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C f U T 


k ' coNTiNsnAL sauNe nuc» aus 



JSTo. 27,544 

Wednesday April 26 1978 


forindustry | 




Forces promised 

mffi i i -i1 Jobless total 

fnith Gilts, 

pay parity with 

falls again: 

drift; Gold civilians by 



mdax frsm 
SmfttBonan central rates 

vacancies rise 


The pay for all members of the Armed Forces will be raised by about 14 per] 
■ ^ - ' «nt from April 1 this year as part of an plan to restore their pay to 

: ^ » AnsK^u.s. , EQWry .ri«» ewrf i. Jai<- comparable with those in civilian hfe by April 1,^980. 

7. V conference. . ..,<*1. *1... iw nniiiKm- .Tti's decision, announced in The jmniediaie_ effect of the 




By Peter Riddellt 
Economics Correspondent 

Jl.T^ ' wouid have any The Government S^rities The forces will get an I'mme' (.t. col. 

• •■p'*^ respect of success than d®s closed 0.41 down at 71.47, diaie rise of 10 per cenL in the m2:o- 

- ‘-feva conference of 1976. . *- .*_*' "Current *' military salary.” with 

AfKca said it had • STEIlUiVG lost Bo points to another 3 per cent adjustment Captain 
VI I a Westors plan to bring $L8150, its worst elosing level in the ” X-faclor " — a special Lieueenanc 
ivaenee-toNaimhU tSottth- agunst the dollar shiee Novem- allowance that takes account of ^nd u-ixt. 
'^.%ica) by December 31. her,- 1977. Us trade-weighted hazards of a serviceman's — 

•••-® J6 - average fell to 61.3 <6i;5). The AH the n 

as given 'in the accompany table. spite of teak of England 
roTTa 'm.A immorfiate initranea lunfiM Jiilerv'eulJOD. The neTvousDess 

JI--... -'r • cen 


■ , >*hy Ctah yesfeTday found \Z 
■ ‘---r-ihn- Bastks, 43-year-old i*“ 

average fell to 61.3 <6i:S). The 
dollar eased a little and m do- 

me Forces will get an imme- ix Col £7.262 £9.505 19»U. the pay 01 inanriauai otncer 

diate rise of 10 per cenL in the ‘ .rrmn ranks by then should be at least 

current " military salary.” with _?*? T as given in the accompany table, jn spue 01 mdr 

another 3 per cent adjustment Captain £4>4! £5,778 The immediate increase would mlerveouoD. ine nervousn^ 

in the ” X-faclor a special Lieueenane £3.819 £4.450 give privates-between £6 and fS *'*"*®*'f.^ domestic 

allowance that takes account of Ueixt. £3136 £3.749 extra a week. now. said Mr. money markets. 

the hazards of a serviceman's — ! i — Callaghan, while corporals W'ould The pound's ^de-wfighted 

life. AH the rates are for efficers on gel £S to £10 and sergeants £9 to ' ' 

.Another 1 per cent, will come appointment: higher rates prevail more. *‘We have tried to 

last month for the seventh con- 
secutive time. The number out 
I of work is now the lowest dnce 
last June, although .it is still the 
highest for any April since the 

At the same time, notified 
vacancies have continued to rise 
and are at the highest level, for 
31 years. 

Mr. Albert Booth, Employment 
Secretary: said the successive- 
monthly falls in unemployment 
since October were ” a hearten- 
ing trend for any Employment 
Secretary but especially so in 
view of the dire predictions we 
read so frequenUy.” 






SaeuMtT ■vauS 

*ini iwitaUo 


SwfUv liiartie 

t » ' L 

Regional map. Page 9 • 

Sharing the harden, Pago 14 the sluggish trend of industrial 

The pound's trade-weighted 
index feil by 0,3 to 6L2, Uie 
lowest level since last July. 

Editorial comment Pago .16 output, and for this reason there 

. - - - - is reluctance to to take the im- 

Accordine to DeporOoom of Prowraont a, evidence of o torn- 

.-tiiuiiici 1 kciM.. Win I.UIIIC appoinunenc: nigncr races preran mOre. ndve irieo lO lOWPSl leVBl BUIce lasi JUiy. w m. in- nnint 

from further rises for special for long service. Equivalent rates ^ve the .forces a square deal while sterting dropped by 65 Employment the number 

duties and from the effect of a apply for corresponding ranks in consistent with the recovery the points the dollar lo adults out of work in the U.K. Some of uie unprovement m 

preaanoa wioenea tp %./o per dutj^5 from {jjg effect of a apply for corresponding ranks in consistent with the recovery the points the 
cent. <4.5^). • standsUll in charges for accom- the Navy and RAF. country is now engaged in.” SIAISO, slightly 

A Gnrn iMt 75 uPTite tA S1671 'V‘'‘i®tion. pending a study of . ■ ■ . The Prime Minister's state- day's low. 

m uuLiU lost cents to »ior< ihese b_v the review body. ^ 

on the London market wtaUe In 

ihese by the review body. nient was immediately attacked 

The extra pay for forces m pent., according to rank and by Mrs. Margaret Thatcher. 

Also sHehllv above the fell by 12,900 in the month to last month's figures can be 
ly’s liw ^ mid-April to 1.39m.. seasonally attributed to the effect of the 

' ■ ^ ^ . adjusted. The proportion of the various job-creation measures. 

persisiwl yvorWorce unemployed fell from The number of people given em- 


' - is.kfer, and.' Mr, John Fran- I Lraidon . n i , 
former’Naiional Hunt nnlrf Pragma 

guilty of "con- ,,5^ „ uoio Ffice . ^ , 

... . ' ikely - to cause serious 'A ' < 

■ inteaeets of- horse- /l . ' ‘ 

' Mr. Sanlts was also A iM . 

*■ ■■• ’-to have- " surreptitiously / ”TS'~ 

a information about a j/V 1 ^ 

• Dan^ was baned from '..-q _ |t_ . - . • _■ l 

.'tor fliree years and fined « ff ■ ■ % 

■' Mr. Fraueonie was sus- f| r . ; 

from riding until June 3 J I . , / i 

id£750.T^e Jockey Glub's' t6 ffi ‘ V |4F ^ ' — I 

- hary committee found. ■ . 

. ' le jockey had supplied • . 

z tidal information to the - ,-.. h977l n978{ ( _ 

. ^Orer. at his req&est, about jge falww 

in trainihB and that the . ., „• :'l 

• ~--liad received favours. *016 Vork the Comex ,Apnl 

■ "ere cleared of all other ;scfti«*noat price was lO cenls 
' ibns. They are to consider d«\ra at 6167.40. 

■ '■ ' eal. ■' i‘ 

* .I/.S, lTiE.4SliBl\WIl .-rates. 
: er Atr were, tbreeis' Twr 

..STUaenXE highest -since April 

-Mh bv JosGDn 

their highest since 
* :i. School ot Econoimcs January 9. 
ts yesterday refused to. ^ . ■ .• . 

me extra pay tor forces m -0-1 aecnrdinp to rank and tupk Margaret Thatcher ----Tr Ti-J-', workforce unempioyea ten trom me numoer ui peupie givvu «ui- 

Northern Ireland will rise bv 50p i*ng^ of service or an average Leader of the "Onposition who * seJbng from coiMer^l 5 g pg^. ggQf jq 5^ pgj gen^_ ploymeat by these measures rose 
to £1 a day. Food charges wiU S fbout 3^ wr cerU w?ufd bl j£imed to? Government had operators which the last September the num- 20,000 in the period lo 280.000. it 

fr^ £6.51 to a week. levels c oinparable with those the levels of pay the Services 

The net effect 0; all theK jn ej^fUan life. need and deserve.” 

changes in 1978-i9 is estimated • . tt.- rnrcB« ciaimMi bad 

to be an addition of about £200m. The Government bad accepted . The forces, she claimrt. had 

to be an addition of about £200m. 

aaihorities were able only par- out of work has fallen by is estimated, 
nally to offset by support. 47.000, an average declxhe of However, this effect is partly 

There was no obvious reason &700 a month. Although the counterbalanced by the Easter 

for the decline yesterday figures are relatively smalL the school-leavers, at least 20,000 of 

though a feature was (he fail fail to mid-April was encourag- whom are estimated to have 

wy irir. uiuiagaiui a vt nytn a., uiKtv -j-rf chall .'•icriiiig a nraniirag UNUU*.r * 

stantial sums," that ” should not This would involve two further wmparabi^ ana we snail dollars recovery, 

be sneezed at.” pay rises, of approximately equal c-mi..- Since the Budget a fortnlg 

Mr. Callaghan said that he had amounts, on April 1 next year ago sterling has declined I 

nnnanfari tha anntantinn ftf thp and in insn. “Tha Gov^mmpnt COUnDUea on ISaCK rage mnrp than 31 nar t*pnt. aAi 

Mr. Callaghan said that he had amounts, on April 1 next year 
accepted the contention of toe and in 1980. “The Government 
review body that pay rises of gives a firm commitment to that 
betw een 18 per cent and 38 per effect,” he said. 

Pariiament. Page 10 
Editorial comment, Page 16 

-“Sturfente ga^ 

I'ech by Joseph 

Occidental chief attacks 
North Sea ott poUeits 


’ by the LSE's Cossemtive 
Page 10 

^ipe blow to 
V IX birching 

'' ‘ .g on the Isle of Man was 

New head 

Mr. Bob MaeAU ster, presideut of Energy are now conducting a been awarded the block the cor- .. • --t^ — ~ — r. ;”v: r— -r— . — ^ - ,,-j- 

of o^donuu lofomaUMol Oil- of con^ meetinso ooratioo hold “P «' iSohnom l«dio« ^,e. 

toe European and Afncan Wing Oil compamei tor a lunner inree cussions on the economy since larly anxious that toe TUG 

Bected (he dollar's recovery. — restimated at a third of actual and leave the register 

Since the Budget a fortnight vacancies in the country. These However, Whitehall will want 
ago sterling has declined by rose 7B00. to 203,600. seasonally to see toe May and June figures 
more than 3j per cent, com- adjusted, .the highest total since before confirming that toe un- 
pared with the dollar while November 1974, when 271,000 employment trend has definitely 
too 'trade-weighted index vacancies were notified. Since turned. 

against a basket of other cur- last September the number of' The unadjusted unemployment 
rencies including toe dollar vacancies has increased by total in the U.K., including 

ha.s- dropped hy If per cent. 48.900. schooMeavers, fell by 9,208 to 

This index has now. declined Official reaction remains 1.4Sm. in the month to mid-April, 

by 8) per cent, since Its peak cautious, however. The figures The total for Great Britain fell 
in early February which has are in apparent contradiction to 11,496 to 1.39m. 
at least removed some of (he 
earlier' fears about the erosion 

of Britain’s eqmpetirivc posri- ”g-"M" '■ j riTE 

Healey meets TUC 

dation as deroonslrafed by ' . > . 

Uteir recent intervention, hut ry CHRISTIAN TYLER. LABOUR EDITOR 
there is no great nervousuess 

as yet. since ibe selling has not thB GOVERNMENT last night any kind of accord, 
been massive so far. ^ opened Its attempt to secure Although the TUC has set its 
Neverthel^, the nmcial co-operalion from toe face against a Phase Four of toe 

siiunort dunna Anril has unions in moderating their pay incomes policy as such, and will 

much toe largest since 19 1 6. demands in the next round of not sign its name to an earnings 

The weakness of sieriing was bargaining. target, the Government hopes 

reflected domestically in a rise leaders met Mr. Denis that a policy simitar to the pre- 

in money market inleresi rates Healey, the Chancellor, and other sent one, but more flexibly eser- 

provide a background to the ”Thus. ihe contribution of), 
group-rin a ictler to au U.K. T.rnm-onf«P in wblfh RNOr. «n far h» hp«n th cM«f * ™ *®** 

ith oil companies. drilling for a further three 

In his letter to staff — designed months. 

V« if is the - nn: television programme in wb ch BNOC so far has been to slow 
X. . » Twa Mt. Keller made his outburst-— and delay exploration of British 

NEW DIRECT ()R-Gen€Tal of J?® Mr. MacAJister says: *‘We have contjnemal toelf areas,” the 

old boy'after a. conviction 

exploration activity and hinder- 

an amicable and productive It is understood that the cbi^ 
working relationship with them poration wasted to give further 
(BNOC)." consideration to the geological 

Indeed, it is understood that prospect in the block in question 

;£ hi New l*ork 

_ 1 April S& 


Sioit 1 SI.St30«I<0 


1 numUi 1 0.&MI.47 dis. 

0.58-0.33 Hih 

3 iTiiioihk 1 1.0EUL.9a liis. 


13 moDthr.' 5.10 -SjBS iU». 

2.fS-E.A6 dm 

_____ cussions on the economy since larly anxious that the TUC 
toe Budget should lend its continuing sup- 

Considerable efforts had been port to the principle toat pay 
made to keep the meeting a deals should be 12 months apart. 

PreMinis secret. Ministers are worried As at the start of the Phase 

that loo public a discussion Three 10 per cent, policy, they would frighten some union lead- badly need to dissuade unions 
ci.58-o.33Hih ers away because of the strong from reopening pay agreements 

3.88J).s<5it tide of feeling among shop when Phase Three expires on 

2.f6-B.46 rtw 5tewards and militants against July 31. 

__ Tj„ “ _ T tits uuaiuws ucai» w MacAJtster nas seat a — L-t/io — ano ro laane sure taai < 

Mhe Ewpean Human the Chancellor amen^ his pro- chimges in offshore - operating friendly letter to Lord Kearton. toe drilling rig used for the 
Uonventioo. posed tax cuts, Goyerament groups. ■ the corporation's chairman and exploration programme was 

I, j ^ i industrial strategy will faiL Back statement follows the chief executive, to explain the Bntish. 

Us uOTeSit page attack on the corporation earlier reason for his remarks. The Coincidentally, it is learned 

quffered s 6 Q- m ArrM 7 KTA\rrK firm month in an ITV programme Department of Energy has also that the Occidemal/BNOC group 

S^ thiSSrofLor^ George Keller, vice- been informed about the internal has made what appears to be an 

a of Standard Oil of memorandum. oil discovery on toe block which 

The row toat followed those ence of toe corporation as a man- sortium’s Gaymore Field. 

Heron £40m. Paris deyelopment 

BY oueriNE Mont 

f ^XS^^raratected a ihr of Standard Oil of memorandum. oil discovery on toe block which 

‘^to^oSSd Bill if California. The letter says toat toe pres- Ues next to toe Occidental con- 

^e iS^dns^oite to staff Uuld^bl^a followed those ence of the corporation as a man- sortium's Claymore Field. 

igiNalioii' 'passed tv the hteacb of pay guidelines. Page 9 , 

i ' Asasm^. ' ~ 

Heron £40m. Paris deyelopment 

'(ibetffis- that they would doubJiJ toe ontput of its Land . . . ' Mr 

hayi^ unethically and Bover ^d Range Rover models, ■ ' 

be In trouble with toe before the ptoieet has been ap- *7^ cwceTWE none 
f Medteal Gbuncil if they proved-by BL Boarf. Page 7 

alW. with a Department - Meanwhile union leaders wra MERON CORPORATION, the SECX is also to be project the purchase price, but toe 
[to . plan meet BL management to-da}' to luroperty-to-petrol^ations group, manager. Figaro offices, acquired from the 

ail British ebOdreo from see if there is rpom for improve- yesterday unveiled a . £40m. The remaining 50 per cent is widow of its former owner, per- 
ion onwards would^go on meot in .redundancy terns development on a site which in- split on a 30:20 basis between fume manufacturer Francois 
rional computers "yrtth offered to . the Speke assembly dudes toe former Figaro news- Heron and Keyset Ullmann. thought to have 

inadequate control.” .plant workers. Page 9 paper offices in the Champs Each partner has raised its changed hands for about £lOm. 

- ^ c»i5« H^es. Paris. own finance, in toe case of the When completed in 1980. the 

■e Moro csills • CHBVSLER u.k.s The scheme is one of toe British partners through five- development will offer about 

.j w 1 “ * higgjsst property schemes under- vear rolling loans from Credit 100,000 $<{uare feet of lettable 

*ars- grew amid Itwy s period when the company e:q)6c- taken by a British developer in Lyonnais. offices, two restaurants and 37 

tion Day ^ break even, has Europe, and is also the first sob- Mr. Gerald Ronson. Heron high-elass boutiques behind a 

be murder of Sig. AJdo blamed on poor labour relations stantial project to be started by chief executive, explained yester- preserved facade, 

was inevitable, ^onynwus -at 'Linwood. the, British there since, toe 1973 dav that the site had taken him The Paris venture comes less 

claimed that toe to^mer property crash. nine years to piece together, than two months after the 

Premier was de*“. wr. SUy LIFE Assaranee m -T^e development involves steer through toe stringent Paris announcement that Heron Cor- 
tfaldheim. U.N. Secretao'- Canada participating Heron in iwo panneTsbips. In planning regulations, and fund, poration had raised £17m. in 

il. appe^ed to the kid- holders have aproved toe Bowd s the first place. 30 per cent of toe The two key elements of the medium-term lorn. 

*s on Italian TV last nlgnt co'atroversial decision to more its freehold has been acquired by site, toe Figaro building and the Mr. Ronson said yesterday thaf 

re Sig. Oloro, Page 3 head office 'from Montreal -U^ jjaiog As^rances de Paris, toe adjacent former Intra Bank this would wipe out all toe short- 

r Toronto. lara^ State-ow*afed insurance building, were acquired in 1972. term borrowings In the balance 

'flu . • group, whose building subsidiary Mr. Ronson has never disclosed sheet. 

■■y * ■ ■ 0 NCB is to spend £13Dm. on 

» is to make full compen- development of a new pit in 

Reap the benefit 
of Luncheon Vouchers 

and the incentive th^ create 

As over 32,000 other responaUe 
emplc^ers throughout the UK have 

also found 

for damages caused by the Staffordshire, with an estimated 

• '. > Cadiz oil disaster and annual production of 2m- touA 
; - •■'sk for feimbufsemeni from employing 1,400 men. Page 8 
^els owners, toe Frencto 

:-,nment Minister said. - * LCT^ET hK made a nSm. * 


European news 2-3 Technical page 11 Inil. C 

*T ^ j T J r Randall U»«rseas news o 

controls over the opera- agreed bid for J 8. L Kanu^ ^ 

‘ MfviPAfsf 3 fnv /*oninsnv. ifl OPfl^f ^0 raiSB ^_i 19 p. o 

luiiuvAB ----- ^ fiH vaaieA iwaii mue w 

• of large trawlers, to protect a toy co^pap- Home aeMWenend 7*8 

velifaoods of fishermen are -Jahonr 9 

venoooos oi nsutsiuicu rr- „ C„r4hAr 

sed in a report by a Hull ability befw makina a further 
Feature Page 39 bid. ^tik Page and Lex 

— -Parliameat ... 10 

Technical page U 

Managemeot page 13 

Arts page 13 

Leader page 16 

U.K. Companies 30-32-34 
Mining 34 

Inil. CompaiUes 33-37 

Euromarkets 33 6:36 

Wall Street 38 

Foreign Exchanges 38 

Farming, raw materials ... 39. 

U.K. stock market 40 


otoerwise 92 + » 

Tozqr KemsJey • ?c 

RTe«s BF 786 -r lb 

rWm.) IM + U C wti^ eld 13 

?eJ Islands Cap. 490 .+ 33 Anglo United Dev. ... 130 ^ « 

(M.1 130 + 8 De ^rs ^d. j. “ 

in (R.1 232 + 8 .Northgate Expln. ... ^ ^ 

107 + 7 Westfield Minerals ... « ■ 



. rwm.) 169 + U 

on Clark 181 + 11 

7^ Islands Cap. 490 -+ 33 

(M.l 130 + 8 

in (R.1 232 + 8 

107 + 7 

roromponents ...358 + 9 

ss Wtoy 231 + 10 

tner A l86 + 7 

• 270 + 4r 

iros ..i. ...... 188 + 9 

ood Wtliiains ... 97 + 4^ 

Tj fS.) 98 S 

all iJ. k L) ... 114 + 45 

.Rnvrp 86 + 8 

VoTStefs grand design runs 

into trouble w 

Shadow over Bomberside 39 
Belgian steel: Painful pre> 

scripllon ••■■■ 2 

Laying to rest a nuclear 
reactor * 

China’s barefoot doctors ... 5 
Turning engineers > into 

good managers 13 

Case for sharing toe nn- 

employment burden U 

Swedish Match revival ... 36 

Fixed fnteresf stocks: 

SA buH market 37 


Vehicle Finance and 
Leasing 17-28 


re^cKnsible employer 

With £he addi tionalhelp of Laincbeon Voachers 
Well over-600, 000 employees every wcffking day gct&eldnd of 
benefit that only LVs can give, helping to ensure that they 
obtainmidHdn'meak^wbmitizmtters^iiost. fromoyerSSkOCO 
catering estabu^unents who acc^ our vootoeia. 

This benefit is available to aH coocans, lai^ and sn^. To find 
out more, posttbe coupon to tis-ryQu*&ba under no obligation 
-aodwe will amd yDuour24-pageiIfamizated hsochur^ which 
l^Qx^eon Vouchers for Givm^ and for Getting 

Luncheon Vouchers Ltd 

22 Gcddeii Square London W1R4AD 

Tfeigtaei 01-7345711 

83 + 10 


Treasury S}% £-J4j - J 

Excheq. lSi% 1996 £102« f 

tro * 

BeUway ^ , 7. 

Scottish & L-mv. Inv. 118 _ 3 

Thomson Ore 

Selection Truii 


Base Rates 

BWg. Sac. Raitf .•• 


UnlsrUlDnieat Guide 
EnreMoii Qpte. 
FT-Aemaries tndlcei 


Lex - 


Hea and Matters .. 

Menev Harket 

Racing .... - 


Stiara lafiDTinatim - 

Siede Exch. Renert 
TMav^ Events .. 

TV and Radis 

UhK Trasts 


Heanr Real N) 

Bmaions (Minlbgii.) AS 

Cndimv sonrap^ 31 

PC Hnance 

CHiuOam Ik. Grp. 
Inti. invsM. TsL ... 
Joseph Shafeetpeara 
LsaibeUi EMg, Soe. 

Londsn Ufd 

Mere. Can. RalBsar. 
Splrax-Saree Eng. 
Woir Electric TeMa 



r ToiIjiadieonVoikl'sralj^ ^ , 

I Please sdidmetbelAEDcheimVaudier 

I ServicelxocImEe 



Company — 

FT 26/4 

For faiest Stuire Index 'p/teme 02-246 6026 

'■ ■ ri -V'-' “‘i'v tv ■/.'I'sz.'f' 

BIS president warns on currency disorder 



ASSffTEBDAM, April 25 . 


