consider a : cEsa 
' -• "ent to be- excessive. 
"* l r«an- -assure'- 


Chinese community S?? st 

and over 15,000 “«“* ana agamst. a lack of 

^ong Kong sign* 0ne has t0 say 


The society is unlikely to col-^i' 


sfana- public openness' and "public 

hfinoctv- Dna Kac trv c-.tr “rimun “Ut the ChSHCeS 


lapse as a result' of the merger f . 


are that -there 


Heaton . 

body of Srod/ord, West Yorkshire. 


• • r l ean assure - -uiaL ta7 ^ (which ironld. necessitate in the street outside the station 

: - -L is S trtinihg'-wid?" employing more itself, .and represent orginaiy 

• - - ini*, survte tint ^Jd^e, W: dSsS^Ss decided to Hong Kong-domiciled • Chinese ^ ^fylonds A 

ipg official ^ UMik .Tai^. ^temprto pprsuade the public to people: they are thus an in 
hemose. . I would ao^ that. . : - dicator of a strong 

- S S 'J£- la tho-ievent of course it Pnbhc opinion. 

^T^VlheVi^^deSange fwttera. it ; wquW be- The Hong 

- in thp nrM mter^ljng to know the target Society .wishes all those m 

• thefr the. has. set itself; the im- Britain with a sense of commit- 

possibltht the. improbable. A ment to Hong Konc. or resoonsi- 


Avenue 


Nuclear 

nmvpr 



. .. atmosphtro.- CroCon jjcuse, 

- - It:.is obviously, high; tune a Newport, Esso. 
ill investigation was made into 

_ -.le - margins ,r of- 'hareaux de - - j 

aange in. general. . . 

.. .--As, chairman of- this company: f .OnSUIttdS 
_ j:ad:«j. associate of the Institute 


Its members. One wonders’/ 
whether the directors and 

.. senior managers appreciate the 

• difference in scale of running a 
huge . organisation of £lJ2bn, 
assets compared with the exis^ 

' . fag two mediuip-sized societies. 
Between them, the Angtia and 

• the Hastings and-Tbanet are the 
result of bringing together 47 
small societies. Putting them .to- 
gether. however, is a merger of 

' quite different proportions. If 
from it goes ahead it would result in 
formation of the seventh 


exploration 

avenues of appeal— including a Tokyo (April IS) misleading com- the _ 

carefully reasoned petition to Parsons were made between U.S. largest society in the country. 
Bis - Ecellency the Governor— reactors and the KWU model. Anglia is now number 11, Hast- 
have met with evasion and frus- '^ ,e facts are that Westmghouse fogs and Tbanet number 13. Such 
tratlon. The society has found has 36 pressurised water reactors a jump up the league table in- 
it consistently impossible over operating totalling more than volves something like a “quan- 
the past year to establish a 23*0^ MWE. KWU have six turn leap " in terms of organisa- 
meaningfiil dialogue with either' ^failing 4,608 MIVE. tional- problems. Those who 

the' Hong Kong Government or Reactor availability figures ; are support the merger probably do 
elected urban councillors.. * certainly comparable, and high not appreciate the scale of man- 
The Petition tn Her Maiesrv v i hen , compared with, conven- ageraent task. At present they 
u-aspwiavi uBeauAusuiuro Assoctorion calk not Qnhr for th eoreserv^ t,onaJ power plants. As for seem to take the rather simpli- 

1. -aerating. in this country, and s • ■ • _ .... JJ2* 5? l * 0 !2L t K| t n , p C k[SSS[l automation, this is simply a cus- s \ic view that bigger means 

. from 1 the- many com- . -Si TfrT he V^efable Protein, tiou of worth while building. i orn ur requiremenL computerised better Experience of company 

taints received -at my offlee -in Association, whiclr. represents bu ^ .**■ -J* .?. f OUtriatedT C0ntf0 j systems being available mergersfand of the reorganis^ 

manufacturers, suppliers town planning legislation, for vwii w«.cKnohowci> ZiZ 


■ - - -J Banker*, l rfelcome-the aitla- l . 

-. ' *-ve.ol Mr. Rost. MP for Derby- CuOIlc ' 

--lift camw* r Fmm n 


■Thnch-Deeiied investigation into 

yospedsai taon de change - P ™ le “ 


- ^pectof rogue bureaux it wiH manuracrure^ supp.^ on XWU and Wes tin gho use tion^Dflocal government to take 

"rtbetoo s-»a and usere of: vegetable proteln. opportumties for public partici- ^sterns. ^ ^mple from a non-profit 

- : : -The.- remedy, .is . to give the .Strongly dissociates . itself from ^ Licensing requirements in Ger- makin g sector like building 

- abk-if England more, super- malpractices mentioned by Mr. and^for raster ar«a of Hong mzoy differ from LA. and-U.S. societies, shows that this is hot 

. :isorjpoweTS and bavr it work Fred Holroyd (April 20). though J>6ag people to those bs whom requirements, and there are xhe case. 

- ugetfier with the British Tourist we believe he does a disservice ojF w governed. The AU? variations in developed coun* Tt uld be disastrons to the 

uthbrity in 'their -enforcement to food processors m suggesting building has, m fact— likethe tries; but it is just not possible hll ,| d ? f JJr c 0C ietymOTeraeiit and 

M^Cdfepany will give ^Rostthat such practices are wide- recent revolt of the Hong Kong to demonstrate conclusively that S," J e SnSTits Sr 

' “^.-whuiehea^ support m.any ^P^ad. ' 0De approach is significantly I bet- ‘^e uniqn? probleL of 


ynti&i. 

..-.--Ijn.SBbbe, : 

.. z'nrTingtbn House , 

sicnunU* street," Doodr; Kent. 


For many years processors 
have used soya protein to fulfil , 

fuse- authorities and 


police force — become 

of . the communication gap \er than another or leads to 
Hong Kong safety improvement, 
the people it • Thei Nuclear Inspectorate 



r 3 "Drug bill 

reduced 


small societies were to stimu- 

- number of important func- m we P«>P le « Tbd Nuclear inspectorate lnsn- 

tional roles; for example, texture clai^ to “ govern oy consensus. ’ tute review of generic safety of LocleSS” tf&mMM ent 

and succuience of meat products PavidRusseU, • the PWH. based mainly ou^nfor- 


* V ptr. C. Fell' 

V Your news item (April 20) regulations 


and succulence of meat products - . 

axe improved and. cooking, losses 
reduced, resulting in a product 
which gives better value for stree£ 

moneys without impairing nutri- (row.Floor ), 
tional value. Products such as ^ong Kong. 

sausages are governed by strict . 

on minimum lean 


.. industrial j 

'junto* i 


‘UUf UCVY5 new LU AVI ictwuuuno uu iliuuuiuu *'-•*** >->( - « n 

r. Ennals’ finn announce- meat content, and no responsible I 3fa|np]lP OT 
that the drug, bill will be processor .will ignore these. ynuuvgww 

bH 'nAk ftoM -nor finmp hTitrhpro call minr*P.d .*-* I*. Z — . — dJZ _ — 


mation provided uj , »ica k .u B - . t ,- .j 
bouse, concluded that “there i S needs of tlieir meniDers. 
no fundamental reason for re- P. H. Twyman. 
carding safety as an obstacle to 329, Mfunis Rooa,- 
tbe selection of the FWR concept Btrchingtoti, Kent 

for use as a source of electrical — 

power in the United Kingdom.*' 


unci lie cue w«iLcu « .■ * . 

The entire n uclear industry is I .Apal 911trlftriTV 
rightly proud of its safety umvuuiuj 


ad by 5" per cent "per Some butchere sell minced 


record, which is based on massive AlinnOAC 
design and development pro- LlUUlgta 
grammes . in national and pri- from the Leader, 


for the next -three years meat with added vegetable pro- 

. .me na^teSs. speechless tein. at- a lower -priee than all From Mr. H. Renoldb . - faHKties for over 25 rears c riiv PnuiHT • 

^admiration for his courage meat mince. It is clearly Sir,— It has not so far been J ^ of course free to cm- So ^ htnn f t ? n ■' 

am. lost, for words- to labelled -as such as . gives bouse- said, but this metrication con- •? * — Sir.— It is my turn la expx 

ibe hfs brave optimism. wives the option of providing a uoversy. has . a moral element 


sider German reactors or Ameri- 


express 

surprise at Sir Doqcan Lock's 


i ms brave optimism. wives in e option ot provtoing a uoversy. uas .a moral element reactors- but Westinghouse nnX 

:.1959_ ; (and probably cheaper yet equally nutritious This the Estabtishment trade “^Sdent that it will continue 


L 


) drug, prices have risen meal— hut the choice is always associations and media find con- f 0 maks a major C ontrihution to. ddn? 

•the "Retail .Price the consumers. vement to overlook. It is the international nuclear newer tiro-- ^ s0 . V ,, e 


i*V-- 


than- -the -'Retail Price the consumer’s, 
c: (except - for. five years) with .Gordon H. Harrington: 
le&consequence that by 1976 43. Great Marlborough Street , 
"gription drugs cost 5.4 times WJ. ' ' - 

as in 1959 whereas the 


basket of products 
by RPI.cost 3.2 times- 



Hong Kong 
landmark 


Mk i long line of metres a point for.»o which, 

which have ignored massive jjavid Langdon. 
public objections to them. ‘ West inpho use Electric S-A-, 

One has only to recall just a % st. James Square, S.W.l 
two-tier, post; decimaiisa- • • 


Iq : earty 1975 the Department 
‘ Health and Social Security 
snied that EEC competition 

' I SV^ 0d $‘ S vill e Frim. the 0™« and 

a Common Market) allied. tP -hm rmnmittee members 
e relatively Km price of drugs Hertiaoe Society 


few: 

lion; entry into the- EEC (no 
mandate and the twisting of 
Parliament^-iD- no benefit only- 
more direction): the audited 
failure to control referendum 


Building Soc. 


mergers 

expenditure (the pros spent 100 Mr. P. Twyman 


for the sake of. .brevity, I 
previously omitted, to mention. 

While he says thar the Associ- 
ation of District Councils regard 
major change as unjustified (and 
In this it would -be interesting 
to know if he is speaking on 
Behalf of all- (he memberauthori 
ties) an examination " of. . Sis 
Association's shopping list of 


tile UK would -result in an 


limes more then 'lie mis and ‘ Sk^'AnriTaT you rarriK j proposals hanBy he tocrihed 
vast sums earUer); local govern- a verv full report of a speech by 35 llImled ' 

mmr Mnmq nicntiriri To A*. • . f T\ ! _*. A £ PaiAktflUi 


have' always sup- 



■OVBl. 


ctianjte 
flfqgnrtw 
‘72^5. g.9 


W* 
174 ; ; 
■75.V ; 
: '76; ; 


15J2. . 


r ri.. 


25.4 

21-2 


, emn&D 

mr 
' 7.1 ■ 
9:3 
16.0. 
: 2i2-. 

’ 16.5- 
■ 1SJ& 


the oreservatjon of - the old meat for yet more civil servants, , 5 bound to agree, with him and carefujly . 

Arensc KmvIo'mUanton Railway ter- loral ■ bnreaucrats and lawyers; to welcome the gradual, if per- in radical uphwg. 

prs cfirtJoa minus building- a- system of justice now iQ baps too gradual- fall in the The .real vurpa 

-RCR building is a dis- expensive as to be out .of Teach number of societies. however, was ^ highlit far 

and granite of moat citizens. There is a danger, however, m °ro serious implications and 


frequency 

5.66S 


5B1S nifled. red brick 


dock rower, -All this has been rubber- th« the Registrar’s view? -and the in this respect, it appears that 


®‘92f SHnfjl npo classical style at the stamped by Parliaments in which recent unique difficulties of the Sir Duncan Lock has fatted, to 
8-185 J^ShS of this cenlury. over half fa e electorate has no Grays and Wakefield societies see the wood for the trees. 

6 489 Besides b aying historical and representative of its view’s, and will be used as arguments in Potman A. Best. 


_ ... . . — L 6 - 4 89 h,ki( imerest it is a cen- initiated by Govenunents based favour '.of a policy of mergers at The Members’ Room- 

F 3 iang margins, caused by the architecn^i^ yith on steadily smaller minorities of any cost, regardless of the merits Civic Centre, Southampton* _ 



me ateuFd-systjran)f romunera- tral landmark and- regaraea w 



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"Witlunan easybowsbot of Eros is out branch at No. 2 Kegent Street, 
one of several Standard Chartered branches in the West End. 

like all die 1500 branches and offices in ocr Group - Regent Surer deals 
directwidr whichever overseas branch is most appropriate for eachof your 
transadiotiSj Ibis system savesyou time, and italsosaves money for your business. 
Ask Keith Skinner aboutittodav, on 01-623 7500; it could be worthyour while. 


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Bank Limited 

helps you throughout the world 

_ Head OficclO ClancnV> Laiu-vLondoa EC4N « A..r, iT i 




im 








rtfii 


J*' 


IS 


COMPANY NEWS 


Simon Eng. jumps to £14m. 
but outlook not encouraging 


AFTER CLIMBING from £352m. 
to £5.44 m. at halfway, taxable pro- 
fit of Simon Engineering ended 
1977 some £4.3m. higher at 
on turnover £1.41 m. lower 
at £197,36m. 

Directors point out that the vir- 
tually unchanged turnover figure 
does not reflect lower levels of 
activity but results from a greater 
incidence in 1977 of reimbursable 
contracts, where turnover figures 
excluded equipment and construc- 
tion costs. 



knowledge that adequate financt 
is available. 

Trading profit mcreasss at . the 
food engineering and process 
plant contracting divisions more 
than offset the declines in. manu- 
facturing and industrial sen-ices. 
Also, last year there was a £lB3m. 
pension provision and interest 
receivable this year lias grown 
from £0.75m. to £1.22m. 

Earnings per 25p share are 
shown at 37 p (26.2p) before 
exchange losses of £443,000 
i £570,000 profit; and 34Bp (29p) 
after the exchange differences. 

A final dividend of 5.0652p com- 
pared with 4. 5523 p takes the total 
for the year to 7.7652p (7.0224p). 

See lies 

BBA looks 
to better 


results 


Mr. Barry Harrison, chair- 
man or Simon Engineering 
— liquidity remains high 
and balance-sheet is strong. 

For ihe future they say the 
economic ouUoiik is not e.icoui ag- 
ing and the volume of engineering 
orders availably will continue at 
a tow level and competition will 
he fierce. 

But measures taken to extend 
the range of operations has put 
the group in n strung position, and 
any reasonable upturn in trade 
will be of benefit to Simon.. 

1977 -197B 

* row row 

Turnover . ... 1B7.SG1 1BS.773 

l ooii I'luuucennc . . M.oso -u.wat 

MDDuIai.mnun 27.941 =3.293 

Process plant . . . El. 197 90.802 

Industrial services 02.103 21.790 

Trading pro til . 12.327 . S.672 

Food 4.249 r,.2S« 

Manufacturing 3. 102 3.208 

Procvss plant 2.sn.i 1.596 

ludt»trial 2.032 3 uS4 

Pension n revision ..... — 1.353 

Central wkiw-s .... 342 *3“ 

ASMK. CO'S profits . . 763 607 

Interest rewivoDlct ... 1.220 748 

Profit befaro taxt 14J22 1BJIZ7 

Ta-c • 5.W2 4.113 

Net profit • 9.490 391! 

To minorities 794 324 

AunbutabU- T.lWS 5.3S8 

Kxdianfii? losses 443 9*370 

Prcf. dividends .... • M 39 

Ordinary dividends: 

Interim ... 551 490 

Additional final 1976 13 — 

Proposed dual 1.04» Fin 

Retained 5.599 4.499 

* Adjusted for ED IB and ED 21..* Less 
payable. • After dupredauon E.3Bm. 

ttl8iTm.«. SProfli*. 

Directors say liquidity remains 
high and the balance sheet is 
strong. The group is able to plan 
its continued deveiopmcui in the 


BETTER results are "expec-ted by' 
BBA Group both in the U.K. and 
from its principal overseas com- 
panies. Texts r GmbH and 
Scamkirti Jnc., -in 1978, Mr. D. M. 
Pearson, the chairman, tells 
members. 

The faH in- taxable profit for 
1D77 10 £7.01m; (£7.49m.) on 

external sales of £105.8m- (£99.1m.) 
was unexpected, he says. As 
reported on March 31. the net 
dividend is lifted to 2.3S34p 
(2.155Fp» per 2Sp share. 

On an inflation adjusted basis 
profit Tor the year was £4Jm. 
after extra depreciation of £1.9m. 
ami costs .of. sales of £2ra. and 
including a gearing adjustment of 
£lm. 

Working, capital at year-end 
was down £l-2liu. (up £2.8m.) with 
bank loans and overdrafts up. at 
£3. 64m (£3J3m.) and cash at bank 
at' £1.09m. (£794,0Cf0). Capital 
commitments amounted to 
£4.83 m. i £2 .28m.) and spending 
authorised - bnt not contracted 
totalled £4. 04m. (£&13m.). 

A geographical analysis of sales 
and nrotit shows, with £000s 
omitted: Europe £88,060 (£81,021) 
and profit, including £3,967 
(£3,090 1 from The U.K:, at £5,872 
(£6.715): North America £9.998 
(£10.7511 and £106 (loss £367): 
and other area*. £7,744 (£7.323) 
and £1.027 (£U45)- . 

A repnn on employment within 
the group during 1977 reveals 
that of the 7,015 employees 2,492 
are overseas. A comparison of 
remuneration shows that the 
average pa; for U.K. personnel 
was £3.544. against £6.893 overseas, 
while the average sales . ner 
omplnvfle was £11.000 in the UJv. 
and £23.000 overseas. . 

Francis Shaw 
falls by £55,298 

Francis Shaw and Co., which 
manufactures machinery for the 
rubber, cable, and plastics indus- 
tries. reports tower pre-tax profits 


Of £377,062, against £423,360, for 
1977 after £134.819 (£15&290)' for 
■ tie first half. Turnover for the 
year rose from _ £L0.56m. to 
HL53m. 

Earnings are shown at 4.42p 
(Slop) per 20p share and the 
dividend is 2.635p (2,339p) net. . 

Peak £0.6m. 
at Pentland 
Industries 

ON TURNOVER 25 per cent, 
higher at £13.49 m_ ' taxable : profit 
of Pentland Industries jumped 78 
per tent' 'from ' £357,000' to a 
record £618,000 in 1977. . 

Mr. Stephen -Rubin, chairman of 
the services, broking and general 
merchandise group, says that pro- 
vided the economic- climate does 
not deteriorate . 1978 should . be 
another satisfactory year. 

■ At halftime, pro fit, was up -from 
£95.000 to £167,000 and ail sections 
of the group's business were said 
to be growing steadily. Full year 
results were then expected <o 
show a further marked advance. 

Earnings per share are shown 
ahead from 3.06p to o.lp, and the 
final dividend of 0,451p takes the 
total to 0.662p (0.b02p; net per 
10p share. Directors intend 
reviewing the dividend as soon* as 
Government restrictions allow. 

1977 19TB 

«XW 

Turbo re r 12.493 

Profit before Uu US 

Tux :. — 91 

Net profit i. Sit 

Extraordinary profit — .14 

To minorities ’. — 56 

Available '. - 435 

• comment . 

Pentland Industries is riding well 
on -the upturn in' the shoe 
business and a reasonable show- 
ing on its other general -merchan- 
dise activities especially its re- 
cent new ventures. Some 50 per 
cent, of the pre-tax profits last 
year came from the footwear 
trade with the L3 points gain in 
overall margins to- '4.6 per cent., 
aided rather than threatened by 
the quotas oa selected shoe 
imports. The group imports 
largely from Daly and 'the Far 
East and exports to France, Lf.S. 
and Australia. Home brewing 
company. Unican Food, had a 
good year as the minority figure 
indicates: so did its general 'dis- 
tribution services and insurance 
broking. - Shipping, however, 
performed badly in line with the 
general trend. .Though shoes will 
still represent a significant part 
of Its business, its latest ventures 
— Airborne Sports, wholesalers 
and distributors' of sports equip- 
ment, and Airborne Leisure, 
dealing mainly in knitted ladies 
garments— are showing good 
potential growth Pentland is - 
looking for a satisfactory 
performance this year and pre^ 
tax profits, of about £0.75m. 
should be attainable. At 241p 
yesterday, the shares yield 4 2 
per cent, on a p/e of 4.7. 


HUS ' 

Simon Engineering profits finflKT are ahouta fifth higher 
® retaining basis, thanks to art-exceptional performance in 
f o°d engineering products and good results from on process 
.plant contracting; the outcome for the. year was in line with- 
market estimates: TheBorough^el' Greenwich is inaimg £20m. 
Ilf per cent' Stock 1986 at 99 per cent Lex also takes a look 
at the proposals by some majqr„ XT.S. banks to set up an 
offshore banking zone in New York, Elsewhere, Win, Baird 
has produced, profits some 68 pier cent higher which* after 
adjusting for- the recent acquisition, reflects a volume rise of 
about 5 per cent and much of. 'the growth comes from the 
associate Dawson International. Loss eliminations have played 
a . big -part' in! the 40 per cent i&inat Steel Brothers, while 
P entl a n d owes .much of its improvement to the recovery ini 
the shoe activities. . 


Financial Tiines Tuesday April 2? l!9T8 

Middle East and EEC trade 
boost Steel Bros, to £6. 8m. 

WITH TURNOVER 3.6 per.. tent, :Nov£Wber 30, 1977, -compared with ^Bcoaragine: ; sjeaa-particiilar: 
higher, at £90J2m_ taxable .“profit- £236,900 -to 19-75-76. Thietban.'froni: north :ahd south. Amcric 
of Steel Brothers HohH«gs agency' error the winparative -Consequently.- action;', has alread 
climbed 3&£ per cent front figure- was described as aprdfitbeen taken" W iri£iease produ 
" • .tion-ataRfactDribs. 

. ' ‘Although" the • If.fc and Eun 
-pean markets .still, showed, r 
real - signs -of recovering. M 
Ferguson 'was. hopeful that th 
introduction, of new models i 
; July and August would lead 1 
' an iipprovement is- the secon 
- half over! the "first .'six months, 
i Production- levels t "for quite- 
number of consumer products' h: 
-been . increased following . -U* 


Turnround 





I Date 

Corre- 

Total 

Total 


Current 

• .of sponding 

-for 

last 


payment 

payment 

div. - 

year 

year 

Wa Brird .A 


5.32 ' 

Tuly .4 

5^71 

958| 

&31 

EeutEma industries 


1.71 

JTtme 16 

1.69 

1.71 

L69 

Corinthian HpUit^ 

.. 

0.5 

•. ^ 

nil 

0.7 

nil 

Elect. & IndL Secs. 


2,Q2t 

- July 4 

L71 

239 ■ 

2.6S 

Evered Co 


OJi 

- -June 6 

oil 

0.4 

nil 

Jones Group 


2.9S 

. — 

2.6 

3.58 

3.25 

Lowland Drapery 


2.62. 

^July l 

2.3S 

3.47 

3.16 

Lowland Inv. ....JnL 

0.9 

.June S 

OJ • . 

— 

2.1 

Melville Dandas- 


IJS 

— 

1.56 

2.7 

2.44* 

■ Modern Engs, of Bristol , 


1.72 

; June a 

L72 

2.7 

2.39 

Moran. Tea int 

5 

June 1 

5 * 

. 

15 

Pentland Industries 


0.45 

— 

041 

0.66 

0.6 

Sennah Rubber - 


35 

-* — 

25 . 

35 

25 

Simon Engineering 


5.07 

‘ July 3 

4.35 

7.77 

7.02 

Steel Brothers, 


8 

jjuly “S 

6.28 

ist 

10_ 

United Capitals Trust .... 

,, 

0.53 

_ . — - ■ 

033 

0.94 

OJ 


£456m. to £6.7 Sdl in 1977.- At In Satutday’s report 
half-way when ’ profits, rose, from - 

£L41m, to £3-33m. similar secapd 
half results were forecast,- . 

Directors say ' Middle East' 
trading was a major contributor 

to • the increased earnings,' ' "XJ PA A-i- 

followed- by- the EEC. :V;fA 21 

A good . trading year In .Canada- : ^ „ r** ** - 

increased dollar earnings,' but iTr'i-V-?* • ir<. 'J; : 
sterling terms the contribution. 5iTl -• 

i,vas romewhat lower- than - jn.-'v -.x^-vxAXI t-MAM-aA . , . - , 

1OT6- 2&-t 


cumpar^l - w ^. a be tween"' stock:’ and! orders. Ali 
have responded to Mrrecflro £UrM9" debit previously; .Corin- AWnr+o tn - tbe export marke- 
measures . and . made a ^ smafler ;.flyhtSitoidjngs turned in a £504,675 n0W - begiruriife to shb 

Glven reasonable - trading cmjB- gSSSMi loss. . In -addition tfac-'re-structurin 

turns they , expect a After tax of £96,027 (0MSJT. ^ Judge*. Inti, will be con 

improvement m 1978. , - - , . : extraordinary credit of £a06i^ pleted in a fbw weeks and ever 

. The result for the year includes (n&), and mborities- profit ' effort wilt- -be made* -to re-estal 

^wdate ^Company profits ^of . Jear is shown at £589,648 (£35365). Hg h the ^aSge . ‘name in Hi 
£L65m. after.- >Directors say a subsidiary. Miss market and recapture Its -lot 

interest fif £2.l2m. (£2J2m.) and .jBHfca Inc. was sold during the share - of ohameT- hollowar 
to tax of £3A4m. ( f2 . 22m .),. f or comparison the 1976 business, said Mr. Ferguson. 

With UJC tax making up . £131m. escludtf' the individual 

(£0.87m.) 'of the total. *. • ... '.S&nr^g of Miss Erika, which have - - . - ^ 

• Basic. earnings per 50p share ^en! consolidated in the single 
are sbowri at 59.62p (SS.llp), aUd'&ure of £195,490 which has been 
fully diluted 'at- 56*9p'. (50.71 for in the- comparatives. 

Directors, intend requiring thei ^A final dividend of 0.5p makes 

conversion or rederaptiob of the ; a ; iotal of 0.7p net per lOp share, 
outstanding fourth preference. ^Che" Tast dividends were paid in 
shares this year. and totalled Up. 


« £L65m. 






cr--? 


is.** 








Bas. 


>rT.;’ 


Dividends Shown . pence per share ncrexeept where otherwise stated, a final d'Mdend of Sp ^^“conipany^ provides finanriaL 
* Equivalent 1 . after allowing fqp . scrip . Issue. ,f On cajHtal the total to. 13p compared -atovices and Is concerned with the 

increased by rights and/or acquisition- issues, t Additional' D.026p for — * " J -»>-*—« — 

1975 on reduction.of .ACT. ; - . 

~ ; eli — total paid.iast time 


Evereff * 

•v..- 

recovers to 
£119,671: 


After -turning'- round frora- 
- £133,000 loss to a £66.-000 profit ill 


Melville Duiidas slumps 
from £1.3m. to £0.7m. 


of its .rights issue, and rhe lOp kftitwear. _ - • iwi first half. Evered and Cow 

nn. >«=♦ ifl77 ^ ^.^ease^^Kre-tax profit from *197 


sm 

10,809 

557 

83 

294 

19 

27a 


WITH TURNOVER down from 
£23. 7m. to. £2Lfinu, taxable profit, 
of Melville, Dandas and Whitson 
the building and civO engineering 
contractor, tumbled from £i.26m. 
to £0.67m- in- 1977, . 

At halftime profit was cut from 
£659,000 to £295,000, and directors 
said it had' betome .increasingly 
difficult to obtain hew work at 
adequate' margins, and that on the 
construction side: results had been 
adversely affected by provisions 
made and costs incurred on two 
major contracts.. : 

The result is subject to tax of 
£355,000 (£670,000) and after divi- 
dend payments totalling £162,000 
(£146.000), retained profit is 
£154,000 (£440,000).. Earnings per 
share are given at 5JZ7p (9. T6p). 

The final dividend of 1.8032p 
net per 25p share-takes the total 
to 2.6967p compared with 2.43S0p 
last time, adjusted for the one- 
f or- two scrip issue. 

Greenwich 
issues £20m. 
of 11|% stock 

Arrangements have been com- 
pleted for the. issue by fhe 
London Borough of -Greenwich Of 
£20m. 11} per cent! Redeemable 
Stock, 1986. at 99 per cent 
The stock is payable as to £10 
per cent, on application with calls, 
of £40 per cent. on/May 16 and 
the balance on August 11, 1078. 

i #tock is 


half yearly, with the first payment, 
of . £3.1181 per cent., due on. 
Qcfbber 1, 1978. . -Flat and final 
yjelds are 11^69 - per cent and 
lli947 per cent respectively. 

■ Application lists .open on 
Thursday, April 27. Brokers are 
Fember and Boyle. . . 

. .See lex 


.London and 

Manchester 

Optimistic 

IN .HIS LAST -annual statement 
Mr. Lewis Whyte, the chairman 
of 'London and Manchester Assur- 
ance, says that the group is- now 
stronger than ever before and 
prospects for' expansion and 
profitability- have never been 
better. 

'.Given' a reasonable healthy eeo- 
nbmic environment and so. long 
as the group ' is - free to manage 
its .affairs. Mr. Whyte is convinced 
that shareholders can - look 
fbrward to. very many years. of 
sustained prosperity. 

'As reported on March 30, net 
profit -rose from £l-37tn. to £L69m. 
in' 1977 and the group .is raising 
£&im. by a one-for-ten rights 
issiip. for the expansion of its 
general branch operations. 

■Meeting, Skinners Hall, E-C-, on 
May. 17 at noon. ' . ' 


Tomover - 

Trading proAt .; 

Interest *.- 

Assoc, profits 

Profit before tax- 

Tax ....:. 

Net 'profit 

Extraordinary credit ... 

To minorities. 

-Pre-acqnlrithBi loss 

Atmbnuide- 

Pref- dividends 

OnL. dividends ; 

Bctalned ..... , 

. ■ t De^lt. 


733X - S«i-' tne auriuuwwc lUM rroo. 1 IW~ >__* 

Tra rax 7 of 7 Turnover for the year rose fron 

'JS; SS? S- 48m: to £i0.18m^d director 

3.443 ".* ttp' - 
3.313 S.S4T 
-1J87 


rOTaorouiary debits of £105, W0 ^ improved result was dut" ^ 

th f priiharily to much .better result 

s-. ^ 

^ S’STSJ ssAftaf* 1 ^ 

»«»■ "M« 




Downturn at 

me near twa-nrens increase- nr- : 

pre-tax. profits at Steel : Brotfa^^rnVl nnprn KllffS- 
hoMings reflects the rise jn pwfi}s;:.:.- t ’ 1UUC1U 


•^comment 

The near two-fifths increase- in 1 


downturn in second 


During the year. Active Servlet 
' Metals' status changed from thv 
' of an associate" company th/j 
subsidiary- ' The result is subjec 
to tax of. £13.771- (£2.592) ahi 
earnings per .share are shown ^ 
l^p (2.7p loss). . 

The final- dividend '.of O^pinei 
per 35p -share jmaftes a total, el 
0.4p. The last- dividend paid wai 
a 0.7p interim in -1974. Sk» 




in the MifdcUe East from JESAh... n„J r i ._1 
W£3.9nt, thanks to a gwjd.COTt- {"QI DtlSlOl 
tribution . from, the foodstuffs 

‘ SS3w from £130,901 to to' W toteUmg *LlnL lup, 

A profit or b.er. incoOredr T_, 

Australia. Currency .windfaUs -oiftf ^ 

chipped In £100,000, compared^ ^ ^Holdings) mj 977 down from 
with £L4m. previously. - Mimb *o £2a2jB2. Turnover for 

the improvemSrtifdue'.tb '-Ji&tte J** T 4ncreased from ^ ■ 62,31 • 
eimrination, particukriy in- J5* . . 

EEC countries, where Wtoef.'Se^' At halfway ^mtoramlMi^d 
windows and grinding ma rfiltmiy /^nallar results to .lfli6 for the 
specialist in Holland, - Is. n<wv i’ ear - 






Jones Group 
climbs to 
£1.43m. 






Turnover for 19f7 ot the DiibUri 


making profits: while in the rosult , fe subject' to tax of 

Si^Hom« hsdT tatter Wr 'MS86 (£16531) and earnings 

apire nuuurs naa a uetcec year, .■ siwBjmnt lumutci ivi uuviuicuuunir 

as house sales picked -up, maitfly I5n time based Jones Group, of mechatihra 

in the . last quarter. OveraE con- • pi ? d <l , £J S ■ t services-, confractorer rose fnm 

struction profits improved from -■ ^ 112.31m. ^ -'.to JeiSASm.;^ and pre-tsri 

£l.3m. to £L5m: The babnee 'S* 7 ? 9 '®^ profits advanced from £l23ntj« 
sheet looks healthier with medium M * record £L43in. *-. - - ? 

term debt down from .£9Atn.-.itd-; l*38b2(fpj net per Zap share. . in Octoheci reporting firsthali 

n “- “> ■ -n_- ■ -* tw-AA nm4 • 




/■€*. 






£73i., and net current Uabifitteft • 
of £3.1m. have been transformed: 

into net current assets of around Kolv r31SlI12'- 
£2m. At 376p the shares' yield . ^ - . 

5.4 per cent, covered over fjwir timnif OflUTt 
times, and stand on ■ 1 . P* UI1UU1UU- 

6.5- on fuHy diluted earmngs.' c i Mr. J. N. Ferguson, chairznaq fall-year- «arnings= *aie shown. *td| 
■ ■ — " 4?;'of BSR, 'told: shareholders .:■»*: be ahead frdm7^9fj to Sip per I 
- "^.yesterday's AGM (bat the tormret lOp share: fije-- fffvidend-..»J 

laden Holdings' deficit amount®" .order load of the sound reprodfflc- . Wted : from, -SSSp; -to' 3.58p netf 
to £(76,277 in the year eqaA.tton' division had shown- Very ^with a' \ffiial ,bf^ 3A3p.- 


profits -"up ..from;' £522.000 U| 
£865,000. (he ^directors' forecasr .'a 1 
foil. year *imprftwnJent and said] 
that- .prospects .-.fori £-1978 were I 

epfcduragangiM: . : 

.After tax. SOlvDflO (£471,000)1 


LIDEN 




Interest oh the ■ 


payable 


opjztces in 



s cotLand 


EDINBURGH - 
GLASGOW - 
ABERDEEN - 


the government and banking centre. 
Europe’s newest capital city. 

the commercial and industrial heart 
of Scotland 

Internationa! oil city. 


If you have an office problem in any of these cities or if you are 
interested generally in offices in Scotland make sure of your copy 
of our new booklet -call Peter Gibbon or Hugh Elphick 01-629 9292 

Healey & Baker 

Established 1620 in London 

29 St. George Street, Hanover Square, 
London W1A 3BG 01-629 9292 

CITY OF LONDON 118 OLD BROAD STREET LONDON EC2N. 1AR 
ASSOCIATED OFFICES FWRIS BRUSSELS AMSTERDAM & JERSEY 




Strong growth in earnings and assets 

Salient features from Mr. Stanley Field’s preliminary statement 


^Pre-tax profit 64% ; 

Jiigher j 

■^Earnings per share up ! 
by 54% 

■^Strong Balance Sheet . . f : 

Net asset value 162p per 
stock unit 

^ Baird Textile Holdings 
now the supplier of one of the 
most comprehensive ranges of 
outerwear available in Europe ' 


•7. 




; -^Dawson International 
• reported results 
i ' ahead of previous 
recordlevel 

^■Darchem maintains 
steady progress in 
technical capability 
■ and overall result 


^ Group well placed to take * 
advantage of opportunities for 
continued growth 


ifa 


I 


Summary of Results 

Year ended 31st December 


Turnover 


3.977 

£'000 

105,797 


1975 

£’000 

81,716 


Operating Profit 
Textiles : Baird Textile Holdings., 


Dawson International (29.7% of profit)' «« 


Industrial : Darchem 

Services 

Investments 


Interest payable and Central Administration , 

Profit before taxation 


Profit after taxation and 

outside shareholders 1 interests 

Issued capital in £1 Ordinary Stock Units 

Earnings per £1 Ordinary Stock s 

Dividends: net j 



3,622 

3,575 

- 2,589 

7 1,319 

2,202 
1,Z1S 
243 
174 
‘ 9,335 
(1,411) 

4,408 
.1,364 
157 - 

• 141 

* 6,670-7 
(1,239)- 

7,924 

' *4,831.:. 

5,622 

3.046' . 

16,515 

13,763* 

34.0p 

9.28219p 

: 22. Ip , 

- 8.3lQ5p 


with related tax credits , 


I4.06392p I2.6523p 


Hole; Group results for 1977 and WSiadadeSguras for Th<atms_M^shtiIIrivesim6Bts^or twelve apd 
nine months respectively. 


>sted tastockholdeiu 


The Annual Report and Accounts 1 972 will bepos 

on Tuesday, 2nd May-1978. 

The Annual General Meeting will be held in Glasgow on Thursday, 25th May 1973!! 

WILLIAM BAIRD & COMPANY L1MITED 

Administrative Office : Moorgate Hall, I53Mporgate, London EC2M6XH- . 
Registered Office : 168 West George Street, Glasgow- .G2 2NS;.. 












.vtv; 






Kaahcistl : ^x^\5ies(iay April 25 1978 


in gs, like this one in Parts,; bring together Morgan bankers from 
von Ellen, Frankfurt; John Upsley, London* KJaus van Diikum, 


When you do business internationally, financial prob- 
lems are more complex. You need a bank that combines 
broad resources with depth of experience, a bank with 
short lines of communication and' the quick response of 
a unified team. 

To meet this need, consider Morgan Guaranty. 
Morgan offices in the world’s key financial centres— in 
the U.S., Europe, the Middle East, South America, die 
Far East— are staffed by bankers with an unusual degree 
of international expertise. 

These bankers are in frequent contact with all our of- 
fices. Many have served at several Morgan locations and 
know intimately the economies, industries, and financial 
markets of different countries. They also know where in 
the bank to find. the further specialised knowledge and 
skills your problem calls for. 


This means that any Morgan officer can 









30 



Specialised machinery; process plant contracting; industrial services 


— Preliminary Announcement fortheyear ended 31 December 1977 


3GRQUP RESULTS 


[Turnover 


1977 

£000 

197,363 


1976 

£000 

198,773 


^Trading profit 


>»l raumy - r - — 

rshare of profits of pnncipal associated companies 
interest receivable, less payable 


Profit before tax and exchange differences 

^Taxation 


Prof it aftertax and before exchange differences . 
Minority interests 


3Prof it before exchange differences, attributable 

; to Simon Engineering Limited — 

Exchange differences — 


"Profit after exchange differences 


Dividends paid: 

? Preference shares : 6% (now 4.2% plus tax credit) 
£ Ordinary shares of 25p each : 

interim 2.7p per share (1976-2.4p) „„ — — ---• 

; Additional final 1 976 : 0.0701 p per share 

{Proposed dividend: 

* Ordlnarysharesof25peach: 

[ Final 5.0652p per share (19764.5523p) 


Profit retained 


gamings per ordinary share: 
; Before exchange differences 
• After exchange differences — . 


ANALYSIS BY ACTIVITY 


Turnover 

Food engineering 
Manufacturing 


Process plant contracting 
* — industrial services 


^Profit 

Food engineering 
^ Manufacturing 


Process plant contracting 
Industrial services 


Pension provision 
Central expenses 


Trading profit 


Associated companies 


Interest receivable less payable 


12*337 

765 

1,220 

8,672 

607 

748 

14,322 

(5,832) 

10,027 

(4,115) 

8*490 

(794) 

5,912 

(524) 

7.696 

(W) 

5,388 

570 

7,253 

5^58 

39 

39 

551 

15 

490 

1,049 

930 

1,654 

5,599 

1,459 
4.499 - 

7.253 

5,958 

37.0p 

34.8p 

26.2p 

29.0p 

1977 

£000 

1976 

£000 

46,060 

27,941 

61,197 

62,165 

41,828 

22,293 

80,862 

53,790 

197^63 

198,773 

4,249 

3,162 

2,836 

2,632 

3,286 

3,208 

1,596 

3.034 

12,879 

(542) 

11,124 

(1,825) 

(627). 

12.337 

765 

1,220 

- 8,672 

607 ’ 
748 

14,322 

10,027 


NOTES 


:'l. Changes in accounting policies 
l ln accordance with the latest recommendations 
;of the accountancy profession embodied in 
>£.\posure Draft 19, deferred taxation on the 
■excess of capital allowances given for tax purposes 
over depreciation charged in the accounts is no 
/longer provided to the extent that it is considered 
; that the tax reduction arising from this source 
' will continue for the foreseeable future. 

'.'In accordance with Exposure Draft 21 exchange 
■differences of a revenue nature are not included in 
; trading profit but shown separately. . 

‘These changes have required the restatement of 
■'comparative figures for 1 976. 

: 2. Turnover 

The virtually unchanged turnover between 1976 
:.and 1977 does not reflect lower levels of 
'activity but results raiher from a greater incidence 
in 19 77 of reimbursable contracts the turnover 
/.figures foi which excluded equipment and 
• construction costs. 


S. Ordinary dividend ' 

Hie directors recommend a final dividend of 
5.0652p per ordinary share, making a total 
dividend for the year of 7.7652p per ordinary 
share (gross equivalent 1 1.7654p), the maximum 
permitted under present regulations. The final 
dividend, if confirmed at the Annual General 
Meeting to be held on 12 June 1978 wall be paid 
on 3 July 1978 to members registered on 2 June 
1978. 


;3. Depreciation 

: Depreciation of £2,357,000 (1976 £1,871,000) has 
' been charged In arriving at trading profit., 

4. Taxation 

The tax charge (including UK corporation tax 
■at 52%, 1976 52%) is comprised as follows: — 

1977 J976 
£000 £000 

Simon Engineering and its 

» ' subsidiaries 1 5,404 3,922 

Associated companies 406 218 

Prior year adjustments 22 (25) 


6. Earnings per share 

Earnings pec share ate calculated by dividing 
earnings of £7,657,000 before and £7,214,000 
after exchange differences (1976 £5,349,000 and 
£5,919,000) by the 20,709,955 ordinary shares in 
issue following the acquisition of Croftshaw 
(Engineers) Ltd. The 283,952 shares issued on 
9 February 1978 as consideration for the 
acquisition are included because they will rank 
for the proposed final dividend for 1977. 

7. Balance sheet 

Liquidity remains high and the balance sheet is 
strong. The group is able to plan its continued 
development in the knowledge that adequate 
finance is available/. 


5,832 4,115 


8. The future 

The international economic outlook, at least for 
the immediate future, is not encouraging. It is 
likely that the volume of engineering orders 
available will continue at a low level and that 
competition for them will be fierce. 

The measures taken over recent years to extend 
the range of our operations have put our Group 
into a strong position for the future. From this 
sound base any reasonable upturn in world trade 
cannot but be of benefit to us. 

24 April 1978 


SIMON ENGINEERING LIMITED CHEADLE HEATH STOCKPORT CHESHIRE SK3 0RT 



NWS 

GROUP 



1977 Report and Accounts 


Profit £7,507,000 

11V 2 % upon 1976 


BEFORETAXATiON 


'There has been a satisfactory growth in turnover across 
the whole range of our activities". 

Sir Alastair Blair, KCVO , TD, WS. 


The Company provides:— 

Point of Sale Finance predominately for the Motor Trade. 
Current Deposits and Loan Accounts through its Family 
Banks and 

Medium Term Credit & Leasing facilities to Industry, 
Commerce and Public bodies through the Commercial 
Division and 1B0S Finance. Limited. 


Copies of the 1977 Report and Accounts are available on application 
to the Secretary, North West Securities Ltd., North WesbHouse, 
City Road, Chester CHI 3AN. 


Member of t he Bank of Scotland Group 


North West Securities Limited 


North Wrist Houses CityRnad Chester CHI 3AN Tel: 0244 315351 




■Jby 



Wm. Baird advances by 


■Financial ' limes'' Tuesday: April; 25 1978 


64% to reach £7.92m. 

?** up from £Sl.72m. the second half ' continued at the stems to ensure that the group 

wm* 1 P* 8-1 ** profits of level of the first, a disappointing continues to progress, but the 


Weir to invest 
a record £9m. 



In December, reporting midway The major programmefor the to _the_ U-K. and overseas. 


„ „ „ e « wj" V* spend some £ 9m. during the year, heto tor toe dovo» of ootiMortag a 

profits ahead from tLSSm. to rationalisation of UJv znanufae- balance sheet is strong and places -Viscount Weir the' chairman, tote. otHdaitaflicaitons m not : 
£3.78m. the directors said that turtny facilities was taken an the group m a position to. take .^ members. ^ 

second half profits would not be important stage forward during advantage of opportunities for . « hisher than the record V' 

less than thos^Fthe tot lm - W* substantially further growth, they add.- . Wars umetafafof *^ 88 - - • % S’ - **. 

WTS has ta. •nomm.nt ■ ■ . <* MSm. 1« the ta. - " 


Bxdaage. Such meedass are nsoj#' 
some SBm. during the year, h&a tor toe owpot* at connaanng a 



Full -year earnings are shown to 


. , , [KMrtms — Beralt ’Tin and Wblfr. 

V tom capital sp^idfljfir-progranunes jtqrt^'and .astern stocwwW£ts Tr : 


h* nn fWnn /,~ Tinr Trading SO lax in WO nas oeen » 

a** Sytat in K 

Vm'UFSF**-*** 


-.jVf 




for a 9^82 19p 


virfo^i i. *« wiQnnlt seasonal buying by the public, by more than a point. and pre-tax- How*™- ifc the nresent economic caaadlaa nne Foreign ImeiaaafiVrS : .--' 

^ X IMS y 


19T7 
£000 
105.7V7 
9.535 
3.623 
_4 
3.373 

’ L5SS 
150 
339 


1978 LSf* there . ™£ ri ^ Adjusting lor tb® Thonuis any Justification: -for mvest- and Kuional lavesnoon. Esuoes Dp 

*m strengthening or consumer de- Marshall acquisition, the results menrto increase the company?* mvestnuna Treat. F.c. Firm. Far,-.,- 
cun* mand'as the year progresses. reflect a volume rise off about S-nhtfncthre capacity except in one TSecwmici. ..Pwm. take .Vj» tov ■ 

mternational, winch Pir^Lata Mi -* 5SS3TWS^ JSSSS^S^^ 


. i 


^ achieved record results in the spending it still at a depressed'^"'' r: -' : 

373 wS 7ear to March SL 1977, reported level. Ones again 30 pet: w«m amrsoni. .“ 

... n ftirthpr stron t* advance nn Orofits autmui will be conbentratm OB . cimi»F n»Tg5 


record results 


1,193 a. further strong advance in profits owned 'Dawson International' haS” will 
m for the following half-year- come up tramps, provKUng” the ' ' 

146 Op the industrial side the profit important textile division vrffh n 


FUTURE DATES 


174 

285 

1.116. 

7,92* 

2,3= 

5.602 

20 

5.6S 

1,333 

13 

1.635 

2.441 


be contentrated, 

manufacturing . effl- wenu. 

_ and costs, and' on Cununon. Bro*. ; — — .~.:Apn.; 

increase Was once again on toe almost ’half Its "trading' profhfe! toproven^^ to yn _\ and p ^uoS- ^ r ’ A>5 ‘ 

Kale necessary to support and Also,' Baird's own snbsidiaiMs’did-^^Ity of products, ne says. British iovestnjosrt ^Tnut . — -Tlri j 

sea justify toe continued development well— the sales inereasfr is- roughly^;, In addition to;U» capital Invest- ; rrr ; 

««• of Darchem’s business, which in- in line .with the tot half iKW %rognuhme' » substantial 

;«* eludes a growing number ot clothing sales by • Marks . ajnf-product development .prognanme stmtwnaro - — kk 


IMS 


Turaarer 

Operating prpfir ^ 

Group textiles 

Asaacc. iexta« «... 

Dawoa Intel- 

Croon Inrii mi fa^ 

Assocs. lnflosolaj 
Group services ...... 

Assoc, services - . 

Investments 

Central • adaHa 

Interest Davila 

rrutt before out-- 

Tax* .-. 

Net woflt — _ 

OattMe holders' init 

Alttibatable OnL 

Dlvi feuds' 

Retiinwi by srotm Z ’ + 4 : 538 wdneved in 1977 will be main- increasing involvement with, the Wade a very heavy Investment in Scottish Nm-ttare Bwesawar Tsc. Mas ... ■ 

»S3teSr li'ctode tained but the capital plant field petrochemical industry It greatly > •' 

for Thomas Marshall Investments for 12 in which Darchem operates IS Sub- tion products, beat treatment) has ’^L^^ «C flranniartv snrt some Whextsheaf VimOi. and Trading AnrU 

and ntoe momhs respeotivetr. •AppVe*- ject to large fluctuations and helped boost the industrial -djvi- ^!o„ tbprefore criticised us at 

diw c ^ff g ' es ** son's share by almost a thud. The-^^me^iit it is Indeed fortunate Smeared '■ ' 

dato: no twtectioo^v bwo madeto The second year of the services £2.9m. rights proceeds has redoced fha Hid iustthis. As a result 140 ^ 06 fh* 

deferred tax nrpOcabie to stock reUet division in its new structure net borrowings from 45 per cent, our foundries are now well- ‘ 

SfoTSi SSpif to™* 11 / IDCr ? as€ ^ P™ fit fro™ of shareholders’ funds to- About a Sipped and efficient, and with “i ■ ' " 

both of the main activities. The fifth, but came too late in the year investment pro- kJS-JLl 

ISSnSUgteSfS has Started r’f , t0 reduce 036 * terest J?' ar *^|raSSe ' 

1 — sioo.ooo imjom; other net loss . The directors report that dur- soon as consumer spending pfe ks.-'ifcey can "ive a good account of 

tag the past three years, major up Bated shou ld start benefiting themselves even in the difficult ^ ^oalysis of turnover -k', - 

profit by activity shows, wf 


( 

).*pi 


— .•■!!. 

>.Mk 

• .lL 


“ activities dependent on progres- Spencer (a major customer) re- Ji "being undertaken’ at Weir Nathan cb. and i.) — iws''.- 

8.M8 sive advances in technical capa- fleeting the trend away from ftimps and Welt Westgarth. ggw aadatectronic^ vaOdxua. ~.Amo' 
i.i«4 btiity. . gmthetlc fibres to natural fabric* . ?. Defending the investment plans- 


,i' m - 


— April. 

■Mio. 




rim 


,. . "V" '■ 


£M^O0f £75,0001. _ _ _ . 

The net asset .value attributable changes have been made in the from its current investment pro- trading "conditions that prevail, 

to the Ordinary stock at Decern- structure of the group. In the last gramme in both major divEtorB. ; .‘* Tbe greatly improved nerfor- Sweteo^tt t^‘e^6eri^' ? £89i 

her 31 1977, was £2S.8nu equiva- two years profits and earnings The shares, at 158p (up 6p), mp nM n r w e tr Pmrmc in ifl77.and 

lent to I62p per share. have grown strongly. A great deal on a p/e of around 4 (average the heavy investment programme and ■ eneitieS 

The directors say that for group of solid work has been and is capital) while the yield of 93 per ™ ire undertaking thereTfcfres EjSSEf* F44 St f£4aSiS e ^ 

textile companies, trading in being done in the operating dlvi- cent, is covered four times. - - Zl ^rifidence that toe^aWltty * 


V 

S' 

Pi 


-V. 


EIS improves to £1.41 


■'. " _v.me confidence -that their ability £ 5^21 (£ 5 ^ 59 * 8 ); aircraft eqtc.'. 

- ; P compete will improve. I would £ 7,024 (j 


(£7^40) and q;' 

-■'-•• dot, however, -want to underesti- (£311 1- desalination and h< 

mate toe stotmgth of the ^rinnuje 143J09 (£24,425) .. 

- •.> -competition we face.” £874 (£674).- Less interdivisfon 

' ' *» desalination the company is of £tsg m . (£2£2m.L;rf -- " 

■'.2 well-placed, sincejt canoffer a sharc of . associates profits T 
TURNOVER FOR 1977 of the BET will not be supplemented by results -for 1977-78 will corer,tv S?- od « Jfvft ^-^m. . (£056m.) . less - ceriq ^ - •• 

Group subsidiary. Electrical and interest from large* cash deposits, .weeks. A second interim- -Stated 15 costs of. £0-9em. (£0.84m).._-^. ; . 

Industrial Securities, rose from AD the companies in the group ment for year to April 29, r978r d 5IT and remains very strong » " e Lord "Weir says too Hyde -pi - 
£19. 17m. to £lL56m. and pre-tax have better order books than a will be -published in due.-coiizse.-_ • M posals on current cost account!!., 

profits increased from £15m. to year ago and the directors see Pre-tax profits for the „??? ” ot A“ 7 k? leave much .to be desired 

£3 .41m. a/ter £0L66m. (10.63m.) in dear opportunities for continued May 3. 3977. came to ’£63,900. W Ji?i have-not been adopted- by t . - 

the first halt -• Improvement in group perform- dividends have been paid company Ijut he notes that,}-.... . 

Full year earnings are shown ance. A current valuation of 1974-75. - ■ .U" jS“L° ^ iJ^JnSw applying appropriate . indw 

to be .up from fl.Tolp to 6.165p properties at Boltwi pves rise to • f ,hat toEether — c 


v rha 


• .* (. 
r -rf:f 


{ :•* .1 
•rrrt. 
VNf 


per 25p share and the dividend a surplus of £270,000 (equivalent 
total is raised ~fr0m 2.6Slp to to an Increase In asset value per 
2B94p net with a: final of 2.019p. share of 25p) which has been 
An additional aQMp will also be incorporated in the accounts, 
paid for 3976 ••following the - - ' 
reduction in ACT. ' 

• 1977 1976 

. ' \ ' t 1 

Ttmiover 1LSM.6C 10.173.130 

latexen recrtraOla 1 lCfi^S 174. OSS 


i . SS™“SJS t - | £ W K. ”K55 p'xifit would have been radius 
'-i S“ to £5AnL by £3.4m. extra costi 


Pre-tax profit U03^» 

TM 723.2W 6«i35 

Extra ordinary credits. 0.031 26.076 

Retained 34S.C3 3S0.«» 

But for Interruptions to 


UU Textiles 
has difficult 
half year 


Second half 
shortfall at 

Beilt im a Tfltfs.^- development planned for 1978 is 


uiusi imHiMMUL an^ £L8m. addition' 

^r^hS^^SriS ISSsdati oi 1 cm a nJtnZSB: ■ 
than many other engineering a^wtrnEnt. • £•-• 

companies. 


v i* 


adjustment. 

The most significant overseas - 

ninmiri tn* t« 7 b ^ committee comprising tne cte. . 




man and four non-executT -■ 


pro- 


Turnover for the six months to 
duction at the ‘©roup's own and October 28. 1977, of LTJ- Tertlcs 
suppliers ‘worl£ the results sJ'PPed from £2.1 5m. to £2j2m 


a start to a programme of direct 

A £46.000 drop in second half involvement in toe U.S. rn .p» r ‘ 

profits to £150^38 has left m- In Canada the. company . Is 
able profit of Bentana mdtriirles expanding its offices and 

down from £302^502 to £266^38 lb shop and warehouse facilities in Co., we re, diwpntinued Sim| . ; 
1977, on turnover up from £5^3JoL Toronto but the political .un- betause - the value the Os&fl - 

to £5^1m.. • certainties resnJtfug from the S **™*!?. LSI L ' 

The result Is subject of separatist movement -in-' Quebec ‘ vVas TJ considerably ni 0 ner tre-_ 

£140,467 f £158.484) and attribut- gives the directory cause - for «otiTd be prudently recommend-..- 

wouio-navp neen-oener AJinouan — « * — able profit came out at .£125J34I concern, he says. /: - ’ tojnembers. _ . - ;; 

aver^re a rash*on deDosit ^throu^T £I15,700to £28,900. (£164,720). Last year there^to On sales ahead at- £160m. JEarly . In 1978. the jpoupm „ . 

out toe w wal&her eaUincs After interest of £71^00 minority interests of £3,497- dud (£138m.J the group expanded tax- the mam pair of the aterf 

from intwrosi dSllned Direct (ir05,500). extraordinary Items, extraordinary credits or £24»49.; able profit to £9J2m. (£7.5m.) In eqmpment. division tor 
exports increased by 44 per cent and minorities. . there was an Basic earnings per share,; ate 1977— as reported . on Mtrch 22. Electrical and _- : -Industrr : 

SrtS IraSur In new ntent attributable loss of £58.100 mfl shown at UlR : (4») and-rfujbr The net dividend Is raisad to Securities, asr toe division didjf - 
and Muiprntm of nearly £700 W)0 balance). . diluted.at 366p. The dhrfdehSs 5203p (4.73pj per- ,25p share. '• fit .logically mtp the comp^. 

cash and short term deoosfts The Board report* that difficult lifted from 1.688p to L7X4p Net -liquid : funds at year dud mainstream busmess. One oT.ff 
A tt- JSSWTT to w trading conditi^s persisted in per 25p share. ". -f:* m^-domr. OSbK^timm : TWriig Wttined by the 

end • ■ the period, but recent months T>e company imports _ wat(#s witlj :banlv-; r ' loans, adpmtres r and under tois agrefiihent. has 


: rrir 

■ :i ?• 
: - :>< 

\ \h-r- 

:-■■■ ^ 

a 

■trxi- 

1-1 ■ 
-zrc-r. 

■ ir. if 
•'"A VS 

' n*!=j«c 


\ --a , 

• •• ucj 


C. F. Taylor 
acquired in - Jap 


was have shown an upturn ’In orders and- dockl and .-mdk^.p< 
from tiie and it fc hoped that this trend ; instruments and comflqgeyg.- 


Weir Group. Tlfe reorganisation will continue. The group’s 
of Taylor is proceeding satisfac- bankers have • continued their 
torily, say tb e directors. The support of working . capital 
order book /is good and the requirements on normal banking 
company Is trading profitably. terms. 

Prospects of EIS for 1973 The accounting date has been 
appear satisfactory, but profits changed to June 30, therefore the 


Barton and Sons sees 
continued progress 


A STRONG bint that Barton and 
Sous would again out-perform a 
cautions forecast is given by Mr. 
John Wardle, the chairman; in 
his annual statement. . * 

He discloses that the group — 
which operates in steel tubing,' 
steel work and general engineer- 
ing — plans both internal and 
external growth and that profits 
over the past five years have 
beaten inflation in the three 
countries in which the group is 
active and have represented mare 
than 25 per cent, on shareholders 
runds and more than 10 per cent, 
on sales. 

Mr. Wardle also reveals that 
these funds — at £l3ro. — are con- 
siderably understated. 

The group's properties are worth 
several million pounds more than 
their balance sheet values and the 
provision of over £3m. for 
deferred tax effectively represents 
an addition to shareholders’ funds. 
Borrowings in relation to share- 
holders’ funds were very modest, 
adds .Ur. Wardle and, despite 
investment in fixed assets of 
£L9 ul, were reduced by £L46m. 
during the year. 

In the medium term he is very 
confident of continued progress 


and the Board Is devoting a great 
deal of time and attention to the 
opportunities available for accele- 
ration of such progress. Recalling 
last year's cautious forecast he 
states: “ It might be prudent to 
express similar reserves with 
regard to 1978, but I am very 
conscious that it would only need 
the slightest following wind to 
surprise ourselves once again.’’ 

As reported on March 30 pre-tax 
profits rose from £326m. to a 
record £3. 62m, in 1977 on sales of 
£40.S7m. (£36. 92m ). The dividend 
is lifted from 2.954tip to 3J6S6p 
net and a one- for- five scrip Issue- 
is also proposed. 

An analysis of turnover and 
profit by activity shows: steel 
tubing £20. 05m. (£192m.) and 

£1.7m. (£lB2m.): steelwork and 
fabrications £P.87m. (£7.S2m.) and 
£0.77m. (£0.73m.): and general 
engineering £lL13m. (£9.9m.) and 

£1.49m. (£l.lm.t. Interest absorbed 
33X34 m. (£0.38171.). 

Inflation adjusted results show 
pre-tax profit £2.5lm.. after addi- 
tional stock charge £736.000. 
additional depreciation £398.000, 
and gearing adjustment £156,000. 

Meeting, Sutton Coldfield on 
May 17 at 12.30 p.m. 


Interest charges reduce 
Monsanto earnings 


Monsanto Ltd.— a whoDy-owned 
subsidiary of the U.S. Monsanto 
Company — recorded an increase 
In sales but a fall In earrings for 
1977, Mr. Eric sharp, the chair- 
man, told the annual meeting. 

Turnover for 1077 was £202. 7m. 
(£1805m.). operating profit £K).7m. 
(£1 6.301.1, pre-tax profits £5.6m. 
(£14.010,). As in previous years, 
earnings are boing retained in 
the business and no dividend pay- 
ment L. being recommended. 

Mr. Sharp said the main cause 
of the reduction in pre-tax profit 
was an increase in interest ex- 
pense. reflecting the large amount 
of borrowings made to finance the 
very large investments at Seal 
Sands, Teesside. 

Two major expansions are under 
way at Seal Sands— an increase 
in the production capacity for 
acrylonitrile, a raw materia] for 
toe plastics and fibre industries, 
and the establishment of a nylon 
intermediates plant the latter 
being a joint project with Monte- 
fibre (U.K.). 

Expenditure on fixed assets in 
1977 was £72.IW. (£57.4m.). 

Although the performance of the 
world, and particularly toe Euro- 
pean economies, was sluggish, the 
company increased exports by 
17 per cent, to £70,lm. represent- 
ing 35 per cent of total sales, in 
spite of a rise in the value of 
sterling. 

The fibre /textile Industries 
suffered from inflation and slug- 
gish demand plus a high level of 
imports, excess fibre capa£l7 and 


uncertainty over the Multi Fibre 
Arrangement renegotiation. 

Monsanto was also severely 
affected by the lack of buoyancy 
in plastics consumption as a re- 
sult of pressure on prices and the 
slow growth of the economy. 

In industrial chemicals, overall 
performance was satisfactory in 
spite of the low level of indus- 
trial activity in Western Europe, 
leading to a progressive down- 
turn in business. 

Extremely successful, world- 
wide. was the company’s Santo- 
-gard PV7 product which is manu- 
factured for the European rubber 
market by the company's Ruabon. 
North Wales, plant. 

In October plans were an- 
nounced to double the capacity 
for the product at a cost of £3m. 
After five years successful opera- 
tions the capacity of the rubber 
instruments plant at Swindon has 
been expanded by 50 per cent., 
effective February 1078. 

The agricultural chemicals 
business in the UJC continued to 
prosper. 

During the year, Monsanto 
headed a consortium— with Gene- 
ral American. Pacific Petroleum, 
and British National Oil Coroora- 
tion — which was awarded a 
licence in the Fifth Round of the 
North Sea Oil applications. The 
block 13/1S is being evaluated 
prior to drilling. Monsanto is a 
major user of hydrocarbons 
worldwide, and its North Sea 
activity therefore could be of sig- 
nificant Importance to too com- 
pany, said Ur, Sharp. 


7^ 


J V— -. - 


MONEY MARKET 


Free credit supply 



Bank of England Minimum 
Lending Rate 7j per cent, 
(since April 11. 1978) 

Day to day .credit was in good 
supply in the London money 
market yesterday and the authori- 
ties mopped up by selling a 
moderate amount of Treasury bills, 
all direct Indications were that 
some surplus was left in the 
system which should see bank 
balances up to-day. 


The market. was faced with a 
net-take up of Treasury bins and 
a fairly large increase in the. note 
circulation. These were more 
than outweighed by substantial 
Government disbursements (Rate 
Support Grant and Housing 
Grant) exceeding revenue trans- 
fers; to the . Exchequer. In addi- 
tiony banks carried above target 
balances over the week-end. 

Discount houses paid around 6 


per cent for secured call loans’ 
toe - start " and closing baianc 
were taken anywhere between , 
per cent and 6} per cent, hi t 
in terba ok. .market, overnight loa 
opened at per cent and h 
eased to 5-5i per cent, by 
afternoon. After a brief 
up to Wij per cent, rates' fell 
close at 6-6J per cent 
Rates In the table below a 
nominal in .some cases. 


fel tub 


stfger^rs 



Apr. B4 
197**' 

^terllnc 
Ceitlrtoati: 
nl 4ii|XKit> 

iatertwnk j 

i 

Authority I 
(tepcwlts j 

iEnco** Aulb.l 
| oea«i«bU» j 
boari* • 

F-.n»acc 

Boise 

Dejwrilo 

) Coarpany ' 

! Dvpftet* i 

Dimwnt , 
market 
•Itpiwlr 1 

i ! 

1 Trawury j 
[ Bills « 

1 Eligible 
Bunk 
Bills <{> 

'.FteeTn 
| 20b i 


_ 


_ . 

. ■ _ 1 


! a 3 * 

55* -6ia 

i 


J — . 

i iin vs tv-fk-e.-l 

— 

5-Bis j 

7 71* 


— 


— ^ 


. 


1 iimy j 

J — 1 


— 


. — 




M . 

! 1 ■' 

( rt-tirv,-! 

1 

7l B 7ia 

7i»-7a» 


714-75* 

l ' 7 is 

6!* 63; , 

1 



• ■ ' 

Urn* nii>nt1i 

7r>-71« 1 

71? -7 S3 

738 

.7S»;7fo. '] 

7*4-8 

! 7h ■ 

61; 


7> . 

S 7 Is -7) 

i ni>ifii|i-...j 

76& 7x4, i 



77 8 7J8 i 

7; 3 e»« 


6-'a 1 


7j«-7* 

1 VSH 

i hnr teO'llh^. 

7f } lik 

74».7 r j 

7\ •! 

7 '8-753. ! 

eeu 

■ 81, . 

7 

! 6^-7 1 

7 vi 

. 8 

>t* in-uiU-,... 

BW-810 

at* v* 

8>a-efo 

74s 7Se 

eaaei* 


— 

| 

813-8* 


Mm rrn-uth-.. 

012 




9-910 

. . 

— 




i'wn tw 



■978-iq: 



- ~ . 

“ • 

_ i 

- ’ 

zy 



Local authorities and finance bouses seres day 5' aobcc. others seven days’ fixed. Loss-term local authority monsasc r 
nominally three years lOMOj per cenu four, years 11-111 percent.: fire years tit-11 J jkt cent. BnnX bill rates fn tsi 
aro buying rates for prime paper. Boy tea rates for four -month bank tells ~i per ceoL: four-month trade bills Si per er 

~ per coni.: and three-mo: 

per cent.: and three-mo 1 

ihret-montb 7i per cent. 

Finance House Base Rates (published by the Finance Bouses Association* 7 per cent, tram April ], 1073. Clearing *» 
Deposit Rates (for small sums at 6ori.n days’ notice 1 4 per ctfa. Clearing Bank Base Rate for -lending 7} per cent. Tre 
Bills: Average tender rates of discount 6.969L per oem. 


'Per 


■for-fiv 


n: 

3.261 

e boi 



rr 


RESULTS IM BRIEF 

1977 

. 1976 


£ r OOO 

£*000 

External Sales 

24,603 

23,990 

Profit before Taxation 

1,400 

1,785 . 

Profit after Taxation 

. 646 

869 

Earnings per share . 

15.9p 

21.4p . 

Dividend par share 

6.6p 

6.0p- - 



r 

^ the Re 


Whereas the Group enioyal favourable trading conditions for the most part of 
1976, in 1977 vue-had to conSarnTwith a very difficult trading envirenmenL 
This was especially the case & the field of steel stockholding and. processing, 
where the whole industry suffarad^ fro** over-capacity., over-stocking and low 
demand, and, to a lesser txfent/in the field of distribution to toe buiWere 
merchant and hardware trades-'. • - 


*0! 


isCr*" 

regain 


Despite a disappointing year’s trading the Group's financial position Is strong. 


O»H0rH " 

‘'vJS 


^cret; 


in pursuit of our policy of edntitoraus investment, we have invested £2.75 
million in the four years fromlW to 1977 and are currently planning to invest 
approximately £3 mUIionin the years 1978 and 1 979. 

THE FUTURE Whilst It fctoo earfV to make a forecast fortha year as 
a whole, we are pleasedroreport that the trading, rasutofor the flrot 
quarter of 1978 show a substantial improvement over the previous, 
year and there is also a cotuMaraMa redaction ia interest costs. 


1 

I- '•r-=. ,r: «3. prcj 


! -cr. 


SMETHWICK WABLEV WEST MIDLANDS 







V'V v/;: ■ 

25-1978 


tn * : A,)r 

10 Hv* 

ord ■MININS NEWS 



Freeport may start 
Nevada gold mine 


‘*'4 

r ^ ^ ^^BWCTH MARSTON, MlN4NG EDrTOR 


■FREEPORT MINERALS could Smith offered no fresh news 
have an open-pit gold cane about Greco vale, but ho pointed 
operating in Nevada by 1982, Mr. out that losses in Indonesia had 
Paul Smith, the president, told been cut back to about 7 cents 
shareholders at the annual meet- a share during the first quarter 
ing. Earlier, in. the annual from JO ana- ~0 cents in the into 
report, he • Trad classified the preceding quarters. 

Nevada prospect as the group's « if xhere is no recurrence of 
‘"most promising mineral explora- t h e output interruptions that 
tion project. plagued ' operations last summer 

Prilling af the prospect has and if planned objectives can be 
been intensified and on one achieved, Freeport- Indonesia 


option from.. Now** ■ Mips. *c *tUa tyr* tin! tho mine, gSmTSSS^ hi* SSSt* 'M'^'^TSSS 

indicated over a lenclh of 4.7CK) even financially over the 


*t*. j.- ? ynan ~gtintog- scene-our matt Grades - of approximately 2 ibs are claiming. . 

-Toronto, Spgankh, -of uraaimn oxide per too aver an 


iotts that the country's major average width of five meows were 
*y;pgr3*jp. Rslser Resource*- baa oWained ip 30 out of. S3 holes 


' * a cool, start to the year with drilled last year. 

™» 5 *“ • *»«•» » »»>« 


STEADY RISE IN 
GOLD OUTPUT 

After climbing steadily 


feet ** If this finely disseminated remainder of the year at the 
mineralisation proves to be con- present world copper price of 
ii nanus, we will have 5m. ions or 59 cents, ‘ Mr. Smith said, 
more of material containing an 


[ lower production result- 




Daniel Ludwig 
wins bauxite 
concession 


averace of better tlian 0.3 ounces 
of sold per i on." Olr. Smith said. 

The Nevada venture is part of 
a Freeport growth programme in 
which there has been some re* 

ukuv iu u msus9.- i«v T ^i._ n ordering of priorities. Oil and gas 

„ - ' drillholes axe- planned- for- -1S7 S . Ir ?EJ£f c ™ b ? r 01 ? !lDC f ""ft exploration has been stepped up, 

Norca.ha5a40 pff «ii.tnterest ,° utpu J I a Project for the recovery of 

-March ■- by members of the jj,, jjj e venture with 43anipbeU ^’IJPfred with USL.,930 uran - tum from phosphoric acid has 

Red MinepVorkersjrf Aroenca Chfboogaanro and E .and B February and l.<9a561 been i aunc hed. phosphate re- mr. DANIEL. LUDWIG, the 

J^ja. resulting rise m-unit costs. Explorations each holding -30 per JanuaryThE cumula- have been expanded and American billionaire recluse. 

maPone for a new collective u»8 total at 5,314^81 


• .. =■ — - u, ,, . _ «uu • . . - ounces is 2re atcr emphasis is being given u-hose interests in Brazil range 

■ H'^Denj wth th^ximon are . f- OVF _ J ?Vv! 3b oun<f ^ ahe * d ® f fo the search for. precious from cattle ranchmer to pulp and 

■ iNfar— pssgsM ^nsarjasu*.. is-s-SmSs “M-SKS 

> -xpsffi&s S ^g agesa B*- s -“ - 

which has done well Swift. Canadian. ■ whl ?, 1 «as not able to ofFer shareholders ^ c Bnt3 Patnria Mfciinx 

■or its . 'Stake of: some 20 per - Texasgulf owns tbe- xemaming ;^ te ^ five before At mucTl prfVs pe C t of immediate rJSLJ hv fi? i 

£ m the -Rio. Tfato-Ztac. 40 per cent, stake. Texasgulf and ^ ume the problem was a labour un* rodent. taSite b ri e o^ih 

fip’s 51 per cent.-owned Lorn.es the Government \ agency hav-e . . , . This wear's first ouarter earn- J *«r ■ TVnmhoi^c 05 !!!,^!^ 

fr jper-molybdenum operation in entered into an agreement which 5“ *“??* resolved ins , wi j} around 48 cents a S 

itfch Columbia. Yukon has wiH ensure “ a smooth transition "™* ™ mes generally have a share, he said, ajrainst R2 cent«« in 2***®' “*/* 

,.jv recrived -C$23.4m^ from the and a long harmonious and , f ^lL c ?”^ l e P? ent . n l e biployees. rheffrrt three n^ths of J977. The 

«»f*. hove be*n dilbcultles over aT , noa1 report predicted that re- a ~ can -nd olher fore,sn 
YflZ'Xr r A i ***• same time the sU j t< from agricultural minerals, concerns. 

1 i^ S • rt fortnight lor white which comprise tbreequarters of Para state contains 90 per cent 
employees has contributed to domestic earnings, will be lower of all. BraoT* bauxite reserves — 
lower productivity. this year. that is. L34bn. tonnes out of 

Last year earnings were l.TSbn. tonnes. The Ciririmina 
IVUtNING BRIEFS •* * dragged down by losses at the municipality alone contains 

wrrvfATERSRATtD NicEL — 'Mar/* copDer venture in Indonesia and I.0S9bn. tonnes of high-ratio 
ipts: ore mined 55.760 tonnes (December at the Greenvale nickel-cobalt (.between 48 and 5R per .cent.) 

fRiA? 7 1 nrr“ e8 cosj 5 project in Queensland, ■«>»"- banrfre. Santa Patricia Kfininsr 



r: : e of its holding in' Crows Nest profitable relationship.".. * 
• -7*. pastries tt> Shell Canada 
.’.;.*T 5 onrces-and is looking lor new 
' refitment bpportzznities. 

-ft ’the meantime the cash “has 
■ " en placed- in short term.iuvest- 

.; •-.-.•nis of prime quality.” -Yukon 
' i,HO has- a recentl y-jnereased size- 
stake in- Canada’s Baryta in 


Whites reject 
gold mines’ 


in- ucuidud 3 omyraui . 

-■ - .piorations which, among other 113 V - OTTfir 

..fiyities, is- examining uranium J r**J UU,VI “ • - 

’ ^i RtonJUes in Ireland. • WAGE negotiations on 'the South '^Sarc -Aummv CapUa ‘ 

- p^r ymin is hnfrffng discussions African gdltf mines - have reached 
;fii “various parties”: for the the -confrontation staged reports 
ancing - fif its Yava lead- deposit Richard Stuart from Jobannes- 

• ' 1 .; ‘ ; % -Nova Scotia’a Cape Breton - burg. . The Council' of- SEning 

and. • Yukon still retains its Unions is seeking a 13 per cent [ -r-^ 

id placer claims in the Yukon increase in wage and fringe Tiene- 1 • - 
■ • ■•' rrttory. fits for its white members, but 

Meanwhile, Loruex hasreported 
st quarter earnings dampened 

... < lower copper prices and re- -*° at “ ie it could afford uas 
. -?ced production of the m6taL 

if earnings for the past quarter «» »»«*. had offered oftljr 4 per 
• , . ; V; - Munt to $C22 Sbl, or 27 cents cent - 
' : t share, compared with - The unions rejected the mines’ 

.-’• '.'4.72m. in the first quarter of offer, labelling it derisory. They 

- . * 77. -‘have now threatened the. mines 

- 7 : ' At Midwest- Lake -in northern ^ confrontation - 

... skatchewan ' a joint venture demanoaare not raetby 

presenting Exxon, Bow Valley Fnday. If a dispute Is declared. 

- •: - dnstries and Numac Off and Gas the Minister of Labour wflL have 

“ ‘ examining a find of uranium, bj appoint a conciliation. Board. 

Mowing the completion, of 35 A l tiiough this' is- the first- step 
■ "- iilholes— work is now suspended' towards a legal strike^ legislation 
. . mdrng the spring thaw^-talk has provides for extensive' coofingPff 
. . ' that the" mineralised zone has periods for further negotiations. 

. . length so far defined of 2£00 j,ast year . the unio n ' men 
... " ei with widths of 100-200 feet received only a 5 per cent in- 
. -nd. ore grades of slightly, under crease, which was' one' -of the 
'•* Jfif. cenb .urmiurn oxide per lowest w recent years: Hostility 

• .. h with significant values m - between the unions and the miiies 

- . f'Ckel and surer. . j, as been buiWiug tip all year. 

; High-grade . . uranium : infer- Now that wage negotiating- time 
•chons, are claimed, by Norcen is- here again, the unions are not 
: aergy Resources from recent' in a mood to. b^^soft soaped by 
•' 'oiling ou the Blizzard property “tragic mine hard. luck stories." 

. - Jar Beaverdell in British The -miners are becoming tocreas.- 

Gambia which is held under ugly suspicious of the .cost 


im.sw.W 7 ..'' UM'aft*.!* rajuitoo' R3S3.S3? Freeport is in partnership with has a concession for 5,000 acres. 


expeaditorr 


Metals Exploration. 

At the annual meettoe. 


•where bauxite. .Santa Patricia Mining 
res: 

could be extended to 


which 
Mr. 25.001). 




31' 


FINANCIAL TIMES 

BRACKEN HOUSE, 10. CANNON STREET, LONDON EC4P 4BT. 

Toler; Editorial 8S6341/2, 883997 Advertisements: 885933 Telegrams: Flnmttimo, London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary In London, Binatogbaa, 

Liverpool and Manchester, Tel: 246 8026. 

INTERNATIONAL AND fiRITZSK OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O- Box 1396, Amsterdau-C. 

Telex 12171 Tel: 246 555 
Birmingham:- George House, George Road. 

Teles 338650 Tel: 021-454 0922 
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Telex 8869542 Tel: 21 
Brussels: 39 Rue Docsle. 

Telex 232S3 Tel: 512-9037 
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Dublin: 8 FitzwfUiam Squa TA 
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Tel: 441 6772 


Manchester: Queens House. Queen Street 
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Tel: 2S3 4848 

Rome: Via deSa Mercede 55. 

Telex 61032 Tel: 678 3314 
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vagen 7. Telex 17603 Tel: 5ft «0 88 
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Telex £12634. Tel: 682698 
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ADVERTISEMENT OFHCS 

.Birmingham; George. House, George Road- 
Telex 338650 Tel: 021-454 0922 
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SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worldwide or on regular snbMxtptlou 
from Subscription Department Financial Times, London. 



Steel tubing, steelvijork 
• arfd general engineering ; : 

ANOTHER 

RECORDYEAR 



'1977 


£000 

Sates 

40,865 

Profits 

3,621 

Earnings per 
share 

11-74p 

Dividend per 
share 

3. 2686 p 


1976 

£000 

36,917 

3,262 



One-for-five bonus issue 

_JK copy .of the report and accounts may 
be obtained from : The Secretary 
Barton & Sons Limited Harriott Road 
Dudley West Midlands DY2 OLA 


Lacy 


^ A* 


0* 





The City Offices 
Company Limited 

Extracts from 
the Report and Accounts 
for the Year1977 


• ■ ’ Pre-tax profits have increased for the twelfth 

. •’successive year and.Bxcesded.fi .1 million^Ths .. 
^^aximum permitted dividend has been paid. 

• rental rncomff has again increased and 

; hiyestment income is more than 28% higher than 
fast year, 

o vfere freehold industrial property was acquired 
: during the year. 



Suminary of Results 

Year ended 31st December 


1975 

1976 

1977 


£000 

£000 

£000 

GrossInGeme 

• 1,124 . 

1.232 

1,353 

Profit after Tanrafioff 

' j - -435 

' 535 

602 

Divwtends, not 

324 

- 356'^ 

•397 

Proh{j«lained - - . 

. ( 111 . 

179 

205 

Earnings per share.'flet 

- 1.89p 

T 2.32p 

- 2.6Zp 


more personal than the decisions you m ake 


The ultimate demon in any organisation must 
| rest on you and your colleagues, as people. AtBankers 
! Trust in London ti r e have one man to help you. Plus 
! 700 more to back him up. HielMaroid is the symbol 
1 ofSankers liust Company, one of the world’s largest 
I banks, tvitiz ,a solid traditionin the world of corporate 
finance. 

' We have a high proportion of skilled personnel 
■working on direct client contact 

' This m cans we can afford to devote a great deal 
of tipie and trouble to stud>ing the needs of those 
coiporations with which we work. And we work with 
a great many of the companies in The Times 1000. 
This dose co-operation would nothayc beenpossibie 
without ihe knowledge we have acquired in over 59 
years of continuous op era tion in this Country. 

* ' TVe have the Intuition, ability and flair neededto 
-Suggest ways 10 handle business matters that straddle 


the globe. We cut across international boundaries 
because we are part of a worldwide network. We are 
active 24- hours a day. We have one of the most active 
and professional foreign exchange operations 
anywhere and a Foreign Exchange Customer 
Advisory Group which is always available to help you ' 
with your decisions. 

We give you the edge, the manoeuvrability you 
need, whether it he in connection with short and 
medium term finance, FCGD hacked and other 
export financing, documentary credits, commodity 
deals, intemationalinsurance^corpoTaletrust.pension 
fund- management,, loan -syndication, or project 
finance. We act fast • 

Indeed, wherever you encounter the Bankers 1 
•Rust Pyramid, you’re dealing with a full service bank 
in the jhllest sense of the word, with the ca pacity to 
raise, lend and managemoney anywhere inthe world. 


1. Tan Donaldson, VP. in charge of 
Commodities Group. 

Z Esme Howard, VR iadjargeof 
International Insnrancs Group. 

3. Gordon Thomas. YP. in charge 
of fmaoctal Service Groop. 

4 . Peter Denbmc, in charge 

of United Kingdom. Lending. 


SAUanJ.Kat^.bidiaiseBf " '• 
London and Sonth of Kngto»A 'Z. 
Group.' V 

H. Smart E.Beid«;YR in charge eT 
International Group- " « 

7. Donald R. Case, VF.inds&rgaaT 
Energy Group. 



BankersTrust Company 

9 Queen Virtoris Street I fmdonJEC4P 4DB 
Tslephone: 01-2365050 Xeisx: 8S81S1/2 


Sftrfc T-TtgeT.V:tonlfiscilea.l:mtag<Ig LrcAa aril Biawghaa aadgrrpreseaa'^ye offieg in MsocfisstK P:&errit.K*as:>flix &-fx5fii^TdB^SaCT3BS^NHBC*adflt2acaClJl 
An gS6l» SUi Z&XSOli&rD Bt&iCI Ifl ^ ^ COgS^CS BBtiX OCtSCaa. 












The Financial Times 
















33 


BIDS AND DEALS 



U.S. tax laws aid Heywood 
purchase of Hanson offshoot 


BY ANDREW TAYLOR 


Heywood WUlLuns. suppliers of 
glass and aluminium products to 
the building industry is attempt- 
ing to move into the U.S. hotels 
aoff restaurant industry through 
a neat package deal by which it 
will assume liabilities of $700,000 
and in return get a business with 
a net book value of S5m, 

The deal involves the hotel and 
restaurant business of Interstate 
United Corporation, the U.S. 
public food group which is 77 per 
cem.-owned by Hanson Trust and 
which has an annual turnover of 
SSDOra. Hanson Trust also has a 
24 per cent stake in Heywood 
Williams. 

Mr. Douglas Oliphant. chairman, 
and joint managing director of 
Heyvood said that the deal had 
been made possible by U.S. las 
laws which allowed a proup to 
claw back half the difference 
he i mv ren thi» proceeds of ft sale 
and the book value. 

" A<s there are no proceeds in 
this case Interstate estimate that 
they will be Getting between 
*24m. and S3m. in cash back from 
the Government." ' said Mr. 
Oliphant. 

“ In addition the term* of the 
deal allow Interstate in retain 
around si. 4m. in cash and from 
debtors — so in total the group 
will be releasing around S41m. in 
cash.’* 

Mr. Oliphant said that Hanson 
had not been involved in setting 
up the deal — which is conditional 
upon shareholders approval. 

He said that he cxoected the 
hotel and restaurant business to 
turn in profits in the first year 
of between S200.pnfl and R3IW.OTO 
m sales of around SIQm. lo Srt2m. 
The deal would transform 
Hevwood’s balance sheet, he said. 

Mr. Oliphant explained that the 
$700,000 liabilities referred to 


long-term mortgages ofi the free- 
hold properties which his group 
would be acquiring. He said that 
the hotel and restaurant business 
represented an insignificant pro- 
portion of Interstate's total annual 
sales. 


DRG IN £5>7M. 

PROPERTY 

INVESTMENT 

The Dickinson Robinson Group 
Pension Fund has acquired 
further property investments 
totalling over £o.7re. through its 
property adviser. Richard Ellis. 

The principal new investment 
is freehold of a 7}-aere warehouse 
estate in Argyle Way Stevenage, 
from Audiey Properties, a sub- 
sidiary of Bovis. DRG is pro- 
viding interim finance for 
development of two office build- 
ings fronting Sicvenaae siation. 
providing total of 25.250 square 
feet of offices and iOQ.OOO square 
feet of warehousing in 11 units 
being constructed in two phases. 

Of the first phase, which is 
under construction, one of the 
office buildings and one ware- 
house unit have been pre-let lu 
Control Dataset. 

Total development value wilt 
he in excess of £4m. In addition, 
DRG has acquired a shop invest- 
ment in Broad Street. Reading, 
an industrial development in 
Alperton. Middlesex, and an office 
development in Swindon in the 
total stun of II. 7m. 


White. Mr. White intends to vet 
up his own furniture business “ In 
due course,’' according to a stale- 
mem issued yesterday. 

The move comes just less than 
a year after , the resignation or 
Mr. Lionel _ Simons. Denbyware’s 
deputy chairman who was based 
in the U.S. where substantial 
losses bad occur red. mainly on; 
the non -Stoneware imports. As a 
result of those two moves, Denby- 
ware has now reverted to con- 1 
centrating on its traditional j 
stoneware pottery. 


DENBYWAJRE 

The final withdrawal of stone- 
ware potter. Denbyvare. from 
its ill-fated American furniture 
Importing business, was marked 
yesterday by the resignation of 
the director responsible, Mr. R. 


Agreed bid for Marler Estates 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


SeO - ; : v; 

tonstruciionaid 

engineer 

-I'sj'zni'i 


• DIVIDENDS 

ft is proposed to increase the 1 977 dividend lo 1 3 pence per 5Qp. 
r ehare on our much increased equity capital as compared with 1 2jp 
‘indicated at the time of our rights issue. This will require cash 
.totalling £694,000 for 1 977 against £322,000 in 1976 and £262,000 
fn 1975. The recommended final dividend for 1977 wiff be 8 pence per 
share (£427.000) and dividend warrants Will be paid on 6th July lo 
: shareholders registered on 22nd May 19781 


z-' a 


FOURTH PREFERENCE SHARES 
-The company intends to require conversion or redemption of thi 
outstanding balance of the fourth preference shares this year. , V 


MR. LESLIE MAULER, the 78* 
year-old chairman and managing 
director of Marler Estates is 
negotiating the terms of an agreed 
takeover Irom an unnamed insti- 
tutional purchaser. Mr. Marler. 
whose family and fe/Iow directors 
control over 60 per cent, of the 
property Eroup, expects the terras 
or i he bid to be announced on 
Wednesday. In the meantime, 
the shares have been suspended 
ai 21 p. givinc a market capitalisa- 
tion of £740.000. 

Air. Alarler explained yesterday 
thai the takeover had been 
arranged because of his age. Bur 
he plans to keep his shares in 
the company aod to act as its 
consultant lie would not disclose 
the name of the purchaser, but 
comments that they are “highly 
rc«neciable people." 

Marler Estates, which holds a 
property portfolio, returned 
to the Stock Market in 1973 after 


shares in issue. But the stock, 
frozen yesterday at £44. was last 
dealt in 1972. 


a-iS-yfiar suspension. As City and 
Borough Property the company 



Steel Brothers 
Sondes Place, 


s Holdings Lim'rfi 
, Dorking, Surrey 



Borough Property the company 
had been taken over by Capital 


and Counties Property Company, 
the group which Mr. Alarler 
directed during its period of 
meteoric errmth in the 19mis. 
Capital and Countie* yesterday 
denied that it was bidding for 
Alarler once again. And Guardian 


Royal Exchange Assurance, which 
provides a £im. First Mortgage 


provides a lira. First Mortgage 
Debenture Stock to Marler w:i*s 
unable to comment on the 
negotiations. 

Apart from ttf Ordinary shares. 
Alarler has a £100.000 issue of 41 
per cent. Cumulative Preference 


W. OF E. TRUST BUYS 
REMNANTS OF 
GORDON JOHNSON 

The change of ownership of 
poultry processing machinery 

maker. Gordon Johnson-Stpphens 
is now complete. Yesterday. 

Simon Engineering announced 

that its offer for the bulk of the 
companies in the group had gone 
unconditional, and West nf 

England Trust stated that it had 
completed the purchase of die 
three remaining subsidiaries. 

These are Matthias Spencer, 
which manufactures mining and 
civil engineering equipment: 
Wood berry ChfllcotL a steel 
stockholder and distributor of 
fasteners and engineers tools-, 
and John Vesscy. a dormant 
company. 

West of England has paid 
£770,096 in cash for the throe 
companies and has also procured 
repayment of £480.000- worth of 
debts owed by the three to G J-S 
group. At the same time G J-S 
has repaid loans of £881.733 owing 
to West of England. In addition. 
Went is due lo receive repayment 
at par of £46.061 of convertible 
loan stock plus £411.214 in cash 
as proceeds of the purchase of 
its stake in G J-S by Simon 
Engineering. 

The three companies which 
West now owns had net tangible 


assets of £433.000 at the 
September balance sheet date 
(excluding £260,000 in dividends 
paid to G J-S after that date) 
Profits of Spencer and Woodberry 
for the year to March, 1978 haw 
been estimated at £300.000 
approximately. 

West has plan-; lo develop the 
business Of Woodberry and 
Spencer. 


JOHN SWIRE STAKE 
IN STIRLING 
SHIPPING 

John Swire and Sons, the 
private overseas trader and 
transport company, is Id buy a 
minority stake in Stirling Ship- 
ping. which operates six supply 
vessels in the North Sea. for an 
undisclosed sum. 


A spokesman for Swire said 
yesterday that the acquisition wa* 
part oF the group's expansion into 
the offshore oil industry. Swire 
already has experience of tills 
kind of operation m the Far East. 


: r jiT.cs. 






Negotiations are not yet com 
plete but Swire is expected to 
take a 49 per cent, stake, some 
of which will provide new funds 
for Stirling and ihe rest will be 
For shares held by Stirling's 
parent company. Harrisons 
(Clyde i. ‘ 

Harrisons oi ins l up bulk 
carriers and a spokesman said 
yesterday (hat business in that 
area was poor. However, he said 
that the sale of shares in Stirling 
was not a defensive move. 
Stirling would be expanded and 
partnership with John Swire 
would bring benefits in terms nf 
knowledge, contacts and the new 
finance, he said. 

He declined lo reveal the 
shareholders’ funds or borrowings 
either of Stirling or Harrisons. 


Growth sustained through increased 
worldwide sales. 

'The past year has seen the consolidation of the Group s activities and the 
successful launching of our major saleroom in New York. Worldwide sales 
have increased by more than 30%. Despite the inevitable expense of 
entering a new market pre-tax profits at £4.17m show an increase of 14% 
over the record 1976 figure and are considered satisfactory. 

Sales in 1978 to date reflect the buoyancy of the International Art Market 
and all the indications for the immediate future are encouraging"’ 




J. A. FLOYD, Chairman. 


Christies International limited 
Results for the year ended 

31st December 1977 


Analysis of Sales 
Total world wide sale? 


1977 

JE’OUU 

73,281 


1976 

£000 

54.594 


Turnover 


Profit before taxation 
Taxation 


Attributable to minority 
shareholders 


Profit after taxation and before 
extraordinary items 
Extraordinary items 


Profit after taxation and 
extraordinary items 
Dividends 


Retained profits 
Eantings per share 


1977 

£'000 

1PT6 

£'000 

14483 

11.460 

4.171 

2,018 

3.660 
, 2.019 

2,153 . 

1.641 

(11) 

-15) 

2,142 

1.626 

2,142 

676 

1,524 

600 

1,466 

924 

10.46p 

7.94p 


Ovei^eas sales 

U.K. Sales 

24.767 

48,514 

12,491 

42.103 

Overseas 

Holland 

1246 

1.170 

Italy 

Switzerland 

1.079 

754 

12.924 

10.00 1 

USA. 

9.066 

— 

Canada 

— 

90 

Australia 

452 

476 


Old Masters 

Impressionist and Modem Works 
Prints, Drawings and Watercolours 
Ceramics and Glass 
Oriental Works 
Jewellery 

Objects of Art and Vertu and Coins 
Silver 

Furniture, Carpets and Tapestries 
Arms and Armour 
Books and Manuscripts 
Wine 


14.179 

6.947 

2,615 

5,206 

4,145 

13,897" 

4,501 

4.466 

9,883 

3.001 

2.703 

1,876 


Vintage Cars. Models and Miscellaneous 1362 


11.391 

4,707 

3,759 

2,964 

3,855 

8,039 

4,010 

4,453 

6B56 

■L671 

1.395 

‘1870 

624 


ALPINE HOLDINGS 
BUYS BATHROOM 
SHOWER MAKER 

Alpine Holdings, the aluminium 
double-p lazing and bedroom 
furniture croup has acquired 
Dolphin Holdings, the Worcester 
based bathroom showers company 
in a drul which could cost more 
than Slim. 

Mr. James Gulliver, chairman 
nf Alpine, sard yesterday that 
the deal would extend Alpine's 
in teres is which are now almost 
entirely related to the home 
improvement industry. 

Alpine is to pay an initial con- 
sideralion — half cash and half 
shares— of £652.000 but will also 
pay further sums based on 
Dolphin ’« profits over the nest 
three years. Last year Dolphin 
turned in pre-tax profits nf 
£420.000 and on this basis the 
eventual cost lo Alpine will be 
almost £l3m. 

The further consideration will 
be satisfied, subject to Alpine's 
option, by either cash pay men Is 
or as lo one half cash and one 
half Alpine shares at the then 
market price 

Net assets of Dolphin at ihe 
end of la-*! . v w were £l.l3m. 
including £499.980 of deferred fax. 
Sales lr»l year rose from £4.Sm. 
to £5.7 m. but pre-tax nrofi»s 
declined from £606,000 to £420.000. 

-Meanwhile the deaf bv which 
two direcelorx of Alpine and 
associates of Mr. Gulliver are to 
take a per cent, stake In 
Morgan Edwards has beeD cleared 
by Morgan Edwards shareholders 
at an EGM The deal could pro- 
vide art ideal vehicle for Air. 
Gulliver should he wish to make 
a return to fond relailiD* at the 
end of this year. 


Christies International Limited 


Copies of Ihe Report and Accounts may be obtained from 
the Secretary, Christies International Limited, 8 King Street, St. James's, London STOY 6QX 


HARCROS TRUST 

Harrison* and Crosfieid has 
received acceptances from 
holders of 7722 per cent of the 
.Harems Investment Trust which 
it bid for, U sufficient acceptances 
are received. H and C intends to 
apply the provisions of Section 
209(11 of the Companies Act 1M8 
with a view to acquiring com- 
pulsorily any outstanding stock 
in Harcros The offer will close 
at 3 p.m. on May 10, 197S. 

The cash alternative, following 
the rgpilitlfcaiioh issue, amounts 
M 27 ip fur each Harcros Stock 
Unit. The share offer or one 
H and C. share for every 13 Stock 
Units of Harcros has a current 
value of W.61 p based on the 
midrib* market quotation of 45lln 
per H and Ordinary thare on 
April 21, 1975. 


agSfc London and 
QHR Manchester Assurance 
CompanyLimited. 


Extracts from the statement by the Chairman 
Mr Lewis Whyte, CBEJFEAon the Group Report and Accounts 

for 1977 


RHM RESTORES 
VOTING STRENGTH 
IN WHEATSHEAF 
Ranks Ho vis McDougalt has 
converted its l An. Wheatsheaf 
Distribution and Trading “A" 
shares into Ordinary- shares. The 
move comes soon after a bid for 
Wheatsheaf from Lin food Hold- 
inga. The effect is 10 increase 
RHIvrs votes in respect of this 
holding from 1.2m. to 1.5m. 

RHM became ihe holder of “A* 
shares when >1 floated off Wheat 
sheaf as a public company. At 
that time RHM was keen to show 
that it would not dominate Wheat 
sheaf. Accordingly the “V 
shares Jiad less voting rights than 
ihe Ordinary shares: they had 
four votes for. every Cve shares. 

Since that time the RHM stake 
has been diluted, but 68.000 
Ordinary share* wore acquired. 
The total of 1. 366.000 shares now 
in RKM's hands represent 9.45 per 
cent, of the voting rights. 

TATE & LYLE 

Tate and Lyle has sold a minor 
subsidiary. Uniscreeds, to Rona- 
rretc. Unlscreeds manufactures 
special resins for floor and roof 
screeds, Ronacrpte in a private 
company specialising in thin sec 
tlon concrete technology. 


Further expansion in ail branches 
Increased bonuses 

Successful entry into Group Life and Pensions market 


1 377 has again been a satisfactory year with new 
business and premium income continuing to expand 
in all branches; The rate of interest earned on the 
Company's hinds shows a funhet improvement over 
lhar of the previous year and has enabled us to 
declare improved reversionary bonuses in both life 
branches. As a result of the substantial recovery in 
the market valuation of the assets higher terminal 
bonuses emerge under our complete bonus system. 

Since the end of the year we have been delighted 
to welcome Sir Ronald McIntosh. K.C.B., formerly 
Director- General of the National Economic Develop- 
ment Office, as a member of our board. He has had a 
wide and varied experience of public service which 
will contribute greatly to our deliberations. 


Chief Office 


The task of relocation referred to in my statement 
last year has continued during 1 977 and the early 
part of 1 978. The move of our London Office into 
Imperial House. Dominion Street E.C.2, was 
completed as planned and further relocations to 
Exeter have taken place on schedule. Our new Chief 
Office at Winslade Park was "topped out" on 
24 th June. 1977 and by the date of the Annual 
General Meeting the staff now in temporary 
Eccommodatiorf at Exeter will be moving into the 
new premises. 

Further recruiting on a considerable scale has 
taken place without difficulty and I am happy to 
say that the quality of our Exeter staff augurs well 
for the future administration of the Company. 
Meanwhile, the Welfare staff movjng from Folkestone 
are being assimilated into 'the group administration. 
There are many advantages to be gained from this 
regrouping of resources. 

With the move to Devon completed in the 
summer of 1 976 the final stage of this part of the 
Company's strategy involves the selling or letting 
of Welfare's fine head office building overlooking 
the Channel at Folkestone. 

Ths costs of relocation which must be incurred 
in a project of this nature are reflected in our overall 
expense ratios for 1977. and they will continue to 
some extent to affect our expense levels during the 
next year or two. I am confident, however, that in 
future years the move wilL be seen as a worth-while 
investment for the Company's future prosperity. 


Staff Pension Scheme 

During 1977 a new Group Pension Scheme was 
introduced on a contributory .basis providing first 
class benefits to our staff. The previous London and 
Manchester scheme was non -contributory, but the 
staff recognised the considerable advantages to be 
obtained from a moderate contribution, particularly 
when compared with the State scheme. 

On the advice of. the Group Actuary a special 
transfer of £737.500 was made from the life funds, 
the net cost being largely met by the reduction in the 
balances of surplus carried forward unappropriated. 
There was also a special transfer of £62.500 horn 
the General Branch. These transfers together cover 
the major part of -the extra cost of funding the 
improved benefits and lho increased pensions 
granted bv the Company to existing pensioners 
during recent yesrs end to members of Chief Office 
staff who chose to retire early rather than relocate 
to Exeter. 


Ordinary Branch 

Business in this branch is introduced not only by 
our own lull time field stall but also from broker 
connections. In (he former area it was very pleasing 
to see an increase of 15 per cent in new annual 
premiums compared with last year, this being the 
best improvement since 1972 and obtained 
notwithstanding staff reductions. 

Our objective is to see an increasing rate of 
growth from both marketing areas and. with this 
end in mind, work is now at an advanced stage on a 
new range of investment -linked contracts to be 
introduced shortly in the broker market. 


Group Life and Pensions 

In March 1977 the Company commenced to 
operate in the Group Life and Pensions market. Our 
venrure has produced encouraging results with gross 
new premium income in excess of El -7m. being 
generated for the group. We believe we have the 
contracts, technical advice, investment performance 
and administrative service to succeed in this market 
and we are encouraged by the growing support we 
have received from insurance brokers during the 
latter part ol the year. 


Industrial Branch 

New annual premiums rose by 9 per cent last year. 
We are convinced that there is a substantial market 
for policies the premiums for which are collected 
regularly by our staff a; ihe policyholders' homes, 
and we look forward to increasing our activity in this 
market. ' 


General Branch 

The growth m premium income during 1977 was 
13 per cent and claims experience showed an 
improvement over the previous year. This improve- 
ment. combined with a reduction in management 
expenses, enabled us to reduce the 1976 loss of 
£196.000 to £74.000. despite the special transfer 
of £62.500 to the Pension Fund to which reference 
has already been made. 

The advice and assistance of officials of the Sun 
Alliance and London Insurance Ltd., with whom our 
account is reinsured, has been of great help lo us 
and we thank them sincerely. 

The Company's association, with the Sun Alliance, 
goes back for fifty years and we are now in discussion 
with them with a view to renegotiating our treaty >n 
order to take a more active participation in the 
underwriting risks. 

It is the Company's intention that the General 
Branch should play a much greeter part in our 
business activities and, with this in mind, steps have 
been taken to raise additional capital through a 
rights issue. 


Investments 

The valuation of (he investments of the long-term 
fund at the end of 1977 disclosed a iolai net 
appreciation of £56m. {compared with C17m. for 
1976). This hgtrre is based on (a) stock exchange 
investments at middle market prices at the end of 


1977; fb) properties at current valuation ; (c) mort- 
gages and loans at values based on an appropriate 
market rate of interest over the expected term of the 
loan, less reserve, and is after taking into account 
the estimated contingent liability for tax on capital 
gains and the write-up of balance sheet values by 
£2-2m„ being £1-5m. in connection with the 
provision for terminal bonuses referred to below 
and £0-7m. in connection with the strengthening of 
the valuation basis for contracts reassured from 
Welfare. 

During 1977 we continued the strategy referred 
to in my statement last year of seeking the highest 
income consistent with security of capital. 


Welfare Insurance 

1977 has been a year of marked improvement in 
Welfare's Financial position and the life fund has 
increased from £44-0m. to £60 -3m. -This has been 
mainly due to a substantial improvement in the 
market values of both stock exchange and property 
investments. Pan of this improvement relates to the 
linked funds and I am happy to rBport that all these 
funds performed well in 1 977. 

As a result of the improved financial position we 
are able to commence repaying out of emerging 
surplus the loans from National Westminster Bank 
and others, and the sum of £500,000 has been set 
aside for this purpose. The Welfare board remains 
confident that the loans granted in 1974 will be 
■fully repaid within the stipulated period. 

The contribution that Welfare is able to make to 
group operations is increasingly apparent and the 
launching of the London and Manchester Group 
Pensions operation referred to earlier in my statement 
is a good example of the way in which the knowledge 
and technical skills of the Welfare staff have proved 
invaluable. Over the past three years priority has 
been given to the strengthening of the finances. 
The flow of new business has not been unreasonable 
in all the circumstances, but it is now proposed to 
take a more positive marketing attitude and the 
range of products directed at the broker life and 
pensions maiket is being increased. 


The Complete Bonus System 
In the Ordinary Branch wc have declared 9 
reversionary bonus of £4-70 per cent of the sum 
assured, compared with £4-50 per cent in the 
previous vear. 

In the Industrial Branch the annual reversionary 
bonus on adult endowment assurances has been 
increased from £3-30 per cent to C3-50 per cent 
and the bonuses on infantile endowment and 
normal whole life business have also been improved. 

£1.500.000 has been transferred from inner 
reserve. £750,000 to the Ordinary Life Fund and 
£750.000 to the Industrial Life Fund, to provide 
for terminal bonuses which are substantially 
improved this year. 


Profit and Loss Account 

The transfers from the two life funds have been 
made on the usual formula and a sum of £120.000 
has been transferred from the Investment Trust 
Retirement Annuity Fund. 

Thera has been a further increase in investment 
income of £33,000 and the loss on the General 
Branch, to which reference has been made earlier 
in my statement, has been substantially reduced. 

Your directors have decided to recommend the 
payment of a final dividend of 3-9647p per share, 
which, together with the associated tax credit , 
would make a gross equivalent distribution of 

6- 0071 p per 5p share. This, with the interim 
dividend paid in November 1977 would make 
a total gross equivalent for the year ended 
31st December. 1977 of 9-81 98p per share (1976 

7- 85567p per share J. 

Consequent upon the passing of the resolution 
at the Extraordinary General Meeting held on 
14th April. 1978. the final dividend will be payable 
on the issued share capiial as increased by the 
rights issue. H.M. Treasury have agreed io these 
dividends in the context of the rights issue. 


Concluding Comments 

It has been my custom to begin my statement with 
words of thanks to the staff but on this occasion, 
my fast statement, it is appropriate to leave them to 
nearer the end. I would now like to thank most 
sincerely the staff for then good and loyal work 
throughout all the years I have had the honour to 
serve the Company as chairman and especially 
during the last year, which I consider was quite the 
best in the Company's long history. The managers 
have had an unusually challenging year. In addition 
to their norma) duties they have had the extra task 
of preparing for the move to Winslade Park, 
requiring - among other matters - the recruitment 
locally and naming of many new staff. I would Irka 
to express my grateful thanks to all of them. 

I have been particularly fortunate in my colleagues 
on the board. They have given me encouragement 
and understanding, as well as much wise counsel, 
and for all this I am sincerely grateful. 1 am delighted 
that they have appointed Mr. Keith Browne to 
succeed me and also Mr. David Jubb to succeed as 
chief executive: in both of them i have the fullest 
confidence. 

1 firmly believe that the Company and its sub- 
sidiary. Welfare Insurance, are now stronger than 
ever before and that the prospects of the Group for 
expansion and profitability have never been better. 
Much of this is due to our ability to manege our 
affairs according . to our best and unfettered 
judgment. This is particularly important in our 
investment decisions, where our prime objective 
is to ensure that the funds entrusted to us fructify to 
the greatest henefit of all to whom we are 
responsible. I remain convinced that the successful 
achievement of This arm is in harmony with lha 
wider national interest; indeed. I cannot think of 
any instance where it has been against it. 

Provided we have a reasonably healthy economic 
environment end so long as the Company is free to 
manage its affairs to the best of hs ability then I am 
firmly convinced that shareholders can look forward 
lo very many years of sustained prosperity. 


The Annual General Meeting wilt be held cd 
77th May. 1978. Copies of Ihe Report, which 
includes the full ie.»/ of the Chairman's Statement 
may be obtained from the Secretary at Imperial 
House, Dominion Street. London EC2M2SP. 



























34 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


* '* ’ ** *.*••* * * * 

, Financial Times Tuesday April 25 1973 r - 


NORTH AMERICAN NEWS 

McDonnell 
Douglas 


upsurge 


NEW YORK- April 24. 
MCDONNELL Douglas Corpora- 
tion reported net earnings for 
the erst quarter of SI. 02 a share, 
against 73 cents. Total net earn- 
ings increased to S39.6ro. from 
§2Sm. Sales of S9S6.Sm. com- 
pare with S759.3m. 

This year's quarter net in- 
cludes a gain from the sale of 
real estate of SLSra.. or 12 cents 
a share. 

. Firm backlog at the end of 
the. first quarter was S4.6lbn.. 
compared with $2.93bn. the year 
before. Total backlog was 
S6-SSbn„ against $5.S9bn. the 
year before. 

Capital spending budget this 
year is 9111m. Mr. Sanford N. 
McDonnell, president and chief 
executive, told the annual meet- 
in?. Capital expenditures last 
year totalled S54.8m. 

“More than S5flni. will hp 
spent at our facilities in the 
St. Louis area and more than 
S44m. at our Southern California 
installations." McDonnell said. 

'“Thp rpmainder will -O 


Eastman Kodak reaps 
benefit of higher demand 


Goodyear 

predicts 


BY STEWART FLEMING 


NEW YORK, April 24. 


recovery 

NEW YORK. April 24. 


U.S. CHEMICALS COMPANIES 






THE U.S. chemical industry; 7 hoses due to the 7 appreciation of the' 

; which began 197S grappling wither ’ - ” - 

■ lovv profit mgcffln 8 and sluggish 
: demand, received further knocks. 

GOODYEAR TIRE and Rubber, in the first quarter from forces. 


BY DAViP USCELig IN NEW YORK. 


chemical industry 


'v?r 



A SURGE in first quarter profits 
from Eastman Kodak the lar- 
gest US. producer of photogra- 
phic equipment has lifted share- 
holders’ -hopes’ that the company 
may be emergrag»froai- five years 
of earnings stagnation which has 
this year driven the share price 
to an ll-year low of S4i;. 

World-Wide net earnings for 
the company: rose 50 ■ per cent, 
from 894.2m. In the first quarter 
of 1977 to 9141 m. Earnings per 
share for the first quarter were 
87 cem_s compared with 5S. cents 
io 19n. Toe company reported 


sales revenue up 15 per cent, to 
S1.4bn., compared with $1.2bn. a 
year ago. 

Mr. Walter A. Falion, chair* 
man and chief executive officer, 
said that first quarter sales re- 
flected increased world-wide de- 
mand for Kodak products and 
services adding that a higher 
limit volume was the principal 
factor behind the increase. He 
claimed that earnings advanced 
on the strength of increased 
volume, improved productivity 
and moderately higher selling 
prices. 


He pointed out that the com- 
parison is -with the depressed 
first quarter of 1977 when earn- 
ings were sharply down from 
the 73 cents- a share reported 
for the first quarter of 1976. 

Commenting on the outlook,- 
Mr. Fallon said that the company 
is expecting good gains in sales 
and continued high productivity, 
adding that early orders for new 
items of equipment includingtbe 
Kodak Ektra and -Colour Burst 
instant cameras are very en- 
couraging. 


Sales of 8L66bn. compare with j Two of the’ largest chemical --.Hth er than actual losses Jn line P 11 ’ m 
Sl-5Sbn. Figures for 1977 were j companies,. Du .Pont and Allied, with requirement by- the ri ® lng " 




^ I wui unu rmifeu. WjTfl fMUuelueitp Uj _ U1C rmtUT- i J , • nil nit LI If fl’lllT ft 1 

restated for a change in account- j Chemicals, managed ^ to pewit; cfcti. Accountings ■- Standmds > produce] 


ing for leases. 1 »“*ucr eanunss, mi ujeto wen; oparfl. our smee uiey Baevi. mtl „tivP -ininact on " onentf 

The severe weather and coal ' rea5 ° DS - ****** figuro^the bottom line- in company 5S?mareS£.“ 0 - opentS 

.. martewi » rise from an «««■ va^c thev are . t alien verv . r*rr c -' u,,Il « I .__. - , 


higher earnings, but there were ipard. But since they affect 

caaaUI AlKtiul'n ■> • ■ i .m w imi 


strike reduced profile in the first: iKIow 


Id ? general, the 


they are taken very 

two months of the quarter but j Last year, and its earnings werevs^^^^main point to emerge, 
there was a “strong comeback”, still below levels -set. £ 1974 ^?* ■ Y - ' SSSftte 

in March. |Du Pont, the largest .«*«nical' us CHEMICAL COMPANY industry, with profits virtual^' ° 

The uptrend has continued i manufacturer. aBntmted thepse pROGRSS unchanged .from last Fear. .;!( 


. reset 


CN5f"T 


into April and is expected to’ ^e/ SPbcfalityl^ . tr-* «uart«- bearing” in mind the' special' cKY - V 

rnntinno thrn„«rh n n t products division— earnings from>Nr«fnt. chapg* ms frrrtquartrr_._t.___. . , , - 


nuw: 


conUnue throughout the second eh6miCQls .ftemeslves ’ * we*eY 
quarter, uie chairman, Mr. ■ essentially unchanged. 


versus 1977 first quarter 


(fitions -of the Tate - '-wint- 


months, observers believe tb^*. s - c 

tw*nrtc pniilrt • nntirovfi lafpr 1 ’"■-i- ‘ . 


Exxon results hit by dollar fall 


Charles J. Piliiod, said. 
Agencies 


r The remainder will go to 
smaller installations m order 
places." he added. 

Deliveries of Jetliners will he 
at a slower rate than anticipated 
in the next two or thre quarters 
because of the 13 week strike at 
the commercial aircraft facilities 
in California. 

The company said it experts 
this to be made up later 'with 
accelerated production. 

-Despite the strike, which 
began on January 13. McDonnell 
says it delivered five DC-lOs and 
four DC-fls in the first quarter, 
against three of each model a 
year earlier. 

Agencies 


NEW YORK, April 24. 


Tough time at 
Ashland Oil 


NEW YORK. April 24. 
ASHLAND OIL reported net 
earnings fOr the second quarter 
of 43 cents a share against 92 
cents. Total net of $15.5m. com- 
pared with S2S.5ra. revenue of 
$1.21bn. increased from Sl.lSbn. 
For the six months net earnings 
of. $55.5in. or 91.75 show falls 
from S72.4m. or S2.4S last time. 
Revenue increased to 92.52 bn. 
from S2.35b/t. 

Mr. Orin E. Atkins, the chair- 
man attributed the decline in 
net income to depressed product 
price margins and weather- 
related problems In Ashland's 
petroleum operation as well as to 
the effects of the coal strike. 

Meanwhile. Commonwealth Oil 
Refining has extended credit 
agreements with its bank lenders 
and certain other creditors, 
scheduled to expire last Friday, 
in May 19. 

Agencies 


EXXON CORPORATION an- 
nounced net eardings for the 
first quarter of SL52 a share, 
compared with SLM previously. 
Total net earnings increased to 
$6S0m. from 9645m. Revenue of 
9152m. compares with S 14.2m. 
previously. 

Earnings from operations 
which exclude foreign exchange 
translation effects and other 
financial and non-operating items 
totalled 9840m. in 1978, lip 13.7 
per cent, from 1977. 

Net foreign exchange transla- 
tion losses totalling $72m. in the 
first quarter of 1979 contrasted to 
gums of SlOm. in 1977 first 
quarter, reflecting weakening of 
the U.S. dollar during the quar- 
ter principally in relation to the 
Dutch guilder. French franc. 


German mark and Japanese yen. 

Partially offsetting were gains 
reflecting the strengthening of 
the VS. dollar in relation to the 
British pound and the Canadian 
dollar. 

The weakening of the dollar 
late in 1977 and during the first 
quarter of 1978 contributed to 
the increase in earnings from 
operations during the first quar- 
ter although it has not been 
possible to determine the exact 
extent of this impact. 

During the period since the 
end of the first quarter the dollar 
has strengthened on average, the 
company commented. This 
strengthening, if it holds or con- 
tinues. is likely to resuit in some 
erosion of the improvement in 
earnings from operations attri- 


butable to the .weakening of the 
dollar over the past year, hut 
should also result in the report- 
ing of foreign exchange transla- 
tion gains. 

Commenting on the first- 
quarter earnings from opera- 
tions, Air. Q. C. Garvin .Tr.. chair- 
man. said earnings from ex- 
ploration and production in the 
U.S. totalled $308m.. up 21.4 per 
pent- from 1977. The Alaskan 
North Slope operations in 1978 
and higher natural gas realisa- 
tion were principal contributors 
to the increased earnings. Parti- 
ally offsetting were lower 
investment tax credits and the 
effect or declines in production 
volumes of both crude oil and 
natural gas in the lower 48 states. 
AP-DJ 


Amerada Hess dips 

Turning in first quarter profits 
of S32.5m. (or 82 cents a share) 
against $70.9m. (or S1.7S a share) ! 


More characteristic of the 


re- 


sales 




a C'- 
rr.rrK 


mood in the industry were re ports 'Union Carbide 
from- Union Carbide and Monsanto 
Monsanto where the slight drop n Gra „ 
in earnings was blamed oh. the::,”". * '- 

tough conditions facing Die wvpont 
chemicals business. . Dow Chemicals 

Tbe frosty onslaught ;oif.. Allied Chemicals, 

on revenue up to $1.4bn. against i January and February, many — ■ ■ — — 

SLSbtL. Amerada Hess said its . companies said, combined with.^,- ft . f lhe onartertv 

— ««•» Street 


8 

2*; 

*• 

T2 

7-S\ 

14 


Earnings trends could Improve -later 
the year. - •' 

For instance. Salomon Brotbej - 
the leading securities fim,* 
predicted that one of the big^ 
pressures on chemical compa^J.'-v 
risinc enerev. -and -te*. 




- 3 

— iu 

29 

39 ' 
-14.6 
100 


as-: 

it J - 


profits, rising energy- and -fe< ; 
stock costs, .will ease off tfc =, 
year. The firm predicts an ' . 
all rise of S per" 'cent. ‘aSaliJ.^ .- 
17 per cent last year. Wf .! 
analysts also' speak ';" 
expectations 


unu-- 

Yxi.-i 

c:ri7 

".r-c* 

ii'.tCK 


earnings from refining and mar-! the coal 

keting operations amounted to ; operations and cut bade j ~ improved 

S3^n. for the first quarter of; sumer and industrial demand. ’-At\‘ a §J s 1 throughout tiie industry organic chemicals, fibres, and „ 
1978 compared with 942.9m. for. Union Carbide, Josses on tWs. : irose j n va j ue terms. In other chemical majors’ large no 

there .was ..a further chemical businesses. _ 


the comparable 1977 period, when > account cost about 18 cents- 

_ _ . Gber*^™ ' 

creased sellme prices and tbe i cals also blamed tiie weather 


profit margins were helped by in- : share, and though Dow Gbentf-V^arto’n oTprdfit marains as’ had The feompanlesl.th^mkeiyeSi 


expects 





price increase, reports 
from New York. 


AP-DJ 


Weeden loss 


times, . records factors ..will. ..be .the 


Another factor was the sii*r Inflationary. — 

of the dollar on foreign exchange 'measu red in current dollars are of the dollar, an easm& of .ti^:.^ 
markets. All the .Mg companies; aiot the source of price- that they problem, of. world , .eorcg ‘?..l 
said- that their overseas invr>IV0s-.-i,^»w eanacitv. and Stron'cer -: tTw- 


~*r 


■Si. ■ 


Sears ‘talks on securities stake’ 


BY DAVID LASCELLE5 


NEW YORK, Apnl 24. 


said that their overseas involye^Tised to be.” .... capacity, and stronger - ;J 

_ „ • , meat had exposed them to stemi >' The broader problems facing industrial demand, 

wun .a second quarter las or 1 • 

S7m„ up from the $2m. loss in 
the same 1977 period, Weeden | 

Holding Corporation said diffi-' EUROBONDS 
cult markets in both the equity; 
and fixed income areas bad re- 
duced gross trading profit sub-j 
stantiallv from normal levels) 
agencies report from New York., 

Losses incurred by Wainwrightj BY MARY CAMPBELL 
Securities in January and tbel 
subsequent liquidation of this! IN DULL secondary market- issues. Norway’s S250m. issue In the D-mark" 'sector, 
subsidiary also contributed conditions all round, most i&- was confirined yesterday—! t is capital .markets sub-cormnl 


-54: 

Th 

49 7-- 


?rad 




Spotlight on the primary marker 


; r 


i J:t 
or ’ 


•.ear 

Th 

bwa 


RUMOURS OF a further Wall 
Street merger swept town to-day 
with a report in the Wall Street 
Journal that Allstate Insurance, 
a subsidiary of the giant Sears 
Roebuck group, was negotiating 
for a 50 per cent, stake in Smith, 
Barney. Harris Upborn, a size- 
able securities firm. 

Both lhe companies were tight- 
lipped when approached for com- 
ment. However, Smith Barney 
did not deny the report outright. 
A brief staNment said: “We are 


always exploiting various means 
iSthening 


of strengthening our firm as an 


independent partner in the 
securities industry. We have no 
further comment at this time-’’ 

According to the Journal 
report, tbe companies are con- 
sidering two ways of introducing 
Allstate’s resources into Smith 
Barney, which needs an injection 
of capital to secure a place 
among the largest securities com- 
panies with the best chances of 
survival. 

Under one plan. Allstate would 
buy 817m. worth of Smith Barney 
common stock, half of the com- 
pany's present estimated capital 


value of $34m. . 

Alternatively, Allstate's invest- 
ment could take the form of a 

subordinated loan. 

If the deal went through, it AMERICAN QUARTERLIES 

would mark the first big step 
into the .securities Industry for 
Allstate, which has came to be 
one of the most dynamic insur- 
ance companies in the U.S. It 
would also give Smith Barney 
outlets through thousands of 
Allstate agents and even, the 


^Gutzeit 


heavily to- th quarter's loss. ThlsJ terest focussed on the primary -being arranged without ' a meeting scheduled ior to-d 

brings losses for the first half to; market and particularly on .the. separate underwriting group via agree tiie calender. qT 
S13.2ra. against a profit- of j possibility of further announce:" an eleven-strong management isnes for foreign borrowers. 
8535,000 or 34 cents a share. ments of dollar-denomlnated group headed by Deutsche Bank. -May. has been postponed 

- Ls ? 


ALBERTO-CULVER 


Second Quarter 


1978 1977 

S S 

Revenue 43.9m. 41.6m 

Net profits 761.000 636.000 

Net per share... 0.1S . 0.15 


Journal reports. Sears Roebuck's AMERICAN EXPRESS 
hundreds of shops throughout 
the country. 


These Bonds have been sold. This announcement appears as matter of record only. 

U. S. $ 50,000,000 

European coal and steel community 

(ECS C) 

U.S. $ 25,000,000 9 % Bonds due April I, 1993 


U.S. $ 25,000,000 91 / 4 % Bonds due April 1, 1998 


S.G. Warburg & Co, Ltd. 


Banque de Paris et des Pays^Bas 
Amsterdam-Rotterdam Bank N.V. 

Banca Commerciafe Jtaiiana 

Banque Internationale a Luxembourg S.A. 

Credit Suisse White Weld Limited 
Deutsche Bank Aktiengeseilschaft 
Dresdner Bank Aktiengeseilschaft 
Lazard Freres &‘Co. 

Societe Generale de Banque S.A, 

Swiss Bank Corporation (Overseas) Limited 

Union Bank of Switzerland (Securities) Limited 


Algemene Bank Nederland N.V. A.E. Ames & Co. Limited Amex Bank Limited Andelsbanken A/S - Danebank 
Amhotd and S. Bteichroeder. Inc. Banca Nazionaie del Lavoro Banca del Gottardo Banca detta Svizzera Ilalfana 
Banco di Roma Bank of America International Limited Bank luflus Bar & Co. AG The Bank of Bermuda, Ltd. 

Bank Gutzwiller, Kurz, Bungener (Overseas.) Limited The Bank of Tokyo (Holland) N.V. 

Bankers Trust International Limited Banque Bruxelles Lambert S.A. Banque Franco-Portugaise 

Banque Franqaise du Commerce Exterieur Banque Francaise de Depots et de Tilres 

Banque Generate du Luxembourg S.A. Banque de l'lndochine et de Suez Banque Louis-Dreyfus 

Banque Nationale de Paris Banque de Neuflize, Schlumberger. Mallet Banque de Paris et des Pays-Bas Belgique S.A. 

Banque de Paris et des Pays-Bas pour le Gcand-Duche de Luxembourg S.A. 

Banque de Paris et des Pays-Bas (Sursse) S.A. Banque Populaire Suisse S.A. Luxembourg Banque Privee S.A. 
Banque Rothschild Banque de 1'Union Europeenne Banque Worms Baring Brothers & Co.. Limited 

Bayerische Hypotheken-und Wechsel-Bank Bayerische Verefnsbank Berliner Handels- und Frankfurter Bank 
Blyth Eastman Dillon & Co. International Limited Burns Fry Limited Caisse Centrale des Banques Populalres 
Caisse des Depots et Consignations Cazenove and Co. Chase Manhattan Limited Citicorp International Group 
Commerzbank Aktiengeseffschaft Compagnie Monegasque de Banque County Bank Limited 

Creditanstalt-Bankverein Credit Commercial de France Credit Industrie! d’Alsace et de Lorraine 

Credit Industriel et Commercial Credit Lyonnais Credit du Nord Dai-lchi Kangyo Paribas Limited 

Da’rwa Europe N.V. Den norske Creditbank . Deutsche Girozentrale-Deutsche Kommunalbank- 

Dewaay & Associes Internationa! S.c.S. DG Bank Dillon, Read Overseas Corporation 

DtuMcho GCTOascnschaftsbank 

Dominion Securities Limited Effectenbank-War.burg Aktiengeseilschaft European Banking Company Limited 
Finacor First Boston (Europe) Limited First Chicago Limited Robert Fleming & Co. Limited 

Gefina International Limited Girozentrale und Bank der Osterreichischen Sparkassen AG 

Goldman Sachs International Corp., Greenshields incorporated Hambros Bank Limited Hill Samuel & Co. Limited 
E.F. Hutton & Co. N.V. IBI International Limited Interunion - Banque Istrtuto Bancario San Paolo di Torino 
Jardine Fleming and Co. Limited Kansaliis-Osake-Pankki Kidder. Peabody International Limited 

Kleinwort. Benson Limited Kredietbank N.V. Kredietbank S.A. Luxembourgeoisc 

Kuhn Loeb Lehman Brothers international . Lazard Brothers & Co. Limited Lazard Freres et Cie 

Levesque. Beaubien Inc. Loeb Rhoades International Limited Manufacturers Hanover Limited 

McLeod. Young. Weir international Limited Merrill Lynch International & Co. Morgan Grenfell & Co. Limited 
Morgan Stanley International Limited Nesbitt. Thomson Limited The Nikko Securities Co.. (Europe) Ltd. 

Nippon European Bank S.A. Nomura Europe N.V. Norddeutsche Landesbank Girozentrale 

Odier Bungener Courvoisier Orion Bank Limited Paine Webber Jackson & Curtis Securities Limited 

Peterbroecfc, Van Campenhout Kempen SJL. Pierson. Hefdririg & Pierson N.V. PKbanken Postipankki 
Richardson Securities of Canada N.M. Rothschild & Sons Limited Salomon Brothers International Limited 
Samuel Montagu & Co. Limited J. Henry Schroder Wagg & Co. Limited Skandinaviska Enskilda Ban ken 

Smith Barney. Harris Upham & Co. Incorporated Societe Generate Societe Generale Alsacienne de Banque 
Societe Sequanaise de Banque Sparbankemas Bank Strauss, Turnbull & Co. 

Sumitomo Finance International Suit Hung Kai International Limited Svenska Handelsbanken 

Trade Development Bank Union Bank of Finland Ltd. Union de Banques Arabes et Fran^aises - U.BJLF. 

London Branch 

Vereins- und Westbank Aktiengeseilschaft J. Vontobel & Co. Warburg Paribas Becker Incorporated 

Westdeutsche Landesbank Girozentrale Williams, Glyn and Co. f Dean Witter Reynolds International, Inc. 
- Wood Gundy Limited Yamaichi International (Europe) 


Limlrad 


First Qasaitr 

M7B 

2977 


s 

S 

j Revenue 

917.6m. 

764 Jim. 

Xer profits 

62.2m: 

50.0m . 

[Net per share... 

0.S7 

0.69 

} ARMSTRONG CORK ' | 

First Quarter 

177* 

1977 


S 

s • 

Revenue 

293.1m. 

257.9m. 

Net profits 

14-5 m. 

10,8m. 

Net per share... 

0.56 

0.42 

| RAUSCH & LOME j 

First. Quarter 

W7X 

I7T7 


s 

S 

Revenue 

94.8m. 

S2.5m. 

-Net profits 

5.3m. 

4.5m. 

Net per share... 

0.91 

0.77 

CUMMINS ENGINE | 


1978 

1977 


s 

S 

Revenue 

360.4m. 

312.2m. 

Net profits 

20.8m. 

21.5m. 

Net per share... 

2.47 

2.7S 


MELVILLE 


Pint Quarter 


im 

s 


im 

■*. 


* 3 ■ ■ 

Revenue. 3255m. 275^m. 

Net profits -7.6iiu -6 lWl 

Net per share... 


0J0 


0^4 


TONKA CORP. 


Ffm Quarter 


Revenue .. 
Net profits 


i*na .. if77 t 

S • ■’ s-f- 

14. im: 13.4trr. 
XAvn.y r:m. 



Revenue 

Net profits 

Net per share... 


MT7 

s 

.Im. 602.6m. 
.Im. 47.6m. 
3. IS I.0J 


UNITED BRANDS 


First Quarter 


1»7» H77 

S S 

Revenue 68.87m. aS.16m. 

Net profits 4.5m. 3^m. 

Net per share... • 0.36 0.26 


UNITED TECHNOLOGIES 


First Quarter 


1978 XTT7 

J S 

Revenue 1.5bn. 1.4bn. 

Net profits ...... 52.9m. 45.7m. 

Net per share... 1^9 1.41 


■ Low. 




Base Rate 






Bank of Credit and Commerce 
. International S.A. 3 


:-X . 


and 


■fcr- -a* 


Bank of Credit and Commerce 
International (Overseas) Limited- 


33£1> 
c::xr. 
extti- 
ti'.C 
^rud 
Th 
*rs i 
end 
fM 

aver, 

* t\ - 1 

vz!in 
F*j 
sian. 
ik yi 




^ announce that from 
20tliAprtt-I978 ‘t; \ 
their base rate was increased^ 
from 6J% to 7|% pji. 

■ 100 Leadenliall Street 
London EC3A3AD 



Thl 

Extracts 


(DETROIT EDISON 


First Quarter 

vm 

U77 

Revenue 

3S7.9m. 

379.7m. 

Net profib 

13.8m. 

41.4m. 

Net per share... 

0.07 

0.61 

j DILLON | 

T htrd QoarUtr 

1TO 

1977 

S 

s 

Revenue 

366.9m. 

328.9m. 

Net profits 

6.8m. 

8.6m. 

Net per share... 

Niue Months 

0.68 

0.85 

Revenue 

l.lbn. 

952.2m. 

Net profits 

20.1m. 

20.3m. 

Net per share... 

09 

2.01 

Jduke power 1 

First Quarter 

1978 

19TT 

S 

5 

Revenue 

371.0 ill. 

328.8m. 

Net profib 

09.2m. 

61.0m. 

Net per share... 

0.S7 

08S 

|dymo industries 


Third Quarter 

1978 

1977 


S 

s 

Revenue 

57.0m. 

54.2m. 

Net profits . •. . 

1.7ni. 

1 4nt. 

Net per share . 

Nine Month* 

0.62 

054 

Revenue .. 

160. Sm. 

153.8m. 

Net profits 

4.2m. 

3.1m. 

Net per share... 

1.4$ 

1 .21 

| EASTERN GAS & FUEL 

First Quarter 

1978 

1977 


S 

S 

Revenue - 

133.7 m. 

200.8m. 

Net profits . .. . 

-Rliu. 

11.3m. 

Net per share.. 

— 

0.51 

[ETHYL [ 

First Quarter 

1978 

1977 


i 

1 

Revenue 

319.7m. 

294.1m. 

Net profits 

17.7m. 

17.6m. 

Net per share... 

0.91 

0.93 

} FEDERAX/-3JOGUL 


First Quarter 

1978 

1977 


5 

S 

Revenue 

127.3m. 

121.3m. 

Net profits 

7.0 m. 

6-Sm. 

Net per share... 

1.15 

1.12 

[ideal toy 

Fourth Quarter 

1978 

1977 


S 

s 

Revenue 

25.9m. 

33.0m. 

Net profit* 

146.000 

991.000 

Net per share... 

0.04 

0.29 

j IN A CORPORATION 


First Quarter 

1978 

1977 


S 

S 

Revenue 

970.1m, 

S512$m. 

Net profits 

44.2m. 

31.3m. 

Net per share... 

178 

1.26 

j LEVITZ FURNITURE 


Fourth Quarter 

197* 

1977 


s 

9 

Revenue 

122. im. 

06.7m. 

N«m profit.- 

3.4m. 

2.Sm 

Net per ,-liare... 

0.SI 

0.66 


-ncMoaancouEWHvCMSASAMKnciioFManoDiii.? 


COMPANIA TELEFONICA 
1MACIONAL DE ESPANA 


U.S. $50,000,000 

M03IUM TERM LOAN 


L, AB|LITJ| 


AHRAM8E0BY 


CHASE MANHATTAN UMITED 
ABU DHABI INVESTMENT COMPANY 
BANQUE EtfROPEEMBUEDE CREDIT CBECI 
BAMOUEMATiONALEDE PARIS - - 

DEUTSCHE GIROZENTRALE INTERNATIONAL SJL 
GULF INTERNATIONAL BANKB^C, 

THE BHPPOW CREDIT BANK; LTD 
ORION BANK UMITED 
THE SANWABANK LIMITED 
SUMITOMO FINANCE INTHINATIONAL 


• fiBStr v, - 

THE CHASE MANHATTAN BANK, SLA. 


- 1 - 

•.f- 





ES 

^ndar-d Fn 


,,rnsan a i-=xed D 


Ba- 


^Borrowings 

- ^ieci:Accc 






** Ab< 





































1978 j ■> 




i ERNATJONAL FINANCIAL AND COMPANY NEWS 





at Kleber 


.;• ■*> 


% ^ BY ROBERT MRUTHNER 

.£ i^-LEBWCOJ-O^ES. ?*»k£s- 

, . ^J^upked'.. wflfc SeappeHt 6f 
-. “tfkhta . the Sezafcier 

*■ . t£as aupaunced .another. 

1977 'taaqqbl 

*. '■V%,-0fia , swH« poor years, 

"’■ : r .' ©t>*ip1f**L <8» opOsoHdated 

was Ffg.‘3$9tn r '(sec»e S8SU 

' "jiir ;Sr da»ed«hm of.Frs.94.8m.- 
- -paTQoyer.«f EkiiLlbh.. (ertnind 

^Ehe^ptrefft -company less, at 
VJ - : ^48. 7 b^“ after depreciatiqa of 
g_ g| a m. was $vte higher than 

■' »* '4.. ... 


the group shortfall, ®ough sales 
rose "by a healthy 11 per cent to 
Frs.L&bn. before tax compared 
with last year. Exports repre- 
sented. 37 per ceat of. total turn- 
over. .7 

Most of tiie factors which 
depressed the company’s earnings 
in 2976 continued to weigh 
heavily on profitability during 
the past year. Attire Board meet- 
ing, wirfch was beW fit the end 
of last week, the main reasons 
given ■ for the disappointing 
results Were the slack inter- 


PARIS. April 24. 

national economic climate, large 
and unpredictable monetary 
fluctuations, over-capacity of tyrt 
production in Europe and price 
controls in France. 

These factors were only par- 
tially compensated for by the 
satisfactory develpment of heavy 
lorry and tractor (tyre sales and 
those of manufactured rubber 
parts for motor-cars. 

During the first quarter of this 
year, sales increased by 6.5 per 
cent compared with the corres- 
ponding period last year. 


'$43m. rescue plan for Boussac 


^ ?:$*■ 

•:= •-+JJY OUR OWN CORRESPONDENT 

French Government is number of uneconomic plants, 
' r 'irrenty studying -a Frs^OOm. State aid of some FrsJMOm. and 
mjBe"$43m.) rescue plan for the a complete reorganisation of the 
'Bbt-ridden Bousaac foitila company’s- management " etruc- 
•^ anJre. The- plan has just been ture. ' . 

- J jbpiitted by ML Jean-Claude It seems' doubtful, however. 
.." iwissac,- tbe : group’s “ managing whether the- Government will 
. ••'Kite? -for tiffe” and nephew underwrite the proposed rescue 
; vi-.-tiie organisation's founder, operation in its present ibRn. If. 
. r ' je 88-year-old Marcel Boussac. - Raymond Barre. the' Prime 
' -.The plan ] foresees the sup- Minister, has already made it 
:r Session of some 2,500 jobs out clear that the Government is no 
■■ f a total Boussac workforce of longer prepared to bail out lame 
/•= ftHJO. many of them, in the dueks indefinitely, particularly 
. wgos region, the- closure of a those who have failed to put 


PARIS April 24. 

their houses in order in spite of 
the massive State aid which they 
have already received. 

The Boussac , empire's debts 
currently amount to some 
Frs.5Nhn.. and its losses in 1978 
are expected lo reach about 
Frs.lOOm. 

Nevertheless, the authorities 
will certainly not wash their 
hands altogether of the Boussac 
group because of the important 
position it holds in the French 
textile industry and the number 
of jobs Involved. 


Euroc expects increase in turnover 


miarv 


: 1 Ry william dullforce 

.7JROC, the Swedish- building 
lat&rials aad industrial group, 
xpects this year to break its 
idir-year decline ia turnover 
-oliinie by stronger marketing 
Sorts and the inti eduction of 
ew products outside' th6 feiiild- 
'ig Trade -R ut, -while operating 
fofit is scheduled to improve, 
se costs for modernising its 
abut mills will hold back prft- 
erformiuce, according to the 
( / shareholders* TCport. : ' 

7 Last year^ESifge's pretax earn- 
ags slumped by Kr-30m. to Kr. 
3ta- (BT.lpj.) befojre the inclu- 


sion of sloek gains, while sales 
grew by' 24 per cent, to KrJLfibn. 
(5543m.). The sales growth was 
due entirely to price incre&eff- 
-Tfae 1977 report noter that 
cement deliveries had fallen, by 
46 pbr cent, from the 1973 level, 
with substantial declines- also in 
high-tension insulators, ceramic 
products ’ and kitchen benches. 
Compensating reductions in 
capacity have entailed costs 
"totalling Rr.75m. over the four 
yews. . .. ’ ■ 

During this period, Euroc bas 
been trying to diversify from 


STOCKHOLM, April 24. 

the building materials market 
into engineering products with 
export potential It has also 
been internationalising its opera- 
tions and building up a trading 
operation. 

Mr. Sten Lindh. the managing 
director, comments that this 
policy could not give spectacular 
results in the short run, hut had 
reinforced the group's overall 
stature. .. A .drastic decline in 
the equity/debl ratio as a result 
of restructuring costs had been 
avoided only by the sale of less 
profitable units. 


Enso-Gntzeit reduces losses to $7m. 


Rate 


r< 


BT LANCE KETWORTN 

wsivr.imreiT. the iftcond bie-Zannual . report that no .iMjdr 

est manufacturing company In changes / er .. t ^ e M be J* r 1 _ 5 ^? 
..... * Hnflcit «vf expected in the near future in 

^7^5* r ® corded a deftcij ^of market for forest industry 
Mks30m. (some 57m.) in fisgaJ . 

977. The loss m 1976- was The situation for the engineer- 


'll IT mri Tlkff4am. Consolidated turnover jpg works weakened towards the 

1 11 dr.U L0IHK^ • p ® r cent * to end of the year, but it worked 

^^MKS^abu." ■_ l. - * — ■ ' -■- ••••- a t 90 per cent of ^capacity- on 

rational S.A. 


rcrih and Cocar 


per cent -of "capacity 

The paper group accounted average Jn 1977. Orders in hand 
or 57.3 per cent, pf the "total a*- the end ef the year were 
ales. Depressed- prices ■ and valuetY at FMks6ljp. 
lack demand in the forest Finnlines. the shipping <Jrri- 
ndustry sector largely explain- sion, had 32 ships sailing under 
he unsatisfactory result for the' its flag, of which 18 belonged to 
company notes in Its Enso itself.. Income was bonaied 


ear. 


isatis 




HELS1NKL April 24. 

by the entrj* into service or the 
gas turbine passenger-car ferry i 
“Fi nnjef In Maj-. It carried 
145.000 passengers -in seven and ( 
u hair months, almost twice as : 
many as the two old ferries in i 
the whole of 1376. Finnlines ■ 
took a 15 per cent, share in . 
Saudi International Shipping ' 
Company. 