:b mcney^pply srowth sSSond 1^.: iGoyenH^gteeTis Tolaerable ia A dgpres- dsill Tvitti fl» State: 

> ^n%er *>«««» of its CockerHl (fee bdge^/ 

« ajjle aspects of Se DuS 

economy in 197& . ^ eqinpinent^asd btdlding sectors. Bfooceaxi ud HainauU'; 

THIS YEAR could be “cnjcial" Good pro^s has been made deficit countries, provided enough balance of rhp market r««u ttr^f • ' • 

for solving the problems of the towards solving the problems liokieiia of doUaiS can 4>e found. Pu^r aoSMiatlon of tS- • '.. .- - .’*■ . -*■ ,^Cj 

disorder of world currency thrown up by toe sharp increase The sharp fall of the' dollar lo^. Dr. Zulstra saad. 

markets. Dr. JeHe Zijlstra. m oil pnces, but a nw balance iainst ffe Deut«beSark,t^ S?StMa^to^ « v . *T DAVID BUCHAN IN BRIJB^ 

President Of the Dutch Central of payments partem now appears Swfesfra!m.ti« gudWers aid Se alow crowS^of the : . . . > 

YenshowsthafthisiSDolmtger coirespSSL? couS. ThfA S^?y“sSnpw" sSnnl ™ tte State: 

Imeraatio^ the case. ^en expand wiftont nn- SSa%e?SnL 12 ^ S 2 SS because mudi of its Cockerffl. (the bdggfist » .., 

warned to-day. Unstable cur This is more complex than the Central banks have become *®®®Ptable risks of an increase fthu asoects of the Dutrh stwl mdust^ tm the' production- goes to • the capital steel ccRDpany).' and M4 ,.• ■' ■■ " 

r/’T structure hoId^(rf dSaiireliS^ Soo^iW^ 197 & SSplSS^S^^ 

latent protectionist tendencies, existing before 1974 , when the taking over from the usual pr^ .Tbe U.S, authorities could cut „ ^ it is ^nerally weak in (botlh in 4 ie seine grovi: ' ' 

he said m the Banks annual developed countries financed the vate boldeie, in order to main- ^npoats and reduce their /<>r the Cla^ Soaaiia^ebnomie Affain 'hi e rh^r Rat pw^Tu»te- (nmd main sibareftioiiders in 

les^eveloped countries with tain the doilSs ™e agaiS deficit but this would ^ .«te=S too?ii^ sSteGenerale de iC 

He urged the U.S. authorities their surpluses. other currencies. This new d£ **?te. A slnwing*down of ^ ^ companies. • thw ^fixMawai; Sd^ecW^lSSr Techniii C«*epa (controlled by }y > - : 

to finance part of their current Now the industrialised turbing factor is without doubt tiie U.S, w ^etedfJ**hiEh ^ rf JnrlSS SJw 7 n ally, K^Ssey rates Its plants and Group- BruscUes /’'v 

account balance of payments countries, defined by Dr. Zijlstra » break on the development of 5 ?.®^.?“ biterpt acwrdmg to of ho^reaw is comparable with, that of. .which dominate Belgian i 

deficit by issuing medium-term as the Group of 10 and Switzer^ the world economy. Dr. The UA is now iTance B&. Olaes 5 s now trjantt-- 

loans denominated in the cur- land, are split into two groups. Zylstra said. ^ to fall bade. ^ i?L^i:OT^butArith too many old^shloned su^ flaw.doMong comp . ,-r ’ 

rencles of the other industrialised The U.S. is now running I laie' Mistrust of the dollar and the JSutS 25 ® u^* ^ Holland could ' blast fttmaces, not as good as do the same as the St^' .. 

countries. deficU, while the remainSI fell Sim haVi ™ progran^e would re-estabksb an ^rov^ent in - increase thdr steel portf > 

Putting this form of external conntrles have a substantij vicious circle which has nushed ^mpany pn^tablb^ it -would ™. This is IScKinsey's diagnods -the basis that if they are. ?• . 

financing into practSce would surpilus — estimated at $ 14 bn. in it lower in recent month& ' Toe tinn nn* Interv®- ^ going in the nght direction. i?* of the fioanViai haemorrh^' about growing State p' 

not be simple, but the difficul- 197 ? ?olu^ if dol?iiT?o laT^ ?nd .of increasein Uon. they-can at .,.. .‘ 

ties could be overcome in con- The industrialised countries that the currencies which aet^ the %o^pS 7 ?rav? tiie s^e Much WouT?jSii'h? tong- and mediinn-tenii ^ht Jto ^mtelves-by notching i>;.. •:• 

a.™ ing Rights SS Zst“e held“?^S Dr ^ valoa^ <tbe B ... 

ed in 

If Holland could w fUmaces. not as good as do the same as the St'\'. .' . 

mnirov^ent m f?&oSi ) Japaa. Holland dr even Italy, -increase their steel portf > . 

ibUjty it -would "Von. wwim .it h^ on *n.s- «_ •a-vtn^av'a (Uaeoihsis.tbe haslRthatif thev arf>'.-.- • 

creditor countries, 


Orlov appeals 
for charges 
to be dropped 

Spain to build major Canaries naval base 

they are presently quoted oa'Se an average P«r Jmep^ ^|r cartte^s^ ;. 

stock market at f^umiSot totol tipiover. This is **S5i *S'V>' 


bargain” prices. .'/_ 

The aim, however, of ibe qc^' 
doctrinaire Ur. . Claes seetos' tb: 
be- DO more Machiavellian -l]!m 
to remove some of the oppntestte 
burden of debt serridng . fn^ 
the sick Belgian steel iseemr. 

By Our Own CerrespendenC SPAIN IS to go diead with the fonner colony. ' 

MOSCOW, April 25 . constiFuotton of a major new I%e present Spasbh Xkivern- 

DR. YURi ORLOV, the hn- naval base in the Canary Islands ment has refused <to support the IpneiK 

prisoned Soviet dissident, and later •tbis year, aooording to Sr. Adgerian-hacked PoUsario's 

bis lawyer, have appealed to Adolfo Suarez, the Prime for an independent State dn the 

Sorief authorities to dismiss the Ministser, who Is currently visit- former Rinnji»g*» SAara. in- 

charges of anti-Soviet agitation lug the islands. stead has sided with Morocco 

?nd?e“ S^Si, , Sf- «ld tiat tie base. ««1 Mae«tani.. 

the Nobel peace prize. i®, "® bunit on Grater Canary There is concern over the im- 

Dr. Sakharov said that Dr. wuJd M te ace^- plications a poteotnaJ PoUsario 

Orlov's lawyer, Mr. Y. Shalman, ™o“®to Vne entire Spaui^ fleet ^etoty mi^t have on moves c'-'iip.iiM 

took the unusual step of appeal- “ nectary, aM would cost within the Canaries for inde- 

Ing himself because he believed region of pendence. 

there was a lack of evidence. SlSthn. _ rar,^^ 

?n *“ movement. MPAL 4 iC?*^hM^ 

Hcl«nnkl human rights groi^, iq do with Western defence recent increased the 

has been held mcommumeado p^-acy, poacfbing out that the n^er^ SroSTl^ to - 

since his awest 14 months Canaries were anyway outside ensfatoelafio eaedallv . 

tovestlgS?ve^pr!son'!’^*^^ defence zone of Naito. gainst targets Mnnected with 

Mr. Shalman yesterday flnUhed S‘™* the beginning of this tourism, one of the mam sources 
reading Ihe prosecution case to year t^ie Govemment has islands* 

Dr. Orlov, according to Dr. focussed increased attentaon on generally depressed economy. °as 

Sakharov. TM.s may mean that the defence of the Canaries, The Government has also at 

a trial is imminent. Mr. Yelena where the bislk of the ftpanish shown itself extremely sensitive ^ 

Reshnikova. the lawyer for foreign le^on are already to efforts by MPAIAC, orehes- 

another Helsinki group member, garrisoned. trated from Algiers, to have the The Suai 

Mr. .Alexander Ginzburg, was to This is seen as a loe^l follow Organisation of African -Unity primarily i 


baigain" prices. a level reached only by state-: steel mniference. .Btit tb ’ 

Jz . . ■ . ■ .. . -.proposal seems to have w(. 

1 1 . . The am, however of The uicin. suDoort from managiuna :: '' 

lO vO ■ doctrinaire Mr. Claes seetio tb ‘ unions. The sociaUst - 

Id. T AJ. LpMOW Machiavellian CRUDE STEEL PRODUCTION uqJod federation pubii^;-" 

to remove some of the oppzBttttiB PER CAPITA 197 B " - an* immediate partial nati ; - 

burden of debt serricing . from tonnes don of steel hut t«ivatel*--' 

MAiDRID, AprR 25 . “® •*“ BeWan steel isector. - 5 -— — — ^—rr rT=r. it would go along wii : 

. ’ wltiiout gready ad^ng' to -the. Bdguan. and Luxembourg 1.470 cia^ propo^. provt^-»- 

• i. stote budget. - Belghun has a Czediesiovakia 1 JKN) is adequate public control ' 

ment concern, Sr. Suarez has virtually im-emstnrt phlMc ■ 0,940 restructuring of the in J • ■ 

aJ« jounced Jat tee Interior secto In industry. . and ^ ww G.m^ ' 0 A 80 - The more* conservatfti :*'- 

M^er. Sr. Rodolfo Marto mo^^te. Cpnservatree-SocMtot 525 ' federation is more totere; i: ‘ 

Villa, will be president of the eoabtxon government .aees^ to Soviet Union 0.570 public 'money being ' • - 

Canaries Regional Connell. want to keep R teat/ any. : ' Canada . 0 - 57 Q '"de^toping new jobs for " 

These domestic reasons for At stake- Is -tee fatBre. ‘of. .ihe United S<i)tcs . .0350 ' daQt.'wotkess. ^ 

the Government's' focusing Belgian steel industry, 'tofotter United Kingdom 0 J 90 . Finance, then,, will ^ L^r 

attention 00 the Canaries, have witii Lozembourg it : Is ' tee swnv - ima ivnf Stwrf intnntr major issue of the ..Haypn^l, 

not dispelled a widespread feel- world’s ninth latest prodober, ‘ ~ • -, • -x- - . • • ■ - tneptings. - Toe otter is ^vi* 

tog, especially among tee oppo- tiie second largest «xportm‘« and, - taring tee industry, by eo 

sition parties, that NATO is at 1.6 tonnes of steri for evitry . , ... « .*, *i®o agreements.; apd 

interested in the strategic devel- tohahitant of tee two coantrSes. ^ “£f“- 5 *®,^®^* 

opment of tee archipeSgo--and the bluest per capita pror Italsider, m strte*. Beljdum. McKmw sti^*;. .. r 

that it could be one of the most But since 1975 It con^rns like tee Belgian companies 

valuable strategic assets Suain “ average B.Pii 8 . 11 ib: • ia French companies^ Usmor and outside partnere. with otte -. 
could offer NATO pam indebtedness: .has Sacilor. Of total financing, debt companies, dealers or steel- 'i„. -- 

The Canaries nmvtrie a iisefiti doubled, and it haiiteeiL'te^ as compared to teaieholders* to overcome tee ;:handie--‘T". ■■ 

9.000 job. i^ma hat « ebuity_ ^ fteir tmy 


taring tne- mausoy. py eo ,,<7 >js:^ 
tion agreements.; and 1^^^ 

rw^rng “SiTS.rl.'Se' Th.»rt . atein* «« in 1*74 h «9 per cent laa. . 

and are well placed to monitor poiut is u confidential report. 'ttc ea.oooct weel is not ‘ • 

west Africa. For over a year MdOhi^ tee 

complete reading the prosecu- up to tbe Spaaosh withdrawal declare the Canaries to be Afri- Canaries feel teat tee Govern- Canaries are currently being 

tion case to him on Saturday, from tee Sahara in 19 TO. and can and accept MPAIAC as an ment cares'about their interests, used by French miUtary aircraft 

Dr.^ Sakbarov said. apprehension over tbe fate of the African Liberation Movement As a further symbol of Govern- en route to Dakar. 

n^AiOOKATWH/triTS 1 
cosrm\t}uvjm\()iM(m , 



■,.'r f>'V/ 

. ,*?*• 



■- ' 
-•tr ■ 

■ ;v 

. ■■ ? 

-J-. - . 

A-‘ * 


I because of non-Boropeni *• cmn- ““ *®®® * 3 m. tomes of crude nesnite teumnte?"- ■ 

now. like tee UX in' tee ekrly of to^ Belgo-Lurembourg ^ company* frd ‘ 

1960 s. be approachiDg a pdritton capaaty) and S 3 in. tomes of ^ 

where it (s no longer eigMteel hot wlhfg PJ«T (16 per cent of -gS® Sterpai^' ' .:. , 

exp^er. . ' - “ ^® montee it has acquired j- 

From teis there follows a same penod. , • total control of Sm StSl;' ' ' 

series of even gloomier toRiUca- Secondly, any new investment ^iief of tee Bonn goveni''^‘“'‘ 
tions for Belgium and Lazem- should be designed to save on ^ ^TifrAiiinff lnten->'''‘ ’ ” 

bourg. F 4 cttt. tee na iib w uem ot manpower- rather than to Luxembourg's only other'’' 

their tiny market, which -means increase absolute, productioh. compaM Tt/nure a . ta addif^ 
that more than 80 per emt- ol Investment should be made with controllim Sidmar one 6 - -- 
production has to be ^he(L a close eye on the market: Thtf f^r-saceessful Belgian stetf^ 

makes it higlhly vulnenhle & lay-oA and closures suggested* ii qo^ Q^gotiatint 

other European steelmakew tute woulcf raise capacity use to the Charleroi compani^l 
their marketing effort imratfi. !n)«)-: 4 >er centi depending of and Hainanlt-Sambre 
The EEC guideline piicee-in^ course, on whether demand rises' rationalise prodnetion. 0 
duced last year to help Jft at- alf^ the next tbxqe years, this complex deal is like 
Internal prices o£( tbe flQoSi~~ - Govomment, erngdoB^ and come a speciallsaticm amm 
makes -leas' 'difference tc^f updoes- span -hnaaiy (o' agm affecting 'four * steeT^I 
jBglgi^.^raatt.: ■ LuxCadviBiEe^ cOxT- teE'MUOoeey .rcwbrL^VTh^ j.^^wh»i 5 ;w 4 b-v - 
sftWB on “pa Pbdignise'tbttpatofuriay^^ Sw; an dtte Flenti^^ 

exports outsi^ ttie European and closures need to .be made: whrtto of 'Sidmar. '"i® 
Commu^ty thm othere. . ' (Bik 4 tae'eBnpIoyersfeel timt soanq. This leaves two other s 
Second, Belgians and Luxen- .k(f : tee ' \wriilhg off**- of their steel regions: a number 
oourgers have to pay a prime n ctecBcto fe tm uhitr^ called ** independents," 9 
to otter wo^s, and. does ' tate manageto^ Clabecq. and Pabrique'-H 
sell 3-7 per cenL below otter faotbxs into vcount. airil that the to Soutiiern l^lgiuaiff 
Europea n producers to into '* American staudards** KcKiiisey Cockcrill on its own ^ 
ot^r BBC markete. On usee to measures profitability moment But Codcerill is^ 

thaf, the Belgian steel industry are toutogh. •' looking abroad for partnen 

and. to a less^ extend that of «„»«. ^® names of tee Dutch-Ge 

Luxembourg has about tee , *®AJn«y wisely ^ combine Estei and of Klbi 

highest wages, electricity and ^ 5 ^tions to tee p*timns. bgen lUSured 
coal costs In tee EEa Produc- J^enie ,-tert Mr^ teey would technical^ oM 

1976 ) is good, but not good ^ w Gatanet col- Production and rnved 

enough to compensate. agrements. cert^y o?^ 




rises 5.5% 
in USSR 

*: ^ r 5-^bie for our Dire* 

: NpREMiid Dating , 

NQRBHnd Dating 

■: ' * — aeaHrer-,.. - Jt-- 

Running own txan^ort probably means 

having a ni^taaanrc set“iip of your owiL Aiid 
today that’s a diverdfitntion yoii could do without. 

Vehicle maintenance and repair is just one of 
the options available as part of a contract hire 
agreement ham Supezbriz. Vehicles, drive]^ 
garaging, fiiel^ spare or extra vehicle provision are 
some of the others. 

We have both the close appreciation of local 
needs and the nation-wide resources (over 150 
branches') to ensure the right help with any 
transport problem. 

It can be an\thing from a one-day, one- truck 
rental ... to a total distribution service. 

And contract hire is but part of the BRS range 
of road transport services. 

For we see ourselves as transport problem 
solvers, finding solutions Aat fit individual 
problems - unlike those who do it the other way 

British Road Services Limited 

j i -justsay 'Superbriz' 


North way House. High Road. ‘iVhetstone, London N20 9ND Telephone: 01*4461360 

By David Sacter 

MOSCOW. April 25 . ' 

tion rose 5.5 per cent during tbe i 
first quarter of 1978 . an Improve* ' 
ment over tbe modest 4.5 per I 
cent growth target set in tee ! 
plan, but still below the pace of 
1 a«t year when iudustrial output 
rose 5.7 per ceoL 

Accordiug to figures released 
to-day by tbe Soviet Central 
Statistical Board, more than 
three quarters of the growth m 
industrial o'utput was attribut* 
able to a 4.1 cent, rise in tee 
productlvl^ of labour. 

Tbe Soviet sews agency Tass 
said that all Soviet ministries 
aod republics- fulfilled their 
quarterly plan targets and said 
“ particularly rapid develop* 
meat” was atiiieved in tbe 
chemical and petrochemical in* 
dusfty and the engineering and 
metal proeesidDg industry. 

Figures for Soviet energy pro- 
duction show that oil, gas and 
coal production continue to ex- 
pand but at slower rates than in 
1977. on production (including 
gas condensate) came to I3Sm, 
tonnes during the first quarter 
of 1978, a 4 per cent, increase 
over the first quarter of 1977. 

This rate of increase fell short, 
however, of tbe 5 per cent .ih-oil 
production for the whole of 1977 
compared to 1976 which was It- 
self the lowest annual per- 
centage increase since 1970 and 
could indicate that Soviet oil 
production will reach a peak In 
the 1980 's as was predicted to a 
published C.LA. study.' 

Soviet gas production' in the 
first quarter totalled 93 bn. cubic 
metres, a 7 per' cent increase 
over the first quarter of 1977 but, 
once again, below the 1977 rate 
of increase over 1976 . Coal pro- 
duction totalled 185 m. tonnes, a 
0.3 per cent, increase over tee 
first quarter of 1977 , but well 
short' of the 1977 rate of increase 
over 1976 which was 2 per cent. 

an outstar 



‘ • “indriTii- • 1...,, ■ 

:%Crh"-W ‘ 

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play it safe 'vribete jber monisy fe 


wKh 8ecu^--andfe' alwajrs there wbffl 
needit ’• 

' - WebavescheznesiorsinaBaaveisas 
TV|^ as foz fafenn-estoES. 

• everybody^ BrnMlng 

SshK safevrith 

•EBENtU” 1 

*-**ES i976y 


Anthorized £m- tovestmaiti by TknfM 

A inembMcf tee Bnildiqg Societies' Assodatuxi 

.. -.--.r Aasateeycedgjgp Tnnilftn, . 



0 SIZM 34 CL 
UXa -. 

■* j'*?* 

1 • ' . 1 •» 

\ . Tiil^"^widHesa Api^ ■ 26 lS 7 S 

j i^uj^ Costs 


ibct'eased in France 

aid during 
EEC talks 


Parties forced to take firm stand together 


it&ME. April 2$. 

PARIS, April 25. 

. ::*?s 

: • *s 

•V- .V“‘ 

i^lsr ^ce ' thr down. 

InhttneeiDeQt of a new-ecoDomic The expected iifhreases are in 
jtwramhze ' hy ^*3^ Raymond most eases, beiqw' those which 
lM;thO'PriiP«lUnister, a'wesK.the public serdce bodies have 
- been pressing for The EDF' 

- • %-i ^IndeS from next week onwards^ ims year and a similar one neict 

■: ' govemment's year, in order to stop its already 

• v' ^lireff ittategy of- avowing large financing gap from ;getting 
' '«:r t^ilm^'ecODOinically realistie price out of hand. • 

' . both ‘state and private a further increase later in Uie> 

" \i?yEseCtprSi-.f . ■■ *' year is not ruled out. As matters ! 

UVliU* UlCaaw 111 aCAUl> WA.. ai I 

: . - > the state-supported SNCF- budget, burden .imposed, by public I 

''bought likely to be sector subsidies. These are ex*. 

-nu.* ' . 1 ,^ ;.i_> ' !l ■ ..Aa-nAnt, tnr i«9«eAnBAr rxM.ta.4 In amniint ' tn 1^'l'S.Xnhn ' 

■'> 15 pdt cent for passenger pected to amount to Frs.30bn. 

':^^;:trafilc snif 13'per cent for freight, this year. 

^iiOH^ng a rise of 5 per cent. At the same time. aniicipatioD 
-- > |%^''Vbirii ' eAsae into force in of the price increases has 

• ; iv^ : " wtk’s £800^ Government smce Marchi 

-T^ of 11 and 9 percent elections, to the possibility of an| 

.• iBCTtrmCO V* 4l*iU ® ^awAiwestf, aw - 

' 'V- i-^f^peetivbly are anticipated at upturn in inflationary -frends. 

-i!i: Marchais faces critician 

Jli j':;vLVJL«.A WAAMJLlJ A.M.V'V'l.7 m . «« a 

■ - - - PARIS, April ,2S. 

- LEAIJERSHIP of . the Marchais and other party l«ders 

-, 'g Communist Paity, rncTud- to dismiss the criticisms as the 
jt Georges SJarehais,' the opinions of only a few misgmded 
V^-S^^ry^General, is eifpected tq intellectuals, with no working 
■;’ l .come UAder ' Intense pressure at class support, are hardiy .ctravinc- 
two-day meeting of -the Party's ing, Each day . brings. _a new , 
-■ ,.^'^'':Ceh^ Committee to-morrow, spate of complaints in the Press 
■"■ •■K^. - ’The^^m at which the Last week’s articled, in the 

party’s policy to the run-up to i?****?**^^* 

(iT'j.' lJist taosUz’s general election Monde by M, Jean EUei^ein, 
Vtegy will ^ 

. .V hMyleba^lslikiirto be ooe 

. ‘ jv ‘ Of the most vital in its recent leading exponent of tht^ro- 

‘ h&tbry. .Not since the invasion 523?“?i? fi?®* ka 
■• cxechnslovakia in 1968 has leaderehip for .its reftmai to 

-ivJ' the ^nch Commuazrt Party 11*5 

• 1 aw «fin tt\r He 

- «:t; 

• .-’sa' 

tipnedji. critically^ Congr^. tote 

Unable to- eifpress. their views r.ftwimuni«h» who are atteeking 
in tbe Party’s daily newspaper the Party’s policies and methods. ! 
“L’Huinanfte,*’ leading < Com- fn a current series of ai&Ies in • 

■ ' -Tta.' i^ nttoianne, : ceaaiug < A-om- fn a current series of arficles in 

^ munis^-intellectuals have turned Le Monde, another leading intel- 

to- other newspapers and maga- icetual militant M. Louis Althus 
• tines -with. no-conoectiOQs with jer. whO' represents tbe-.PartVs 
2*' tbe party-fo voice their frustra- orthodox wing, has tornbd his 

.tion:and.Aiger. - guns on H. Marchais ud hisi 

The attempts by M- Georges colleagues - i 

By Guy de Jonquieras 

BRUSSELS, April 25. 
PORTUGAL tt’onJd like i^e 
EEC to start giving h economic 
and deveiopmen't assistance 
soon ' after .It opens formal 
negotiations to join the' Com- 
munify, Sr, S. A. ataeiudo, Hs 
recently appointed Foreign 
Minister, said to-day. 

In return, the Portuguese 
Government u'as prepared to 
consider reshaping its Indus- 
trtahsatioa plans to meet EEC 
demands and to accept that 
restriction on the free move- 
ment of its workers fo the rest 
of the Commuoity would 
remain in force for some time 
after Portugal became a 

Before the eventual member- 
ship treaty was signed. 
Portngai slioald make prepar- 
ations,- In co-operation «dth the 
EEC, to facilitate its integra- 
tion Into the Contmonif}. 
These. Sr. Machado said, 
should be aimed more at 
bringing about a transfer of 
resonrees than a transfer of 

Sr. Machado u-as In Brussels 
for talks with Mr. Roy Jenkins 
and other members of the 
European Commission, which 
is due to publish shortly its 
formal opinion on Poitiigal’s 
application to join the EEC. 
It will then be up to foreign 
ministers Co decide, oa the 
basis the report, whether to 
open membership negotiations 
uith Lisbon. 

The Portngnese Mtnister 
said his country wonld need a 
fair^ long post-entry transition 
period to adjust to member- 
ship. but was confident that it 
eonid accomplish the necessary 
changes within the ten-year 
period recommended by the 
CaatmissiOii in Its recent study 
of the problems posed by the 
applications of Greece, 
Poflngal and Spain. 

He said that be agreed vnth 
the study’s gener^ conelusious, 
which includes a suggestion 
that the appUeant eonnliies 
should begin cutting back on 
national aids to industry and 
investment in $en.sitive sectors, 
like steel, textiles and shlp- 
before ihev joined the 


The Commission recom- 
mended that in exchange, the 
EEC should aid the applicants’ 
economic development and 
exempt Uient from future trade 
rc.striction against third coun- 

33r(T annivei^ary of the fall of 
Fascism. Italy's political parties 
are flualty taking a firm stand 
rogetiter. This sifuacioa has come 
{about not so much because the 
Red Brigades kidnapped Sig. 
A Ido Mora, the former prime 
• minister but because the priee 
demanded -for his freedom has 
been seen as too fundamental a 
challenge to the already eroded 
authority of the Itatian SUte. 