Eurocan Pulp and Paper Cn . 
Canada, in which Enso has a 50 j 
per cent.- htterest, started up a 
ncv. sawmill in September. TV 
company increased its sales by' 
5.5 per cent, to F3fks23lm. 


Germany 
plans new 
rail bond 

By Jeffrey Brown 

PLANS FOR a DM700m. 
(5336.5m.) bond issue have 
been tentatively pot forward 
by the West German Federal 
Railways, the Buudesbahn. 
The rundlag is expected lo take 
place towards the end of next 
moplb. 

Advance warning lo this 
extent is unusual in domestic 
bond markets jn Frankfort and 
it comes as a clear reflection 
of the unsettled condition of 
markets following the foreign 
exchange recovery of the dol- 
lar. All three tranches of the 
recently tssned Joan by the 
Federal Republic sell at a dis- 
count with the longest. 12 year 
tranche standing some 1> of a 
point below ils par Issue price. 

. Much of (he upsurge in bond 
prircs Jo Frankfort — with loan 
coupons dropping from 6] per 
cent, to 5J per cent for long 
term monev in six months — ' 
has been Ted by the interna- 
tional rush for Deutschmarks 
at the exocnsc of the dollar. 
The sudden reversal in this 
foreign exchange trend has 
weakened investor sentiment 
dramatically. 

The three-way Federal 
Republic issue appeared in 
February hut has still not been 
fully placed. The Bundeshahn 
last came to the market in 
January when it raised 
DM800m_ over 12 years on a 
coupon of 6 per cenL 

Last week’s new offering 
from the Dutch Government 
represented a significant shift 
in policy by the issuing authori- 
ties in Amsterdam. 

The new State loan is to 
have a fixed price, unlike its 
two predecessors this year 
which were tender issues, but 
will stav oven-ended. At tbe 
same time Its coupon of B, per 
cent, compares with 7} oer 
cent for the two earlier 
Issue* while a maturity of 20 
years represents a considerable 
extension of life (alfhnurh 
eariv or nafliol redemption is 
available by mid-1986). 

Dealers in Amsterdam expert 
the offering to raise something 
like Fls.300m. tS135ni.). Th> 
two earlier State tender offers, 
which were of 10 and 15 veers 
respectively nulled In a com- 
bined FlO.labn. 

Elsewhere, the Norwegian 
government is to launch a 
Kr.Lfibn. Stale loan at par: it 
will have a lHc of five years 
and carry a coupon of "4 per 
cent. The issue price of the 
Sch.l.lhn.. 8 per cent, bond 
being floated by the City of 
Wnna~~has been adjusted so 
that all three tranches — eight 
nine and 15 years— are offered 
at 99 per cent. 


.efowica 

espawa 






. — . - j ^ Id ■ 





Shareholders: 

J The governments of Kuwait --Egypt -4raq * Algeria 
. . / Jordan and Qatar . 

Extracts from the Balance Sheet as at 31st December, 1977 



31st December 

1st January 


1977 

1977 

ASSETS V.. 

USSQOO's 

US$000's 

Cash arid Due from Banks 

112,325 

114,838 

Fixed Deposits with Banks and Certificates 
of Deposit 

168,667 

121,143 

Shares and Securities 

9,297 

6,368 

Government Bonds 

22,503 

• 170 

Investments in Affiliatedand Associated - 


7,380 

Companies . 

8,385 

Loans, Advances and Bills Discounted 

• - 440.073 

433.536 

Other Debit Accounts * • 

16,745 

17,459 

Fixed Assets (Land) 

1,513 

1,513 


$779,508 

$702,407 • 

LIABILITIES 



Demand and Fixed Deposits 

325,982 

298.792 

Time and Fixed Deposits from Banks 

229,404 

1 00.451 

Bank Borrowings 

96,570 

169.572 

Dividends foM 977 

4,000 

2,722 

Other Credit Accounts and Provisions 

45.298 

76,011 


701,254 

647,548 

CAPITAL AND RESERVES 



Capital 

40,000 

40,000 

Statutory Reserve 

- ’ 4,931 

3,982 

General Reserve 

32,675 

.10,775 

Profit Carried Forward 

648 

__1 02 

- - ' 

$779,508 

$702,407 

(7fi* tsttl Mrf fir this year amhntadm 10%. rjafntt 8% m the p.-ectdir.g yur) 



/Vflffr7Wcompar^oflBW»fw.*a 3T« bacembei. j97fl kb those shown m tne opening balance shevt of Tst January. T977; 

g> /fat JMt, Jha nuptial Bf the Baflk was convanqcl from Pounds SlBflmp uuo U-S. OoUara. 




INCREASE OF CAPITAL At its Extraordinary General Meeting on 1 5th January, 
1 978 the General Assembly approved the increase of the Bank's Capital from 
US$40 million to US$100 million. US $40 million has been allotted to present 
Shareholders. The balance, i.e, US $20 million has been reserved for 
subscription by other Arab Governments and Institutions. 

CHANGE OF NAME In order that the Bank's name should also reflect its 
continually growing involvement in international commercial and ^ ves J rne .! 1t ■ 
banking business, the Extraordinary General Assembly decided on 2nd April, 1 978 
that, effective on 1 st July, 1 978, the Bank's name will be changed to : 

arah african international bank 

International Head Office : 

44 Abdel Khalek $arwai Street. Cairo. Telephone : 920390 - 91 671 0 
. Telex:- 2071 ARB EfUncL363 AR& FRO . . 

Branches in : Abu Dhabi. Beirut. Dubai and Mutirah. Representative Office in Khartoum 


PUK in Spanish dispute 


BY ROBERT GRAHAM 

CHE5UCAL group Hidro Nitro 
Espanola has had its 1977 
i accounts declared unacceptable 
by a major shareholder, Fechiney 
jUglne Kublinann of France. 

! The move follows a disagree- 
jmenr between Hidro Niiro and 
PUK over what is described as. 
commercial policy- PUK controls* 
40 per cent of the Spanish com- 
pany which last year had sales of 
PtasJ.Tbn. (S2Im.). 

PUK representatives decided to 
, take this action on Saturday 
I when Hidro Nitro's annual meet- 
(ing agreed to re-elect a former 
finance minister Sr. Juan Miguel 
Villar Mfr, as president This 
re-election took place against the 
express wishes of PUK wbo had 
sought to prevent the renewal of 
Sr. Villar Mir’s presidency — the 
latter having held the job lor 
some ten years. 

Sr. Villar Mir was only able lo 
get himself re-elected by resort 
to a little-used Spanish legal 
device ■ governing relations 
between Spanish companies and 
foreign partners. According 'o 


this regulation foreign partners' 
can he prevented from inter- 
vening ' lo nominate Board 
members of their choice. Busi- 
ness sources cannot record a 
previous instance of such a 
device . being used assipst a 
foreign company. The French 
shareholders had sought las^' 
month to prevent Sr. Villar Mir’s 
re-election. 

A spokesman for. PUK in Paris 
pointed out that relations be- 
tween PUK and the three nmj- 
PUK nominees on tbe five man 
Beard were “very strained." He 
said that PUK had been Left with 
little option hut to block 
approval of the 1977 balance 
sheet so that another extra- 
ordinary meeting could be held-. 

Tbe proposals before the Beard, 
included approval of a Psts.Ibn. 
new share Issue. The company 
produces among other things cal- 
cium carbonate, manganese sili- 
cate and ferro-maneanese. It is 
also involved in cement produc- 
tion. 

Ui)tii now there has been ho 


MADRID, April 24. 

seriops- suggestion -. that. Puk 
abandon Its shareholders in 
Hidro Nitro. which it first 
acquired in 1969 when the com- 
pany had been forced to reduce 
its capital by 30 per cent due 
to financial difficulties. However. 
Puk is anxious that in the cur- 
rent recession the company pull 
in. its. horns. More importantly 
there are disagreements over 
how and whom should conduct 
Hidro Nitra’s international mar- 
keting. 

PUK apparently wants to be 
respensible for this. Spokesmen 
for Hidro Nitro were not avail- 
able for comment but tbs FT 
understands that the two oppos- 
ing factions are deadlocked and 
ca n only be resolved by a new 
meeting, in which it is ha rd, to 
see the controlling partner PUK 
climb down.. 

Meanwhile the foreign busi- 
ness community here is assessing 
tbe impact of the' invocation of 
a regulation that _ could inhibit 
attitudes to foreign investment. 


Ennia sees further increases 


BY CHARLES BATCHELOR 

; ENNIA tbe Dutch insurance cent to F1s,42.0m. (S19.4m.) 

reported 


group, reporien a strong In- 
crease in 1977 nei profit, despite 
continuing losses in its general 
i insurance business. A great 
j effort will be needed to aebieve 
an adequate return on this part 
of its -operations, particularly in 
Holland, the company said. 

It expects the positive trend 
of' net -profit in the past few 
years to be continued in 1978. A 
further increase in the result for 
its life insurance and non-insur- 
ance activities is also likely. 

Net profit id 1977 rose 20 per 


from Fls.35.8m. on gross receipts 
21 per cent higher at Fls.lB5bn. 
(Fls.l.52bn. in 19761. 

The net profit figure includes 
Fls.ilin. from the sale of pro- 
perty (Fts.4.9m. in 19761 and a 
charge of FTs.8.2m. to cover the 
cost of a dollar convertible de- 
benture issue and extra pay- 
ments to the staff pension fund. 
Earnings per F1&20 nominal 
share rose to FIs .23.85 from 
Fls.20.72. taking into account the 
optional scrip dividend of 1976. 

The. company proposes raising 


AMSTERDAM. April 24. 

its 3977 dividend to FJs.7.50 from 
Fls.B.50. The final dividend will 
be Fls.4.75 hi cash, or Fls.0.75 
in cash and a one for 30 share 
issue. 

Gross receipts from life in- 
surance rose IS per cent while 
new business was 18 per. cent, 
higher. Pre-tax profit rose to 
Fls.55.lm. front Fls.47.3in. after 
policyholders’ participations. 
Tbe general insurance division 
achieved a 22 per cent rise in 
gross receipts, and its Joss of 
Fls.l4.4m. was lower than the 
FIs.17.4m. tbe year before. 


35 


Profits up 
at Georg L 
Fischer 

By John Wicks 

ZURICH. April 34. 
CONSOLIDATED group - turn- 
over of tbe Swiss engineering 
concern Georg Fischer rose by 
4.5 per cent, last year ' : -to 
Sw.Frs.l.4fe&, (S714C0.-) /«&> 

SwJrs.L34bn^ with group cSsft 
flow up -to Sw.Frs.Slin. 
<Sw.FrB.77ra. and group profitytxr 
Sw-Frs^Om. (810.2m.) from 
Sw.Frs.18m. - 

The parent undertaking, Georg 
Fischer AG of Schaffhausen, 
improved net profits from 
Sw.Frs.7.14m. ' to SwJFTs.8.(jY«n! 
for the year and its Board recom- 
mends payment of unchanged- 
gross dividends of SwFrsJ -per 
registered share and Sw.Frs25 
per bearer share. • ' 

The annual general meeting,- to 
be held on May 18. will also be 
asked to agree to the creatien ef 
approved participation-certificate 
capital of up to SwJTrs.lOm; - 


Amfas maintains payout after profit rise 


BY QUR OWN CORRESPONDENT 


AMSTERDAM, April 24. 


AMFAS, .the Amsterdam-based final payment will be Fls.3.80 In 1977 (provisional figures were 
insurance company, plans to pay cash or Fls.1.60 cash and Fls.0.60 published in February) show net 
an unchanged Fls.5.80 dividend in in shares from the share profit rose . 18.8 per cent, to 
1977 on capital increased by 20 premium reserve. Fls.29.4m. (Sl3-2m.) on sales 15.2 

per cent, during the year. The The company’s final figures for per cent higher at Fl&lbn. 


Bremer Vulkah 
holds dividend 

By Adrian Dicks 1 - 

BONN, April 24. • 
BREMER Vulkan, the Wc<t' 
j German shipbuilding and engim- 
ieering group controlled hy- 
( Thyssen-fiornemiaza, is - md/ff-' 
tabling its DM7 A0 per sIMre 
■ dividend for 1977, despite a situ-'' 
lation in the shipbuildinc 
I industry that, as its annual 
; report makes plain, remafifs- 
extremely worrying. 

The report says the company 
will be busy with work in hand 
until tbe beginning of next year. 
It has on its books orders” feA 
six frigates for tbe West German 
Navy, three container ships, f\vo 
timber ships and a roll on/aoll 
off vessel, as well as the con- 
version of four general cdFgo 
ships into container carriers. The 
total value was DM2.3bn, 
(81.1 bn.) at the beginning of 1 
this year, with the naval order 
worth just under DMlhn. 

Thanks to last year's deliveries 
Breniar Vulkan saw turnover 
rise from DM544m. to DM793ni. r 
in 1977, hut oroflls on sates foil 
from 4 to 2.6 per cent, and' de- 
clined slightly in absolute terms 
from DM20m. to DMl8.9m> 



Ente Nazionale per l’Energia Elettrica 

(ENEL) 

U.S. $200,000,000 

Medium Term Loan 

guaranteed by . 

The Republic of Italy 


Bank of Montreal 


DG BANK 

Deutsche Geno&senschdftsbank 


Anistwbun-Botterdam Bank N.V. 


managed by 

The Bank of Tokyo, Lid. 

Istituto Bancario San Paolo 
di Torino 

S. G. Warburg & Co. Ltd. 

co-manageUby 


Cantpagnie Fipanci&re 
de la Deutsche Bank AG 

Lloyds Bank International Limited 


Banque Beige Limited 

(Member, Societe G&nerale de Banque Group) 


arranged by 

-S. G. Warburg & Co. Ltd. 


Bank of Montreal Group 

DC BANK Deutsche Genossenschaflsbank 

Cayman Islands Branch 


The Bank of Tokyo, Ltd. 

Istituto Bancario San Paolo 
di Torino 


Compagnie Financier e 
de la Deutsche Bank AG 

Lloyds Bank International Limited 


Wells Fargo Bank NJL 

A ? Bank Limited Amsterdam-Rotterdazn Bask N.V. Associated Japanese Batik (International) Limited 
Australian International Limited Banca Nazionale dell' Agricoltura S.p JL Bank of Scotland 


The Bank of Yokohama Limited 


Banque Beige Limited 
(Mttnbftr, Sad£t6 Generate d» BanqoS Group) 


Banque Canadienna Nationale 


Banque Europeesoie da Tcky o Banque Internationale a Luxembourg Berliner Handels- und Frankfurter Bank 

Sodeti Anonyms 


Canadian Imperial Bank of Commerce 


Credito Italiano, London 


East-West United Bank 

(Banquo Unje Est-Ouast SJV.) 


Die Erste Fuji Rank (Schweiz) AG Genossenschaf&iche Zentralbank AG, Vienna 

fisterreichisKhe Spar^Casse 

Harris Trust and Savings Bank Hypobank international S-A. Interameriean Bart: ^ Co rporation S JL Panama 
Italian International Bask Limited jual Investments Lnpited , Lavozo Bank Overseas N.V. 

Lloyds Bask international (Fiance). Limited Marine Midland Bank 

The Mitsubishi Trust and Banking Corporation The Jfikko (Luxembourg) S JL The Nippon Credit Bank, Ltd, 
Nomura Europe N.V. The Saitama Bank, Ltd. SaL Oppenheim jr. & Cie. 

Santo Spirito InvebtmQnts Limited - The Sumitomo Bank Limited Toronto Dominion Bazik 

The Toyo Trust and Banking Co., Ltd. UBAF Arab American Bank UBAN - Arab Japanese Finance Limited 


United States Trust Company of New York 


Yamaichi International (Nederland) N.V. 


participated in the lam * 




Agent Bank 

Bank of Montreal 


This announcement ippwtas* matter of record only 


36 


JiBaaciak Time&.Tuesday^ ^Apsik 25-197 8- : 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


JAPANESE SECURITIES COMPANIES 


Smaller houses fare better 


BY YOKO SHBATA 


TOKYO, April 24. 


JAPAN’S BIG four securities 
companies, Nomura, Nikko. 
Daiwa and YamaiebL have re- 
ported strong half-year results— 
helped by the stock market rally, 
and by a sharp increase in bond 
transactions, with the higher 
issues of Government bonds. 


cent, to Y50.Sbn. 15225m.) at 
Yam ai chi. 

At Nikko Securities, bond in- 
come on a commission basis was 
said to have become more im- 
portant, accounting for about 22 
per cent of all commission 
income compared with about 17 


Canon lifts 
profit but 
sees brake 


The results show, however, 
substantially sharper increases 
net profits for the smaller 
houses than for the larger. At 
Nomura, the biggest house, there 
was a rise of 9.3 per cent in net 
.profits to Y19.6bn. (SS6.7m.). 
while at Nikko there was a gain 
of 24.9 per cent to Y15.57bn. 
(S6S.9m.), and at Daiwa an in- 
crease of 27JS per cent to 
Y9.03bn. f£40m.) — and at Yamai- 
chi growth of 85.1 per cent, to 
Y7.12bn. (S31.5m.). 


Nomura 

Nikko 

Daiwa 


INTERIM RESULTS 


Net profit 

Gain 


for 

on 


half-year 

half-year 


to 3UJ8 

to 31 JJ7 


19.60 

95 


1557 

24.9 


9J03 

275 

1 

7.12 

85.1 


: As a result of growth in com- 
mission receipts and swelling 
.profits on sales of securities, 
■mainly in bond transactions, the 
Your securities companies im- 
"proved their revenue perfor- 
mances with a gain of 13 per 
4-ent to Y102.8bn. ($4S5m.) being 
shown at Nomura, expansion of 
1S.1 per cent to Y70.1bn. 
iS310m.) at Nikko, and of 17 per 
-cent, to Y57.7bn. (3255m.) at 
Daiwa, and a rise of 15.9 per 


per cent a year earlier. Stock 
commissions had increased in 
amount but remained fiat as a 
percentage of the total. 


Commission revenue at 
Nomura was down 3.1 per cent, 
from a year earlier to Y64.$77bn. 
but income from sales of securi- 
ties rose 165 per cent, to 
Y23.S94bn. Interest and dividend 
income was down 7 per cenL to 
Yll.Mbxi. 

At Nikko, commission revenue 


gained S.7 per cent to YSOJ&bn. 
while profit on- sales of securities 
income rose 105.3 per cent, to 
Y12.54bn. Income from divi- 
dends and interest rose 4.6 per 
cent to Y7.77bn. 

At Yamalcbi Securities, com- 
mission revenues gained 11 .S 
.per cent to Y3656bn. and profit 
on sales of securities rose 66.6 ! 
per cent, to YS.503bn., while in-1 
come from interest and dividends 
dipped 4.8 per cent to Y5.803bn. 

Daiwa said that commission 
revenues were up .17 per- cent 
to Y39.080bru Profit from sales 
of securities was up SS per cent, 
to Y12.4l2bn. and income from 
interest and dividends down 5 
per cent, to Y6ibh. 

Recurring profits were Y38J9bn. 
for Nomura (up 18.4 per cent). 
Y30.1bn. for Nikko (up:22J) per 
cent). Y17.2bn. for Daiwa (op 20 
per cent) and Y12J3bm. for 
Yamaichi (up 26 per cent). 

For the current fiscal year, 
ending September. 1978, the Big 
Four securities companies expect 
a sound rally in the bond and 
stock markets, backed by active 
investment -by Japanese corpora- 
tions of their excess liquidities 
resulting from the strength of 
the yen in the foreign exchange 
market. 


on growth 


Good year for Straits Trading 


SINGAPORE, April 24. 


STRAITS TRADING Company 
.raised its net profit by 1S.7 per 
cent, in 1977 to $S16^4m. 
($US7.1m.), from $S13.94m. in 
’1976. 

.‘Group turnover increased 
6.1 per cent to SS890m. 
<3US380m.) from $SS39m. 

Parent company net profit was 
18.66m. ($US8.0m.). against 

SS10.63m.. on turnover of 
$S883m n compared with 3SS32m. 
- A dividend of 18 cents gross 
has been declared, making an 
unchanged total of 30 cents 
gross. 

A one-for-three bonus share 
issue is proposed. 

Straits Trading said that full 
provision was made in the 
accounts against equity and loan 
investments in Malaysian 
-Titanium Corporation totalling 
$S7.07m. 

The group’s interest in certain 
Investment was equity accounted 
for the first time last year, and 
1976 comparative figures were 


adjusted accordingly. It did not 
specify the investments. 

Malaysian Titanium, 30 per 
cent, owned by Straits Trading 
subsidiary Malayan Tin Smelting 
and Finance Company suspended 
productions in August because of 
operational difficulties combined 
with a slump in the rutile 
market. 

Reuter 


rate registered by its two .main 
competitors, the United Overseas 
Bank and the Development Bank 
of Singapore. 

OCBC has declared a final 
gross dividend of 5 per cent and 
a bonus dividend of 7 per cent., 
which, together with the interim 
dividend of 5 per cent, make a 
total of 17 per cent, for the year. 


Oversea-Chinese Bank 


OUB advance 


THE LEADING Singapore Bank. 
Oversea-Chinese Banking Cor- 
poration (OCBC), has chalked up 
an 11 per cent increase in group 
net profit to $S3S.7m. 
($US16.6m.), for 1977 writes 
H. F. Lee from Singapore/ 

At the parent company level, 
net profit rose at the lower rate 
of S.S per cent to $S2Sfim. 
($USI2.3m.). 

The results, however, were 
below market' expectations and 
also, below the average growth 


OVERSEAS UNION Bank 
(OUB)— one of the “Big Four” 
Singapore banks — has reported 
a 17 per cent increase in group 
net profit to SS13-3m. 
(SUSa.Tm.) in 1977, writes H. F. 
Lee from Singapore. 

Net profit of the pareht com- 
pany was 17.9 per cent, higher, 
at SS 11.96m. (SUS5.1m.). 

OUB has declared an increased 
gross dividend of 12 per cent, 
compared with 8.3 per cent pre- 
viously after adjusting for last 
year’s bonus and rights issues. 


Hanasalti faces 
bankruptcy 


HANASAKI, a women's and 
children’s apparel maker based 
in Tokyo, applied on Monday 
with Tokyo District Coart for 
court protection under the 
corporate rehabilitation law, 
facing bankruptcy, according to 
Teikokn Kowtho. a private 
company credit inquiry agency, 
AP-DJ reports from Tokyo. 

It is the ' second apparel 
maker to go bankrupt in less 
than a month, following Van 
Jacket with .debts of YSflhn. 
Debts for the collapsed com- 
pany are estimated at about 
Y8hn. <$US35.3m.), Teikoku 
Koshinsho saidL 


AU these notes have been sold. This announcement qppears as a matter qf record only. 



Kingdom of Norway 


US $125,000,000 SVa per cent. Notes 1983 

Issue Price 100 per cent. 

Interest payable annually on 1st April 


Hambros Bank Limited 

Credit Suisse White Weld Limited Deutsche Bank Aktiengesellschaft 
Societe Generate Swiss Bank Corporation (Overseas) Limited 

Union Bank of Switzerland (Securities) Westdeutsche Landesbank 


Limited 

Bergen Bank Christiania Bank og Kreditkasse 


Girozentrale 

Dennorske Credkbank 


Abu Dhabi Investment Company 
Andresens Bank A.S 
Banca Commcrciale I la liana 
Bartca della Svizzera Italiana 


Algcmcne Bank Nederland N.V. 
Amhold and S. Bleicbroeder, Inc. 
Banca del Gouardo 
Banco di Roma 


A. E. Amo & Co. Bjnk 

Limited Limited 

Astaire & Co. 

Umiicii 

Banca Nazionale del Lavoro 


Am&lerdjm-Roiur Jam Bank N.V. 


Bache HM c- Stuart Shields 

■'•-•■rpofjied 

Banca Solan & Blum S.A. 


Banco di Roma per la Svizzera 


Banco d i Santo Spirito 


Bank of America International Bank Julius Baer International" 

U railed Uralied 

Barfk of Helsinki Bank Leu International 

Limited Limited 

Banque Arab sr ct Internationale d'lnveslisscmeni (ELA. 1.1.) Banque Bruxelles Lambert 5.A- 


The Bank of Bermuda 

Limited 

Bank Men & Hope N.\. 


Bdnk'Gulzmllcf. Kurz. Bungener 
lO'ir.u i limited 
Banker^ Tru-t Internauonal 
l ■•-■llled 

Banque Fran^aisc du Commerce Exlsfieur 


Banquc Franeaisc de Depots ct de Titrcs 
Banque Internationale a Luxembourg S-A- 
Barique de Paris el des Pays-Bas 


Banque Generate du Luxembourg S.A. 
Banque Nationale de Paris 
Banque de Paris ct des Pajs-Bas (Suisse) S.A. 


Banque dc I'lnd-xhincrt de Suez 
Banque de Nculiize. Schlumhcrger. Mallet 
Bar-que Popuiaire 5ui>« S.A. Luxembourg 


Banque Privec S.A. 


Banque Rothschild 


Banque dc I'Linion Europeennc 


Banque Worms 


Barclays Bank International 
Liniltcd 

Baring Broihers & Co., Bayerische Vcrcinsbank Berliner Handds- und Frankfurter Bank Cause Cemrale des Banques Populaires 

Uralied 

Ceniralc Rabobank Chase Manhattan Citicorp International Group 

Li railed 

Corapagnic Moncgasquc de Banque 


Caisse des Depots ct Consignations • 

Compagnie de Banque et d’inve&tis&emenls (Underwriters) S.A. 

Credilansiali-Bankverein Credit Lyonnais Credit du Nord 

1 

Dillon, Read Overseas Corporation 


Daiwa Europe N V. 


Deutsche Girozentrale 
— Deutsche Kommunalbank— 
Euromob ilia re 5.p.A. 


. European Banking Company 

Limited 

Gefina International 
Limited 

Groupetncnt des Banquiers Prives Genet ois The Gull' Bank K.S.C. 


Forretningsbanken A. ; S 


Dominion Securities 
Limned 

First Chicago 

Utnirrd 

Goldman Sachs International Corn. 


First Boston (Europe) 
Limited 


Commerzbank 
AkdeJifie*ti&clufi 
County Bank 
LfcnKd 

Dm Danske Bank 
-r ix7l AEUcsehUb 
Dresdncr Bank 

XKiicneociUdud 

Robcn Fleming & Co. 

Limited 

C dia ban ken 


R. Hcnriques jr. Bank — Akliesclskab 


Kidder. Peabody International 
Limited 

Krcdi«bankS.A. Luxembourgeoise 


Hzmbro Pacific Handclsbank X.W. (Oversea?! 

Limited Limned 

Hessichc Landesbank Hill Samuel A: Co. 

-Ciirereitirjle- Umilcd 

Kjobcnhavns Handetsbank KIcinworL Benson 

Limited 

Kuwait Foreign T ratling, Contracting & I n\ fitment Co-lS-A-K.) 


Handelstinanz Bank 
Kjn,j||^.Osakc*Pankki 
Krcdietbank NA. 


Kuhn Loeb Lehman Brothers International 


Lloyds Bank International Manufacturers Hanoi cr 

Limited Limned 

Samuel Montagu £ Co. Morgan Grenfell & Co. Morgan Stanley International 

Limited Unuird Limited 

The Nikko Securities Co.. (Europe) Ltd. Nomura Europe N.\. 


Lazard Brothers & Co., 

Limlicd 

Mitsui Finance Europe 

Umlied 

Nesbitt, Thomson 

Limned 

Nordic Bunk Orion Bank 

LlnulCd LuuUcd * 

Rothschild Bank A.G. , ' N. M. Rothschild & Sons • Rowe & Pitman, Hur*;-Bre-Ari‘ 

Umlied 

Sal. Oppcnhcim jr. & Cie. A. Sarasin & Cie. Saudi Arabian Invest mem Co- Inc 


Pierson. Hcldnng & Pierson N.V. 


Pkbanken 


Merrill Lynch International & Co. 
National Bank of Abu Dhabi 
"'■ordnnanz-Bank Zuqncli 
Pcsupankj.1 


J. Henry Schroder \Vasg Jt Co 

Limited 

Societe Generate Alsacienne dc Banque 


Skandmaviska Enskilda Banken 


Smith Barney. Harris L'pham & Co, 

l.iu:p';jletl 

Scciete Generate dc Banque S.A. Societd Sequanaisc de Banque 


Privatbankert 

ALimcIskab 

Salomon Brother^ International 

L-mi'cd 

>candmavian Bank 
Limned 

Societe Bancaire Barela (Suisse) S.A. 


Softas S-p.A. 


Sparbankcmas Bank 


Union Bank of Norway 

Umlied 

Verba nd Sc hweizc richer KanWHdlbunkcn 


SirauH. Turnbull & Co- Sundstaflsbankcn S'enska Handelsbankcn 

Union dc Banques Arabcs « Frano»isc^-L‘.B.A F. 

). \or.iobd &■ Co. 


Wood Gundy 
Umlied 


'■crcint-und Weft bank 

AbUeBjCMUKtuii 


i. nion Bank of Finland 

Limned 

Limed Oversea* Bank S.A. 

lieeu 

S. G. Warburg & Co. Ltd, 


Yamaichi International (Europe) 

Limited 


April. 1 TO 




fiy Our Own Correspondent 
TOKYO, April 24. 
CANON, Japan’s leading manu- 
facturer of cameras raised its 
consilidated net profits by 33 
per cent to Y844bn. ($36 Jm.) 
in 1977, from Y&27bn. In 1976 
—but expects uo growth in net 
profits this year, ia view oE the 
deterioration in the export out- 
look caused bv ibe rise in the 
yen 'in the* foreign exchanges, 
and foresees modest growth in 
sales. 

The adverse effect of the 
yen’s rise in J977 was offset, 
the company said, by ration- 
alisation and by production 
expansion, -by raising f.o.b. 
prices and by trading la the 
foreign exchange market. 

Consolidated sales in 1977 
went up by 27 per cent, to 

YI9"L34hn. (g860m.) , From 
Y152-93bn. overseas sales 
accounted for 63 per cent, of 
the total at $126J6bn n against 
¥91.76bn. the previous year, 
when exports were 60 per cenL 
of total sales. 

Sales of .Capon's main pro- 
duct, cameras, Increased by 27 
per cent as a result or brisk 
demand for single lens reflex 
cameras led by AE-l Copier 
equipment sales also improved, 
by 39 per cent Export growth 
led to substantial improvement 
in the profit performance of 
overseas sales outlets such as 
Canon U.S. and Canon 
Amsterdam. 

‘ For the current fiscal year, 
the company expects a sales 
rise of 2.7 per cenL to Y200bn. 


to assist gas 



buys back 


BY JAMES FORTH 


By Qur Own -C or re s pondent 
SYDNEY. April -24. - ' SYDNEY, April 


[Woodside Fetroleumr— which is 
jointly controlled by Broken Hill 
Proprietary and the Shell Group 
— is to appoint a financial ad- 
viser of ‘international standing” 
to assist in the SA2.5-3bn. devel- 
opment of the liquefied natural 
gas (LNG) project based on the 
Rankin field off die north west 
coast of Australia, in which it is 
participating as a member ofthe 
North West Shelf consortium, 
. and to guard the interest of “ail 
! shareholders.” 

The adviser— expected to be 
appointed soon — will be indepen- 
dent of major shareholders and 
i other participants, it was said at 
j the company’s annual meeting. 
I The appointment is 'being made 
I because of the size of the stuns 
! involved, and the complexity of 
baying two major shareholders 


and a "host” of smaller share-. Development n 16.66 per cent 
holders. . . . .'-participant m..the shelf venture 

The chairman of Woodside/ and the major shareholder • in 
Mr. -T. G. Donaldson, said. Chat Woodsiide. • 
the company would be-.respon-.' Marketing discussions were 
sibie for raising 50 per cenLrbf -progressing and potential XNG 
the total in equity and- loin * purchasers in Japan- and -the U.S* 
funds— the proportions of which fcad shown vgreai interest in the 
were yet to be determined. ■. project 
Good progress was being made - The development. . of the- 
with the planning and defimtiton.- Venture would be the .largest 
phase of the LNG project Last resource development under- 
month the Board' decided .-'to'iaken in Australia. ’ * 

establish a. commercial -'group; . * * 

within Woodside. with 'the^ied Mflls, the flour and food 



THE MAJOR newspaper 
.media group,. John Fairfa: 
regained complete dwnersh.' 

..the.' magazine . - publishing 
pany, Sungraviire Fa •; " .. 

owned Sungravnre out-' ‘ 
.until 1969 when, ij sold a 5(;-‘> ' w . 
cent, interest to Intemat l*:-'-- 
Tublishhig Corp. of -the lTJLf-'\.. j V«- 

also fnnt over TnsnaffPnipr 


responsibility for its 50 per cehty< eraup, lifted earnings only 3 per 
— 1 $A2.43m, to SA£5m. 


participating interest in inter-. cent from 
national marketing. . project (3US2-S5in.) fn the half-year to 
financing, legal, fiscaL- ^'February, writes James Forth, 
corporate affairs. ‘^.. Pre-tax profits actually dipped 

The group would perform; ®s_i2.7 per cent although Sales 
same functions for the BHP-Sheti ; increased 16.6 per cent to 
offshoot. North . West, , SheJL ?A125m. (8US142m;). ■ . 



BY DANIEL NELSON 


HONG KONG. April 24. 


WAH KWONG Shipping and 
Investment announced a net con- 
solidated profit of $HK756m. 
(SU.S.16Jm.) for the year to 
December 31, slightly up from the 
3HiC74m. made in 1978. The 
chairman. T. Y. Chao attributes 
! the company’s ability to maintidn 
1 performance in the face of the 
j depressed state of the shipping 
market to its policy of fixing 
vessels on a Jong-term basis and 
not acquiring vessels without 
securing a remunerative charter. 

The recurring profit was 
$HK67.Im. compared with 
SHK48.1m. the previous year, a 
40 per cent, increase. Net profit 
from the sale of vessels was 
$HK8.7m. 


cents (20 cents in 1876) making a 
total of 30 cents, a 3.5 per cent! 
increase.. ", 


The fina.1 dividend 

will be 21 


Bid 

Offer 

STRAIGHTS 

Alcan Australia 8*pc 1989 

964 

97* 

AMEV Spc 1987 

87* 

98 

Australia Upc 1993 

944 

95* 

Australian M. & S. 9 *dc *93 

83 

SS* 

Barclays Bank Sipc IBM... 

97* 

934 

Bowaier B|pc 1SK 

971 

m 

Can. X. Railway S3 pc loss 

971 

m 

Credit National sjpc 1980— 

83* 

99 

Denmark Sipc IBM - 

100* 

101 

ECS Spc 1993 

88* 

994 

ECS SIPC 1997- 

93* 

9B4 

BIB SteC 1992 

m 

99! 

EMI 9*pc 1988 

9S± 

99 

Ericsson 8 3 pc 1999 

87* 

93 

Ewo Spc 19S8 Nov. 

101* ' 

1024 

Gt. Lakes Paper Sipc 1984 

98] 

994 

HomeKtey Sipc 1S92 

1W* 

101 

Hydro Quebec 9pc 1992 .. 

96* 

97 

rcr s*pc 1987 

97! 

934 

ISE Canada Sipc 1936 

184* 

185 

MacmlUan Bloedel Spc 1992 

SC* 

97 

Massey Ferguson 94 pc 1991 

97 

90 

Ulchelln 9iPC 1988 

182* 

103 

Midland lot. Fin. Sipc ‘92 

88* 

99 

National Coal Bd. Spc 1987 

849 

934 

National Wsmrasir. Spc r Sfl 

101* 

392 

Newtoundland Spc 1999 ... 

101* 

102 

Norses Kmn. BV. Sipc 1992 

974 

9S* 

xorpipe 84PC 19S9 

38 

9Si 

Norsk Hydro Sipc 1992 

jW 

97* 

Oslo 9 pc 1988 

llU* 

102 

Ports Autonomes Spc 1991 

5 s * 

994 

Prov. Quebec 9pc 1993 .. .. 

90* 

97 

Prov. SaskaldL 85 oc 19S8 

P- 

1004 

Reed International Spc 1987 

95 

RHM Spc 1982 


94* 

Selection Trust Sipc 1989 .. 

#1 

« 

Skand. Emtdlda 9oc 1991... 

994 

119* 

SKF Spc 1987 . 

93* 

944 

Sweden fK'donri Stpc 19S7 

0«* 

97 

United Biscuits 9pc 1038 ... 

08 

n; 

Volvo Soc 1987 March 

83 

m 

NOTES 

Australia 7ipc 19S4 

96 

m 

BoP Cauda 7)pc I9S7 

95* 

9S 


The group sold five ships .-dur- 
ing the year and took delivery, of, 
four nwe ones whidf worfe 
Immediately handed over' to 
charterers. The associated com- 
pany, Gem Carriers, acquired an 
ore/oil carrier on an eight-year 
time charter, and as a result of 
these changes the fleet’s tonnage 
increased to 1 -73m.. deadweight 
ions by the end of 1977. ' ' 

The chairman said that in- 
creased crude production in- the 
North Sea, Alaska and Mexico, 
completion of some largq-acide 
pipelines and development plans 
for the Suez Canal might- dll 


dampen the demand for tanker, 
tonnage. 

Similarly, he said, over-supply 
of tonnage, the genera] economic 
slowdown and its Impact on the 
steel industry were likely to pre- 
vent an early recovery of the 
drycargo market 
- “Nevertheless, .with ; an in- 
crease of ageing and non-profit- 
making tonnage going into the 
breakers yards, there may be a 
gradual improvement in the 
overall demand and' supply 
situation." 

Mr. Chao said that through 
continuing to follow its- charter- 
ing policy ^the company -should- 
maintain its 1978 dividend at the 
1977 leveL 


also .took over managemei 
the cdmp.ahy. 

In 1975 IPC sold out to a ", : 
vate company, Sungravnre I 
ings Pty., which is cootroHe.'-’ , 

Mr. & W. G. Henderson, a, 5 - 
'mer manager of Songra ■: 

Pty. and a son of Fantax d<'' “ .. 
tor.. Mr. R. A. Henderson, 
the time of fhis sale the n : " 
rihe company was in cm 
losaes and Fairfax took pyei 
management. • ' V . 

. In 1976 Sungravure; earol 
profit *tf SAS37,000 (8US948.I 
■wiping: out a- deficit; on 
holders' funds. Earnings dif ' 'I ^ 
to § Al 22.000 in 1977 and a s;"' 
increase- is expected in 197 
- Sungravure- publishes Wi 
Day. Woman's World, Pei 
Dolly. Cosmopolitan .and I 
tronics Australia. No chang 
the policies, activities or si 
turc of the company is coir 
plated. ‘ 

The purchase price was ui 
closed but the' directors sai..;--‘ : ' 
did hot involve more than' 10 
cent, of the written , daw^.v.- 
of the fixed assets and in>-.: v 
merits. ' 




FOR SAl 


Can maker taken ove: 


H 

- Me 

,i. ;iy 

. ■’ r. Tl 


CONTAINERS said it has 1 
chased the can making asset 
Queensland arid Victoria of- 
Queensiand Can _ Company 
wholly-qwneif unit - of w, 
Broihers and Thomson, rep 

Reuter from ■ Melbourne, 

purchase, effective from April _ 
is for cash but the comp'-" 
declined to state the amo 


ILOR & Cl 


SELECTED EURODOLLAR BOND PRICES 
MID-DAlT INDICATIONS 


t 


Br. ColUmbU Hid. 71pc *85 

Can. Pac. flipc 1SS4 

How Cbemlcal Spc USB ... 
ECS 7tBC 1383 

ecs aiuc usa 

EEC 7* pc 1383 

EEC-7JPC 1984 - 

Enn Gntzclt Si pc 1984 ... 
Goraverhen 7Jpc 1982 „™ 

Kodnmn Sue 1883 

Micbeltn SJPC 1883 ... 

Montreal Urban Sipc USl 
Vtw Bnmswtcft Spc 19S4 ... 
New Brans. Pror. 8ibc *33 
New Zealand Sipc 1336 ... 
Nordic Inv. BK. 7iw 1984 

Non* Brdro 7}pc 1983 

Norway 7ipc 1383 

Onuulo Hydro spc 19S7 

Singer SIPC 1981 

S. of SCOL Klee. 8HK 1BSI 
Sweden iK’domi TIpcJWS 
Swedish State Co. 7ipc *S2 

Telniex Sine l«M - 

Teimnco 7lpc 1987 May ... 

Volkswagen 7Jpc U0? ...... 

STERLING. BONDS 
Allied Breweries 19U>C VO- 
Cl d com 10 pc 1993 
Courts ulds B}pc 1989 .... 

ECS Sipc 1989 

ElB 95pc 198S-, 

ElB Sipc 1332 . 

Finance for Ind. 9lpc 1067 


BW 

991. 

98 

97 
fl«- 
93; 

98 ' 
97 i 
93 
98 *•, 
87*-' 
334- 


dhr 
ts . 

-St 


Bid 


99 


101 

974 

last 

»r. 

m 

m 

IDDi 

uo 

371 ' 

98. 

m 

944 

934 


uw 

mi 

Hi 

Mli 

S* 

97 

UX- 

1091- 

m 

VM 

■ns . 

984 


DM BONDS 

EFCE aipc 1939 9S4 

BNDE tfipc 1988 964 

C.FE 6ipc 1988 4A 

Denmark 5} PC 1984 JOOt. 

ECS HOC 1990 961- 

KIB ainc 1990 98( 

Electrohras 6ipc 19S8 Mi ; 

Enratom Sipc 1987 " 984 

Enrodnia ■ 5lpc 1988 IBM 

Finland 5(pc 1980 .... 984 

Forsmarks jfpc 1090 Ki 

Mexico Spc IMS •■95£ 

New Zealand Sipc 1BSS ... 199 

'Korean S»pc 19S9 *99* • 

Norway 4fpc 19S3 'iOfft . 

Philippines Sloe 1993 ..... 934 

RautarunkM ‘5Jpc'l888- ... ■ "Bfii. 

Sweden Spc 1989 a^. . - 1M - - 

Tanernantobabn Sipc 1883 09c 
Trondheim Sipc BOS’ - 971 

TV Ci Power Cd. 6pc US3.„ 08>‘ 

Venezuela Upc 1938 984 

World Bank Sipc 1999 BSi 

FLOATING RATE NOTQS. ! 
Bank of Tokyo issi rzj to pc m 


Offer 


«R4 
97* 
9»4- 
-101 
. 974 
874 
97* 
.994 
191 
99 
‘ .Ml 
M 
1083 
"1084 
10 ! - 
90} 

• 971 
-1811 
1M 
884 
99* 
-.99 . 
'39* 


Finance for Ind. 10pc, 

Flaono IWpc 1997 i 

Gestctner line 19S8 

INA rape 1988 


Rowntree lOipc 1989 

Sears I5*pc 1988 

Total OH Sipc U64 _: 


94* 

94i 

04* 

99* 

91 

944 

941 

984 

904 

90* 

932 


lit 

9« 

*5 

*S 

91 

911 

Mi 

Mi 

91*. 

91* 

911 

344 


tee Gp TBS4- 3*pc. , — 

•bnp r " 


1933 SO 16 PC ' 1004 

CCFriHW S(H ..... . ' 99* 

COMP 1884 npc .99 

CredtunsqiU .1981 Vine H ". 999 

Credit LmffiiaSs l?82 Bpc.^ .. 9M 

DG Sank aft m-,vc ' 100 

GZB IWt Slispu J. 1WI 

iSiL mteadnsur imt upo - R>* 

Lloyds 1983. 7i pc ......v. 1801 

LTCB 1983 Spc" • 99! 

Midland ms spc 211* 

Mliffipd .1987 TUjapc - 

OKB JW3.7IPC 

SKCF- 19M.81PC ]f r 99i 


700 

.-raw. 

1014 " 

. 994. 

190*' 
... 1004 
1004 
_ 101 *. 
w 

10M 
1OT4 - 
Ml*' 
W. 

' JOW 
99t 


BM 

. Std. and Chml. ’M7Ui£pc . 99| 

Wma. and Glyns *84. Siupc .984 . ,j; 
Source: White Weld Securities.;.-. ;■ 

CONVERTIBLES 
American Express 4*pc 'ST 

.\shland 3pc 1988 

Babcock tc Wilcox Gipc *97 
- Beatrice Poods. 4] pc 139:_ 

Beatrice Foods 42pc 199 S— 

Beecbam 1998 ... 

i Borden- Spc 1393 

'Broadway Rale 4ipc 1987...- 
Caroation 4pc 1987 — 

’CtovzoB Spc. 1988- 

Dan 4* pc 1987 

Eastman Kodak -44pe 198? 

EcononUc baba. 4*oc I8S7 
FJ resume jpe 1988 ......... 

Ford SPC UBS 

General- Eteraric 4 *dc 1987 

Gillette 4*pc 1987.. 

Gould. 5pc 1987 ' ...... . 

Gulf and West era 3 pc 1988 
Harris 5oc 1992 

Honeywell' spc i960 

icr 04PC-299J-. 

rv.% «PC T907 — 

IfwhCape Blhc 1993 .... 

.TCT'jttoC'MWt 

Josco 6pC 1892 ... 

Komatsu fine 1380 - ... ...... 

J. Rwr J.IcDr mwtt 4»pc W. 

TTaesnStUU «|pc 199o ..... I*» 

Miwn *uw m 

..3. P. Montan » pc. 1387 ^. 98. 

Nabisco arc ‘ T9S8 

Owens Illinois -44ws 19S7 „ 1*14 
J. C. Penney -44 pc 1987 ... -78- 

Revlon tipc 1987 Wl 

Reynolds Metals 5pc ISSS ~$7 • 

fiandvik hpi '1988 

Sperry Rond 41 pc ms?. 

Souibh'dlpc 1987 ..... .... 

Texaco 44PC -3388 

Toshiba 1 ape- 1983 — 

. Source 


5“" : 


\l ■ f “ 


i ba< 
fxsM 


Sfi 

3J 

99} 

»34-. 

1M4 

«S1 

100 * 

W4 

127 
!9r 
-»1 • 

ir 

.894 

9 

m 

S64 

uo: 

.89 

®7fc , 
98* 
1U 
S4 
112 * 
1274 
143 


e-i -1 via 



)C0NTRA< 

PACKIP 


h 


j-s 

.sr* COffll 

: • s b*qeb 

, : s* •triii’-wci c * p 

FB I. GARRINS & ASSOf 




. ifcrr: Oak Broadway, E4| 
, U2i. - T*5 




wi. 
93 
• W. 

92 

W7 


MIL Oli 

^ L::i: r.^rr.-: in serf! 
' inijiirij >tore»-w 
::adsr.& base b> 


Kldder,^ ^Peabody SiwnriOia^’ “ L *•' 

.:.e Priciest i 



ili 


: j i. zr. Knt, 2 


Bank; Limited 

Balance Sheet as at 3ist Deceihber r 1977 r 


ASSETS 


Cash, balances with banks, money at call and. 

short notice 

Deposits with banks 

Debtors and other accounts 

Loans and advances {less provisions for 

doubtful loans) 

Fixed assets 


197 7 

£ 


1976 

£ 


50,088,453 40,545,130 

20,385,586 ... 19,461,831 
7,777,573 6,821,812 


247,970,299 

146,803 


233,464,958 

146,803 



K 


® • 

U*4b 

d 

mnj 


iTOfl 

inter 

mqn 

rilir 


Wr 

f 


Total Assets 


£326,368,714 . £300,440,534 


LIABILITIES 



Current and deposit accounts 

Taxation 

Creditors and accrued charges 

Dividend 

301,460,465 

66,242 

4,658,796 

277,402,164 

4,328 

3,530,930 

80.000 

Total Liabilities 

£306,1 85,503 

£281,017,422 

EQUITY AND SUBORDINATED DEBT 



Share capital 

Reserves 

11,000.000 

3,236,419 

9,000.000 

3,723,929 

Subordinated loan 

14^36,419 

5,946,792 

12,723329 

6,699,183 

Total Equity and Subordinated Debt 

20,183^211 

19,423,112 

Total Liabilities a nd Equity 

i £326^68,714 

£300,440,534 


,J®SPAH1ES 

i|r QtPERT5 

iClusivE 

£8] 

TkCHB 


>ME D 


V? *>£,;. 3*«- 


<? '**,.:**- i-, 


Increase in Capital . 

Eurobraz is increasing its share capital to £12,650,000, by the capitalisation, on 15th JVlarch 7978, 
of £1,650,000 reserves and a bonus issue of.1,65Q,000 Ordinary Shares of £1 each. 




Dr. Karlos Rischbieter, Chairmen 
President, Banco do Brasil S.A. 

Sir John 8. Half Bt, 

Director, BankoF America International Limited 
Mr. Werner Blessing 

Assistant General Manager, Deutsche Bank AG. 
Mr, F. W. Grol, Managing Director 


Directors^ , * 

■ - r - ^Mr-WilKamH; BctinvAeptriyChairman 
. Executive Vice-President, Bank of America NT & SA 
' * Mr Gukk> Hansehrpnn, 






• . :> > : . ' ; McShojiro Nishikawa, ..... 

•; Chairman.The Dai-lcfii Kangyo Bank, Limited 
' r MkJX.M. Seniano t DepcrtrMariagtTsi.pirecfor 


Member Banks-' .v* ■ : 'r ”y 

Banco do Brasil S.A. ' Bank of Amenc^tantiup ‘ 

The Dai-lchi Kangyo Bank, Ufnited Deutsche BahkAG.; ■ Union-Bank of Switeeriand 








■■■■A 





Report and .. . / ' [. •; ^ v .. .. .. . 

Copies ofthe Report-and Accounts 1977 can betrfkainedfrpm^RM^^^^Ofto^ 
Bucklersbury House, 11 Walbrook, London EC4N 8HP. Telephone; 01-2361 066,Tefexz^70l2/3 


ti 

2, j 

T»/r 







-V?-f 



V Financial T^s^.^esday April 25 1978 




1 RECOMmEN DED TO "take "'APPROPRIATE 

it N L*- . ' 1 g ==^= 

finance 




. 

PROFESSIONAL ADVICE BEFORE £W7£ft/NG INFO COAMUTWENrs 




'u. -.••■■. 


■ ■ • i v. &.-* • 




rm 


. v ?&■ purpose, ring David Wills Charterhouse Development 
■ . - ' " . - ' Investing irrfriedium size companies as - ' 

. ; ; ■} ffjil ■ ininonty Shareholders has been our exclusive 

• Taisitfess jrorQ^ibr^yea^^aie.purepared-^'-' 

--- V- J t y iayesHu both quoted arid unquotedcompaniffi - ■ 

■ i . ^ currently making over £30,000 per an num . .' .. 

'' r pretax profits . 

CHARTERHOUSE 



Gtarterhcni5cDev. 


1 1 Pstcrribsceritow, Sc. Pauls, 
London EG4M ?DH. Telephone 01-248 599^- 


' 


FOR SALE 

•' Well established five star Hotel with official!# 
.■. licensed Casino in 'the Mediterranean area,. 

50% of the whole complex £5 million. !• 

, Reputable companies only. No agents.- ; 
f Write Box G.1813, Financial. Times/ 10, . Cannon 
- Street, EC4P 4BY. 


W - ■ 


; ;Title. Copyright., historically viable backn umbers 2 nd publishing 
^rights "are available for sale. This unique opportunity to purchase 
the rights to. one of Britain’s most famous publications arises From 
a change of publishing direction. . . 

. For further details please apply 
Brian D. Gilbert* United Trade Press, . 

UTP House* 23~S9, Bowling Green Lane*’ London EC1R 0AD.,. 
Teh OT-837 1211 ' 


SUB CONTRACT YOUR 
PACKING 

•to the- experts. Cbmptece and efficient, team at your disposal 
at very shert notice. -Our- very competitive rates wiH -delight- 
you. Send for full : descriptive brochure, giving alt. details to 
the company's sales repreienta'rivetor phone. 

PETER h GARRINI & ASSOCIATES UMITED 
13Qa Burnt Oak -Broadway* Edgware, Middlesex. , . 

. . • Teh BI-9S2 *626. - ; -TYtoc 9225fS ■ . 




-,S 


RETAIL OUTLETS 

We are a household name in’soft flirnishings wfth 150 
retail outlets, including stores-within-stores, and wish 
io expand our trading base by the introduction of 
complementary products and/or Services. All replies 
_jvvilL b ^treated in. the s&ictest.confid^iQe.aDd should 


razilian 

>d 


be addressed to: 

The Chairman, Box G1706 
Financial Times, 10 Cannon Street, EC4P 4BY 


GOtF COURSE AND • 
COUNTRY CtUB 
NEAR MA]OR MIDLAND 
CONURBATION 

Professionally designed 18 hoi* course. 
Pro Shop. -fenms^-Gotjrts, -Svrimmfec 
Pool, New Changing aeons. 2 Ban. 
Mansion Mouse of Dining Boon. Con- 
ference and- Functions Rooff*. Tow of 
120 atres, ail Freehold and -Trading. 
Company Sale £200.000 
Part sale considered 

CHRISTIE & CO. 

}1 BAKER STREET. ' . 
LONDON WIH 2BU - 
TELEPHONE: 0M86 424 1. 


LIMITED COMPANIES 

FORMED BY EXPERTS 

FOR £78 INCLUSIVE 

READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
50. Gey Road, Ed. 

01-628 5434/5/7361. 9936 . . 


COMPANIES FORMED 
Expertly, speedily, throughout cbe 
world Compare our prices. 

ENGLAND £49 

ISLE OF MAN £98.44 

GUERNSEY 1...: £250 

UBEFUA :.... U-S.S70 

SELECT COMPANY FORMATION. 
Tel: Douglas (062-41 2371 S 
I, Athol Street, Douglas, 1-o.M. 
Telex: 623554. 


BUILDING GROUP - 

Semi .national contracting' add special- 
ised companies wldi annual" nmover 
of approximately on tnifllon pounds, 
with or without rmWcndri .of i*>- 
dntrfsl land, propenm. plans and- 
equipment. Vendor* prepared. W- f*r 
purchase or arrange separate salt* for 
unwanted or realizable asnts. - 
Write Bex G.1811, Raendol Time*. 

TO. Cannon Street, (EC4P 4BY. 


CONTINENT 

Experienced trader and lawyer 
seek sizeable venture capital to 
form viable company trading 
bulk goods MOfld *ide -J] 

Principal* may contact in confadtfea 
Box G.18I7. Flpeneba/ Tima. 

10. Cannon Street, SC4P 4BY. 


PLASTIC INJECTION 
MOULDING 

Company . ec&lv: reqa ireayt g 
seeks Interne In H*r awjtw pneiaso 
or «*cteiisJM company in this fl*W- 
Tool room facilities an adwtsag* 
though not essentia/, Preferably 
south-east England. , , 

Write Box G.18ZI, Ftnamdaf TBn**> 
10, Cannon Street. EC4P 4BY. 


engineering company 

East Midlands— iortg etabtiehed sheet 
meal/ light fabrication qompmy Far 
Sale with reputation for quatity work 
in ferrous and non-ferrous materials. 
Leasehold 6,000 **•- ft-- focary 

modern plant and equipment, atittl- 
len: wortfoiTe. ’ 

Please telephone 01-831 7110 
ext. 342, Monday-Friday 


- NEW SERVICE XOMPANY 
with expanding business in 
, ; inmrnational raeruitment 

‘ SEEKS -CAPITAL. . - 

co exploit significantly .larger- titan 
expvczad dtimMid. ... 

| enquiries' 'are'-ineTtad From - companies' 
Cpraldqr In* diversification or In. 
dividual* seeking active or oassxNi 
participation. 

Invenmetn up to £30.000. Detailed 
information wMJ he. provided to 
enquirers who provide Independent 
references to fotabbsb bona fide in- 
cere**.. - . . 

Write Bax G.1&23. Finanenit Timet, 
10, Cannon Sueat, ZC4P 4BT. 


BUILDING COMPANY 
FOR SALE 

Land hank near West Country town 
Otarfcec sown f.f- /or FI* as and/or 
leisure complex, exempt from D.L.T. 
£300.000 for all die company. Prin- 
cipal* only pleaso. to Box G.1820. 
Financial Time*, 1 0, Cannon Street. 
EG4P 4BY. 


ENGINEERING 

DERBYSHIRE 

Repetitive components with established 
customers. - ' Freehold .premises and 
-bid for expansion. Ample machinery. 
Greet potential for’ Increased turnover 
and profits, Iona Fide only. Fnee 
£42.500. Mr. Giles. Beardsley Tneo- 
lAlds. 22 Mericet su. Netzm. 0«02 
4B75T. 


FOR SALE 

Company based in North West 
England, selling- Rubber Products 

and Ancillary Equipment. Tum- 
-over- £600,000 per annum, gross 
proftt..£130£J0(>' per annum. 

"Writs Box G.IBtt, Financial Tina*. 

1 0, Cmwarc. Street. £C4P 4BY. 


COMPANY WANTED 

Cfitnc wishes to acquire (wholly or 
controlling Interest) sound company 
trading in West. or. North Yorkshire.- 
Active fovohmmertr in the business 
will be require*. Funds available *« 
up to 65Q.00& 

De tails from Frincipak only w- 
"DrRTTfoofo:: Thbnitdn Baker i Cd- 
Chartered Accountants- EWon todpe. 
Eldon Place. Bradford. West Vorfc-. 


FOR SALE 

The Assets of a Leading Crafts 
and Hobby Company 

Separately or together with a modem well 
appointed factory. Situated in Leeds within 5 
minutes of Motorways. 

• For further particulars please telephone: — . 
. Mr. T. P. Jones or Mr. G. J. Watts, • 

Leeds (0532) 40563 


CAPTIVE INSURANCE 

Medium sized quoted company which' has beneficed from forming 
its own Captive Insurance subsidiary company Is prepared "to offer 
its experience -and facilities to others who are interested in saving 
insurance premium costs. 

Write Box G.1824. Financial Times; 10. Cannon Street, EC-4P -4BY. 


EXCITING 
ENERGY 
, RELATED 
OPPORTUNITY! 

Flsier Stores International, 
North America’s largest manu- 
facturer- of . wood and. coal 
burning radiant heatere -seeks 
Licensee/Partner ‘ "to . develop 
ill or i share of. ibe L'mted 
Kingdom. . . 

Aa exceptional and rewarding 
opportunity for -firm -with- steel' 
fabrication and or marketing 
capability. Proven marketing 
and engineering support from 
Fisher U.S. and European 
operations. 

Write: 

S/R, Pearsalt Vice-President, 
Fisher Stoves International, 
IntL, * 

P.0. Box 10605. • _ ■ 

“Eugene, OregoriDTi-Ht 
Tefex No. 3W495. - . 

: jtossBefback.: Fisher Eus- 


GENEVA 

. Full Service is. our Business 

• Law atnd Taxation. 

• Mailbox telephone and 
telex services. 

9 Translations and secre- 
tarial services. 

• Formation., domiciliation, 
and administration of 
Swiss and foreign com- 
panies. 

Full confidence and discretion 

BUSINESS ADVISORY SERVICE 
3 roe Wme-Fatio, 02Doa Geneva 
Tels 3* 06 40. Telex: 23342 


Private Company South East 
London £160.000 ‘ ' 

Wen establish* Company suwHymg 
Film. Plxsuc Sheet and. rrk-vani 
conversion services. Continuing 
Management available and ample 
opportunity far expansion from 
existing loos leasehold preaiia.-s. 
Would eaiie a private investor or * 
group which believes In autonomous 
profit centres, responsible for on- a 
develupm cm _ .and numacemcm. 
AppUttziixa tn; coufidonce to_ J. S. 
Cox. . Sdirard Moore i: Sons, 
Qwrtei ed Acttuntants. -1 Ouswell 
street. London ECIY 4X3. 


it SELL BY CASSETTE ‘ 
RECORDINGS 
* KEEP YOUR WORK TEAMS 
INFORMED BY CASSETTE 
RECORDINGS 

‘We process, duplicate and paclctge 
from your cassette lany home recorder 
w ill do) or our snidio professionals 
will, record in any language. 

— Phone: Joho Morris. 01-530 3510 
34TH STREET RECORDINGS 


{SfiOO — can give an unusual and 
profitable secure investment. 

Visually inflation proof. It & gears* 
to tbe recovery .of precious OtCQts. 
Responsible . people, only please write 
or panne.- 

D. P. FORGE ft ASSCOATB 
UMITED. 

272 West Way, Broacbtoee, Dorset- 
I ftt 020J'7*3335 ’ " 


: inybtment 

Major er «bb 1 boUing for in 
buUdinj graqp with N.A.V. of one and 
x hoM oil Bob potutds apyrntiiuniy 
— po^mngid reqtixztton from Uiri, 
p ro p a rti 43. sc., avtfiaUe if. required. 

Write Biz <*.fflf2. Fhmtehri Timet, 
- 10. CsflW Street, BS4? 4&r. 


WANTED 

L.Fisb Fwan (Troui or carp) 
S^WflteRFBK- Farm. - 

Write Box CJSK. Founaal ISm-#. 
M C*»Hnt Strew. SC4P -4BY. 


ELECTRONIC ■ 
SALES REGISTERS 

SOPHISTICATE} MACHINES 

FOR THE PROGRESSIVE RETAILER 
- AT REALISTIC PRICES 

Pbooc or write to: 

JLB.M. the colli regfatef. ipecloIlKS - 
. 41 The Cat SE* - ‘ • - ‘ 

Of -623 9174 or 928 222* 


NEW 

PRODUCT 

Fully duvL-lDpcd m-m or sti ihjuiwewk 
with. _ rnontions, ask**?, polonilal Is 
avajably lor mamifactare and or 
lieensc. Write to Mr. Raymond. 
Trent Raymond & Co. Chamrcd 
Acctnmmbts. Priih.es House. 3640 
Jeonm StrreL London, SW1Y 80T, 


Who wants to be a 
millionaire? 

Should this cap happen to fit you, you would be well advised 
to fix your sights on real property, in wbicb 90% of all existing 
millionaires achieved their fortunes. All the signs indicate 
the imminence of another property boom: rising house prices, 
falling investments yields. City institutions buying farmland. 
To beep ahead of the herd iu this fast-moving market jnu 
need to study the Properly Letter, which gels to the very 
heart of the property business with down-to-earth, pungent 
articles providing you with information, ideas and unusual 
approaches that you won’t get anywhere else. The Property 
Letter could just possibly be a better investment for you 
than the prop erty market itself! For details of a FREE 
TRIAL OFFER, write to: 

• • THE PROPERTY LETTER. Dept. 1LC, 

13 Golden Square. London. W.l 
or phone 01-597 7337 1 24-hour answering service! 


PRINTING COMPANIES 

A Scottish-based printing group,, with a sound record of 
profitability and plant modernisation, is seeking controlled 
expansion through the acquisition of additional companies in 
the printing and/or packaging fields. 

We are interested in companies, whose turnover falls within 
the range of £im. to £2m. and who can display the capacity' 
to earn a satisfactory return on capital employed. 

All replies will be treated with proper consideration - and in- 
strictest confidence. • 

Write Box G.1S1S, Financial Times, 10. Cannon -Street, 
EC4P 4BY. - 


FOK SALE 

English Import-Export Company 
with subsidiary French Import- 
Export. Company, -.- 
Excellent Status. 

.■ Few Restrictions, 
Established Depot in France- 

For tall details 

Write Box G. ISM, 
Financial Times’, • > 

JO,' Cannon - Streer. EC4P. 4BY. 


MANAGING DIRECTOR 
o! a U.K. Controlled Australian 
engineering company whose company 
da' i lot of business in Australasia is 
eisinnj the U-K. the firti two weeks 
-of— -furve.- -Any — -com pa ny making 
equipment used by -power station*/ 
d'SPsusl/mJnmi/qmrtyirg or. 
general engineering wishing to export 
or licence Australian manufacture 
ring -Ascot 20*4* to arrange a 
meeting. 


ENTREPRENEURIAL 
. ACCOUNTANT/CREATIVE 
' . ADMINISTRATOR 

With strong operations background 
nerded immcdnrrly ' by Amen tan 
subsidiary in London to , establish 
financiaJ/admhiBtraovf structure and 
conduct production liaison with U.5. 
Generous profit sharing for right man. 
Age 

Write in confidence to Box G.192S, 
financial Times. TO, Cannon Street, 
EC4P 4BY. 


TOP-GLASS SALES EXECUTIVE (i 
Required Urgently by American 
Company for 3-month Retail 
- - ; Multiples Assignment. 

Scope for longer tern invoivamant. 
Attractive fee. and commission term* 
■for high' calibre person." 

Write Box G. 1826. Flnonclal Times, 

10', Cannon Street. EC4P 4BY. 


OAOO INVESTMENT _ rtflbired 


INGINEEttS. old established, have facili- 
ties. capabilities ana resources anil, 
able . fo . produce light, medium and 
heavy products , also reccirdiiieniw and 
rebulMms- PI 
04S-382 2765. 


Pew hir-liwir Write Box G.18X7. B *? t y. o™ 1 — — 

FSoarttiTinwa. 10. CAonon Street. rrt ^ Pleaso phone- JAG. at 

EC4P 4HY- . . ] 

READY iHaDE limited ««Boanlt» E7BJ0I otSPERATELY REQU. Leading Whtsklesi 
Also Company Formatlo w and 1 Cfaarefte* for E* port. Write Box G1764, 

Searches— Same-Day- Coon»ny Serojaa f Financial Times, ttt, Cannon Street. 
Ltd. 12 Pancras Ln.. LCA fl1-236j ECaF 48V. 

2570. 

mw .... *roufro'S1 * WEEK for EC2 aodreu or phone 

, ? ?, ?? rt ^?i!^eic a concept mesaaffes. Combined roue + telex 

arMrtiBCMr™ Wh week. TrestW offices near 
r X2L2*r stack Exchanoe. Message Minders Imer- 
TUasxSaf TimesT lT c,n^j "abonal. 01-528 OWeAoie, Ml 1725. 
■^eot," EC4F ABY. / WEST COUNTRY fabricating and macMnl/tg > 

! WELL ESTABLISHED London based ; company wtstac to expand and seeks r 
1 enelnetfJiiBfdcj'jfln compsnv reoolrrs In- J " adifttlona! products andior aceulsltlon. 

PTOiS.-U.K-lL write tocGiaiO Finandai T.m«. 10 
! overseas. Lucrative, cosumuioc fees, f Cannon- Street. EC4P 4BY. 

c2pwn B fem*ECi POBV^* 1 . 70 [EXPORT spiHlrming house can. offer mmu-i 

^ • taeturen seating, outiots prompt pay-' 


‘'CUKOBCND" hukrtes* company name for 
Oale. wfut oners’ Brentford 21 3873. 
i A Piurarrv dealing aml'or construction 
eoospanv wuiied with tax I Os sot. Tel: 
• -*rentwood_2ft97XJ 


ment coupled with finance assistance to ! 
approved overseas buyers concerned on 1 
abort term croon Oasis. Write Seaborne! 
Imoev Lid.. Cotton Exchanoe Buildings. . 
: CJd Hail Stesei, Liverpool us 3 JR. . 


Are You the Probleqi or the Solutioix? H - ; 

American company from California with a proven 
reeprd of success and a leader in manufacturing 
one of the hottest products needed, is entering 
the European market. - . • 

We -are looking for distributors with solutions,, 
personal stability and integrity. 

Winners who want to win by choice, not by 
chance. 

Our executives will be in Europe by the end of 
April for personal interviews. . ' 

INTERESTED write for appointment; 

c/o Mr. Adrian Adcock,. 56 Alington Grove,: .' 
Wallington, Surrey, England. 

Tel: 01-647 906S (p.m.) ■ 


General 

Printing Company 

FOR SALE 

Our client is a General Printing Company with 
a reputation for quality and a turnover of 

Qm. p.a. 

Welt equipped typesetting, 4 colour litho and 
bindery. 

Keplies, which will be treated In the strictest 
confidence, should be addressed to Philip 
Cunningham. Austin Knight Limited, HagJey 
House, Hagley Road, Birmingham, B. 1 6. . . 


IRHllSCE SENIOR EXECUTIVE/ 
PROFESSIONAL 

WITH FIRST-CLASS CITY AND ‘ BUSINESS CONNECTIONS 
‘ REQUIRED IMMEDIATELY FOR TOP CONTACT ASSIGNMENT 

American promotion management company in U.K. looking for 
individual with high- integrity and personal acceptance to contract 
charitable, cultural, recreational groups far proven, no cosc fund 
raising scheme. Personal references essential. Remuneration 
negotiable but generous commission element envisaged. 

Write in confidence to Managing Director, . . 

Curtin International. 74. Arlington House Arlington Str.eec. S.W.K. 


IMPORTANT AUCTION ANNOUNCEMENT .. 

By Order of the Mortgagee 
NORTHCLIFFE HOTEL. BRIXHAM. SOUTH DEVON 
Freehold,. Fully Licensed and Free. in detached cliffrop sires and 
comprising 64 Bedrooms. 2 Bars. Ballroom. Restaurant for 150. 
Lounges, Swimming Pool. Staff and Managers house. TO BE 
OFFERED FOR SALE BY PUBLIC AUCTION: Tuesday 2nd May. 
1978 {Unless sold by private treaty meantime). Auctioneers: 
Sidney Phiilrps/Hammersley Kennedy & Co.. 8 King Street, 
Hereford HR4 9BT (0432) 56181, should be contacted for details 
and appointment to view. 


. SAUDI -ARABIA J. . .. 

Company ar.d Business Law 

UNITED ARAB EMIRATES 

Company and Business Law 
LIBYA 

Company and Business Law 
■ -QATAR 

Company and Business Law 

OMAN 

Company- and Business Law 
Five Complete expositions covering all 
Business. Commercial. Ya«. Oil. Banks 
and Company Law*. Edfted by M. A. 
Nafa. Lawyer. Hardback — approxi- 
mately -MO Page: each. Printed bv 
Oxford University Fress. £35 each Plus 
p. and p. Order from 

ARAB CONSULTANTS 
FOR ARABIC LAW 

1*. Ennis more Gardens Mews. 

LONDON 5W7 1MX 
Tel: 01-589 J295. Tele*: 916903 


- BREWING, SOFT-DRINKS, 
WINE AND MILK 

Major U.K. manufacturing group 
currently marketing a range of 
products into the brewing: soft- 
drink. wine and mHk industries 
would discuss with other manu- 
facturing companies the possi- 
bility of factoring suitable 
products to these industries in 
the U.K. 