Late last nighi the minority 
Christian Democrat Govemmeu! 
of Sig. .Giutio. Andreotti gave a 
firm “no" to the leirorists’ 
demand for the. immediate 
release of 13 prisoner Most of 
theoi were proponents of prole- 
larian revolution: but some were 
no more than common criminals 
involved to kidnappings and 
armed raids for financial 
gain — although the apologists 
among them claim the 

rocmey was necessary to support 
the revolution. 

Sig. Andreotti dispensed even 
with the formality of consulting 
the other political parties, in- 
cluding the Commuztists, on 
whose parliameniar}’ support his 
adniinistratiOD depends, before 
the brief and rlcarcut reieetion 
was issued. Their views bad 
already been made public: releas- 
ing prisoners was neither “legally 
practical nor morally possible." 

Even the Socialists bad aban- 
doned their earlier stance that 
“every aveoue iibouid be ex- 
plored 10 save Sig. Moro's life," 
and were now for dq surrender. 

the evetwarring Christian 
Democrat factions now also seem 
finaly- to have closed ranks, des- 
pite the personal anguish which 
many Of their leaders, perhaps 
most of all, Sig. Beniguo Zac- 
cagoinir the party's reformist 

secretary-general— must feel for 
the fate of the party's president. 

Having earlier played their 
hand brtiliantly— tile psychoio- 
logieal warfare, the false irails 
to the frozen lakes near Rieti in 
search of a non-existent body, 
the successful production of a 
division within the Christian 
Democrats into hawks and doves 
—the Red Brigades have pushed 
their price loo high, leaving no 
roo/n lor compromise. 

Humanitarian .appeals from 
Pope Paul and the -UN 
Secretary-General were- crudely 
brushed aside hs being no more 
than “concrete political' and 
propagandist support’’ for the 
Christian Democrats. The inter- 
vention of Caritas, the charit- 
able relief agency, as a potential 
mediator— a step inspire by the 
Christian Democrats to~avoid the 
party or Govemment being seen 

to deal directly — is now dis- 
jnissed as ad attempt by the 
party to unload, its responsi- 

Thirteen photographs featured 
last sight in the main TV sews 
bulletins and in most newspapers 
this fflomlng, with captions 
diionicling the prisoners' 
crimtoal records finally .eon- 
.vinc^ tile waverers that' the 
price asked for Sig. Moro’s life 
was .too high. To concede >t 
-would be to tveaken drastically 
the very authority of the ^te. 

No one is anxious to say so 
publicly, but ministers ..know 
well that the Govemment’s z'e- 
fusal of- the Red Brigades’ 
demand is likely to have sealed 
the fate of Sig- Moio. For the 
terrorists to climb dowa now 
would be for them a real defeat 

Tb^ options had been enor^ 
mous. T^ey could have dr 
maoded almost any cash ransom, 

whether direetjy from tl 
GovemmenT or. the' Otristis 
Democrats, of ftom Sig. More 
** close friends.” an unidenttfic 
group which has managed 
convey the impression that tin 
were available for negotiations 

'Hiey could have demanded 
massive food distribution, pr 
gramme for the poor in d 
pressed southern regions, uode 
lining their professed concei 
for social deprivation, and th< 
would have won it. there) 
seriously . embarrassing tl 

But above all. the Brigadi 
want " political recognition 
be accepted by. the existii 
establishment as a .- TPlitlc 
force. - They want, the -Stai 
against whose very- core tin 
claim to have struck deliberate 
with the kidnapping of Sig. Mot 
to capitulate. It was in the ei 
too high 8 price to pay. 

Common Market expands 

aid to non-Lome nations 

Bid to improve 


LUXEMBOURG. April 25. 

of auditing 

Eanes calls for austerity 
and an end to bickering 

THE EEC Council of Ministers 
to-day decided to expand its 
annual aid programme to de- 
veloping nations to include eoun- 
tries oot a^ciated with the 

Grants have been made luatil 
aow OQ a regular basis onjy to 
countries included in the I^me 
CoQventiOD. Other grants— to 
Latin American and Arian eoun- 
tries for example — ^bave been 
made case by case. 

To-day’s agreement came with 
the acceptance of a draft xegu- 
lation tong urged by Britain 
which follows more than four 
years of debate, essentially a 
post-coloaial struggle between 
France and the U.K. Many 
former French colonies are cov- 
ered by Lome, white the major 
former British colonic such as 
India, Pakistan. Sri Lanka and 
Bangladesb, are not. 

Mrs. Judith Rart U.K. Minister 
for Overseas Development, said 
afterwards that the agreement 
I was an important step forward 

but that further major struggles 
lay ahead. 

The amount ol money allo- 
cated to non-associated coun- 
tries is 'not impressive — ^TOni. 
European Units of Account in 
this year's budget. 

The Council to-day approved 
Che sub-^vision of this year’s 
allocation as follows: 4?.Sni. EUA 
to Asia (principally India), 
13.5m. EUA to Latin America. 
3m. EUA to .African countries 
not included in Lome (mainly 
Mozambique). 5m. EUA to be 
held in reserve and Im. EUA for 

Criteria for allocation of funds, 
which will be assessed on a pro- 
ject basis, provide that priority 
s'hould go to the poorest 
countries and to the most needy 
sectors of the population, with 
special emphasis on rural de- 
velopment and food programmes, 
and that an EEC presence should 
be established >n the major 
regions of the developing world. 

By David Buchan 

BRUSSELS. April 25. 
THE EEC Commission has sent 
the CouneU of Ministers a draft 
directive to ensure that auditors 
in all member states are inde 
pendent and properly qualified. 
The directive, which EEC offi- 
cials hope might gain Council 
approval next year, aims to 
“provide shareholders, em- 
ployees and third parties, such as 
creditors, with guarantees as to 
the audits carried out.” 

Officials say the directive, 
which complements previous 
ones in the company law field, 
will not change the situation in 
the U.K. and France, and will 
probably affect West Germany 
little. • 

In Italy there, are no qualifica- 
tions legally laid down for 
auditors carrying out the statu- 
tory annual check on company 
accounts, although the Milan 
bourse has now set some stan- 
dards for the auditing of those 
companies it quotes. 


LISBON. April 25. 

(^NERAL EANES. .the Portu- 
guese President, said to-day -that 
celebrations marking the fourth 
anniversary of the downfall of 
nearly half a eeaiury of dictator’ 
ship should not be allowed -to 
-hide the couotry's deep econo- 
mic problems. 

“ On This day, which should be 
one of happiness and confidence, 
words should not be used to hide 
or ignore the gravity of the 
situation,” the PresidbDt told 
Parliament iu a speech televised 
to the nation this afternoon. 

His grim , speech accorded 
perfectly with the drizzle dam- 
pening the crowd outside. 
President Eanes urged Portugal 
TO set aside political bickering 
and adopt a cold, realistic 
attitude that would accept a 
period of austerity. 

HA listed, the removal of the 
army from politics, the lifting of 
censorship, workers* rights, 
greater social justice, and an end 
To international isolationism, as 

the main achievements of t: 
past four years. 

The President, also underlini 
the rights of the. private sect 
(0 contribute in an active Wi 
towards the solution of the pi 
sent economic crisis. . 

A pluralist democracy l-mpli 
that toere should be an adequa 
balance between the public ai 
private sectors, and that ci 
latter should be guaranteed t! 
necessary conditions which a 
indispensable so. (bat its capai 
ties -of. innovation and love; 
ment can be fiilly realised 
the national interest.” he said. 

The President’s speech w 
preceded this momtog. by 
message to all military units 
which he urged them to resi 
attempto by politicians to u 
them for political ends. 

Fin«scul Times, paniislied dally 
dass and h<'lidas«. li S. wibacripilan 
lair treishii VWU.Oil lair malli per aimi 
Second ,:laK POkuae paid Ve* York. N 



. • : io* 

; v'.tS'. 

PenskNi Plans 

. . . • — **»• f 



; Whetheryou’rc self-employed 
pr eligible for our Directors and .. 
' Executives Pension Scheme, 

City of \S%S|tinin8ter Assurance - 
gjve you an <mtstandmgly 
flexible pension plan backed by 
a Jbighly success^ investment 
record. . 

it is vitally imponwt that you should 
know what your options are. loo 

many schemes fail to cater adequately 
for the indi vidu^ re^ rements of a 
paiDcularpersoii; ■ 

!Gty oP^estminster Assiiran^ 
ho\^*eve^ has based both its Self- - 

Employed and Directors Pension 
Plansbn the premise that the 
individual comes first Freedom of 
choice is a key faaor in both these 
contracts, allowing investors real 
flexibilitv- about the way they invest 
and subsequendy draw their benefits. 

Askyourbiokerforderails of 
whicheverplan is appropriate for you. 
.•Ind bear in mind that Cii>' of 
term investment record backed up 
by a special reputation for origjnal 
thinking in die held of pensions and 
life assurance. 

. f. • • I 


Senen' House. 56 Le^denhall Street^ London £C 3 .'\ 2 BJ. 

■ --t- • 

■•'w— . ..... . 


. — ■•i. S 

>-^4' •%* 







• 1*^ Si»3 

. , -to ■ 

, ■ qsitftf mnstitiitins the above-mentioned Debentures, Notice is hereby 

toive approved to increase toe share - camtal , in two steps from ;Sfr. m Mw lo a total, o 
Sfr. V047,5 Mio.' 

in contormRy with the Trust Beed'attd die Terms and Conditioiis of the Debentures, the conversion 
pnee h'as, therefore^ heeni reduced to 


with effect as of April 21. 1978. 


SS3£ sasK jss 

and a cash payment of USS107.66 per one Debenture (being toe difference between ihe nominal 
value of such Debenture.and tbe adjusted CU)Dversion Price) wnh Credit Suisse. 

We have one of the most modern, 
up-to-date fleets in the world, which is 
why we take extra special care to keep 
it looking at its best. 

And with the care comes the service, 
with 17 flights a day, including three by 
the new widebodied A300 Airbus, 
serving Frankfurt and Dusseldorf. 

Other destinations in Germany are; 
Bremen, Hamburg, Hanover, Cologne/ 
Bonn. Munich, Nuremberg, Stuttgart. 
Consult yourTravel Agency or our 
Yeliow BookTimetable for exact details 
of all our flights. 

April 2B. 1976. ■ 

Crcdil Suisse (Ktiiamas-l-Limited 

Credit Suisse 


German Airlines 




rest a 

fif Wniiam. Seobie 
m Los An^lii . . 

Fed stidis to c pli 

BY DAVID BELL iir A f 'I / B 


-■ -V 

I Sr =« >»' “"t- The iS7i‘ fiSt n‘„“,“p™«d SSJh'.eof’rjapiSy M^7 wiiS" ^ indudhs ’ Jr; .: 

^ep quaner productivity dgur^^. thaa the pace at-whick builHir and savings deposits at say . 

re^oiv announced to-day, which- abo'w.i' infiaticHiary pressures are'Wrung hanks and huHdlns societie,;:;':.; r 
able bounds over the long run. per.cent. drop, serve- oixTy, to ■ qq£ of the . economy, if satlsfacr to increase by between 7.6 >.*■ ; 

As a result he said -in testi* Mr. MUle>> contention 'tery economic grovi^ is to hfe W'percent. .• ■ _ 

riiony before the Senate Banking [<wiay that “there is Hrtle-Iikeli. Wntained.’’ he said.- • ^ . Reviewing the behaviour, iif- • r- • 

;Committee.“the money market “®‘’J **L? - The chairman said mow-s^ply w the 

* v . . ft... - .. nrarill^Hvi^* «vMue4k . a.. 7. 1 • • t... Mtlldhi- nftTM fn9p 


ngaln . ; . . . has tightened a bit over the 

ipsst few days.”' But the Fed 
.AN.GUISHEP debate was not proposing to change its 

the dollar in rt'iS^n“Srt;i-^iSSs after , « 

engaged in a‘ iSSucpiece of** inasoinbrem^^ martets. He said that >SbKS:L>r the elfects of inBatFon." ■ and - are : n^. ^ r: bo 

nuclear' demnlitiAn Tbev- are tt e .• would .“plav its oatt in !sinin»rt-. •-•'Phe- does -not- expect this-.&e - lower _ limits • . of-- tk-. 



ye«r ono. con .taxpayen auuie rrniihli'nn . w- uwl «pkubu --. loO HieaSUreaicni . wuiuji ; 

sem. The orifiinai reactor. caQed „ .. tw -- , if “heightened infla- Mlv currency -and demand affected by the.abihty 

• the Sodium Reactor Experiment nrBMHTV’*JISa?n« tioimry expeetations” were- liow /idiBl^sits. is to grow, between futions to aifract funds m -: 

<SRB\took.woveais?ndgl2m.'J!^!S“r?_^*”“'^ beginning to play their own part A and 6.5 per cent.;’ .M- 2 , the easting, regulatory .celU.-'; 

• to build in the 1956s. Afier seven j 'e pushmg. up prices and- longi^'jrtuch is M-l . plus, time- and on deposit fates. . .i r r*;'! 

years of research it was *' decom - 1 L — — , 

misaioned” and remained shuti__ ^ ■ 

down until demoUtioo began last U-S.-80V1ET ARMS LIMITATIONS ■ 

year. • . -• ~ » .• - • • . .••ir-’-- 

Officials of the Nuclear Regu- T £. •■■■■ j- ^ 

USSR ‘wiU not make neutron boi^ 

work at- Santa Si^na as some- 1 . • ' • 

thing of a test. case. No long-} . BY DAVW SATTER ‘ ; • - MOSCOW. Apiril^.:-:-- 

term plan exists for the disposal I . ■'. ■ 

of wbi^ed-out reactors. But the i &ER. LEONID BREZHNEV', the neutron- weapons produo'tioa by round Mr. Brezhnev'- said that .Western powers have subuntf* ' 

• U.S. probabljF faa& several dozen i Soviet President to-day described either the U.S. or the USSKTiur some nroereas was achieved “slightly* refurbished proposal « 
experimental- or prototype , Prwident Carter's decision to now that U.S. neutron bomb'bta* ;*irinc ihe visit of Mr. Cyrus « the force reduction ta L f 

t-- ' 


MpSCp.W, April 


their life by the end of the, account and that the Soviet said that further developments ^oeidons of the American side.” tfaat t, £% 

• .. • , jUnion will not produce neutron would depend-on Washington. ;jle said, however, that it should Soviet Umon unll do ewthiLAfrl 1 

' tt IS the hope of NRC officials weapons. as long as the. United •,* • ^nr„..^nri • >«.«. m r now he nossible to “comolete »t-ca« *o facilitate egreenentWl 1 v * ’ 

that- the- painstaking demolition States -refrains from doing so. ' >, £ aSeetSSS that trooH reductions . and •-aaiititt'^* 

of the raSioeetive reactor con- .v. :Sf, the Soviet tToion has not he .... 

tamment ' and'-'-‘-“ internals ” . a- 
Santa Su^a will help demon 

,n. » • »reznncrv s remaras mat me Pan ''•**.* “^'^'’*'1-“*“'’ tbV eowii^r Ttnion has not liS 

Speaking at the 18th Cougrws on production of the neutnm 'wll justly take into account the “e^net union nas no^e 
Jliof the Soviet Komsomol, the bomb-^4i weapon tiiac the Soviet .security interests of both wiTOng lU Or 

"JCommunist Youth Organisation, Union does not possess-wiir be -Powers. £crew ^em a^5-"' ' 

quantitative . dr qualimtt'> 

I>jtnand for seats on liby^ Arab Airiines goes on 
unabated, a^ the London-Iibya service is no exception. 

We don*t life to say ‘sorrj^ to inten^ 
vre’jjetioiiig the bnly^pca^ 

FropiMayiwewillKdSyingbtimesa’w^ " 

7 to B^^a^andtiiere ^ 

ourj^ndonianticeofi^^y^^ '.r. ' ■ " 'rrf--- -.7* 

ibid not only that We’re openiDg spadous hew of& 

88 RccadiUy. Now you can book your flight and make 
onvraid reservations amid relaxed surroundings in the centre 
oftown, overlooking Green Park. ^ 

Here is our new semce from London: - . / 

To Iripoli: Mon, TueSjWedjThtt^Pd Sat ■ / 

To Benghazi: Sun, Mon, TueSjWhdj’jfeu^Fn, Sat // 


; All depaitures are from London (Heatiirpw) and m 
convehientiy timed in the early afternoon. 

quake-prone California. But the : steps -to promote a ban .uo On tbe situation ' in the SALT ' Mr. Biie^nev said that the ddSCrtietlve conveDtiouai urms.:!.r : ; . - _c 

nuclear '-fuel, the most ' ; •• . . .'ir'"'. - -,■»■ 1 - 

bivhiy ra'dioaetive p«rt ®1 -w-t _ , . -- • « - ■ '' 

it is decornmi^ioned. The ance edges without coi^ent towards SALT accoi^ ; ” « 

infernal sf^lwork p«ricciaiiy « - • _ .• • - ' .-v *** 


ye»rs after that -- -b 

rAT)4TRssmiin X^o Rvnn. a UR. CYRUS VANCE, the U.S. ance to comment on the mufsreborts. be prepared to leave it. single - warhead;- land> .-bajc-'*!^-- ' ' " Sf 

CaHfnmian D*»moerat. cells the Secretary of Slate last night has not ended speculation,! but- out of the treaty in retuni for a missile. . ... i ' -■‘•■I «* 

nrnxoect " tot^ly^ urvcceplahie. continued his attemot to keen It is noticeably less autboritatfre- Soviet declaration that It will In ' justifying . ‘ his . sew-foog -<7: .v: i ’ 

nniirtcaliv.” Repi. Rven. who secret all but the barest details P®®^ he in limited production penchant for secrecy, ’Mr. — ■ 

ehair« the Hmvw. Environment latest round of strategic “high official** to whom rem^ks and would be built without the noted that the Ki^lia ebn^da 

and Ener^ Sib^mmlltee. hea llmlUtion talks (SAIT) ''®r® ascribed was often, the Tin-flight refuelling capacity public : cqmment . while aI J 

tuft completed 5 tnr!v Union -Secretary himself. -^hich would give It the range 'm-^neg^atiohs are in.' progreswB® HrlcL/lLii«/Afc* 

pf; ;the':y.b.«Pe IftM of itnclear ■ * ' ‘ ^ Reports Hils nibming suggest Jstrfke at the U.S. Hiere could be an attempt to steal a "propi 

side!^•may^My^lso be i^atrictions..OD.Its d<a>Uiy'.sa'ftd 9 JnarFh.'*;..He also said tbs A 

iKd jiuilitiWwT'i*lLifitTT P ■ return from Europe, he acknow- made some pro ur ess b'n^ -Mmfiil in«anf inei#)* ttrco ^ * 4 • v m.m' - 4 »inr' «;,vi^ ct-nr, tho ** eunn l\ & I &■ ■ ■ 

• u ....j..,. lA#laA>.t «ha* enmA ... .. — 

Ctifs whar it cal.w-ithe 

?.ono tons '6lJBtilm^*'nnc 
ntoreiVSiit cm 

rS 5 ol 2 progress oh ^i&fnament inside theYIS§R. f ' t.' 1 ^: l#- 4 top the ••swin 

declaration that neither will .trr'' The missile modernii^tiofl--^oi?hufptad'rtL to gloom” aft« 
»• remaia. tnit wmiid not-soeciuate a.:*!.... »«.» >m **<, .... 

reaetpr.^res-te^e ILS.. a tfm.!cOTfirmedth^^^ accompany it (wt«leh missiles, and Is prep4reia_ to 'euphbrta' bad -Yieen encourage 

rnise exnecte^ ri« ^O-Oon. o wonM: last three year?i. Such allokf the Soviet UnlonVaimilai- hy PrC-tldeat Carter, who 8ai> 

(birin? the n^ dread^AUhou^ I threu^oi^^ fn^ of words abnarently under^ mtsMle. But the U.S. more than six months ago tha 

j^i^s eovernij^t pnl cy to s^OTCjredi^ jnsiVenc* that N understood tiAbe still opposing a new- agreement was "jus 

^d notjvi 2 i;pces.s this ftiel. w*.h|„.,ton xhnn«d he able to Soviet proposal* for a new. around the corner.’* 

and X' 

demonatre.ted .technology ev*«*r« to fn^anen the credibility of the eh^i-o gonn> Crnise tech- 

tnr dtsfioml 'of th»*se was*#»s.'* Artministratlnn. noin«y .with Its'-N'ITO allies 

the report says, ‘‘and the Cf^s year. Mr. Vance's talks in But It k not. . clear. a$ »o whethpr 

of so doing are sMll uniwwn. UToscow were accompanied by H tlipm. or- whether the 

Other new ^idies Indicate that Hally news conferences in the aerpempm is final, 

radioefitive. . isotopes formerly Sovjet capital and a torrent of It does annear. however, that 
believed _ to decay In a few comment from Administration thpr*» was no agreement on a' 
hundred rears will in officials in Washin«don. .Thl 8 -lea«l two other m»tor ohstarip« 

remain d^gerous for much ume. Mr, Vance - said. “I am -^the Soviet Backfire bomber 

longer. convinced that the way we are and the modernisation of missile 

I Other politicians have begun ka^diinn it is nrefershle.” systems On the Backfire, the 

*P ft!®®*' NRC for not jv* . n^g continuing official reluct- U,S. may. aceordlng to these 

new. around the corner.' 

lYK K. S>-AeNA. RE 


ihe w 
:s -'ai 3 W 
i'i 2 r® li 

> ‘ 

f >* • . 

I - 

F-16 fighter output 
‘should be shelved’ 


,Rease contact tis at 88 PiccadillxLondpn WIV 9HD 
Reservations and enqaines: 01-499 1016/9. 

deciding what to do-.;with old . ® . . . 

reactors. Hence the keen' Interest — p ' 

In the Santa Susana projecL for . u_ .ut- j «c-r- - - • < c- • 'u-ju' ' ~ uiu'A ■ 

which the Federal r.overnmem Is ?(;; i* ^ 

paying. First, a .full-scale; !■ • , \-i 

faesimite of.the reactor.j^as eon- ,v 

structed near by. on which they! *'•' *-f-' v:^. ‘■.v.- 

coiild practice. Bii by bit it wisj ^ 

^motely.^MntroIlpd machine. 

Feet high, buried benea^ the 'yf'^ j 

reactor is surrounded byi ' 

walls of steel and concrete — the 1 

biological . containment — 6 feet [ . . . 

thick. The reactor vessel has; -w— , -a x* i j j 

been filled With water to heip; |j | tlOrniAr rhIliTtllr 

shield the' demolition team from ' J,. Xvv ARKURdL R/UR.KJUL 

its radioactivity as they' 

^should be shelved 

end of a lone steel arm..- Ail { • - 

workers .wear protective cloth- 1 ^ WASHINGTON. April 23. 

ing. Even. so. they leare . the : -j-jjg General Accounting Office devpiopmeni and testing are in 
working area as a crane Hto me 1 (> said it recommended the progress has created an elemeni 
4 feet square pieces of steel from pentagon hold up making a full of risk which has been accepted 
the water and U’eusfers thein to , pygjjuejjQjj commitment on the in pari because of the political 
a storage pond, in readiness for 1 General Dynamics Corp F-16 and economic cliniale of the 
shipment. When the job. “Jggjjjgp pending a complete programme, 
finished and the crane and-, all j review of the programme. The consortium of four Euro- 

other machinery used will also jn a report it recom- pean countries. Belgium, 

be chopped up and burled, along IjQgfidg^ a complete programme Holland. Denmark and Norway, 
with some 350 tons of radl^ review before making any joined the programme three 
active refuse, at an isolat^ {coinmitmcnt for F-16 purchases years ago. on the grounds that 
Nevada, desert site. T\e ' 18,000 ; jigygnd the present commitment the. F-16 could best fill their 
galloos of water used ^ sbisiding ! tp buv 850 aircraft. urgent fighter aircraft needs, 

wiir be' evaporated 'Rod the' The rate oMoss for the single- The air force lale Iasi ycat 
residue buried as well. 'engined F-16 currently more than doubled its planneti 

.Vomlcs Internatiooal- ihe (f^rimated to he three limes purchase of rhe fighter to I.38i^ 
nuclear engtaecring". eotnpany : than called for by air .lirn-afi at :in estimated -rns: of 

which has the demolition con- force specifications because of Al3.Shn. Huwever. it »nly has 
tract, claims Uiai its progress in rontinued problems .with the ji lioiiHnitmcnt 10 binid 450 pldncs 
recent months shows that United Technoloaies Corp F-100 fur the U.S. Air . Force a^ t‘aft 
reactore can be deoiolisbed 'enrine. of the joint programhie u-jrh the 

safely. The <i.A(i report said rnnciir- F.iirojiean consoritum. 