Please write to: 

Mr. R. H. V. Dixon. 

6, Snow Hill. 

London. ECIA 2AL. England. 


A PRIVATE INVESTOR'S 

UNIQUE OPPORTUNITY 

Invest up to C275.000 m Land, 
Building- etc. and takeover in Hamp- 
shire old established private business 
from original owner now wishing to 
retire. A small tofaf technical staff 
available lor the day to day respon- 
sibilities. B»g potential and special 
cax advantages. 

Wrrte Bo* G.TSt?. Financial Timet. 
JO, Cannon Street, EC4P 4BT. 


FOR SALE 

EXPORT ONLY 

250.000 tons nce.4pc broken. 

50.000 tons cane sugar 99.8 pal. 

100.000 cases Scotch whisky from £5 
per ease. 

Arriving Rotterdam shit week 180.000 
cases (0.000 USA mfrd cigarettes, 
popular brands, keen prices. 

Export Drive Limited, 6 Old Bond St.. 
London Wf A 3TA. Tel: Of. 629 8587. 
Teles: 262350 Impldn C 


IN 1975 

we started a shipping company with 
limited capital. We raised money and 
bought a vessel wlhch we now own 
free oi all encumor iwes. 

We seek additional * nance from on 
entrepreneur to fund a programme ot 
modernisation and acquisition oi other 
vessels. 

This. will minimise running costs and 
■ achieve great reliability -with enormous 
-capital leavings agefnst' | l>e cast OI n*w 
built vessels. 

Entrepreneurs Please write In confidence 
ro Bo* G.1745. Financial Times, lO. 
Cannon Street EC4P 4MY. 


A.E.A. BUSINESS 
CONSULTANTS 

Are you a dynamic company with 
plans to expand -your business or 
appoinc igencs in any ol the West 
African countries, e.g. Nigeria f We 
are the right people ro cake care of 
your commercial interests in Africa. 
We can ‘ e»en take you there— For 
immediate action. Tel. 01-992 1298 
or write ALUWOADE t SONS. IS 
Berrymead Gardens, London. W.J. 


MARKETING COMPANY 

seeks produce lima on which to un- 
dertake * dynamic promotional opera- 
tion. and would be willing to consider 
w<th existing management any pro- 
position- for exploiting the full growth 
potential in the market. Acquisition 
of a small to medium company wish, 
complementary potential is also with- 
in our brief. Derails should be 
addressed in Confidence co The Senior 
Partners, 

Bos G.f 815. Financial Times. 

-tO. Cannon Street. EC4P 4 BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed - 
by IBM. Buy. save up to 40 p-c. 
Lease J years from £3:70 weekly. 
Rent from £29 per month. 

’ : Phone: 01-441 2345 


PLANT AND MACHINERY 


GENERATORS 

I «6‘ 1000 KVA new sets from manufacturer complete ready for push-button' 
start skid mounted/traller foil control Panel auto safety features silencers 
batteries continuous-' rated at O.Spr SOhz (standby rating 1 10 per cent, greater- 
KVA value). 

Examples X 

■ 100KVA BOKW CUMMINS NT495G £5807 

250KVA 200KVY CUMMINS NTAB5SG £11500 

.500KVA 400KW CUMMINS VTA23D0G £25464 

. 7 1 5KVA J72KW CUMMINS KTA2300G £36622 

Terms— Payment before delivery no middle men and users only 
Hr. Stuin. Racer Led.. Grcfe House South i 65/67. Wembley Hill Raid. 
Wembley. Middlesex HA9 8DP. Telephone: 01-903 4455. Telex: 923421. 


37 


“ LITTLE TIGER” 

Portable Welder 

•3S0 amp with Lister diesel engine £335.00 

180 amp with Briggs & Stratton petrol engine £665.00 
Also: ■ 

300 amp with Lister diesel. engine £1,634.00 

Agents in U.K'. and abroad required. 

OXFORD DIESELS LIMITED, 

Dty -Sandford, Abingdon. Oxon. - 
Tel: Oxford 730014 Telex: 837605 


GENERATING SETS 

DORMAN 400 KYA 
GENERATING SETS 

Brand new skH mounted units. Com- 
plete and ready to use at £36.850.80. 
Each delivery ex stock. If required 
could be mounted an trailers at 
extra cosc. Other rises down to 
SO KVA also- available ex nock. 

OXFORD DIESELS LTD. 

Dry Sandford, Abingdon, Oxon 
Tel: Oxford 730014 
Telex 837604 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wisely, from the tnanu lecturer* 
with full after-sales service 

CLARKE GROUP 
01-985 7581/0019 
Telex 897784 


GENERATORS 2-3.000 KVA now and ueod. 
Immediately available. Keen competitive 
prices. Genre* Ltd- iD73522i 3033. 
Telex B 48 53 7- _ - 

WANTED — Wheeled and Tracked Lxnva- 
ters. JCBt.-MF and RBs. Hughes Bros 
Wtiitboiirn*. Wore*. TeL Knlghtwiek 
108852) 2 SI. 


'THE 1 1 ST "OF-' APPLICATIONS WILL 'EE -'OPENED AT 10 a.tn. ON 
.THUR5DAr. r 2?th APRIL 197? AND- WILL .Bt. CiOSBD AT ANY TIME 
: - . r . ■ r -IHEREAFTER ON 'THAT DAY 


12 per cent EXCHEQUER 
STOCK, 19S8 

ISSUE OF £800,000,000 AT £96.00 PER CENT 


PAYABLE AS FOLLOWS : 

On applickcion • £30.00 per cent 

On Monday. 15th. 'May 1978' -05.00 per-cent 

On Wednesday. 7th June I97S. 01.00 per cent - '- 

£96fi0 per cent 


INTEREST PAYABLE HALF-YEARLY ON. 20th MAY AND 
-20th. NOVEMBER- 

This .vtnrft la nn fm’cslinnif hilltop Kllhfti Pnrl'U Ot the Tint Srhedete In' “dim 
Tmai <*■ imounmits Art wi. Atipitrafhm hah Ih-lu made w (he Cowtal oi The 
Siodt EteJionae. fur t/ic.SUWI: U< Ue.ndmUled to the Offo'vtf {.tsL :. L 

• THE GOVBRyok A.vn OiMP.aftiv n F THE llANJf. UF ENGLAND are authonked 
to receive anplicarioiK fur the state Slock. '' 

' The principal of and linerejn on ibe Stock will be a chars;? on lhe National Ltyios 
Fund, vkiili reemirse to ihe CwioolWuied Fund of the Unlied Kingdom. 

The Slock Will he repaid ai par oa 30lb November 199b. y 

The Flock mill be reuimervd ai Uti Bank of Enstand or gi the Bask Of (reload. 
BeHosi; and bill be irsirsier-jb]*. in- multiples m am* new penny, by inmrumenv-fa 
uTilink iu ac-curdanet: With ihe Siuck Transfer AW 10S3. Transfer* Pfu he ftW 201 

sump diuy..„ - . ir 

Interest bill be payable half-yearly' on 2Wb May and 20ih Novtinber. Income 
lax will be deducted lrom naynteuis oi more (ban £6 per annum, interesi warrants 
win be transmitted by wu.t. The rtrsi puymeni vill be made oa join November 1378 
at the role ot tS.lfl Per noa ot the Moth. ‘ -1T 

Application* will be received ai Use Bank of England. New Issues, Wallins sot*. 
London. EMM 1AA. Applications tor amounts up to 0,088 Slock must be In muHIpfes 
*f Q&3; applications for amounis between E2AW and E5B.0U Stock must be In mutdjHW 
of ESM; applications lor mure Unu E5B.M8 Stock mini bo In multiples of n.BBO. ; A 
separate cheffue repneunUng a deposit of E30.00 per cent of Ibe rpimuuti amgiuit 
applied Tor must accompany each application. 

Letters of allotment in resueci oi Stood, allotted u-ill be deopmubed by post at 
tee risk of ihe appUcaoL No uKdinwot will ta made fur a less arnouai than fi« 
Slock. In the event of panml allotment, tee balance o( the amount paid at detxunt 
will be refunded 'by fbuqiic drspatebed by put! 31 tee risk or ibe applicant: items 
allot id cm ia made the amount mid as deposit will be returned likewise. Payment In 
ful) tuay be iuade Si any time after allotment but no dlMmuoi wifi be allowed on Bach 
payment. Default in ihe nrnieol of any insnilnieiit by Its due dale will render dim 
fletmsiT and any tssialnieni pretiouiily paid liable to lorieiiure and ibe allotment ..m 
cancellation. 

Letters' ol aVafmeni'uiay be split Jjjth dmomlnailons ol multiples of E1B0 on 
written request received by the B-apk ot.Ensland, New Issues. Wiitllnc Street. London. 
£C4M 9AA. or by any of Ibe branches of the Bank of Eocbutd, on any date ntn later 
than Ste June luTB— sm-h teouests uoiust be suned and must be accompanied by tea 
Jefiers of atioiinem tbui leu ers cannot be hplit IT an imialnienl payment is overdue ». 

Lctiers of allottuem must be surrendered lor reBistrmion, acvompaniMf by a 
completed reftistratiott lurni. when the final lnsiaJroeni is paid, unless payment In full 
has been made before tee due dale, in which case ihey must be surrendered for 
j-eKlstrauoa nm later than Tib June 1978. 

. a cum mission ai ter rate of CSp per £10# of the Stack will be paid to ban^Hn 
or stockbrokers on ailaiiuemb made In respect of appftcatfoaK bearing tberr stamp. 
flowever. no bayoieni will be made where the banker or stockbroker would recefo* 
by way of commfssiou a total of less than 71- - 

Appliiaiitm forms and comes of this praspectus may be obtained at theBarYnf 
England. New Issues. Wallinc Strtei. London. EMM 9AA. or at any of tee branfipfs 
ot the Bank or England: ai the Bank or Ireland. F.n. Box 13. DonecaU Place. BeHam. 
BTl SBX: at Millions i Co., is Moorsaie, London. EC2R SAN; or ai any office « 
The Stock Exchange In the United Kinedom. - - 

BANK OK ENGLAND . . 

LOfC DON 

21st April 1978. ' 

v.-_. 

THIS FORM MAY BE USED 


For use by Banker or Stockbroker claiming commission — 


(Stamp) 


VAT Regn. N'o, 


( If noc registered puc “NONE”}^' 


THE LIST -OF APPLICATIONS WILL BE OPENED AT ’ratTHB^X. 

snh APRIL 1978 AND WILL BE CLOSED^ AT ANY TIME THEREAFTER ON THAT 

12 per cent Exchequer Stock, 1998 

. ISSUE OF £800,000,000. AT £96.00 PER CENT 2i 


TO THE GOVERNOR AND COMPANY OF THE BANK OF ENGLAND 
The antdicani named below requests you to a rial to him/her In accordance with tb* 
terms ot ihe prospectus dated 2t« April UTS 



gay pounds of tho 

abwe-named 'stock and hereby eo gases i o pay the instalments as they shall become 
doe an any allotment that may he made In respect or this application, as ororided 
by die said prospectus. The applicant reoaests that any Idler of allotment tin 
respect of the Stock allotted be sent to him-her by post at Ms/her risk. 

The sum of h bring tee amount of lhe required demsit (nudotr 

130 88 tor every flW of tee Stock applied lor>. is enclosed. . ' 

cli'We declare teat tee appbeut is not rejddent outside tee Scheduled TwriwrlsSd 
aod that the security is not be ihe acquired by the applicant as tee nomuM of ^ny 
person i s') resident oanide those Terriiorie*. 


April 1878 

PLEASE USE BLOCK LETTERS 


SIGNATURE 


of. or on behalf of, applicant. 


SURNAME OF APPLICANT 
MR.' MRS MISS OR TITLE 


FIRST NAMElSi IN FULL 

address in full 


TggcBS tor amounta ttp B BW ioock roiaa be In multiples ef OK; i 5gI5- 
tiens for amounts between £2,808 and ES8.B00 Stock must be In molUptos of CSfiO: 
applications for more than BJWOO Stock, must be >“ multiples of 0,888. Applica- 
tions should be lodged u the Bank, of England, New Issues, Watting Streak. Undo*. 
EC4H 9AA. 

A separate cheque must accompany each application. Cheques shooM he made 
payable to “Rank of England” and- crossed "Exchequer Stock”. 

If this, declaratiou cannot be made it should be deleted and reference should fee 
made to an Authorised Depositary or. in the Republic of Ireland, an Approved 
Agent, through Whom lodgment should be effected. Authorised Depositaries are 
listed iu ibe Bank or Ensland's Nonce EC l and_ Include most banks and stock- 
brokers and solicitors praetishu: in tee tinned Kingdom, lhe Channel Islands or 
the Isle of Man: .Approved Agent > m the Republic of Ireland are defined in the 
Bank of Ensland's Notice EC 10. 

d -The Scheduled Territories at present cowwib* (he United Klnsdom, the Qiandol 
"islands, the Isle of Man, (he Republic Of Ireland and Gibraltar. 


EUROPEAN OPTIONS EXCHANGE 


Opium 

1 Price i 

July 

Close 

Trd. 

OCL 

Lit use Vol. 

Jan. 

• Close Vol. 

Equity 

1 close 

K. Kodak 

. S40 • 





_ ; 

— 

— 

— 

548 U 

-E. Ko-UW 

| S45‘ 

• 43« 

3 ■ 

5H 

32 

■ — ■ 

— 

om " 

K. kudak 

850 

2t B 

21 

5«i • 

44 

4 

2 

s&5ii ; 

Gtt ■ 

<- 450 i 


— 

155« . 

1. 

• — 

— - 

CM 

] SbO ■ 

— 


5?a 

4 

— , 

— 

oa 

Gil- 

! S70 1 




llg 

12 - 

2 

2 

a 

IBM 

i sz*a 



— 

■ 19fa ’ 

3 

- 1 

— ■ 

52533< ; 

■IBM. 

8360 ■ 

-T 

4 

9>1 

.5 

lUa . 

2 

n 

IRif 

S280 

■ — r , 

— 

3?g ; 

8 

■ — 

— 


Plilllps 

. jFZZ.SO 1 

— ! 

— 


— 

4.20 

1 

F25.20 • 

Philips 

•PS5.00 

— . 

— 

2.80 

2 

2.50 : 

5 

r, « 

Pbi'ifr* 

.P27.50 

0.30 

X 

0.60 

20 

1.20 

5 

■ ■ - v 

It D. Shell 

. FXZO 

■ — ■ 1 


11.50 1 

14 

— 

— 

FUD - 

If. 1*. Shell 

■ P130 

4.00 

24 

4.30 

44 

6 ■ 

3 

• o O, 

11. U. Shell 

: F2*0. 

— 

— 

1.20 

3 . 

1 1 

1 


tint lever 

: -FI 10 

12.50 

2 

— 

— 

i 

— 

F 131.50“ 

l nilever 

, P120 . 

3.70 

3 

4.70 

a 

i 1 

— 

i, 

l’ ni lever 

1 F130; 

— ’ . 

— 

; 1.3D 

a 

• 1.90 . 

S 

*0 


1 i 

May 


Atiititai 

V™ timber 

- 

BP 

700p. 

7B . 



SB : 

— 

12Q . 

— 

768p i 

UP 

■ 750p 

35 

— , 

45 * 

— # 

. 70 . 

— 


HI* 

: 8Q0p 

15 



16 • 

■ — 

48 - 

— 

on [ 

liRC 

1 8Q0p 

. 54 . 


65 

— 

90 • 

— 

240p i 

It EC 

zasp 

28 

— , - 

38 • 

— 

58 

— 

„ 

aw 

- ZSOp 

' 9 : 


: 20 

— 

35 

— 

-• 

use 

: 27 5 p 

10 ~ 



. 14 

-*■ 

20 - 

— 


11*1 

1 500 p 

55 

__ 

.75 

— 

8fl 

— 

342p 

kT YS 

‘ t .325). 

■ 29 

■ 

! 56 


■ 50" 

JT 

-i 

id 

350p . 

18 

— . 

16 

- — 

37 

■ — 

M 

ICI 

i 475,. 

14 . 

— 

. 16 


26 

— 

•• i 


APOLLO 

Erfitetf by Denys Sutton 

The world's leading magazine of 
Arts and Antiques 


Published Monthly price £2.00. Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted S56 
Apollo 'Magiztae. Bracken House. 10. Cannon Street, London, 
EC4P4BY. Tel: Q1-24B 8000. 


* 



38 


Financial 'Itoes'^ruesday. 


WALL 


+ OVERSEAS MARKETS 


+ FOREIGN EX 




Small early gain in reduced activity 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, April 2 U 


\ MODEST firming tendency took 
place on Wall Street this momins 
in reduced activity, helped by a 
firmer dollar on Overseas Foreign 
Eschanse markets and belter- 
ihan-espected earaings from Easi- 
raan Kodak. 

The. Dow Jones Industrial 
Average recorded an improve- 
ment of l.ftl al 814.71 at 1 p.n) . 


' Closing prices and market 
■-reports were not available 
for this edition. 


Nuclear fell 2? to SSSj, Smith- 
kline 1> to 5523, Texas Instrn- 
ments ij to $721, and Digital 
Equipment 1' to $4iJj. 

TH E AMERICAN SE Ma rket 
Value Index moved up 0.32 to 
123.95 at 1 p.m. on volume of 
2.20m. shares (2.40m. J. 

Actives, however, included 
Ranger Oil; down 3 at S30j, Sun- 
dance, 1 ■ lower at S32;, and 
Pepcom, U off at $23i. 


OTHER MARKETS 


'while the NYSE Ail Common 
Index was 11 cents higher at 
‘$52.76 and gains led declines by 
! a seven-to-Gve margin. Turnover 
■contracted to lS£5m. shares From 
'last Fridays I P-m. level or 
'22.03m. 

Analysis warned, however, that 
“profit-taking and fears of addi- 
tional moves by the Federal 
' Reserve to tighten credit may cut 
into the market's improvement 
-later. 

Kodak. announcing sharply 
-higher earnings over the weeb- 
.•end. advanced SI to S4S;. Exxon 
.-were steady at $47i aFter ini- 
'-.proved results, while Goodyear, 
'despite lower earnings, held un- 
changed at SI7j. 

IBM rose \ to $253? — the com- 
pany declared that it is expanding 
ft)' meet near record product 
demand. Telcdyne advanced IS 
. to asij. 

• '"On the downside. United 


GERMANY — Share ■ prices, 
weakened furrher across the 
Board, p ullin g the Commerzbank 
index down 7.5 to a new 1978 low 
oF 767.6 

Brokers attributed the fall to 
a lack of buying orders rather 

than heayy selling. They said 
market confidence was drooping 
in the face of the continued 
strength of the dollar. In addi- 
tion. a report from West Ger- 
many's Sve leading economic in- 
stitutes predicting only a 2.5 per 
cent, real growth in 1978 com- 
pared with the Government's goal 
of 3.3 per eenL was also dampen- 
ing sentiment. 

Leading Banks and Machine 
Manufacturers were hardest hit. 
with Deutsche Bank losing DM3.40 
and Gutcfcoffnungbuettc DM430. 
Electricals ' sustained declines 
ranging to DM2 .50. 

Leading' Chemicals, however. 


were only marginally lower. Re- 
sisting the downtrend in Motors 
were Volkswagen, which gained 
DM0.GQ after a 5-3 per cent, wage 
increase settlement, reached on 
Sunday, averted a strike at the 
company. 

Public Authority Bonds were up 
to 20 pfennigs easier. The Regu- 
lating Authorities bought a nomi- 
nal DMS.om. of paper aFter selling 
DM3.6m. last Friday. Mark Foreign 
Loans also softened. 

TOKYO— Initial gains were 
later trimmed or more than lost, 
leaving the Xihkej-Dow .Jones 
Average a modest 6.74 higher on 
balance at 5.514.78 after moderate 
volume of 210m. shares. 

Electricals and Motors fell after 
a firm start, as many investors 
withdrew ahead of the Japanese 
railway strikes, planned to start 
to-day. Sony. YL930. and TDK 
Electron ics. Y2,I40. each ended 
Y30 down on the day. while 
Toyota Motor were Yfl cheaper at 
Y952. 

Elsewhere. however. Nippon 
Steel put on Y2 to Y109 on active 
buying by institutional investors 
following the signing of a pro- 
tocol agreement with China on the 
building of a big iron and steel 
plant in Shanghai. Cameras gained 
ground in sympathy with Canon. 
which added Y4 at Y514 on~a 33.5 
per cenL rise in its consolidated 
net profits for 1977. 

PARIS — There w as no clear 
trend yesterday. 

The statement by Rene Monory. 


»he Econoufics Minister, that 
Price freedom would be intro- 
duced between July and Decem- 
ber combined with news of a 
S -point cut In Call Money rate to 
Si per cent helped some shares 
Into higher ground, but others 
Went lower on profit taking. 

Banks, Rubbers and Electricals 
were generally easier, but Metals 
strengthened, while Foods and 
Chemicals showed marginal gains. 

CCF. - Schneider, Saint-Louis, 
Corel, Paris France. Marine U'cn- 
del. Normandie. Cntclle and 
L'Oreal were all notably higher 
at the. end of the session, but 
Bancaire. Sue*. Polici. Michel in, 
Podain, Perrier. CGC and C1T- 
AlcateJ were among stocks to 
weaken. . 


CANADA— Stocks presented a 
mixed appearance at mid-session 
after a' fairly .active business. The 
Toronto .Composite index was 
just 0.4 easier at 1,086.1 at noon, 
while Golds weakened 15’.7 to 
1,209.5 oh index. Banks shed 
0.72 to 25S.47, but Oils and' Gas 
■added .3.7 at ' 1,43.4.6 and Utilities 
0.30 at 167.90. - 

Canadian Cablesystems “A" 
jumped $1 to $151 on higher first- 
half earnings and a dividend In- 
crease. 


BRUSSELS — Mostly higher after 
active, trading. 

Among Steels, Clabecq rose 52 
to BJFrs.1,310, while Non-Ferrous 
Metals, had Asturienne up 44 at 
B.Frs.720 and Union Miniere 20 


Indices 


N.Y.S.E. ALL COMMON 


1972 


Rises and Falls 

; A|C.CI| A|.r. 20| Apr. 19 


NEW YORK ^dow jones 


Apr. ! Apr. ; Apr. • Apr. — 

:-i i eo . 19 ; is ; Hi*u 


A nr. Apr. ! Apr. Apr. Ai 


21 


SO 


Lpr. Apr. Apr. Apr. j — ■. 

fa ■ 18 17 . 1* I High | .Law UIrN | Ln« 


Since crunpual'T, 


S2.6&I &2.7S 62.56 52. Iff 52.75 | 46.57 
1 COlit i i6yo» 


Hmics naded-. 1.830 '. 1.910 1.921 

; ki*n .i 721 2.028 ; 072 

Valia : 715 . 475 , 625 

I'ndauwBd -462 417: 43* 

New Blab* 88 144 

Men-LoB-* ‘ 17 21. 


MONTREAL 


- Industrial ... BI2.80' 814.54 8SB.Q4 805.27 810.12 795. W 817.74 ' 742.12 1 1051.70 41.22 

<3;li ; (2d, in :<!L lilti 0.1 JBi 

B'meB'n-lf 89.20 (9.28 89.42 E9.55. 83-36 8S.54 SO.aS ' 8S.S0 - - 

■41) rl2.4) 

'tiiniL-jn. . 22(1.59 2».4S 217.72 218.16 218.50 213.77 220.63 19=-3I 275.88 , 15.23 

.21-4, i4<li Il. 2 .* 2 ‘ ,<£:i £Z. 

. Lulitie*.. .. 108.77 105.75 I0G.55 104.97 105.72 106.09 110.98 : 102.84 ; 183.32 18.69 

>o.lj -22.2- .204*8! I2c 4,«2i 


. =ri A s5 -: A ^i A jrr 


1013 


High 


!<»*■ 


Industrial 

LoihWdciI 


, 178.41 179.89! 1B8.S4 180.67 161.47(17/4. 

f 18642 188.82. 187.19, 187.21 197,98(174) 


162.90 • ib'2. 
170.82 1 30/1. 


TORONTO (.VnipoMM 10864 10894, 1087.6 1087.2 1091.4 <17.4. 


998.2 «50’1- 


l'rvllne ml. 

r - UMS i 31.540 43.230 35.060 38.850 63.800 52-2*0 


JOHANNESBURG 

CSvM 

IndUMtrtal* 


184.8 183.0 187.4 
211. 6 211.5 310.8 


184.5 

209.9 


219.7 
214.4 i 4,1 i 


183.0 (20 *■ 
194.9 <153. 


* Khu, nl influx CtlUWM from AllKllM 24. 


lad. ill*, \leiil 


Apr. .14 A,.r. i j Alar- 31 J Yv a«o 'approx.- 


April Prer- 1972 
24 iou* High 


l«7S 

Luir 


\ April • Pie- l9io ■ 1973 
24 1 vitnj* Hi-b la.n 


5.86 


6.06 


6.16 


4.49 


STANDARD AND BOOKS 


Apr. Apr. •' Apr. . Apr. 
21 20 1 19-18 


AW. 

17 


since Lvrn pi lai n 


1&7JT 

Apr. • . 

14 , High I Lu« i Hlsh ' U-w 


: Industrial* 103.82 104.10 103.38 102.97 104.13 102.45 114.13 j 95.82 : 134.84 5.82 

' <174 i 1 (6 ,4 1 *tl|L,7di iWibii^i 

A Composite 84 54 84.54 93.86 93.43 94.45 92.62 84.54 . 68.90 123.85 4.40 

(20 4i ‘ (6i 5i ■ 11.1 »7 4. 


Apr. 19 ; 12 , Apr. 5 Year aye lapprox.) 


■Australia.'* i 469.27 469.94 
Belgium 100,64 100.06 
Denmark*** 94 .6* u-> 

France *d.l 68.2 
Germany t7i 101.6' TiS.l 
Holland ■»• 79. r- TW 

Hong Kong 44f. 62 ... 

Italy <j0.b3 p0.o4 

Japan ‘m. 412.21 411.83 


479.45 441.19 
<3,b i il,5> 
100.54 ' 90.45 
•24,4. . (121. 


Spain 


«?.13 

A'li 

.21.4,. 
812.7 
• I0-2i 
82.1 
-10.2i 


94.00 
|b<2> 
47^1 
(AB. 
767.6 
■24-4. 

76.0 
><i;4. 


\Ji — " 97.65 9c.9J S7A8 
•10.1. • 1T,5 i 
Sweden -n 532.76 561. 9i 585.10 . 52.1.74 

. ' >Ij.4i ; i5;li 

Switzerld'^ 377.9 2S0.4 

■ • - 14;4. .10:5. 


4cl.Pi 535.44 
•4)4. i'tSil . 


SAW 

.6,3. 


». «:3 

.10,1 


7fl-f. rlir. yield \ 


5-14 


5.36 


5.39 


4.33 


4K5.il 564.04 
■ 19(4. .41. 


Ind. P,E Ratio 


8.94 


8.56 


8.48 


10.41 


Singapore •*» .Vi. up .*04.41 3C.oo 


•20.4. I lf*>) 


t«ii Ci.«rl. Bond yieUI 


8.30 


8.34 


8.32 


7.62 


lnd/cr» and base dales >ajl base values 
100 exevot 7CYSE All Cqnimun — 50 
Standards and Poors — lu and Toronto 
300-1>JO. the last named based on 1973 1. 
> Isscludlng bonds. . mu indusiruls. 
3 400 Inds. 40 OtSiUos. 40 Finnnc-.- und 
;u Trampon. t( i Sydney .Ml Ord. 

Cl. Bclaian Sis 1112 m 

SVi l i 75. i**! Party Bourse 1*41. 

.77. Conum-rabanirDep.. llSi < f; . AmshT- 
dam. Induytml 1B7Q •*'. Bans S>-ue 
Park :i T *. r.,T|» Milan _• l 73. -u- Tokyo 
Now SF. 4 1-65. ib.Rirnli* Times 18M. 
«*•» Closed. Ml Madrid SE 15 r 

ir. SLiK-kholm lndnMrial i l . I > Suns* 
Rank Corn, mi Unavailable. 


OVERSEAS SHARE 


NEW YORK 

April April 
31 i 20 


finds 


Lbbott Lab* .. 
IddrtawiRmph . . 
tema Llle k Case' 
tir Produel a.... 



UomAJiunltucm: 

UcQH 

Ul«^.. Luillum...] 
Ulogheny Pouer' 
Vllied Chemical.. i 
klliad Sion*.. ... 
kills Cbaloicr* .. 

kM.CX 

Lmenuia Hm .... 
Loier. Airlines...' 
knier. Brands... 
knier. 'Broadcast 
imer, Can. . 
kmer.t mnainJd 
i mcr. Klee. IVa 
tmer. K\pretf .. 
kirier.H'.niePn.'d 
I mrr. Medical . 
Imn. Uvteik. .. 

I dim. Nil. i.i ar.. 
irn'T. >tan<laul.' 
micr. Mores 
imer. Tel. A lei. 

imetek 

k.'IF 

tMP . 

Lmpcv 

kueb-.-r HcvLins- 
inUe.iTpr Bim.-li. 
krmc».. Steel. . .. 

t.S.A 

Ira men. uil 


A Mire*.' 

Ashland Oil 

AM. K.'-hl icM 

A.ilnDeta Pr>...... 

Ml 

Aw 

»ton PiuliMi .. 
Eialt Ua- Kl«^. . 
Bank America. 
Bankers Tr. N.V. 
B«rt.«r Oil. .. 
Baxter Trarenxl.. 
Sntrtaf Kiyyi.. 
He* inn Dickenson 1 
ReU J Ho»eli.. . 
Bvndia . 

BenS’ivi 4.011* 'B' 
Herblelien. Steel. 
Plneli A Decker .. 
Bceinc - 
Boise Cascaiie.... 

B-iolen 

Jfc.'is lTamei 

Branlu Ini 

Bra 4. an ■ 

Brisu.rM.vm.. 
Bril. Pet. ADR. 
Bfockway (*la*«.. 

Brunswick . . . — 

Bhryru* Erie • 

Build.- . 

Buloro Watch .. 
Burlington N'tbn 
BurrvuglLs 
Lampbell smip 

I'ajMdlan l^u-n i«- 
i.abal.Kandolpli.. 

• arnatiua . 

(inier k General 
I'arter Hawley.. 
«.'«terpiHarTiaet» 
CBS - 

f. elanese kor,.ii .. 
I'eniral k SAV... 

tlerulnteed 

f.wuia Airctail .. 
t ,ba*e Manhattan 
t hemical Bk.NY 
( tie*et.r”b IW1.. 
t hewJe system., 
it hioigo Bridge.. 

CbromaJk-y 

i!hry*lcr 

< inerarru... 

Ciifc. M (lai-ron ■ 

Aiticrep 

lliiea service 

i. ny Invest mg.... 

t.t«3i tola. 

(folgaia Palm 

t'oIHas Altman- 

I'olumbla (its 

I'olumbin Piet.... 

4 om. lnsCn.nl Am 
Lurabuktion Eng. 

< «mbust ion Eq . 
»''rn , »' , lh Kdlwn 

• nm'o 'th Oil Her 
I ■omm.saielliie.. 

•' emputerscience 
4..1BD. Ltie lus. . 

( f-nra.; 

• on. Edlwn >.Y. 
CiiqmI Fv.» 1 s . ■ 

( '*s(i*oE ,V*t, (■*•.. 

• .'■’nsurncr i\i«er 

loental C.r|>. 
«<*js»tineot»IUil- 
' 'toi mental Tele, 
f-mip'l Dam... .. 

!->■;« [n>1u- w ... 


573* | 
1936 I 
39Se ' 
37 ; 

495 S I 
263a 
43ia ’ 
20 ; 
18 U : 
42l 3 
23 

28 1 b j 

3 s ; 9 
263* • 
ilia • 
49 : 
44 >« i 
39 k i 

26 i 
23k 
3434 ' 
28 • 
2ilf 

4k 
43 7* 
39 1 « 
32b! ; 
6a i* : 

32*5 
17 
29 
14 1 a 

27 
23 
27 1« 
19k 
lOlj , 
17.V 
303 B 

a*4 
28/ a 
9 U 

aa: a 

50 la 
24i« 
24Js 
36ij) 
28 sb 
385 4 

20 u 
38*4 • 
Iflig 
36>2 ■ 
24a 
227s 

17U 

381, 

28 


584a 
19 M 
381 = 
261s 
4B3» 
27 
44 
20 '8 
183s 
421* 
23 
283s 
36 
27 S* 


Slock 


April 


April 

20 . 


INFORMATION 

i V . 


Ini. S Prem. S2.W to JE106i«'„ (19061%) 
Effective rale (1.8235>‘44J% (45} %) 


Slook 


Aon 

20 


Murk 


April 

21 


April 

20 


at'/k 


Al-.l 

21 


Aim > 
20 


Cowing GtaM....; 604 
LPC Int’o'iumail 457$ 

Crane 

i Crocker Xau ] 

■ Crown ZeUerbech. 
Cummins BnMne! 
Curtiae Wright...! 


28ia 

273* 

32 

38v, 

201a 


511* 

456s 

29l : 

273* 

32 

3B1 2 

20k 


lion 
47 ig 
44ia 
39 
261* 
23k 
351s 
28 1* 
23ig 
4k 
437* 
3»k 
32ia 
62'; 
33lj 
17 
Z8J( 
135* 
27 
21 .* 
271* 
19 is 
101 * 


Dana 

Hart lndastrtea- 

, Deere • 

! Del Monte: j 

j DeUuna ; 

i Deu(s p(,c Inter-., 
i Detroit Edison ..... 
j Diamonds barorkl 

Uictapbone , 

Digiu Equip.,....' 

Disney i Wain 

Dover Corpu. ...... 

D>,.n (.TjemicaL-. 

Drav.,i 

Dremer 

Du Punt 

Uymo Industrie*' 

Ei^le Prcher 

bast Airline* 

fast man Kodak.. 

1 baton 


25k 
41S> 
27t* 
26 
9i a 
isij 
161* 
241* 
15k 
40i a 
375* 
45k 
264* 
28.* 
401* 
113ij 
16.8 
19 -S 
a 

47ig 

37 jg 


2478 
41k 
271* 
26 
97 b 
19k 
161 * 
241* 
1542 
42 
371 B 
4S 
26 1; 
291* 
397b 
1133* 
171* 
193* 
77 a 
48 <* 
36&g 


| Johns Uaanllf— ; 
I Johnsun Johnson { 
I Johnson CtMlHuLi 
; JoyManiiiacturtg. 

K. llajt Lwrii 

: KaiserAlunilni'ni! 
: Kaiser lnduMnea : 
■ Kaiser .Steel 1 

j Sv i 

Kennecutt 

1 Kerr McGee. 

K aide Waiter i 

Kimberly Clerk J 

Kopr«r> -.■ 

Kran ' 

Kroger Co. 

hevi ^traurs. 

Libby ijxv J^oul-.j 


29k 

11.4 

14 

32! = 

13-b 

32 

14 

IB.'s I 
33sa 
6 

385a 

66 it . 

31.8 
16 
111* 
27U 
121a 
181* 
52 G 
5238 
40 
161* 
221* ■ 
33i K 
321* 
4 h 3 
24 la 
33k 
5UI- 
i9k 
lg'3 
2 k 

26 *e 

23 

SOts 

15 
40i* 
20k 
Ilk , 

287b 

17 1 2 . 
187 b 1 

38 

is?* ; 
27 1» 
2 k : 

39 i a . 
Ilk : 
334a 
223* 
23 

2a j* 
A97 fi 
22 ^, ' 
301* 
26i, 
15. « 

2 B'i 

49k , 


17. a 

305 fl 

483* 

29 k 
9U 

231a 

SOI* 

24«i 

Bll 

28 k 
38’* 
243, 
38k 
29U 
37i 3 
2>a 
22 ** 
Ibig 
381* 
28 
28>? 
29k 
121 * 
141, 

32* , 
13'. a 
3Ha 

14k 

187g 

33k' 

6 

38ii 

67i« 

318 

15^4 

11 

271* 
12U 
18k 
52U 
5S.fi 
39s* 
161* 
23k 
34 1 3 
32k 
411? 
24U 
32k 
51 
19 
125, 
2 k 

26 J? 
33k 
50i 2 
14?g 
41 1 8 
2 H< 
Ills 

ESk 

17k 

187g 

58i 2 

161* 

27k 

2 h 

3912 

Ills 

33i* 

22'9 

2276 

’24k 

38k 

23k 

30 >* 

27 n 
151* 
■r 0 4n 

48-b 


I fc. G. A fi 

' Kl .'»t. Ga* 

i Elm 

. Kmcreon Electric 
; KmcrrAIrFrlghl 

' Emluirt 

K..U.I - ■ 

' Eugelhard 

i Enmark...- ' 

i Etbvl 

Kax>'ii 

' Fairchild Camera 
’ Fci. Dept. More* 
Fliertune Tire. 

' Fd. Nat. Boston. 

Flexi Van , 

; FlmiAote 

! Florida Power.. .. 
. Fluor \ 


23k 
15i, 
30.. . 
33k 
431* 
351* 
3 

24i? 
27U 
197* 
471* 
32k 
38k 
14 1« 
281? 
21 k 
241? 
29ae 

361* 


23k 

151* 

30 

331*. 

43 

54k 

av 9 

24 

27k 

20 

47 lg 

32k 

38 

141* 

28k 

21 ^ 

241 S 

297g 

56k 


31k 
69 7 r 
285a 
33 1 * 
271? 
32l 2 : 
l'g 

221 * . 
106 * 
29k ; 
47 ?s 
51k i 
447 B ! 
23 la ; 
46i* ; 
31k • 
311 a ; 
271* : 


31k 

69k 

295* 

33k 
27 1 2 
33 
2 

22 k 
101 * 
26 
48U 

3lk 

441* 

231* 

46 

31k 

31U 

28k 


1 I ter lor? 

I Uc.vnuld* Metals.' 
■ Uejni«*l» II. J.... 

I Kteb'xm Merrell. 

I K<x-kwvll Inter -• 
I ibrtun 4 Haa»....~ 


i^gget Group I 

Lilly -Eli. I 

Litton Jri'iust.-.. 

L*Kklice>l.Vlivr'li , 
Lone MSJ- Inds.. ■ 
Djiui Ulan. I Lt*l.| 
Loui-lana Land- 
Luhrikol.. . ........ 

Lucky store* , 

L*Le V'unjo-l ' «s 

MacMillan 

Hues K. H 

Mtr>. Uon.-vcr .... 

MapLxi ; 

Marathon Oil.. .. 
Marine Midland.- 
Marshall Field .... 


33'* I 
43 aa 

18k 

225* , 

187g 

19 

22 lg 
397* 
13.a 

6 i* 

111 * 

421* 

33U 

34.g 

43U 

15k 

23 >t 


32k 
431? 
191g 
21 », 
187? 
191* 
22 k 
391* 
13.? 

&k 

111 ? 

41k 

33L 

35k 

43»? 

Ink 

227* 


! Koval Dutch- ' 

; in E 

liu* liL'KS — 

I lly.ler rjj»iem... 

I ■kie«ay Si.*re- -' 
4t. Joe Minerals. 1 
| -I. K eg)% Rarer... 

I knia Fe ln> Is 

I -»ui Invest 

| ■»%<« Ind* I 

■Miilii/ fimnni.- 1 
' .leti.umlieRier... ■ 

,bl M 

: •■‘coll Purer 

■Nl.* II M i-j . 

■scu-jr Uuol Ve*L 


43>* ; 
30k 
3&k . 
22 »* i 
321* - 
337$ I 

581?' . 
145* 
121 * ; 
17 k 
401;, l 
27 Is • 
27.„- .' 
36i« . 
6 '* ; 

i?’ £ ! 

68 

18k 

14.s 

22 U 

8 


431g 

30k 

58 1* 

23 

o 2 I 3 

34 


58k 

14M 

12 -x 

181* 

40'* 

271* 

271* 

36 

67* 

367 

111 * 

68 

171. 

14a, 

22 >* 

8 


W....I worth 

W\|y.-. 

Xerox 

/spat* 

Zenith 

l.-».1ira-J> l«P‘ 
CS.Irwi-a.Vo/iB 
0.90 l»», hi IK. 


206g 

4 k 
471* 
16 
141; 
; 94.', 
•81k 
6.231 


20'-r 

4 m 

47J, 

16 

14i, 

«94i* 

;81 

6.32 


CANADA 


AhllllU 


1 .Van K m K<-i.- 
I .Vksii 


F.M.C 

' Ford Motor—. 

' Fnrcmosi. McL— 

Foaborv 

i Franklin Mint. . 

' Freeport Mineral 

| FnielMUl 

Fa>)iia inds 


23k 
48 r 8 
19 Ig 
35k 
9k 


28 

101 * I 


234* 
491* 
19 J* 
35ia 
83* 
807s 
27k 
lOlg 


Mar Dept. MWO 

MCA 

McDermott 

1 1J e-Vi'auell Umtg. 
j McUraw Hill i 

MeniureN ! 

Meix-K 

Merrill Lvn*-h.. . 
Mea Pelrolcuiu- 

MUM 

Mini? MlngA; Mig 

Mobil tjorp 

Mmi-amo • 

llury»u j.P ; 

Motorola i 

Murphy Oil 

Nalriscu. I 

X a K.x? Vheititie I... 
National Can 


241? 
45 
261 * 
271 f, 
2 Uk 
391; 

53k 

X 8 u 

&7k 

34ig 

481* 

63->* 

S07j 

47k 

42>s 

35:« 

50 

S 9 Tn 

16k 


24k 

45 

26k 

371* 

20 k 

39 > 
53k 
18k 
36k 
34 
48 ss 
64k 
511* 
463* 
42 lg 
367g 
SOI, 
88 »* 
16 


Sea Container-. . 

: .-taani.i. 

hearie-l-.D.i 

; mi- Kne>«ii-I>— . . 

7EIH.M 

9>Nfll.UU ‘ 

j tins' 1'ianMaa i . 

I '•.ana 

. tJipodfOn. .. . ’ 
. >.iii|4i-nv Pal... 

1 linger — 

roiiiltiKliuc 

. Silitp-n 

; TVidll-kra n . - . 
i Txnitiien, Cal. h<i 
•litem •■■... 

; Si,,?,. \«i. .' 
■-•iiiiliern Pa-iii.-. 
MtntoernKailwa., 


30 
22 '; 
13U 
24 
32. r 
321, 
s 8 >* 
49 
451, 
l**.. 
21 k 
62 k 
d? 
26 
2 a U 
It'. 

431* 

52 

*•91; 


29.8 
22 k 
13«* 
24 ft. 
42^, 
s2i? 
o 8 i? 
491? 
45 

2 H« 
617* 
a *8 
28 
2 a I a 
16«: 
-2 >3 

4* 

491* 


kwn.Mii. iiniuin 

I Alumna -'••■i 

| Astml— 

‘ Uauk 'I ninsi 
1 Eauk ■N-rtn. 
I hd • l!«- •uiit*.. 

Bel, Trlrl^.'.inC- 
j U,.m Valle, lin(...| 


12 !« 

4.50 
30 
IS lg 
48 
20 
201 . 

C i* 
35 
25U 


12 k 

4.30 

31 

19'i 

481. 

iy.„ 
201 * 
v.s 
55 >« 
251? 


| BP V an*.... 

. Bra-cau - 

! Bniu-' 

lr.alt"i« Ik.- - er....' 
1 1 ani!l-> • .1 1 in— » .. 

I ( ai.ii.'a ■nl..' 

I Cfiiuhia x ,\ j^n.. 

! i.xuli ... i.uU ran 
l.aiupia lining,... 
t an I’a.-ii.. . .. 

Can. I'm- !.-■ Iiiv., 

• an. m.|. , 
lirli.i; • ''L.Tle— 
Cas-ail AU •.,» .. 


Si.nl ii-aijil. . . . 
s'w'i Baiidmie?. 
?iww Hindi.... 
. >iifi r\ Kami . 

1 -..Kill 


• G.A.F 

; Laiuiett 

Ken. Amer. Ini ... 

L.A.T.A 

Den. Cable 

. tien. Dynamic-. .. 

• Inn.lita.'Uxj' — 
■ Ueueraf Fou. I n, . 

lieucral Mills.... 

' (ieueral Motor- .. 

• trci>. Pub. I ill. .. 

i.eu. »ijtual..,. ... 
(•eu. 'lei. Klrot... 
lieu. Tyre. 

| CienekN? 

I lieorjpa ParlS* - .. 
1 betl-V OU 1. .. 


Ilk 
40 Ig 
10 
261; 
15lg 
SOU 
501* 
281 * 
27a* 
65 
19 

27 is 
301; 
25k 
.7U 

27*8 

165 


111 *. 

40i* 

10 

Z61- 

15U 

51k 

501; 

28k* 

. 27k 
65 
19 
27 lg 

30k 

25 1 6 
73a 
27 s* 
165 


(illlL-lte 

| (nMtrk'li P. f 

! f; .Midyear Tiro. . 

liuuhi 

. liwuk w. K 

lit. At lap Fai-Tea 
brt. A'urtb Iron.. 1 

I Greyheuml 

| i.iulr*. Wertern.. 

(iulF Oil 

1 Hall burton 

• Hanna Mining.... 

I Uarulschlcsei . .. 

Harris C«r|Hi . . 

J Heln/e H. J... . J 

Heuiileln ■ 

Hewlett Pack* r»i.' 
Hulidey Inn* 

; HuCnbtake 

• Hrniey w«K 

Hoover 

Hnp[wL'on^.Vnier. 
Houston .Sal. Liv,' 

' Hunt' Pb.Ai Cbm 
» Hutton .UP...... 

i I.C. Indus! ric.... 

■ INA 

; In^erooll Hand... 

| Inland Steel 

■ 


26 ip 
221 ? 
17k 
281; . 
26 

8>« 
22s S ■ 
13 -a . 
13k 
24i, 
55-, 
543* 
16k 

50U 
364* • 
26ig 

72i« 
17lg ' 
30 ij 
4914 
12k ; 
291; 

27 

111 * ! 
15k • 
241; 

40 : 

563* 
38k 
14k 


27k 
23!* 
17k 
281; 
26 1 3 
81; 
224* 
14k 
134* 
244, 
56k 
55t* 
16k 
«9ig 
36k 
28 k 
72k 
167 3 
307g 
49 k 
12Jg 
297 S 
27 
111 * 
157g 
2473 
40 1; 
58b 
36k 
14k 


| Nat. Distillers—. 
Nat. Service lud. 
National Meet — 

Nalultia* 

NCK 

Neptune Imp. . . 
New Kii plum t Kl.' 
; New Kuglaud Tel. 
■ Nissan Moliawt" 
Nissan Share. — 
N. L. fudustrie* . 
N ■ <r i k.x ttVptmi 
North Nat. Ua-.„. 
Mill! Suilo l’wr 
Nthwe-t Alrliuvw 
Nt Irani Bamxirt* 
Nurton iNiioOi ... 
Ihi'i.leaisl Petrol 

• lijil v v Slather — 

• III in Kli*rai 

Uliu 


231* 
15 
31i? 
341* 
49k 
20 
2 i: £ 
Oiif 
14 s E 
10 b 
17‘.e 
i tS>t 
d 8 an 
24 lg 
251; 
24-, 
20 
22 b 
481* 
18 
15--a 


23b 
151, 
al»: 
351* 
491; 
I 8 i a 
21 -i 
34 
14!? 
10b 
17at 
26 
391* 
24 k 
25. * 
241* 
20 
23 
47i s 
18 
15l 2 


■pii(>.. .. 

; -laii-leiM UiKiiu-. 
?i.|.UiU.a.iP.mi* 
Ml. Clp lii'iiaiia .. 1 
•>M. Ull Obi-. - .. 
?UuR • hennea.. 
-Icriius Uwt. • 



Ain C» 

^ond-iran.l 

dsuie^ 

Leclim.s-nr 

Tekirnniv 

Iwpljw 

. Telex 

j lerte*” 


241; 
26!; 
18 b 
* 8 ,; 
24 P 
22 b 
4Uk 
hB>, 
e3b 
41'j 
14 k 
33 b 
41b 
39s,- 
251* 
10k 
*’890 
80 1-* 
5 

31b 


24.; 

261? 

181; 
aHb 
24 k 
23 b 
401, 
wB*s 
e3 
41>; 
14 k 
-.4 
41k 
a9>> 
25b 
91* 
38-, 
80 b 
5 

a 0 ;.r 


15k 

Ibb 

13.2a 

37 

12b 

10 

12*p 

26 b 

19b 

18b 

19b 
56 • 
3.«9 


Cl.ldl.*,; : 

<_ .min*. ■ • . .. 

t ■ • .a;. . • 

t <m*i 1 :— ...ir.L- 
( .-.lain .■ 

I Ha. -ii D-. in 1 .. 

I IK-u.-i.ii ‘.tiucs . ‘ 
[Ikq,. VI ... — 

j IK.ii.e I - . I T.'leuu*. 

1 l*. 1.1 Hi. .... Krtdgt' 

, D'di.lm 

' . . 

. FaK-.ii i- 

• I '— 1 


x.-Wle.; 


18k 

27b 

28 

Irk 

61; 

Ilk 

a 

c 8 b 

75 

t4b 

25<: 

17 lg 

131; 

21b 

751* 


! 15-* 
Ibi, 

; li.zj 
! 47 
! 11 •! 

; Hi 
13b 
.81. 

• lwi? 
18b 
ie.. 
561, 

1 a. no 
. « 

■ 18b 

• 27b 
27 b 
l»l» 

! 6 b 
' lib 

• 8 

i t9 

! 74 b 
65 b 
1 2 ab 
' 17 1 , 

' 1 3 13 

■ 20 b 
' >75 


n,cr«asSliipe....l 
llncuh , .irnin,; 
Dwell* lllinrii*'— 

I’aclla- tia» 

IMr-iTn.- Lt"bnng. 
P»c. Pwr.i Lt... 
JViu.\i.iWori«l An 
Pararr Haunltin, 
Pcal.xifj.i- Ini. ...... 

Pen. Pw. a Lj.„. 

Penny J. C 

IVnuir.ll 

Pe.jrfes Druft 

Pwpk** '•*« 

PepidMr 


22 -S 
60b 
21 b 
14 
19 b 
20 b 
6b 
24b 
84k 
alia 

39 
291* 
/ ■* 
37 b 
*81* 


231; 

60k 

21 

23 b 
19k 
21 

61 * 

24 lg 
24 
iilsg 
39 
29 

7'i 

37 

281* 


1 euir."l’Hrt.biini 

I. 

T.-xa-iiUll 

fra, I •• -r. hi. . .. 
ryVlsItilA (•*».. 
Ie»a- Lf ilille- - 

Tune In. 

I iiiHr* lli:n« 

r.nikeii 

Trane 

T.a.KU.o »* 

lis.ixv 

I rati' I men 

frail wax Inir’n 
Trans M..i i.l Air. 

rmeilerx 

In tom men, nl ... 


101,- 

26 '; 

ibi* 

72-. 

SS 

2. I* 

441; 

27.* 

47 b 

33 

IS!, 

lby Q 

4b 
24 b 
17k - 
33 b 
20 r 


10 

26 k 

la 

73,* 

32>* 

2 - b 

431- 

c 8 . 

4BI™ 

333; 

151, 

16 b 
35'* 
24, 

17 -* 
3 3-i, 
191? 


; i.«im<i 

I ■•lain 1 . . . kmie 

I I ».i;i ii.i 1 *iuula 

Ha w Ie-. -l... 1 ^ 11 . 

I H-.llll..;. 1 ..... 

! Il.'l.e- " 1 . • \' ~ .. 
II.i-i-.-i. |'.* 1 Mm;' 

: II. III. —II lie, . 

j 111. l-.-n *lrt ii Ul, 

I l.\.l ' 

I lln*-’.- ,.^.. 

' lll>|>.» 1 Mil 

In— 


2 B 

lib 
29 
ck 
32b 
41b 
lctg 
18. j 

42b 
Irk 
3 . lg 
19b 
IO 


2 b 

10 .« 

29 


32 tg 
40 k 
lol; 

19 
42'; 
Irk 
3eSa 

20 
18b 


r.u.w 

ijtl. Century Fox 

I .1.1 

1 . -VJi.u 


C.U.P 

Iiuevnr 

I m.eier NX 

1,111.4. Puo4p...> 
l ni./U l a H -I- If. . 

Unn L«nimen.T 
I. ui. >ii (»i. 1 4 di - 
Lui.,.. I’;.-iTm-_.. 


37 b 

IsSij 

23S, 

i3^, 

2 u 

20a; 

a 6 b 

34 k 

14 Sg 

401; 

75* 
48 b 
491g 


37 1 ? 
SB 1 :. 
24 1* 
231; 
20 
2 uig 
36 
541; 
14 s* 
40.; 

7b 

48-,; 

49b 


ll,"l* ■ 

[ Inlai... 1,1 l,a*.. 

• Iih'ih 'i i'l.a- Lille 
1 Kai«. > lo-mint-. 

• lan.-in 1 i'ii. e.irf 
b'J'J.X, I -Irl.-U'.. 

1 1 . luieil,. 

Ma*-et F.-i jiixin 
: M. lui, ... : 

: linn. , ■•r|i||..i., < 
. Nora. hi* M mrs... t 

. \. I'iifier- •; 

N I fill. .„ 

: N.i.ium I >.| .V (>*J 
: n*k a..«i 1 'i.i.p'iu.' 

; Ikril.o 1 ..j.|er.lL : 


10 b 
lw.p 
14>, 
14*0 
6 b 

4.00 

19.f 

12 U 

a3b‘ 

a4J- 

2 bb 

lb-b 

29 b 

a7b 


1.70 


10 » 
LV. 
14 i 
14 b 
8 b 
3.bU 
19b 
111 ; 
7*31* 
o3 •, 
sbar. 
17 
ifl'i 
26 b 
a'/ 
1.70 


lb. .I.- , ■:...idi 

I'r.n ■ M«. I'l.i'ni. 
I'niiiw . .. 


U»m.> 

i'l.n-c • an A IM 1 ... 


tntnvont fcner^r 

IBM 

Inti. FUeivur*,... 
Inti. Harxiater. . 
Inll-MinAI'licm 
Inti. Mullifixalr.. 

; Incu 

' Inti. Paper ..... . 

1 I PL 

■ Ini. liwilliei.. . 
Ini. Td. A Tel. 
[iireut . . . 
lira a Uki . . . . 
II' liricnati»nal 
jJim tlaliai 


81? 

2S3U 
glk 
29^i 
40 1 3 
22 b 
1 SX 
38sg 
29 k 
ll-v 
30b 
lb- 
35 
12b 
31 b 


8 -» 
.253 Li 
21 b 
297g 
' 4u^ 
22 k 
. 157fl 

38s; 
291* 
lib 
301, 
llg 

33.;. 
! lib. 
, 31b 


Perkin Klmer 

P« 

Pfiier 

Phelps UuIke. ... 
riiila.Jel|ilda Blc.. 
Pbilij.M'jrru, .. .. 
Phitii*. Pcrroi'ni. 

FIIiIkii)' ; 

Piiue.t llown... . 

I'm -ion 

Pinnae Lid ADR, 


lSig 

33 b 
28b 

22 V; 
181; 
bits 
31 
383a 

22 lg 

23 
171* 


1 BN 

43 b 

28<* 

23 b 

18k 

b 2 l* 

31 

37b 

221 ? 

23 

171, 


j Polaroid ' 

I P..loiiin. Elei-...,. 
j I’ll* Industries. .j 

■ fi’iiur l.iiiiWe- 

I Pul. ’H.ete blti-L..' 
| Pullman .. 

I'nrex 

■ Quaker Dm.-. . 
IkpiiF \Tncri>«n.. 

Iketiitii 1 

!.'■ \ 

I i.Vp.il.lK, Mael...., 


30 ' 

lal* 

27 '.k 

80b 

c3ss - 

fcBb 

177- 

21P 

81 . 

401; 

27 s? 
Z4.g , 


30 

lal, 

27:; 

60 x. 
x3ig 

27 v 
17'* 
21 b 

a 

4Q>: 

28 
24', 


I. uiii'va 

. Lulic«' Biaiafa.... 

L i? Bannuih. 

LM.ir^cuin 

I L3ftxxe- 

■ I S nice. 

1". r«whmraeies... 

! 1, 1 Ind, Kirim. . 

■ ' U-^ilila Kj?'t ... 

| WHl»reeli- 

' U'arimr- Cornaiii. 

II (run- Laiuiuri . 

I 11 «*tC-. 1 lH!i'iiiein 
i 11 pll*-F«r^»* 

' Wrwern Kan.s.ry 
Htslcm N. ini-i 
H aalrrn l 

Ws^mieliM: K'e.-( 


l'\ 
81? 
31. n 
23 b 
27 
27 
39 
22 
14 

ZUja 

004, 

27-b 

24b 

20 r- 
;6 jp 

25b 

16. a 

19 


a 


31.* 
23 k 
27 
27 b 
40k 
22 
13. j 
20 b 
* 8 ^. 
26 k 

24 1* 

26 : 

C 6 '; 

*4*;. 

16-', 

19 


P U. *s..r 1 1 . •:]. .pnd : 
• Pm» V i 1 ..; imaibi 
Pn» • 

Ourlss- -~i ur;«>U 

I'ance. I 'it 

lii-ad ."i| ,* n 

J.'i.i A w.-iri . . . 

' U»\*i in,. is can.-' 
Ri/va. I nr 4 .' 


38s; 

aik 

lS'4 

з. 9J 

и. 85 
22 b 
13:* 
141* 
1.12 
34l* 

10 b. 
31 m 
29k 
18 


38 

^3 

1©<; 

•3.90 

W .B7 

22b 

12 

I4i, 

1.15 

317; 

10 

al-f 

29 b 
lBb- 


11 . . .. 

' iv Hihaeuuw .. . 
iliiini**.* . . . 

« iiiiet.-'n. Ind . 
11 11 . i*m 1 ■■ 

1 11 inn-n«m Ku*|e. 


25'; 

25k 

23,;. 

17.; 

27k 


*5k 

23'. 

22 -. 


; >«|Hi* i:'- 4 ,un.xr, 

• ■'raj^m.i- 

4lie,. t. r, i.xiLh .. . ■ 

. ^lierri, 1 1 . . Mice,. 

'leN.-n- ( i. b 

' ■‘inip-.-u.-.. 

tie;. l mradP 1 
-(«.(■ /.■■« k I run ■ 

, 1'vmi- ■ ■ Launda 

‘ I ly.in.hk. 

I ran-' ni,Pi|.t Lt,- 
Iran- Mra , 111 »»)«■ 

I ii. r 

L US'." I .a- 
I Id. -ixsulilapx 
it *i**'i Hivai..- 
11— 1 , .Tra'.- 

llt*l..j. l.r»>. .. 


23b 

*.S>* 

15 
•*.65 
25 b 

3«3 

25 

2.45 

41 

16k 

l-o* 

8 "! 

II 

Ivb 

tb 

33 

s*3'i 

16 


0 

2 bb 

14k 

4.85 

25?» 

51? 

25 

2.42 

Al 

lb't 

•141* 

91- 

•, 12 ', 

I-b 


4.SI, 

J»3b 

16 




t hnj *sk.-n r rran«‘'i 
3 Nevi al«.-k. 


higher at B.FrsJOfi. In strong 
Chemicals. UCB advanced 44 to 
BJ^rs-SSO despite news of a 1977 
loss. 

Petrofina were up 15 to B.Frs. 
4,285 in steady Oils, while Utilities 
finished little changed. 

AMSTERDAM— Stocks moved 

irregularly but with a firm bias. 

Dutch Internationals showed 
overall firmness, with Unilever 
and Royal Dutch each gaining 
FL1. . 

Shippings were again depressed, 
KNSM shedding FIs.4.50, Ommeren 
FIs.1.50 .and Nedlloyd FLsJJ.SO, 
but KLiff rose FlsJ. 

Banks were led lower by ABN, 
which declined F]sA50, while In- 
surances also eased. 

Elsewhere, Qcc Van Der Grinten 
added FU.3.50. 

SWITZERTATSID— Prices drSted 
easier oo light selling orders in 
a market lacking demand, with 
interest shifting to foreign issues. 

Domestic and Foreign Bonds 
also test-ground in thin trading. 

MILAN — 'Hardening tendency 
on speculative demand and tech- 
nical influences, but with trading 
very quiet ahead of to-day’s 
public .holiday. 

Olivetti Privileged rose 10.5 to 
LS68.5 and Lepetrt were also in 
demand, both attracting interest 
ahead of then- forthcoming Board 
meetings during which some 
important company announce- 
ments might be derided. 

HONG KONG — After a firm 
start, stocks reacted to finish on 
a mixed note. 

JOHANNESBURG — Gold shares 
were quiet with narrow mixed 
movements following generally 
unchanged Bullion indications. 

AUSTRALIA — Apart from . a 
flurry in some of the cheaper 
speculative stocks, markets were 
very quieL 

Leading industrials tended to 
soften a shade, with BHP losing 
2 cents to 5 Ah 22 Tooth were 
notable for a decline of 6 cents 
to SA1.6S. However, Jennings put 
on 3 cents to SAI.23 in Building#, 
while Retailers and Textiles 
hardened. j 


NOTES : Overseas pnecs stumn below 
exclude 3 premium. Belgian dividends 
are after witbbolduu tax. 

♦ DM3? denom. unless otherwise Stated. 
V Pias.ooa denom. unless otherwise stated. 
4 Kr.lflO denom. unless otherwise stated, 
•h Fra. 500 denom. and Bearer shares 
unless otherwise stated. ? Yen 50 denom. 
unless otherwise suted. S Price at due 
of suspension, a Florins, b Schillin gs 
c Cents, d Dividend after pending rights 
and or scrip issue, c Per share. / Francs. 
0 Gross, dlv. - h Assumed dividend after 
scrip and 'or rights issue, k After local 
taxes, m Q . tax (r-e. u Francs: Including 
riaOac dlv. p Xom. o Share sdIIl s Dir. 
and Field exclude special payment. L Indi- 
cated dlv. a Unofficial trading, u Minority 
holders only, u Merger pending. " Ashed. 

B<d. < Traded, t Seller. ; Assumed, 
xr Ex rights. xd E* dividend. xe Ex 
s.iip feme, xa Ex all. a Interim since 
increased. 






Aftora'nflx'gi 3168^50 

|(£92j430J 


GoldCj.tU-: 


..<S173* 175- 

. ,(C9M6i , 

^wS CT ^!56Zi*-&4b. .VXggf* 


GoldBaUteJ, 

Gold reacted UBfaroimbly to. Iffade^wmghted^ndex, ds s 

news that Ind^t is to sril aui un.- Sugjsnd figares, feU to 6L3 

disclosed amount, of gold on .ks ^’gLB, ^aer isdaiwiing atfiLflatiioon MwSnSftxji 18169 .00 ^ 
domestic market. The aftwont oh>And in toadfi*. - - : - r^\i£ 92 . 7 W) 

offer is Hfceljto ^csceeilthe 

ozs to be auctioned by tire US,--^ 
but the overall effect is less, easy 
to determine, since the import of 
gold into India is prohibited, Hand ■ 
the domestic price of the metal ; 
is much higher than der .iatapL;: 
national IeveL The announcement 
came at a bad .'time psyobotosttc-;'^ 
ally, however, following- tber 4 »- • 
covery of the d offer and ' 

last week about U.S. gold sates.' ^ 

Gold opened lower, at $UHH 8 to; 
as a.re5Ult of the rtews fnuft'Bpin- > 
bay. and eased to $167}-! 68^, in- 
fluenced by the' early tinmen, of '. 
the doHar. It rios^Tat - 

a fall of on the day. The-meta 

has. now £aBen-by >141 <reg vy . 

four weeks stnoe the Easter- bolt- -' 
day. 


GOLD MARKET P -tll 

^ ers 


Aprii’24 


181705: 
S1705J 
,!si7 ‘ j 



I 


Hi/ 




j£170 j . 
.(£93.6^; - 


. J ■• -'* 

S 7’.''-' 


;si76ia'. 

!(136-9‘ 


.- r- 


-OW Sov'rjaitS58b-S4 1* ]CS3-B8..r'< 


dtfifl Color... • ■ 
dnterBM*Uy). 
ttrngerrand„,S173.17B 
. ■ ■ . .(£95-96; - 

Ilf ew. Sov’tgni ,352 U-S4U 
» T. i£28i*-2»b> 
Did 6d»’«aS»lS62U-M4 
■ ^i(eze5*.29a*) 

gaOEȣlin.-:827a-275 



,4 jr? 

ST 

' Ta: 


.'jj- • 
< -i* 




FOREIGN EXCHANGED 


-,15* 


Tbf 


The doUar rose, to Da!2iiS75 
against the D-mark during trie?: 

day, to Y22S-60. against fhe Jana-' ' ' - 

nese yen* and to SwtfBLLNm in CURRENCY RATES 
terms of. the Swiss franc. It tlteh 1 
declined, to dose ' ProM-jgl 

the day. at DML07TQ, and a litifr : JfeaTring ; 

firiber at Y22750, compared v&h ^ Bights _ 

Y225.«2i on Friday. ! . j . Aprf.lit 


April St - 


SwJrsJ-9o724, compared wffe _ 

S w JPrsJLSoaO . prwtously.- . ’ TQte U-S-do 
dollar's tradenwefebted depreria- CamuD^n- — . 
Hon, as -calculated ' hr ' Momg, 

Guaranty, narrowed to 452 w Skrane!- 
cenL from 4.63 par cent. . - . , . 'Dentaohmn rt 

Sterling touched a bastievri .of 

^ .S»- to 'I 2 lSiS“: 

SL820Q, where tite Bank Qi. Japaneaeyoo. 
England probably intervened. "*# Norway Wro®a 
closed at 81.8230-L82W. i F®** 1 

25 points on the day. The iMMUii 


SwnUahkrone 
Sxrin franc.— |Z 


0.668793 

•U818B- 

uasn . 

18JI438 
" 39.4744 
6^8388.- 
.8^3537 
' 8.70373 
6.66799 

' 1059.76 
875.704 
S.62385 
08:8889 
3MXI7 


TTaSor 

Account. 

April 21 


0674800 
1JS3384 
1.41019 . 
18.4074 
39^580 

■ "DIXV. 

2J3S89S 
8.73158 
5.72081 
1069.80 
S7T908 
6.69788 . 
99.4660 
5.71847 
‘3.41469 


New York. „ 
Hootraal 
.Aamerdui 
Rruaelalet.' 

rnmkxaztw. 

Miirirt-,'— [ 
Hilan— -[ 
0 *lo 


Haris 

Stockholm^ 

Tokyo'. 

Vienna—.. 
ZUricb. ! 


But 


Mariet* Bat* 


■* t 


'Day’t 

■Spread 




8 l« 

Sis 

4 

61a 
8 . 
a 
w 
8 

IDs 

7 

8 H 

7 

31* 

Bts 

l 


1.8&HMJ28V 
MT&OiMM 
I 4.M-4.D7J9 


\MW. 

UTO.-.' 

68 JB- 


KLST-lMSiUUSI- 


5,76-5.81 
75 J5-77.13 I 
H7.W-147.8SMTJ 




8J8-U4 
B-42*-8 J «4 
' 8.46-SSl ■ 

40 MW : 

Z7.HL87.40l 
3JS^.CTA Asan;,-"..:-- : 


[j s'“ 


■i ■’?:•»* 

;v .:•( 

:.?r.sr 

!.:rnt 

«;r-fS 

W~l\ 

J/;; 
■nr h 


■ ti tide* glven are n»- convcrtibk c*' 

Financial rranc 99.003030. *Hai 
April a was 9J4M.95J. . . . 


•‘■'Pit* 


EXCHANGE CROSS-RATES 

April 24 (Frankfurt 


Frankfurt I — .■ 
XawTork* 48.10-U • 

Pari*.- 223J«-3.4^ 

BroaaeU....; 162:680 
London.-- 3.' 

Amst 'dam 
Zurtub 943384S3 


^ewtortr 


hrunaU ; teorios lAnut’d’m ’ - Zurich 


OTHER IfARKETS ' t 
Jtote* Hal" 


1583-1307 


Argentirm. 

AnMalh JlJPUiBIMiiMi^ 

Until — . 51L3Z-3L82 ^Jefcrtian_h 
Pip land 7.69-7.71 Brartl.._J 

G rears. . . ._fff7.fi 1 2-6S.28filCsj*ada-_ZtS 

, HougKxmpt tf.45-8.43 

*«&*.■} 9.416425 ! 3.7B40 -* SL 6 WO I106JK16JJ0 Jrann -...-! l» : 1Sl .[Prance — 
2LB146 I 3M2.1-090 ILBM64859,' 46.1&80 : 60^0-90 Kuwait — J 9.5074.517 !G*rinanyJ U.... 

4 j 643 ^s 6 ! ' — 14326^60 | 8.4749 1 808.734*^236.70^20 LuxemKrv 89. BOSS. 1& « recce ^ f 


32.40-45 

18230.40. 


LB8Q2-17 


Kfi&M- 

8.LL4C 


68.07-33 14^eo 


UKgu.w.| . , (9.00 [0 I — , L04j-0(i 1 ». »wio|Muri>ai«.i|aii., I > Ii iu 

2^247-JH k78364W |5^&»^7O»:v.0e8M6a6! - illAOl^OK Modi Aifti C.M-U4-- UrAacrnS| U 


18.4^60 

3^6L3T4 


Malaysia— [ 4JU4.49 i Italy- Jifil 


If 

sTUC 


N. Zealandj i 1jra76-1.0155tlapan...^.j if 


4L2^3M ~ 88839^48-- - — 


annvapore’4 4JM4JI 'Norway_.jgi flj 1 ! 

S. Afrtoi...jU745-L5897. : i1ori(areili^-2 P 1 ‘ 

ti.5. .1 jSpeUn — 4 l(| 

Canada .....I +Swui*bm,tl5J 1 » r ,U' 

L.S. cent , e7.BD-97J3.iruao<lash? L > • \ g 


•G^. 5 In Tonmto 0^.-8' -114^3-40 Canadian ceoir. 
Canadian 3 in ,\*v Todc =07^36 cenu C.». a to Milan 000^080. 
StBflinu tu^&uian IS5.RL1684^&. *ltataa for' April 21 .' 