- Governor .lerry Browm <*1 ' renl production of 'lhe F-16 while Router , 

California i< steadily tiardeniOi: 
his opposition to nuclear ener^v 

In 1976 he warniK aftprovao a y-s I ' j j* j_ 

Canada construction cuts 

federallj-recosmsyfj system of gy VICTOR MACKIE niT.AWA. .A|m i| 2."i 

waste disposal for ihoir speni 

fuel bad been worked aUL ' In CilNSTRUCTION project.« worth th? nirrcnt eeonniiui- 
Nevada aod New Mexico, states . S5bn. hud been postponed hy the the po^tponemeni uf Governmem 
ebusen tu provide tbc nuclear 'end of idTT in Canada and on- projects and unccrluioiy over 
burial grouDds. protest il grtw- ; other 81.11m. of orders were'ean- Quebec’s future, 
ing. A bill introduced into eftiied nntriehi. Mr Donald Tho insiitorp's fienre.; uurmr 
Congress by New Mexico's! Baldv.-in. president nf the Rnvai the must rerent survp.v of pnitllr 
Senator Pete Domenid this : Architectural Institute of Canada and private ' invt'.qlinom inton- 
month would -.’i\i- all states a bald to-d:iy. Uun.s issued by tbc federal "uv- 

puwer to veto the disposal ol The finriint'*; uf the Institute ernpicnt slal.i.sliia: branrli. That 
nuclear wa?ile on liieir territory were ha<ed nn ^ <urve.v r»f R.'iR j«oni’.v know-n .St,-itisi|ps 

“We must be assurod thar these Canadian archiieeturat Grm<. Csmadu. n'pnned five uei>k.-i ,i!>n 
materials will never endanger rupru-eniinj ;ihnm fib pi*r rent, ihai total capiliil investment this 
human health aud liie 'environ- of ilie (-ounlrv'.^ sirehilecl'i. ( jui- yn;ir M-ould be S.4.pur cent. ,iheari 
piem." he s»ayb. . simetion tirojeeiA worth Sfl.nSbo. y| |.,m vear fur 0 iota] of 

Such an assurance is obvjuuslj 'an- undiT wji.v mcludin:; j54«usbn 

. ' , v'CCjv 3 


...... ..:. .• ... ..I , • r--,::-^-vhcn n 

■ . _v — are-proiid-to have, won ^ 

- ■ - ■ *'•' ir: a 

the Queen’s A>vard -for Export Achievement VSU- I 

for the third time. ■ ""*ro head- \ 

Hu^ Smith (Glasgow) Ltd. ^(a memberjeif \ ww * 

the Low & Bon^ Group) is a world leader & 


97, Hamflton Hill Road, 

Glasgow G22: =J 

Tel : 041^364141. : !' S 

n the I 

’•-> f-ir- 


• inir! tl'ctor 


Canada construction cuts 


OTT.AWA. .A|m-|| 2^ 


: has 'been confen-ed upon ■ 

in. recognition; of - ■ 
outstanding export acluevement. 

...Orerathreereariveriod.- - • 
' SOB Export member or ' 

" the SCBi!rroup.oF«onipatiifS!i..hs5 

■ moiY^thanquRClrupleditsiml^.of 

■ .sy^ffoldlng etid formwork 

■ equtpmenttotKeyrdrld'si 

- builder!-! and civil .engineers.' . 


!’ the 

n; !■’- 



.. " V<^a?’s 

.. .^^'Pec-al » 

•' 'h'-\r 


j difficult to give— as it would_bt;'of cnmmercial Droieets. 82.25bn 

for any uiher lechnolosy'* insiiiutiunal buslne’i'^. and •v-c*..-i.- 

slnce California nassed Us law | SL‘'''ihn nf hmisim; projects V.S. COMP, AN* 

insisting on proven ** ws'slc' The low \o!ume of man.ufac- i-.jHi-- „« maSmaiM 

technology', eich* ^late* have Murine construction was rpilpcied , j ® j 1 . 

.ipproved simiinr m->.-isorfF. w^ijIp in ■'■'tp^mlitiir*' of onlv «."27fi4m >lcady adtancr: riiopovjil hotintH 
a furihor ■’igbl &a^e sucO bilU on ;nd.js’rnl prni»»ere ' >jr. lortron;^ Befhli'hnm Sif-el back 
' ui progress, |Gaid'A-iD biamed the situatioo on In the black-^Page 35- 

a furihor ■’igbl &a^e sucO bills on ;nd.js’rnl prni»»ere ' >jr. lortron;^ Bcfhli'hnm Sif-el back 
' ui progress. j BaJd'wio biamed the situation oo tD Uie black*»Page 35 - 

SGB ExportXiffiit^. Wdlow.Lano.'Miteham, Surrey. C^R4 4TQ 
• TeiephoiUF;Xll'*64634(j&f-.i.: :-'J : 



forego F16s 

-:: ■' u-DA^^ 

MiabteTi ^S5. 

• •’■• ' ^jiay ’Israel wotrtd^^M 

aircraft -from 


TEL AVIV, April 25. 

■ • '■ ''W:?L%^p^ Carter- is to propose 

■ w Congress plater 


.r. . ‘-I f V 

••••■ =^- - ^^55 

[iv to CongreM • later 0^ 
mdce- a Seal linked to alrr 
sfiae fti Saodl -At&bia and 

itff Bayan, who was' J'eari^ 

ir Wisiditogton, where be JS to 
• .:■^.■ mviKwith UA leaders, said- 

■ ;. ^r;'^**J^1shh.gtptt«ante to 

ir-.'^iS^for this oppositiOT < to toe 
•' I-'* tf'SLi- ialea nackage) we. Shall 

■ ’■ V ti» 

• "■ ‘ •‘^eJ^ shail not •change our mind. 

. ; , - r& to^sandi Arabia 

to the deal on -toe 

S^rSarSom ^ 

Tonto’ of the country. ^ Xt ^o 

:^Ss toat the deal -will • set a 
SSedent for futurr aras aate 
u^^alms that the XJ.^ 

{J)k to maintain, the -milr^ 
^,ignff In the regtoo- when Israel 
its second 'disehg^ment 

2fSSaW wito Egypt la 
Dihing h& talks in Washing* 
ton Mr. Dayan is seeking clanfr 
■ Stiotf of how an Arab-Isrart 

° agreemen^ould 

;'=***'ta^tertDs of territorial dianges 

. . . •- •• * ■ • 

and defence requirements, 
rather than on toe dpcumenta^ 
interpretations of _ 

Council Resolution. 2^ or the 
establishment of » set pnn- 
dptes to serve as the basis of a 

oeace ' agreement. 

“The- main' problem now is 
what Egypt will suggest^ as a 

basis for an. arrangement Md 

not as a basis for a 
paper,” Mr. Dayan said. He de- 
da^ that he would do every- 
thing po^ble to reach an “dor- 
standing and agreement 
U.S. Administration and with 
Eg^ concerning a future peace 

*^ut" he also made clear that 

he has not changed. his 
regarding toe West Bank, claim- 
Sl^toe IsraeU pla^ envisag- 
ing self-rule there. “dJJ? 
with Israel retainmg control of 
.security and public order repre- 
sented a suitable totorpr^tion 
S^Resolirtion 242.. He tod no 

rule out changes m 

such changes ^d to 
able interpretations ^ ^ 

Mr Dayan said he oeuevea 
ftat the U5. regard^ toe faraeli 
plan, perhpps subject » modifl 
cations ana operatmg only .for 

S pefik « PO«s^^ 

hBsis - for a settJemera- wito 
tte W«t .amk ana 

“ “a S' dear that he was not 
taKng any basically e™ 

S' pmi«sas. to Wasbiagton bm 

Cubans deaths in S. .^^ 

jOHANJIESBURG. April ias. 

press for 



only a readiness to discuss 
changes in ihe-pian which mighi 
be proposed by Egypt. Cairo has 
not replied formally to toe 
Israeli plan, thoush it is clearly 
totally opposed to it 
Meanwhile toe Peace Nnw 
movement formed by a group of 
reserve officers in protest against 
Mr. Agio's refusal to alter his 
hard line on the West Bank, has 
won siipporufrom an uneicpected 
quarter. A group Including 
prominent rabbis, as well u 
practising Jewish professors, Is 
to send an open letter to Mr. 
Begin urging him not to let toe 
peace process break down 
because of religious fanaticism. 

This is the first time that 
prominent personalities identify- 
ing with toe religious parties 
have come out against the policy 
of the Likud alignment and Its 
two religious coalition partners, 
which oppose the return of the 
West Bank to Jordan because 
they regard it as an integral part 
of the Holy Land. 

The group castigates “ Irrespon- 
sible elements” for trying to 
frustrate the peace pro<»s^a 
reference to the religioiu 
fanatics of Gush.Emimiro — and 
urges the Prime Minister to per^ 
sist in the search for peace with 
all vigour. It adds that it sees 
no contradiction between re- 
ligious belief and the possibility 
of a fair settlement involving 
territorial compromise in the 
West Bank if it brings about 
peace between Israel and its 
■Arab neighbours. 

By Hu^ O'Shaughnessy 
CUBA IS understood to he 
pressing hard for ncgoltations 
between the Ethiopians and 
the Eritreans on a solution 
to toe question of Erllraj^ 
rntUN, as Colonel Mcnglstu 
Haile Mariam, toe Ethlop^ 
Head of Slate, continues his 
visit to Havana which started 
last Friday. 

Statements from Havaita 
about toe course of .toe talks 
between Col. Mengistu and 
President Fidel Castro hint 
that there may be differences 
between toe two on bow to deal 
with toe Eritrean insargen^. 

The Cuban view is that the 
X,eCt-wing movements in 
Eritrea, whose the 
Cubans assisted during the 
rule of Halle Sclasrie, are 
unlikely to surtive unless they- 
throw in their tot with the 
Addis* Ababa Government 
Cuba has refrained from 
committiiig Cuban forces in 
great numbers against the 

The indications from Addis 
Ababa are that the Ethiopian 
govenuDent, while offering to 
talk to toe Eritreans, is eager 
to press on with the fighting. 

Unconfirmed reports from 
Addis Ababa speak of toe 
presence at the moment of an 
Eritrean delegation in Havana. 
If this is toe case and Eritrean- 
Etoioplan talks* begi^ the 
Castro government would pron- 
ably welcome the chance of 
mediating on the issue. 

A TOTAL of 128 non*poIltical 
detainees died in South African 
DOlice' cixBlody last year, (mm* 
pared with* 11? toe previous year, 
Mr Janies Kruger, the Minister 
of Police, announced y.esterday. 

Of those who died, *28 com- 
mitted suidde. 30 died from 
natural causes. 15 died frtm 
wounds inflicted during their 
arrest and 5“ killed in 

attempts to escape. Mr. Kruger 
said A further 10 died from 
assaults by fellow prisoners, and 
10 from wounds sustained before 
arrest* ' 

The figures • compare with at 
least deaths of detainees held 
under security legislation 
between March. 1976 and Novem* 
her 1977, including Mr. Steve 
Biko toe' black consciousness 
leader. Several of the political 
detainees were said to have 

committed suldde. 
hanging tbemaelvea in toenr cells 
or jumping from the windows O'f 
police- stations. , , ^ , ««« 

^ Because security law detataew 
are not allowed to communicate 
with toeir lawyers, doctors or 
their- famniea, there *have been 
repeated calls for 
cautions to ensure* correct ireair 

™ Mr! Kruger gave the ■ lat^ 
figures in response to a 
parliamentary question . ftw 
Mrs. Helen Suzman, toe* justice 
gpokesman for the Progresmve 
Federal Party. They suggest 
that a considerably higher pro- 
portion of security law detainws 
have died in detention than 
ordinary detaiineea. 

Mr. Kruger had * earlte- pro- 
duced a document all^e^ 
issued by toe banned Sonth 
African Communist Party urg- 

private " 

ing political detainees to coramit 
suicide to embarrass toe autoorl- 

He promised that lighter j •« 

end strike 

lawyers or judges. He al80..MW‘ 

that' questioning of political 
detainees should be cameo “t 
in ground-floor rooms so that 
they could commit suicidh by 
'jumping out of windows. 

In ahother 'answer, Itr. Kruger 
said toat 25ff policetoeh were 
convicted* nf assault, culpable 
iiomicide and murder offences 
last year, compared with 201 con- 
victed in 1976. He said that foor 
police officers charged with culp- 
able homicide relating to. the 
deaths of detainees bad. '*. been 
acquitt^. In two inquests, .no 
fiodlng had been, returned and in 
seven' inquest results ' .were 

No early agreement in Xelira^fl t^ 


HOPES -OF rapid agreement in 
talks here on a new long-term 
relationship between Iran and 
the BP*iM Western Oil con- 
sortium are fading. Contrary to 
Inspired leaks of a few weeks 
ago most observers now eaqiect 
the talks to go on well into the 

*°It°seOTS likely that toe pre- 
sent second round of negoti^ 
tions will end in the *next week 
or so, 'to allow both sides a 
breathing space to examine 
progress made and to prepare 
their positions on ontstanoing 
issues.. Informed sources 
believe the leader of the con^r- 
1 tium team, BP’s pianasmg 

director. Mr. John Sutciae. bM 
not yet set a date for ms 
departure. . . 

Mr. Sutcliffe has been in 
Tehran for a fortnight this tim^ 
with a risit to London lart 
Thursday for a BP board ineet- 
ine. FuU .negotiating sessions 
have been held most day^and 
sometimes tvrice a day. i^m 
time to time toe two rides hare 
broken-. .up :into technical, suh- 
conmittoes* to . examine ..sp'eonc. 

k '*•.'.•. ■• 

There, .are -few clues to toe- 
main saWeet of toe dlse^i2l?*i 
One --oilman - commented .inat 
they yfwe the most .secretive 
negotiations be -had known* it 

seems toe talks have reatoed a 
middle stage where no b«ak- 
tbrouto looks imminent but no 
major stumblihg blocks appear 
to be holding up progress. 

Both sides seem deteraunea to 
achieve a good, lasting agree- 
meot, taking into accouirt tbe 
probable sharp variations an *toe 
world oil market and! : Ira n s 
supply capability over toe next 
d^d^ Chastened by -?toe ex- 
perience of the 
Purchase -Agreement whito- ™ 

intended to last 20 yem. but 
started falling apart ® 

year ' and was a dead, letter 
witiiin three, the negotiators are 
moving slowly and cautionay. 

By Charles Smith 

TOKYO, April ^ 

workeis, who went on ^ke to- 
toy coDCurren-tily • with the 
national railway ' umons, 

returned to work vrttoan. noure 
after accepting an offer of a 5.S3 
per' cent wage increase plus a 
small rise in bonus payments. 

The private railway settieme^ 
may pirevdde the basis for arbi- 
tration of toe national rail 
workera* claiins. This could 
begin to-night paving the way 
for-a setflemeDt later in the w^ 
(perhaps, before the end of toe 
planned fonrday strike). The 
two national raddway umons 
rejected a SA per cent w^e 
offer on toe eve of the strike 
and also refused to agree to 

The end of toe private raalway 

strike' means that unflerg^o 
services in Tokyo and Osaka as 
well as many feeder lines to com- 
muter toriricts outside the mmn 
cdties vriJl operate normw 
again. Main line services (such 
as toe Shinkansen . high^eea 
tine between Tokyo and Os^; 
rean^ suspend^ as do 
surface Hnes to Tokyn ^hich 
are operated by Japan ‘National 

adds: ■ - Fifty-three 
scheduled international- Md 
domestic flights by Japan Air 
Lines were cancelled after cab m 
crews staged a lightning strike, 
the airline said.' 

to borrow on 

’•L inieniauaiMo "““v— ewM-ner cent oi me 
.;■■■■■■ -‘'.t:to. snpplement.its ^ourare^ topitafhas been 


A I T 

-vLi acoiiRifsf »“* 

i.-Hia ^ tri' ilevelOD 

now concentrating . on 
out 'lending jjrocedorw and 
S “ Amh fina«ial: i^ for counmw. wito 

But it also wanted to balance of 

^*r,' “ an impeccable, reputation by ur. Hashim did not say when 

“ prudent financial management would he maklp&Jta 

-to the., international, sphere. though It has ^heen 


frightening, these days. Especiauy ii you re luuimig 


saloon at a price that comp^es most favourably 

with its not-so-special competitors. . 

The name of this car is the Lancia Re^ 

Salckm.' -■ 

. . . Concealed inside its seductive 

Italian shape is a powerful twin . 

overiiead cam engine, 5-sp^dgea^ ^ 

* ■ ■ BY K K--SH^A» RECB4TLY IN PEKING 1 box7'£ont Wheel drive, aU-round i 

-jHE tarefordlctor ha, now sprained ‘ T?e * do«or independent s'uspcnsion and servo- 

assisted disc hrakmg on aU four 

?S”ni:«Vr«S This provides you with superb 

rant . Jhat the har. .. > ^ p.onditiOnS, OOt tO 

aM X-rays 

The l».»«foot^ or .pa^me 
doctor is npw a Si sible. 

ahn“§S'n'“t»7hetJS . 

I peculiar gaUgC CUIUL 

seating for five adnlts^t^ft 
Sfsepai^te’heating and ventilating controls for 

rudimcaitary toowledge from yario^part^J^toe^; and 

??teaMson.e n.edicJMeWfaj “ was a pamless fonn 

flung rural areas where faraers ^ treatment. , 

would 'otherwise do without any .. rp^nditional systems of 

treatment Carrying a cine arc widely used along 

of Basic medictoes to taeat simple ^ modern JJej 

illnesses toe .hwefort toMtols have wrt oiUy 

iSds”“nl tSSsanf « S a^’ 

im- wJLsj *n -hp a* widely ^ 

. V/. t 


provides you Wimsuperu TlKBeUSaloonRange:BeU1300-£3^92J8.*BelHM00-I3.824.7S.-Bela2000-I4^ 

h“s^rf^S^lyoumayhavethoi^t tofi^t 

hedashboard: ..V. cost of tins remarkable feat of 

Italian automotive en^ineenng? igOO ' 

The 1300CC version is ^3,2p.38. The ibuu,^ 
£3 824.73. The 2000, £4,080.96. And the 2000ES^: 
£4*456.53. All including delivery charges and twO; 

^^^^^WWchever one you choose, 


You can’t get more of a car for || i l^yii 

less money. The most Italian 

TWI. 01^85355 (24-hour sales enquiry service). 

: lit' 

pSSS sad the SI ,S- ““i'™ J'Sr- 

barefoot doctors so good Jh« me be the 

svstem was- rale in hospitals E 

toctos S ivS Sri- -- vend 

noney. ineiI10SLiuuuuic<^ 

Landa (England) Ltd.. Alperton.Midda:TftI: 01^8 5355 (24-hour sales enquny service), 
withalow-leversmioreasy iwuuiB. i^cia(Engian ) 


un>e..nfatherIanc-.arangesstartabBelaCoupde-£5. 76a..S;BedSp,de»-£4.959.6..P^ 

^ “ ^ Z i IpwpWb^S^ KmBmSm MtaSiJw 

■ aW ■ I 161.047376377 | PauiMMUmmAutOClW. • 1 ..J^SSea-iT 

6% intei^st finance.One monm only. 

... ...1 j .d..»«w.renod.ia 1 lnw interest finance 

while at least o“«*“;ji' are equipped 

the rounds 4>f the theatre. X-ray 

patients. .There are severiJ ^ « 4 ej-e 

markable features about toe cna^ ^ 

hygi^e are g^ \J/U — 


« ,“Sut arranged a flat rate of 6% per annum equiralent to a true 

a two year agreement-This offer I? j®Fj’ 

K nnn 

Sf spa3e beween him. and direct thrOUgn any 

ssmSkS AS"» „ 

attend: refresher^gsj r^- ,^^1118 

.^^.c»nty hospital is hell- 

s,»T„Mde«« ^r;5id r cope“.“S ^ 


of which payment is ma^- Jo J couW 

members of And ^ would not nsk 

ally they often perfom . fairly v^- -^ygery. 

advanced medical fun^ons ip- BToall queues on benches for 

eluding sur»^ operations m dortws. There was no overe^^ 

in toe com- 

rMm^Sntrae. Tbe^operi*^-is not entirely free 

‘sMpupcnire. a highW e?«h« rnriory and com- 

remedy Mid otteu to S^workeia are "> 

cases where, modern ..Vfesiera > operated by 


;^>B*teteV.'*Sa- S£-sf*e V:««- 
Ta»|jS43631 . . 


Baalmy: nsraa Gang^ 

TtHJJSSsk-^'O jc-e-p. 
Bvhfno:? A.C-;s^*7®--'"- 

V. SZjSSiiie 
Bin^ir -*r.-.t" 

Tfj CSirciiiiC ^ 

BinnhiBhliit: " 




7*:inC4S*-3:-3 ^ 

BeoRWonutb: u.G.eRiLu^ '•TR. 

Brt9hiBB:H«-.6*.;-^5 , 


Of|g|0|- CSTS CSfitfL 

161.037237138 ' , 

BramlBv: NMiend {Bramiev). 

BiHvass HiHsTPeys |SUU0}. 

Td: 04446 43431 
Tefc0934732460 . 

CpUftHiii! OicKjefflsn a Ednvoft 
Tit 13 42395 

£t»'ion.TeL 0242 32157 
CMdMStw: Sviian Garajis 
•:«; 0343 67 2271 

DMthsrpax DsMd Short M4tws, 

To. 047263532 
CoklNSton D.Sabne* Can. 
-aiCdOoiWoS ^ . 


i322345 . 

OwbRMdflr PnetHtd Mctcai. 
DoBcvtan ^f't-evirallhloKm 
To. w30j3&4fi74 

T«LCC06674n - 

T«LtL»90»'»l‘ • 

B;0ian Ennouih Gsoget. 

Trt 0392 54414 




M fcaw on t 


Ta^.«hw««a|52333 • 


T,4.-V*AWflWI9«*4 • 

QioiiesaloR iwmsn Mum 


leL WJ**-”*— . 

nirilidfafV: ^44^ 

T*; 0483 60751 • - 

HriHWORh (9bSoft NormaiKingsian 

Ca,s*:«i 0980/3666 

Hniiea B tu AifcVBtw'a Motor Cbbwi 



H, ,.iM itW> a wtonaSapncBStofiU>. 



TW^23S44 , • 


Tel. 0473 76377 
K«nilwMrtti:Mi!lai Bros. 

T4t 0926 53073 


Td- 059B 790224 ^ _ . 

Tfll: 0662 68211 ^ ^ 

Ktann LyiHU Hm e Osboim 
Til- 0563 85296 
Tal- 0532 634418 
laleastar TTurrby GansV. 

■W:0633412143 _ ^ 
Tat 0523 31735 

PaigirtoK BoBHveBraga. 
Pan^suma: Autocars 


Pa t affauaiiBhtP Batoon g^Angg. 

T.i n7U^3U6 

Tel. 0733 53146 
Tri. 0753 771123- 

Tet07B46131BS. - 

StAmwa wi Ba a r Chad iBoitf. 
Garage Tri. 0253 726679* 

M , ■■■■Mh im •a.-i- finihtierfirti 

Garage Tri 0253 726679 

StlawMitli mi Saai SiuMwrfipMs 
Garage lSl.LaonardsI.Tkt 0424 420 641 



Tri- 01-8596861 


Tri 01-828 1922 
&W.1: Petri VMIendm. 


S.W.1S: Ivor HBnkt 01 -946 6688^ 

W.t:Ruto«n Garages. 




W* (Seiwiei oi*irI CtoWJKJ of 
CBUing»n.Tri: Cn-749 7387 
^.ii.h.«in>in iTmMoim 
Tri- 061 224 3325 
MaBslWdtRea Morgan. 

Tri: 0623 810330 _ , . 



HwttMrton SiMtftton UUOts. 

Tel: 060436 W7 . 

Tri06® 45345 

Hatri n ghaneMadmaBMcwa. 

let 060 77 4021 
iktoaesb^ - 

Garage ISl.Laonatosi. ik a 

Saiborouoli: Mobn & Knagga. 
Tri: 0723 64111 

Tat 0723 64111 

Sbaffirid: Marinn Bank Motor Ca 

Tri0742S2488 - 

SkerbviM: Quids Garages IStttrbam^ 
Tri 0935S13262 

Tri 0935S1336Z 

BoutliaBipton: Mednrt Lgia Cer& 
let 0703 22828 

let 0703 2zezB 

Southend! *rinrDa Bor AidotwinL 

Tri- 0702 588200 

SeancMd: Trie SiatisiBd Motor Ca 


Stockton on Tkca;DBo n &Flo» 

,_i. nu-> KMU9 

Tet 0642 561542 
{HvUeyi.Tri 0782 2te44 

{HvUeyl.Tri 0782 2IMM 
-iu> (Y7flaaas26 

Tri-a78968836 , 

SwIiMoic DIri: LmcBlSpaelafaieara). 

Tot n?q3 37878 

jBt 0733 37378 
TMiiMDn:P.5ptfk& ■ 

Tri OS 342 254 

1^0952618061 ^ 

Theydon BoteVkocd & KraBng, 

thnt Revmg Plass Ga.*4c. 

Tri; 0872 862347 

■fanbri d BoWella ; &8*aafcra3a 


Wklloany; M«* Brighton GareQaa. 
Tri- ce; 6330045 
WMhigtoii: Jack Run. 

Tri 01-647 4473 



Tri: 098S 314777 


Tri OS9 64 27356 

Tri OSS 64 27300 
WindsoR Deka Motor Co. 

Tel.9&60707 _ . .. 

Tel. 0902 27897 

Tel. 0902 27897 
WatcaeMR Ciakenlesp Iwim 
TaL09(£ 351821 



Aberdeen: Glen Henderson Motorti 
Tet 0224 29349 

Tet 0224 29343 
^yn Gmi Hnndefson Motors. 
Tel: 0292 81531 
Dimdoe: Panirie Cars. 

Tel- 0982 25007 

EdtoibuiBli: Gkn Henderson Melm 


GlKgow: Gim HendsraunMoWri, 

M ndiM3ll65 

wiili**** * * 

Td 0419431155 

Tri: 03092 214 2 
Td.OTTI 20545 


CsrdlfhSnoWs Garage. 

Tet 0222 20329 
Ponyprldd: Snow's Garage 

Swansa: GUnfirid lavnenca. 

Tri- 0792 34837 

Haverfordwest: PredReoaSangaA 

Tkt 04372436 

BoMobi: Siank-V Hen*-/ 5 Ca 


Tet 0232 41057 
Unwvadir Cooriand Cara. 
Tet 0504723878 


■■ 4 . 

. \udriC= 


Bell Canada accused of 
Arab boycott compliance 

foianciai Times Wednjssday Ap?^ 26_1?78 

protectionism Minis versto lfl^ 

rc ADRIAN WCKS HANOVEi^ April 25. 

* -A-” Ci9 AIRBUS INDUSTRIE ' thck -mn. Aui,^ aiiMiamnf . alriinfis nnci-1ry»s a tloal ha -urill aluJU ,1. 


RANOVEi^ April 25. 


OTTAWA, April 35. 

A RECENT Sl.lbn. agreement Arabians in the operation of a* we are not at this time involved 
between Bell Canada and:Saudi modern t^phtme -system-. ^ in. any direct business relation- 
Arabia will be examined to see „ i week 1o Jfr. ships wth I.srael.” 

developed countries 

A-rbilVlLbe^raalSn'S"!^^^^^^^ ® better lart wWek lo Mr. ships 'with I.srael.” 7 HOUSEGO VIENNA. April 25. craft to Jurtify. a fcin 

whether It discriminates against Gordon., Fairwcather, Commifr Asked. whether he did not feel Governments of the Asian and dalined that such policies also ^ P*^^.by^uly.i. ^^j pne in the Ear EaA _ 

Jews the Prime Minister- Mr sioner -of the Canadian. Human uncomfortable such a Pacific region erare^sed their wnrtpd tn fha >iahnTnant nr ®®^ard Lafhiere, the Air> •In addition, as a resolt of the tte Iwo propos^ bei 

VIENNA, April 25. 

AIRBUS INDUSTRIE, the eon- ^ni. four different- aMines one-loses.a deal, he will alw^ 
sortium of eompanibs buBding before July l» Pins about -the fiiA reaisons to say it was u 

the European A-300 airbus, same number of options. • fair,’*rhfi said. . • ’ 

hopes to win sufficient indica- igx Krook declined to identify Tbb-Airtms Indnstrie chairm 
tions of interest for' the s^^-. ^Unes beyond saying that reiterated the consortium's stai 
down B-10 version of' the air- one was in Europe, one in Aus- ing invitation to Britain to a 

craft to justify- a firm decision , tralasia. one in the Middle East^ .Join' it, in -order .to paridp^ 



Gosernmpn't. .«,! -1 ^ j ,■ ■ , *0 !««“<* the project by July .I, and^ in the Fat East ' ' 'both' in the MO proj^^and I 

Asian and da^ed that such pobcies also u Bernard Lafhiete. the Air 'Tn Ind/Hon ka a resitit of the the two 'proposed •'aircraft bel 
aciflc^ region expressed thmr worked to the detriment of h..T* Sr^Sa 

ment ^ 

•He informed Liberal Bfl» Hert 

Gray that he had asked his «**y SSe^ 

officials to look Into the matter secreraij«iictal of the Arab- ®“®* 
last week and hopes to provide Bntish Chamber of Commerce, -f® 
answers soon. Mr. Gray claimed .*» b^ess intere^ 
the PAntrafti inr^iiides a jstatoment would _ be harmed if she 

replied; “No, and it does not “crippling 

last week .and hopes to provide Bnttstt Cbamber of Commerce, 
answers soon. Mr. Gray claimed *hat ner busiiiess intere^ 
the contract includes a statement '^*1* - ***. wnnw , « “c 
by Bell Canada that neither It adopted -antHioyrott lawn like 
nor any of its subsidiaries has th®** Unit^ Sta^ 

commercial dealings with Israel Maoiice Sai^Ison wiles. Mr, 

» rt ■ j , 1 . , -e al-Hudans, pviag evidence to 

Mr. ^ay said that if a House of Lords select com- 

a condition of the deal, it would 

mean-Belt Canada Boycods BUI, noted that vk: 

ine with the Arab boycott of exnorts to Anb 

iCTaeU countries In 1977 toUlled' 

£2.7bn. and said Arab stotes 

restrict us in ai 
we do business 

John Lloyd 
Sweden and 

OiiU ruiiius w nuUMUU* Amim^ 1 — — ■ W, Z~, 77 imu au. AJadl 9UM waiLiufi 

which are the two other major Development Bank, Mr. triahsed nations had hit the Krook, the 'sales director, ineant i_j ' 

aHontArf jiiitUwivMkf* i»u« lik* companies involved in the pan- Hwan ,.Kim, Minister of Asian region botb through pro- that . Airbus Industrie ' had-^L- -.• _ , ^ •• ' 7 : "SLTiTTrvr — 

u3ted*™tol^ tract, said yesterday that they, for.^th Korea, said teciionism and through stagnat- aV.leswthe .SMe -point ' am^re^Weeu^es 

‘p-Sca." "s 

a Hou„ Of Lonl, ,el«t cm- A sp^ke^aa for Milip, sUd f™ foJffi Sy l«t ’ h™ i-P«t^at win «inin Airbus m’ 

What Airbns hoi^ is.that t 
preset bompany win form t .-&'• - c 
basis of all three projects a';.: ^ 
be'able to strengthen the mark'. : - 
ing'of aU! of them by offer!- • - 
customer airiines varying cd' * suit their needs *. r,!. .-. 

' Frintely^ .many Europd-;''^; 
aero^ce executives here a;"'.,' - 
makiiig little, secret of the fs'- '.. 

i-t :^tr 

the. Airbus 

;i«^,.ud^ : tb.n “lie ^ p„ree“i^o? “> Say elaa”*^ S . ■ ' 

Boycods BUI. nued that UK., dealt with Israel. Asked if the .I. . E°n>PMn. govenmen^ a put ; RoHs-Sbyee can easUy ada V ,.- 

Snnllart-woitt over Mnidoen. the New Uo* derclopment funds ieto’ the 

because of generons Govern- RoUs-Rbyee can easily ada-V;:'..- 
'ment financing sn'ppori, itself to take a dare, in the wot"... 

cated by providing both financial 
and administrative support of 
Bell Canada.- 

The Canada Export Develop- 

could turn to other trading 

^ S“i?isSe rs “w 

the Eastern Airlines purdias'e 
of Airbus ASeOs. 

wfa'ch involves a contract by >o a siaxement oy tne iseil careful to avoid business deal- 
Bel] Canada's subsidiary, Bell Canada president, Mr. James ings with Israelis. Ericsson's 
Canada International, to provide Thackray, who said that Bell had share of the contract is also 
spme 500 experts to train Saudi signed “a statement of fact that worth more than SSOOm. 

Tanker pool ‘to start this year’ 


euwi OB aeveiopmg counmes xeaianu xo conmoute. Xo tne oroera, rauier man- -a -S; »Tr,!:rir A«Li^ -umiiiii- be- taken bv NAT ' 

Au« ^auaua -onwiJHnor tnw the h ^ '** to^ms of Impact OD thelT 92bn. Capital replenishment of number of orders from- -*^*?¥*®*^*MOe ** P«rdi» nefe'nce Ministers on May iS-i 

ment Corporation, a Crown cor- ,***5 had linKs balance of payments, accumulat- the ADB's concessionary lending ‘ , .. of Airb Jn rn^niel! ftmd?ne 

poration announced last week work i Saudi Arabia was under wth Israel. Becai^ of its lon^ ing external debts and disrupted institution.' the Asian Develop- Ihe Airbus company-does not.-' ' aennisitian of the AWAGS ai - - 

reh'UI'v'e/ e centre'e, hv .0 e s.e.emen. hy _ the _ Bell ««fu. .o avoid hueiuee, deal- . — Boeli . 

j 1 • • “r ■ «®ight add MOs to its existing; Indostrie ''executives could now-be confident that.ili. • ' 

I 511*' flSII*TQ flnVP in iQnQn o™rforthe.currenqy-operating,i^ regard themselves- as .the total cost of the fystem woiil.-* - 
V^mJ. j^nJI Ufi. A. V C uJ. tp dJUglJJl. . Atfbus types. .'-.inam challenger on world -mar- work out at .$1.8 to $1.9bn. 

BY TERRY DODSWORTH . IVhat Airbus •Industrie' hopes.- Jtets to Boeing? Mi. Lathiere, how- 'West Germany, he.-said, woul . ' 

for IS a - firm order within tfaer'ever, rejected charges made by contribute about - $900m. be'. . 
BRITISH MOTOR component provement if the sales pressure ^® montiis frOm major atr^- Boeing that Airi>us Tndugtrie.had should eventually get about tl| ■ 
manufactuters will make another is maintained. B°es. in Ewope or Japam . infringed the 'U.S. Fair Trading same wount:back from'fbe pri 

attempt to increase exports to Only last month a tbree-man- M. Lathiere also said that AIi^ Acts and that it had indulged in gramme of -industrial co<ipen' 

Japan next month during a two- delegation from the SMMT met Industrie expects further' ^.predatory ” financing in the. tion and from spending S| 

week trade mission. officials from the Japanese com- orders for at least 12- more -of 'Eastern deal connection with the proposed 

The 18-man mission, the eighth ponent buyug effices recently tiie B-2 and B-4 airbus Yertioiu ' ■•f xfae truth is that when some- A'WACS base in 'West Germauj. - 

Car parts drive in Japan 


I week trade mission. 

; V - , nvu -j i.- V • A j c j- • ,_ Ths iS-msD mission, the eighth ponent buying effices recently tiie B-2 and B-4 airbus vbrtixms 

A POOLING SCHEME for large The idea, which originated Scandmavian owners have com- organised by the Society of establishes in Europe to discuss 

oil tankers designed to raise among hard-pressed Scandi- mitted 20m. d.w.t and efforts Motor Manufacturers and Trad- problems the Japanese might be ■ ' ' '* 

freight rates from their present navian owners, is to float a by Mr. Weiring and others in ers in nine years, fellows the eDcounterlng in building uo 

rock-bottom - levels has now company, probably based in tbe the Far East have attraced month-long investigation of the their businesses in Britain Td.^1 C* •’ X' 

attracted three-quarters of the Netherlands, which will charter substantial support from owners British parts and accessories in- Toyota, Nssan, Honda and Mit- 1 13 I V— ^OVIPT 

tonnage it needs very large crude carriers over in Japan and Hong Kong. dustiy b/ a Japinese trade dele- subishi have all established faci- . »^vg: t.-av*- 

Mr. Niels Wemng, president 200J)00 d.w.t. trading on the Although some of the Far East gation last year. lities for buying in Europe with- ' A j' ' ' ’ 

of the Norwegian Shipowners' spot market and only release letters. of intent contain caveate Since then. U.lC motor Indus- in the last few months. lT3ffP IITI 

Assnciatio.q, said in London them to the oil companies at about clearing the scheme with try sales to Japaodiave increased Among the companles-visitiDg •'A BABAW 

yesterday that the scheme, rates to be decided. the United States authorities on onlv slowly,'-tb aq estimated Japan will be Condura Fabrics 11 - ''' 

known as International Tanker International Tanker Services anti-trust grounds, Mr. Werring £30m. last year against £24Bm. Girling, Hepwortb and- Gruh- 11 V 51 TITfII ^ 

Services, would- be in op^tion needs about ^m. d.w.L of said he now believed the scheme in .1976. But British companies dage, the ttUI Acc^ory Group ^ J ^ " v 

by late summer. tankers to' be effective, would operate. hold out hopes of a steady im- and T1 Transpori EquipmenL Italian-Soviet trade riise 20 

Italy-Sovi^ JTcH'eig^ 

trade up cover supplier credits 

iraae up 
b y a ii]& 


1978. Assets now exceed £106p million. 

April 1976 l Assets exceed £740 millidh. 

Italiaa-Soviei trade riise M BRITAIN'S EXPORT Credits Only ' -accept deals which aii 

vSe ii^W 7 ? G«"ant®® tSCGD) financed in this way. Under tM .- 

Soared with the Drevioiu bas confirmed that it Intends to supplier credit scheme the expor" 

year David Satter risiibrta • extend its foreign currency credit (loan) 15 extended to th| « 1 i. ^ 

from’ Moscow That eoiffi^ TCheme to cover supplier credits exporter, rather than the buyet,ij|'inrl lO 

Sr^treSd of SSSit ySS adth a mafurify'-Qf two.jqats or : SinceTtha Government deewSU IV 

which have seen a vast - ' ' ' ' - ” “ ' ’ ' T**' * 

Sion of ItaUan-Soviet exchanges ECGD has already discussed 
of goods. ludian exports, its proposals with the clearing 

mostly pipe, machinery and • banks and will be talking .to ex- “®Ye had , M|i |\ 1 1 y fir 

equipment, had. a value M poriers over tb.e . next, week- or S“ ® g.\vF 

Ll.lbn., S2 per cent mbw 'two. It will then submit is ^ 

tban in 197ft and imporlSi P«Posal formally to tbe relevant ^ 

mostly oil and gas, wert Banking committees wUh the aim d 

U27bn, , U pec nit. of __mtro<iuemE the feeiUty iti . .. . . -t- 

. The main aim -of exteDdln&-i*« deals oyer £5m. . 

'ran nil aac ilaol scheme to supplier credits Extension of tbe scheme will : 

raij uiiy gab ueaj . j jg jq assist those exporters who dhus allbw those exporters who 

land to 

i Rove; 

tban in 1976, and import^ 
mostly oil and gas, were’ 
worth LlgThn^ a 12 per ccaL 
rise. j 

-P* P* . »y ■ 


? Thankyou. 

5 Just four yeara ago in 1974, recorded 
assets of the*Britannia Building Society 
stood at a commendable £530m. 

Todaj; the figure stands at a remarkable 
SlOOOm plus. 

Pill outstandii^ achievement by sny 
standards, which the credit must 
obviously go to -you, ourinvestors. 

And at the same time, an achievement 
that sets the standards for the future . 
development of the Society 

That’s where financial strength such as 
this is vitally irriportanL 
- Not only in m^tainingtlie current high 
standards of service and security available 
to ourmany investors, but equally in the 
development and e^qiansion of the Society 
into new areas. 

Financial strength that guarantees 
future growth. 

Here^ to the next £1000m. 


DuildinQ Society 

Always there to hdp. 

Chief Office: Newton House, 

Cheadle Road, Leek, Staff&Td: 0538-38513L 

Iraq oil, gas deal . • 

SauBpregetti, ihe engineering 
company of the Italian ENI 
group,'has been awarded two 
big contracts by SCOP, the 
Iraqi state organisation for oil 
. . pr**fects, for management and 
' engfneerlng services in two 
r large oU and gas projects.,- 

1 * ' K • 

’ Textiles imports 

Certifleates of origin or 
other forms of docninentary 
proof wUI need to be produced 
for commercial imports From 
all non-EEC sources of textiles 
. and eloibing In the 123 
categories covered by the 
textile agreements recently 
„ negotiated between tbe EEC 
and certain supplying 
countries, Mr. Michael 
Heacher, Parliamentary Under 
Secretary for Trade, has told 
the Commons. 

Airline booking system 

A $6m. order for 'a number 
'Of electronic booking and In- 
formation systems has been 
placed by the Swedish tele- 
. ; eommanicalions admlnlstrailnn 
with L. H. Ericsson, John 
Walker writes from Stock- 
holm. The system has been 
developed by Eries.son’s 
Aostrallan subsidiary where 
the s.vslem 'has already been 
installed and most of the 
equipment for Sweden will be 
manufactured in Australia. The 
new system will shortly br 
introduced In Hong Kong and 
Sandl Arabia also. 

Brazil data contract 

Paclel, the computer and tele- 
communications division of 
PA International, has won a 
£329,000 contract wilh Em- 
bralel, the Brazilian telecom- 
mnnications authority, . to 
study (he country’s fulurr d'ata 
Gommnnicaiion needs, John 
Lloyd writes. 

Foreign stake down 

Foreign Investment in Brazil's 
prodnclive industries is declin- 
ing gradually, from 29.1 per 
cent, in 1976 to 15.8 per cent 
In 1977, Diana. Smith reports 
from Rfo de Janeiro. Never- 
th.eless, uew projects or re- 
investment of profits by 
foreign eonttm^ have biniight 
In. more than glbn. a year. In 
the past' 'two years. ' New , 
foreign • operations- .in BrazH i 
have shifted* away fTom 
straighiforwaid manufacturing 
into expert assistance, tech- 
nology- and marketing. 

Investment in Israel 

The inflow of foreign invest- 
ment to Israel, which had 
dropped sharply for two con- 
secutive years, began to 
recover last ?ean Increasing 
by $15m. to $120m., L. Daniel 
writes from Tel Aviv.- The 
: increase came almost entirely 
I from UJ$. and South African 
invntors mainly In small 
plants producing for export 

HK defidt widens 

Hong Kong's March trade 
(lefirll widened to .$HK1 035bn. 
from $HK842ia. a vear earlier. 
Tile Census and Statistics 
Oepartmeni said exports 
toialied SHK2.86bn. (fob) in 
March, up 22.9 per cent from 
a vear earlier. Re-exporU were 
$HK987m., up 29i^ per cent 
Imports were SHR4.882bn:, 
(eif). np 2441 per cent. From 
. Marrh. I9T7. AF-DJ ' reports ' 
from Hong Kong. - 

have traditionally financed large, prefer to' finance their ' 

e^ort contracts— of £20m.. or through the supplier credit- ?- 
ifiore — 00 a supplier credit basis, sriieme to do so while still comj ' 
'i'Mast of this business : is plying ' with the GovemmenYs. - 
Aancert on a buy«r credit basis , foreign currency directive. . 

But some> sectors, of hidtisiry,- The aim of the switch ,to ' 

Such as ship and aircraft -mariu-. foreign cunreney Is to save pu> 
tactucers.-' tendf to- finance ^xudi lie apenmi^ 'by redueiog the ire-'* ' 
deals'OQ-La'sappHer-credlt-basis. financing element, of ke- 
''So too. do a few-companies in. port credits' 'and' moire signSP 
other lOdustrieSi Marfoni bc^ng cantly . [to bring an immediate - 
one - example, while- some benefit to the .U-K. baJsuee ^of 

countries, siicb a» China, - will payments. 

Swiss, wakh growth slower 


ZURKn. April 25. 

EXPORTS BY the Swiss watch only 0.6 per cent higber-in value;.'.-/ 
Industry rose by 7 per cent in tban in tbe 1977 . quarter, and'.,*' 
the -first • qiikrter ®f this year, those of pin-lever \ watches, der;;.^’”- 
eoxnpared with the corresponding dined by ,2A per cmt. Foreign' 

1977 -period, -to a- -value of sales of pin-lever movemmits fdl-.!‘ ■' 
Sw.Frs.73ftSBi. 39.2 per cent .over the year.i.^'" ' 

Particularly marked - growth The: first quaiterix fi^reA.^*'^'- 
rates -were.booked for electronic point to a slowdown .in -export;* ^ 
watches andmovements (25.1 per. growth, especially for finished,.-" 
cent,), -»«an'd .. for- anchor^tefa -watches, due primarily to -a:''-' .' 
movements... (24.4 ..per^ cent), braking dfect- on- new- ordersv'^''' 
Deliv^es abroad of .finished' imposed by the monetary -situa'! ''- 
anchor watches,, however; were ♦ion... . 

What m one pair ; 

f lurch’s wcath two pairs 
' Wmost other shoes? 

On average a pair of ■ " 

Church ^oes costs ■ 
twice .as much as a . . '' '■ 
pairofmostother ^ 

.; shoes. One glance . 

. :-wiH tell you why ^ j; 

Sipef^^ncCTu , . ■ • 

Leacher Block or Dark Brown 

- katiuic Bodebindeffihish. 
Ne-ofwcrauonsiavolved: ' 
About 160 

Nd c^ceafimeopleiavolved: 
A^c 14u . - : 
hw.xinn^iectuMis: 10 during 

pftlMSS . . • . 

*11(116 token: 10 wedcs 

- Pedigree: Oiutriik JOS .yearsof 
.:iiiie katiiercnibinuBhip. 
rPolidurts: Comd-ioir b™AM 

’ Intftfw -t mrtrlimr 


:RtTf^'E&F . 
SnMfiam'j£4LSS • 

■ -ssnr IN 


.'fj*;;- r;"” 

T* (ih ,• ■-'■=■' : j • 


A.jMMk-SmC«^AI»(raarttfWA0ctbiv»Anu(|mM(aelXefttKliKa«BnoKlwc^VcuiIem ' 


''-".V 'it 

« e;Jr. 

April 26 1978 



Motor HP Underspending cut 

restrictions 6i.i i 

‘should be W^ely this year’ 

SheU executive < 
as NEDO’s new 


“-If ■ - 

* \ t, • 

hM to find 



' • JiA :'BY DAW 

■.I - ■ 

'■ CIVIL SERVICE' disclosed 

: ' • • ' fiw'Sesterday that it is isieiag severe 

’ • executive 

; u^d specwUst jobs. 

. " in- particular, the . sbortfall is 

' unons medical, -accomu- 

‘ '‘‘ 7 *wd : dobipUter io^ says 

■ • ^-’OBie'^ual report of the Civil 
• ^ ’ K Commi^ott. 

t'S'Jt'l-Although. no reason Is given 
''--.%’^LMhe laek of right quality 
- '■? (;, ti*e Solely of Civil and 

' ’ v {. executive eivir servants when 
• i-i^parefl "with the private 

.. • tj-S; The eommissioa*5 report says 

' ‘ r ' . that recruitment -at junior levels 
! last year. ” continued to be 
r «*; generally buoyaDt." The Civil 
' ••• >; Service is usually able -to fill 
■'•‘..A these .‘posts- without trouble 
. .. ’ i.^idiiriss times of high tmemploy> 
^ -j in the. economy. 

. ‘-^c- But filling vacancies for senior 

■:..u,T=: and specialist staff “ presented a 
" *t. problem which loomed larger as 

- /'■'■i ib'e year wore, on." - 

* ^ncv 


The report highlighted the dif- 
firultfes in fining prof^ional 
pa<U5. More than one-third of 
the 33 vacancies for accountants 
were left -unfilled, at ' salaries 
ransins from about £5.000 to 

^ The Civil '. Settee also, failed 
to attract enough medical staff. 
at salaries ranging trota about 
1 . £8.000 to over £10.000. “The 
■V shortage of recruits as. veterinary, 
officers is now., serious, as 

recruitment is exceeded by wast- 

■The ' " most strikiag lllustra* 
tion ” of the difficnlty in filling 
some senior posts was the dis- 
appoinring - response . to - the 
advertisement for the vacancy 
for deputy chief -economic 
adviser to . the Treasury. 