'.s'C-it 


EURO-CURRENCY' INTEREST RATES* 


April 24 

fitedtng 

M.-r-+ l n-T} SJ — 

Du tufa 
Guild era 

-sWiaa 
bxpe '. 

W. Gennaa 
s— * . 

tSbort term... 

7 tiava notice 

Hooth.-. 

Three mantba 

six monihi-. 
Omjw 

11-lUe 

9Tg-10^ 

' 914-10 

9aar9Ta 

'7-8 " S 0,-7 

70 -. -6Tg-7 lg. 

740, :' ^ 7i a -73 4 

BA#.. ^7*B-75b . 

•• 8l»0L r /£B3 4 0 
8«»0l -7Ta0l 8 

3 14 -31a 
41fl-43a 
4ti-4t* 
4ra4»' 
4i*-fi 

’•aflat 

fiB-ia ■ 
♦*+J 
JrWA’- 
l««-lia ’ 

p 


. Rato tfrrecf or Arsentina is a 

FOnWARD RATES - 

. .. | One month ■ |. Thieena'U' 


-f'fOt 
• r.o 
!-.n;*«c 


ft'cnrXnrfc. 0.40.0.50 c. par. JO. 9041944 ~'-- 
Moatrea- ..0.35-0-25 e. pm'0.6O45.ff( * 
Amsrtdajn'SL-lU e. pm J6l4-4l<|ct-- 
Bruaael* 135-15 c.'pm :i55-4B eJ). - * 


33*32 Uop’nhsfn.lEJ*^* one dk IB 3 -IZ 4 (U — 

■ -Frankfort ^2 Ee- life pf pm- *J5 pi. rar . 



Enro-Frct® deposit nitee: Oroday: Stel per cent.; seven-day SUifi-flis® per £Wraiu._<60.Z2O c. din 
rent.: one-month 9-31 per cent; three-month 93 h-»T| 5 per centr six-mocm fl4ifi-9Ujs Madrid. _,par60c-dia 
per cent.: one year 101 u-MUifi per cent. Milan... _J4-9 lira dis 

Loop-term Eurodollar deposits:: two rears 8ii6-85i6 pec. cenLr Unite yean. Oslo... ^.USie-4ieomdJa 
St-81 per cent.; tour mra pat cent.: five rears 8>ib-S9|£ per cent, u " ' - 

The foUoirtna nominal rates veto mooted for London 

one-month 7.19-7.20 per cenu; thtoeknonto 7.39-7.48 per 

per cent.; one year 7.85-T.95 per cent. - ■ '■ Zuridi 

"Rates are nominal cantos rotor. . - - — 

Short-term rates are call for sterling. L'-S. dollars -and 'Canadian -dollars: two Sir-month forward dfitiar LSr-LQ- 
day’s notice tor anllders and SwlH/hrancB. - l2month^2.95-3^3c pm. >. 


BY 


r:is 


}7jt-S»ifi per cent. • ... . Parts :li 2 -l« c..pm: 'lVVM 

3 dollar certificates of deposit: fiCckbolmll^utopm^oredlallorepm-Ti, ir 
per heat; afaemonth 7.997.70 Vienna _.l4-4gro pm 127-17 at 


grd pni 

3-2 c. pm- 


gw 
18-7 e. pm . 


GERMANY 


A|.H 24 


Prs-re 1+ o« >Div. I'm. 

n»'. .->• '% i 




\ nit* Vit*ieli.... 

rJIll 

K 1»F 

rta.ver 

rta,« Hep.. 

d*,w 1 ereimW. 
Utnllll.NMl.iril. 

Uantnerrtienk 

•..■in lOumm. 

.hiliKI beo/ ■ 


Uwi|.* 293 


85.2 r0.5 ' 
465 -1 • 

214.1- 0.9- 
136 ’—•'. 8 ; 
137.4-0.4, 
279 -3 1 
300 -5 ' 
175 ... . '..I 

826.2- 1.8' 
72.5 -I 

296 -0.7 


3.0 

4.6 

4.4 


3.2 

3.0 


17 7.5 




2 l 


. V1IM* 

Deut-..-he Dana....' 

•>r-<lii«r U*„k.... 

•ricKviLuff Ami.- 

i'll.-lrjniM.lir ... 1 

1 l.'ML.t I 

Htrpeoer ; 

' 

H.*>cb I 

rt.irten ! 

tin und rai».... : 

K*r-t*rf| 

n«ilii...l ' 

l\»x iin« Uni IlN. 

kHU 



Lj.ii>-. 


166.5- 0.5 

292.1- 3.4 

243*0 -3 ' 
140--3 ' 
192 -4.5 : 
115 -2 

277.0 —4.5 
131 —.8 

43.6- 1.2 

121.2- 0.9 
128.2 - 0 & 

295.5- 2 

205.5 —2.5 ; 

90 + 0.5 - 

174.5 —3.2 

94.6- 1.5' 

235.2- 1-6 


3.2 

5.5 


TOKYO 1 


April 2* 


I "Pncaa , 4- or [Div.lfcd. 
'■Yen ! T « S-8: S- 


IvhiL iaa» K 360 • |+5'. 

Canon | 814 ! + 4 

U»in ."623 ' Vl3 

Ctaitmo. — ! 370 9T| 

Uh Aippoir l*n on- 556 -f-A '- 

KiiJHImo J 616 '+2 

Hitachi 835 

Honda MoCOt> — ' 606 

Houie Fraal ..1.190 

Hob — .. 22i 

llo-foUsan 1 1,3. 

_ . , J see*... — | 6: 

14 , 4-514-1.1 j2,890 

18 ! ,3.1 , ban p«I bieeL Pxr. 1.110 

IB. 3.7 ; Koreatau —I' 349 

hutp.u. 986 


-14* TLO! 


AUSTRALIA 


Apr. 24^ 


Anabg 




g{U‘. ACMl L Ua cent) 


10.69 


2.0 Acjpw. A imra! la f ta75 

2.7 , A ‘iw Mnvlitla. Indna gll 
-4_P r Au H»^Ext i! OratioTi_...L_-f VliW: 


1 lie 

: 5.2 
l 3J 


■4.5 
I 4.1 
3.5 
! 3-4 

4^ 

12 [ 3.3 


L.„Hi,r.iBu Ioj.... 1.502*1 — 3 


la>i<ili>n-a 

■1 \N 

•l«iine-ina>ii. 

■IrUi'Hr 

>liill.:llwe» h'lfc-b. 

' *.1tl nirllli ... 

.■uii UM kl'.' 
i|, rl| ,U>.|.h-e.A. 
- ini -iib 

••.•i.lfll* • 

-ii * (u>e. 

. 11 . "tn 

• ->1F 

• in 

*.--ni ., 11 *.|h., 


1025 
179. -1-2 
161.6-2 
203 -3 
520 +3 

113.5 - i.l 
111 —0.5 
182.8 -2 
236.8 *0.3 
270 -0.7 
240.5 * 0.3 

115:181 
172 -1.5 

103.6 - -J.J 
369m— 3 
200.2 - 0.6 


1 8 ' 4 
1 BJ 
: P.5 

3.3 

4.3 
' 8.4 

1.7 


25 

20 

Lb 

17 
11 
14 
12 

18 
25 


6.8 

4.2 

5.0 
5.P 
4.8 

4.1 
3.7 

3.1 

6.2 


1 , wto4.«*m« ,.^3,900 
Uatsush 


xsu?biu Ixm*—-; 
Mitk<ibi»bihani-J 
Alltsubhtoi Heavy |- 
Ulitulilvbi Con 


UttkU- A CO...L.1 

1 r 


766 
278 
133 
446 
336 

Mttaubosh! J’ B 73 

H| 4 *A Deneo^..|J 1.410 
Nil pon &binpsn..i e86 
N -Man Motor*. ^..i 808 

rtk'i ieer 1^50 

a»i‘.v*' fclevtric— 8°0 
■xikiwl Freiab . 925 

Miuabn 1,110 

XMIV 1,930 

laithti Manna.— ,' 245 . 

I skena l_hwm(»iv| 386 —4 


< eu>ii 

ICAi'j Manue 


••hivj ranv -'—I 
u*xv 'bihaura.... 

■•NS, .. ... 

I.., \|.>roi .. 


AMSTERDAM 


\|B,< 24 


Price 


+ or Dir. Ti.|. 


\|..>nl Fl.iw 

%h-<M.«L. . .. . 
XlKOl.bltk' t' .l'A 

III fcV 

\.i.|.*Mnk .FIJA .1 
Olk'llknll 

.■■haWrei'ni't .1C. 
.iinh* in Iciiei'-xle 
VJ— -, w. >Kl.w... 
'nniim N .l'.lkuic, 
hn.i-t oinluF'.lC 
inri tocra'itvKK, 
ilc.lK-heil •F>.£i.. 
rli ru- ■(•.,?> 
rt.ii.iL-i I'.'F'.l.- 
•v.I.U. -r ,Lj... 

■ in Mii.lci i.l A/>. . 
IW'ICI. > F .ki . 
•X*. N".*> I .IV I '.k 

\,%.» iMhtiKi.a 
•cl Mi'll k.lL-i 

• •- -11.3 

,xil 1 Mull >t*f if it. . 
<l|*(i.*r-r it., t.i 

1 'ii 111 1 — .FUJI 

l.\M 1 ..|.i 
«■•*«*... M.'-V- . .. 

.Mill.* . 1*1. 

.{.n-nlvit'.Jvi,. 
*>nail»i.ii.+i.F'A, 
■■«ii*irt. . . . 
•tv, m (* r| 'K .j.- 

l..i.v..P*.-.H..k.l 

■ inirvrr - I i.jci.,.. 
, it. ins SI 
ilp*ilan‘.tu. Ban*- 


5.6 


100 M *21 

26.0 t0.5 - 

548.0 -4.5 A253 b.7 


A -44 5J 
235 6.0 
«3 3.3 

80 6.7 

24 1 f.A 
273 1.9 
37.6 5.6 
94.S b.4 
22 7.0 
14 5.5 


83.8. 

75.1m -1.0 
86.0 -U.5 

119.5 - 1.5 

67.8 + 0.1 
283.0-1.2 

136.8 —0,2 

64.0 -* kb 
31.6 *0.8 

101.0 -0.7 
J6.8 - 0.6 10.86 7 6 

24.9 1-0.4 12 4.8 

1 49.5> 3.0 

*2.7 t Q. 4 
35.8 -rO.6 
U4.8 — 1.4 
53.0 « -1.9 
1*4 A. —0.5 

154.5 r3 .3 
115.5-1.5 

34.8-2.2 
34.2 . . .. 

77.0 * 2.6 
lbb.0 

122.8 - 0.2 

l4I.b. . . 

11*9.8 j- 1.0 53.75 6.5 
261 -2 19 7.3 

107.5 * 1.5 27. 

lL. 9.3 - 1,0 30 

121.3 -1.0 42,8 

39.5 - 1.0 80 
388* t 6 33 


Source Wnm Securities 


BRUSSELS/LUXEMBOURG 


Aprn 24 



__ . __ ArapBfEx ul orattoTk 

12 1 2"Si * n *P p> j to ira to m a;. 


Ip Paper 8 L..— 
Atooe-Lot^ lodttrtrtofc.— 
1o>k Fou rotation Inverts 

AaW ■■pi t ,n*l,'| M ^i.ra* *M 

AnUmnt nrnl -.-— 

Au*k Dir A Ga*™L*-.'— 

blue Metal Ind k 

donnamvdla Copper- ^.1 

brohen Blu.PtPp rle tary-— 

BH draUC... M.i', 

i*xoad borted Brewery— ! : 
*^J.b«e-_ 

, 

Cna. GoWheldb Auk. ! 

vM<taiiiin 


10.78 , 
ta9B..;-o.at 


1 - 0-01 

fO-BS 


OSLO 


April 29 


Uar ym Bawlr' 

„ td 
Credl: 

Kasmoa 


KraditkaaeanV _ 
Konlc BydroteJO) 

6 .. slnceftniiid; ' 

rtAB BRAZIL 


Pi tea 
Kumar 




91- 

■ 63 }+l , 

107 J» | 

836*}— 86 

-S06-- — X--- 

.196-861+5.0 


■«w- 


Dh 

'V- 




«V.= 

aor 

n * 1 
12 


: r-.-*ei 
-.-trrtii 
- •■r«l 
'■/i-.i-.T 

Tbf 

*f14 O 

:,‘io V\ 
r-wtif 
-r.d.l 

I'.* 


«TY i\1ARI 


MJ .88 

*1-38 

MLBT 

}UB 

tl.o7 

tM6 

♦8.28 

tO.79 


+ 8 J »1 

Hun 


f-ojn 


Apr. SA 


Price 

Cntx 


+.ur !D»r, 


-*- : j* 


Bsamdo Brsrii ...J 
Banco Itao 

•k t*i U.uM,raUr} 
Luaa Aipcl OF..r 

rk 86 u -|+«jn , fetrobra* PP |. 

tl.94 L«A5 -irabu if 

+OJS J Smua Cnu OP.... I 


wu*u3nc Kioumto^^-^.^^i 
ytatain Alt* iiihv. MJ .M* -1 

Dunlop UnbbertS h 

adCOfc-^.^- s 

brfarsmitu...:. — — , 

2.4 ! ojL InduXrlei — — J 
L® i u *>- PtojwtcTttm— 
0.9|H-mre»UT. 



ua-r • - — ..... 
Kl 1>— ■ 


a99 •+aimr.iflj . 
a-38 1 +QJ 9 &A 7 ': .. 
X.16 . ..'..u.'. 'B.lfi . 
L79 +0JBri,12 
2.86 }+O.Bll|Utl. 

2.77 I+0J1ZL10' ' 
2.45 I— O.OKO.lfi- 
3.58 — 

7.05 M).»;aB 0 
.1.52 ;+OJH ; 0.13v 


n»-» 

1 ".a! 

• F- t.'a 

i-.t 
■J .".nl 


•«'CT( 


- . -. VoL Cr;48.JnL Shares. BTJhn,.', ' ' - 
. ..Sonroat.jtlo de Janeiro SE.: . ~' 


t;v. 


liSt JOHANNESBURG 

♦ 2.10 i-lUl ■ . ' 


•1 

,Y-~: 


1.0 dw*«i - ' 

i-W/Aiidnla. 

l.“ i-.Utei-LoouBr 


M j I.UlMf llrvl 1 

1.1 undaid Oli 

3 8 . n-u. ui^annon..,.-....' 

1-9 tflM HnWtojra.^ ..... 

3.4* a>et tarporiam • 


Allied .... 2.160 -100 - 

■M. tfix. L«mtk...| 1.555 —20 ! 60 

ncltcri -B” 1.770 —25 112 

CemeaL...! 1.430 *■ 10 ; 100 

397 T 15 ■ — 

bate. 2.456 ' 177 . 7.8 

h^-t Me 6.390 * 60 .430 [ 8.7 

ra Luvtue Nai 2.486 

■ .a. Imro-Bm 2.145 

Mixart 1-398 

H>a.<iLen 2.560 

i.iivicuiu ............ 2.040 

hie>litsi>aiik 6.980 

lb tannic BeiKe.-5.95Q 

. Fan K-.irltnc: 2.470 

. i'ctn>tma _.,4.165 

xa: lieJi banu'ip. 3.1LS 
w Ben Be'Klqu. l.B60»'— 5 
-v.nna .............. ‘4,425 .... , 

! o««r >....'2^03 

. I incllnn K'Ci-l..... 2.700 

1 J 980 

' in Min. >1 lJ>„...' 806 


m - tetsa lmernanimal 

.v.'ttb Broken HMinjp Ab . 



Dii lean* — 

dtta Lxidoration^ — . 

r , imi a at .Luocrate..w;.-.... 

•i**IU *tioro«jr. ..7.-.' - 

d/U italgh. 1 

i 1 vutfitan.i 'Minina : 

— { Sturpo* Expfmttoa — 

— iia^ro toll— -4-.'..?.. J 

3.9 1 iVnunra..... 

6.3 1 IVnuni ^Mtm nR roOeemal . 1 - 

7.0 Wmlwrytht, J 


tl-45" 

♦ 2.00 

r0.b9 

tSLOS 

tO^b 

tl.23 
♦ 1.12 
♦0^5 
•0.17 
»1.B7 
H.73 
12.27 
»0.85 
♦ L17 
*1.60 
*0.09 
tO. IB 


.rfl-OJ! 


-OBI 

+ 8.01 


- MINES 

April 3« 

Atudo American . Corpn. 

Chatter Consolidated. . . 

East Driefontein 

»« i-Etonm 

I Hznnony 

...... Kinross .... 

+A05! moo/ 

-Rnstcnbars Platmmn 

St. HelcDB 

South Vaal ........ ;.7J 

: ... .. • Gold T tpMs AA 

■ Dpiot! Quimraihm .. .. 

-Mil De Beers Deferred , 

-W* 'Blrvoornitzldit 

; ‘East. Band. POr. 

; il- Free State Gcdnld 
< +d2T • Presidcor Brand ... 

In S ’ ! Jk iZ • ppesM, nt stern 

“fW»i»atoMein tim 

■ *eft«n an 

‘-■‘* -~?"i lfW Drirtoatein a.T 3 

■"Si! w «»w» fi»W 1 n»s ts.m 

.[■ ^Westera Deep 11 J« 

industrials 


Hand f ’ 

.">.13 V;._ 


;7-!i 

IMS >•. 


tS; j 
2.67 
Wi 
4.S3 
■ r.«« 

1^2 

12 B 0 
r.sii 
1S.J0 

SS 


-40 
t 30 
— Z 
* 15 
- 16 


170 
150 
85 
1 170 
142 
-30 26b 
-100403 i.t 
- 10 ,52.86 BA 
It 15 >174 4.1 
i t 20 204 ’ 6.5 
,140 7.1 
215 | 6.5 


I PARIS 

6 ^:^ — 

7B 
6 .i 
6 . 6 ' 

tenure 

3.7 j 


4pm » 


t AECI 

| AMSp-Amer. Indunnal - 

; Barlow Rand - — 

I CNA Investments 


695 +3 
Urtoneil e-wVto -*18 -LB 
Air Liqnlde ^— j 310 . 

Xuuitalue — - 441 .—4 

10 I 461 . + 1 


Price : -f-or ' Utv. rid. J Come Finance 

Era. j- — ; J Vra.) * ( De Been Industrial 

■ Edsars Consolidated Tnv. 

< 41. n a ! Gdam Stores + 21 .bft 

1.74 


JiAiVeDBa..— — 609 .—2 
xAfoN- Oerttoia^.;' 500 . ,+ 6 


18 b.4 
IS.& 3.5 
48 4.6 

22 5 '? I * 'W"* M^ntoftne- 1 .700 
36 4.7 1 


,'arteroui ....... 1,726 

. _ -3JJL ■ 377.0 -5J5 

-20 12M; 8.0' A Ira! 1.1 BO -40 

.*6 ,170 l>3iU«»Mk»inu... 532.1—1741 

; -44 - - I v^llib UeiHei 

* 20 50 - 6.2 j ^rartlt unn Pr* • 

- 200 100 S.g ■ CteoM Lrarv- .. 

UDi»re„.„ ^....} 


18 6.9 : 


17 . 6.7 


ASM 7.7 


14 6.3 


SWITZERLAND • 



Price + vt Div. YbJ. 

. April 2 * 

Y"* - ' “ %. 


(l. 

Oan. UwOfeota'Vj 


0.6 

:Zl.t&r S.l ! Ever Ready S.N .. — 
i fc , w gjHJSdwle VoikKbetesgnus . 

.vrt-gff' 64) I Grcareimana stozvv 

12.76 2.8 Guardian Assurance iSAj 

42 - 6.1 J Hnleus 

t 40.6 0.1 ' 1^*4 — 

76 • 4.3! McCarthy Rodway ■„ 

st a a.*,52 , ®P k 

A»« .n 0 •OK Raraars 

I a . 3 . 5 ; Premier NlBBtbt 

447 —4.3 1 LZ 5 20!**ret6rt» Ccnimt 

1290*50 12 90 : Protra RoMlns* 

89.6 -4.6 1 — • ~ Band Mines Properties . . 
802 t - 12 70 00 • R*3rt»«dt CrotW ^ ... 



128.9-00 l<JB.».9 .ReW 

192 ;_x • 8 J 6 t 4.*;S!SU. Holdings 


lajduA,.Bor«.-..i 

Lanu^Bi..- 

LVttai—..:— 


SAPPT ,,, 

650 - 10 • .0.7 0.7 ; c. g. Soilixi 5b*ar . 
119 *3.s;-— sorec 


IJ3 , d W ,<r «W 0 YW| 


412 s a g SA Breweries 

729 *40 .1636 8 . 8 ! Tout Oats ait 


1.2 

4,1 


COPENHAGEN * 


,l tan V* 


Hn« 
i,r. 1 , 11*1 


i>r Dir. Vi 


Nil, (pi ->■ (tUkl.il.... 
u:ui -1 1 W, s.h. 

.!<u*fc^ (‘■ui, 

Kssi 4»isli (.«■ . 

imtflnr ii«i.. . 

ih. H, p=~rici . 

»*i. Fs|*ir 

H4n.'eW»inL . .. 

..1 in ltH.'kr*. 

•I'l’ kil"?l 

.'•lela'rK. 

Hmsilatuk 132k to 

rt iurtonh 1 38to — *■ 

l4i. Hcrcnilwn. 

Siil^nro 


147 - 1? 

424 

lUblt -li 
159,r .. .. 
lali" . 

436 +1 

81 

I27i«at-li 

260 

29014 -m 
79 — 1 ? 


11 

15 

14 

12 

13 


-20 22 
,-20 I 33 
-9 22 

-35 16 

-20 ' 10 
5 


A.ummium '1.120a— 20 6 

; r*m \V 1.580 -85 10 

* i v tt* Leie, 1 Kr.hA 1. 14* 

J® l*>- rt. (.Prt... t40 

2-*' la*. Kep. ' 841 

7,1 vi.e-tir '•ui, 2,140 

r. 'cirodatL . 1 1.600 

ti-i-iici >(i«iNner. b6Q _ 

Hun man f’tUrt .'76.000 -1250:350 
IV*. .small, ,.., 77 , 625 - -125 55 

IntortcoU U ....—.'3,800 20 

leimon iFr.lOJ,...il.450a— 40 .; 21 
Ncrt-eiFr. IJOl ,.'13.085 -84 ' 

IIP. Hex 2.265 -b 

Ji-i tiinn u.,Fja-i2.O90 

Plieina[Hir.ri>j:i 276 
■wifi lu/ .Fr.2s0i ._ 15,450 
... Do. Karl Lfert*., 455 

“■• I biu neiLtsFOLl 295 

i-g le-i.torWhiP.19a SSQ 

7.5 1 .r_Mto..l -817 


i*i*W 1.800 -59.136.75 kJtl-jfiSU? . 


i.Ttar Oats and Nat. Mills 


2.7 ■ilai«n»Pb«nK. 1.120 1 + 7 i‘3BJ, i|6 

3.2 ., nu 11 t at- . <a c*r n 


3.2 

»0 


dcctrenti 1.479 —21 ,42^0 ,22 ; 

„ . Huai Hnmn.: • 474 ♦ t 12.6 8.7 i 

2*6 1 2 ourlna 4 ......-..| 1720-4 j 1.7 • 

W.rttrihra-ro-JTJ X 68 -3 1806 1 L9 '; Ikl - 
3.7 . OcBtnar. " 90 :«0J! i gj ! "AIN V 


Securities Rand SUJS.O.n 
• (Discount of 35-9%) 


7 . 5 1 


i—45 
— 1 
.— lOO 


_ . ?« isaan 'F^SA. 

I-swi-a Bank it'. KX.' t 36 1 A- — 3 


io ■ I .-reii uauKir.iw.1 — 4 

1 g. j • 4(ri«<jteJJfi0i..|4.46Q- i + 25 


H 

12 

12 

12 

12 


Iiukvi Bank. 


■ AurHi Ins...., 
a -8 1 J 


2050 a— 15 
10,650 ; — 2 B 


40 1 3:2 Ji 
20 ; 3.4 
44 2.1 


f.7 . Fteaunv._.:.:.i^! : 90 ;+o0; tjs' 
f ■! ; rtenwd L 10i*nl — : 273.5— QJ . 7.5- 2.7; April 31 - r . 

U. ftWnhu ora.. 388 -1 j IS 30 : TT ^ ' 

0.7 ; itadtoxSmwue.- 472 1-U 37 . 5.7 .-|g£ 

20 iCMBwto 1 806 -3 • ! 87 1 4J»5S2S jSSS* “ 

1.4 1 .86 40.1 . . s 1 O 0 

Banco CpnmJ j ' .7- 
.Banco .OranadX tlJflSl 
Umbco Hkpattu 
.Basra InL CaL HJHMh 
B. 2nd' MerUtcmutra 
!Banfo Cowtar- 
} ‘Banco- S a nt a n dKi - tS«> 

• Banco UrqoUo CJJM01 

i Banco Vitwn ~ '.'~ ... 

Banco 2anaotano*T,^^ 
Batetntdoo 

Basna Asdahrcta 

Stirax* Wlnw- .. .. 

cic 

Orasados - 



W8S.5' 2.6 u. trobalo. . 16LB+-1.0 i!U 6 9.6 

ril.1 30. L 3U. ttovtaw i». ; 1.750. _4B 3.L 

15 .170.1 878 -6 !9&^-6.2 

15 I 50 le.ema*nfqi».. ■ : 840 -5 . 850. 3.0 
26 I 10! LhrtS4»8ma>n.r 1970-301^15, 7.7 

26 ' 2-916 trtpr..,..- — 1 

12 i 4.L — -= . • ■ 

10 ■ a “►■■ *' ’ " 


‘-"rt — I 


tr cent- , 

Tit. - . i.fc '* a 

2a -'- 

~~ • J Nl i 


14 : 40 ! 
iOi40-STOCKHOU4 

10 I 20!'- 


374 -lj 
I 86 I 2 t 11 2 


11 

11 

12 


S;o < MILAN 

3.2 1 — ‘ 

6.5 1 


April 2* 


Price 

Lire 


f or Uiv, "Yi i. 
- L.Lire: 9 , 


VIENNA 


\|ii' i* 


FiVe +■ ,w Du. lu. 


91.8*135- - ’ _ 
405 +3. .. .. 

J JIS ;** 160. 70 

1.658 'p4.3. 160 9.1 
78.0— 0./5 - _ 

10.440 -40 . 200 1.9 
, , . 141.78 -s.a . _ 

■ 1 Uotb^aiAra l'5Z.41U ^ JO '1.3M 3,7 

8.9 ' Uonlediwn ! 150 .2 '■ - 

Uii, Hi f Prtr ; 868. 5 - 10.5 

Flipill'A 8.081 -t 

' 956 *9 
560 +24 


\MU 

uastiiSI 

nn ; 

U>i. i*nv 

r insider 

tiaicemeni 

•M.ie . 


i 


' rtraoa . +or 
Knjut .'• «• 


D)v..nj. 

% 


AttAAivcU 0 a|f.‘.-i 0 r -t. 

ijs SS&SSi&s 

'Arias Copcb (Krtti 187*+ 4 - 
. 91 . l 
*»f*r* — - 129 ;+4- 

Canto.— — . ; 197ac— 1 
LjnriOra — ~.i -040- 
BWrt'htr.'tffKa: 146 ’ + 1 
artraaro 'BV KrtCj 148 .*7 

— " 1 D' J ■ 


"< 0 : 



20 

-3 ^JLl. 

. 2 -; 5*I{ UftnotaniJ 

f .i'Ji R.’ t Araspitosar 
JJ J^iSSspaaola Zinc 

H fflBvpL Rio Tint# 

?2 HlFeew 0,0001 

j « « • Cat^ ^Prvrtafloa n 

1 - 3 f 40 r crppo TfeSxaom («n ‘US 

8: 30; 5*!5!? 


OD 


n 



* 2 S££Z; gajr*v : ig ; % ■ SSK toau ^. 

■ t II tSSSv.: ;• / 

S- “5 ' 3 Tram Htttoadt ...v 

840-2.8 6 ^ 


^MRlOgr 

chans ; 

v V ada VMevi, 


UriatW 

HjU^OMUtr., 
aftrtVtk A-U.-:. 
sK-t-.'B’.Kw.... 
130 6.4 1 .k.pl koakiMa..:- 
80 8.4'l«n-i*UK.-iPKr*» 
L I ’phMm. -.' . 

Mtli* /K». 


UD 

a? jo 

75 


-■t 











% 



Financial [Times Tp esday April .‘25 .1973 




-if see 

* I n Tl 


Potato market support 
may cost U.K. £ 25 m. 


g&jk torr«pohdent 

THER Els growing con- BY CHRISTOPHER FA*«S 

-V .? 7® ■ GOVERNMENT * to- «Md- in tie stores. 

^ IwffAustSlia is ntwr actively fasUy ignoring pleas from Pnees are dimbinb rapidly. 

few? SS ve^mble .. merchants and Yesterday the farmers were 
^ng.. ■ retailers to relax fts controls getting an average of £67 a tonne 

■ ®Sr c s&£3SSK h s«a aVr -s 

SftSttsKUB as- ° f M * rek *• *- - 

' oSjon rfe r a J2“ ket “PIW 1 b1 ^ of One leading supermarket 

-i» a .g ^ niwg {noeetment interest al,0ttt f3 ^ rn - buyer complained yesterday at 

we rerort TMs is the estimated cost or having to pay ilDO for borne- 
'■ terms for sale on Payments to’ 'farmers making up grown “old- potatoes. Retail 

!Sfi *». SSkrket -fa Australia «t the the market prices ttey hsje prices for top quality supplies 

" > "-Xk,~_® n t w itv, many owners in earBed for their potatoes, this have leapt up to around 12p a 
^SSs fiDTneiarSfficaml - Year to the level gnarled pound-the skme price as some 
■: in AtSSalia has had UDder nat,0D ^- marketing of the new crop imports from 

• S4d5 iH thf «fe rae of around £45 a tonne. E-nt and Cyprus 

- ‘ »•’ Tears " savs Mr ^* e 'Government' controls Egyptian potatoes, for example. 

economic abau l tonnes Qf P^ atoes can be bought for lOp to lip a 

■ wyr: 

- r £ te. «■»». SB P0UM - 

• : ;# 9 FHiSt 1 3SStJ5 -.* 3 ^ Reserve 

raart|t fof the^uwalent of supplies, fanners are The Ministry of Agriculture 

• •- '&£L»T<£r£!Lfc itT~ 3 i iiiffiMii ««°erally too busy with ether said yesterday that the main 

•^[^Som© f^ratere in real d i ffieul- farm - t0 prepare potatoes difficulty was balancing the needs 

-"tSifflS M AvdM« forftemartet: - • ■ of the consumer a gal£t the tax- 

• “fL thL icTnnv WhHe some growers, are payer. The Treasury is committed 

- : '!£m rcglon ,S !*- 0W ’ definitely holding" back, hoping to supporting the potato market 

n< \ B nA «rin rrrrvw *"°r higher prices, others simply with taxpayers* money. 

•. >-?i S „ *v r .tffL mIi do pot have the time to spare The Potato Marketing Board 

' ‘ for preparing loads - of clean, itself has a reserve fund of 

Ct, w disease-free potatoes Jot the 14.5m. for use in supporting the 

JJV ISs l !*fnil5S market. As the season drawsrto market. But the Board is com- 
qoivaJent of.-. about £55 a tonne a c ^ S g f j t is growing more mitted to paying no more than 

"■ t'.'Stt Bfaitfa said he £».:«- t0 fiod goo< ? «“•“* tobers one tbird of the lotaJ c0Sl of 

• jdhtered considerable resistance — 

■ -.v.; I' - Britain because of well- — ^ . _ 

■ ; ISrsSK , S£ Copper stocks down 

[nstralia. Queensland, and the 
. jotthenr Territory. 


topping up farmers' prices so that j 
they match the guaranteed level. I 

It has been estimated recently! 
that the total cost to the 
Exchequer of supporting the 
potato market this year will be 
about £25m. 

When this figure was prepared ! 
4 1 Easter, market experts said 
that it could be greatly reduced 
—even eliminated— if the price 
could be bold at an average £S5 
a tonne for the rest of the season. 
The marketing year finishes at 
the end of May. and high as they 
are, prices are still well short of 
the hoped-for level. 

Imports are coming in in . 
greater quantities now and. at the : 
same time the quality of borne-' 
grown maincrop potatoes is' 
deteriorating rapidly after six 1 
months in store. / 

At the week-end. Mr. Denis \ 
Mead, president of the National i 
Federation of Fruit and Veget- 
able Trades, wrote to the 
Ministry of Agriculture, demand- 
ing that supplies of potatoes 
should be improved. “ It is i 
frustrating.” be wrote, “to know 
that potatoes are available and 
growers are prepared to deliver, 
but are prevented from doing so 
by the Government." 

However, the Ministry was 
showing no signs of relaxing its j 
controls over supplies. 


again 


BY JOHN EDWARDS. COMMODITIES EDITOR 


Cocoa prices 
rise sharply 

Hty ’ Our L C<mi modifies " Staff 

. ttCOA PRICES jumped on the 
'./radon terminal market yester- 
" Jay with, the july position gain- 
ing £82.76 to £2,042 a tonne. 

The rise ' was attributed to 
-feavy - speculative buying 
j- netmraged by. an increasingly 
i:'ight physical supply situation 
."■$ a result of delayed .Weft 
.-African shipments. Reports of 
i'l r sthrbances .in" Ghana . and 

• Mudent unrest fn Nigeria gave 
::-!he‘ market - a firm undertone; 

• on. '• ■ - ■ 

. : The market ignored a decline 
if nearly II' per. cent, in Belgian 
:ocoa grindings during the first 
"luarter of - 497S.--H- was -noted- 
hat Belgium normally imports 
^ocoa. products • in . 1 stse 
'_ Quantities.- . 

13 World sugar prices ' were. 9lsp 
higher. .The London daily sugar 
arice for raw sugar was -raised 
« iy ££ to £104 .a .tonne. ■ 


STOCKS OF copper -ip. the 
London Metaf Exchange w i are- 
houses are now. at the lowest level 
Since Angust'1976, following the 
latest decline of 10^25 tonnes 
(announced yesterday. 

This cuts total holdings :to 
552.900 tonnes, compared with 
the- raiMime- . peak of 645.300 
tonnes reached in mid-January 
-this year. . 


However.. tbe decline in stocks 
was io line with market fore- 
casts last week and had already 
been discounted. Cash wire bars 
closed £7.5 lower at £6S4.75 a 
tonne, despite news that some 
workers — representing nearly a 
third of the workforce — at 'the 
Olen refinery in Belgium had 
stayed on strike in defiance of 
tbe return to work agreed last 


Silver rise forecast 


.BY QUR COMMODITIES STAFF 

.THE PRICE df spot silver will 
rise to at least $8 as ounce 
next year— compared with the i 
present' level of around S5— it is i 
predicted in the latest market 
review- published yesterday by 
! Commodity' Analysis. 

— The- review,' entitled Silver— - 2 
the. outlook to 1979, claims that 1 
th.e.^rice riseixlll result, from a i 
continuing world.. supply deficit I 
and likely., credii jtnd . currency i 
[conditions next year. i 

! It estimates that industrial and t 
i coinage -silver consumption fell i 


by 4.4 per cent, to 393m. ounces 
Iasi year, but will recover br 3.1 
per cent, this year to 405m. 
ounces and to 418m. ounces by 
1979. 

Silver supplies are expected to 
be effectively unchanged at 
•380m. ounces this year and rise 
to 395m. ounces next year. The 
review, says it would seem un- 
likely that tbe U.S. Congress will 
authorise, the. sale -of anything 
other than a nominal amount of 
silver from . the strategic 
stockpile. 


Friday. 

Workers at three Sorieic ; 
Prayon plants in Belgium, pro - 1 
during zinc, chemical products! 
and fertilisers, also refused to 
return to work despite the settle- 
ment agreed last week. 

News of the continued strike 
action temporarily halted the 
downward trend in base metal 
prieds. but this was soon resumed 
in the face of persistent profit- 
taking sales. 

As expected, tin stocks fell by 
400 tonnes to a total of 2,660 
tonnes. But the downtrend in 
otber metals kept the market 
under pressure and cash tin] 
closed only £4 up on the day 
at £6.067-5 a tonne, although ' 
there was a rise of SM26 to] 
SUL552 a picul in the Penang - 
market over the week-end. ! 

Some fresh offerings of cash ; 
metal were taken to indicate : 
that fresh arrivals of tin into] 
the LME warehouses would be. 
coming soon. i 

Lead stocks fell by 475 TO' 
62.275 tonnes and zinc by 375: 
to 61.500 tonnes. LME silver' 
holdings rose by 40,000 to . 
18.120.000' ounces. 


Weaker 
trend at 
tea sales 

By Our Commodities Staff 

TEA PRICES weakened at the 
London tea auctions yesterday 
as buying demand faded away 
in th face of increased offer* 
ings. 

Average prices for quality 
teas were cat by 5p lo I30p a 
kilo, medium fell by 8p to 
116p." and plain were slightly 
lower at 84p against 85p 
previously. 

It is felt that while retail 
demand is thought to be pick- 
ing up as a result of lower 
prices- retailers are sail keep- 
ing low stocks in expectation 
of further price reductions. 

Asa result the large increase 
in offerings this week to nearly 
60-000 chests, compared with 
jnst over 50.000 chests last 
week, met an unresponsive 
market 

But after the recent Four- 
week period when the major 
blenders were absent as 
hovers, ■ . some sellers are 
anxious to turn their tea into 
money. 

Food industry 
hit by lack 
of confidence 

Financial Times Reporter 

CONSUMERS -WILL have to pay 
more for poorer food unless 
Britain’s food industry can re- 
gain the confidence to invest' Mr. 
John Peyton. Conservative 
spokesman for agriculture told 
the Dairy Trades Conference at 
Eastbourne yesterday. 

** All the food industries in the 
ILK. now face an assortment of 
miseries, not just tbe dairy 
trades. Competition is tough, 
even rough. Confidence is 
damped down by reduced earn- 
ings,*’ he said. 

“ The industry needs to invest, 
but tbe willingness is ex- 
tinguished by the attitudes and 
methods of the Minister for 
Consumer Protection and ids 
lackeys in the Price Commission 
—a light little bunch of bullies. 

"The consumer may be 
getting, the benefit of tow prices 
now but if the industry does not 
invest it will mean that in tbe 
end the coiisumpr will pay more 
for a worse product. 

"This tfviac hand to mouth 
and not looking to the future is 
killing our country.” 

To help mop up the growing 
flood of milk from Britain's 
dairy farms, the Milk Marketing 
Board is investing £l5m. in a 
new buttermaking plant near 
Stroud. Gloucestershire. Mr. 
Steve Roberts, the Board's 
chairman, said at the conference. 


CASTRATION OF LIVESTOCK 


No real need for 
this nasty chore 

BY JOHN CHERR1NGTON. AGRICULTURE CORRESPONDENT 


THE PRACTICE of castration, 
with its- female equivalent spay- 
ing. is as old as farming, and 
of course not unknown among 
humans. By denying tbe animal 
its reproductive urge it can be 
made to turn its food resources 
into meat of a" kind acceptable to 
current, taste. . it is much quieter 
to handle, will not impregnate 
any females which cross its path, 
and so allow controlled breeding 
with only selected sires kept 
" entire." ■ 

Spaying females, while quite 
widely practised about a century 
ago with cattle and pigs, is today 
unknown in practical farming in 
this country, although 2 bare 
seen It performed in my youth 
and more recently on pigs in 
Russia. Because spaying a 
beifer or a sow Involves remov- 
ing the ovaries it is a veterinary 
operation, only performed now, 
as far as I know, an domestic 
pets aod occasionally mares. 

Tbe male testicles are raueh 
more obvious and easy to 
remove. On most young animals 
the operation Is carried out by 
tbe farmer or stockman. Only in 
the case of the older beasts is a 
veterinary surgeon likely to be 
called in. 

The whole* practice is being 
called into question. It is being 
claimed with some research 
backing that entire animals — 
bulls, boars, and so on — grow 
faster than castrates. They also 
produce more lean meat and less 
fat and so are more acceptable 
to modem taste. 

AH forms of castration carry 
some risks, and are obviously 
painful to the animals for a short 
time, and an unpleasant chore 
for the farmer. 

I was particularly pleased 
when the wholesaler to whom I 
sell my pigs agreed to take mine 
as boars. This victory was not 
won in a day. Like most butchers 
he had a prejudice against boar 


taint, a smell given out while 
boar pork is cooking, which is 
said to make it repugnant to the 
taste. I have eaten plenty of 
boar meat- at home, and lasted 
it at the Meat Research Institute. 
In no case has there bees a 
vestige of unpleasant taint. ‘ 

1 am not saying boar taint has 
never existed, but it must be 
remembered that tbe modern pig 
grows much faster, and is killed 
at much lighter weights than say 
50 years ago. Most pork pigs, 
and many bacon pigs, arc prob- 
ably killed before they have 
reached the equivalent of sexual 
maturity. In any case, to-day 
many butchers accept entire 
pork pigs without deduction. . 


Advantage 


The Meat aHd Livestock Com- 
mission has been looking into 
the advantages and disadvant- 
ages of rearine boars as against 
castrates, and although not 
enough work has been done yet 
to evaluate these properly, it 
seems the producers could get 
an advantage of £2.50 a bacon 
pig and tbe processor could suffer 
a loss of £2 a pig. 

T ean’t say that I can at this 
staee prove any distinct improve- 
ment in growth rate and carcase 
quality in my boars, some grade 
well and some -gtade badly. But 
the fact that. J don't have to 
castrate the piglets means -T am 
saved a beastly and cruel job at 
whatever age it is done. The 
only chanee in management has 
been to rear the sows and' boars 
senaratelv. which is no problem. 

Castration of sheep and cattle 
appears to be- much less painful 
these days. Unlike the pie. 
where the testicles have to be 
removed after slitting ' the 
scrotum, lambs and calves can 
be castrated by placing a rubber 
ring at the scrotum neck. 

Lambs will fatten perfectly 


well as entires, particularly - If 
well fed and killed before sexual 
maturity is reached. Once the 
ewes lose their milk the lambs 
go throueh what is called a store 
phase. They will eventually put 
on flesh, become a nuisance ‘ to 
handle, particularly in the ipix?d 
flocks in which most of them aye 
run. They impregnate the eye 
lambs and the farmer ends up 
with very badly assorted 
mongrels born at the wrong time 
of year. 

Nevertheless, in France there 
is quite a taste for ram meat 
according to one sheep farmer 
I met. 

Bull beef is as yet another 
European taste, and its produc- 
tion and sale in Britain is just 
beginning. Bulls seem to de- 
velop heavily fleshed masculine 
characteristics and the increased 
growth rate seems more signifi- 
cant than in either sheep ^ or 
pigs. Kept in large numbers pn 
intensive feeding systems they 
appear to remain quiet and ftp- 
aggressive. 

Once they have gone beyond 
the first intensively-fed phase 
into a store period, the bull’s 
filesh lacks the characteristics of 
that Of younger animals and 
grow into heavy well-fleshed 
beasts they are difficult !£<o 
handle and their meat can' With 
age become .of- manufacturing 
quality— excellent for ham- 
burgers. but not for joints. For 
this reason castrates are in 
general used in Europe where the 
fattening systems are extensive, 
including grass. 

.There appears to oe no reason 
to continue castration for any 
animals which are going to be 
slaughtered at an immature age 
on intensive feeding systems. The 
objection to the meat, especially 
pig meat, comes from the trade 
and not tbe consumers, who pro- 
bably do not know the difference 
anyway. 


Record oil stocks predicted 


[STOCKS OF oils and fats in 
! Western Europe are expected to 
| reach a record 1.94m. tonnes on 
; October 1. up 231.000 tonnes or 
j 13.5 per cept.. from stocks beld 
j at the same time last year, 
according to the Oil World 
weekly. 

This projection reflects Oil 
i World’s estimate of a 316.000- 
! tonne increase in domestic pro- 
j ductioB and a rise of 254.000 
■ tonnes in net imports by Wes- 
. tern Europe this marketing year. 


It also allows for higher use 
than normal, predicting total 
consumption rising by 179.000 
tonnes or 1.7 per cent. 

It expects consumption in Wes- 
tern Europe to exceed 31 kilos 
a bead for the first time. 

The products included in the 
estimates are soyabean, cotton- 
seed, groundnut, sunflowerseed. 
rapeseed. coconut, palm kernel, 
palm. fish, linseed, castor and 
olive oils, plus lard, butter, tal- 
low and greases. ’ " ~" 


The main stock build up in the 
present crop year is expected to 
be in soyabean oil. with sun- 
flower oil and butter also show- 
ing significant gains. The only 
decline of importance will be in 
fish oils. 

Olive oil is expected to show 
the largest production increase — 
up by about 20 per cent. . to 
1.22ra. tonnes. More moderate 
gains are expected for sunflower, 
soyabean, and linseed oils as well 
as for lard, butter, tallow and 
greases. 


Commodity market reports 

pier MCTil C • rms.5. 5. 4.5. Anemoodr WfrebiiS. tbree ■* 

; ■ DAat JRtlALo months I7MJ. 3.1X 5. 1.5: T.«. Ferb; r 


- COPPER— Lover on th* London Meta! 
— -SMhsniw \-nh carryover - selling tmiu 
.: Ttqay Initially UtWnc fomard metal 
-Uptfn . from £701 io MB9. The rantlnned 
-# tow. unrest is SeJsltun- caused a rally 
lit £707 hot rMs ebuld nut be *iKiained, 
ffld triib C con ex monpj uncertainly and 
,:w pound . QuauatiDir. the price tlid to 
•; ^oae on. .(Iw-Kerb at £W 2. Tbnitfver 
; .jLJBS unnefc - ' ' •..-*■ - 


“"iTiwuu . \¥ ,vr V l 1 *^ 1 * r 

. OBteiat .f~ } Um.-fOt.iK j?— 

~T- IViT ~ *T- 

Yireban 

’*rb €S7.5-M-tfi.76 684-5-5 \~1S 

montli-.. 7^4.3 5 — 6 701.6-8 8 

tatrm’ni 668.5— 5.6 — 

frthodfiB- . • , 

677.6-8.6 — 5.6 674-8" !— T-B 
monibT.., — 3.S 691-3 1 7J> 

VH.'m'na- 678.5 —5.6 ■ . ’ -r 
tX’.&nit... - i -64 i 

Amalgamated Metal Tradioa reported 
. her in the morning ca*b wirebars- traded 
it X8S9.5, 89. three months £783 J. 4. #, 

; 8,3. «.■ 3JS. 5. Cathodes, three months 
fi9S j. Kerb: Wkrcbar*. three, raumbs 


£705.5. 5. 4 5- Aftrnioodr WfrebgA. three 
months -£703.6, 3..J.S. 3. 1.3: T. «. Kerb: 
Wire bars, three months S70S. 3. 2.3. 2. 
J.3. S. ' 

TIN— Steady with, forward *meul moving 
m a narrow range- . The Ean was higher 
nTrr the .week-end jind with-sotn? ph'-flca) 
demand. Apparent-' early, price* were in 
the £S. 043-10. D30 .range.. Bm hedge .seU- 
ina and; fresh cash e ITertnii- depre^ *cl the 
price n>. . £9.(00 before Jt gradually 
recovered to dose on die Kerb at £8.013. 
Turnover LS20 tonaes. 

■'* > ■ .m. j + ij»' — -»+or 

'.TlX | Offb-ia' i I — 

Bleh Gnrftt *■* . ! ** : « : x 

tSX.. 6685-90 -41i 6065-70 * 5 
S months.] 6046-68 :+56 6C30-S +15 
bettiernTt .r 6090 1 +dQ • — 

Standard ■ 

6085-90 +4M. 6065-70 -5 
3 month*.' 0046-7. '+13.5 6030-5 -- In 

tsertteni’U. 6090 ,*40;' — . 

Strait* E-J r$li88 i*2B *■ — 

Xew YrtfV _ 

Morning: Standard, cash £6.120. £6.083. 
9Dj 85. three months £6.078. M. 30. S3. 
30. 45. Blgb Grade, three months £3.830. 
Kerb: Standard, three months C6.M0. U. 

July Cocoa. 2036-2048 


> AND PRICES 

Afternbon: Stanoird. cash £6.670. three 


Afternbon: Stanoird. cash £6.670. three ARABICAS— Dull but steady with only CI]f! A P 
months £3.630. L'o 30. Kerb: Standard, the two neartr posIdobs attracting any -J UUrtXt 

three months £6.033. 40- 30. 43. 49. 43. tmerest trom dealers. Pnces « in order LONDON DAILY PRICE iraw sugar) 
LEAD — Lower en balance but moving buyer, seder, ch a n ge busmessi: April nM-Do '£101.W> a tonne cil tor ApMl-May- 
nan-owb-. With Jabt iir unre-^ continuing 269-5-10.50. — 6.12. ata.oO: Juno >S3-2o- June shipment. White sugar daHy price 

In Bewum acd U»e pound mortn* ^ ^.0W3.W: Aug 186.WW9JD. r „ ^ M SWM ,£,04.00. 

tvrward metal mo red from £309. Oct. M JMIJL -.^a. idl. After opening around kerb levels pncea 

mil tn trade around £313 before showing D, ' c 143.98 -O.jO. — 2-3S. nil: Feb. |.,a,00- advanced about 1-0 points during the 

an easier tendencr. which rKuJtetJ tn a 46.06. —1.00. _olt: April i33 00-37.00. — 0.30. morning despite Bond «**Uma Interest 


i.m, m., vtijncia „ price changes More Israel 

wasuffiwjfisa jsr - ,o " e f arm nrn/ i, 1PP . 

Cypriot: 2.50-3.50: Spania: stnaD rrays 25’ lalUl UrOQUCC 

30s 1.40: CalHonuan: 3.50-4.86. Gropcfruh . . _ r , ‘ 

haf.tr : “ flown abroad ■ 

sut sunt 1 1 tel aviv. Apm 24 : • 

3.76-330: 40 tb 5.00-350. Golden Deu ct mis. I THE ISRAELI air cargo charter 

jumble Wi*. per pound 0 10-0.13; Italian: | ) line—Set Up (WO years 320 — will 

Rome Beauty, per pound 0.13. Golden Tu,!r£ (l . in peon own 1 ■ K / ■ ° . 

Delicious 0.104.13: u.s.: Red DeLeons fffn en , u;UT > Per cent, more agrlcul- 

9.00-8.30: S. .African: Cranny Smiths 7 30- Coi^rcabb W.ftu»i6a4.SC7.S K6S2.5 ' tura l produce this year lbafl Ul 

P ”?* 5 month* do. do. <£7oi.7s—8 £677.53 1 1977 becaus of the expansion of 


^ +0 ^1 flown abroad 


clu*e on the Kerb 'of £3U) j. ' Turnover Uil. Sales: IT 1 13* Ims of 17.250 kilos. 


3.600 tonne j. 


ICO Indicator prices Iot April Si 'U.S. 


seek -op. Later, however, uli hough 
repons indicated ib ji inn bad purcJiavaJ 
*1* cargoes of whites from the second- 


*.- m - ^ or .. 01 Arabieas^ iP?T d *'. h,T><S 41 krouni1 c ,,vl *- ,hc “artel 

k .\D tjiii'ta • — L Di inciai- — Arabicas 184^0 Ofa-OO.. unwashed was un , lb !e to sostain the higher levels 

p — Z 7. IT Romlna* t«.o2 and • ftir J thsappotmtag Vew Votk open- 

i C 'L £ t AraoJcas 1S0.99 I1SL49 1 . kodusus 14XW ruosr of the ntlDs were Iost by the 

i 305.5 6 — 1.5 302.5-3.5 -3.75 >«une.. Daily average 151.15 UK Mi. do* 


: £ •£ r 

Leah 303.5 6 -1.5 302.6-3.! 

3ipontJu_| 313-5 ^2.75 310.5-1 
Scft’nh'fli' 3U6 — 1.S — 

1 .r 1 - 'inf — 55 . 


-3~~Z ’ i:r: GRAINS Pref. \‘e»(en toy's! Ptvvihui > Bmipess 

\fnrri ts~- h'V-jr 3 s 3 Wother oudes dominated the grain 1 I c,WMt 1 lJ,,ne 

^WOTni^. — 04a. jj^ftn-ee^monOK martws with strong hedge jrlLng appear- L,,nn - 

wif,?;. pfjFJX™* romans ns. Kg. Lns m neK . ^ppj because ol tfinur con- ^ — ' 

ThSZ diunos and at one stage losses of 180 £ per tonne 

months Oil * \ DOilU* In wheat were sosiatned. How- 103.90-06.M 1L4.4IL0450 107JI0-04J8 

-iwr _?|7.V M ever, massive commercial buying at the ||0. 13- H.3C* J08.76J)aJi0 II 1.46-0658 

bwSbK «Si n nta nnd JSJ fer AI 2 n JSTLiKlL^S 0a: H6.eM6.7b.1l6J5.lM0 117.65- 1650 

Sfltfa StKiTV^Sgj brfore Swraa lower on uWmjpasudcreddUe n M . A . 1^.75-54.00,1 lZ.9b-2SJ»l24.bB56.7& 

— wiSkmt Sn ro 3 ,ac,c vf Hircrop rod Permit utraida- u . .. ,1.7 inz 75 12a.ifl.s7 oaiiB 4 - -47.25 

M I3K ' TarOOVSr 3 • 2, ■ , X Tb 

day cnibted looser of ltta points 10 be ... _ . 

1 a.nil +' -r p.Bk 4- •* registered although there was a sharp sales: 3.458 f?.19»i lots of 50 tontt*s. 

41X0 : Uflkta- — ! L‘iwdtiela< . — raftr on ih* dose in wbeau reports Adi. Tate and Lyle ex-retaeiT Price for 

— • ’’ - — — ■ ■' granulated basis white auger was C42 40 

' :.»h i- E WHEAT SARiEr igamet s tonne for borne trade and 


Butipess 

U-wie 


LG. Index Limited 02-351 3469. July Cocoa 20364 

t9 Lamont Bond, London, SW10 0H5. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor 







Commodity -Analysis Limifed 

will be moving lo now offices erf 
37-39 StAndrews HID iondon EC4V 5K> 
an2ncfMcv1976 

- Telephono numbers 01-236 52Tt OK2489571 (dedten) Telex &B3356 



Commodity and metal brokors. 

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Commodify Analysis Trading Umiled 


; COMMODITIES 

Private research company his developed, i new cqncepi in com- 
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B ox T.46E9, Financial Tintes ; 10 Cannon Streep EC-4P 48Y. 

LOHfiOM COMMODITY CHARTS _ 

^Dailf ffrgh/Lpw/CIose charts posted every Friday 
night ;20, JO and 5 d ay Mo ving Averages; 

Please send me details J- - J Name 

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f enclose cheque for £85 . | | 

.for 12 months subscription j- j 

' . 28. Panton Street. Cambridge CB2 1DH f 0223) 56251 


. i a.m. 
41X0 : Oflkta- 


0.15-6.17. Sporrans 0.89-010. Pear*— S 
African: canons. Pack ham’s TntmuA 
7.40. Beam HahJr 7.06. Bairn- Besc 5 »: 
Dutch: per pound Cotrtereoce 0.15: 
Beldsn: Conference 0.11-0.13. Grapes— S. 
African: Sew Cross S 80. Barllnka 4 30. 


2? Partham-s T^»b =t3io.75-4 iao6.!5 : 40.0W) tonnes. The company uses 


- 2 . 0 S is* i and operates four to five flights 

. , daily during tbe peak agriciil- 


Banana*— Jamatcaa: per pound 6.J5. Phtriauui x/*»y oe.. £120.50, + j £114.5 J iural export Season. 

Melons — Chit? an : Wbtrc 3.S6: Colombian: Free Market XI 12. 30 —1.06X113.2 : The Israeli agricultural export 

Green 3.08. Avocados— Kenya. Fncne Quwk>Uv«- f76lb.i SU7-32 8I30-5B ! season will be extended this vear 

14 '34s 4.50: S. -African: Fuerte 4.50-l.M .Silver rn*v w 273p -2 J5 .272.3p 1 7)rhn,^ah 

Strawberries: lsraeb: 0.45: Spanish: 0 30- S immtb* 270.86p — 2.36B77.2bp ol\ weeks IO July 1. although 

0 40: Californian: 0.86: IiaUaO: 0.40. Tiu La*h X6.087.B>3 X5.777.5 j the volume Will be Smaller front 

Pineapples— Ivory Coast: 0.40-0.90 each, inuniths.-.. £6.0323 +15 £5.772.5: May 1. The pQttnpanv carries 

ObJoijs— DW ri): large 2.D6-2.48. mertmro notfr»m2SL£«!bxtf s 139-44 S149.5S industrial nrrufnntc and raw 

1 00-1 Chilean: bass appros. at lb Ztm-«,h £892.75-0.76 t26e.5 ■““USlTiai products ana raw 

3 5W.80. cases t.oo-4.80: natiaft- 2 so: 5m..oih £500.75— o.5 X872.5 . ntatena Is for Israel industry on 

Canary: 4.00. Capsicums— Kenya per Producer. — SS0IL6OO A550 1 its eights back frOlU Lhe COUti- 

pootKJ 0.43: Canary: per pound 0 40. • n p nT 

Celery — Kpamsb: J5s»'30s UM3B Oils : 

American 24s 5 B0. Pa tato es- Canary: Coconut <Pbil> S620< —20 $.675 -— 

3 50-3-80: Egyptian- 3.G0-3.M: Cypriot: Crjupdoui... X745 £661 ’E>rkI5c-ly ninnv 

3.90. Cauliflowers— >T ersey : 4 6ft French: Lloseerf Crude in.. £*60 -3 S512 X^QIJSn Sllwdl .. , 

4.H». Cucumbers— DtPcb : 14 18s 2.00. Palm UAlayau S600.f —2 S360 O 

Tomatoes— Canary: 370-4 40: Jersey 3-S6- nlnnfinrrn •• 

4.S0: Dutch: 5 00: Guernsey: 43M.08. DGGl PiBDllDSS ' 

Carrots— Cy priot: -2 lb 1.80. Seeds * ® 

w^Ve^RetU^^toS 50 P#t L*ScS^-per Vis Soyabean ft^S.j.._|S3O0r : — 2.5 5300 up this year : 

1.46-1.50. Beetroots — per 28 16 I 00. Thrnfps t WARSAW Anril rr 

UK,? ■sj^^'rrssMa es*E«c : . polish sit. ar beet fcnb 

Onions— per 56 lb 1.8D-3.D6. Swedes— per Home Future*.... £84.55 —1.1 £74.53 'have covered Over- 260,000 hec- 

2$ ib 0.a. Rhubarb— per pound, outdoor ilau-e . tare«4 so far this vear JfWI IW> 

D.0S. Cucumbers— per tray 1C-34S 1-30- Fr neb Nil 3 .Un *Mfc -0.75 £101 ! h “ ^ 

2.30. Mushroom*— per pound 6.50-4.60, wiieat * hectares more than at this time 


+' .-r fi.ni. •+ •* 
— . — 


'. : asb I- S 

493.5-4.5-1.3 2923-3 -.75 
•mnotba-j 301-.S -1.25 300.&-1 -.5 
->*ment — ■ . 294.5 —1-5 - 

Pirn. West; - 1:9 


' Cenrs p?r pound. rf*n pretloas »„>' 
unofficial ciow* ; ;RI oer oicut i.-' 


! Ve‘ientoF>/+«r !Vewerda>-.' r -u -HM.O0 <£16100 - for eatpon. 


Mbv I 

96.50 

—0.60; . 

84.65 

-l.tfl 

bept. 

83.43 

--.7ii' 

80.20 

-0.75 

,\..v, ! 

87.80 

—0.80. 

82.70 

—a 65 

I»n. 

90.43 

—0,711. 

U5.2S 

-O.60 

Mt«r. ; 

92.90 

uAa 1 b".b6_ 

-0.56 


International Sugar Agraoment: Indi- 
cator prices iU.S. cvms per pound fob and 


086. C60-». l . 1 j. K«b.^ Three miirtis Business done— Wheat; May 96.96-9M3. reports Bache. 

oas tmi i SiSi t t Sept. S6.7a-S5.la. Nov. SS2«7.M. Jan. -Pence per Riot 

mmdis'aH. 2. £aW " , ‘ L * ert> ' . “ 90^0-90 March 93.00-92 j0. Sales; u 1C. 


Barley: May b3.5>M.W. ‘Sepu SOM-SOld, 


SILVER Jan. S3.4S-S5J0.' March &ree?.yWc<<l — . 

Silver was axed 2-5 p lower for spot imported wheat; CWBS No. i '£28.0-23.0 — o.s' 

delivery la die London buHloa market jj; per cem. Aprll-May £95.50 Tilbury. j 0 [V” ’ 'ogi n.sa a ' : 

yfMMdas; at 273£p. U.S. cent etnuvalen;s u.s. Dart Northern Spring No. 2 14 per ootoLer" C5S.0-57.0 \ 

or tbe ftdag level; .were: Spot 493.0c. ceu; . Aprit-Uay lofiJM UayJope as.rs iSSSta.' ’'m.Mi.o !■ JT 
dotvo 5_3c: Qiree-trucTh oOS .Sc. dotrn a.3r: cranshipmeni Easr Coast. Vawdi 742. 5- <6 0 - _ "l 

sls-tamuh 515A;. duw? 3.1c: and t>motiih Malre: U.S. 'Preach April-first half May sao* 64B0 I : 

aK2e. down 4.9c. The tarsal opened ai co&tS Berond hair May QM. June £185 50 5rrW7J ’ i 

274.l-rt5.lp . r3Ut-502ci and eased to transupmeo: East Coast. S. African fiJfjTL' ui n ja n | 

iTU.3K.iP (49Si-4STc> at the close. VeUow itaj-Juoe fSl.M Sellert. Ocsobrr ... ..244.0-48.0 -.... 

r : : : HARK LAME— Martet was acnerally 


Polish sugar 
beet plantings 
up this year 

WARSAW April 24 " 
POLISH SUGAR BEET plantings 


cku ju transmpmea: t«T coast. 3- .^rncaa J n n 

\iTU*n.iP (49Si-4STc> at die close. VeUow itaj-Jirie £51.00 seller*. Oc4obrr ***** — - _ 

— — : opiwrallv Siles; N ' 11 Iof >-5fiM Wlos. 

-II VCD I • , . , . , — ^ R ?rt^-^ ,< iniM^nv r6 |^»tP^fne BRADFORD — BustnekS In aurae secUDUi 

pllA&B . bum too -+W L-M.b. •+ oi dnlet. Wlces - re ? £ SS5f has improved, reflccuns weaker sterliojt 

per ■■ itjcltu; — ■' ‘ d0 »* i ~ ***• and a desrer fendertcy at New Zealand 


— ; : : ebaneed tu fiuhtly dearer on curve ocy 

^.^'*73p —2.5 £71JBp -9.15 ®g« * c ”' r 

Smoaitrt.. D7S. P 65p -2.i5 t 77JaSp -4.4 Mw'ddinM ^ CREASY — tin order buyer. 

nuiuilw_ . VBSAp —4.5 - Mar oi oo eUTered s^^r. bustBrss. sales*: Micron Contract: 

kianaith,. 300 2p - M “’ M0JW40J. 341.1L3MA. 78: July 345.0- 

— . to. non 54S.5. 54KS443.0, 3: pa. M8.M4S.0. 349.0. 


wool auctluns. Tups' prices are no- 


•ituiaiib,. 300 2p — 2-5 
LME— Turnover 144 ‘12 
ounces. Markins: Three m 
9-1 8i flj A£rb: Hbh 
A fterpootfc 'Three months 


HCCA — Location ex- farm 


week bestnmns May 1 ie expected to . — 

COCOA rea, “ J w,aaBsaL MEAT /VEGETABLES 

L-UVW/V EEC DAILY IMPORT LEVIES and L 

The martet rallied Sus rconan* and prendums effective for April 35 in order JJJJ* JJj 
coptimjeo IP more aptrerds fonowia* currwi levy plus May. June and July. I»W| wn rooart ere 

'fork’s steadiness w dose at or ntarthe Premiums, with previous in brackets, .til fn hmdaoanm^M^ST-fl n 

jn, .h .cy, per amm* “ ™*' 

¥&K»d*5"«+or Basiue« J"* 1 - ¥?; Vealr English -fats 70.0 to 77.8. Dull* 

UOCOA Close — Done 1 is, \; “'i* hiuris and ends 98 0 to 100 0. 


M 

tungsten sold 


u.— . UJJfi. VWIIHI ■»». uw.On uiia u- J ... 

113042, Ml.: Stars: SlJi?. nil. nil. 0.87 


Lamb; English small New Season 64.0 
to 72 8. Imported {roam: NX PL <7j lo 


I VijClntr’l tS1^7. 0 7. 0-97. 0J7-: Barley: 75.09. Hite Imirt^l (razdB' SLZ Pi in 

May 2125 -8-30-0 -,82J»2«0.WiB5 attiL- Oats: w.C- mis I?!;?. n!U»: 

July .2948^-44.8 H5.rS2Ms-C- 'rtl MMae **". J?* Hanets: English 36-0 to 60.8. Scottish 

1S8.U-70J -r»LOO IS70.8 1aS0 1=9. L8. J.« I < ■ l M. ^0.6.. Mi. M 0to60 ( j 

tire- ..'- — 13n5.D-Ifl.fl -SjJSlW-JflB Wr.MmksMi «'J?’ Pork: English, under too Dw 3SD >0 

MancbL 197ff.fl.73Jl fBU WA.D- W V 43b - lbs 37 -° w lbs 

May 7825.0-42-0 - 105; 1«20J-17 b3 J-». lA iK.IR. nUgl. Floor le^s. ^ Cfl 

'Wfeiu -jgOJI lBKJ-1725 Wheat or mixed wheat aod r»« 133^6 M£aT l 0HHKSias _ Xvervie fal£locfe 

s'a~ie<»~<'4*4 teeiv. of 10 ronnei. flM.Sfit: Rye: 135^4 (12354). prices at rtpre^Otaljve markets on April 

im— ari—1 Coco* Orpitiwii- PITRRPP 24. . G.B.— Clttlc 68-I6p per kg.Lv. 

cempffpogD^a^prlce April 21. IvUISDtA f+0J3’.; U.K.~5heep 146_4p per 

149-54 (14S.cn. Indicator prices April 2C STEADIER opening on tiw London ks^sr.d.e.w. i+*5': 6S5p per 

15-daf average 157.49 :U5M»: ' physical market Fair lRttre* tkrnus&out kkJ-w. frfl.n. »4 Wales: 

average --159.3& fsaraei- the day. ctostag ouletlr steady. Lewis and Cattle numbers op 3-a per cent., avenge 


ndut. ... ISB8.U-70JD -rSLOC ls7fl.fl laSD 

13pS.IMfl.fl -S^O «S1IU-IS1& 

Matvh - l97ff.fl.73JJ *!Z1-B IfiSfl.D- 1 708 

May 7825.0-42.0 - 105; TfiSOJ-USS 

July 188ff-C-ia.il -120J1 1MBJ-17Z5 

sSSTTeT I2g2a. Ida or to ronnes. 
latmatiCBal Cocoa ftoatow «AJ-S- 
com per pogndi— Dally price April 21. 
1495* 7148.63). Indicator prices April it 


36.0 to 60.0. 

Perk: English, under IDO lhs 3SB to 
45.0, 100.128 lbs 37.0 10 418. 120-lSfl lbs 
36J) to <2.0. 

MEAT COMMISSION— Arena* fatstoct 
prlcta at representative markets on April 
24. C.B.— Clttlc 6S.10p per kg.Lv. 
f+krt'.: U.K.— Sheep i4S.4p per 


COFFEE 


the day. finin g quietly Heady. Lewis and Cattle numbers op 55 per cent., avenge 
Peat report Out tbe MaJ arris sodotrn Price ffiJ3p i+J-J 6,: Steep dimm 1.9 per 
price was 210 t20fi cents a kilo (buyer. 1 IliL 88 JjL?:* P er 


Robistas dipped lever today as a 
dearth et ptes leal .offtake allmred bear 


63 Jp Sept and— Csnlr dovrt 1L5 

per cent. 67J6P £+0-321: -$betp down 
Sh per cent.. HS.lv J+3M: pigs op 


w n tiro eip - to iHura. Drexel Burnham IiJSJi. Test'nliy’a Previous J Bmineu 23.3 p# r ftn t, 8S.7p f+83). 

; viose 1 Close ^ done 'hkat COMMISSIOR-Avenge fawock 

ryncs wen £78 TO f . prices ar represedtatire aurtaty ea wwek 

a bom of mixed short covering on . , ; Aprli & C . B ^-Cattle, SS.B7p per 

¥£ -=^ : — Mav.. J :UJ54S.flO' StIUUt b3.4WWfl S" 

.Tesurdsys _ . • J U m. . & 2 . 7 hS 4.00 62.3S&.00' — kg est dev ItI-Oi- G.B.— pigs. g3.3p pef 

COFFEE' ' ^'°* e ^ 07 Jlv-hetA M J0-S45S EUfl^&flO 54.78-&4.E8 k* -tw f *- EafllMd ted Wat**— 

■ ~ 8*SfSHBa &£SS S2S»S S?*’’CZ.V J &'SL‘g% 

^"-fessss 533.11 fir" StSS- , ‘iSJTSSSns 

3^. lS4.tfi|fl wU U ggg’S 5ES£ S.H per rent.. 68.23P J rO-W: Sh«p down 

S535L- SSiim rSoKS iijttmjmn* 

January 'Jja.1228 -13.5 ' >225 Sales _ ^ l2tfi , Tou; of 55 tonnes and COVE NT GARDEN 1 pnces m sferltna 

Uareb: 1196 1^ — W-j) . — 7 • 14 • lots of 3 tonnes. per package exrepf where otherwise 

May..- 1 776- (125 -tH.D — Physical dosing prices (buyers', wre: naredi — lirmonwl nrnfucc: Oransts- 

-_ Sno: 51 -Vt (samdi, June 51 Js (51.5p\ July rypnoR Valencia Lat-’s 28 kilda 2.78-3 30. 

Sales: 1,046 (1554* lots 6f 5 tPOPCS, 5125p tHpj. 13 idles 2.40-8.00: Jaffa; LatCS 5^8-1.23. 