This JE14,000-a-year job attracted 
only four applicants from out- 
side Whitehall, none of whom 
wbom was of the standard of the 
serving civil servant who. finally 
got the job. ■ 

Another problem area was the 
inability to recruit principal 
grade staff for the administra- 
tion group. “ Of the Ig vacancies , 
we managed to fill only eight. , 
and only one of this year’s' 
recruits brought any experience! 
of commerce or iaduscry.'’ i 

With as increasing wastage of I 
executive grade officers in the | 
computer field, vacancies fori 
trainee programmers were more; 
than 50 per cent higher than last I 
year. ” During 1977, few trained i 
comiputer staff responded to our| 
advertisements offtfmg com-: 
pnter posts." j 

The commissloD was also con- 1 
cerned at the number of candi-j 
dates to he science group whoi 
subsequently rejected offers ofj 
appointment Daring 1977 this 
proportion 'increased' quite 
markedly, to nearly 60 p« cent” 

More than h^f tbe recruits to 
fhe . post of adminiriiation 
trainee came from Oxford or 
Cambridge last year. The num- 
ber of applicants alsor- dropped 
hv 8 per cent. 

Civil .Service Commission. 
Annuat Heport. 1977; SO,: . . 

By Terry DodswCMrth, 

M^r Industry Correspondent 
president of the Motor Agents' 
AsaociaUotr. called yesterday for 
the removal of hire-purchase re* 
strictions on second-hand car 

I Mr. Campbell, who is also chair- 
man of Mann Egerton. the 
British Ldyland distributor, 
argues that current HP regula- 
fioDg are holding back the U..^ 
market at present, and that a 
further boost is necessary if the 
present buoyant sates coaditions 
are to be maintained beyond the 

He also believes that private 
buyers, wbo are tbe main 
customers for second-hand ears, 
are receiving a less favourable 
deal from the present tax struc- 
ture in Britain, which is ^ac- 

tively providing cheap motoring 
to company car purchasers and 

to company car purchasers and 
corporate customers able to take 
advantage of leasing contracts. 

The BlAA’s pressure to ease 
second-hand credit restrictions is 
not. at present, being supported 
by the Society of Motor Manu- 
facturers and Traders, the indus- 
try association for tbe car 
producer companies. 

This appears to be raaiuly be- 
cause of B.ritisb Leyland's fears 

that any improvement In credit 
facilities would increase demand 
and suck in more imports. 

HP restrictions currently stand 
at a 331 per cent deposit with 
a 24-mouth repayment period. i 

Government cash limits in the 
past two financial years is, likely 
to be reduced in the current 
year. Sir Anthony Rawllnson, 
Second Permanent Secretary of 
tbe Treasury, said yesterday. 

He told the Commons' Public 
Accounts Committee that depart- 
ments were growing used to the 
system,' that the Treasury was 
encouraging tauter estimates and 
greater use would be made of 
the monitoring figures. 

These three factors would help 
eliminate the sbortfaii, • though 
be stressed that cash limits were 
not the only reason for under- 

Mr. Edward du Cann, chairman 
I of the committee, welcomed tbe 
iTreasory's proposals for merging 
cash limits with the traditional 
Parliamentary estimates and 

He said that if, as the Treasury 
stated, the merging would, bring, 
increased financiail precision, 
greater Parliamentary control 
and less work for leading civil 
servants, tbe move would be very 
welcome. His “instinct” was to 
pot the arrangements into effect 

Sir Anthony said there was no 
simple explanation of the under- 
spending, and tbe Treasury did 
not pretend to understand it 
completely. A number of factors 
were involved, including some 
overestimatiOQ and some under- 

Three factors would reduce 

the shortfall, in spending in the 
current financial year. First, 
many departments were now 
aware of what jhad happened. 

.Second, the Treasury had 
encouraged taut estimating: 
third, the arrangements for 
obtaining the monitoring figures 
were- working quite well. There 
was still “quite a long way to 
go in making use of them in 
finding -out what they mean in 
terms of plans as a whole." 

Sir Anthony agreed with Mr. 
du Cann that cash limits . bad 
helped control expenditure. 
There was only one qualification. 

Added to the two original sets 
Of estbnales — tbe survey prices 
of tbe annual expenditure White 
Paper and the Spring estimates 
with tbeir-later supplementaries 
based largely on current prices 
_ca5h limits introduced in 1976- 
1977 complicated managerial 
control further. 

Referring to tbe Treasury pro- 
posal of merging the Sprung esti- 
mates intO'tbe cash limits, which 
take acconnt of infiation through 
the year, he -said: "I think that 
to reduce two of those sets of, 
figures into one is a highly desire 
able managerial objective which' 
should further strengthen Qie: 
benefits ' which have been! 
obtained from the introduction' 
of cash limits.” 

If the proposals found favour 
and were approved rapidly. Sir 
Antbonv said, a start could be 
made to. the changeover in the 
next financial year. It would not 
be possible to complete the 
operation by then. 


A SENIOR executive of the 
Royal Dutch Shell Group with 
considerable experience in inter- 
national affairs has been 
appointed as the new director 
general of the Natidna] Economic 
Development Office at a salary of 
slightly less than' £19J)00 a year. 

He is Mr- Geoffrey Chandler, 
aged 55, and his main task when 
I he Takes up his new job in June 
will be to try to build credibility 
for the Governments industrial' 
strategy and communicate its 
ideas lor individual industries 
down to managmneot and shop- 
floor workers. 

Mr: ChandleT is. now public 
affairs co-ordinator at - Shell, 
where he is a director of the 
group’s main UJC and Dutch 
companies. He joined Shell. in 
1956 after working as a Journalist 
on The Fznaseja} I3mes and tbe 
BBC foreign news service. He 
will be tatting a cut iu salary on 
leaving SheU. 

The announcement ends an 
eight-month hunt for someone 
to . fill the post and both the 
Prime Minister and tbe TUC 
were specially keen to choose a 
man from an industrial back- 
ground. Tbe last two directors 
general— Sir Frank Figgures 
and Sir Ronald McIntosh — were 
former, civil . servants. 

The ' appointment was' wel- 
comed last night by leaders of 
both sides of Industry, including 
the president of tbe CBI, Mr. 

I John Greenborougta ‘ who. as 
' managing director of SheU U.K., 

i;*’ -s 't i*?* 

I li.-r ' *; • ; 

I f ^ 

JHr. Geoffrey Chandler 

is a colleague of Mr. Chandler. 

But some union leaders, may 
be sceptical about Mr. 
Chandler's lack of direct U.K. 
industrial expeiienee, aRhpugh 
-they will respect his knowledge 
.of interoataonaJ trade affaiis 
and of the international oil 'busi- 
ness, which will be useful at tbe 

Last nigbt Mr. Chandler was 
loth to be drawn on how he re- 
gards the job and said that his 

main experience of Ihe NED 
trip^te sort of operatanu J 
volving the Govenxment ai 
both sides of industry, was wh( 
he was managing director < 
Shell Trinidad for five yea: 
from 19M where tripaitism 
Government was being d 

He believed in "leading l 
example and running things I 
consent ” and intended 
approach the work to begin wil 
like a tram: “First Tli stay c 
fix^ tracks; then m be moi 
flexible like a trolleybus; at 
when X have felt my way 1 sha 
act in the manner of a bus.” 

% said of the Nation 
Erbnomic Development Count 
which runs the Office: “It is 
place where the three eruci 
parts of the economy meet in 
manner which may not hsppi 

“This does uot lead me 
have fears about a corpora 
state because 1 believe that the: 
are sufficient other checks ai 
balances in society.” 

Mr. Chandler served durii 
the war in Egypt and in Genna 
occupied Greece. After the wi 
he read history at Cambridge. 

During his time at SheU i 
was president of ihe Institute > 
■Petroleum from 1972-74. . 

The bunt for a new direeti 
general started last summ' 
when Sir Ronald McIntosh, wl 
had been Erector general f 
4| years, told tbe Prime Minist< 
he wlsfa^ to resign. 

Xeyland to double 

Land Rover output 


LEYLAND CARS is spending the 
.... first £25m. of the £250m. pro- 
gramme to doubie output of 
Land Rover/Range Rovermodels. 
' cA-en before tbe project has been 
. apfiroved by the British Leyland 

: Mr. Michael Edwardes. the 

• chairman; has authorised the.ln- 
v^^tmant to prevent any delgy. 
' (o,.a -venture .seen, as esntriil to. 

■ ■/ anx Leyland- .recovery. ~ The- 
"** q TQ^ney- W.111 - ha cornnitted to 
: -7 ea^rlnq a rapid build-up of .pro-. 
:j,;‘ ductloii,. 

The company is cooscinus. of 
the need to move quickly tn 
. retain its 15 per cent share of 
an increasingly competitive 
international market. Mr. 
Edwardes has made it clear that 
he Hill not seek apprOvai from 
, , his Board until the work force 
has given a prior commitment. 

The important question is 
whether Mr. Edwardes will take 
: a hard line and make the go- 

• :-'i ahCad conditional on memher- 
V ship by tbe Solihull plant of tbe 
■:c worker-participation- machinery. 
.- The Transport and General Wor-. 

kers’ Union at the Rover 

- : >: aSRembly plant has beu adamant 

• i; in- its refusal to join. 

- r ‘Mr. Edwardes will have to 
-; decide whether to compromise 

; with such feelings and run the 

risk of alienating support- from 
workers already In parricipation. 

At preSbnt, Land Rover produo 
tion is running at 1,350 a-:Vreek. 
and Range Rover -at 325. 

' Joint output should ■ start to 
rise early next year lo about 
1.600 vehicles a week and reach 
2.700 by 1982. A further plasc 
of expansion should take caparity 
to 3.200 units. - . 'i' " 

' Names of the Board respon- 
.lible for thfi'four-wbwl-drire ex- 
pansion programme .were re- 
leased by Leyland yesteMay. 

Mr- Mike HodgWnson, 84. 
managing director of the pro- 
posed new Land Rover company, 
has anpointed Mr.^lex Maekie. 
the Solihull Plant director, in 
charge of manufRcturing. 

Mr. Jack Re^an. at present 
director of Thtf'overseas division 
of Leyland International. MU be 
responsible -for sales and mar- 
keting. / 

Product engineering goes to 
Mr. Tom Barton, one of the 
originifi engineers on the Land 
Rover' project Mr. Ron Phillips, 
manufacturing project' director 
at Solihull, will Oversee quality. 
Mr! Bill Davis, a member of the 
Jaguar, Rover, Triumph board, 
completes the team. 

Mr: Tim 'Wcrralli 32. has been 
appointed managing director of 
S U Butec. 




New factories will bring 
jobs to Ebb w Vale 


GOVERNMENT approval for tbe 
building of 4S advanced factories, 
in the Blaenau-Gwenrdistrict was 
aonounced yesterday by Mr.. John 
Morris, the Secretary oJ State for 
Wales, as part of the drive to 
replace jobs being lost by the 
ending of steel making at Ebbw 

The factories; to be. built by 
the 'Welsh Deveiopineat Agency, 
at a total cost of £7m., form the 
main item In tbe Government's 
£l2m. speeial aid package for the 
Ebbw Vale area, announced this 

The package followed the 
agreement between the British 
Steel Corporation aod the unions 
to end steel-making at tbe Ebbw 
Vale works, - with the loss of 
nearly 2.00D jobs. 

The factories will- range from 
1.500 square feet'to 50.(KKr square 
feel, with particular emphasis on 
units of 5.000 square feet. 10.000 
square feet and 50,000 square 

Tbe total - new factory space 
being built is 464,000 square feet 
which tile ajgency estimates will 
provide soffident space to support 
809 to 9D0 Jobs initially, rising to 
double that over three years. 

Nearly hair the new factories 
are to be- constructed on the 
■'Rassau industrial estate, now 

being developed after delays aris- 
ing from local opposition which 

led to a planning inquiry. 

Sir Darid Davies, chairman of 
the agency, said yesterday that it 
was -now able to accelerate the 
development of the Rassau site. 
About £700.000 bad been spent 
on site clearance, and the agency 
had let a £2m. engineering con- 
tract to provide platforms for the 
new factories. 

Plans to provide additional 
factories- -io Cardiff to offset the 
effects of tbe East Uoom. closure 
were well advanced and tbe 
agency hoped to make an 
announcement about them 


Rough gems surcharge 
likely to he imposed 

British Gas leads the world in gas 
technology. Our know-how is in dranand all 
over the world. This not only earns Britain 
valuable foreign exchange, but provides new 
export opportunities for British . ^ 
manufacturing industry And British Gas 
earned some£8milhon from its various ■ 
consultancy services in 1976 / 1 . 

procedures. Training has been carried out for 
other gas undertakings in the course of 
constructing their own LNG facilities. 

cu. ft. a day (equivalent to a quarter of 
Britain's tot^l daily gas output} are installed 
and pirating ^ccKsfuUy 



British Gas carried out the largest 

M-^n /f/-\-nT7(si>«n-n nrrMTi-amm^ ^T7Ar 

ROUGH GEM diamonds coming 
on to the international mareet 
at a London sale starting next 
Tuesday are likely to he rabjert 
10 a surcharge of between 25 ud 
30 per cent, on the list, pnee. 
according to Antwerp .diamond 

The sale is one of 10 held every 
vear for about 300 selected 
clients by -the De Beers Central 
Selling OrBanfsation, which 
dominates the world markeiing 
of rough diamonds. ^ 

The surcharge ts part of a 
policy adopted to damp down an 
nverheated .market. At the last 
sale, earlier' this month; the Im-* 
position was 40 per cent. 

De Beers has stated that the 
level of the surcharge, or indeed 
the decision to Impose H at all,- 
depends bn market - conditions 
before each sale. 

At -its height the speculation 
involved the payment of 
premiums Of more than mi 
cent above . organisation prices 
for rough diamonds which could 
be held as ‘security against cur- 
rency instability. 

Tiie centre of this activity was 
Tel Aviv. The result. was an 
accumulation of stocks intMded 
originally for cuttingi polishing 
and mnnu^cture. of jewelleiy. 

Merchsmts here have noticed 
a trickle of rough stones coming 
back on to the market frop 
Israel; but feel that this is likely 
to stabilise in summer with a 
resumption of .the steady flow of 
diamonds from the mines. 

It is widely assumed that the 
surcharge will be reduced to 
about IS per cent, at the sale 
after next and that De Beers will 
th en raise its list price to meet 

Pipeline Wddmg. 

British Gas has provided expert 
assistance to the Pipelines Authority of 
Australia in radiography and weld-fault 
detection on the Moomba to Sydney pipeline. 
We are frequendy called upon to provide 
assistance in this area of technology and also 
provide training for staff frorn dthex 

undertaKen— anywnere in me worio. Ana 
completed it in record time. So it is not 
surprising that other countries cGn-vexting 
to natural gas are turning to us for advice. 


LNG Experience. 

Most of the large new liquid methaiie 
carriers budt in the western hemi^herehave 
used the Britii Gas Canvey Methane 
Terminal facilities for initid cooldown and 
test procedures prior to cemnnissioning. 

This is because of tiae long-standing . 
esperience of British Gas in the operation of ■ 
amarine terminal/LNG.baridling and safety 

Gv-Makinff Processes. 

One of our most significant successes 
has been with processes devdoped initially 
for tbe manufactiJre of town gas from oil ‘ 
feecktocKs and snbsequendy adapted to 
produce a fuel interchangeable "with natural 
gas.Thisis the CatelyticRich Gas process, 
which is widely used. 24 unite of one version 
have aheady installed in Brazil, Italy, 

Spain and Japan. And in the United States, 

14 CRG process streams, with a combined 
production capadty of some 1,200 million 

Lopkins to the Future. 

at Vfetfield, in Scotland, we ha've 
developed new technology to produce 
Substitute Natural Gas from tbe world's mosl 
abundant fossil fuel— coal. 

The inimediate need for this technology 
is in the U.S.A,—and American gas 
companies haTC shown their respect for 
British know-how by investing huge sums 
to fund om research. However, the long- 
term implications of this new technol^ are 
far-reaching for Britain and for the world. 

Thatls what we mean when we say that 
“Gas gets on with it? And tiaafs what we 
mean by “se lling knowho w ^ 

totheworli' y^STlSX 





Rn’ancial Tim'es Weto^day ■ Appt 26 \' 1878 *. 

Two BP Chemicals 

plants to 


CHiEBnCALS is Closing two mouth vos operated by Forth chesBcal pcoducts. from .OPEC 

volants at its manufacturing site Chemicals, in which BP has a' tW(H countries.*’,' 

.-al Grangeipouth, Gotland. - thirds stake, llie other third is BP CheinicaU was considermg 

owned by. Moosanto, 4he . -U.S. diveisifieation into other areas 

>=.:it U‘ suffering from the con- 
tinuing stagnation of demMd in 

(rf the .industry not affected by 

w«t FSooean netroehemicals ^ .Chemicals made the £a^ wjUch are depresmg 

*rin R»ShelL » ««!Pared petrochemicals. 

«rtth £38m. fn .1976. Proitaoiaon -Mr. Btir^eU. told-, employees 

CD /'k.ninate mangiririff director wiui la .IJMO. rruouvi.M/a wm- eui^iujees 

mcreued miiiSiBHy to just- oyer that _BP. miur teke 

;,ame -hope of aoy real intprove- 

The company is AuHing its ■ d J^p X”Stion*iii-^^aIit? 

Slsrly r di^: f4Si,?SS^'L“y^'To^^Jei5S: 

Styrene- -market throughout, turn in of its 

— rhT^r, i- 1- - ;« \Lz *0 broaden this base, especially 

-.'Eurtipe is severely depressed. “ ®*®^'in overseas markets, where BP 

^■1(he 60,000 tonnes-a-year plant petro*^^ - Chenricals does not have a targe 

"■“'is the oldest and least efficient “We do not have the proteo-. manufacturing'-posltioiu; 

of BPs st^ene operations. tion of a M^dent diversity •oi..;.“What Is at stake here is the 
<9d ‘ Production of stjn'ene, the raw chemical activities. whkdi will -go very ability of our company to 
- -material for the manufacture of on provtdiz^ profits when other expand.’-' ; . At present ' BP 
-plastic polystyrene, will be parts of our burihess'aie having (%^cals has £200m.-worth of 
^eontinued at the company’s a bad tinae.” capital projects in- progrea. . 

siBaglao Bay site. South W^es. The combination of dinauic- *®‘We- cannot go -on drawing 
f.- 'Another 75,000 tonnes-a-year overcapacity in Burope and in- .at this rate -from, the BP 
'-'istyrene planMs.shut at this site, creasing exports from the U.S. -Group, -unless -there is a^ reason- 
because demand can already be and Comecon countries had led able. ..expectation that BP 
adequately . from ■ BP “ to a near^coltapse'erpn^ and Chemicals is going to start to 
llChemicals' largest plant,' a consequently, of profits and cash pay its way," Hr. Burcball added. 
'^, 000 tonnes>a-year unit brough Bow. Unfortunately this is hot . His -statement comes only days 
on stream in 1972. likely to be a shoit-term situatioii. ^F|eT..Jmperiaf Chemical' Indus- 

Workers employed on the “The over.capacity problem is tries that it would have to 
-*-4tirene - operation at Grange- estimated to be with us until the -review its £800m. - capital 

^'mouth'are being moved to other mid-1980s, by which time w^my sa.netioiring programme, unless 
—jobs at the 'site'. have to face competition in our- profitability showed an earlyj 

'^'.'1^ ^renq plant at Grange- markets from imports of petio- improvement 

Half private solicitors ^eani 
less than £7,050’ 


if^EALF 'the solicitors in priate to the public** particularly In -of committees subject to Govern*. 
' . practice had “ real earnings ’’ of -rural areas. . * ment control to 'deal ^^uateiy 

*':less than £7,050 in 1976, well - One in three solicitors who with fees explains this shortfall.” 
~~‘beIoW the National Health Seiv practised op their, own had a While, the expense to a firm of 
... -vice income of the average doc- gross income below £5XM)0 and, a solicitor attending a Hig h 
1 ‘iors, according to a study carried after allowing for tiie cost of -Court trial could hot be less 
'‘.'out by-the Law Society in that maintaining «»rii^Tig -capital, than-..-£7Q per day, tiie - scale 
' year'an'd published to-day.. ' income would be~ about £4,8M. -allowance was £20.25. “ Legal 
.The — survey compared the “Out- of -that- sum -he- must Aid-work in the Crown Court is 

median real earnings of solici- provide his own pension. He is often done at a loss. 

--tors —in -.private practice- with qult e-unaMe-to- provide anytiiing-' - -The-present -syste m o f cha rg- 
« those of general medical practi- remotely adequate and will not log by reference to the compli- 
I tioners (£S.S93). dentists (£7.798) be able to afford to retire.** cated, illogical and archaic scales 
" and Metropolitan stipendiary -r j a ' must be abolished and replaced 

f magistrates (£11.750). ln3G6f)Qflt6 by the fair and reasonable sys* 

S In a few firms with 20 or Solicitors obtained about 76 ^**^®** applies to non- 

b more principals, however^ per cent, of their fees from non- contentious work." 

I almost all concentrated in the contentious work. While the Corn-noting on the high 
hCfty of London and with their report recommends that the income made by some large 
[ business “ not typical of the charges In non-contentious busi- of solicitors, the report 

R profession as a whole "^the ness should not be- varied, under wcrit Is mainly 

!{ median share of net pre-tax in- the principles set out under the commercial and ‘often inte^ 
b come was £40,000 per year. 1972 Order it says that the net national, and involves Iqrge sums 
I The survey— which covered a income- ftpm-'oontentloas -work cl money, frequent Jounfeys 
!j sample of 4.230 firms— says that » inadequate. abroad, often at short notice 

d the problem of earning a reason- “For instance, for every £100 and -very special skills, 
liable Income is especially diffi- of fees (barged by a solicitor for "Practising in the City of 
1; cult for smaller firms which pro-- court work generally, over £75 London is also very expensive, m 
vide “an Irreplaceable service goes on overheads. The failure that large and ever-increasing 

capital suras have to be intro- 

t. .W 


I7direct flights 


^ Hera'v 

from the UK 



got the details 
ring 01-6801011 





. iwtss. • 



. raites . 


RewSfniUiori pa.sse^etslastyeiff' 





iwdf BLooMfM’M^eveaoas 

AU jev round she types vour mail, covers for you, 
puls up with your moodb and 

Now you can do something for hea 
Send floweis loyoursecretaiy fbrSecFelary^ Week. 

'\bur local Interflora florist can surest a variety of apprc^miate 
floral ^ fix you to choose hom- and arrai^ for your 
gift to be delivered cither to your secretaiy^ home or die office. 
The quality condition and value of every Interflora 
ordW is, of comae, fully guarani^ 

Ifs the least you can do to show your appredadon. 

tfaankyou/« Abesnitifuliy 

duced and maintained out of 

. ** Maring In . mind'.,1h4se 
tors, these ftrme - are . able to 
make, profits which reflect the 
service they provide." 

Rroeri on Ifte 2975 Survey of 
the Stmeture and Ttemunemtim 
of Ihe Solicitors' branch of fh^ 
(eoal VTofession m prtoofe nrnc-| 
fice; The Low Sndeht 113 CSmI’. 
eery Lane, London WC3. y 


£ 3 m. boost 

gas industi^ 

By, Qnr B^fast :Cen«spendent 

THE GOVEZlNMENT.has agreed 
to. inject*’. uotber £3m. into 
Ulster’s diling industry, but 
it says that prices to the' -con- 
sumer will have to rise by as 
much as 10 per cent 

It Is an interim move, while 
Hr. Boy. Mason, the Northern 
Irelimd ' Secretary, considers 
whether to commit more tfash 
fTOni. .for a pipeline to bring 
natural gas from Scotland at a 
vastly reduced cost to tiie eon- 
ixunxer.. 7 ' 

.- ‘ Hr. .Mason u under pressnre 
from !tbe dozen .or more indi-. 
vidual gas undertakings to give 
the go-ahbad for. natural gas. as 
soon as possible. 

Mr. Harold McGosker, . HP, 
chairman of the province’s Gas 
Employers’ Association, said 
yesterday: .The rise In prices 
will make it extremely -hard to 
hold on- to existing customers at 
a time .when the Govenuherit 
lias ‘riot yet made a decision on 
the long-term future.’' 


THE NATIONAL- Coal Board' is 
to spend aoje' than £130 izl on 
the developm«f:-Qf a. new pit 
near Staffoxtishlni; 


to the village <$.lHopton. 

Woricabte reser^ in the area 
are mre rtah -BKkn. tons, with 
the pos^biHi^ of further reserves 
being-ptiwed as the pit develops^ 
-* At ah esliinatsd annual proluc- 
fiKm-rat'e oiE ^irn'tone a year, the 
pit is expected -to 'last for .the 
next 50 years.- it will be fully 
^erational within lihe next 10 

Most ‘of the ooal to be produced 
by Parte. .Colheiy will be -tor 
power stations, with a ‘ small 
amount for dndu^tal use. 

The -'coUieTy. vnll «npIoy 1.400 
me'n, of -whom about' half are ex 
pe'eted to "be . new recruits to the 
industry. Many of the more ex- 
perienced meii will probably 
come from West'-Cahnock colliery, 
U3 SoutiilStaffoiidsbire. 

.West Canhodr now employs 
'more -than 1,000 men, but Its r€‘ 
serves are .l^ted. 

Aplenning appUcation will go 
before Staffordriitae County Coun- 
cil soon. 

Pernod sales 
in U.K. rise 
by 11.52% 

' nnaheial' Tiincs- Reporter 
SMiES of Pernod in the U.K. 
increased by 11.52 jier cent last 
year compared fidth a national 
average decrease -in spirits sales' 
of- 14.4 per cent according to 
figures issued yesterday by Mr. 
Claude de Jouvencel. managing 
Sector . of .the U..K. . subsidiary, 
J. B. Parkington. 

. -This, year Pernod will .take 

about one quarter of the com- 
pany’s planned £lm. advertising 
and promotional budget the 
main effort will, be poster cam- 
paigns In London, Manchester 
and Liverpool daring spring and 
late autumn. 

In . the first qnarter of 1978 
sales of all Pernod/Ricard pro- 
ducts, including- - wines and 
brandy,- were up bP 43 per cent, 
on the same period last year. 

Designer wins 
business award 

A FASHION designer was named 
yestentay as Manchevtei^ Entre- 
p«m«uff-/dfr-the^eat{. %ie- wpa 
£L 00 (l^::ia';^h‘eli$^.he^\. s^ in 
hiisineks. - ' . 

Msr Jane ’lYller, 24, beat‘"74 
other .comp^ors for- an award 
wiriefi also • includes the offer of 
Fent-4ree biui-ness premises by 
Manchester; City Council and 
finanria-l, m'arketine and manafcier- 
uil advicd.frdm National West* 
mdnster Bank. 

U.S: big titfee 


THE PRESIDENTS of Boeing. ' courtesy meeOnfis Vritft ;Lord ^ngm< »s. with help for 

Lp^heed and McDonnell Douglas,. Beswidt and Sir Kemnlii Keitii, tiie U.K. in marketteg-the. pro^ 
the three big UB. aircraft manu-.-the xeepeetive chairmeh -o^ .liie. pond Brltinh Aero^apo HS-146 
fkctiurets, have been invited to -UA: compaxri^. - \ Tb-lOO seat feeder-liner in the 

London by Hr. Eric'Varley, the One. reason for Hr: Varie 7 *i UB; and eventual work bn a 
Industry ' Secretary, for private' invitation is understood, to. ‘be 'sebnd ■ generation' supersonic 
talks on the collaborative pro- that Lord Beswick- hac deelin^ tTmepn rr 
grammes they have offered -the'-ta. .discuss . any . cpUaborative.Tj- Lockheed, already a major 
U.K. - .'.offers with the UiS. -Industry, ^Uhborator with tiie- U-K. .off. 

■ The U.S. industry leadets-Mr . negotiating^n^.the tfe TriStar jet airliner, . which 

,E. H. BouUaourL president ot -the RB-211' engine, ..-has 

le pit, to, belied Parte CoWBoeinrs Commena'al Airplane 

, will prob^Bly be built next CoBipany, Hr.' 'Boy Anderson, ?*•’ -LSSII 

nreaidtfnt nf T.nrkh»pii and -Wr This hafi^ meant that tne. .IfA' -tfa- -xRetouni range twin-engined. 

Krt of of to TriSto. tot 

McDonnell Douglas^llL come n ^ Q ^t^^ .^^^'lvouia -seat a'bout a» passengers, 

weeks and wjUjbrief Wnisters,-. '4 ' - version of the RB4U of 5vJW0 Ib. 

izMluding Hr! ' Varley and Mr. • In Whitehall, -. senior offieUita' tbust- - • ' . 

Kaufman, the IndukryBKnister understood to have felt -that-- .“■Concern in the west Ceiyan 
responsible-'-for-aerospace in the ^ creating .a serioos -gap and -Frehcbi aerospace' ihdusttjes ^ 
Department of Industry, and. ^leir !kaow4edge. vhidt that these fortiicoming taRsI 
probat^y, Mr. Edmund Dell', the .to... bg. -filled before re^ivtight jeopardise current nego- 

Trade Secretary and Mr- .Stanley commendations could be made tb -tiaflons on the JET is- , being 
Clinton Davis. Parltamentery tiien to the allayed by .the UJC emphasis 

Under Secretary for Aviation. Cabmet com^ee studying the.that they are purely fact-findi:^. 

- ^ question of future 'hircj^ pro-' The U.K. Government, while 

The aim is to enable Bunisters grammes. .'recognising the political “d. 

and officials fro m tl^ , and -riie IftMlv- to he “onomic factors, underlying new 

pn*ably^erdepartmente,su«h programines - with 

offer of collaboration^n the Western Europe, te newrtiieleM 

2. tt’c?® -posed 757 rtiort-ranee Jet -air^' to ensure tiiat toe possi- 

in terns, could“usf toe Roto. T^ty of profitable lopfrte^ pro- 

of work and costs. ' Boyce-' RB-211' Dash ^ - eteine'-^ff^mes with the-U,S. ts not 

■ The talks, are not being, re* .32.005 lb ftnist, with 'toe po^-fttt by 'detaulL ^ 

gazded as negotiations. They are sibillty- also of^toat engine beihg'T While Lord - Beswii*; ; may not 
intended aolely .as ..fact-finding use'g in' tbe proposed 777 fri-JCti tral able to talk to tfie U.S., toe 
exercises to enable the UK. and of toe ^ger RB-211.'toe.'^^’ Government has .toe 
Government to decide the direc-'DaSh' 22, of '42.000 .1b thxiisti'tosolute ri^t tp' talk.' to vtoqm 
tion toe U.K. aerospace- industry ' beisig -used in toe tWfn-engitied 'B c-hooses. 

-ought to take in future— either 767 'jet .:.r ‘ -. Ministers have stressed -the 

collaborating with toe U.S. oi KeDonnel Douglas has ofibred. Government's intention, of taking 
with Western Europe. collaboration on a wide' range '-aevntual decisions on "the' basis 

The visit is strictly a Govern- of pfogrammea,- -‘rivil- -^and e£' ' commercial, ratoer ' thu 
ment exercise, and the.U.5. in- mili tar y, inriuding wo'rk 'on! lts!'ifi 0 liticat considerations, and they 
dustry leaders will not hold talks . proposed Advanced Teebnolo^.'ieel toey can only do this if they, 
witii British Aerospace or Rolls- MediiimBange transport, which -^ve all the facts ' directly from 
Boyce, although they may ha-ve’ would also - use RoUs-Boyte-: bveryone concerned. - 



, 4 t 

By: R^ Perm^ ' 
Seottnh -Cbires^nderit 

Electronic resear^^aiphas^ 

‘should be in privat(|vS^^ 


THE EMPHASIS ' of -research tories. Of the remainder, bom 11 per cent in 1970 to 9.5 
into advanced electronic devices nationalised industries and Govr per cent, in 1975.. Most of tl^ 
should be shifted from Govern- ernment' funded 'about 60 /^r .fall resulted from a decline in 
ment establiafaments to private' cent. - ' 'world mafekt-; toare for; radio 

industry, an industrial strategy The tbtal amount of researeh'^^^?*# 
report says to-day. . and development in the ^Durins period the. surplus 

-r., suEjesUon.lsmad;, In the was about tte 

from £4(ku. in 1970 to 

National Economic Development representatives had told toe 

Council sector working party committee that toe Ministiy :«£ «|Ln IS i^'-fat cu™u 
report* on radio, radar and elec- Defence, as one of the brices) 

tronic capital goods which says main .customers, would ctratiotie The workine -ioartv sueeests 
that the need to shift research to give industry the maximum nroduction 'tooitid-in^ease 
efforts from the public sector possible responsibility Tor des^ 5 p.j. no to 1 80 

was proposed by industrial .produettoa aod development ^^5 would mean a total product 
members of the working party. .-Since 'much of the -.research of £750m:‘4ii 1980 (at 1975 
"They strongly hold toe vievr^doiie in Government labaratbries compared with £5S6cn. in' 

that there needs to be a transfer was made -available to indu8tty.-»75. ^ . 

of work, money and people from -toe-iGovenimeni'' EeprosentativesK^ ErapIoytaent-krtoP^tor fell 
toe public sector to znanufactu'^ aigned 'that the results became: from 99,000 in 1970^ to- 80 jmi to 
Ing industry. - • wWely dissmmnated witoclnJin- .the recession of.. 1972., but re- 

- VThe public seettff stnmld-do. dustry. ' ' •' -ccw^d .to :92J)00 .by last 'lime. 

iropugfa ' redeardh 'and develop-^ Overall, the sector waxiaid to However; --X survey of toe need 
ment on its own account td be "dne of the more kbccessful for.^^^led.'test teefanidans dis- 
ensure that It' is an intelligent, parts of the UJK. maim faetu ring closed a sbortage of' at least 10 
customer, but should otber^se .industry." with exports valued at per cent.'over the' couatiy "as a 
only undertake work that ; in- '40 per cent, of production and a whole. -Some companies reported , 
dustry cannot or will not do." rate of productivity' increase of. an even qipre serious shortage of 
The Government was perform- about 5 per cent' a year, twice coranutef-jnbgrpnmers. ... . 
ing just over a tenth of total tb<> national average. ‘ * Radio, factor ^nd -Electronic 

national electronics research anto However, the ‘UJC.'s share of Capital Goods' Pnffress Report 
development in its own labors- .world trade-in- toe sector fell I978(.NECDJL. 

.tfUCffOrtoemoaflybeing'^^-r^^^ - 

to 'biiiid up industry 

depressed •r^ons of :. Bntaki ! 

Uahket mcdntlvw may be;^'. , ”4 ! 

waste'd, 'it* is suggested- by' ■ 
being done. 00 a '.1112x161 of' ti'-- '’ ' ' . 'V'* 1 
^ottish- - eeooQi^- ; .pro^t.--'.. -- - ' .. ..J.- 

joint^ the Seottish t^ime;:.:'^..- 
the Fraser. ol Allander lnstitut ' 
and- the IBM UJC. scientxf 

centra iPfOSP^^^ 

-The results, show' that .there 
a high degree of -leakage froi « -1 ^ gBj 

toe Seot&h economy to oUu 
more prosperous parts of ^ 

countir.: and thirt many 1 ogOUR 

toe -newer ^^indostrtes beln 
encouraged by Government coi<^ 

.trihutemdre to employznentelsi.; - 
where in Britain aod abroad toa-ij 
they do for Scotland. , j; 

J'or- example, electronics, to " 

.of the- fastest-growdng- sectors i ‘-- 
Scotland, which 'sells neariy fi«.. 
pto cent...ol i.ts output oversea - ' 

nr to -the'- -rest Qf the 'D.K.,*alsi- 
imports nearly. 60 per cent 9 
its .epmponehit- parts. 

‘Vehiele-bdilding, whlrti ' ih- 
Goveroment has -hdlstered by dt-'-='^\ 
support of Chr^eris' Linisoe ." 
plant 'and investment in Ley-!' . 
land!s' Scottish truck and traeto - 
factories, buys, very few of ^a- ‘ . 

' contp**« 2 ents locally. More fbai. 

'90 per cent of the value of it ' 
output .is.rep'resented by impdrtL^ 
from England or abroad. 



; The general Conclusion is tiia:''",. 

'heweri Industries in Scotland'-^''' ', 

■poorly. Jinked .with toe -rest^O’ ‘ 
the economy, a finding which. I‘'faold -true- fbr -otiie' 
depressed regioiu, . ^ 

This- is rtoeeted' in multipliei^ 
figures.-prpdueed.Crom toe.modri 
which todw that for every 
income eanied' d&ectly 
employment created, toe spin-of 
in the rest of the Scottish eco 
ndmy 16‘ only 32p.' The' figurf^ 
for- toe U.K. as a whole is 81p. i,;,. 


■ain Boa 

„F \r . 

Prof. Jgmes. McGilvray, one 0 :“ « 
toe directors of -the project, saic::^^ rij-i,''. : 
yesterday toat. one -of -toe impli- 
■catirms of -toe study foe (torem'- ■ 

ment policy was -that -ipdust^ i - ■ , • 
promotion should be selecthajv ‘ 

concentrating .on import 
tution -rather than eubsidi^: • 

ihdua^across^^ the board. '*■ . 

id^n'pf.. stimuiatiELg .Ibai, . l! ‘ ' '■ 
Sedttiab. .^tooiwmy.. toroi;^! : ' ^ . 

denfand- management, .or deniapd^^ . . . 
growth, .has very little po«i-" 
bility." Even, if the UJL ero , 
nomy- sbomd .ali improved; zate>i;ut 
of growth, .the effect on Scotlaod:-.- - 
and regions like it would be.very.v. .s\.< 
small- ' or 

-.- -If nf 
. ii-i hi* 

; -wrs- 

^Ir. Jnhn- 
: ' ' ■ - lid 



i nnd 

"In order, to improve 

Scottish -economy,;, you need .to. 
deepen it, ratoer than to .wideir^ 

■ iri'.joft 

Building industry’s 
future ‘brighter’ 


ntOSFEGTS . ' FOR Om ton- WhUe more contractors now 
sfruction industry conlinue to . think they will be busier this 
look a little brighter, according year than in 1977, there is no 
to' the National Federation i<f evident inclination to employ 
Building Trades Emplojrees. more people. Most companies 
The latest stare of trade in- are still worthing well below 
quiry conducted ~by toe capacity, with 72 per cent, saying 
federation suggests that the in- they could take on more work, 
crease in work first noted last jqg widespread shortages of 
Dumber has continued. materials and components are 

The inquiry, earned out last reported, 
month, confirm}- a growing feel- .... vi- 1 . j . 

inginlheindusirvtbafthereces- • published yesterday 

slSa has now bottomed out and ^7 the Department of the En- 
tbat more work is on toe way. vironment show that bnck pro- 
TJ» extent of any' recovery, duction m Marto reached 420m. 
however, is uncertain, although. 
many ctoitraclors do not believe - f 91®- ® 

Rig switched 
to drill 
Irish well 

last month totalled 40Pni. against 
ment is on toe way. 2Wra. in February and 415m. a 

dictions, suggest that output. -will .year earlier, 
rise by only 1 dr 2 per cent. ever- In the three months ending in 
all this year from the recent low March, production was 3 per 
levels. cent, down on toe preceding 

The inquiry shows that '42 per quarter and 7 per cent down on 
cent, of th« comphnics taking a year before. Deliveries for tbe 
pari in this survey reported in- corresponding period were S per 
creasing inquiries .for 'work, cent down on the previous 
while only 19 per cent' said ithey quarter hut 2 per cent up on 
bad actually fallen. . Jaouary-March 1977. 

By Ray Dafter, 

Ene^ Correspondent 

pended driifing in Block 23/26 
so that its rig can take advantage 
of fine weather to drill an ex- 
ploration well in exposed waters 
off south-west Ireland. 

The rig, Sedco 703. has begun 
drilling' toe second well on tbe 
Irish block 56/26. The first well 
on the block was abandoned. 

The group, in which BP Pet- 
roleum Development is operator, 
comprises: BP (60 per cent.); 
Aran Energy (25 per cent.); 
Sceptre Resources (7.5 per cent.); 
and Saga Ireland (7.5 per cent). 

The suspended well was being 
drilled close to an oil discovery 
by BP in 1976. It was reported 
then that the company had tested 
a small accumulation at a flow 
rate of 4,800 barrels a day. 

Sedco 703 had been drilling 
the well, close to the U.K. 
Lomond Field and the Norwegian 
Ck)d Field, since January 12. 


Silkin fights for milk service 


MR. JOHN SILKIN, Minister of the milk market here and any Commission hurcaucraty, value of milk going for drinking 

Agriculture, has long appreciated because the dairy industry else- The Commi.<ision's latest pro- against the relatively low value 
the value of "public opinion" where in the Community is posals, however, call for a review put on mllk.used in the manufac- 

as .a weapon in .his seemingly drowning in its own surpluses, of the situation within five years, ture of dairy productA 

endless struggles with the Com- no Minister is particularly eager Mr. Silkin seems to feel that Farmers are paid roughly the 
mon Market's bureaucracy. to see them dismantled or be has already woo so many same for their output regatoless 

Now he is workins hard to disrupted. Indeed, toe Council allies in his overall fight, and of where they farm, 

enlist consumer support for bis Ministers has been discussing so much support for the main Without such a system, pro- 

campaisn to oreserae toe UK.'s ^ change in the basic Commission proposals, that this ducers in areas near big towns 

Hilk'Haritatiae Boards milk . regulations of the EEC final concession can be squeezed would wax fat on toe proceeds 

„ ‘ proposed specially to accom- relatively painlessly out of his from the local market for drink- 

nardly a headlme-catcnuig modate the peculiarities of the European ministerial colleagues, tog milk. That would Ie'ave"the 

subject in themselves, the British system. While the dissolution nr evnn toousands of dairy farmers 

is s rare honour. Eight K i.U.t=y-"‘reS'^nu?"'!n°‘S?; 

Minister looses to oreSit toe Ministers and toe Commission mg Board’s operations might lead pqm ^ regions out 10 the 
EEC have been bending over back- ultimately to the collapse of the w * 

amaleS?t?*SLm ri-i^ wards to please the British, liquid milk distribution system ^ Si. K®”®" 

Mr. Silhio S iosistiSlSowever, -d the inevitable diverslJn of 

muDity dairy policy as a threat J* ^ "‘"'"J 11 ““ live markets, they would have no 

to toe British tradition of dooi> backbones but to sell almost all 

the Community’s renowned output for mtoufacturing. 

sell atmast all 

to-door delivery of milk. ‘ " ' ' ' 

It is generally accepted In . He wants it established, roounta^n’r toere'are otheTslenU afford to do that 

Europe that the Milk Boards' beyond any shadow of a doubt, signi ultimately, unless large- 

monopolistic characteristics — that when the aegotiallDPs end, tors tn ho scale co-operatives took over, 

toey have the right to buy and the rights and stniciures of the * they would be driven to toe wall, 

sell all milk produced in Britain, Britito milk boards will be Beyond buying, selling and The loss of thdr milk produc- 
for example — put them beyond fu^damentaily unchanged. nirecfinc the use of milk prtouc tfon would shuj most of tbe 
the 'CSmmunity's legal- pale. What is possibly more im- the strength of the British crearaories in Britain. 

Althongh not tested in any court, 'pOriaht is -his- campaign for a n^ilk industry depends largely on jobs would be lost in already 

this theses has ' been tacitly guarantee that they will never us rrice pooling pnnciple. depressed regions and mlJk pro- 
accepted by the Nine. - be called into que.stion -again— In broad terms, the price for ducts'would-'oave to be imported 

But because the boards make at least not by any Community all milk used in Britain is aver- in large quantities to rover tbe 

such a sound job of country other than Britain, or aged oud to balance the high fall in -domestic production. 

D-jnpb). TJi32®r 

'i* ilaroveC' 

■f r?;,:,r; 

If L? 

■Sr. D. .V- 



Bteher work makes 
record £35,000 : ^ 

^ C.^‘Pnce 

”9 Opera 

A DRAlfflNO.- '(tf * Apollo- by .Warrfora by -II Guerdno made 
Boucher— pictured . above— sold £5,800. In -future Mr. Daniels 
for £S5,000 at Sotheby’g-yesterr.wiU. collect .a9th . eentory 
day, easily an adetion record -for' ^wi^. ... 

a drawing. by the- Frento -'artisL 'Gbristie's series- of 
It was too top price in tbe.rale under way at tbe 

of Old'Ui^r drawings collected Hotel Ric^ond,- Genevar on 
by the'-ABieriBan singer and Monday with sales of watches 
actor - David.-. Daniels wbieh . -. 

together ; toteBad .£169,520, wdl 
above. forecitfL.:- 

The Apellq: ^ bought hy\ 

Ward? jaacson,; the ' London 
dealer, who. alsbi ha tO'pay'tiM 
10 per -cent buyer>- premioxn. 

Ghtoer ' biito 
£13JXX) 'ironu 

^ther mt 




!ces were the and clocks as well as fine and 
mick, a -New rare wines. There will be 13 
York dj^^,':'for a drawing of safes throuftoout toe week' 
Fnim.HoIdiRff-tkMnscarooit by - Watches and clocks sold for 
Annibale Caitaeri; fillBQO.from E256L953 (Sw,FzS.929J10). wttfa 
a New -York .cplleotor .for a pen. watches, -piade - for, toe Turkish 
and ink :dzaw£% ; ComdO' and:"£asteni rmarkets selling 
Glaquinte,.'a1s6>1ni ai|cHoFi.rejmrd'.;:WeIh- .EoBinetf .- tbe-l ^London 
for toe 'Ja^tipt: -and' £9,000' 'for/dealer. paid:'£lUl20 iw-juDutch 
A Ovtdter dh'm .by Al^ltandtu;OteiHFtnir»e(^^te;k 
Maonueo .faDOtoefartlst recozdl.' Paiilus ot . AmsferdajEm^ . - 
Two metaphorical drawings of ^'The 

the Netoefiajjas, 1610^-n»y 

JORChiml ■ Jfflakad.. .vteat-::'for. 

£6.500 and fffJlOO to toe Cratreal £78,355, .to bring, toe overall 
Museum- of- ' UtrechL.. 'to £282,64^..,' 

‘ ‘ * thee 
' ‘ • thes 
* ■ • the s 
•* • thee 


” • ' ^3vn>en 

Harness B.C 

® Phone i 


% i 



26 1978 


XJ^W^Dis Leyland 

tb-day on Speke closure 


■ «■■ }^'W- 



XJNION leaders will meet 
British ' Leyland . management 
t^day to see whelb« there is any 
room ^or improveraent in the 
redonda^y terms offered to 
pricers at. the Speke, Liverpool, 
assembly plaat whid is due to. 
close nest 'monOx.' ■ 

OTie 6incom& of this mornings 
talks will do mheir'to dete^ne 
the attitude of the Confederation 
of SUpbuUd^ and Engineering 
Unlbos^ execiztive wh^. it meets 
jater in the dayL ■ 

Altboogh the Speke workers 
have rejected the redundancy 
terms and the proposal to close 
the factory, the' .Amalgamated 
Vuion of Eoginefring Workers' 
exeedtive once a^in deferred a 
decision when it met yesterday. 

■ Ifr. Hugh - Scanlon, president,. 

said that the executive wanted 
to know the best possible reduu- 
dtmey terms which the company 
was prepared to offer. 

Althoitgh the confederation is 
opposed to compulsory redun> 
dancy . the -cautious view of the 
AUEW suggests that some union 
leaders believe that if the terms 
iraer ' improved £bey might be 
accepted by the 3,000 men who 
stand to lose their jobs. 

Some of the confederation 
executive are likely to -argue 
at to-ni^t’s necting - that the 
future success of British Leyland 
will not be achieved udthouf the 
workers accepting some measure 
of rationalisation. 

Car assembly at 'Leyland's 
Cowley plant was halted yester- 
day- because of a strike by 25o 

Aerospace unions 
consider action 

delivery drivers in Oxford over 
the company's failure to rc- 
employ a dismissed shop steward. 