0.12-0.15. Tomatoes— per pound EnC'M ti^oa nblpn.enr. ..jjZ.157 - 90 £1.657 ■ .V 

0.43.0.43. Creeop— «r unv. Km: uJO- Future July. £9.842 +92.75 JC140C.S ' Culture 531(1 10 a field d(5patCO 

100. Cauf Mowers— per -12s 2-W.3.00. CoffeeFnture 1 : from Warsaw on February -IS 

1 •■■ JC1 ‘ 3 ® 5 — 13-S£i.40i5 1 that Poland's planned sugar' beet 

JUTE r52&«io™::; au Ifesp ;™ ;i p f Me(l is e *p« rte 2 

(Han't ' £io4 .*3 £96 to be 600.000 hectares, eomparad 

JUTE-Oundee: Quiet bill firm. Prices WoPUxip. Ms kilo... grip +1 270p ! with the estimated 532.000 ill 

r. and f. U.K. fnr Aprll-May <n1pni«n: — 1077* 

awe £297. RWD £2SS. Tuwa: BTB £S85. -Nominal. 7 Unqnmed. s May June , U,’ , . , ; 

BTC £285. BTD E88. Calcutta goeds t May-Aim. u June pAprfiOnne. u /.pnk Planned purchases Of sugar 
easier. Qudtatlotis c. and f U.K. for May, a May. s Per iod. beets by the State are pro- 

THwtJ 1W yardsT May £10-57. ' fn* nlS^wnt fw?' f ?r neS ’ 

£9.61. June £10.89. £8.01. “ B " tviBfc cottom— S pot and shipment sales ! 10 ceDl - trom the previous 

£29.58. 129.50. £28^1 for the resp eedre amounted to 1 JOS totmes. the largest dally | year. 

skiRmcot periods. Yarn and eiroi vary total for nearly three months, reports t 

mile*. F. W Ttrteroalls. Substanual tateresf vtsi rr n . v ■> ' ; 

tootrn In Russian. Turicish and Columbian 1 B W ClDf*uTll 1 D , 

★ Qualities «1th additional support tn I DLULAUlIt/ ", 

African and Latin American growths. 1 j , 1 J ' 

LONDON PALM OIL: May-J une July. ¥ 111112^1011 SO IQ 

Aug. 38B.OM0.OO. Sept.-Ort. 293 OMM.lM. * lUUfJILU 

Nov. 5SO-8M1S.OD. Dec. 2S8.0MIO.OO. GRIMSBY FISH— Supply moderate, 1 WASHINGTON .April 24. 
Jan unquoted. Sales: niL demand suad. Prices at ship’s sldu fun- • tup nirvFT? a t 

processed 1 per sinner Shelf cod 14 , j . . li&^LuAL services 

codlings LUM4.uo. large haddock x4^o- : Administration says it has sold 

— S-00. medium C.90-54 SO. small C^o-iajo, 101,071 pounds Of surplus tung- 

larae plaice £3.60-53.70. nxdliati £3.70- ; -t an froni the efrafovie ctftelri\iJ^ 
£S 70. beat small £2 jJO-£ 3.BO. tarec sklnn-.d . ,: # . S : raieg,C ? I0CKp ! , 

Y - - . dOffflsh fKjfl. medium £4.30. larce lemon SUPPlemMtaJ 

World wheat £6 ‘ 0D ' mcdimn i3 ' ai - ■monthly offering, . reports 

> i The tungsten, in the form of 

CrOD increase ' ! ores and concentrates, was con- 

” FINANCIAL Times 1 mined -in 6 372 short tons units 

• £ Av, Ann r.f - ! or WO-S and was sold to Philipp 

IS rorecasi Apr. SI Apr- 2Q ucmh flfip- Tear ago (Brothers at prices ranging from 

WORLD WHEAT production will !5?S. “ ** 

rise again in the 1978-79 crop 1 * The material is restricted to 

rear, beginning this JW, accord- REUTER'S domestic use only. 

ing.tQ the latest market report xiET^Affli' 2lT45mb W^^r ago Bids for the next supplemen- 

issued yesterday by the Inter- : !£_ tai offering of 400,000 pounds. 

national Wheat Council. i46as ; i457.s tc, ? i7 35.a w j t j, 300.000 pounds for dometic 

The crop is tentatively pre- ,jaasK Sewembtr m. iki=i») i use and 100.000 pounds for 
dieted at between 3BW05m. now JONES ! esport are required by May 11. 


World wheat 
crop increase 
is forecast 


FINANCIAL TIMES 

"Apr. 21 '“SpiC 20 MemlTflj# Trer «gu 


WORLD WHEAT production will ***$?. J&g*. Lggigg 

rise again in the 1978-79 crop ,Base ' Qfv L ,a52-10Oj 

ydar. beginning this June, accord- REUTER'S 

national Wheat Council. i46ae ; i457.s tc, I 17 33.6 

The crop is tentatively pre- ,B “ r - Sewemter is. 1^1=105) 
dieted at between 3!KH05in. DOW JONES 

tonnes. This compares with an -vcr-rT^r rr nr <rr 
estimated 384m. tonnes produc- J£Z ' ^21 Eo ! 
tfon in the current 1977-7S * • - - — — -*■ 

ugenn hut is Well below the Spm ....360.68360.46 560.77423.16 

record* crop 1 of 417£m. harvested 

In 1976-77 fAvrraw 1924-2i-26=lMJ 


REUTER’S 


146as : 1457.5 tc> ? 17 35.6 
i8ur. Septemtet 12. 1931=106) 


DOW JONES ! ex* 0 * are required 0 

-w — rr- rr ^, — ' the organisation said. 

Do sT' April April j Moutbl YST : 

Jooe»' 21 j £fl 1 ago I «pj I 


The increase is attributed to 
risina production in developing 
countries and tbe Communist 
bloc _' countries offsetting de- 
creases in developed areas, 
particularly the U.S. 


i~====iS 5 Si PARIS COMMODITY 

a = aB 5 3 S 3 i ,1,J * ; banks move 

PARIS. April -4. 

MOODY'S A recent change in the rules 

: April, Apru [ of the Commodity Bourse here 

Moods’* ; si ■ 2 S> 1 «jp - as>. allows French and foreign banks 
s pfa o -mmf.r 899.9902.0 9Q6.4S4SJ c ° become affijjates of the cx- 

iDmmbtrstrufii^iM^ Change, according to bourse 

sources, reports Reuter. 



40 


~..g«£ST - 
, S J-*-" 


' FmahdaT Tim es Tuesday April 25 i97s£jjjj 


\N< 


STOCK EXCHANGE REPORT 



Firm start to week in markets but trade at low ebb 

Share index 5.4 higher at 460 . 4 — Gilt-edged improve 


FINANCIAL TIMES STOCK INDICES 




Apr. [ Apr. 

a-Kt 


■Vs r - }-V ■«+ 

17-1 us! 


GoTanunoot Swb.— ;. 71,8e! 71.37 7133: 72.l6j 71.75 71.73 fi-jt': 

Pirod £ - 75.0® -74.98 76<0e|'- 7S.20J- 74.B1 74.84 R 5t 

(ndmrtrtal OttUn«yJ- *6ad-45«.« 446.7 «|> 

Gold Mina. . 1363| 136J3j 134.71 141.11 1573 1423 . £\ 

Onl.DIv.XieW SfiSi' 5.91 6.90' 634 5.W 632 J| 

Earning* Y’WSflulIN*) 17.3* 17fi3| 17.6l| :173a 17.4* 17.69 {». 

p/B Ratio fuetjnW .7-7® 7.67 .7.66 fl.OoL 738 . 730 . :. 

DcnJhur* narked 4,362^4.299 4.995 4J56s| 4.608 4.462 t‘ 


Account Dealing Dates Mines index which gave up 1.6 to 
Option 135.2. 

•First Declare Last Account After mulling over last Friday’s 
Dealings tious Dealings Day wb^toiy first-time business in 
Anr3 Apr.13 Apr. 14 Apr. 25 London, Traded Options dealers 

4nr 17 aot. 27 Apr. 28 May 10 were less active yesterday. Con- 
ig* 2 Mivll Hay 12 May 23 tracts done amounted toi 505, 

* "MW a™ "dean^mav «*»!*«“ against Friday’s 586, while Marks 

tnm 1J» a.m. two bmtncu dan earlier. and SpenCflr was the most active 
The second ami final leg of the counter with US contacts, fol- 
Account got off to a stow start lowed by IO, 109, and Courtaulds, 
yesterday. Nevertheless, the 92. ... 

untterhSW tone was firm and Dealings in the investment cur- 
bo*, eouttiles and BrirMi Funds rency market were extremely 
made a ttnie progress. Last quiet in comparison with the hec- 
Frktoy’s anraHincsmeitt of a tic conditions ruling last week, 
partiy-naid new tong ** tap" stock Demand for investment in the U.S. 
encouraged hopes that funding of was met by incoming dollars from 
Che expected big May Government arbitragers which made for two- 
deficit may not prove as difficult way business, but the premium 
as originally feared prompted moved within narrow limits and 
firmness at tohe long end of the closed £ lower on the day at 1061 
Funds which recorded widespread per cent. Yesterday’s conversion 



planned overtime ban. Pork Farms 


edged forward 3 to 455p with the 
help of a week-end Press mention. 


AUG SEP OCT NOV DEC 


FEB MAR APR 


Hotels and Caterers made fresh 
progress. . Warner Holidays A 
stood out at 28p, up 3, following 
Press comment, while similar 
gains were seen in Grand Metro- 
politan. I08}p, and Ladbruke, 
189 p. Other firm spots included 
M. F. North, 3 up at' 42p, and 
Prince of Wales. 5 higher at 125p. 

Redfearn Glass rise 

Miscellaneous Industrial leaders 
made modest progress in thin 

trading. Beecham, 632p, Bo water, 

198p, and Glaxo, 530p. all ap- 
preciated 5, while Unilever 
hardened 4 to 49Sp. -Elsewhere, 
Redfearn National Glass became 
prominent with a gain of 17 to 
295p ahead of the forthcoming 

Monopolies Commission’s report 


United Real hardened Vto 2S2p 
in restricted trade, and Bammioa 
A added 3 to 5S8p, the' latter 
ahead of preUmlnaiy rexultsdue 
on Friday. Press comment promp- 
ted a- further small' improvement 
in Midhorst White* to flip. Hse^ 
where, dealingk . ini Hnkr were 
suspended -at 21ft following -' ao. 
approach that may lead fo tn 
offer for the Ordinary ' shares. 


Gold Mine* ~ 1561 

Old. Dir. Sidd™™,™ . 5AH 
SMntogvY’ldaffallin 17. » 
P/B B*tio(netM*tl~-. . 7J7E 
Dnlidf* marked .. — 4.38S 
Equity turnover £nL~ /— 


50^48 '68.53] 68.73j 75.98^ 69.U l ' 


rises of i and occasionally more, factor was 0.6932 (0.6863 'quietly Gnu Buildings, jumping in Owen Owen. 83 d and Allied ti,e Proposed offer from United 
The improvement, howe\er, 12 to 880 on persistent specula- Retailers. Mitn Still drawing Glass. Buying m a thin market 

mainly reflected an opening mark F. C. FiUSDCG gOOd tive demand. Johnson-Riehards strength from last week's record lifted Dg^ La Rue 14 to 272p and 


K 25p before dosing 3 to the good ejected the existing terms, however, declined 3 to 62 p, after 

s rwMMt SrSSiSm »*=«=“■ of SrsrSsJS 

. * , . , . day's annual results helped F.C. }*" £ rLtSSS? Awaiting to-day’s preliminary mendation and William Baird 

Acuity in the Finance to close 8 up at 78p, after hotel man ^ . figures, Faiuell Electronics rose gained 6 to 158p on the sharply 


f * “““ . “r“. ", were qmeuy arm wiui uoyos- 4 Commission of its «4ioIlv^wnpd “ uu uj uc«» umi r»iu ujx. is 

higher at the days best of «0 A. dearer at 268p and Bank of Scot- mbridiaxr BritiS? Gvosurab^t JT 01 ** 1 put »? n ® *P»«- Planning to invest flbn. over the 

Against -the trend, AHied ]fln|L a uo a t 280n twilfL Consideration of Plessey’s 87m. next four years. H. Perry remained 

Breweries eased a penny to 86p unsettled further hv last week’s m °n^ n 6 ^ share ^ a u<s - Army contract prominent and dosed 11 higher at 
awaiting news of the Price Com- hpV^T^^i^^ienilnt Sm helped the shares, at 98p t to pick a 1978 peak .of 196p foBowiug 

mdssion's inquiry. Overall, xhe SS^SivS?' iniffSEJftS 0 fi ^ a reuple.of.pence’of the Press comment on last week’s 


Motors and Components attracted 
a fair amount of business and 
closed firmly, sentiment being 
helped by news that Ford UJC is 
planning to invest £lbn. over the 
next four years. H. Perry remained 
prominent and dosed 11 higher at 


speculation prompting the fo ^. ar ^ TYo 3«n and S Engineering majors began the higher at 2S3p. Supra hardened 

occasional noteworthy finn move- rec . ord , "* ult8 J ,nd h *1® firmed 3 to 340 d • “ week on a quietly firni note. 15 to 45 p ex the rights issue, while 

moot. The fairly widespread scrip issue and share consojida- urmeu a to j-iup. Hawker gained 8 To 202p and the new nil-paid shares opened at 

advance was also reflected in the Vf- n • P ro P 0,a l s ;. cheapened^ 1 to Execijtex UD Tubes were 4 harder at 38flp. 12Jp premium and dosed at 14p 

FT-Aciu»ries All-Share index 14 3,1 m ™J. ct,on t0 a sel1 c ,„„. News that Vickers Shipbuilding premium after a reasonable trade, 

which advanced 1 per cent.- to rerommp "Nation Stock shortage played a raaior t0 receive interim compensa- Appleyard advanced 7 to 91p, 

205 42 Official markings of 4.32S Apart from Allied, a penny off part in producing fairly sizeable t - lon 0 f £4^^ f 0r nationalisa- while gains of 5 were seen in 

compared wkh 4^99 last Friday at s ^ p °? nervousness about the gains among leading stores, ^o,, 0 f lis a^ets last July had Hartwells. 94p. and T. C. Harrison, 

and 4 4Si a week a®o forth rom in g Pnce Commission Gosstes A finished S belter at jitt] e effect on Vickers which 112p. British Leyland finished 2 

r ' Z ° . . report on beer price increases. 28Sp and Marks and bpenccr were closed only a penny better at cheaper at 2Sp ex the £450m. 

_ Last Fridays better trend in Breweries had a firmer inclina- <’ dearer at I48p, while British i77p; the annual results are due rights issue, while the new shares 

Gold mining «-'iiares gave way to tion. A. Guinness improved 5 to Horae ended 4 higher at ISlp. on Thursday. Elsewhere. Simon were quoted at 274p compared 

duU conditions in the w^ake of a I80p. while Whitbread “A”. 90p, Elsewhere. Execute* jumped 5 to closed only 2 harder at 210p. with the minimum pnce of 50p at 

reaction in the bullion price, and Bass Charrington. 155p, both 24p in response to the profits up- after 212p, despite ihe mildiy which the shares were Issued and 

Losses or fairly modest proper- closed around. 2 better. surge and Press-inspired gains of disappointing results. while taken up chiefly by the National 

tions were shown In the Gold Brown and Jackson featured 6 and 9 respectively were seen James Neill put on a penny to Enterprise Board. 

... , 9Sp. after 99p. following Press Newspapers and kindred trades 

comment Fresh speculative buy- were notable mainly for a revival 
w-|T 7 l 1 f 7 1 <T*^I T> U helped MX. Holdings to 0 f North Sear'oil enthusiasm in 

World Value of the Pound 

runner 3 ai i55p. Among s»ni|v higher on the day -at 24Cp. Else- 

The table below gives the latest available Scheduled Territory; (o) official rate; (F> free SSiv a penn^to 145 d ' ftrftowtog ^ here \ P™* 3 attracted 

rates of exchange for the pound against various rate; (T) tourist rate; (n.c.) non-commercial adverse comment. buyers attention to Saatchi 

currencies on April 24, 1978. In some rate; (n.a.) not available; (A> approximate rate, j. Bib by returned to the lime- SMtch!, 13Ip, and Mills and Allen, 
cases rates are nominal. Market rates are the no direct quotation available; (sg) selling rate; light in Foods, closing 11 better J73p ' , Je f., r „ s °‘. 7 8 

average of buying and selling rates except where (bg) buying rate; (nom.) nominal; (exC) at 23»p. after 235p. oa renewed respectively, while Bnmnmg were 

they are shown to be otherwise. In some cases exchange certificates rate; (P) based on U.S. *alk of a bid from Tiger Oats. 3 “ e * r ® r Tr p ‘ 

market rates have been calculated from those of dollar parities and going sterling dollar rate; Bernard Matthews were wanted 9“i et . conditions P re- 

foreign currencies to which they are tied. (Bk) bankers’ rate; (Bas) basic rate; (cm) jnd rose 5 to U5p. Ranks Hovts Jjjtj ® 

Exchange in the U.K and most of the commercial rate; (cn) convertible rate; (£n) McDougali closed a shade harder 
countries listed is officially controlled and the financial rate. I 1 ^ A f^ ,ated ® ndsh L' 

rsteR shown- shonld not be taken as heinv • • Foods a penny better at 62p, on ginally to 30ip and 197p, respec- 

applicable to any particular transaction without Sharp fluctuations have been seen lately Ste r *“^iJJ^ nt C5rl | t e !l at off % fjifed to the^ Te^eaoy 1 

reference to an authorised dealer. in the foreign exchange market. Rates in the baker’s union had called off its failed to extend the tendency^ 

Abbreviations: (S) member of the sterling table below are not In all eases closing rates 
area other than Scheduled Territories; (k) on the dates shown. LONDON TRADED OPTIONS 


Shell more ahead ,, y 

A squeeze on bear/ positions 
lifted Shell 12 higher at -540ft 
while Lasmo improved 10 to 168p 
in front of today’s trading state- 
ment; the latter’s “Op* h iwt-lf 
to 350p. Siebens UX-sqccumbetf. 
to further small selling.. to dose 
8 cheaper at 2S4p, but - Attock 
attracted interest and . firmed - 4 
to 7&p.. ’ British Tetnk^u 
remained . neglected,- dbsed un-: 
changed at 77bp. • '■-> < 

Among Overseas Traders, J3HL 
and Duff u$ rose 5 Jo '..220ft.- on 
small buying In antieipatioh.; af 
to-morrow’s prelimtiiary figures. 

Shippings - traded quietly- j^fh 
Ocean Transport, l20p, P and O 
Deferred, 93p. and Furness Wtby, 
22ip, all dosing a- penny- harder. 

Sekers International .hardened 
14 to 2Sp. following. PresT com- 
ment in quietly 'firm.' Textile?. 
Gains of 3 were seen' in 8RT,;3fe, 
and TricbvIIle, 62p, bat:Tpm^al 
Carpets, still reflecting -.themn^al 
loss, reacted 2.‘to 34p for. a L two- 
day fall of g.'Rethnmtaifigqred 
prominently in Tobaccos,, rising' 3 
to S2}p. in . active trading. , ‘BAT 
Industries deferred' were 'Abo 
supported ah26Bp; ,np A .. - 

Rubbers presented, g ■ 
appearance. CasQeficld -rose / 3 
farther to.332p, while Chersonese, 
67ip, and Harrison^ - Malays^u 
Estates, 824p, put 2 and .24. res- 
pectively. London Sumatra, : how- 
ever, was an Isolated dull spot at 
130p. down 5. Lnnuva, 10 blgher 
at loop, provided the only 1 - signi- 
ficant movement in quiet Teas. ' 


jjod^hmtastOtaU . t'U,B78| 137742! 14,301'. 15, 132, '14^961 

lb a.m. 4S&2; U in 4Sfl^n<odn-«8X l nm 4SI?. '• 

. '-Spun. 45ft2. ' 3.pm. 45S5. ' .» I i. 

Latest Index ;M4» 8S26. ' t ^5 

'Baaed « 32 per ceW, -corporation tax. tNtl=7.M. ' d r-s 

- Bash 100' Govt. Sees. 15/10/55. Fixed lilt. 1928. HkL OnL 1/7/M. :j» 

jUnes 12/J,-S3. SE Activity Jllly-DCC. 190. ... . _ ./ ^ 

HIGHS AND LOWS S.E. ACTWr ?! 


Junes 12/J,-S3. SE Activity Jaly-Dcc. 15M2. ... 

HIGKS AND LOWS ; 

' — r . 1973 jstnra CumpUatiou.j 

Htgh I Low Hi«ti 1 'Low j 


ChjrfcSeo*... 78.BB. .7L50. 127/4 49 10 J77.4 . -ifc ;;'S 

(3;lj (8/IV06J- luduttriaL, 145.1 

Fixed Inti- «1.27 74.B4 150.4 50.65 Speculative.,. , ,4111- . £ 

' .©ll) a7M> ®B/Uj47)-l3/lfl5) Botmli..,.— 99.7 -if .2- 

tad. Ord-.— 497.3 433/J 549.8 49.4 ciSSwXm 6 ' 1 64.5 ’a' 

m. m awn mem SHS;: S s : 

Gold HinetL 168.6 1305 442.3 43J3 Spectilattre— 38.6 y 

<8 fii (3/1) (22/5/75) (26/10/71) iW. 104.0 ly - 


- - jt %'! 

it 

y- 3 ' 


with the notable exception- of Rio 
Tfnto-Zinc which improved 4 to 
a 1978 high of'210p following an 
active day’s trading; the annual 
report is due to be published 
to-morrow. . - 

South African Financials tended 
to drift owing to Cape selling. 
Anglo- Vaal gave up 20 to 650p, 
while Gold Fields of South Africa 
shed i to a 1978 low. of £L0J. 

The marginal fall in the invest- 
ment premium, caused minor 
Josses in Tins. . Hongkong Tin 
'reUnqtri8hed- 5 at 150p. Pctaling 
3 at iSOp and Tronoh 2 at 183p. 
Coppers were untested. 

The lack of direction in pver- 


. : . l--j S' 

-night Sydney and Mplfr 


markets— ^ which are closed:^ is- 
for ANZAC day — coupled - 


the lower premium, left A, 
Hans a shade easier. Haij 


Areas gave up S. of the ^ 


gains to dose at 123p, while 1 ;■ 

f»TT e lilQn 3: 


bridge felT 6 to 143p. < *: 

Elsewhere, the companies 
elated with the Canadian! ”• 
gate group all moved :£ a»i 
Northgate themselves fiaf- < ■? 
5 to a 1978 high of 345p. v' , 
United put on 8- to : ll&fcit -' L - 
'Westfield Minerals rose 5 tl 
all reflecting Anglo’s uri-' 4 
exploration • hopes in -Gjt 1 1 , 
Donegal in the Irish RepnhJ ' * 

. - ’ TJYr 


NEW HIGHS AND LOWS FOR 1?7S^ 

I followliifl securities qnoteti In the BUILDINGS Cl) ...J 


The loHowIno securities anotetf in the 
Share Information Service yestorefav 
attained new Highs and Lorn far 1978. 


NEW HIGHS (19) 


AMERICANS (Z> 
BANKS (1) 


Carron ' 
Dcnbyware 

Nows Intnl. 


INDUSTRIALS (11.' ■}. \S.- 

.a :.*! 


Quiet Mines . 

Mining markets made a qpiet 
start to the week . wfijh L mt*rest 
generally at a low level South 
Africa Golds were marked - up 
fractionally at the.- outset- -of 
trading in response : : tb "bear- 
closing in the U.S. late on. Friday, 
but thereafter prices tended- to 
ease with sentiment affected^ by 
the downturn in the- bullion price. 


BEERS (11 ■ 
tUILDINQ (71 
CHEMICALS (4) 
DRAPERY & STORES (9) 
ELECTRICALS (4) 
ENGINEERING (IQ) 
FOODS C»> - 

HOTELS ril 
INDUSTRIALS (26) 
MOTORS [tl 
NEWSPAPER (1) _ 

PAPER A PRINT ING (4> 
PROPERTY (3). 


PAPERS (fl- •-• ■jfS 
Nom Intnl.' - ■ ' ?5 r... 

PROPERTY (1) 

Bllton (.Percy) - •.*. ? 

TEXTILES (11 • . - 


MINES (4). -,..'3 n; 

StlHontein Gold Fields Sjj J 

Western Areas New .Wits. ^ 


.ES (1) -J 

3sar^f 2: ■ ■ 


RISES AND FA0 (• 
YESTERDAYS =1 ^ 


SHOES (1) 
-TEXTILES (2) 
TOBACCOS (1) 
TRUSTS (O) 

OILS (4) 

OVERSEAS TRADERS (4) 
-RUBBERS (G) 

TEAS (Jl 
MINES (X) 


which was finalfy $2} lower at 
9168} per ounce. The Gold 'Mines 
index declined L6 to ISi?. ;■ • 
News that the IhdlEnr Qavap- 
ment will sell bullion from its 
stocks from May 3 unsettled -gold 
initially. Among 'heavyweights, 
falls were usually- restricted to 
around J as in Randfontein, £32, 
West Drief ostein, £L6| and- Vaal 
Reefs, £ll§. -. ' . 

Of the lower-priced iss^es/new 
lows for 1978 ’were ; wsistCted-tn 
Stnfontein. S dieaper atSQBp^ahd 
Western Areas. 3.' "off at' -T52p. 
Deelkraal dropped '6' tb Tl^p' ex 
the 5S-f oi^ 100. rights 'issue at' 130 
cents. * • • ‘ ’.-T 

Financials were generally 'easier 


NEW LOWS (10) 


British Fndi X 

Cowl. Dam. an* * 

Foreign Bonds — - 17 

Industrials 437 

Financial and Prop. :. - 159 

Oils l# 

Plantallon IS 

Miner* 20 

Recent Issues ' . — 


17 ' P' 
437 UM 
1» 

» ; ' C- 


BRIT1SH FUNDS H) 
Trees. tO':PC 76-78 


OPTIONS ;| ? 4: 

DEALING DATES Consolidated Gold Fields, . 

Last Last , For WO liam Press, J. Blhby.i x 


Finst Last -.Last For .WOliam-Press, J. BDiby, !^ ," 

Deal- Deal- DeClara- Sqttle- Hyman. English Property,^ ' 
logs Ings -. tion ment nons, Letraset.BurmahOIi,; 

Apr. 25 May 9 July 20 Aug; .1 Group, Lee Cooper, Hawtijr ji 
May 10 May 22 Aug. 3 Aug. 17 Northern Mining; while dW 
Blay 23 Jun. 6 Aug. 17 Aug. 31 were arranged in- J. B. Ea» 
For rale indicotidns see ‘end of Lennons, Northern Mining ~v 
Share Information Service ' broke Warrants, BL WigWJ £ 
. Money was given for the call in Selin court. ..... ' «: 


Place and local Unit 


: Value of 
£ Sterling- 


Place and Local Dnit 


I Value of 
• £ Sterling 


Valoeo! 

Place and Loca 1 Unit £ Sterling 


SHARE INDICES 


-*>ter >«k Hi. 

• - . -i 


Afghanistan 

Allwais 

.Vljert* 

Anilorrn 

Angola 

Antigua tSi... 
Arjceritirm... 
Australia 1S1. 
A n«rrla ......... 

Azores 

’Rg . hamaa 141 
Banjr lades 1 j 16 
Bahrain <b»... 
Balearic h. ... 
BarbadoirSi 


f.’ik 09.9780 

I'inar 7.SS42 

iFivrii-h Fiaia- -.43 

. -Spanish I a- lew, 147.58 
Kn-aiD* II., 

B.Carihlieaii S 4.9SB0 

Ar. Pew Free lime 1.868 


AunraliiD 8 
S.-hriliu^ I 

Purtiit;. KK-udu.] 

Ub. Dollar i 

Taka 

Ulnar 

S' - !*. Peseta 

BartaiiinfTI 


Umnain 

Wen 

(I liana i9i 

Gibraltar iK... 

Olllien N 

Greece 

Green laud... 
rrrenaila <Si... 
Gimrlak-UK-... 

Guam 

OuateniaiH.... 
Guinea Kep ... 
Guinea bi-aan 
Uuvana iS> 

H a i ti 

Hoalnm- Kep 
UitikKiiiik iSi 
H ungry 


Itentfc liinai-L 


Gilusltar £. 

A list, iiiiiar 
LUnt-hiiM 
Uanisli Kn mer 

K. Carriiieau 5 
l<»ai Fnar 

L. S.S 
(Quetzal 

oily 


Guyanese 3 
(Inutile 
Lempira 
H.K.A 


BellUiiin B. Fnnit 

Belize. B S 

Benin I..F.A. Fran-- 

Berm ij. la ijt. Hrla. 5 

Bhutan Indian Kti{4« 

Bnliila Hnliviau Pcvj 


'(■■111189,06 
• Itnn89.i0 
S.B47 
49 11, 
1.8236 
15.842 
86.47 


Ireland •£>.. 
lmlia im. .. . 
IntUtticla... . 
Iran 

Irao 


UnlauaRH »«. I’uta 

Bra.:ti t Ri/rtr» ;r 

BrVlr^fiu l«t--i l’. s .S 

Brunei 1 - bnmet S 

Bulgaria Ia-v 


Burma Ktu 


Burun-H Utimn-ll Frant ; 169.765 


Camero n Bp i Fiam- 

Lanaiia (ana-iutn * 

Lanajy I-. Spain li Peseta 


Capn ' omIc 1. Lape (uvinlo 
Cayman I ,.i»l Cay. I. 5 
Cent . At. Up... C.F. \. Frane 

C'haii t.r.A. 1-tiiD» 

Chile C.Peia, 

China Kwialinttl Yuan 

Cuniinliia. 1. Pr-»i 

Coiiv*n--s i'll-.L.F.A, I'latK- 
ConaeiB'llei.. C.F, A. Krane 

Costa Uli-a C»m«ii 

Cul>a Cnljan Peso 

Lypru-r tsi L j ius E 


irao 

IruJi Rir'liC. 

Israel 

trail- 

I>-oit I -ei.-.t . 
Jamaica «>.. 

ln|rtti 

lor-ian i!?i 

‘Lamnu'hea. 

Kwl.-a (“■"i 

Kum iNtln... 

Kimn •>! .. 

KlIITHI iStllj. 





Lass ■tlii.i 

Utvrii 

Ultra 


u>t. 

1.8196 

4214* 

42 U, 

rBki 43.98 
8.1384 
IF' 69.55 
42U* 
4215* . 

15-982 


I. Kmn.i 
lml. Kupee 
Unplall 
Huil 

lrni| Dinar 
Irish £ 

Israel £ 

Lint 

L.K.X. Fraiwr 

■lainaical>i<Ihir 

Yen 

Jxt.lan Dinar 
Kiel 

KiHiva ^hiiiiuii 

W..ii 

U.ti 

Kuu-ati Dina i 
htji Put Pm 
l«tMn>-w L 
\ Atriran Hand 
IJlii.-rhiu S 
I.il’Van Dinar 


S.79 

I LG6is-) 

I. el 

I 1.6188 

69.449 
10.40 >4 
4.9290 
8.43)2 
1.8288 
1JZ85 
57.287 
75.621 
4.6489 
9.1178 
5.66 
1 0.460 

(man 72.68 
rr< iiii f > 56-66 
I 492-0 
15.642 
75E.78 
(A 1 128 
034229 
l ,iij 

80.3980 
1.525 U 
42 

3.463 

416 

! 0.658.-31 
2168.2 
14.4165 
l.(M3 -Jl 

085.50 
0.807 
564.7 
S.56TD2 
1.88639 
I.e236 
i P 4 0.5599 


IHiHunns Duatnni | 227.65 

P'l.' I». Up I 

•h YeuiettiTi !. Yemen D mat- A O. 6227 


I'eiU Sill .eiuiA >287.77 | 

Philippines... Ph. rnx; j 13.4557 

Hilualrnl ..i»i ; Xhk zlahtit.is' 1.80688 
Potaml Zloty jltCnt 62.20 

j / (1.62.20 

Prniuaai Pa-e. Ll-t-uilg 79.60 


Polo ml 


Portimi 

Port Tlntnr.... 
Prim.-lpe l-.(e. 
Puerto Hkw... 

Qstar rsL 

Heun I (hi 

De'Ie la 

Rhadata 


P3«e. Bseuilo 
Timur K-emlo 
Pir*u. Kteudu 
U.S. S 

Qnur Rid 


Fn’in-li Fraoe 
Itiiisieoiau 5 


Komania 

Hoard* 

St-Chriato- 
pher (SS- .. 
-‘1. Helen*.. .. 
J»l. I»i«-ia-is*.. 

«. Pierre 

<sl.Vuii-en*.>i 
>H.ra.i..r hr... 
Satinn < Am ■_ 

■an '.Urm' 

Set T»iiiu 

Saiuii Ariliii. 

■^nrew 

'evriicller 

Sieir Le’ner— 
?lneui«im— i. 

l-i-«i 

AaiM-i li- 

Till. AU-li.’ifM 
'.'V. .Mi lean 
Terriiuries (?■ 


Lei 

Knaiiil* Franc 


8.45 'a 
1-2646 
ii-mib.45 
n.i-il ??. 7‘ 
173.28 


Of it Hill 

Ks'ii iw. tli'iiujj 
I'l.'-e . • iffvr ' 

y.,i 

L'f.mina 
idler , 

V.,l. 

CIu* In# 
ofTiy- 

Vol. 

! £<|Uliy 

1 elu»e. 

UI» 

750 

61 

_■ 

68 

| 

81 

! 7 

770ft 

UP 

800 

Z6 ! 

— j 

43 i 


33 

5 

„ 

Coni. l'ni"n 

140 

12 

i I 

161s I 

9 

18is 

! 5 

145p . 

Ohii. Cnii'ti 

IbO 

4 1 

31 

• 7 I 

25 : 

! 9 

! 2 


I'nn-.. I'JoM 

160 

19 • 


24 ; 

— 

: 26 


166p 

LViis. Golil 

180 

10 | 

10 

16l 3 l 

7 , 

! 181a i 

5 

„ . 

C'.'itrltLUlils 

100 

15 l 

32 

is ; 

58 

I 19 ! 

5 

lllp 

(.niirlnulUs i 

110 

7 

3 

10i 2 ' 

7 

1 13 

7 


UIX 

ZOO 

28 1 

3 

33 ! 

1 

I 41 

1 

239p 

MSI." 

240 

16 

Z 

24 ! 

1 1 

31 

1 

„ 

(iBUll Jlfl. 

100 

15 lc . 

7 

17 1 2 i 

1 i 

[ 20 

4 

108p 

i.iau.l Mu. 

no 

e>« , 

6 I 

11 i 

9 ! 

[ 14 

27 

Ba 

Ill 

JJO 

261c . 

IS 

33 ! 

as , 

; 37 lj 

27 

341[> 

1L1 

560 

10i a 

40 

17i 2 j 


2212 

5 


Irttlil .~c 

180 

20 

-- 

*2 

5 l 

1 34 , 

5 

197p 

Land tes. 

200 

13 ij 

3 

20 

5 1 

24 | 



Marts A S;«. 

140 

12 

17 

15 i 

68 > 

19 | 

10 

147p 

Murka A .if. 

160 

5 it 

8 i 

7 ! 


10 | 

10 


Midi 

500 

54 

' 

63 

1 ! 

68 1 

2 

53 7p 

.TlieM 

5 50 

S3 


33 

1 1 

39 ! 

— 

.. 


These indices ire the joint aunpihtion of the flnaaciaJ 'Rmes, the Institute of Achuu? n 
' \ . and the Facnity-of Actuaries . .. - ‘ Jlp 


EQUITY GROUPS Mon., April 2 4* 1978 


Tfinr. itec 
Apr. - . Apr 
20 19 


GROUPS & SUB-SECKONS “ ^ “ “““ 

,« uHi Kn. 

'■ • Earaiusa birJ PiK 

FlauxM la ^mnlhMa^ow-inuiAer cl ^ SS? 

stocks per aechan %, Carp, at 34%) Carp. 

TwSW T»i*. 


— — : i 2! 


• - -Is: 

Index Index laden' 
No. ' No. No. 


:■ J'llid 


1 CAPITAL GOODS (179) — : 


E. LartNiraii 5 
.-t. Helen* J: 

I:. Ijrilr.nn S 
L.F.A. Fran*; 

K. Canli'-eai* 5 

I .III HI 

L. ». S 
IlHlis’l Lire 
Pgrtf. borio 


ACTIYE STOCKS 


1 .F.A Fiaiiv" 
r*. Klifex- 

lie-'iic 


Denomina- 
Siock tion 

Shell Tran spur i... 23p 

RT2 23 p 

Amalgamtd. Hy*\er 23p 


Lie lii*n:iu... - win Fran*: 
Lux -mUiurK . Ln\ Frane 


Cia.-hi.wli.-T*!;. K.irun* 


Da nma rk Uamrti Kn*ne 

Iliilxuli. ....... Fr. 

Di'iniiuk-a *r>i_ E. Orihlaan J 


1.3967 

0.7040 

• i<.i*ui 10.80 
•'■■i-20.n0 
' i J -17.55 
1H.4Q1* 
315 - 
4.9290 


Hncao 

Mr leim 

Rii 

JI-’-Kiti lei... 
Uft'-MMn 111. 
Uiiuiir ie,(> 

Mm i H|- 

MtiIh ii| 

Mum inti) -■«>.. 
.Ua'inIhiiIh. . 

Mdllrll in. i -) 

Mot ■■?.. 

Mi-iuefi n ... 
M*>mi.%>. 


P*ra-5t 

Pi‘rtuj;V , li«l.*urii’ 
MO Franc i 
K wu'.-Iih 
IM ifipit 

Mm Ku|iee 
Melt Finn*.' 
Mr'Ipv; £ 
l#»*. Franc 
i.riqgiura I 

)[. I<ii|«v 
Utri'Wi Pe«n j 

l.f.A. >niu* 
French l raw? 


M-nieolu ' 


; iUi5.356'h< 


l>jrnlD. Uep.^ lsnulmcau Poe] 1.6155 

Ecuador •■««-47.42 

; iiFi4a.3G 

hyjA. I^VplUn £ ■ ;.l'w.nlj 


Mrail-oe-rai .. h. liirrlbMIl S 

j Jlunnn Uirtwni 

M*vjnnl*ii|iie. hie. LkuiIv 


, 4.92B0 

| 7.K.r B l 
I HU43 


-pun 

ejaii.P.itT. in 
Y-inli Afrim. 
e*l L-iuka i5.i 

PII-IJII lip 

Surinam 

■?*rB/ll«U'*iw., 

-■welen 

S»H/erlsn-l _ 

'*n* 

Taiwan 

lenzenle it.i. 
rtieiiau I 

I'm' Kp. 

I'.HI^e I-. iS.i 
Irlni.l.ln i-.r. 

1-11111*111 

Inrh'.'i 

fiirkt i: C'".— 

I iiv* n 

Utpuitta 
tm. ... 


KlhtopM Kilil'jpuui Birr 

ll Outnea Pew Is 


Nauru Is 

Ae|«i 

Nrthei lami"*.. 
.Ni*ili. AiiI'Ilw. 


A.Ddaa« Xb- ^ F| llkwl 

Fan? 1 llaliiili Kk.uu 

Fiii I- Fin F 

Fin I hiuI M erit ke 

Frara-e - Frewb Franc 

Fr. C'UinAI* l .6. A. Knwc 
Fr. Uuisna.._ Ural Franc 
fr. Ps*-. K..L.F.P. I- ratio i 


A'-n Hclirl'leli 
\. AwUiikI |!M 

\ I'-airiMiH.... 

Ai' ' l*l" 

Ni^priii u?i... 
X.irwar 


Ami . Dollar 
■\rislni' 1 iU|ipl- 
Oiilliiui 

Am I II inn Oulld 
• Fra lie 

I Anil. Dollar 
yj:. Ikillar 
Oiul'J* 

C.F. A. Frapc 

\«'IB 

Nrw». Krone 


l pi«-i- f* 1 
Vatican 


Udikii Millsii- 
111' ol !3i.... | 


- Kial Dmani 


Gabon ......... O.K.A. Franc 

Gamins itii.». UMm.-i 

G »" - S... loeimrk 


Fakiacau pu*i . iiujiw 

Piinanu^ II , IM (tallei 


P*i>ueA.(I.'H) KltlM 


■ Thai part of the French c o mmunity hi AFrica formerly 
part o r French West Africa or French Euumnria! Africa, 
t Rupees per wmsd 

$ Th'? AUjSuIa'3 U-hs reulaom iho CVA franc Thr cichanssp 
was made a( a rale of CFA Frs.S io one uoli ol the 
new currency. 


■'mynju't-e F 

4.2917 

Au-irn!iaii S 

l.bl&S 

-■•iiit aLititu,; 

(A -11.4789 

ItuiO 

1.58699 

•">. A. Kan>< 

1.88699 

Perela 

147.55 

IV-CM 

147.65 

■*.1. Ilutwc 

28.971a 

mpi-ii i: 

AKI.biS 

•>. ili-'er 

3.2841 

Lt.itiiueili 

1.53889 

ir. Krt'ibt 

t.49 

a»i« iratw 

S.57 

ns H 

• A-..167 

V-*» laixau 

.P 69.295 

Ian. 51n. line 

14.41 

IBlIlt 

57.130 

*. -F.A. Frani 

4211* 

Pn'«lt"ll 

1-50B0 

Trill. Jl l-'lau.'ii 

4.57B4 

TuuhliUi Dinar 

0-165. pi 

Tiirt:/.) l.i rd 

45 . j 

L>. if 

1.(255 

A ii* li* 1 inn £ 

1.6153 

L «. Mii'ilte* 

14.15 

L'.s. IfaHlar 

U25a 

I'liuim v ■Fire* 

'■••in ia.22 
nun 10.26 

I’.AJi Diritmn 

7.07 

llnul.lt 

I.CS 

L'.F.A. Fniiio 

4ZUi 

llitl tan Lire 

I.5MI* 

Uitliiar 

7.03 

D.'ii» - 

MJi 4.6 16 
ii'fd.s/oii; 

Piastre 

5.5555 

tA llilJiir 

I.b2d5 

•-rniiii-inn Tala 

1.1001 

Krai 

8.52 

\v«- Y. Dinar 

5.57453 

Asm- 

1.45525 

huai'lia 

1.485 

ernons 


r.EC 

Grand -Hot. 
GUS A ... 

Letraset 

BAT lnds. 
Biliby f.l.) . 

BP 

Imps. 

Lucas lnds. 


Marks & Sia-ncer 25p 


UlLramar 
IC1 


of 

Closing 

Change 

1973 

1078 

m;i rks 

price (p) 

on day 

high 

low 

10 

■i-H) 

+ 12 

340 

484 

!) 

210 

+ 4 

210 

164 

7 

1211 

- 1 

131 

IDS 

7 

2-iS 

+ 2 

278 

233 

7 

10Si 

+ 2} 

J09 

87 

7 

ass 

+ s' 

312 

236 

7 

11)0 

- 3 

16S 

98 

6 

310 

+ 7 

310 

207 

6 

232 

+ 11 

233 

182 

6 

TTO 

__ 

SG4 

720 

G 

I ! 

+ I 

SI 

'71} 

6 

2S3 

+ 3 

290 

240 

6 

I4S 

+ 5 

1G0 

X36 

G 

232 

+ 4 

232 

194 

5 

340 

+ 3 

363 

328 


RECENT ISSUES 


EQUITIES 


3 Contracting, Copstructioa f26/_ 

4 Electricals Q5)' — 

5 Engineering Contra chore (14) 

6 Mechanics] Engineering (71) 

8 Metals and Metal Forming (17)— 

CONSUMER GOODS 

11 (DURABLE) (32) 

Li LL Electronics, Radio TV (15>__ 

13 Household Goods (I2j ■ 

14 Motors and Distributors (25) 

CONSUMER GOODS 

21 (NON-DURABLEH178) 

22 Brcweries(14) 

23 Wines and Spirits (6) 

24 Entertain meat Catering (17 ).-l. 

25 Food Manufacturi ng (22) 

26 Food Retailing (IS; 

32 Newspapers. Publishing (13) 

33 Packaging and Pa per/15) 

34 Stores (38i 

35 TcaUilea (25) 

36 Tobaccos (31 1 

37 Toys an d Games 16] 

41 OTHER GROUPS (97) : 

42 Chemicals (19 1- 

43 Pharmaceutical Products (7) 

44 Office Equ I pmenttS) 

45 Shipping (lOL— 

46 Miscellaneous IS) 

49 INDUSTRIAL GROUP ItQSl 


1923* : 
21839 : 
24715 i 
24651 -] 
186.69 ' 
190.06 - -i 
330.95 « 


225.49 ■/ •• . - s 

■ 

230.35 ■ He ' €e# «; 

,22 ■>•*«. " 

n..*, . 

24437 . S*.;*;?; 

240.99 > W 

12737 ^ 

41175 ■? 
mm i 




■ i*''* : 

. . - r-i 

' f- 


- -PJ'i ! 


• c •»! 




. • iw, 

n' ,S'> ■' 


. r "•*’ - 

. ■ t *«*■* 

. . ■ ,1«Ii 
-f - 


Rati 

*?:V- 

. ,-?c: 

r • 

i| v ■A-' 


--- r • 

- 

\\ ',i vafW 


.» '» T ’ 


■« ,-iief 

ST-'-* 

. ... ~ar;a 


we-. » 
.V 

- ... i k* 


inpr-rtri 
- He 

7- 

v«i 1 *5 AT 


8- 

"sM 

• - ; -r, :>'iW 

Irish Uft 

= -C 

tt«* t' 


king 6 S 

• • - 

r ; .1 F» 

N«E 

. sre » 


iJtiRhqoA 

. -/ .>ra-e 
s — a 
•j,-.- ^p* « 


S.etta* 4 < 


.. rr. KT21 
;-.'Uat 
. v .-aT. 
ri»*i 

w» 1 lift 

“ - r ■ >rf Vft 

B- •- -Sfll. 

*• A vS» 

— -^rr> 1-J 
-- %-:■ .*5* 

A &n 

.- \i— _« . 

r. 

.v -.-rum 
rarl F<* 
•,: -ant 

- .*n.i Wo| 

. 4^^!=.. 

• J*stt 

XrrBJp 


1 cK»l 4 < 

' ' v V 
. A .A'TfrVA 


l ife Aril 

-^4. '.fw| 

-L.“.Pt-B» 

K 

■ . . nz*i& 

?. 1 . 

Uo>di U 

r -'itUR. 

■' 

• yf.Kjct i 
■ < H- AM 

Km .1 

-4^DepL. 


Uadanll 

32 T-mV 
v. ^*7 n«N 

r .*■! iaun 


The Land 
‘•'■'.mF 

*KVPT2&r% 

n 

• 6.1)1 •». 


r-.>Me FV 

>enrn 


MAGG 

'•"Tf Pesw 

' 3 ~ .r> Sjji 
WffnC** 
.r.«wma t9j. 
Vfl.-JJrsJR 


- • YieijFi 


* Vann 

-^■coverip 

.'-WrsijF 

n-i'.-ea on. 


Merchmi 


KutiN 
; -iperis. _ 

.... 

v -A“.G P»ni 
* i-mj Vwi 
'ic-sey JUS. 
-■exm.. . 

Pm 

•■nU MaK5j 


19039 j 
19635 J 


NfLP« 

' ! ‘lr«Cnm 
!' 0 '.cx tVj ( 
• -c.e* ft* j 
Man. 

Me 

-'■'•xcosl 


•e< Mail. F< 


(I Baanj on cross rans a? urns: ituismn rouble. 

" Rale is Ihe Transfer niarf' 1 'nnrnlivii'. 
tf Hale is nnn- bated nil - Carbados I to Hie dollar, 
if Note uue uffluiai rate. 



Thomas A : 
















rSE,* 



“RIGHTS” OFFERS 



I; .-!.|1K . i iwn 
Dale — - — “ 

A Hlli" D*’' 


-.i Si i o it 5 “iHirtK -h ... | 74pni'— B 

130 it - Nil — i iijiiii ijpiu IV.fH.nnil •■■•hi 'lining Pipin' ...... 

i jj \i. 5-g 19'5 .V iin l.-.i. --ii v ,Miih:I'l' le» A-^iirtiMee.ii S0|>lill 

JO Ail - - t I4|uu 12,‘fiii *-iijini 14pm 

o & r.l'. Uh 3 IJiS 1 tu , rv " hhu-u-^Ii- | 8b 


Jay * Tim", { Wrt. -TucPlayl Jim. 1 Tiida 

f ; -r i. 


Thomas Cook Travellers Cheques 
The accepted name for m oney. Worldwide 


89.52 ! 59/19 


54.40 . .54.48 
71.61 J.' 7SjM>J 



Riininnaiinn dale usually last day lor di-a|>nu Irw; of stamp duly. lrFr*Uh;s 
oan'J un prospeeius vstlrnaie oAsiunn-d ilividmd and vleld. u Furveam dtridtiid: 
i-ovi'i hast'd on previous year's varmiws ► Dividt-nd and vido based nn urnsp<f tus 
or o'fter ailietal estimaim far 1979 a Gross ■ Kiicurt'a assnmi'd I timer allows 
for timvi-rslon ol sharps not now ranhlM ror diraii-iKi or ranimiB only Tor resrnn.'d 
dmifi-rits J Pl.ii'ins once to oublic. pi Pena* unh-ss cnht-rwlse mdlcaied. " Issued 

hr tender. ;i Offered u> Holders nf Ordlnury shares as ■ " rfahts.** ** RJehts 

hr wav of Hpi in Usui ion * Minimum reader urtee If Remrmfiiced. Kfsniprff f ftademptiMt jrfrtL Hip fas asd t&m psewd, feue dm and vahm ud tmtiuieiu tira n g ra xrc aublUted In S 
•a eoimeetion with reoreamsation mrnter or ufeiMtrer. i|l| Intraduciiion r~- Issued 1 imm. a nn list of the eMstftamt* is available from the P'iijfls&ers^Aho FiuotflaF Times, Ceadcen How, 

to former Preference hokkra ■ Allotment letters (or fully-pautfi. • Provisional | sira®*, Loodtn, KCV 4BY, prta r Up, by post Zip - 

or partly- paid allotment leiien. ★ Uiib warrants. r 

4 



' i • ' : 


58fi4.TI2.6S 

84.6 1'| 12-9* 

70.841 

89J59 

»j61 

70.84 

, 38.72 f 89.52 
54.51. *34^3 
70.84 * 7C42 

-'Sifijr 

54.61 

7jt.42 

■ .. . . J .* - - 

-- l'.:.”.. .= -—JJjZ- 











































'41 


AUTHORISED UN IT T RUSTS 

Abbey t'nil Tsl. Mgr*. Ltd. ia» Id Gan m orr Fund Managers v raiigi Perpetual Vnlt Trust MagmLV ;a) 


7 2-80. unebouie Rd . A>teabunr 

AhbBj'i'jpIlu) 1311 33 

Ar*e> income .. 37 7 40 

Abhevlm T,t Kd }333 35 

Abbci >j**n Trt |a3 3 46 



iU3::.: j - 

Ti*ea- 

Lffe Aasaranee Ce. Ltd. - 
kjttntfonSrvWJ, ■ — QM37888* 

Acc." ‘ 


Ci»: Ltd, General Portfolio Life ins. C Ltd.* NPI Pensions Manacemeni lid Abbey im T-t v 

- 1 7 3I971 -i?- , " ra «'-'’WchH. EOP3HH 61*34200 Abb °-‘^ n ™ 

|j .rTtS^WaJKSWr 

2t “ Gresham Life Ass. See. lid/ ' New Z ealand Ins. Co. il'.K i Lid.V " 1-aa8 2861 ® 

363 % T^l m* ^^lMW 081 ^* 7 * 7855 Hew*. Southend SSJ SJS D71B62SM Btlmxvi i'trtdft 

25.7 i«S}- " ;.*4»iKe>Ini Pi-n 1324 1X3 AUiedlrt. . tit 

78! . ... — ' Hooi . $211 '~ •” Snail .'o'sFd . ., 9B4 M3* . " Brit fed*. Fund . 609 

83.1 iSa - — i Tet-hiinlogy f* ; 1 n B 105C' C tilth.* lor.:. ...34.# 

R9 n'-. — r~i* Et® -IT £xtrtt »o.3*il’ Bvtk . • MAC .’■• — • Elect 4Jnd Pe» 31-0 

774 .:... — GJ- Pp*5- Fund- ._ r*5 T 100.71 ••—•1 American Fd ..10B7 ‘ 1102 ' Allied Capita l 670 

332 ..... ■— _ a e _ T ..FarEa/uFa iMl Horn bra Fuhd 949 

3JJ .-■- - Growth ft Set. Life AS8- Sac. Lld.¥ .ftUit Edged P*.-.:. ik* ■ laec _.• Hambro Acc. Fd .. J131 

344j — wiirRnak. Braswm-Tboinei. Bert*. J Td.3*aw*C«'LUeiiQaiif<t^. 1 lB^ . . 10071 — ‘ jinnor Fuads 

IHcbyjeldril . W9 


0296 5S4I zsr Mary Arc ftfSASBP *»1 2B3K3I « Karts*. Henley on Thunies M8I288S8 

3-Sf •.■iAinenranT'1 J26-J 2flij 0 bb PpenaJUp tith. . . 1370 40.01 1 3*7 

-31 ■ S 65 Mil -II lx Piccadilly Fait T. -M«rs. Ud-¥ i»Kb» 

3 - n iJ'FarEa»» TTU.-4 . JOO 323^-01 bW Wdrdtfie IN* .SBa London Won Ert 0380601 

HlKhlOMineTJ “>? 533 “21 £E Extra Income ... p0« 325+02 9.40 

Income Fuiid. - MA J32-0 3 7flB small Co s Fd 40 6 - 432+0.3 J35. 

1 L 7 3' a f , 0 ' *“ Capital Fund 487 52.0 +D1 .360 

ln V ,V^? p '. Fd ~ 55 lot Enuc&AsMrts. MO 4BX +0-3 361 

.-•'imi.Ta'Atx ■- .13** 32 91 -0.3) IB KrinieFnvl.: . 3B.7 +0J 323 

57S Gibbs (Antenyl VbU T Si. Mgs. Ud. Accvadtr.F iavi-. M i 
| JO £1 Blomfield S..EC2M WL 01 5884) II ai ■” t|S T.“ -120 

540 isi.vil Inrame- ..Bf-* «|J. ...i gjg .American Fund. „ S? 2341 -02| 2J8 

is !.S A V g f2&u?' iz» 24 5| -1-D.3J 0 30 practical Invest. Co. Ltd.y OHO 

533 Dealma-Tu** rr^M. « Bloom5bor^S<J.WClA2RA 01-82360*3 

Govctt fJobnlP Fractical Apr JB - . 1M10 »S75! I 52 I 

77. London Well. E-Ci fU5B8MM Accum.tnlta p.994 2U»| . .1 430 I 

iso L h, ? r Apr T 2 - L . B«o I Provincial Life Inv. C«- Ltd.V 

™ 00 ^N^deSoV '&?* 1 225 0^.76^ 

!H Grleveson Management Co. Lid. HidhVw^?'"; (m6o' ul^ 7M 


— Allied Hambro Group laMgtV 

Hjmbrait Huilnn. Brentwood. Fi.rt 

u H1-08S a&l ‘or Brecl wood <0277! 211450 


13 cco 1 •■'American TM 

*2 n ff? Rriu-hTM, ■Ac. ■ - 

nil i. nmmivJii} .'ihare 

-'fl u 3.n <>iFar E**i Tnt4 -. 

HlKh Income T*4 
¥ Income Fund. 

1 f.,, t In. A*ncl» — I 
j’ljun irrtl Hbtempl Fd - J 

■ w i.'ilnil,T4- 'Arc ■- .' 


l*6,9f *0B 
IB d +1J 


BSexUgeFIitawe ..'1 CioB I... — i. ' ' ' • II leb Yield I'd 164 9 6941 +0J1 

“ -UndbirnkSecs^ — ■ “ ^“^VJCa i niDb Jnsi/rSDrr Group - HmJi I ncome M7 69 2d -^OM 

- - - POB ^ i l >S>^«:hN-Rl 3 .NG. ■ ^zajQ A H Err lnr 39S +0^1 

G-eiS. Super F± iABTlD ' I - M ? w-ee|w J .vB03.1 -213 « -121 - l-lw-hm-l Fund. ... . , 



g j — Fixed lnL Dep . _ ... L64J 

^ = SSS25i?:-;-S| 

^ —1 — G>ng^dtrztl~ in 7 
Sfe.Ufe Asmrance'Ltd.f 1265 

- 1 ^ Alma ftd .Rdffibe- -TMstfe 40101. FenJVI.DopJiiC.^. 147.1 

—~ jnM WH r 
~ - 

S3 ... _ • P*m.CiltB<Jg.C*p. . 120 l* 

B? Pen. CUt £dg.Aec.. 1263 

ftf ’... _ Tea. a& Cap. 122.9 
SJJ !. - "PtB.B6.Art.. .... 13U 

UJS7 rWVDAF'.Ctp .. U 

PAL DAF ACC II 


Guardian Boyal Exchange ‘ T • ' 

RoyarExchansc, EC3. 01-2837107 Fiaed Inc-Fintd ! . I'M 7 157 5 - 

Property Bonds 9 178.01 ■■ ■ l — S^RFuntf . - 1048-. 1103 

. - • >or- UrtR-rtpr. 14..,^ 1912 ‘ T . 

Hambro life Assurance Limited ¥ ' 

TOW Part tane.Lowlon.wi 0 MSB 0Q31 Fnoenlx Assurance Co. Ltd. 


— 4-3. King WiihkmSt . E*jtP4HR 

... — WeaJihAwt. . ..11079 ’ 11371 

— Eb r Ph. A"*. . ., I 72.fc I 

- Ebr.PhEijE, 773 5 75 lj 


-121 — - Imtnwliwel Fund* 

339 Of +26 — imrmsaonal -- 1245 

" i_ . See* A America Gil 

*0S _ . Pacrfic Fund . p3 1 

— Specially Funds 

4 — Miialler Co.'S Fd. .. 32.4 

2nd Smlr. Co's Fd. 401 
. . RecMeD-Siu 14 5 

01 40*0078 J?® 1 s,tn - & . ' Jfe| 

1 Oversew Earning* 549 

— Expl Smlr. Cu's W2001 


111 q«i jiii TeebnnlORyFimd.- 

01 6884)11 FarEastFd .... 

. ..J 830 .American Fuad— . 


« 1+ ■ ...I 830 
|9.a 4 90 

24 51-rO.J^ 0 30 


38.7 *03 323 

64.7 *02 336 

5980 +03 ' 522 
•2TX 120 

23* — 02| 2J0 


OFFSHORE AND 
OVERSEAS FUNDS 

Arhuthnot Securities iC.I.) Limited . King & ShBXOOn ■Mgrs. ■ \ 

VO. Box 284. St HcHer Jersey. 05347ZI77 ] ChirtiK Cross. St Helier. Jersey. i0S34iTJ74i 
Cap.TaUJer»ff7- r Pl40 UI.O) ,..] 424 Vi^ey Hs^W- FWer Fen Gn«y. «04gi MTO8 
Seaa dMllat date. April 2S. j Thomas Street. Douches. I.O.M i063U4SSB 

- 3J * 

Australian Selection Fund NV / Jjjj ' VTO ; 

Idarfcet OpodftunlHes. eto imti Younc Or T^tSICTllOK. -.ia900 19W I — i 

8sSaS.“:’ i ?r , iu.4s w i....i - j. 


' . GU> Kod/GnenweypAOS 
■ iBli. Govt. Sees. Tsl 


Hank of America International § Jk.r Klrinwort Benson Limited 

33 Boulevard 'Rorel. Luxemboarc G.D. 20, Fenrburch St. EC3 ‘ ■' 

Wldimest Income _jaslM37 ULDf ... J 651- Earing. Uw. F. 1.02* 
Prices at April sub. day April 28. )£%***£*■ L gj ' 7^° 

Bnk. of L&dn. St S. America Ltd. . kb Far East Fd. sc&iou 

408S.Queco %-«ctoriaa. ECU _ 01-8302K3 Sg&EftL. 


210^ :Si 


210 MGr*»hunSl EC2P2DS. 
2 52 Bsr'gm April 18 . JW-D 
1 acc am u nlui • .g?; i 

SH B7sn.H5'Aw20 
cm iArrum.l'nitii' MJ-' 

5 m EadiuvApr.18 B 

CBS lAmun. I cuts 1 . [7*3 a 

an Grnchstr Apr 21 . HQ5 
5 70 lAccum 1 nils 1 .—Iff* 


2027 ._. 
219.0 . 

. 

1983 

1851«! .. . 
1917 . 


Prop. Equity & Life Ass. Co.¥ 
mCrawford strrrt. Wl H 2AS W-M608S' 

Fl«c Money Bd . . J M S | | - 


Anderson L nit -Trust Managers Lid. 

IMFeuchurrhSL BC3MRVA 833 6231 

Anderson L'.T. ... |458 ' «94«t+06J 464 


57ft 1 Acrum l nlui • — 
3 LukBn.li. Apr 10— 
■ u ‘Acnim L'ltiU' 


... Prolific Unite .'.K9 . «3a1 +g-3 33* 

Ltd. High Income .. .{iBbO • U3 6} +05( 7*4 

018064^! Prmn. Portfolio Mngrs. Ud.V (aXbXO 

4tt Hoi bum B*r»;ECiN 2.VH 01 -*050232 

735 ProdflnWl (1275 124*d+l0| 498 ■ 

iw QuUter Management Co. Ltd.V 

IM The Stk. Eschance. EC2X 1HP. 01-8004177 

- is te i s^ d -.®9 fc ts 

277 Reliance Unit Mgr*. Ltd-V 


oi<33 moo 

. ^ :3?l Iff 

pA.Accuzb._ ..713 733 ...... 4 62 

. KFFarEasiFd. SUS191* ...:. IM. 

- KBlMtl. Food 11.06 1 ®l 

TT”’ , vi T a ’ 13 ... JUS31M. ....; 051- 

AleMflder Fund . .|StS6 37 — I 1 — x JL ifs GwtK Fd .31076 " 

Net asset value April 10. - . staetBcraSd*-- SUS47J . -am l.Mi 

7j.wilw.rt ’ ■ •tfniroodsiDItfu. .. IT15 UTOj-OlS «W 

Basque Bruxelles Uinoert -kb act as London panne » cents oni>^ 

*14 UW® 'lC.f.1 Hit Mgrs. * . 

Barclays j nL ,Ch ' ud - u^s^^Lps^BJd 4 

l.Cbanne Cross. S* HrHrr,3r»y. 063573741 .\«i driiloc dare May 1& o' 

Overseas Income ..(48.7 S3 ... ,.i juju 

Unidollar Trust, — BUOBM nm ... I 4 40* Lloyds International ■ HlgmaL SA. - ’■ 

ui «S2f5-i- l -i-^aft.'uL“ ^ria, 

Barclays Unicorn Ink (I. O. Mas) Ltd, i-ioydsinL jitcosao.pn«LC0 aunj.. ..| 630. 

1 Tbomw St. Douglas. I.O l 3L OSMMSB „ . r 

sot! H8 qbbk. to*ct hui eor eaa oi-«6 4K8 


_ Ansbacher Unit Mgmt. Co. U± Henderson Adminisimion ia> icugiv Rjagefield Management Ltd. 

— I Nohl«a..Cm-1iJ • nlSKMIOTI) b— .— i+WM. SWn nrh b.uH u 


I NohleSL.EC2V’7jA 
1 nc. Monthly Fund . (160 


— „ _ inc.^omruvrum. im ifu-u .. i 

Property Growth Assur. Co. Ltd.V - 

l^»n i louse. craydnn, CDs ILL 1 01-6600606 Arbnthnot Securities 13d. (tHc) 


2^«n l louse, croydnn, CRB ILL 1 
Prar+ny Fund . V770 

PropynyF\ind-.Al 1756 

Agricuinirai Fund 736 4 

Afne PundiA'- .. .7370 

aS** Fund . 1517 
Abbej NW Fa (Ai isis- 

lnvcrnnerrt Fund. . 65 B 
IniescjnenrFd'iAi 


■ 017489 m Hearts of Oak Benefit Society 
K4j .1 _ 15-17. Tavistock Mac*. WC1H9SM 01-3875030 Eqim^F U ^ d A; 

fijl I — Beaitsof Oak . - '-p62 3*2} . -1 — Eijum FuiwriA- ’ 

ITS -..I — Mane-. Fund 

U8w -- I — Hill Samnel Life Ass or. LXd.V • Monej-mndi'A* 

Ufa Amur. Ce.. Ltd. SSSSB* 

W»v- ; W«MSM* ?S2ES^HS£fi-6S io^L 1 I -• 

tSU . B22S A r!5S? - 


»«=«. Os®£f 

■_i| — . . Mroaged Unltfl- 

3l = SSSSiSSJ; 

— — Money Unit* 

•SoriesA— 
InLSer.A. 

- [ — PnMsdCap— 
.;.._[ - pBft.Mgd.Acc. 

1 — Pns.Gtd.Cep 


m- 


•34 = 


ar= 


^2 -\v -- ■ eimined Annly. ., . ... . 

Wj r.r»*ib Pen- on* R Amwltleft UuL 

1256 4r ft* W • 1363/ . _ 

1KL6 Weather Cap, . 113.7 -1302 - , — 

972 -02 ,E rt ' ts- 1316 . . — 

. ■. Pcnvlnn Kd Vis . 123 Q- ... 

- UM W -.Cmiv.PeDt.Fd .- .. -'1451 — 

1103 1 -W- Pns Cup . Cl . 130.S • ':.... — 

Moo-Tens; F8 . - v- 14U '. .:_. — • 

aw f! Z : E 

life Assur. Co. Ltd-V mmrt>Fd.A«a2.»fa 7531 - Tds.Sor Cap ft H92 ...,1- 

J-lSf W uT™ .^/.Provincial Life AsturonccCeUd. 

Jj- .J. -- ■ _ fJJJiM Fd. «2 ZOO a .i — ' ^■BJshocspD*. E.t'2. . . «. 01-3*7 S50 

BBlJt life Assurance Ce. S«SeCup.Fd 8.4 uoi J Prov Manag«lFJl..|U25 -1183I .1 _ _ _ -■ _ 

^St, Tottom BW. Betto. Mur 5U2a Ecjutty Fimd «5 H»i| . .-4 . M I 

FQB ./»WxbJ|' - ,5U -|-4 - Irish Life Assurance Ce. Ltd. Hlkn-ndso.. . .\nss laLbl+i*! - go BdraWome. 

e-H-..- ^ l - D.FlprtnaySquurdEO. ■ Prudential Pensions Limited* £■ 5S2 =l.- • - ' 

- !„«,«, &iSSSPTtl&“lSu zSI - Holbom Bars. EC IN SNH. ’ 014059222 

BlcWj^WeiiibfcyHAWIB- Ot-MSSETM p^^nid Xp? i__&02 lHj3 .,...| Bquil Fd Apr r* K23 30 24021 j — Do Income Tirt 




ST.QueenSt I jmdon EC4R JBY 
£xcrn Income Kd M7 6 Ui 

Hlch Inc. Fund .. . 397 *; 

OiAocum UiilLo ... 53 4 S 

i8«jS Wdrurl Ult. 53 3 I 

PrefOTence Fund .. 25.4 Z 

i.Xccum Wniui — 37 7 4i 

Cspttul Fund .. -177 .- 1' 

Commodity Fund. 533 - ' F 
lAccum. l-nitsi ..731 8 

i IDS Wdrwj i? » • ato 5 : 

FmtPropFd '.162 1' 

Giants Fund 365 9 

i Acrum. Unltst ' 422 4/ 

Growth Fund . 322 ' > 

< Acrum. Units)-., l 38 0 4] 

Smaller Co 'J Fd .26.1. 2| 

Eastern* Inti Fd . 23 S 2! 

Wdrwl.ClS i. .. 1*4 2) 

ForeignFii 79 0 8! 

N. Aioer. ainl Fd. 28.8 X 


» W °!7V, 

if •“««. iZZ&'Z m Sa:8i| ill i».S :::} H 

lu q -oj 1062 t"w*fcA««*w- .00.1 3211+0 2 6.4S Rothschild Asset Management (gl 

4td . 9.44 S^il^ESS? fBa ^Wl si , n x ,,, TSflQ. Gatehouse Rd,Aylwb«uy. 0288584] 

1 !^’ iSSJSr--®- « 3 > f ' 9 sssa£fisi ’saas-m 

4o|'! 1219 Financial &m' ..g| M0I I «M ^SS^TnMA w” 1.B7 

W3+06 - 0116 NIL Iteft. — CM*. 262(-0l( 2 30 N f. ]nU Fd iAcC.184.6 90.0-031 187 

57. » .. 587 IngrnaUMal . - M N.C. Smllr Coys Fd(l41 4 UQq+08] 4.40 

suj ' s.” i'/rferiajiofiaj . - ..jg? 8 D T> +o J 170 Rothschild & Lowndes Mgml. /a) 

17m _ ??7 ■WordW'lde Apr 29 (703 7S7| l 436 Si. S»-,tXIns I Jim*l Ai ET*. rn««435S 


I Acrum. Units! ■ 1*22 455 +0,4 322 .VustriTiun , Dftl 

Crfo\fzh Fund . p- 2 ' 34.7 +03 J.25 Fwnpojfl - 38J 

• Acrum. Units) .. . 0 <L0 -^1 4 315 Far gSii . . _ .' 701 

Smaller Co'* Fd S.l . 2*3 +02 4 70 NormAjoertcan . S7J 

id :?? m 

N^Aromfi Ini Fd.uls n| I'm Hill Samuel Unit 

*A Beech SL.EC2P2LX 

Archway Unit T&L Mgs. LtiLV (aXCI ibiBmUhTmu 
317. High Holbom.WClV7NL 01-831633. 


a*a High Income Fad* 

is ssisr.™.:®! «“.a:S| 

iliJ SSSJSSn- ..bj «« i 

_ oil 6 Nut Reft P** . 26 2( -0 lj 

5 87 inimwllonal • , 

5 87 Cftboi . PJ6- Mffl-Dl 

5.B7 Internal InnaJ . - _gj® • 53 2*e»| 

3 27 Word Wide Apr 24 (70* 7S7| [ 

322 Orcrsou* Funds 

S22 .OJ2 

Eurajmao . 40 7d-d? , 

315 Far Ijuii . . _ . . 70 6 - 75.51 »0.t 

j™ North American . 3J: 3 . 

1*5 AnWres Apr 2*.. . U* 1 • 1213) 

155 Caboi.\aer.Sa.L*o 150.0 50 01 i 

loo Hill Samuel Unlt'Tst. Mgrs.t ia> 

01 - 68 . 
15561+111 ! 


( Archway Fund .1785 ■ I 

Prices at April 1 £ Next sob. 


01-831633 l ??5L , !2S35-i 
««l l Tw l£> Dollar Trust 
'«.. in ok fOlCBptlal Trust 
i. day April 26. , h iFli«nclnlTrt 


793d -O.J 


- 7. 1 .“ rnra « Apru peat »» Bay Apru lbl FliijinclalTrt 

—■ { — Barclays Unicorn Ltd- UKgiVtci Shl^StyrSfti 
'.'•I. 1 — UnicornHo.SI2RomlordRd.Rr. OT-S3455** ibiHlgh YfefdTM.. 

Co. Ltd 5JT 1 «n«A® ,en, *'"BM J5-3^S-3 J-S Intel.V laMgt 

'*■ Do. AusL Arc . ... JUjb y 7l -0 71 1.97 .« n—Br-.h-ri 

01047 daU Do^AusL Irte — .HWVA . 53* -07 1.97 

.1 _ Do. Capital fe.7 67 q +0.4] 4 65 Intel- lnv. Fund. 


3 *»ji- 1 rtyl'nlB-.-f.. 06.19 

"m*; is 

1 K&ecrtJoU. O2J0 
•S?'!: ^tBmd _ lUi.. 

■“.I! v^dflyAccum. 165^ 

■ + paftrArdUJUrU- 12 27 


:iivs 




fiSSS-r.-rri 


- (+0 .11 - 


« - - 


Blue Chip Apr a -W9 6 

Manaa cn Fluid 12164 

Prnpllod Apr U_.pl2 
Prop. Mod. Gth. — P87.1 

Ring & Shaxsos Ltd. 


Fxdlnl. Apr. 19. 
Prop f Apr. is . 


92.CornhUl.EC3. 

GovLSetBd^? 


01-085433 Hcliance Mutual 
iJB 107721 -J — Timbndce Wells. Kent - • ow 
^t« \A^r U 19. ^ ' Rel F7t?p. Bdt . I 1956 | 

LmwW r« rid Bnthschild Asset Management 


»5 -0^ 
67 7-0 7 
53i -0.7 
67 8 +0.4 
118.4 +0.9 
•293W +0 2 

3V7tf *0^ 
41.0 -+03 


I _ -Do.Prt A'nATst. tt*41 140.71 

| — Pncee at March 2L Ned sub day 

Do Been very .09 6 423/ + 

Do Trustee Fund ..1107 9 U63J + 

Po widwide Tmii|47.0 SOU- 

WM 22271 B-M.ln.Kd Inc 60 7 63 3 + 

I - Do Acrum. ..*82 72.5} + 


i.9s Intel. V laHg) Save & Prosper Group 

i'S l3.ChnstopberSuect.Eu' 2. 01-3*77243 4. Great Su Helena. London. ECSP 3EP 

iu Intel Inv. Fund- (84 2 91 0] | M 90 88-73 Queen SL. EdMnandi BH2 43nt 

■HI Fund Manager* Ltd. lailgl Dealings Ur oi-SM 089 or on-228 »5l 
IjJ 25. MtJk st .-EC2Y &7E. . oi «w 7070. Save Sc Prosper Securities Ltd.¥ 

593 Key Energy in.Fd.-[704 74 8+0.1 3.76 IntenurtlenM Funds 

638 SoEqulSiGen .. US 67 5 +0.5 535 Capital .... □** »a , | 2 

4 2* *lfcSmp<Fd. . 06J 144 4 6.65 LT% S* 2S3d +03^ 2 

643 Key Income Fund.. J6.7 815 +-0 2 847 Uidv. Growth. .. |W4 M.lrij +01) 5 

4S4 Kry Fitted lot. Fd. 59 5 633 1217 , nr , T „ni n . . — ■ 

ll 28 Key Small Co' a Fd -p60 91«l +06| 590 lacaasr- ftind 

f g Kleinwort Senses Unit Managers* ^ 21 

1H 30.FrnchurchSL.EC3 014S338Q0Q High Return.. . 162.6 67 51 +0 a I 

5 57 K.B. Unit Fd. Ine. . PJS « 11 I 538 Income ... KL5 44.3 +03 I 

357 ft^dTn^-EJ I 42 1 K-K.*-* 

UK Equity (413 44.6| +0SJ * 


irnnwhMn l.lfe Ausurantw Co. Ltd. ®°*hschiid Asset Management Baring Brother* St Co. Ltd.V laHxi LAC Unit Trust Management. Ltd.* omSSiitaihm ,r “ 

Langmm w ronce to. W St.snOu^Uot.LoMtoo.tKt orsxtua m.Ludma*usuErz oi-assaiso The stock Echanga. n dip oi-sasasoa eSSST 'OZTZ. mo 

^^.H^hDr^WA Ot^mt N. C .Prap ■- 1 - §H .. ' | US IS RaSW.B? ^3 . J IS »!“““» 

FdK 1*3 Royal Insurance Group * N«t *ub. Apru Lawson Secs. Ltd. WaHci cSSSoSt^. 167 7 

Legal * General (Unit AssurJ Ltd- NewHaiiPi^.LiTrrpooL osi2K44=2 Bighopsgate Progre.sive Mgmt. Co.v EU2 ^ tni - 2a6 “l I SSSSja El 

TTr T s? ‘TiS - a -n is , 

isail +aij — Save & Prosper Group* : i£H.*KT^?L ■ - J •cAecum.uniui ._ »3 653 +u* am ^* 7 

- ^ril'i ^ ^ si Scotbits Securities 

1157 TMh| + fl3 - Prwm-Fd'. . .H«2' 157.3... - -mSRSSff"'"' 520 """ 10 S Scctbils 07.7 

1171 1»3 +0.3 — . . CUlFd... (H?3 12S*j +0.51 — Rrirlpp Fund Mannc'prsU/aUp) — UnKFi ■** M * 77 71 inni Sccftyield.. |49A 


56.4b4 +02( 738 


■m ta® 


T u [ E± £| - ^ ;r: = :d 

rtf 1*4 +« - Sri^SPl Man Fd^2 w3-4- 

U *. im4 +03 IT Legal * General (Unit AssurJ Ud. 

^VpcpJtesaiAcc. 973 102J — Xtngnxmd House. lOngMraod. - Tadmreth 

- ™ :r = -^nSS^iHM 

jJI -- 4 - ■ 

■jt *?» - * « ■ Do. ac cum. w 

® ptalTUfe Assurance* . ... - Fixed initial 
{ Chapel AabWmn 00628522 

> (bne5tPd.-...-| j. I — • Do. Accutn. 

-• {mikerinvFd-.| 10X22 (-—I — PtapOrtyteidH 

Jffleriiouse Magna Gp.f 

si ^ --juemSq, Uxbridge UBS INE , 62IH1 EjcmoptCashlnH. 

— fitef - - 

Sftlbnwd.. 37.6 »l --4 -• D^ACC^f.. 
tbse Bgidty—. 34J 36J1| .... J »+« ^Exempt Fixed 

' . ,, puiBJdScc. — 32A6 I -— -T — Dft Accuai _.. 

1 - i FiPlttoaMimBaed-i .15X7 . ) -+- _ Bxoupc Mngd. 

1 jfartmiTiet'fir, Ateur. : (ft. Ltd. 


B r _ BaJ.lnv Fd .0232 130.4 

* — Propertj' Fd - . .1493' 1573 

J _ GUt Kd. 1193 125 J 

4 Deposit Fdf 122.1 1283 

i _ CorojiPent.Fd.t 195.7 205.0 

_ Equitj Penr.Fd .. . . 1720 lain 

•i _ PTOpPenrFiJ* 209 7 2ZL< 

GfltFcn« Frl . 9Z3 97.0 

7CW6I . . ' Depoi-Pent Fd.t. Jfr!2 . 1024 

10l3 '" ■’ Price* on ‘April, ll. 

i¥TJ ' ' - ■^- r - * - t R'eeldy dealings. 

Ting H Schroder Life Group*- "- 

hlj — . Enlorprts** House. PmtsmouUi ~ 

3H-S ~ Squl O' April 18. ...I ’ Z143 . 
Ja-a — Eqcity2Aprtna....Hi7 o mo 

r - Squib' 3 April 18 -E3.D 119.0 

. ■ " FiiSdlnt April 18 135.1 . 142,3 

Legal ft General Prep. Fd. Mgre-Ltd ®? L A 3 P M.!iBni m 

11. Queen Victoria SUBC4X -HP tU-StSSeiS-'KAsGilt Apol I9-Pa08 - 10.7 
U&GFrp-Fd. Apr. 1199-3 DO-71 .-.J — , .4C4S Sc April 1" .. Ul9-0 : 3j 

*uh. day May L -* SK^rTs.^Pl 1 ll 

Life Assur. Co. of Pennsylvania * MonyeApriMB — ulj 

3*42 New Bond SU.W170RQ. . 01-408880* Jnr W .. • g2| 

LACOFUnto— (1008 1050f jjgg^jy April 18+.USL2 15931 

Lloyds Bk. Unit TsL Mngr*. JJd— _ 

71. Lombard SUEC3. ' 01-63 1288 BS Pn. Acc. Apr. 1* 129.1 

! I* 5!SS&® r l ?:te.? as 

Lloyds -life Assurance. / . 

on nww «■' »+» on- S Scottish WlOOW*’ GfOOp 


6C-2SJ® 


"■ ' - -+t; 

-i.ia 


lv *m 3:2?:- 


id'HOua. S WhHehona Hoad. . . 
WkESs-V OWWI88B4. 

rn.FWn .Wl9- 62JH .... — 

a* , si 4 a = 

iLEtmd HL0 : 73* — 

tmd v 1203 -12M — 

lUl!^Zr5* *6.1 *03 — 

u5C£L-'. 171X 1153 — 

wd.c5ri.UaA 1193 — , 


.Jtt^toWrfimgftbaaaL —™r MnilLAi^uia.ifeavi 23tBj :".. 

: M hlomWl^rwf f ~ Lloyds Life Assurance. / •'■• 

- < -L' I V 1A; y Qf Wextzoizrster Assur. Soc. Ltd. 20. Offttm SL RC2A cor + Scottish Widows’ Group 

ppfaane 01OBC 00H 

:-'^ldBitacS»' »=J= m 

n merci a l Union Group 

Brian's. i,Dwlcrihatt.RC8. 01-2837300 OjODopt-ApriO.. 

J*. - s-- lMD. Th^ Vtorbnfv. RMHhiff M3S1 1 . ^ . - .. . 






Bridge Fund ManagersVfaXc) 

Kins WllllftmSU. EC4RBAR 01-8234851 

BridC* Inc.*-. W6 6 5091* .. 7 05 

Bridge Cap. Ine.t. 32-0 34.li! .... 3 60 

BridceOap Acct.- 383 37.6 .... JU 

BDdge Excmpi.t . 130 0 U9.Q .... 5.77 

Bridge littl.lsic.t. . 15* • L6.£hc ... 3.7* 

Bridge Inti Ace r.. 164 175 .379 

Bridge .AmerGetLU 25.0 — 

Price* April la IS. Dealing -Tue$„ Wed, 
TThure. 


385 . 7J32 Financial Sec* (69.9. 75. 

A'i J-S Higb-Mfetana Fbnda 

Si is SfSlsSS?-.-^! 7 HI 

Scotbits Securities Ltd.V 

P20 ::::: 18s E? * 

717 .|10« Sccjyield.. . — H9A S3, 


44.61+04 4-*2 

JBU& ^ 

37^+031 0.91 

m i 

252.9b! -0 4) 247 
KM +031 755 


-HighYjMr::;^* ::::i io£ s? s-a^vl M2 

”ia5-ue; UnJU).- ^9 71 71 ) 1081 fi-f 23 I3S 

USI Deal. Wlon. “Toe*. ttWed *Thur». -Fri. Scotahares. .. -|5*.S 5**( +03) 4.79 

7M Legal ft Gener al Xy ndoU FundV gSj ";-j IS 

i& Canyrge Road. Bristol 027232341 Pne*s n April 12. Next mb. dor April 28 

72 3 *..| I S Schlesinger Trust Mngrs. Ltd. (a«*l 
1 43 Next wul day Mnv to i Incorporating Tridrnt Tnutoi 

=■” Leonine Adminfctrolioo Lid. 

Fed - 2 DuKeSt LoedonWlMWP 014865081 aS.g?SS?.J:' 1.^S.I 2 2al ‘ .'.l 1.S 


Britannia Trust ManagemenUaHg 

.1 London Wall Building*. London Wall. 


+ DuheSl LoedonWIM&IP 

Leo out. . _ . W.1 7801+0*1 508 Exempt Huh lid.' 

LeoAccum. . ...|78 9 8J.0)+O6| 477 Eaem pt SB. Lcbfc' 

Lloyds Bk. Unit Ts*. Mngrs. Ltd-V (a) ggSgSta? 


— FO Box SOB. Edinburgh EtMSBf. (01-0556000 PraicsJona]. 


London ECZM5QL 

Wi — [661 

Capital Acc 87 J 

Comm grind .- .... SIS 

Commodity W.9 

PomMltC.. — 362 

■gS?.«^Z-K 

FarEaM ... 191 

Financial Seer — . 

Gold A General .. .743 
ilrrorth 75.0 

Inc A Growth- .. . JO D 

Inti Growth- 57.1 

lrx-estTsLShana . - 434 

Mineral*. 292 

Nat High Jnc 7B0 

New Issue 33 i. 

, North Americano- Z85 


01-8380478/0479 Regia trar* Dept . Goring -by- Sea 


+031 556 Worthing. WoM Sussex 
+04 436 First iBalncd ! . ..148.4 

+03 <77- Do./Arcuin>— ... _ 65.6 

+L2 559 Second (Cap.) 49.1 

+04 4.77 Da. lAccum 1- Da 

4*3 7JT7 Thirddoeomai 77.9 

+83 . 952 Do. lAccum.). .. US 

-01 352 Fourth fExlnc.i.. .. 579 

+0.4 4*3 Da.rAccum.i M3 


Sea. Inc. 1016 Vfdrwl 

01-023 1288 IntaL Growth... 

52 M <0.4 455 Im>. TsL Unit*- 
705 +0.5 4 55 Varke* Leaders 

527 +82 345 'Nil Yield' 

65 5 +02 3.45 PKf.tGUtTnicu 
13 74 +0,7 *49 Property Share* 

L146 +1.0 6 49 Special SR. 71ft- 
622 +0.4 7.99 UK. Grth Acc 
689 +0 4 7 99 UKGtth DisU.-,_ 


Io2 IS UoydVUfe Unit T«t Mngrs. Ud. Ltd v 

+0.4 732 72-80. Gate home R«l. Aylesbury (CSflBSHi J* Henry Schroder Wagg ft Co. LHLV 
-0.1 257 Equity Accnro p457 153 V . | 4 08 iao.Cheapride.EC2. Ol MOaO* 

-0* CM M ft G GmupV C^XCHr) _ iJ&nun$?Z'. - . l5f| ““.J 258 


26.4 .... S*3 

253 .... 455 
30.1 .. .. 1050 
415 9.74 

323 +03 — 
403 -02 2*6 
2*3 . ... 474 

29 i +03 4*9 

28.9 — 

253 +03 U54 

25.9 +03 248 

265a +0.4 281 
223 +0.1 5.97 

203 +03 5.97 


838 Three Quays. Twer Hill. K» 6BQ 01620 4988 Income Apr. 18. 


— Ia«Fhr5erieal - . 

— . Inn. Ply- 8erie*2— 

— lav. Cash Apr. at— 

Ex. lit Dr. April lfl 

— Mgd. Pfch. April 10. 


frr . . u, 121^ ^1^, E 

-^Medcntwn Life, Insoraiice Moner M*war_-.g.4 33*1 J — sbiarM*«a»*iS3.a252 

. Sld= SSSS 5 B 5 &:H 3 

.«■■■■ - The. London ft Msncbester Ass. Gp. V 

iby Pen. Fund “ 209.0 ^ .‘.‘.17 ~ The Leaa.FoU*rioae, Knot 030357333 sol art ml S 96.9 

edlnuFen. F«L 200.0 ..... — Cap. Growth Fund-. 213 .9 .... — Solar MsnagcdP-. 1249 

-ml • :::■: r « gi .:::: - $S&%S$Zr:i Mi 

rshill Insurance Co. Ltd. WTruatFUnd 3275 — SolarlntLP W9 

ChrahULECa. 01-«MM10 lW>eTyFund..._.- 83.4 - - 

: - -r Commerce. Insurance oSwSSffi- "" TO ' " "' ” — — “ r 

7- -;#PBentS-.l4mdon«lH5FE 01-4307081 ajultyHond" 

1 ***-. J 

' i ^n iafe Assurance Co. Ltd.V c,atBood*~_ 

- wnUIoHaa, Woking. G021 1XW048B26033 1 ffST^ 1 i5S2 P ’ 

ramar'Aw :«5 ' ma...:... i - 


___ 10 12 Ely Place London ECJN«TT. 015422906 BLBmwh LMe . 


Property Share* -123 133*4 +0.1 2*4 

Shield 143.4. 46.fij +03 4*7 

S<atn* Change W3 J05 bB+03 5.BO 

Cniv Energy.. ...1305 325) . .. 2.70 

The British Life Office Ltd.* (a) ’ 
ReUance Hse_ Tunbridge Wells, KL 0882 22271 


Solar ManaeedP- 1249 

SSSBSStiSi 

SulftrFsd.InUP. - _ UA8 ■ 
SvIwCaibP... . 99.4 
SolarZmLP 1969 


16431 +131 - 
1213) -0 ri - 
105.8) --O il — 

uraS -o.il - 

1319 +05 - 

U*jJ .... - 


i-S American-. . 

toi »aa lAecnm. Vnitfti 

rjl **• Auatralasian. ... 
457 /AcromT niU>„ 

* 01 § 52 Commodity 1 

• • • lAecum. L'.iitsi 

Cwnpoond Growth. 
.▼ (a) ‘ Omreraftm Growthi 
0882 22271 D lnc " '" 

jjj j cm wvMKnd 

•IJf assa^d 

—■-'I lAccum. LmUI_ i 


See also Stock Exchange Dcoji 


IiMv-fl KSSSSJf^'-r 

-Pric^^A^ifi ^dealing dqp April M. ^Y,eid U ’~ 

_ . . _ _ , . lArnna. l'nil»>. - 

Brown Shipley ft Co. Ltd-V FarEasurn. 

Mngrv. Founder* CLEC2 01500BS20 S*2JS I l7a, SL; ' 


BS Units Apr. 2i .—m3. - 
D03Acc.jApr.24— [266: 
Oceanic Trims mi (ci 

Financial- . J325 

General 075 

Growth Actum _. .. 142.6 
Growth Income (34.0 


sk san 


lg'd PrUIncm. 

m'AFiLfidt — - 
j: rnfFU ACC. 

““rainetn 
Fd-Dut 
Fd. Ace. 
Fd_ iuctd. 

• :a 


yd (hem. 
Arc 
loctn. 

Acc. 

1 Inna. 

• .. j> cwalnm... 
•••• J.Z /gBOWUlmUA 


Japan Fd- Bd * — 
Prices on "April 


Son Alliance Fond Mangmt. Ltd.: Growth incom e 34 .d 
-S un Alliance Rouse. Howhant ' 04CG04241 Hifih Income 2S2 

I: si 


Index- .-..- 

Orerscxu, ._. — 

Performance . 
Recovery . . 


34.H -0.' 

18.6^ +0- 


25 « +o: 

m in 

573 id *4).. 


I nternfttioua] Fd. 

lie posit Fund 

.Maiuced Fund . 


Far Eastern. 

01-8008530 (Accony IjIUi . 
+631 4 70 Fnndoftev Trt*. 

^7*1 4 70 (Aecum Un/tsi 
+7*1 4.70 

l.lccuro t'nitsi 
_D ?) '* High Income 

431 (Arcum fniDi. 
+8-^ S3B J span Income .. 
+0- 4 l 5-J5 'Aceuio l nils'... 
.. .J 963 mac ww 

-■■J iw 1 Ac cun. fnitsi. . 

+03] 4.91 Indian d_ .. 

„ J 154 (Accutn. Units ■ 
+0.4] 430 fteenvee* . 

■• I i— lAccum. llnltsi . 

.. .(■ 4 50 Second Gen.. . . 

lAccum. fall?) . 


Sun Alliance linked Life Ins. Ud. Recovery . 65 9 £3 .. 1 532 lAccum-fnlt.. 

Sun AliUsceDouse. Honham '>40304141 ExmpL April 10- |61 0 63.6) .. 4 50 Second Gen. 

SSSEJSSfet®''' - Canada Ufe Unit Tst. Mngrs. Ltd.V *KS‘ t r“ J 

ISSfflSStep' S53J= SSSifiu 


Is?:? -05) — 
IK J{ +0*1 13 


2-8 High Su. Poners I 

Can.GeuDlri 1 

Do. Gen. Acciibi -■■¥ 


AprQ SO •+• April 51. — — — 

Merchant Investors Aasnrance kiapi«u.Gnh 

l». High Straw. Cnotltm 01-6869171 Mupleli-MMed . 


Sun Life of Canada ilML> Ltd. 
2 3-4.CockspurSL.SWlY SBH 014* 
Maple 15. Grth I. 3393 I , J 
Maple ULMangd.. i W5 -1-? 


Do. Inc. DUt 
Do. Inc \eciun_ 


457 Special laed Funds 
457 Trustee . 


754 lAccum. Unite! 


— Property 

— Kqui»— 

— - Equity Ptens.. 

— Money Market 

— Money MkuPent. 

— . DeipoaU 

— Deposit Pens 

8.79 Managed 


Maple LLEaly J 121-6 

Perml.PaFd .. -1 1945 


014*909400 Capel (James l Mngt. UiLV 
, J ~ 100 Old Broad St. EC2N IBQ 01-5B86C 

_Z ^| “ l nS ' ' I 7J 

rrices on .Apnl 18. Next dealing May 3 


' 7 W ClmriRL^yffiis 18 "■ 136 i" 138.9) 1 829 *11*550 204 801 1 454 

« sssasfti -mi i^+2sl 5” HXMEmr ■m-j is 

53« °Tfi a ManoUfe Management Ltd. Target TsL (tops. Ud * ' ta« 

WM'“| 75? SI . George' j- W ay. Stevenage. 04.1886101 **J*«*"2s JS^m. “■mSfUS*!]! 

Leallng May 3 Growth UniU. .1491 $1.71 ' 393 « U 3ll 4% 


I . lAccum.) ... IMA 1U.1 258 

0 6BQ 0)626 4988 Income Apr. IE . U35 180.1 .... 7.01 

ae Dealings. lAeeum.Lnitfti^. - . 253.D 2623 7.01 

*493-52 156 General^ 10 .. *T KL 3^ 

507 *0 2 104 lAccum. Unit*. 1 *6.9 100.9 lfl 

493 239 Europe Apr. 20. — 303 320u 2.41 

3C1 239 lAccum. Unit*) SJ3 K.< 241 

71 J +03 439 Spec! Ex March 11- 164.1 1693 43* 

765+03 ,» Ex. March 1122M 033 268 

104 0 -0 1 350 ReecneryApr 11 — [1785 1835) . ..( 5.13 

■38J -OS 350 'For tax exempt funds nub' 

1197 to 1 111 ScoUlsta Equitable Fnd. Mgnu Ltd.V 
2Z2.Q +0 2 8.15 SO St Andrews Sq. Edinburgh 031-0580101 
495+01 2;g Income V-nlla ... -10.1 50.0*4 . J 530 

4?5 -0.1 290 Arcum. Units P35 56.^ 1 SJ0 

04 4a -01 859 Dealing day Wednesday. 

^49 4 -02 zia Sebag Unit TsL Managers LttLV (ai 

543 -DJ 258 POBox5U.Bcklbry.Hsou.EC4 01-3366000 
«r nt 5J£ Sebag Capital FA ..015 33Jh4 +0^ 1« 

1TOJ Zfl'l tm Seh«iw»®eFd...P»5 3044 +0^ 030 

*0 :2 6.01 Security Selection Ltd. 

1691 +01 «n 15.10. UocolB'ft Ion Fi«RD.WC2 Oi^ll 00300 
1574 -0 3 115 UnriGUiTstAec..-E 1 »■«••■) S E 

157.7 -03 115 UmlGtbTttlnc..-{20J 21 « 1 382 

mu luo 3 ® Stewart Unit Ts t. Managers Ltd. w 

bb2d +03 716 45. Charlotte Sq.. Edinburgh. 031-2263271 

2761 +02 7.16 Tgtrwan American Fund 

BO 9 4 87 Standard Units — J6J5 *S4j . 1 150 

171 « -O’ c 47 Accum, Units gLZ 705 .. . . - 

^ 5 g Withdrawal Urdu ..{90* 4 - 

U73 -‘ 4 ij "Stewart BrlBah Capital Fund 

19791 +0 1 443 -Standard - IM4.4 134-91 . .1 

Accum Unit* ...J1S2.5 154*| ...J 3.65 

M34 -031 6 70 Dealing t Fri. *Wed. 

2764] -0 d b 70 Son Alliance Fond MngL Lid. 

'™J ' •• Sun AHtanceHse- Horsham 0403641*1 
+38-3 4 “29 .« imcd) *MUII I au 


65 « . | 15 

Ss j - 


_ Target Life Assurance Co. Lid. 


Carliol Unit Fd. Mgn. Lld.y iukci 


osfder Insurance Co. Ltd. 

r% : !T “ 1 ^ 

'ii ASS. 

>+ ; >R«dneHl6eS n EC2. . 01-3881212 jteiM Eq. Accum. 

^AcNMU. ■; 50-91 +0*1 *38 

•s* liw Life Ass. See. Ltd-V NetexGthincAcc^gA 

+?S' S3aT7 

S' EsSrji' r ? ! -.'BS'S H23 ■ + - a9 I - N^Bfcrd.FCL Cap.. (47.7 
-f BEgjyF—RS-? — \ —■ Nd llxd. FUAcc — H7.9 

™i Pd. '.'SB - ‘ 103.1 

i- — ius.« ULi 


+151 - 


Mellower Management Co. Ltd. Target Equity.. . 3bl r joa+oa s.fs 

14! 18 Gresham SL EC2V7AU. 010068000 2$& 275 bin 

Income April 1 1 . (103 6 10931 (832 ?^^^. mo l&M ■■ ■■■ 3« 

General April 11. .1675 711J I 516 Growth. _ . 27 0 29.S +02 454 

“ "■ 3 LUL Taruct Inti . . U3 , 2831 . L» 

ni inuau Do Relnv. Units ..- 28A 303 . . 1.7* 

01-600+M Tarcct Im 29.7 _H3 3^ 

235 JH Target Pr. Apr. 10... 150.0 157M ... 459 

555 T^LFrid. 135 15*3.. . 1170 

Ccyne Growth Pd. -D8.0 19.fl +M 4.74 

mq .,' 1 4.71 Target TsL Mgrs. (Scotland) (aHb* 

10. Athol Crescent Edm 1 031 -229 8021 3 

•A-*'* asSiSS SSffi S-a+tJ H! 

tC T»? n+i? -oral- E-riralncmneFd p7.9 62j] +03| 1051 

0 +03 570 Trades Union Unit TsL Managers* 
+03 5 70 WO Wood StreeU EC 2. 01-828 8011 

IS 1 Tf IT April 3. .. 1484 515*0 1 532 

336 Transatlantic and Gen. Secs. Co.v 

?36 si-fio mp« L ondon Bd Che)msinrd02495l65t 


Fee New Caurt Property see nailer 
BothscbUd Aaset M anag e men t 


•■-'• ■ ; Vjgjgl ■ r - . ■ 

- •'■ - » — — — ■ 

: '.:= KJSPT ' -v - • ■ - - 

fir «f Si: . •- 

; : BASE 1 

Bank 

• iJSSed MsB Banks Ltd. 
■ aaaaucau Express Bk. 

Sank ...“..‘i 

;.: Bank Ltd. 

..■ AasbaebeF. ...,.-. 

1- .'-^v E bbed de Bilbao 

.. =*" . Butt ofCredit* Cmce. 

.. Bta* of - Cyprus .. 

.;■ p^'fl£ ; ss.s.w. ; 

£aaa.ne Bela? Ltd 

- - Banque dii Rhone 

Baodays Bank 

Barnett Christie Lid.... 

. Bt&fifrr Holdings Ltd, 


Fixed mU Fd ine. 1052 1112 ... — 

Dep. Fd. Acc. Inc— 97 9 1034 — Charterhouse Japhet* 

mi s&ia&fe:"-? n| = i-jessr^s * 

- sa^s:s; SB-.. - ggsg^Bt 1 

- G.ltPOaC^^_©0 55S.. - ffl— gs 1 

TransintercatioDRl Life Ins. Co. Ud. M2 tx 

2 Bream HMg*_ ECiliT W-4OSF407 Price April 10/Next deal! 

Tulip Invert. Fd. _ R34B 14LJ -J9j _ . . . 

Tulip Maned F4_ Oo77 u=3| +JU — Chieftain Trust Manager 
SS • fiai+lri " 303l4JimenSt.EC4RiaR- 

Si3n Pea Fd Acc U63- -4ffl - Americun^. M*- 70 £ 


Ace. fix. Apr. |8... . 
Marc. Inu Apr. 18 — 
Q) -2483999 Aeon. L'ts. Apr. 18 
I TZ Merc-Exu5£ar30 — 
' I ?nfc Accum.UU. Mar JO 


I Trident Life Assurance Co.. Ltd.V 
ucnslade HmiseGlourerfer *>15036541 

Managed '-. 4-^ -U195 .* 126 Sj . | — 

GULMgd- S*S5- mu i - 

property . (1468 13551 - 4 — 


CJ Income 33 0 3Ud I 7 54 Midland Bank Group 

cj. Euto Fid ».a aid ...J 327 Unit Trust Managers Ltd.V (a» 

c'TfcL ~ ai ^SS 1 3 98 Cowtwood House. Silver Street Hoad 

a«£5:S«*”i.bS ^...j is shemoid .si3iii. _ w» t*. 

Price April 10. Next dealing April 38 CanntotlitfSci<rn .60 7 HJ +DJ 

Do. Arcum . 10 8 74X +03 

Chieftain Trust Managers UcLVtaKgl S?^;- ■ So Sj i 

303lHu*eaSl.EC4RlBJt- - 01-2402032 26 S 283 

American.- . hi|21.70 Z340j j 1.72 Do. Accum . 23 7 30 7 

Higfc Income . 139 2 «L2*j( - 9 80 income . 48.8 512 +0J 

Ini*niaa<malTrt. YtQ2-7 2*^ JO Do. Accum 55 6 59A +03 

banc Hesrce. Trt(24 2 2*0ra +0JI 4*1 International 458 “W-S -O 4 


Barbican Ann) 20 
5 fAraum UnlDi 

*-*+ Barh PM KUir +B 


BASE 1ENDING RATES 


toik of Hid. East ' H% 

Shipley — 71% 


7J% N HiU Samuel § 74% 

71% a Hoare ft Co t 7*% 

71% Julian S. Hodge 81% 

7J% Hongkong ft Shanghai 7J% 
7i% Industrial Bk. of Scot. 6*% 

7i% Keyser Ullmann 71% 

74% Knowsley ft Co. LUL ... 9 % 

74% Lloyds Bank 7|% 

7*% ■ London Mercantile ... 7J% 
7|%‘‘ E. Malison ft Co. Ltd. 9 % 

71% Midland Bank 74% 

S % * Samuel Montagu 74% 

B}% ■ Morgan Grenfeil 7*% 

8J% National Westminster 74% 
Si% Norwich General Trust 71% 
7i% P. S. Refsoa ft Co. -. -74% 
71% Rossminster Accept 1 cS 74% 


Maraa ed iUl_9 3 

GULMgd- IAS 5 

SSS^tmerican'^ KJ* 
UK Equity Fund KJ2J 

H»Sh Yield. L’iO 

Gin Edged — .. 12C2 

MOW- 12L7 

Inienutkmol 967 

Fiscal 123« 

Growth Cap.____ 12*5 

Growth Acc. — 127 7 

Penx Mngd. Cap _ U3.0 
rems.MMd-Aec._. U6.7 
PcroGtiLDepCap- 10x3 
PenA.G«l.DeaAcc_ 104* 
Pena. PPfy Cgp._u U23 

Pens. Ply. Acc 116 0 

TrdU Bond 34* 

*TVdt GXBosd -■ 


. loan 

144 3 
. 1373 
' U»| 

150.2 

■«1 

U9fl 

123 M 
iot 2 
uoB 
na* 

122.B 

3*« 
993 ! 


Confederation Punds BigL^ ^ Ltd.V tal HtfhgeW. ..„ '.B| “S RS ' 

SO Chancery Lane. WC2A IKE 01-2420292 ?«n iojTS I S CpIrmroApr 21 ... 1197 12 

.Growth Fund 138 7 . 404, . -I 4.7B %?£££?* SS . wg 1 IS fiSTSt:: » 

Cosmopolitan Fund Managers. ' Prttei “ * tor 3 Ncs ‘ doal ?f. Apnl a 'Accum. £mtn --942 s 

3a PPM Street. London SWIX0EJ. 01433 8S2S F “? U, Vl llv w GVerarnCmtoi ‘ ! S* *1 

Cosmcrpoio.GtRFd.P6 7 lBJhd I 509 “ ln ^f r H “ ■ EC taw UvlLro . Apr 18.. • «7.4 4 

tfimstex Apr n »9 S4.W 6J4 llW um.L'iutt» S4.1 ! 

Crescent Unit TsL Mgrs. Ltd. (aUg) fixempt Mar SI 1 87 0 I 530 Van Cwth. Apr 18 45 8 4 

a M elrille eras. Edinburgh 3. 031-2264831 MLA Unit Trust MgemnL Ltd. vffiSSaS 1 ia" ‘ ' tts i 

crescent Growth -.35* HI! +S-J} 25 Old Owen Street. SW1H9JG. 01 9307383. SS+KTiJr n. 07 45 

cm.lni*««a. . g* 5*3 030. RLVUnlts (5*D . *1*4 \ «S0 iakwi Goi&i . 05 4 

3S Mntna! Unit Trust ManagersV (a)(gl HgmpfiS! " SI 1 

. „ 15. LopthAl! Are. ECZR 7BL 01-8364X0 jV(CfcD>v Api +i" «7 I 

Discmwaary Vntl Fand Managers Mutual See. Plu» . MS 523] +0J *.M do Aecura . (72 5 7 

22.»omIleldSLECSM7AL 01^384485 Mutual Inc. TM ... -W-g "S^ 2 S TjTldaJl Managers Lld.V 

Due Income .(1503 3*0J . J 849 Mutual Blue C3 j>p p“»9 44M»03 6.77 J . T/oj- 7 

Disc income _ - •< Ulinu j High Yld .p6 D blL^+02) 858 ia CanynBe Road, arifiol. 


'Cash value ForKlOP premium. 


530 Van Cwth. Apr 18 

(Accum. Unitsi 

Van'Hy Apr ia .. . 


sd8 ESnn'nt Trust 74% " Royal Bk. Canada Trust 


: fi^itnl C ft C Ein. Ltd. 8* % 

Ciiyzer Ltd. 8 % 

OBdar Holdings S % 

• :* - Charterhouse Japhet... "4% 

‘ Choulartons- ' !-■."; 7|% 

Coates S*% 

^olidateii Credits... «4% 
^ ;6o^®erad?e Bank 74% 
■ Corinthian' Securities....- 64% 
% jCFEBTlS'diinais ,7...:;.'. 74% 
/ T5FCy?rnsl>opuTar Bk. 74% 

■ Duacan Lawria - S 74% 

Basil Trust 71% 

English TransconL S % 

. FicsLlMddon Sees. 7f% 

First Nat. Fin. Corpn. 8i% 

— Ar.i* e._- o nr. 


Schlesinger Limited ... 7£% 

E. S. Schwab 94% 

Security Trust Co. Ltd. 84% 
Sheniey Trust — 9}% 

\ Standard Chartered ... 74% 

Trade Dev. Bank 74% 

Trustee Savings Bank '75% 
Twentieth Century Bk. 84% 
United Bank of Kuwait 7J%. 
Whiteaway Lalttiaw ... S .% 

Williams ft GTyn's 74% 

-Yorkshire Bank "4% 

dMeabere ot the Accepting Homes 
Commlneo. 

■ 7-day deoootis i%. l-nwotb deposits 
Ufa. 


Tindall Assurance /Pensions* 

]&CaiQ!08eRo>d.Bn«tol ® 

3-«W April 20^^... 1208 

EqiSj April 20. . 1554 

Band April at--. . 2434 . 

Property April 20 _ 1042 

Deposit April 20 _ 1264 

3-«A- Pep,AErJK . _l«a 
0 seasirw- Apr. 20 712 

;iD.PR3-WApr,a_ 1660 

Do Equity Apr 9. - . 2*68 

Do RtmilApr 3.'-.. -ITT* 

Do Prop. Apr 8- . 64 8 


V E. F. Winchester Fund MngL LUL National and Commercial JamSS^SSki* fi7Z2 

02R13SM1 old Jewry. BC2 01-5082107 3T. St Andrew Square. Edrnlwreii 031-369151 cspital Apr. 10 ‘ 117,6 

„ Great Wincheoer .11*7 U2( | 671 Income Apr. ]0 [Ul? 1360 ..I 6.78 « Acrum. uqIUi... 1642 

.. _ GiWinch'er 0'»ea4l*4 »J| -•• I 43! lAccnm Irnlisi 1796 136.2 678 Exempt March 28 .1068 

.. . — _ „ _ ' __ Ctm Apr 18 . 1393 124 3 . J 337 lAmus. L'oJLii 3480 

- Emson ft Dudley Tsl MngmnL, Lid. <Accum. Unitau. }i46o isi.41 [ s si chwAit it . B* 

- so. Arlington st . s w i omwtsm National Provident Inv. Mngrs. Ltd-V t'itSSn Aw'ia n70 

• v • _• EmMoDudfeyTsi. 164 7 69M .... .} 390 48. Grarerfturrh SL. EC3P.1HH oi^znaDO i Arcum. Unlu. ..252* 

; r ftmu3Sto.u4w.ua ■ SSatffif.B! S3 ..] i» 5SSL-5E;"- £S 

'- 41 Bithopsgate. ECZ 01-9882851 XPI O^ea*. Trurt U34* 12Ud .. J 3*5 Scot. 1 nr Apr 10 - 1520 

- Prosrasane - 164 4 67 91 +0 2) 420 iA«tra liter v fJ29« *13 - -4 3.B London Wall Group 

. ~Pdra» on March 30 Next df ahnfl April 27. Capital Growth 

Eaaitr ft Law Fa i. Tr. M.V (alfbMCJ _p rtw 19 '“l.?** 11 "* «*>’ a no 4mm . . 


01-808 2187 31. St Andre* Square. Edinbitrefi 031-5568151 capital Apr- 10 

-R* 2 SU I I"C«M Apr. 19 U317 136 01 ..j b.» lAcnnn ifnlui 

atl»4 »al . ... J 438 iVm Will CL796 186a 6 78 Exempt March 


Varibnigfi Ofe Assurance 

4 1-43 MaddOxSt-Lda W1R sLv 
Managed F 4- . .* . : MI3 . 1« 

EouhrKd ;:|a*j sso 

Intnl Fond — 10L 


Equitas Secs. Ltd-VlaUg) 

41 Bithopsgare. ECZ 
ProCRfirii-e _ 164 4 67 


Equity ft- Law Fa. Tr. 3f.V laKbhc) 


0:4994923 yuBCTjham Pd, High U^xombe ' MM33377 National Westminsterffa) Bdrafer-Grtroth. 

rM - Eqmty.L... - .^7 •« gaSSg+,“gj“ i ,g 

-0-3 ■+■ PVaTnllnfftim ttriil Mfft. Ltd. (Ii Extra Tne._ ._ .. 7.67 ui-hTm. Wmnh 


Equity *L*w.- -1627 66<h4+06| 

uapRHMORIIB t .my .-1-+1 -g +1 fto Acrum 

Framlingura t!nil Mgt. Ltd. (ft) »6 *nS Jo? iw Highinc-Piiintj 

5-7. Ireland Tart- EC4B 5fiR. Ol-awfiffl £SSh&:';;. \ *3 93.0 +0A 509 

Capital TO. (109 2 11*08 ....( 4.11 D^e_„ . 544 37 04+03 6.72 SpeeialJ^te... 

Income Trt hji uSS - U3 portfoUolni- Fd 66* "j +o* 536 TSB Unit Trust* (y). ' .. ■ 

S , SSJ? W " Hroa imfcS - "! Pd(d ' P 5 ’ r fHf? 130 21. Chahby'Wij'.'Amlover. Hants' 0384821® 

DO Aecuo. P024 10LM J *53 Trust Managers Ltd-V tallg) Deeiingi to 02M 83482-3 

Friends’ Prordt. UiUt Tr. Mere.? ... ■» iSggS'.rtK- - s^&XoJj IS 

PudiamEnd.DOrldii* 0306 SOK riirtTi^- EsQ *5l3 40'af ■** <5 7*8 Income... 3 b *4 ■+<?.« 7.11 

Friend* Fr«n-. L'la- ,|48 6 4i.4l +0^ 443 Fg? \r& fourTrund Maaflers LUL ihi Do Acrum 59:7 *3.6 71+ 

09 AecuBl * ”3*°^ f° £ iSjbaifiw .tiact J^feaent Eb ■“■S+SlB 

G.T. Unit Managers Ud-V Norwich Union Insnrance Group ib) Vblec BinkV-W '• 

ldLF.«batyan»Emi7Dtf .01«8|U1 3 N m 9, Waring ' 0SB33231 

sfarj-..* J! s aiWLjja,aa&£* . :?.?*.!• 

GT lrc.Fd.rft-.-PSU U2JI -J (LIQ ra-n ipimvtfr Unit Trust ACCOUIU of iugOlt- Ud. 


nrinolays Bank * * ^numi deposfre s%. 

GuiunesS- -Mahon ; Rate also applies lo Sterllna fed, 

if Put. 9*1 or c+m - 


14b! 7j - S-rtraamidTanLECABiDR. 

'caanFund [in 4 123*1 -Oil- 

[Vanbrugh. Pensions Limited ■ - 

4143MMidi»SLLdn.WlR8LA 0M384823 
Managed _ J9M _ 9*41-01] ■*■ 

EoM$. ...... r. • 1«S 1«7 +0J - 

s^^-bsj .sii-ik S 

Gdaiaoieed iw las Bare table. 

. . .. G.T. Unit Managers Ltd-V 

Id Fin* bury Circus ET2M TDlJ 
0TC4p.hu.-'- .07* 82- 

Moneymakor Fd . ! . 997 .1 l - Do Aec_ . .. - . 99J 

For other I undr- plcfce refer lu The London 6 GT Ire. Fd. Cru. - 152* 16jL 

Manchester t.rcJt G T 1'5 & Cen ' — 136 5 1*5J 

G T Japan <c Gen ... 25L1 2994* 

Windsor Life Assur. Co. Lid- *ra.Ftnx&i.Fd... i»g 

1 7'f a °” re81 * 4 « T F^f3SFd~ »3 561 

RSSSISS€gajr 31 r - **- & i« ts» 


027332241 
1014] 781 

18L0 .. 7.81 

123 6 4.03 

172* 4 03 

1122 . . 7*7 

155* .. . 7*7 

97 2 5 78 

1203 5 7* 

238.4 . 541 

265 4 541 

13340 551 

158 64 5.51 

359 ii) .... 939 

8071 J 623 
82* -0.2 633 
383 +0.2 1034 
44.1 *02 1034 

16! 4.91 

20.0 ■■ 491 

62.4 +0J 836 

3L9 +03 238 
'314 -0.1 533 


Welfare Insurance Cp. Ltd.V 

The Lea*. Folkestone. Ken;. 0303 57333 

MoneymakorFd . ! . 997 . | l — 


, 8fl0 7 Rue du Rhone. P.O. Bo* 179. mil Geneva II* 

« HSSSSS:®! a.. I iff 


Rothschild Asset Management <g) 
7&80.GBtehouseRd_Ayl«abmY. 0108504] 
p*R N. C. Equity Fund. .[157 3 1673rt +0.4V 2.» 
“ ,0 N.ri BiwJlesT«».UB9 1363-031 271 
... NC IncameFund.. 1452 154 4+0.9 6.78 

f S XX mu. Fd nor., 84 6 9D.B -0.51 1.87 

2 38 N C. Inti Kd lAcc .1 64* 90.3 -0^ 1 87 

_ S.C. Smllr Cars Fd 141 4 150 ^ +04 *.*0 


Unicom AuB- Ed. .1484 $21 . . J 17B ™ 06 w 

Da- Anri Min.. . ~ &5 30.7 200 Three Quays. Tower Hill BC3R 6BQ. ( 

Do. Gnr. Paciac..... W* MS .... _ AtlhadcApr.U A.A9 Mil.... 

Do. full Income ^-.391 42lr .... a JO AustSx.Apr. 19. ... SfSI|6 Ufl ... . 

Do. 1. of ManTct— .M* 50.4... ETC Gold Ex. Apr 10 5l'S7« ICrf . . 

Do. Manx Mutual ....pi .4 2*3] .... 1_5D uland 1101 11753 -0. 

Bishopsgate Commodity Ser. Ltd. «57 |-d 

P.O. Box 42. Douglas, lo.m. 0024-3011 Samuel Montagu Ldn. Agts. 


1 70 Rothschild ft Lowndes Mgmt. (a) 

4X st. Swithini Lane. Ldn .EC4. 01«a64358 

Newirt. Exempt... U1120 11*01 | 3J7 

^ £9 Price on April U Next dexHne May li 

1*0 Rowan Unit Trust MngL Ltd-V lat 

l ^ CIQ-' GeteHxe- Fioobuo Sq ,EC+ 01800 1068 

0 90 RowanAm.Apr.aQ (645 67 5< 096 

RowanSecs Apr 18 151.0 -1S9.M A 31 

) Rowxa H}-. Apr.20 . 52 9 55^ 734 

gnil tAccum. CniUl— ,. 72.5 74 Z 7 56 

Tex Mrn Apr IB .717 7sS 41S 

30j lACeuni L'nlW 1875 9L91 435 

2-j* Royal Tsl Can. Fd. Mgrs. Ltd. 

477 54. Jeirayn Streets. W !. 014298232 

7 70 Capital Fd. }».2 . 6671 J 691 

533 Income Fd WB.8 7Z*{ . . J 776 

80S trices «t Apr. H. Next dealing Apr. 38 


^SSftSwKJ-V-^SlT fmS - ') ” 114.010 Broad 5L, E2C 2 

i ja X,. AnoUo Fd. Apt 12. BF4445 

Origin^ iwa) at -S10 and -*1 on. i^g^'aSt 

Rtt SSif*. „ IBSSK*.tbl! 

? Murray. Johnslone ( 

NipSin^Wia^BaS? 1*171 . .4 9.73 183. Hope Si .Glasgow. C= 

Ex-SlocJ! Split "HopeSt Fd ] *t I 

Britannia TsL Mngml. iCl i Ltd. ' MuJTaFPuml -nav Ip. 
30 Bath SL.SL Heller OSH 73114 ,, ., _ . 

Growth Invert.. -M2 52.7) l A.QO Neglt »„A. 

itOuLFd BlJ 773} I 1.00 I Oa Joule* asd Royal. Im 

Baa.!0l~:HSf. ^ . : b* *«"•»■' 1 w 

UntvftLSTrtSlg.. 62.09 . .. I 1.00 Nooit 


nt-9086464. 
4(39 . . I J.B 

• \ 094. 


Murray. Johnstone (Inv. Adviser ) 

183, Hope Sl.l71asgow.C2 041-22)5531 

-Hope St Fd ( WSM57 I . I - - 

-Murray Piind . I SfS10 02 ] 4' — ■ 

rtVAV April 1.4. | 

Negit S.A. Jffl 

lOajSotdeiwd Sojal. Luxembourg . 

NAV April 21 ( SUS10 44 1-0791 - J 


nLSTrt Sic. 10.09 Z2ii 1.00 Ncait Lid 

Value April 2a Saxe dealing Mas l » ^ D1J „ ... . 

_ „ . _ . . Bank of Bermuda Bides. Hamilton. Bmala. 

terfield Management Co. Lid. NAV'Apnii4 .. _l£526 — l .. _4 — 


.... 1 L9l Phoenix Iniernatfeual 

1 738 po Box 77. SL Peter Port, Guernsey. 
lyHaya. Inter- Dollar Fund.. PUSH* 244) .1 

Property Growth Overseas Ltd. 
i 28 Irish Town. Gibraltar fGi 

U S. Dollar Fund. -( SUS8827 I., j 

Sterling Fund | UZ8BQ { | 


rGibiBin^ 


Butterfield Management Co. Lid. nav April 14 .. _ its 2b — ( .. _j. — 
P.O. Box IBS. Hamilton, Bermuda. _ . . ' , - 

Buttress Equity . —12-15 ton .... ] 1.91 Phoenix Inienutfoual 

■SHffffidHL. ..a, J* 7 ? "“RT'.i - 

, si,si “* 1 1 - sfSJSsayL-* 

Charterhouse Japhei sterling Fund | uzsbq i 1 — . 

l. Paternoster Row. EC4 01248 3899 . . ... 

Adiropa msoTW juH(-0.jo( 5.70 Richmond Life Ass- Ltd. 

Adi verba DMV W «5* -0.20 530 46 Athol Street. Douglas. 1-O.M 0824 33914 

Foodak RIS-?S BS"® 10 ixJTbe Silver Trust 103 9 106.4 -LOI - 

Fonda - ....... — .. AM * .. 696 Richmond Bond 97 161. B 191 i -0.7 10 71. 

E+nperorFund RSW 277 .. - Do PlaUnuxnBd ... 106 0 ULH-oil - 

Hhspano PIM41 QUl 1.98 Do Gold Bd .. 972 10231 -12] - 

Clive Investments (Jersey) Ltd. Do. Em. 07.02 Bd..., i67j i76li I un 

£,2 Bo f« 3 S: s ^? eJ ifL ,er ‘ ey - m . Rothschild Asset Management iC.U 

OiSGmFd SSvVBjS 9M ’"I SB FO-Mox SB. SL Julians CL Guernsey 0481 20331 
cme GUI Fd. MVKMI v.wi ^ .1 iuw ocFq.ft Mar Jl-JSftO. 550nf . J 307 


- Do Platinum Bd .. .flOfc 0 
1-98 Do. Gold Bd .. 972 

Dot Em. 07.02 Bd..., |1673 


0824 339)4 
| -LOI - 
-0.7j 10 71... 

-13| - - 

I I 11 39 - 


7.9 1467 

1223 129* 

$24.87 2645c 


S^gSfJowaBS 9:81 ■ i SB “ #CLGUW1,iey 0481 28331 ‘ 

CorahUl Ins. iGuernseyi Ud. o.cffi.iw. Apr.3 

P.O. Box 157. St Peler Port Guenuev 

IntnLMan.Fd. 11643 1790) ...) ~ 

Delta Group . 0£.Dtr.CamdtV.t. .. 

P.O. Bex 8012. Nassau. Bahamas 

Delta Inv. Apr. 78— {SL55 1(31 1 — 

DeutscfaeT luvestmentrTmst Royal Trust (Cl) Fd. Mgt. Lid. 

Postfach 2885 BJebergaoe 6-10 8000 Prankfuct. P.O. Box IM.BOr&lTfiLHfiC.. Jersey 0534 21441^ 

Coocentrs mtOUB 2490)-OAN — R.T. IntL Fd. (SUS9D6 44(1 . I 1.00 

InL Reatentoods JDUMJ* 7136131 — R.T. IntT. klsr 1 Fd..]89 93| .. . | 321 

Dreyfus iulercontinenUl Inv. Fd. **•** * Apnl 14 Next «•»“*« 15 

p.o. Box N3712. Nassau. Bahamas. Save ft Prosper luternatienal 

NAV April 30 S1313J4 1387) .... I ~ Dealine to. 

Emson ft Dudley TsOlgtJrsy.LtiL WBroadSL.SL Heller. Jersey 033L3Q69I 


•Pnee «n April 14 Next dealing April 28. 
t Price on April 21. Next dealing May 9 

Royal Trust (Cl) Fd. Ngt. Lid. 


R.T.lntLFd. (SUSfK 1441 . ( 3.00 

R.T. Inti iJsy i Fd..jB9 .. -I 321 

Prices at April 14. Next dealim; May 15 

Save ft Prosper International 

Dealing to. 

37 Broad SL.SL Helier. Jersey 0534-3)581 


P-O. Box 73. SL HeUcr. Jersey 


EJDLC.T. _.(114J» 12L5ri| . 1 - 

F. ft C. Mgmt. Ltd. Znv. Advisers 
1-2. Laurence Pountney HIU. ECffl OBA. 
01-823 4860 

Centr'd. Apr. 10... (SCSI 67 +flJg+0Mt - 
Fidelity Mgmt- ft Res. (Bda.) Ltd. 
P.O. Box 870. HamOtou, Bermuda 


033430591 1 ‘* noUar-dcaondnatai Fund-- 


Fidelity Am. Am .. 
Fidelity tot Fund 
Fidelity Pac. Fd.. 
Fidelity Wrld FV 
Fidelity Ster.Fda 
Series . . 

Series BCPaciRci- ■ 
Scries D iAntAss.il 


SITS32.B0 
SUS1931 
XUS44*5 
SUS12J3 -0 


DlrFxdlotr'AprlB .1933 
lniernat Gr T... .. 1635 

FarEaBiernt p7.9j 

North Amencanri 1336 

SeprO~t .[l3 68 

Stcrflng-denaaimued Funds 
Channel Capital*.. .1218.2 
Channel Islands*. |X415 
Connund. Apr- 39— |U5 7 
SLFxd.Apr.20 „..(U7 9 


229.7 +0. 
1490 +0. 
1219 
1247 


ji it*.: 

3 521-r 

- 1 ifi& r 


First VTking Commodity Trusts GiitFd._ 

S3. Pan Hull. London SW17SJR . Q1-83Q785T raraasL 

PM. Vlk. Cm. Ttt. ... 061 38.00] .... 1 230 

Pit V*J3blOp.TH_ (0.00 07Mf ( 120 ^eijrodc 

Fleming Japan Fund SJL ’ Enierpn® 

37. rue Notre- Dame. Uixcmbount l-tamri, 

FTmg.Apr.19 | SUS47.49 1 .....\ - EE^u^T 

Free World Fund Ltd. 

Butterfield Bide. Hand! ton. Bermuda tFixedlm 

NAV March 31 1 SUS172A4 I ... 1 — tMaaafied 

G.T. Management Ltd. Ldn. Agl*. VMaiuuied 

Park Hue. 18 Finsbur y Cir rus. London EC3 

Tel: 01-828 8B1. TL_V BB8100 J. HCUT 


Prices on *Apr 17. ••Ann. 19. ’•'Apr 20 

(*eridy Dealings * 

Schlesinger International Mngt. Lid. - 
4 1, La Mono SL.SL Halier. Jersey. OKK T3S88,V 

S-Vr.L .176 811 -1} 895 - 

SA.O.L. 50.B3 082-001 4 54 

GlltFd. _ 231 233 +01 UBO. 

iml.Fd. Jersey 100' 105 -1 3 m * 

8“ 10 x«29*' 

' 'Next si*, day April as 


ls0 Schroder Life Group 
Enterprise House. Portsnwuih 
(nlemxfaaai Funds 

— CEquity- . ...1168 12 

SEquto 120.6 12 

OTxed Interest.... 136.6 14 

tFixed Imerett. . . 1M.8 11 

— UJanafied.. . - 1290 15 

VManaged.. ....|U2.4 11 


G.T. Pacific Fd. 1 SDS32.72 l -09] 1.22 i20.Cheupride.EC 2. 


J. Henry Schroder Wagg ft Co. Ud. *' 


do Bk. of Bermuda From: Sl, Hamltn. Bmdj 
Anchor ‘B’ Units.. IRrSBM 0W....fll 
Anchor lot. Fd— .(JCSLU 436} . j 1J 

G.T.iFd. -J JUS67* ( 4 0.1 

G.T. Mgt. (Asia) Ltd. 

HutehUon H»e.. Bareomt Rd . Hong Kong 


01-568400) 
. . ( Z*1 


men! Interactional Lui. CbenpS Apr 21.. . 1X00 . . It 

of Bernmda From Sl, Hamltn. Bmda. TralalRarMar.31 ... SUSHfflJtS - 

‘B’Unhs.. |H.'S084 0 9M .. .. f 182 Aslan Fd Apr. 17 ... JUSHJ9 ISO 3: 

InL Fd tostJl 43V. L35 IttriingFmT. SAlJHt 1.91 4 1 


Japan Kd. Apr. 30- ISl'StSS 7171 - i 014- 

092 Sentry Assurance lateroalional Ltd. 

0 74 P.O. Box 328. Hamilton 5. Bermuda 

Managed Fund.. . |HNIi387 18U9| . I - 


jTt* Singer ft Wedtander Ldn. Agem* . 

G.T. Bond Fund -I SUS1257 |-01a 504 20. Cannon SL, EC4 fTl -MB 9848, - 

G.T. Management (Jersey) Ltd. T^?£\ipr J7 in : 

Royal Trt,Hse..Colomberte.SL Heller, Jockey . . 

G.T. Axle sterling. -.102.74 s*4| i 147 Stronghold Management Limited 

Bank tf B er m uda (Coornscyi Ud. PO Box 313. St. Heller. Jersey 0504-7)460 “ 

31-33. Le PolleL Guernsey. 0481-26266 __ CommodltyTruri. 19389 9B84| -| — 


" ' Htv Surinvesl (Jereeyt Ltd. «xi 

Anchor IrvJjy^TeL.. (245 I 2W PO BoxBfi. Sl_ Helier. Jersey- OSM73S73. 

Gartmore Invest. Ltd. Ldn. Agts. American iod.Trt-|CT83 790-032) 12s ; 

2. Sl Mary Axe, London. EC3 01-383333) foppcrTrurt 00 77 UW4M - 

Cannmre Fmxl MngL (Far But! Ud- Ja P IndexTtL . . (£11 Z7 10501-0.1*1 — 

TSB UnH Trust Manager .CJ.) Ltd. - - 

Japan Fd — ar -- 'ESJS ' 1 5 -55 Bagatelle Rd> SL Savwur. J«a%ey OS34 734M . 

'"Ka Sa ’l-dS JerawPtwd ' 4bSl ] 5.1* - 

XuU. Bond Fund. -PT51Ua UnH - 1 620 C uenu*yFund J44 2 4631 I 516 

Gartmore Imestmeni MngL Ltd. Prices on Apr 10 Next sub day Apr 26. ' 

P.O. Bos 32. Douglaft. loM. 0824S3BU 

immemlrnm) loc. ..oil gJj JL4 Tokyo Pacific Holdings N.V. 

Do. Growth. .1591 K.9I (4.91 i nUralfl Management Co N V.. Curacao 

Hambro Pacific Fund MgmL Ltd. NAV per share April 17 St'S&l 76 

FarEartApr. 12. —gtKiiiu iLiw . i — Tok>u Pacific Hldgs. (Seaboard) N.\._ . 

japan Fund. M-'StW 7 Jfl ..( — Intimta Management. Co N.V . Curacao 

Haxhbros (Guernsey) Ltd./ nav per *hare April 17 SL'S37 7J 

Hambro Fund Mgrs. lCJ.1 Lid. T.udall Group ' ’ 

??^ a8,CuC ™rortn 107 rt P-'o. Box md HmnUlon 5. Bermuda, a^rw 

fifcVSSm” sc^SSi imiSv IS S25TifiB?“- ' B&B ' ( i°° 1 


4-91 Intlnils Management Co N V.. L'uracan 
!■ NAV per share April 17 SVS&l 76 

_ Tokyo Pacific Hldgs. (Seaboard) N .V. 
— Intiraio Management Co N.V . Curacao 
NAV per chare April 17 SCS37 73. 

T<ndall Group 

P.O. Box USd Hamilton 5. Bermuda. S-STW 


intiii tour scs W 9 i lraia V “ g -&?7 

InL Equity SUS1035 10*71 2.50 ^roum. Unlts) tf ...-W^l H 

Ini Trgsf -A 1 SUS 1*2 10rt . B50 3-wayInL Apr m...|tt ! S25n 

tot Svga B- SUSLOa X07] . .. . 250 2 New SL. St .Helier . Jmn 

Prices on April IB. Next dealing April 38. TOFSL April 20 ...\a2D_ 

Henderson Baring Fund Mgrs. Ltd. TASOF’Aprii ts fw* 

P.O. Box N4T23. Nassau. Bahamas 1 Acrum. Shares! _ .«0 D 

Japan pa iSUSDifc U4| l - Jereey Fd. April 19.1186 6 


Japan Fa lSUSDJ* U4) l - Jersey Fd- April IB. n» 6 

Prices on April 13 Next dnallng data April 19 Ll* ..I2S6* 

Hill •Samuel ft Co. (Guernsey) Ltd. I'.irounTsharesi ^|l366 

8 LePefatTO St.. Peter Part Guernsey, 1' | vimrr House. Oaaglm. I 
G«n,«yT»... -J14M 1M6(+12| 339 ^ ». 1126.2 

HiU Samuel Overseas Fund S. A. •" 

37 Rue Notre-Damc. Luxembourg l fd. Intnl. Mngmnt. (C . I.) Lid 

(JLSnjl U52|-004{ - 14 Mu 1 carter Street. SI Helier. Jerve^ 


.... . 0534 37331)3 

TQFSL April 20 -1020, 7 70 . 6 00 

1 Accum Shares! . Eli 15 1190 . - 

TASOF April 18 BOO 843 - 

(Accum. Share*: _ . 80 0 M.S 

Jcraey Fd. April 1H. 1866 1978 7M 

.Non-J.Aee 256* 2722 

Gill Fund Apnl 19.. 10E.6 110 6 10 85 

1 Accum. Sharesi .[136 b 139 0) — 

Victory Home. Dooglaa. file of Han. KM 23029 
Managed Apr. 20 . 1126.2 133 0| .| - 


International Pacific Inv. Mngt. Ltd. v 1 R v ' urHl 


ip. fimj# mad 


PO Box K37. 58, Pitt St, Sj-dn+y. Aum L'niled State 

1 T^^S‘ ttyTtL 151 ? 2J ? , 1 - 74 Rue Aldrim 

J.E.T. Managers Uerseyi Ud. L s t«i Im. Fm 

PO Box IM. Royal Trt H*e. Jer**yOSM 27441 St 

JeraeyExirnL'Da .1143 0 152 « ( _ . 

At at Mar. 31 Next tub day Apr TS 7 1 - »». Waroill 

Jardine Fleming ft Co. Ud. a £?!£ ,n f ,n 

48th Floor. Connaught Centra. Hong hong MTlaLAmS 
Jardine Kna. Til. . 1 SHX229*8 300 GcSCsFd Mar. 3 

Jordtne J'gh. Fd.** 5HK3U52 ... 0.90 MrEur.AprlB 

Jardine SJJL.... .. 3LS12W 2.40 

janUaeFlemloLl.] EKK936 — Warhurc In 

NAV Mar. 31 *Bitu««2em SVS6S3R warours 111 

Next mb. April 28. l ' hanng Cross 

Keyselex MngL, Jersey Ltd. ooiutflCnh! 

PO Box 88. Sl Heller. Jersey. . lEag. 0) 8087U701 MtaUTst-MarJS 


1' oiled States Tst. lull. Adv. Co. 

14 Rue Aldringer. Luxembourg 
I STrtlm.Fnd .) Sl'JilOM J-OOfl D9fl 
Net asMi Ipnl 21 

S. G. Warburg ft Co. Ltd. 

an. Gresham Street. EC1 m-0»4555 


Warburg Invest. MngL Jrs>'- Ltd. t 

1 i.'hanng Cross. Rl Helier. Js> Cl 0534 72711 
CMrUd.Maroh30.|SlTl2j6 ltifl ) - 
CM Ltd. March 30. |£13.fW UJR . I - 


Fowelex .. 

Bondselex .. 

Key selex Itttl 

KeyxeJex Europe 
Japan Uth. Fund 
Kej'selcx Japan 
Cent Asaeta Cap. 


=11462 LX 
ffULIfl 127. 
*44 7- 

379 4JJ 

i-ssta a. 
3133 12J 

U322S 


5 98 TMT April 13 fftSI* 9|fl - 

Z TMt Ud- April 13 tf974 9«| .| - 

3M \\orld Wide Growth Management* 

— 10a Poulmard Rt^til. Luxemhouru 

Wi.rMaidei.ChFijnr.UJ 9 - 9 DI- 0 U 1 - 


Prices dn not incluile I premium, except where Indicated *. and arc- in pence urJtxt etnennM? „ 
Indicated Yields R. (shown in last coliumi allow for ail buying expense* a Ptfareo pri>-e^ 
Include &li expenses- b To-day's prices c Yield baied on offer Price d Estimated g Today'f 
opening pnee b Dutribuuon (neof t'.K laaea p Pcnodte premium Insurance pLms 1 NinCle 7 
premium insurance x Offered price include* ai) expenses eicept agent s eofttmisaon. r 
y Offered pnee include* all expewea ff bought throuch manager* t Ptwitws daj s pnee. 

V Net ot tax on realised capital gains unless indicated by ♦ 1 Guernsey gnu* ts Suspended. 

4 Yield before Jersey taN- » Ex-mbdnlsiou 


OS 3 Z 33 S 1 
38 71 +031 S31 


Hamkros Bank 

.t> laiTh- 


a fS-M wsur JSrSTLSL & Stf 
y S^otESrt-' 5 ™«- STiS * ^01« 3 49 5J 

a DO -■" at TPM +0 J 526 Prior, Hrf- Rmd_ .11380 M 68 ] - ■ | 4 -tt 

?J 0 PraHtoc ... M . 1 32 . 4 d + 0 S 7 IB ■WtelerGrth.Knd.. BSJ 29 M 4*3 

7 JC FearlUmtTrt 34 D J 6 H+ 03 j 5 ^ Do. Accum. _|327 345 . J 4.53 

lArawn. Lrul*>_ ,. tfil2 Wieler Growth Ftrml 

Pelican Lmts Aamin. Ltd. vgXx) sine wuiiastSLECJR oar oi«3493i 


FMnroAtSd'G-kbH' £3 0 1 . _ ITU. « .-X. iftuafc Ifil k'u» King William Sl, £A,4R U.AR U14SVBI 

f -J236 J - IvRajfeigfira.Brearoood JOffTpsWOO 8JF«»t»nS. Manrherfer Income L'afts...- .. &7 29 W - }«£* 

ne*Jirtitfeiwte-|l»55 mi] -.4 -— pn 33^+Ojl 4*7, .Pclicap Units »0*(-ha*i S26- AceuPULutct 4.62 


■ CLIVE INVESTMENTS LIMITED ■ 

1 Royal Exchange Ave„ London EC3V 3LU. - Tel.r 01-283.1 1D1-. 

Index Guide as at Uth April. 1978 (Base tOff at 241.77.) 

Clive Fixed Interest: Capital ; 132:70 

Clire Fixed Inieresrlnromfe - 119.56 


CORAL INDEX: Close 45S463 


INSURANCE BASE RATES 

t Property Growtn S. % 

t Vanbrugh cuaranieed S>.-5% 

.Address saouu under Insurance add Prop*nv Band Table., 


I'J'viHiK*. ij; 





FOR YOUR COMPANY- 

CASH FOR 
EXPANSION 

contact- B. D. Kav 

WA INTERNATIONAL FACTORS LTD 

Circus House. New England Road, 
Brighton BNI 4GX Tel: (0273) 60E70D 

Birmingham. Cardiff. Loads. 

London. Manchastar. 


**BRITISH FUNDS 

I I* «r| Yi 

Stark £ - W-l 


“Shorts" (Lives up to Five Years) 


Financial Times' Tuesday . AprlV 25 ^ 197^ 

HDTELS-Cpntmaed 




MM n ; * T^r-S ^B 





7b%168% 


yT%pcT2-15S.| 

Undated 



. ^INTERNATIONAL BANK 

M | 13 |3pc Stock 77-82 1 83*|+%|6.00| 8 .84 


^CORPORATION LOANS 

98*4 ! 95 I Burnham 


LC.13jk-82_ 


\ Da3iapcln»d. 


Do.9%pe"84-ffi 

[LC.C.8pc7B-iB 



75% 70 DoSipcRWr 
78 70*; DoSkpcDMO 

26% 23*4 PalpcTMAft. 

93* 91% Middx. 5*pclfB0 
991, %% Newcastle 0%pc TWO 
108* 1021; Warwick 12* A i960 


98* +«* 936 1041 
9U4Xd +i 2 8.44 10.58 
103* +* 12.05 1132 

1041; 12.22 lift 

94%«l 9.78 1031 

91%rt +U 574 933 

99 531 7.94 

92%«d +* 10.47 1138 

28 12.76 

99% 63Z 7.72 

92% 10.04 10.81 

95* -% 6.Z7 940 

871; -i; 628 939 

78 -* 737 1073 

70% 832 11.02 

71 934 1149 

24 .. 12.86 - 

93 +% 534 930 

96*4 936 1079 

103*4 si +’« 12.05 10.75 


COMMONWEALTH & AFRICAN LOANS 

100% 98% — AoS. 5%pc 75-78 — 987. 5.49 7.99 

95 * 93% -‘Do. 5%pc 77-80. 95 +* 539 9.77 

88* 83% -DaStfcV-K 84 +* 4 637 1063 

98*i %?i "\.Z.4pc!7T6-7B 98*4+% 414 9.09 

,«*6% 92* -Do 6pc 7630 94*+% 6.42 9.93 

87*4 85% “D0.7&CBWB 86% +* 8.93 10 46 

95 91 SHlAHS 93*7981 93*d 10.40 3238 

70 55 Sth.Rhod.iljw’f&TO- 59 — - 

96 85 Dp.6pc78K- . 90 - - 


LOANS 

Public Board and lnd. 

64% 59 l\xntS#.9pcT8«_ 62 8.26 1123 

901; 85% Alcan I0%pc 8004 — 85% 12.95 13.40 

33% 29% *UKfltr.3pcT 30 .... 10.12 11.81 

327 107 f.SJU\9pcl982_. .. 126 +1 736 3.40 

95 42*; Do. tcithoDl Warrants . 95 9.83 1150 

100 99 ntranarTpc75-73.. . 100 ...... 7.23 12 20 

Financial 

107% 103 -m llpcTTI 104 r% 12.49 1126 

310 102 Do. I4pc (9 103%al 1333 1140 

114% 109- Da HpcTU lift* 1324 1235 

85 791; irPC5ij>cDeb.-8M2. 82 +% 6.77 10.80 j 

81% 73*4 DafcpcDb. Rltt _ . 75«d 833 11.80 1 

99 951; Do.UPjpcL’ns.Ln-88. 96*;. 1125 1170 

49% -96 Do.llpcrniLn.-88... 961; ...... 1181 12.35 

101% 96% Do.ll5pcViisln.-90.. 96% 12.63 12.90 

7U; 65 Da. "MpcADeb. B8-82_ 65% ...... U-61 13.85 

71% 621; Da 7%pc.ADh. -91-84 _ 63 1166 12.80 

•84% 74 Da -9pr.V 31-94 75 32.16 12.80 

81% 72- Da8VLn.-K.9T 72% 12.60 13.15 


FOREIGN BONDS & RAILS 


in 

High Low 

.34% 17 
33 . 33 
98 98 

400 350 

54 46 

•50 46 

44 40 • 

55 42 


77 67 

. 88 85 

91 82 

375 265. 
: B7 77 

160 145 
75p 75p 
599 $94% 
83*2 81 
.94 94 

; V.S. J 


AnttfagauKtv - 

Do. 5pc Pref . . 
Chilean Mixed— 
German Ytt&.4%pc. 

Greek 7pc A» 

IMBpc2flSttb..%-'.. 

Do 4pc Wised A.* . 

Iceland® me rasa 
Ireland T^pe '81-83 
DoK.pc'SUS. . 


Do 9 *pc - 31 - 96 .. 82 * 2 +% 

■ J»pan4pc"10.Vis . 370 

bo 6 pc * 83-88 77 .... 

Pew.Aw. 3 pc 157 ..... 

a &GI 6 %pcMM._ 75 

I; Turin 9 pe 1891 594 % _... 

Turin 6 %pc 19 S 4 81 ® . ... 

Cruiaiaj Ji^se — 94 ... 

S St DM prices exclude inv. 


400 

54 

49 

43 

55 

67 

85*s ... 
82*2 +%• 

370 

77 ...... 

157 

75 


1978 

High Lot 


13% ASA 

60% AMF?aConi. < 87— 

22 AmaxSI .... 

21% American Express 
31 Amer. Medic. InL_ 

969 p AsiicalDt 

28*4 Baker IstnlCwn SI 

lit Barnes Grp. $£> 

22 Bendlv ComS — 

13 Beth. Steel 58 

625p Rro*n"cFer.el®i- 
857p BnrasMckC«pn.R 
41% BuTTOUEh80Mp.S 

30*; CES&30- 

28*4 C.F.C.5% 

323* CatepiIlWII-. 

17^a Chase MlltiLSI15„ 
13% ChescDrtugilSl — 
765 p Chrysler 9n — ~ 
13% CifcorpW-. 

733p City Ira. SL25 

■14*x DaCni.Prf.BSl- 
12% Calgate-P.Sl— — 
29 Colt Irak SI 
15% Coot UlinouSlfl — 
17- Cant Oil S3 — 

20% ■"rmr.Zcn.ffi 

20% C utter- Hammer S5 
22 Ejiont.'rp.9J 50.... 

37% &marfc 

28% Exxon |l... — 
670p Hrfttooe Tire I'- 
ll* Fi^cCniMgn 



23 

CWJ I MI-2 1UH- - I 18*2 

48*2 39% (Wagon finance. ( 45 k 


Price [+ orlDiv. 'll Bed. 
£ — Gross | \teU 


BEERS, WINES AND SPIRITS 

16 -1 3.93 L9 6.9 31.8 
37 ...._ m02S - 1.0 - 
155 +2 4.84 31 4.8 9.9 

2*0<d +2 M.78 3 5 3 0 145j 


B- 

3 f3 0* 
4*j - 

3 % f 67 < 


4*; 5.L 

- 32.61 
7% 118. 
5*4 12 Jt 

6 sia 

3 19: 

6% B.6; 

i 9.5! 
6% 11.3! 
3% 4 80 

5 premium 


AMERICANS 

1 1+ erf lln | I YU 

Stock I £ j — I Gro» U’trlGr' 


it 35 TyT I CINEMAS, THEATRES AND TV 

72 — t|19 19 617119 1 w 71 Anglia T\'".V._ 73 418 31 8.7J 5. 

m — v?L H K ^ H9 98 VcTrie.'.Y. . 113 b635 b23 8.8 7. 

£ — ■ W? H H 39 32 Cramjrim-A'lQp 38 t2.0 23 8-0 8. 

S 16 6 |8 75 83 65 55 Green Group lOp 65# Q4.23 25 65 9. 

.« 330 5.1 3.4 B.7 a w jr»YdWJ*rf30p 20*; -r* 2 t033 - - 7. 

S* 1 H ? r 127 108 H7VNV ..-.- 117 ..... ts« 15 8.5 7. 

22 .... +5-21 33 6.5 7J 17 ,! itv, met* to 4*70 74 77 7 


15% »c 

60% ’* 1 

28% 

27 % -% 


...... SLOO 

■t4 40c 

70c 

-% 5100 
— *8 S2.40 

52.50 

5180 

52.20 

94c 

-33 S100 

SL06 

51.00 

52 

-% 5100 

S2.75 

51.32 

-% 5140 

Si.90 

+1 51.40 
+% 52.25 
-% 5184 

53.20 

51.10 

~*4 5100 


ru . , / ri ]1 IE an «» uni.c U, 

180 Tl 654 3J 5.5 8.8 7 y z 7J ^ r:Frt? C[ 731 J 

.. l4i j", 72 58 Scott. Ti “A lOpi 60 

H ,7 1ft, 58*: 481; TridtTY'.VMp. 1 50 

WL ll HS-2 M 52 rijltrTV-4 . 54 

S t 5" 7of IS 5^5 «* 251-1 

HieU'd DistaBp. 1 133x8 2.9 25 3518.4 , 

^ 1 92 +2 +2.03 3:0, 33 221 

124 355 42 3 8 8.4 

310 4.62 23 23 22 J 

450 12.45 26 4.2 13.6 

ttU'iB DRAPERY AN! 

ira 24 illo'Si 2 ^ AmS l rte?J 1 |m UP HI 

90 T l% +3.57 26 6.0 9.61 \\ S 

192 .... 5.74 3.0 4.5113 {\ .Afl^raap. 37 

“» t2W 33 27153 3? 30 ittfeop. g 

24 18% Bake:': Sir.-. 23 
98 84 Beattie <J|'.V._ 94 

32 25 BenblbiOp — 32«d 

19 13 BRnLCm Vn> 16 

BUILDING INDUSTRY, TIMBER 12%j 10 teSSK M% 
AND ROADS « m gS*: w 

I , _ 36 * 30 BmraiNiato. . 30 
83 -*-l +418 3.6 .7.6 55 142 103 EunonGrpaOp. 120 
142 1-2 6.76 «. 7.4 4 |130 99 rKL'.A’NYSOp.. 116 

15 I th0.7 1 6.1 71 4.7 »• 35 28 Carton \V20p... 34 



231x8 +4 19.34 I 
123 U+2.26 


181 lAberdeenCoosLl 83 *1 t 418 36 . 7.6 551142 103 BnnonGrpnOp. 120 

142 -2 6.76 «- 7.4 * 1130 99 Da'A'XVqOp™ 116 

. , 15 — th 0.7 6.1 71 4 . 7 } 35 28 tSrtw--.\ 3 Clp„ 34 

.ArnEtage Stale.. 62 +% 4.26 22 10.4 . 111 ' - 45 ‘ 40 C^ket-S-'10p_. 43 

AJ 1 . Cement El _ 1 231 xfl 9.34 sg .9 6.1 26 1 % 151 Church 151 

123 ♦TS.M Yl 28 25.1 92 73 Comh. Enft 12 %p. 88 d 

212 +2 + 6.93 4.6 58 6.6 90 ‘ 75 Cops S»m life- 83 

32 253 1 . 4111 ) 9.8 12 8 % COrndlIire«ap. 12 

12 4 d 055 18 t 123-105 84 Courts W 86 

,48 +1 + 2.9 U « 5 . 4 , 217 - 162 Cams.- 192 

110 +2 18.06 2511.4 4 . 8 } 23 14 Cistnaagic lUp_ 20 

34 % 1.83 2.0113 7 . 0 mo 89 Debenhan.'. _ 102 

19 ffl .75 - 6.0 - j 68 54 DOThir.-lIOp^. 6 &xd 

47 m 1.82 * 5.9 * *175 128 Dixons Photo 10 p 145 

65 dl .7 5 . 4 . 4.0 7 . 1 : 20*4 17 Ellis tGuIdop.. 20 

68 + 3.46 3.1 7.7 § 5!186 136 &npire 5 tore< 160 M 

63*2 2.89 3.4 6.9 62 i 24 15 % Ewad*x 2 Dp-.- 24 

78 4.89 <> 10 J) 4 > i 18 15 . FasrdaleTeiLjp 17 

28 +1 tf .3 - i- 17*2 15 Da‘A" 3 p ... 16 

88 xd -12 3.0 dr J f 48 401 ; Fine .Ait Dcml 5 p 47 ■ 

55 +1 62.03 18 5.6 9.4134 2 B FsrdiMlin.lOp 32 

5 SjJ .. ._ +226 22 54 316-138 120 IMiderl*. 138 

,158 -rl ld 26 9.9 2.5 6 . 1 T 91 81 Foster Brw _... 90 

BurtBoJtnr.ELl 180 ....cUO .15 33 83 5 . 1‘312 244 . Freemam-Loc 312 *a IMJ, 
.22 j*. Rotai-AUJ!?: 24 — 132 23 9.6 fi. 8 i -35 32 Gdier 35 . +1 *237 














































































































































' j^jancial Times Tnesday April 25 1978 

. '\ : mV Sl#5tS^Cd!it!ixued INSlJRANCE--Contmued 

: fc. *.A ui . . -^t+. Wf -Wv | • |Y1d| 

[ - | N* |Cw|Grt|WB 




PROPERTYr-Continued 






■ »& 

Kfigg 

SlESft 

■■■ - 5 * 







jfiP 

1556 
db092 

Js 


1+2 


jtasmpwmp- 

, if ISfe 








; .. j|f 

a i o 75 


...■■LoWi 

teteTawy-.— . 

EL 

SansersGrp — 
SramGnwp.w., 
Schlmnbwgerll 

**■ IS&affi 

fcUn.Inra_ 


■«.l 








r ViaeaMp 

Vateckp.ajp... 

■ STBAhonslDp, 

: KadeM&TOp,. 

■ Wattes Hznr.5jL 

WmerfrodSp 

s gatttetfs 

;BS2b 

. '‘fete. Bond lOp 
t vataiiLkcijrf 
l KTockJCHXSl.j 
fftatausBAngeq 
KhikyiCXi-J 
- 'KtilzQMkS,. 


faJRchH. 

fDa.lDpCCm^ 
wEliairs^J x „ 


:» SpodJcStasto.. 

®Bod (Arthur 5p 
WbcdHaT-L: 
Zattcrs%. 






-jar 

[+7. 


KM 

Km] 

|t2JUj 


+2 


+20 

rr 


+% 


+5 


+2 


+2 


+1 


-1 


I 


mu 


SR smAUimeSL 
93 SualihSp-—— 
679 rnshoyar.EDR. 
155 Trade Indemnity 
, . £17% Traretars&aL. 

1303 j257 (viilisfaber 


.ttj| 5J1 
ZD 


„ 35 1 1 
fliao 
m 2 

ii 

9.4 35 
2.6 5.8 
95 

,4.9 ... 
143 (BA 
61 4.7 
9.4 « 
1.9 $ 




, 23 
|105 
jlO.O 62 
. 43 455 

! ?i 

31 


+21 - 'd- 1 - 


1 3.41: 


+1 




-3 


+2 


5 


+1 


+% 


+1* 


5.6 ., 

2 4 10.0! , 
13.3 
43 7lj 
4.0 71 

4.0 7,3 

2.0 .9:0 


4i 

13 67jl 
35 63 
3.0 5.0 
2.2 1L2 


1 


.25 


S 5 

a* 

d2.79 

2250 


d0.48 

1.91 


6.4 




■« j *' 2 J P 12 


2S1Q.H 
2J 113k 


Z3f 


jASs 


hW 

1 >3.23 
280 
314 
t0.6 
090 
4.84 
116 


f.4 
|f(4.7) 


if.' 


'*83 

33 


B.0 


INSURANCE 


PRiaffCti- 
feai&UDp, 
tesmnc3ji„„.» 
'■ ■ ftiAa.Sl„ ; 



.mo 


lliti 

it Egg} 

Jp- gg*“~ 

■ 137 J 



i+a 


295 
128 
,9.18 , 

7.65 1 
6.B 
20.66 

8.30 

10.17 

20.0 

■tM.4 

M 

4.47 
tfc.48 
421 
,9.19 _ 

naf 

1259 

1035 

817 

817 

645 

8.1 

1645 

9.59 

4.05 


ZSi 


lfl.O 

20.9, 

8.9 


1978 I 
High Low 


| Price 

+ ear] 

Oiv 



, Net 

CtT 

538 ' 


20.15 

_ 

97. 


0.42 


BM 

165 



— 



QS1.68 


257 

-iol 

9.CP 

2.4 


YM 

Grt BE 


1314V 


MOTORS, AIRCRAFT TRADES 


» 120 SritLeyiaoiMp 


272 QB5 


to. Mk Units- 

IlijtasCarlflp— 


g^lRdifflUltr.: 


w . 

1762 ti'dwj 


and < 

C sc. 

es 



28zr 

-2 


J 



255 

47 

-5 

-1 

IB 

3l7 

63 

6% 

8? 

1+2 

[U336 

2 A 

9A 

,£14%1 


<21296 

0.6 

53 


I -931 


Commercial Vehicles 



100 

1-1 

h237 

6.4 

331 

56 

+Z 

*3.25 

57 

8.1! 

iu% 

+% 

03 

2.9 

7.1 

76 


h32S 

3.3 

6.6 

70 

+4 

2J4 

* 

4.7 


fclm. 

Prplro.4Tia.D4 

PwmPwfsfeip^ 
Prop i Rev. ‘A’-, 
Prop. Sec. IroUpJ 
Raglan Prop. 5p„ 

Hegelian- 

Regional PR>p_ 
Dot "A" 


(Rash & ToiaUnd 

Samuel Pn®K_ 

ScctHetropTOp 

ISemodCilslOp. 

Hough EUR- 

Do.l0%Conv. - 90 

[StoAOmwBn^ 

[SanleifAliiv— 


Components 


56 Town 

Town 6 City lOp- 
Tra&jrdPari_ 

IV? (U.K. Property 

I'tdRcaJ Prop._ 

.... WimerEatate— , 
S 62 WanjfcntIro.2Bp4 

WebhiJosiSplT 
TmliislerP.2Dp. 
Unstop gaj. . 


Price 

300 

109 

7b 

294 

134 

9>j 

80 

4Pg 

107 

73 

101 

m 




224 

174 

S* 2 

59 

13 

91 

1*2 

252 

122 

270 

15 

16 
32% 


1-1 


|+2 

bn 


Ti.88 

gLO' 


tl- 

a*, 

3.95 


0.01 

t3A5 

517 

266 

t4.86 

bdO.48 

127 


On 


van 

22J 


133.41 


* 


Yli 

GPS 

.3^ 


BE| 
■38.9 

SKI 


42ffl 


3-fl 


HI 

* , 
.si 


t«4> 


T Sl 

2 I 


n2i 


ZM L4 1 


sf. 

172 


52 

. 2 ! 21 

l J 62 


13 31)418 

_ ... 2JL 

23] 4.« 


&H 


, O 
W3fli 
,45.1 
,116 
'24.4 


30.9 

34.4 

132.7 

.* 


IUi 2 

115 


Abbey Panels — 
AMow5tnaQa- 

AxosPngBlk'* 

Assoc \ 

ABtommhe 
Bluemel Bros— 




F4V 

HnnoSmilhllS). 
K<tO-FnHhi$>.]DpL| 

Lucas lnrti.0 

. , Siora Group lOp 

95 Turner Mig. 

wanna Breeden. 
WoodheadiJ.i _ 
ZraHh-.V50p_ 


Garages and Distributors 


d2.64 

3.8 

7.41 

M.47 

35 

95 

ar 

3.8 

3.9 

4.9 

6.3 

704 

$ 

25 

367 

26 

81 

tlOb 

1,S 

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SHIPBUILDERS, REPAIRERS 


hm 


295 


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260 (Yarrow Kp. 


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Swan Hunter £l_ 
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113 Henlysttp 

38 Heron Mir.Grn- 

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72 HuraiCtedesr- 

31 Jessups Ito 

65 Kenrung Sur. 

64i z Lex Service Grp . 

48 lookers 

731? LwniLyw..- 
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54. Nelson David So. 

4 Pennine Mtr.lfei 
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33 Wadhara Sr. lOp 
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SOUTH AFRICANS 


NEWSPAPERS, PUBLISHERS 


U30 

ll65 ^ . 

46 .tbps 


250 

350 

341? 

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form ■ 


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155 

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HuletfsCpn RI- 

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SAftw.a*— 

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104 
525 

105 

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TEXTILES 


PAPER, PRINTING 
ADVERTISING 


57. f_4« 


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SeoL-Nonheni*.. 

Scat. Ontario 

Sco. 13d. \m. 
S<w. Western 

)ScaL\Vestn.‘B'_ 
Sec AUtanrtTrt_| 
Sec. Great Ntha . 

. Do.-B" 

Securities T. So_ 
IjciMiBibllm.SCS 
KhirBlnv.30p_ 
SheireU 100 — 

Sphere Inv. 

PLlTInc. Mtti 
iSPUTCap lift. 
KianhopeGen_ 
]SteriineTsi._ — 
woctholderslnr.-l 
Tevhnology. 
(ToDpletar — 
Thro* Gromit — 
Ite Cap £1 - — 
iThroumorton—. 
_Do 8%°«Loan_, 
[Tor Invest Int - 

Do Cap- 

Dans Oceanic.. 
Tribune Imest.. 
TrpIeiKl IncnOp- 
Do.capltaiU- 
TmsUJtuori — - 
Trust eesCorp— 


69% 

65 



74 
59% 

ft* « - 

171 [Wbrterbottom_. 


BeMarcaJ 
iTexuslftl 

weniyssIiTV.fl— 


|Witan taw— 

Du “£T 


148 {Ywi'iao Inv._i_ 


|Y«te.iL«ws- 
[YoriigrPen 10p__ 


69 fYoungCo'rinvlL 


Price M S WSilW 

i3 

. ,33.. 


+1 


«JJ7 

73.05 

3.8 

'JtU7| 


+12 


ft 

ba 


*42 


+1 


+1 


+% 


+% 


+1 


+1 


+1 




6i * 
6.3 * 
1.9 UU 
4.0 33.8 


X-0] 4.(n3B.B 


F154| II 

Mr, 

2.7 

Hb 

1148 


2.65 

418 


3.45 

284 

(4.0 

at 

t5.67 

tl-79 

6.10 , 

15 , 
72.94 
t9.19 


53 4 . 

f J i 

12133 372 
■‘^43 29.7 
9J2UI. 

5 0 291 
3.6 433 
32 382 
8J16.9 
12.7 12.7 




4.38. 

W 

0.49 

5.0 

bl3- 

439 


1.75 

H4.03I 

0.94 

3.52 

5.94 

V 

D.75 , 
1031 
** 
tL93 
0.06 
7 59 
135 



4 . 3293 . 

m f 

73 20,1 
- X 30.6 
113 123 

M 2331 
9.6 183 1 

53 24A 
53242 
52 25.9 
4.1 32.7 
5.7 248 
[103 14J- 

60 24.7, 

3.4 714 
42 * 

63 m 

32 433 
6^3U 

5.4 J 

5.5 m 


82163 
4.3303, 
28433 
75 19.7 


t335 [ L0[ 7.0|213j 


Net 1 (Twits'll PJE 

MTH 

[133116.1 


U 5.9 5.7 
<A5 58 75 
— 4.4 
0.9 65 26.4 
4818.4 
85 _ 
138 5.7 
- 4.0 
, 68 - 

4.1 U5 

3Si 2.7103 


OILS 


tottockSOp— 

(Brit8nraeoir ‘ 

BriLPetram 
Da8%K£l 

ttii nSSfeittSUSB-l m? 
,[875 ftrCCPSth Sean J 

i Ft. Petroies B J £21% 




143 [120 
150 


re 


[Ultranar 

_- Do-7prGnv.^_ 
86 [WeeksNat. lOcta. , 

DoPfiLOnLllteJ 
57 [Wooddd0A5D&7 


3 


5 . 6 % 

IMS 

OKU 


ZQ1- 

Qi«£f 


211 


QSJ5%} « 


li> , 
4.9% 


m 


il 

QlStc, 


16 

42 

519.9 


A 


134 


6.7 

4.4 

leUJ 

fc5 

& 


05 

eH9 


L6 


58 

T 4 

123 

fF8 

12 

78 

Tj 


14.6 

83 


45 

565 

9.4 

5J9 


450 B25 


St 


13 

1-6 - 
4.b 31 1 

1.2 60 4 
56 235 
23 205 
3.6 387 

3.2 425 
46 32.2 
L0127J 

5.0 19.1 

4J 18.4 1 

7.4 19.7 
117 * 

•71 193 

6.2 242 
38 38.9 
65 4 . 

7.1 20-1 

174 U!8| 
4*1119 -4 

T0 2s!b| 

4.9 2031 
0.8 UU] 

52 

5.2 L_. , 

2.9 38.2 
56 259 

14 4 6 326! 

?!o| 54 ... . 

5.5 27.6 
6 7 22.6 
67 205 

MM3 

9.0 1W £jji 

7.1 140 
6 8 21.4 
50 24.9 
5 8 25.7 

4.6 323 
Z.15B.Q 

■II 

'12.5 12.2 


OVERSEAS TRADERS 

ti 


LUtiwii lakes _ 
(tast Auric 50c- 

Taw.l 



pillDnffns 
fe.Nlhn.£10. 

■ jHWs'ns.Offlj,£I. 
_ „lS.» — 

rncheaj«U.w- 

todoTvfnv j 

Jamaica fiigar.:. 

Lour iro..._ i 

Milcnel! Cons. . 
Aigenan Qec. _ 
68 {OceanWI'jis.aep 
Pal' son ZDCh. Kte . 
Db.-VN.VUte . 
Sa&geriJ8jl0p. 
Sena Sugar 50p 
, .. bSime Daitv 
[350 Steel Br»K.5‘ 
TtHerKais 
Do BpcCnv. 
lCCINNerc.il 
DalOpcLn. 



» 

.. j 33 

3 2k 6.0 
2.0 


S 


if 

n 

12 
1.7 

u 

75 

75 

13 

13 
* , 
102 

9U 


» 

56 


138! 


2.4 

5.4, 

10 . 0 ) 

(9.1 

a 


Jit 

* 

7 2 

ii 

7.0 

9.9 

3.7 


n.% 6.0 


32 

31 

5.7 

176 


7.8 


RUBBERS AND SISALS 


JUEJ-'L, 

•ffidi unv | 


Stock * c 

75 .Ande-lntfenes'TL- 
65 Berfam Cons. I0p,.\ 
H% BbdiAfricai— 

31 KracMall lOp 

165 CaolditMiOp..: 
53 ' Chersonese 10p _ 
95 Cons Plants lOp 
57 GadeklUlajMSl- 
1 3% Grand Central 1ft} 

Rll GuhrAEI. • 

HanuoralOv Eat 19» . 
HlgUdodslQuc. - 
Kuala Kepong MSI 

ttKulintMSue h 

LdjLSuntara lOpw, 
MaluWfMSl 
Malaya lam iOp.‘_;.. 
Muar Brier lOp ... 
FljnutioEifldp itoi 
Sur«eiKri&n£l.Z' 


[■ Ptfct 

94 

SO 

14 

50 

232 

67% 

140 

57 

10 

252 

82% 

92 

60 

45 

130 

94 

35 

43 

6B 

£29 


+ «MWr. } YTd 
Net Icvr Gr's 


+2', 

fef! 

-5 


+% 


254 

3.5 

Tn 

sZ a- 

2.75 

125 

0?5 C 

tl0.15 

305 

Q203e 

If! 

♦t4.0 
tvlle 
♦115 
hO 43 
JZ1B 


'2.4! 

1-5] 


a 

l-jf 

£1 


..:! TEAS 

India and Bangladesh 


5 ^ 

4.7 305 

47 315 
4.7 232 1 
5.5 26.7 
3.9 28.6, 
5.4 27.5: 
5.127.6 
8.5 16.0' 

48 Z7.9I 
3 9 34.8 

.77 m 
7.2 19.4 
5.4 17.9 
5.4 -1.8 


lziliii 

4.812^5 
8.2 176 
5.7 25.9 
4.4 33.4 
26 44.2 
7.8 171 
4 7 308 
63 275 
4.1 ».0 

35 3?6 
4 4 326 


I1B0 
,390 

-JZ2 

203 |181 
166 138 


173 

280 

,104 

,20% 

1212 


.Assam DooarsE! .* 
Assam Frontier £L 
Assam lms £1 

te”. 8 *! 11 !!; 


222 |Longhqurne£I._ v 
1 on hiaiLa v— 1.1 ri- 


Mriiod Rusrel £1.. 

Moran EL 

Srn^oHMgf- 10p- 
Warren Plants 

Williamson El 


198 


♦9.51 

5.9 

290 


h!625 

49 

105 


70 

37 

23% 


♦198 

16 

i£ 

ii 

♦12.00 

♦1000 

33 

6B 

217 


IBS 

2.7 

390 


15.08 

4.9 

22- 


♦FI 7? 

3.2 

203 

+ 1 " 

P13.0 

36 

162 


90 

4.7 


Sri. Lanka 

185 1123 |LuriuvȣL i-l -155 1+10 1 55 | 1.5| 5.4 


Africa 


500 ' 390 
160. 130. 


BbntvTeit, — 

Rnp Estates. — 


430m . .. 
145 ... 


150.0 

15.0 


.* 176 
4> 13.6 


•••• ; MINES • 
CENTRAL RAND 


Durban Deep RU..-. 
East Rand Prp.RI : 
I £29% RandfenCnEst. R2 
1 78% WestRandBl 


1-9 - - - 

I -17 *Q5c 16.4 t 

! -J 4 Q35pc 2.5 6.5 

I ..... 013c 6.7 6.5 


EASTERN RAND 


3.8[42JPMJ 


L Bracken Rl 

EfistDflgjuiRl 

ERG.O.HDM.-^: 

GrootvieiaOc 

anroMHl 

LesBetBc 

Marieva]eRtb5D.„i 
S-.nifricajiXd.35c..- 
VtoktometoRl — 
BlnkelhaakM.-.. 
TOLI'figdSc. 


70 

+6% 

+Q2Sc 

13 

^25% 

tQ20c 

12 

325 ■ 



N25c 

— 

81 

+L 

Q19r 

18 

• 274 

+3 

t\34c 

1.8 

41 

+4 

t*3c 

12 

81 

+1 

Q46c 

10 

39% 

-% 

— 

_ 

39% 

587 

-ft 

023c 

iV86c 

0.4 

17 

- ■ 41 

-2 

— 

— 


FAR WEST RAND 


+i " - rr so m 


9.5 16.0 

Ftt.b , 

1061171 
0.9 
58 29.0 
3.1 36.4}, 
10.8 

7a 28.01 

4.9 29-2[ 
56 24.91 

.5.1 297 

53 2?5 
53 25.9 
0.7 

15 698 

3.1 3?.l 
36 39 2 

75 19.4! 

66 226 


Bh-wwrS 

BuflelsRi 

! Deelferaal R020 — 
- Doorofoniein Rl _ 
_ ' East Erf t- fa 

154 ElandsrwAGId 20e_ 
ESsburgRl.. - 
HartewestRl — 


W32 ILibanonRl 


419 

[206 


5outhvual 50c 

IsUfbnfeinSCc - 
Van) Beos 50C .>.. 
Vcnterspchi Rl — 
W. Driest . 

[152 Western .Areas Rl. 
589 Western Deep fe.. 


2B1 |163 [ZandpanRl — 


301 

813 

ar 

603 
175 
95 ' 
962 


433 

206 

£11% 

143 

£16^4 

152 
654 
178 . 


-13 
-23 
-6 
,t 9 
-10 
-4 
-4 
-SB 
-6 
+10 
+3 


-3 

-13 

-5 


213 

46 

14.0 

7.4 

4.4 
i3M 

37 B 
8.8 


23) 9.1 
1.41 9 6 


5.M 4.0 


1 7i 


7.7 


O.F.Sa 


Free State Dev. 30c 

FAGaluld60c 

FSSaaipJMsJU- 

Harn»nv50c 

LaraineRI 

Pm. Brawl 50c — , 
Pres-SteyrirOc-. 

Si Helena Rl — 

I msel .V 

Weft® 5ft 1 .. - 
W.HddmssaOc. 


. 80 
£15% 
. 70 
286 
. & 
,B33 
'627 
714 
; 149 
: 242 

L. £16% 


i 

~12 

-1 

-1 

+% 


Q5Sc 


:35c 


10 53 
13 84 
23 4.1 

3.2 6.1 
1.0 29 
2 3 64 
33 6.0 

7.3 21 
1 6 10.0 
'27 5.1 
2-4 73 
1.0 7.4 


141 8.2 


9.8 

ll5 

43 

96 

19 

96 

96 

10.6 


FINANCE 


Finance, Land, etc. 


242 

12 

41% 

25. 

17 
130 

66 

£13 

249 

37% 

20 

58 

48 

15 

26 

ISO 

19 

13 

30 
34 
11 

31 
2D 

120 

74 

22 

19% 

18 
95 


&16 

2& 
19 

£ 

if: 

27% 
13% 
50 
40 

il 

16 

ft 

25 

ft 

17 

80 
44 

18 

? 

124 1 104 


[AkrtffdSmjtbers 



Common HkLlp.i 
DnigetyO. 

QOreMubglQp- 
Erskiw? House- 
&(L$n*ID 
Fiji 01 a den ( 



jHuBhiisInW— 

JBISUL 

[investment Ca.- 
KaksilA- — __ 
Eiith a-TariorlOp 

SSfc.-, 

U®.£tiraGrp. -\ 
lAtLlterehanL-I 
JL&£LHZdS&AP-l 


— 120.0 


-3 


+1 


|+% 


+1 


- - - -53 


10.99 

172 

Id 

t0.49 

t4.49 

10 


+125 

3.46 


4.7tl3.9f 13 
19 


3.0 


■5.9 


5.7 

14) 86110) 
20 


Anc.AmCofil.iOc- 
Anglo Amet Mh-_ 
. Ang Am tloldRl- 
.. Ang-VaalSOv.'. 
ChenerCwis . 

Cons. Gold Tteltb_ 
East Rand Con lOp 
Gen.M3mn£R2 — 

1 &jWFtotoSA25C_| 
JflTj£EfCaB£.Rt_ 
HHWeWtSSc^ 
SliftereoSBDUO-. 
New Kit 50c 


1 S 11 S 


18.0 

10.1 

19.4 


03% 


ffatinONVFl&5-..._ 
psad London Wc_ 
ISdecfi 00 Trust 
peatnntlDc, — _ 
29 ISilvemnnesL’ 1 *™ 


19! MhX 


I LX Invest RI 

toa5flnCwp.6a5c. 
1 Vogels 32c 


h-% - 1292 1238 

5I 3 ? 53140 

Im* 


495 
303 
£15 
650 
123 
167 d 
IS 1 * 
£153* 
£103* 
£11% 

150- 

95 

£11 

52 

■390 

190 

40 

£12% 
205 
’ 266. 
50 


-1 

+1 




-2 



43 ' 


cirsr 


diamond and platinum 


tJ Tdr-.PSd 


£30 

£ 

Andft-ABlnvide^ 

&M5«BteHUBc- 

BeB«rsD£5e,_ 

£34l 2 
?. 70 
328 

+>4 

-X” 


* 

4 

33 


DA«peH.R5^ 


-1 

SpTr 

3906 

10 

70 

Eos.Plat.10fr 

70 

-1 

JQ2%c 

14 


10.4 

61 

9i 

10.6 


J! - Japan's leader in ■ 

international securities and 
investment banking 

NOMURA 

The Nomura Securities Co., Ltd. 


■ NOMURA EUROPE N.V. LONDON OFFICE: 
BatbU Surgeons Hall. Monk well Square. London Watt, 
London EC; Vs BL Ptione: tOU 606-3411. S253" 


MINES— Continued . 
CENTRAL AFRICAN 



I Acme* 25c 
| toEasBVilleSDToea 

,_i BHSoutf50c , 

|]® ConziJic Rjotisio £0c J 
48 CU-KslftoorlieSV 
81 Rampln Areas 5p* 

10 »SEBL9k 

25- SUJ£Hhte.50c^ 
10 BtomitLydl Se- 
ll? NemneUl 10 c 

74 Norths. fflUSfe— 
8 i z Ktfa-Kalgurli 

30 PuaficGwer — 

50 PaurontlSc 

12 Paringa M&ExJjp - 
HO Prto-WailsendSOc. 
84 WestoWntogac. 
35 fWiim Geek 20c — 


Antal Nigeria 
AyerHhamSMl— 
_ BeraRKn , 

GWd6BaKlZ%p^ 
GopengCbns. 


AUSTRALIAN 



190 fL65 




1 LOp 
ling SMI 
Saint Pi ran - 
South Croft? lOp 
South KtotaSMOJU 
Sihn Malayan Sill. . 
sunpet Besi SMI .. 
Supreme < orp SMI 

Tanionc trip 

TonglahKrbr.SM) 
TronohSML 


COPPER 

96 | 70 [Medina ROiO — 1 88 | JtQ30c| 1.9) t 


MISCELLANEOU 


10 % 

300 * 

345 

no 

461 ■> 
950* 
45 
162 


lBunnaMinc:17l<p. 
220 (Gam March. 10c__ 


245 

■30 


43 

|120 


NmthgateC51 


, __ , Sabina tods. C5I^_ 
[750 .fTaraEvplnSt — 

" TehidylCBenklOpJ 
. ViftoDComCS l „ 


10% 

240 

345 

210 

32 

870 

43 

155 


Q30c 

93 


133 

Q7c 


i 


2.H 73 




73 


AS 

22 


NOTES 


Valets atherwise Indicated, prices and M dividends are In 
pence and deaondnarions are Bp B stluu l e d prlemeandnga 
ratlM and eoverc are based on latest annnal leparu and nccnaala 
and. ivbere posatble, are updated on half-yearly (Igmes. P/& an 
calculated as tbr h«l. af net dtsuibution; bracketed flgnreo 
indicate JO per cent, er more difference If calculated on “nil* 
llittflnUML Cavers are baaed On • iua>Hiunu “ dlatrilwtlea. 
Vlrlds are based on middle prices, an grass, adjusted to ACT of 
9 t per cent, and allow for value Of declared distributions had 
rights. Securities with denominations other than sterling am 
quoted Inclusive af Lhe Investment dollar premlnm. 

A Sterling denominated securities which Include Investment 
dollar Dremhiih. 

* “Tap" Stock. 

, * Highs and lam; marked thus have been adjusted w allow 
Jor rights unties ior cash. . * . 

t Interim sinre taervased or resumed 
i Interim since reduced, passed or deferred. • . I 

it Tas-lrec tv non- residents on appjicauon. 

* Figures or report awaited. 

*i Unlisted security 

0 Price at time of suspension. 

9 Indicated dividend after pending scrip und er rights issue: 

cover relates to previous dividend or forecast. 

** Free of stump Duty. 

* Merger bid or rvonuaisatioo jr progress- 
4 Not comparable 

4 same inlerun. reduced final aiuhnr reduced earnings 
indiisled 

4 Forecast dividend; cover on earnings updated hr latest 
Interim siatemcnL' 

; Cover alio** fur conversion of sparer, not now ranking lor 
dividcn-lv or ranking only for restricted dividend 
*" .Coicr dws> not allow for shares which may also rank for 
dividend at a future dale. No P.E ratio usually provided. 

* Excluding a final dividend declaration. 

* ReclunaJ price 
It No par value 

a Tax free b Figures baaed on pitwpectu* or other .otticial 
CCrintmic. e Oint* d Dividend rate paid or payable on part 
of capital; rover bused on dividend on Full capital. 
e Redemption yield f Flat yield K Assumed dividend and 
Meld h .V'umed dividend and yield after scrip Issue. 

1 Payment from capital sources . k Kenya, m Interim higher 
than previous, total, a Rights issue pending q Earnings 
based on preliminary ! inure-*, r Aostraltan currency. 

5 Dtvldena and yield exclude a spocml payment t indicated 
dividend oner relates to prevuuu dividend. P;E ratio based 
on latest aimu^J earning* u Forecast dividend, cover based 
on previous year 1 * earnings v Tax tree up lo SOp iq the £. 
w Yield tllai> foe currency clause « Dividend and yield 
.based on mercer terms 1 Dividend and yield include a 
tpocul pjiTrwnt: Cover does not apply to special payment. 
A Net dividend and yield H Preference dividend passed or 
deferred C Canadian. D Cover and PIE ratio exclude profits 
of D.K aerospace subsidiaries E Issue price. F Dhldend 
and yield based on prospectus or other offictaf estimates for 
ID7T-TR C \ vanned dividend and yield after peading scrip 
aiuVar rignu Issue H Dividend «nd yield bated -on 
prospectus or other official estimates for 1976 - 1 ( K Figure* 
based on prospectus or other official estimate* for 1F7H. 
M Dhldend and yield 1>aveti on prospectv> or other official 
estimates tor 1-yrR N Dividend and yield based on prospectua 
or other official estimates ter IP79 P Dividend and yield 
based on prospectus or other official estimates for iprr 
4 Cross. T Figures assumed l ; No significant Corporation 
Tax payable Z Dividend total tu dstc. 44 Yield bused os 
aamnnption Treasury BilJ Rale stays unchanged until maturity 
o! stock. 

AbbrecltUions- ri ex dividend r ex scrip issue: rex rights; *» e* 
all; rf e* capiutl distribution. • 


“ Recent Issues ” and •* Rights " Page 4fl 


TTtis service is available Id eveiT Company dealt In "on 
Slock Exchanges throughout the Cniled Kingdom tos a 
fee of £400 per annum for each securUy 

j 


REGIONAL MARKETS 

The following h 0 selection of London quotations Of share* 
previously listed only in regional market* Price* of Irish 
issues., most of which arc not officially luted in London, 
are a* quoted on the Irish exchange. 


Albany Jm 20p 
Ash Spinning 
Bertam... 
Bdg'wtr. Esi aOp 
Clover Crcf! . 
Craig di Rose £1 

Dyson in. a.i A 

EIllsfcMcHdy. 
EN-ans fyfe.J0p 

Everod 

Fife Forge.. 

Finlay Pig. Dp 
Graig Ship. £l. 
Hi&sotvj Brew, 
IO.U.Stm.El.., 
UoilfJos.iJiSp..., 

N'thn. Goldsmith: 

PearcetC.H.i . 
Peel Mill>. 
Sheffield Brick 


23 


45 


23 


268 


22 


410 


40 


35 


57* 


1A 


47 

...... 

20 


150 


BO 


145 


250 


53 


12 B 

-i"’ 

19 

— L 

48 

-2 


Slieff Ketrshml I SO 
Sindali iWm < 85 


IRISH 


Canv.9 B &'80tt2.| 
Alliance Gas » 

Carroll iPJ.llJ 

CTondoJfcin _| 

CwMTKe Prodi. 
HeltomHldgs.) 

Ins. Corp 

Irish Ropes 
Jacob....-— 
Sunbeam 


T.MC 
L'mdare. 


£93% 

63 


290 


92 

-1-* 

110 

+7- 

127 


40 


186VeJ 


132 


*5nf 


30 


195 ■ 

+15 

95 

— 


OPTIONS 

3-month Call Rates 


laiuirtili 
A. Brew 

A. P.Cenjeni. 

B S.R 

Babcock 

barclays Bank. 
Beer him . . 
Boob, Drug. . 
Bowaters 

B. A.T.,..,., 

British Oxygen 
Broun 
Burton >A'. 

cadhcuyp 1 

CourUolds—. 1 
Debcnfiam*-.. 
Dhlilnn.— . 
Dirolo»^._-.[ 
EhCleStar.—J 
E-iU 


Gen. Accident, 

Gen. Qectric.. 

Glaxo J 

Grand MeL,„..j 

GX-SL'A' 

Guardian ... 

G.K.N 

Hawker Sidd^ 
House of Fraser 


9 

i.10 

25 

M 

15 

16 
24 
6 
20 
13 
5 

10 
10 
13 

Si* 

18 

Z7 

18 

40 

9 

18 

18 

22 

20 

12 


Iff 

• Imps-" 

ILL 

invercslc 

KC.\ 

Ladbroke 1 

Legal & Gen... 
l^?s Service— 
Lloyds Bank .. 

"Lois' ' 

I^ndon Brick 

Uinrhu 

Luctn-lnds. 

Lyons tJ.i.. 

■Mams" ...» 

Mrk>. 4> Spncr 
Midland Bank 

N.E.I 

KaL Vest Bank.. 

Do. Warranto 

PAODfd 1 

Plcssey.,- — 

R.H.M 

Rank Ore. ‘A’. 
ReedlnUl-..-, 
Spillers.. — ,_| 
ITesco. — 
Thom. 


Trust House?-. 


,Tube InveaL — 
Unilever. — 
Utd Drapeiy. 

Vickers 

Waolworths.... 

Property 

Brit Land j 

Ca^>. Counties.! 

Iiirrcurepean 

Land Sees. 

MEPC 

Peachey 

Samuel Props.. 
Town & Cily— 

Oils 

BnLPetioltunu. 
Burmah OiL 
ChorterhoU 

Shell 

Ultramar-. 

Mi arc 

Charter Com, 
Cans. Gold 
RtoT, " 


f 

5- 

4 

18 , 

'f 

P 


22 


lerCom..! 12 I 

Gold } 28 I 

Zinc!-—[ 16 l 


selecituu uptiuiiN traded is eiven on the 
London Stock t'xv liant'e Report page 







the choice of top companies 


KL'I VIN WAY CK.WXEV SL^-X 0 / 293 ) 512 ! I 


Tuesday April 25 1978 



Leyland stewards demand 


inquiry into Speke closure 


stoppage 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


BRITISH LEYLAND shop, its early. year sales promotions He warned that if Speke was 
stewards called yesterday for an might increase March purchases shut down, other plants might be 
Independent public inquiry into at the expense of those' in April, placed at risk. 

4 - V, n aIapa 4 Ka llTn amm nkonf 


BY CHARLES SMITH 


TOKYO; April 24 . " 


the company’s plans to close the 
Speke assembly plant. They 


SSZSSS. 52 I Were ere HOOOodd * . 


JAPAN to-night faced a four-day 
transport strike which promised 
to paralyse major cities and bit 
communications with other 
countries. National and most 
private railways will cease to run 
from midnight and there will be 
interruptions to post and tele- 
phone services. 

The four-day strike represents 
the last setplece in the 1978 
Shunto (spring wage offensive), 
the display of strength by labour 
which .precedes or coincides with 
the main annual wage claims in 
private industry and the public 
sector. , , , 

Private industry has largely 
completed wage negotiations, 
with awards averaging about 6 
per cent.— hut ranging between 
nothing and more than 9 per 
cent The public sector unions, 
the main force behind this 
week’s stoppages, are still said 
.to be hoping to extract increases 
of 7 per cent or 8 per cent 

The latest offer by Japan 
National Railways to Kokuro, the 
national railway’ workers* union, 
is only 5,4 per cent. A final offer 
in- the region of fi per cent, 
appears likely, though not 
certain. 

Public sector stnkes are illegal 
in Japan, although they occur 
every year. This means the 
Government will be attempting 
to penalise strikers for breaking 
the law. Dn«!sih»v by arresting 
un’on leaders in KwiteL the sup- 
pctaadiv vulnerable jVHtfgl union. 

If the transport workers win 
a 6 per cent, wage award they 
will be achieving an improve- 
ment in real earnings of some- 
thing less than 2 per cent., given 
that the consumer price index 
has risen 421 per cent, above its 
level of a year ago. 

Some major private industry 


unions, including steel and ship, 
building, have- settled : for rises 
which mean' a fall in the level 
of real .wages. ’ Only a handful 
has managed to hit the 8 per 
cent, or 9 per cent, target at 
which organised labour was 
originally aimi ng. - 

The mood of Japanese labour 
following the Shunto settlements 
accordingly seems likely to be 
sour. This means consumer 
spending might remain' flat— a 
serious - matter since the low 
level of consumer spending in 
Japan represents the weakest 
area in the domestic economy. 

Organised ' labour • has been 
stressing this during Shunttf— in 
effect warning employers and the 
Government that the economy 
will run out of steam again id 
the autumn if wage awards, are 
not reasonably generous. 

A powerful card in the 
employers’ bands during private 
sector wage' bargaining has been 
the fear of lay-offs which 
relates to the supposed presence 
of about 2m. surplus workers in 
Japanese industry. 

Japanese companies do not 
normally dismiss their workers 
during recessions, which is one 
reason why the official unemploy- 
ment figures are low (about 1m. 
workers or .2 per cent, of the 
labour force). 

Employers are quick to hint 
however, that they might have 
toresort-to lay-offs, is pushed too 
bard. 

The same tactics do not work 
in the public sector, since pub- 
lic sector enterprises like Japan 
National Railways have been in 
deficit for years and cannot say 
with conviction that excessive 
wage claims are threatening to 
drive them out of business. 



of a partial" switch it 0, i 


uiei»u> wuu me iuca ui wai-umg lor. noomsua ciaunea mat me T ■ - 

the .unions a lesson.” ™ t" 8 * for ^ > wr ‘ number of resignations by senior of 1W*- 

The nm test comes at a timp . executive of the unofficial Leyland executives was a reflee- * or * has always looked rather. > 
whpn Levland sales are coming *2 ut Powerful British Leyland non of their disagreement with strange. But if the recently -fl 

under renewed pressure ‘ from .stewards combine voted in the policies being pursued by Mr. floated idea of establishing " 

imports. Preliminary estimates Bl f miD . gham yesterday to cam- Michael Edward es, the chairman, offshore banking, centre in the- ■ 

circulating within the industry Er gn * 1 ! or / J"? bUc >°<Piiry iQto The departures were creating U.S. materialises, New .York” - 
suggest that for the first 21 days b0 " decision was made to «• an atmosphere of crisis which cpuld re-establish its reputation 
of this month foreign vehicles s Peke. must weaken the company.” *t, e leading intemnHrthai ' 

captured nearly half of what The company has warned that The stewards’ call for a public mte ™Wn*L 

remains a buoyant U.K. market. If workers try to block the trans- inquiry is clearly intended to in- “ ceDire - ?■ Ifin.* 

_ _ . . . fer of the TR-7 sports car produc- fluence to-morrow’s meeting of The idea is the brataehRd'tf' 

Ford has regained^ market tiog to Coventry, the model the executive of the Confedera- Mr. Walter Wriston, Citibanks 

leadership wifli . around 30 per could be scrapped. tion of Shipbuilding and chairman and he feels that it 

5®“** L«y laDd * Mr. Derek Robinson, the com- Engineering Unions. The execu- ^ a very chance of set 

17 per cent, of the market, is ^ine chairman, said stewards tive will consider whether to sup- tin? 

lag^ng with only around half feared the closure was “ only the port the Speke workers who have "f 

last months share. first move in the gradual dis- voted to oppose transfer of the been ; given- the gf een-lighft by 

. Leyland had' anticipated that memberment of Leyland cars.” TR-7. . . roe regulatory authorities.' Put ■ 

simply, the intention : is. ? fo* ' 


'mp ZA in 4604 work on the process 
rose IO trading side. Here ; 



Imperial to 
drop two 
substitute 
cigarettes 


Credit Suisse plan 
for independent bank 


establish an intern ati<mai ■ 
mg zone in the heart, of' jjiew \ 
York where banks -would take 1 


uinunxD - lEsonmEnnaa 

Nttoanfaihi cwpotstwb stock 

**Z- 

»TWnrOf OUTSTtoO»C«BTI«ASJr»77 ; ■ - 


■ had a good year.rtfiojl^ 

' 80 tier cent profits j 
[■ £2.8 m. — is partly t 

recovery after rioiwfj 
provisions in ■ 1976.1 
- engineering profits air 
-eenti;.at.£4L2m-, but: hei^rsri* 1 " ■ 

the 1976 figures were'ij tf?** r - 
. '.hy/ delays on an Egypt j s n 3 n - 
; • tract - A good perfara£ (f . 

’ the manufacturing ‘ sf^r 
. _held back . by problemy.;. =- 
'-uJS;, and heavy initiucfr ' 7 V i . 
costs in Europe. »**!' ' - 

v -Engineering ordeztV> :r - - 
; remain low*. ahd^Sijnqhyi'^ . 
\welT to make 'as-jniichf.j i**?,., '.. / 

pre&x' .in 107 & V •’ 

,■ market taking v a, .oaprtJEf ! ; a • 


SI 


s ' 

I- 


r -M IKA . 


0 ‘..IS. 


and lend offshore deposit^ free 


. of 11} per ' cent. Redeemable 


the 1 " shares trade ' 


0 STI-J 1 
.1.4*60. 




r .^r t 
■ .tfi'ill 
. . « 


BY NICHOLAS COLCHESTER AND JOHN WICKS 


requiremaifs and interest-rate- tag companies fM.bQ 
controls, U.S. banks crfnduct slmnp comes in A^S^"® 

a growing part of their -inter- for a $50m. Etaod®*, wgafS 

national business offshore ‘Pirsi- mar ^ et ; no * dronp h T chilrnwJini*.4fr3n^y^ V 


ihr 


By Stuart Alexander 


CREDIT SUISSE has no intention that any investment banking it mpr, w» i_^inrinn ami men it — — — -- — — — . :■» -r— x. /ttttv- • 

of making Credit Suisse White, joint venture devised by MerrM issue should go fairly welL But 

Weld, the Londoo-based invest- Lynch and Credit Suisse would the existence of a new long a drop of 

bank, into one ot its operating employ more people and be more r* e r ±saaamas 3113 .tb® gilt-edged tap will ' probably outstanding orders in ajc* .. . . 


THE first casualties of the poor 
UJ8. reception for cigarettes 
couvataiug lubacco sunsiitmes 
were announced yesterday 
wiien Impcd^u r'ubacco, wnicn 
manufactures NSM (new 
smoking material), said it was 
withdrawing Embassy Premier 
with NSM and Players No. 6 
with NSBL - 


I divisions. costly to run than Credit Suisse Cayman Isles. • . * • preywit a massiv e oversubscrip- °* under three years, *»' 

Dr. H. Doerig, a director of the White Weld. Apart from bringing ’business tr M expectations - q£ • rf 9 - - .'. 

ig Swiss bank, says it regards ^ latter arranges a large back to America the b«:attrae-.' ’ Ji’----. t ■ orders for superianS ”, 5, . ' - 

hp nnpmhmi ac an affiliate and , .. .. , 1 .. « .it.-l! » - ' , s v r There has been a •?mort&Pe- of «« I' •* 


several years co? p#. 


the^ operation as an affiliate and amount of lucrative underwriting tion of the “offshore" scheme There has been a shortag e of “ 5 ^ 013 ] years cn? r'r-- 
hiiw.ir a ■ smaU staff. Another con- is that it will have a significant fixet *. uiterest local anthority has pushed hard for 

sideration is that Merrill Lynch impact on NeW York employ- ne . w 1551165 ^cently and the pre- apedalised ships withjn:- ; -■ 
^^nueof.speculatjon on the hu ed commercial banks menf: Anarr from New Yhric . ™ium over ^Its has been _ alesral n- And . it j ias<} ^ n 


sideration is that Merrill Lynch impact on Neiv York employ- new issues recently and the pre- ^^<1 ships withjnr 
f^Sftae taJSeta baSf h “ W 6 ? «>mni«cial banks SwL Apart from -New S. ^er gilts has-been lvalue. And it has d^ 

S^^VtSrtyhS^SiouTS “ confllct similar schemes are under dis- declmin^ There is understood new ^ for its 


the take-over by Merrill Lynch of . • cussion for Ulmois"- aaid t° b e a moderate ^ized qaeue. of fj^ c i]ities, induding sur’N 5 

the U.S. investment bank White Yet, if Credit Suisse exercises California. The Citibank would-be issuers forming at the ders a floating teW' 

Weld, and with it a 30 per cent tts option, it will have a 7 ( per ^ auoears to have the B ^ nk of Ea S lar,d bat il “ plant ■ 7 nf "- 

sas m cradjt siu “ ^ ™ vS .»« - '&s?sz I? 1 , ,hp : - 

Credit Suisse has an option to bank, as an independent . opera- assmnbly and regolatoiy ^ SSoS-SS- 


1 cussion 


Debate likely on 


Colonel B question 


BY PHILIP RAWSTORNE 


THE COMMONS is expected to 
debate questions raised about the 
legal protection given to news- 
papers. television and radio in 
reporting Parliamentary pro- 
ceedings. 

; Mr. Michael Foot Leader of 
the Commons, told MPs yesterday 
that the Government would con- 
sider bow the confusion could 
best be cleared. 

‘ Doubts were raised last week 
after the Director of Public 
Prosecutions warned newspapers 
that they could be in contempt 
of court for reporting the name 
of “ Colonel B" — an army intelli- 
gence officer who was 3 witness 
in a secrets case — even though it 
had been disclosed by Labour 
MPs in the Commons. 

Mr. George Thomas, the 
Speaker, admitted yesterday that 
he bad erred in allowing the MPs 
to name the Colonel. 

“ The reason was that both my 
advisers and T were unaware that 
the matter was sub-judice,’’ he 
said. 

Mr. Thomas warned MPs 
against any further references to 
the case until the trial bad 
finished. 

“It is quite clear to me that 
the identity of this officer forms 
an integral part of criminal pro- 
ceedings," be declared, 

A Commons resolution bound 
MPs not to refer to sub-judice 
proceedings in any motion, 
debate or question. “I intend to 
enforce the rule," he said. 

The Speaker, who last week 
refused an immediate debate on 
complaints that the DPP’s letter 
bad been a breach of partia- 
■mentary privilege by attempting 
to restrict reporting of the 
Commons, said yesterday that he 
would be “ content ” if MPs 
themselves decided to refer the 
issue to the Commons Privileges 
Committee. 


Mr. Enoch Powell, MP for 
South Down, tabled a Commons 
motion calling for such a move. 

The Speaker, however, 
yesterday rejected an application 
by Mr. Max Madden, Labour MP 
for Sowerby, for an emergency 
debate on the legal position of 
Commons reporters. 

Mr. Madden said the DPP’s | 
letter seemed to contradict the, 
assumption that those who 
reported Parliament were 
covered by a qualified privilege 
that gave them legal . protection \ 
so long as their reports were tall, 
fair and without malice. 

Unless the position was clari- 
fied, Mr. Madden said, the DPP 
could be instructed to '‘lean” 
on the media again not to 
publish. 

Live broadcasting of Commons 
proceedings had brought a new 
dimension to the problem, he. 
said. “These are important 
matters which must be debated 
and cannot be neglected- 
important for - the sake of parlia- 
mentary democracy, and freedom 
of the Press." 

The Speaker agreed that the 
issues were important but 
rejected the request for an 
emergency debate. 

Sir Francis Pym, from the 
Tory front bench, immediately 
pressed for a Government state- 
ment on the affair. 

“The House really must have 
means of bringing this matter to 
a conclusion or at least of 
debating it or thrashing out the 
issues for the future." 

Mr. Foot said that he agreed 
about the importance of the 
issues involved and would con- 
sider how they should' be 
resolved. 


It is also carrying out 
studies into alternative uses 
for tho £15m. NSM factory at 
Anfeer, Strathclyde. A deci- 
sion Is expected within weeks. 

Four other brands from 
Imperial’s W. D. & H. O. 'Wilis 
and John Player subsidiaries 
using the substitute will con- 
tinue for the time being. 

When the company's annual 
financial results were 
announced in February Mr. 
Tony Garrett, chairman of 
Imperial Tobacco, said that if 
the Government did not ease 
the tax burden on substitutes 
their future was in doubt 

After toe Budget Mr. 
Andrew Reed, managing direc- 
tor,' said that a decision on 
marketing policy was being 
formulated and would be 
announced soon. 


Credit Suisse has an option to bank as an independent opera- assembly and regulatory “taoSthS deteriorating drajnaticf ;. 4 . ... 

buy this holding unless a satis- t»on backed by influential Swiss authorities. However, the does DOt intend *° - - 

factory workragrelationship with and U.S. connections could be Federal Reserve will have to “J Qf its permanent emp?^:.. 

Merrill Lynch can be deivsed. id doubt waive its interest rate - and p*®. term money they have been shipbuilding side<_* . - - 

Negotiations for this must be Credit Suisse s statement yes- reserve requirements and'- there L end l Ilg substantial sums . of other businesses, W--/- - T 

completed by May 5. It appears terday suggests that some way .- “ eerSir^ tJfat bating rate money! or terms .of account for about . 

that although Merrill Lynch is will be found to preserve ceriaimy mat 11 wu up to iq - years* • mIps haw* also been-#? • 

unlikely to retain its holding in CSWW’s independent status. In ^ apparently warned - * Sowdown j n : ^ 

CSWW. this possibility cannot be particular the bank added that about the posable monetary t? 

ruled out “there are no plans’ for it to leakages associated witbsuch a ^nHOU Mgllieenilg orders for capital equip 

One problem cited by those buy up the remaining one fifth of scheme. ' " ■■ Simon Engineering’s reported . ' 0pe J™ lg “ c ° m * fsiudentSgfl?: 

involved in the talks is that the CSWldTs equity which is m the Despite the official feserva- one-third - increase -in pretax ^Y® subst anti alt” « » 

lartxp scale of Merrill Lynch's hands of the Ludwig foundation r^=I7, OD^JDira^iiicrease m pretax yea _ just ended _ aj&HyJoSeO r 


sales, have also bew^'i.- : - • * 
by a slowdown in f 
orders for capital equip 
Operating income 


W* , 

- »i 
'town 3 


large scale of Merrill Lynch's hands of the Ludwig foundation citibank is keen to stress Zrr^7?+n 1077 

operations abroad *<nUd «> C— r . H gyn fc ^ 


year just ended — j&tyt/OS&pfc 


.•* :4 1 . 


income has declined , . 


Joint action sought 
on petrochemical industry 


Hiwiuu x soraewnax nameruie juuprea- 

believes the scheme wUl only sion. Adding back to £L8m. in lflnSff 8 '-' 

pension provision . 


• HK 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


Falling .sales 


Pari lament. Page 12 



’ U.K. TO-DAY 

SHOWERS in many areas, cold 
in. Cent, and E. England- 
London. SE._ Cent S- England, 
' Midlands, E. Anglia 
Cloudy, perhaps rain at first, 
cold. Max. 12C (54F). 

E n NEL England 
Sunny intervals,’ showers, cold.’ 

Max. 8C (46F). ■ 


Channel Kel, S.W. England 
Bright intervals, perhaps 
showers. Max. 14C (57F). 


Wales, N.W, Cent N. England, 
Lakes, L of Man, S.W. Scotland, 
Glasgow, Argyll. N. Ireland 
Bright intervals, dry. Max.l2C 
(54F). 


■ Between them the 12 brands 
containing substitutes account 
for only about 0.6 per cent of 
cigarette sales. Rothmans, 
which uses the American-made 
Cytrel in its Peer brands, has 
about 40 per cent, of the sub- 
stitutes market Last night it 
said that, while production was 
spasmadlc. It intended to con- 
tinue. 

Gallaher, which also uses 
Cytrel In Its Silk Cut and 
Sovereign brands, said it had 
not . manufactured any 
cigarettes containing substitute 
for some time. None of its 
four versions, which take 
25 per cent of the total, was to 
be withdrawn, bat the company 
said that distribution was now 
' largely concentrated in the 
south-east 

Hie go-ahead for substitutes 
was given just over 12 months 
■go by the fndpendent 
Scientific Advisory Committee 
on 'Smoking and Health (the 
Hunter Committee). 

All the new brands were 
launched on July 1 last year, 
but even the initial trial rate 
was lower than expected and 
since then sales have rapidly 
dwindled. The industry has 
blamed lack of price advantage 
and a lack of Government 
snpport for the failure. 

Rothmans and Gallaher had 
taken part in a joint research 
programme costing £9m. with 
Celanese Corporation of the 
■VS 

Imperial Tobacco bad 
teamed op with ICI in a simitar 
programme and had then spent 
about £15m on building the 
factory at Ardeer. The 
originally 100-strong workforce 
there has already been halved, 
but Imperial hopes that alterna- 
tive products can be found for 
the production equipment. 


EUROPEAN PETROCHEMICAL The Eurofinance report, which 
producers sbould take joint will be published later this year. 


'»**“%* »• !*«» W« Moreover < ~ " 

where There will be a lot Simon has changed its currency ^ At latest 00 ^* 4 - 

more turtles and far less translation method in time to holders * funds represent V* 
computers. push a £443,000 debit below the ^ eighth of the total 3® LCr c *• r ■■ 

^ . , . line, whereas a £5704)00 credit tionof over $3btL But 

ijreenwicn issue for 1976 was originally included way ^ japan, the issu 

Now that the new financial ^® figure. Still, conditionally; ~ guarantf&D'OW to 


pean banks. At the same time additional l water ’ announcing a £20tn. issue has little significance because tlmiugh Hice'and smoot^ 1 '^' y-,-- 

c ‘ ,pa “ ty co,Ilin * 0,, - "^1 


• ve 

■*sdo 


nnauce, a . countries bordering the EEC. 

.1° >“*SLr in ySfflucSreWo.™. Spain and 


advice to a number of tater^ Portugal, which were changing 

'jloomT a^Ssment 18 ye^ of^tae SS 

industry’s future prospects. It L_ t0 T ° *** 

concludes that market regula- Community, 
ion is inevitable. Increasing imports were 

Euroflnance accepts that sucb coming from Eastern Europe, 
regulation will encounter major partly as a result of Western 
difficulties, particularly witb plant contractors taking payment 
U.S. companies operating in in product rather than currency 
Europe, wbicb must adhere to And by 19SS the Arab oil pro- 
UB. Anti-Trust laws. ' ducers would be bringing new! 

But it suggests that precedents petrochemicals capacity on 
have been set in the steel and stream, from which some of the 
synthetic fibre industries, which products would bave to arrive 
have already suffered from j n Europe. 1 

chronic overcapacity. In addition, extra investment 

European petrochemical pro- was still going into more West, 
ducers accept that they are European capacity, cither to 
building plants faster than c j ear existing production bottle- 1 
demand is growing for their necks or as strategic invest- 
products. Manufacturers are me nts. I 

suffering fro™. a depressed As a result, the serious sur-' 
market and prices tha t often p]^ of capacity would be 
cannot justify reinvestment prolonged until the late 1980s. 

The latest petrochemicals m- The problems caused by the 
qmiy carried out by tbemdustry combination of all these factors 

not °vv ^j 0nd “ ma y well be beyond solution' 

Published recently by f or (he individual manufac- 
CEFIC. the European Council of turer.- says the report ■ Cor- 
Chemical Manufacturers Federa- porate strategists ran applv 

ES 08 ’ £ SJ™? ,t h!!? ea SSS the,r Ski,,s t0 ,imjt dangers , 
for important base petro- th-i- romnani»s hut th» h„c?_ 


We can’t afford 


a {;n 


a co 



Yes you can, 
say KIENZLE 


Earned 




«« t0 their companies, but the bus!- 




lUsely to Save worsened by 1981. "7 " 

capacity is growfcg faster U,™ 

For more than 20 years, petro- a 2a or f« Way t0 tak * .^ucerted Sooner or later 
chemicals has been one of the 1 _ „ _ you wifi decide 

fastest-growing world Industries. - (Euroffruinee, New Petro- L ■ 


it provides the raw materials for ^ Ie7n ^ caj Study : I978. Available 

« from Jain Fii infltum etr 9 accounting , 



offer 


ifaiui . 


Simple to .Ihsil^i 


T\ 


a vast range of products from f T mn Eunfinance^ 9 

I plastics and synthetic fibres to Avenue Hoche, 75008 Paris.) 
detergents, pharmaceuticals and Why the sums came out wrong 
synthetic rubber. Page IS . e oetrer* 


computer. With staff ... 

costs the way they are, the sooner DQjartnientaad away you gp, \ ’ 

the- better!’ . Easy to Use ■ ; f 

ff yon dedde to boy a Kfenrie ootri^it-flig - JTWeT^ soOTshpwyotn-st^fewtOTise 

cost is under £10, 000 or en afereyear \ youtJu&afe. Jwotnonihsfromnowxt <i: 

xenial contract; £55 a week. benifiningirrydiir office with the 4*rn,.' lr - 

Th&Kienzle 2000 Office C ompute r co nies . Jtafltntataofuphea^iL 

complctev^ta systems covering Invoicmg; Sales, Seeing is believing ^ 

Purchase and Nominal LedgerajStocfcOmtaol; VBftsomeofoariBersAndseefiwwor* -^in- V5r 

Payroll and business managementfigures, , . v . sdf just how a Kienzle wOiics forta&n^' ‘^o/T 

These systemsare developed toant yonrwnoanY You win be under no obligation- I' 
and actual programmes are demonstrated toyoa Jastgrveusacalloruse.. '* .s^’ 

hefftTp.vroiTilflfiRVOur/wifWt ‘themOTifm " ^^ r -VV 


.TheKhsnrie^ fi] 0r „ 1 ’ 

featrofiGpecffl# 11 

Just move rtinto your Accounts ' 1 (| 


BUSINESS CENTRES 


Alexandria 

Atastrdm. 

Athens 

Bahrain 

Barcelona 

Btfrtit 

Bot hat 

Belarada 

Berlin 

Blrmittm. 

Br wm 

Btiwls 

BmTnnMt 

Bl 'I"* 

Ctrl IT 
CM' 

Cn'rv ■"(» 
Cn'.-'iinn 
Dt*hi n . 

Frankfort 
Genera, ■ 
CUtsffov 
Helsinki 

U. Kong 
Jolnog 
Uabon 
London 


rdn 

Mid-d 3 T 

■C *F 
C 20 68 i 
S 12 W 
F 17 «J 
C 32 90 
C 18 81 
C 17 63 
S 13. 53 
C 13 53 
C 17 63 
C t fi 
S 15 59 
S 18 M 
F IS 6« 
S »* •• 
C 31 88 
S H - 
S IB «• 
F IS M 
R 7 «5 
C 12 M 
R 6 43 
S 17 © 

f. is a 

R Tti 
F 1 34 
C S3 77 
C JO 69 
C 13 53 
S 17 © 


Lmembnf. 

Madrid 

Manchstr. 

Melbourne 

Mexico C. 

r Milan 
.Montreal 
Moscow 
'Munich 
Newcastle 
New York 
nsio 
“arts 

VWTll 
r>r -un*» 
"•"TWavik 
*Uo de J'o 
n irtie 
"t-noioorp 
*'o-kholnt 
^frahrs. - 
Svdnes 
Tehran 
I Tel Avtr 
i Tokyo 
iToroms 
i Vienna 
! Warsaw 
' Zurich 


Vday 

•c °F 
Mid-day 
S is si 
F 14 57 
S 15 59 
C 16 61 
S 38 SS 
7 IS 61 
S IS 53 
C 6 43 
S 17 SS 
C 6.43 
C IS - 
C 4 19 
S IS 64 
S 38 a 

5 6 43 

F S 43 

R SI 14 

R- 15 50 
S318S 
R 1 34 

6 IS N 

s s n 

S 37 SI 

F 19 - as 
c » © 
S IS 33 
F 17 © 
R 13 55 
S 15 59 


Borders, Edinburgh, Dundee, 
Aberdeen, Cent. Highlands, Moray 
Firth, N. Scotland 
Sunny intervals, showers. -Max. 
7C (45F). 


Continued from Page 1 


Continued from Page 


Outlook: Showers in E, dry in 
W„ cold. 


Schmidt softens line 


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Blackpool F IS 61 


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CnWHnco. F 17 S3 


C’p# Tn 
■Corfu 


S 33 73 
F IT 63 


Onhrorailt C 17 63 


FlOreiWB C 14 67 
PVncUal C 17 63 


Gibraltar p it 63 
Guernsey P 13 55 


Innsbruck F IS 64 
inventess C 7 43 


Is. of hob c is 55 
R— Rola. G — Cloudy. 


Istanbul 

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Locarno 

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Majorca 

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Malta ■ 

Nil rob) 

Nice 

'iiorto 

Rhodes 

Salzburg 

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F 12 54 
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C 23 73 
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R 11 52 
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S-Sway. 


the economic elements of a new take account of all international 
international package must oot political factors in deciding on 
be forgotten. The main point was future development of the British 
to tackle unemployment, in 1979 civil aviation industry- This 
and 1980. seemed to be intended to make it 

The summit ranged over many clear that the UJL is fully aware 
other Issues including East-West °f the repurcussions in Europe 
relations, the north-south if 11 were to prefer cooperation 
dialogue and EEC policies on with the U.S. 
coal, fish and agriculture, Mr. Mr. Callaghan said he would 
Callaghan said. He could not take a close interest in the issue, 
pretend that a solution had been a number of groups in Britain 
reached on either fisheries or had to be taken into account, 
agriculture — two . issues which These were the civil aviation 
have sharply divided London and industry, the aerospace industry, 
Bonn in recent weeks. the aeroengine industry and the 

Mr. Callaghan reassured Herr people who bought and flew in 
Schmidt that the U.K would the aircraft. 


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