But the strike by foremen at 
(he Rover plant at Solihull was 
called off yesterday at a meeting 
of the 340 men. members of the 
Association of Scientiffc, Tecbni- 
cal and Managerial Staffs. 

O Lucas Aerospace shop stewards 
claimed official union support 
yesterday for tbeir campaign to 
oppose company reorganisation, 
plans involving closure of the 
Liverpool plant, which employs 
1,450 workers. 

About TO delegates from the 
17 aerospace sites met in Bina- 
ingham and renewed tbeir pledge 
to resuh the transfer of equip- 
ment iiid labour. The meeting 
was convened by the Confedera- 
tion of Shipbididing aod 
Engineering Unions. 

Pit four-day week 

urged by Daly 


P PMA NDS for a footway week 
in the eoal industry were under- 
lined yesterday by Ur. Lawrence 
Daly, general secretary of the 
National Union of Uineworkers. 

later a straight foxir-dajr week 
tboughout the industry'. ''' 

too low’ 

Staff bonus 


LEADERS of 5,000 key techno- 
logists and other white collar 
workers in British Aerospace 
warned yesterday of **a very 
serious possibility” of action, 
unless they achieve equal repre- 
sentation with TUC aEBliated 
unions on industrial democracy. 

Representatives of seven inde- 
pendent trade unions in the 
industry elaime'd'that about half 
their membership was already 
committed to the principle of 
industrial action. Others are. 
expected to follow suit if their 
demands, for a place in the 
proposed industrial democracy 
system are i^ored. 

A meeting of the British Aero- 
space Board to-day is expected 
to consider a joint letter from 
the unions, expressing ** strong 
disaoproval'' of a- claim by the 
'Cou^deratfon of Bhipbuildlng 
and Engineering Unions 'for 
exclusive rights of representa- 
tion on factory councils. 

Tbe letter, sent .to each mejn- 
ber of the Board hy the Aero- 
space sta& liaison committee, 
also argues the rights of non- 
union employees involved in the 
democratic process to come in 
this year under tte' Nationalisa- 
tion Act 

If only confederation trade 
unionists were given .rights of 
representation, the Board would 
be ignoring the voice of about 
half its total 65.000 to 70.000 
workforce, whose stake In the in- 
dustry was “ at least as great " 
as that of eoufederation mem- 

The committee, formed last 
December to represent' staff asso- 
ciations coveri^' ‘laa&ageria]. 
professional engineering and re- 
search staff in the industry's 23 
factories, will decide- at its next 
meeting on May Hr wlietter it 
should proceed with plans fur 

By Christian Tyler, Lafiour Editor 
ment has told the accountancy 
firm Price Waterhouse that pay- 
ment of “ loyalty " bonuses to its 
staff would be a breach of the pay 

But it has agreed to produc- 
tivity schemes put forward by 
Price Waterhouse aod another 
big firm. Feat Marwick and 

Price Waterhouse bad told its 
800 staff that if they stayed until 
June 30 (hey would be paid a 
bonus worth 5 per cent of salary. 
Tbe sums would have ranged up 
fo £300. . Peat Marwick had 
offered bonuses only lo its 
Birmingham staff. 

Meanwhile pay policy negotia- 
tions involving another City firm. 
Siin Alliance and London insur- 
ance group, have yet to resolve 
tbe . argutnent whether the 
group's decLsion to make its pen- 
sion scheme non-contributory is a 
}>rcacfa of the policy. 

Udemployraent fell in .April 
in the UJK., except In York- 
shiie and Humberside, where it 
Was unhanged, and tbe West 
Midlands and Northern Ireland. 

biggest improvement 
was In Scotland, where un- 
employment fell 2.7 per cent, to 
172AOO, seasonally adjusted. 
There was a 2 per eeuL decline 
in the north of the country and 
falls of 1.1 and lA per cenL in 
the south east and south west 

The jobless total rose hy 
100 in the West BUdJands, to 
120iWt seasonally adjusted 
while the rise in Ulster was L7 
per cent 

Northen Ireland's un- 
employment rate was tbe 
highest, at 11.1 per ceoLi, 
follow^ by the north with 8A 
per cent., and Wales aiid 
Seotbuid with 7A per cent, 
each. The lowest rate was in 
the sontb east, 4.1 per cent 

ITiougb the miners' leaders 
have t^ked often enou^ about 
the possibility of a iurther cut 
in the.worl^g week, this bas 
usually taken the form of a 
demand for shorter shifts. 

Mr. Daly raised the subject 
when he addressd th annual con- 
ference of the nnion’s Midlands 
area, covering the Warwickshire 
and Stafford^iire . coalfields. 

He told delegates in Llan- 
dudno: ** Some people are already 
talking about a four-day week. 

"If there is an industry In 
which a man should be able to 
get a decent wage for working 
four days a week, surely the 
Strongest case is that oif the mine- 

He suggested that tiie tiiree-day 
week-end mi^t be broujdit about 
in two stages. 

First, working a nhi-day fbrt- 
night but the pits operating five 
days a week by rota system; and 

AC AS moves 
to settle 

Rolls dispute 

' By Philip Bassett, Labour St 
' FINES imposed by the c 
! on firms which break s 
regulations are still 
enough to be a matter of 
cem, the Health and S 
Executive said- yesterda; 

By Our Coventry Correspondent 

ACAS has intervened in the dead- 
locked Rolls-Royce dispute in 

Officials of the Advisory, Con- 
ciliation and Arbitration Service 
will act as peacemakersL io talks 
to-day between management and 
union officials. 

Rolls Itoyoe’s two Coventry 
factories have been sbut for 
nearly a month because of a pay 
dispute involving the 4.000 
manual workers. Another 4,000 
clerical workers are laid off. 

Tbe company has offered a 9.7 
per cent increase, but the 
manual workers want 10 per cent. 
There is also a long-standing 
disagreement over the company’s 
wish to phase out piece-work. 

iln tbe second annual repo 
the Health and Safety 
! - nii^on. Ur. John L 
director of the executive, 
there was concern a 
I low level of fines ever 
serious offences. 

" Excessively low fines und 
the work of our inspc 
and devalue the efforts ( 
. those in industry who an 
' ing to do somotbing pa 
about health and safet 

NUBE opposes move 
to keep shop hours 

The executive's report 
that tbe Criminal Law 
1977. will increase from 
to £1.000 tbe fines magist 
can impose. It hopes tba 
increase will do someUui 
influence tbe general lev 

A total of 16m. working 
were lost through acci( 
In 1976. 

Safety staff 
at Windscale 

Claridge’s will 
pay £30 
‘loyalty’ bonus 


SAFETY workers at tbe Wind- 
scale atomic plant, Cumbria, 
were suspended yesterday over 
a pay dispute. 

After staging a series of token 
strikes, the plant's 130 health 
physics monitors «fere warned by 
British Nuclear Fuels that they 
would be suspended for three 
days unless they w'orked 

The men claim tbe company 
has failed to honour a pay 

By Philip Bassett 

STAFF at Clardige’s, the London 
hotel, who took no part in tbe 
recent strike will reeeire £30 or 
Uhe nearest equivalent in shares 
; in the company, the management 
{ said iMt niglit after a meeting of 

I The share bonus will, be pay- 
[able to the nearest equivalent of 
£30 in *A' Ordinaiy shares of 
the Savoy Group, of which 
Claridge's' is a member. The 
shares stood yesterday at 70p. 

THE National Union of Bank 
Employees has protested to 
Barclays Bank over its ioteotion 
to Introduce evening and Satur- 
day morning opening at its Brent 
Cross branch is North London. 

The bank is discussing with tbe 
Barclays Group Staff Association 
Its proposals to open the branch 
friHn 9.30 a.m. to 8 p.m. Monday 
to Friday, and 9 a.m. to 6 pjn. 
on Saturday. 

Barclay's says that tbe Brent 
Cross branch which is. in a large 
shopping centre, is a special case 
where the opening hours need to 
match shop hours. 

Changed hours at Brent Cross 
have nothing to do with the pro- 
ductivity deal for staff which 

involves a pilot scheme of 
extended opening in a small 
number of branches. 

• NUBE, which is opposed to 
Saturday opening, says Brent 
Cross staff who do not want to 
work tbe new hours will be 
forced to transfer to other 

Brewery hit 

PRODUCTION at the Tyneside 
headquarters of the Northern 
Clubs 'Federation Brewery was' 
at a standstill yesterday after 
engineers and draymen walked 
out in a dispute - over union 

Prescribed industrial dis 
account for about 80 
amrking daj^ lost and t 
700 deaths a year^ Mai 
the deaths result from i 
sure to conditions « 
caused the diseases more 
10 years ago, the report 

Tbe commission has told 
Albert Booth, Employ 
Secretary, that Crown b 
should be liable to the i 
sanctions as other bodic! 
breaking safety regulatio 

• The Government's Trai 
Opportunities Scheme v 
be more successful if gr 
effort was directed at tael 
trainees in the months 
ibeir courses, the first pul 
. tion of the Policy Studie 
stitute says to-day. 

It sa^'s that three oiit 6 
trainees did not get a 
in the trade for which 
were trained. 


Main Board post at De La Rue 

Lord Cfiiaferft of Amisfield has 
joined the Board of the DE LA 

Air. fitanlqy Clarice, group chair- 
man and managing director '-of 
Courier Press (Holdings), is to' be 
dominated for election as presi- 
.1979 at the annual raeetini; on 
May 30. Other nominations 
>ipppoved are -Mr. Peter Medcalf. 
‘as gieedor rice-president. Mf. John 
Wood, junior vice-president,^ and 
Xoid Ebbtsham, honorazy txea- 

"/r ' 

Colonel Guy German has been 
appointed honorary Rfe pres ident 
Mr. Godfrey Bostock has been 
made chairman in his place. The 
company Is a. member of the 
Aranigaznated Metal Corporation 
group. ^ 

Air. Frank Dunpfay, manager 
(trade development), is to Zte 
manager of the new MIDLAND 
B.ANE - internationd ffivtsibu 
.branch whirii opens at Hanover 
Square, W.i. on May 2. 


. Mr. T. HL Boyte. and Mr. D. A. 

with the firm as an assoebte. The 
following associated members of 
Simon, and Coates wDl be taken 
Into partnership from fhe same 
date; Hr. M. F. Rldts. Afr. R. J. 
Latham, Mr. A. M. Stewart, Mr. 
M. J. Heshetb. Mr. T. J. ffitcbcoch. 
Mr. D. G. A. Gord<» 'aod Ur. 
W. R. Chaiicswordt. 

.. ■ .'i.'. 

Mr; Norman Spfers has 1>ecn 

appointed adviser tond^ to 

Foote' are retiring from ' .the 
partnership of SHON AND 

COATES, ■ stockbrokers,.' on 
'April 28. Hr. Foote win remain 

Mr, Ti Bi Ta^ has retirea'.'as 
advisor to BANK SEPAH ISLAN 
add Mr. J. L. Wanrick' previously 
of Ausu^la and New Zealand 
Banking Group, takes over that 

position. i' 


J. C. Bamfo^ Excavators has 
formed a cont^ny called TELE- 
Barrison as htesaging director. He 
has been succeeded as U.K. 
general safes director, JCB Sales, 
by Mr. mger Sre. 

/ * 

MrA Doui^ Stead has been 
appointed a director of UD 
GNGINEEKENG, a subsidiary of 
the Capper-NeiH group. 


.Mr. D. W. Roberts has reagned 
CA*MON^ but continues as a con- 
a ultain t. . 3fr. ' F. C. Bennett has 

becoofe ooerations. direntor. Mr. 
W. S. Robertson, managing direc- 
tor of Redifon Telecommunica- 
tions, succeeds Mr., Roberts as 
chairman of Crystal Electronics 
and is joined on that Board by 
Air. S. R. Pitia. k 


Mr. *t. Vi\ Eassie has been 
appointed lo ROTORK as group 
chief executive with responsbitJty 
for. kU divisions. He has been 
succeeded by Mr.' R. P. Bacon -as 
chief .executive.- comrob darision. 
Afiv Gi J. Burge tekes over from 
Air. Bacon as production durector 
on the controb- divisional Board. 
3tr. Sereray Fiy continues as 
group >uecutive^chaiTta^a. 

Mr. (^T. Sprstt is to\bccome 
secrelarywnd Hr.'J. D. wiHiains, 
assistant iecretary, of the. CO.VI- 
COMPANY from Alay L Mr.\C R- 
Harris reiinquishes his po.^tion 
as secretary' at the end of this 
month but will continue as ‘ 
exec-utire director. 


Air. Andrew Thomson, manag- 
ing director of .\M and S Europe, 
has been elected chairman of the 
ASS0CL4TI0NS. London, in 
succession to Air. KeHh Hendrick, 
of Noranda Mines Canada. Mr. 
Hendrick and Air. T. B. BoxTcsen 
are now deputy chairmen. 

Regardez YEsi 

{’. - r 





Cairo ^ 4 ^ 

-T J^amascus ^ Baghdad 



. - -- 5haj^ali 

Dhahr^ Dubai ; 

Doha Dhabi, , ' 



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let down over 


By PWlip R»¥«tpme award for the • “ If there are better ways of that for another vear the forces 

.CONSERVATIVE lawyers yester- armed forces came in for strong determining the' pay of public, were going to su‘v as Car behind 
day tabled a Commons motion criticism in the Commons yester^ servants; I tbioh we should try as tbv are iiow* 
calling for the conduct of four dv from. Urs. Margaret to-ffnd them,’* he comment^.. . “Why has. the Govenunem 
-Labour MPs who nested Colonel Thate^r, tieader of the Mr. Callaghan said he had done nothing ‘this year to reduce 
..B— the secrets case witness from OppoaUon..y4io claimed wt the noted with interest the sugges-. the .'gap which .lias jed to so many 

Sir Keith 
by Left 


4'- • 

in a 


CTIIflAtltC .EVEN IN the.volatile'world-of'-'the political interest in the election. He claims to find<< 
v7tfUUV'Ut>ii3' • .by-elecUon polUics. U is ^e to ^nm.- They * baye - vied enchantment with Mis. Thatcl 
' J. predict .that Epsom -and.. .'closely with Lkbour -for -secohd among some Tordes and grudgl 

By Room Cornwell' Ubbv Staff a -Conservative* 'MP' place * In the last sis. el^Uoiis praise for . Mr. CaH^an ' 

^ ■ • . f «■*»»»'?•. to-morrow with, -a substmitial tfd gained t^r gr^test success domg a reasonable job in dl 

'Army Intelligence — re- Government had failed lament- tkms put forward recently .by resignaOons -'and' has »pped STOKEira JOSEPH 
ferred to the Ammons ..ably to provide the. levels of. pay, Mr, David Basnett, of the Genei^a] morale £o the forces^*” she chief policy adviser 
Privileges Committee. which the services 4eserved. and ‘Municipal Workers' Union, demanded. Industry Secretary 

' Mr Mark Carlisle. MP for Run- But the Prime Minl^, who This was an apparent reference Her .’party Welcomed * the ’ pro- ' 

.‘com 'and a fijraier Home Office annomc^ de^ SL?l woposai that to restore cornparahmtv in jeadero from‘ giving. 

,‘cora and a ftSBier Home Office to restore comparahm» in }f «l^* ® - r w^dWatw are cteiming ' he. rather than' ^e'l^ 

iBDnister, ' who sponsored the arguig th« Tbatchw was public . sector ■ • uraons should two years* thDe:''hui the d-ory *e LOndon.School of Yet aH. the major. parties. are iJS? ^ddmc? that they wiS ttia benefit from improriv'* 

motion, said that the MPs ’|nonng tii^B observed that promises ^ ^ mrond to economic draimrtances. Q ;‘, I ;■ 

'appoarpd to hsve actod in breach mOTtain. the ip per cent, pay with. the Government, through a' so far In the fhture cost the ■ before be was due to tbd entmils.of th^ resutt.‘ to Jfe-» , ,iL _ ' iuri,a. ‘vass 'Impressions show that 1.*?‘ 

..of tite Commons rules on sub Po2*cy^,. " pubUc services committee which Government nothing. “*We shairsP®?*- Slr.Keift‘ was ronfro^ dcelared around‘ i a.m; .dif.'Pti- .>3® Ba^ 

judice matters. I heheve the m.a^n^ of the Y^ set up by the TUC. restore MThparabllity and we ^th a demand that he. should .day )rill be .TOad.Vdth ‘as amch sloo and that the Governmeij* 

**1 think this is a matter of Mr. Callaghan said that the'afiall restore' it more quickly,” ?>Sb.a declaration totally oppas- interest. as. tte 1®S5* easily' “ becoming easi^,‘. . 

.great im portance since jt could Goveninient did not want public promised. me immigration wntrols W^^ dieted by.el‘ections • at • .defend: ^ V." . 

create a precedent by which*MPs Mr. Cdlaghan told -uie ggrri^g workers, whether armed Mr. ^VUUam Bamllton (Lab. U-R This he to do,.and.. North, Lambeth and Gamca'd^iLjl^f^ He is, .also .highly -critical....' 

in future may be guided.” he **^“*ts- v* forces ’or anyone else, to suffer Fife Gent-l-wanted-to knowthe-th^meetloE. was. closrt- -v - If Wf Callaahan weSs'*he . lack. -of .-.raalities. for. bf.?.' 

said. Jo is Snf miut^ comparison with other total cost Of the Increase and how The engagement itself choose 'in ‘ jSs betma^J? t???i?^~ncirc^hQw^ young and bid in- an arearoo^. . ‘ 

Ss. . -■ 

s?r tou. Of ■ 

the courts on the matter.' a„,:aeeinaeaM hi pay of 32 per the private sector, to build on. spokesnian. who said the Pnme llkf this imposed. ® a_l ' ful of coloured immigrana. 

The Speaker. Mr. George ® f reauired' to restore The converse can happen and set Minister bad shown remarJcable The declaraftpn arises dijeetiy . -Bpsom and Ewell J$one.q^hm.- . Rpgcnnsn|p . .*.^_. the constituency and. Mr. SaWs* * .« •. 

Thomas, said be would consider ‘full sg]sj.y to com- off -another wage explosion. 1 ignorance. .It was totally wrong from the so-called no-platform -^f^.Tow .seats in the country, * •. is having to concentrate in"!h ' 

'.questions about his ruling made „a-abmtv with civilian employ- a® determined .that that wili not to ^gg^t that tlie figures forfbe resolution carried at the last held by the fpnner BO*. ^te^■-: in the knowledge that they leaflet campaign' on law ai. 

iby- Mr. Price but rejected a jlpn, it recommended that this happen;.” increase could be kept within the National* Lnldn of Students con- imwlinson, QG (now Lord do well ^ in- a sdat Hke order. But as thefToiy Candida '. • 

farther attempt by Mr. Robert should be implemented in stoges ?rom the Opposition, front cash limits as. the Defence Secre- fdrenee. -where -the Left wlnglinson oF-ENrell) fpr^JS. yeacs-^^om where they came a good is ‘a- hard‘‘ liner, advoieatlr': 

lOlroy-SIlk (Lab. Ormskixh) . to »,y ,\npil 1980 ' ' bench, ^Trs. i Thatcher ; said tbe-tary. Mr. Fred Mulley, • had r<}aHtIon..jwhieb. dominates stu- .with:, majorities * raagjng .-i^m^gecond with- over a quarter, of capital. punishment for terroiU- ‘ 

puisne the affair. ^The Prime ''Minister accepted Conservatives were deeply.- dis- -already said that'il wourd be but- dent poltrics-.- -made significant 16.000 to 24,000.' In 'O^obtf;^e poll - Ihe “Uberals ' have ‘^ndttie baiKttiJg of more . 

the recommendation' on behalf turbed that the forces had. been side the defence ‘budget.' liains at tlte expense.of the Con--19T4: -his- majority was--i£290f^fted in ‘Mr. '. John Spillcr; there 1S little scope. ‘ ‘ ':- • 

., bf the Goverument.. .let down ovpr pay 'and would ..Ri-a statement later. Sir Ian seivatwes. ‘ • -^. .i . . . when -be 'captured S4 per, eent.-th^-asmteby-election' specialist.; The fifth candidate has -e ''^ 

■Tead .with ‘as -imich 

.Sion and that the Gbvernmeq- 

in future may be guided.” he v* forces'or anyone else, to suffer Fife Gent-l-wanted-to-knowthe-th^meetloE. was. clos^- -v - If Callaxhan **'^*^*’ 

said. Jo is Snf miut^ comparison with other total cost Of the Increase and how The engagement itself choose 'in ‘ jSs bctma^.J? t???i?^~ncirc^hQw^ young and did in- an arearao^. . ‘ 

. -■ 

s?r tou. Of 

the courts on the matter.' a„,:aeein5eaM hi pay of 32 per the private sector, to build on. apok^ian. who said the Pnme llkf this imposed. a_l ' ful of coloured immigrants. 

The Speaker. Mr. George ® f reauired' to restore The converse can happen and set Minister bad shown remarJtablp The declaraftpn arises dijeetiy . -Bpsom and Ewell J$one.o^hTe.- . Upgcn|lSn|p . .*.^_. the constituency and Mr. 5aWs‘ ' 

Thomas, said be would consider ^ ‘f„ll mmta^ salary to com- off -another wage explosion. I ignorance. It was totally wrong from the so-called no-platform -^f^.Tow .seats in the country, is having to concentrate in"!h' 

ful .of coloured immigrant 


may visit 

Bjr Our Parfnmcntary Staff 

'MR. .ALAN WILLIAMS. Minitter 
of State for Industry, told the 
Commons last night that be is 
considering making a further 
visit to Japan to try to encour- 
age increased investment in the 
United Kingdom. 

In a written reply to Mr. Ken- 
^ueth Clarke (C, Rushcliffe), Mr. 
w miianm said he visited Japan * 

far from ‘ satisfied with - . the Average .earnings in the. further behind ctriliaji. pay and* audience witfaont pledging his London suburbia in Ewell and^j>biilica| cmnpaign 'on national-speaker campaign from his whi'-’ - 
present arrangements ‘ for decid- country were rising by 14 per Others would baroly keep up> opposition to immigration curbs. Stoneleigb and* 1u^-- areastfsf'issues” rather than * the -pave- Rolls-Royce' (^miche oonvertibi'”' 

Iti<' public sector pay and hinted cent, aiid armed forces pay. had “The forces are a unique case. In theory, this would debar prae- stockbroker .Tudor aroniid mdat polities .once favoured 'in -He is Mr. Jonathan ISng. pi-r.:*- 

that be was eager to see new fallen behind its civilian equiva- and should be treated as such,” tically every ICinister and MP in Leatherhead and AshteaiL ^ ..In. deighbourihg Sutton and. Cbeam. singer and * record product-: 

methods adopted. lent by 32 per cent This means he declared. .. the Ckimmons. short, it is Tory Jieartlah'd' without 'll has-been a very brief standing as a Royalist candidal 

• The ban- on Sir Keith was last a predominantly middle^tasa^mpaiqn with little Ume to can- .He is treated as- a joke by. 'll . . 
_ , w*v -T **■ -■ vm-a ~m night -eondemqed as attompted conimuter population and over'.20^‘vass Adequately the largeielec* others and he clearly has sels-':' 

^ J “mind-rontrol” by -M s Sue Slip P«r. cent- owner<>ctmpartom ^ .Kjprate of 82,000. -. . : pubKcity in mind rather thaiii.' -.-■ 

Cl-Tlll WW i^ivn ' IIIa«t^I W . nian. retiring president of the ^®t the Conservative cahdi- The Conservative tactic is to .political career. ' 

k, -IB 1.^ ▼ V y . . i«fus. -The UE has brought ^^* Archie Hamilton. bn--go for all the Liberal voters they The probable outcomeisacoi,. 

--.shame on * the whole student ‘”3 captured the nominaCipn -can And, hut as manv. were div- fortable Conservative win. aia ..' 

to _ movement.” she declared. against strong Weal oppositidti, 'affected -Tories in -1974, -it - Is ing Mr-. Hamilton the tallest ‘ 

A JL — Mr TTeror Phillips duF to i^'^shtirtga suitrisihgly vigbroiis often difficult to. track: them in the Comnion^ on a poll dM* 

' 'VfirkB A CCllYiO Ml O T/ take over this autuniri as the ®®™PMsn . with' back-up- visiti:down. Mr. Hamilt'on. an a'rche- from the 74 per cent of the fe 

VIII C till ^AtUC UUT union's flret blackoresidSt^ “^* That^^^ younger Tory, with a general . election, -with 11 

^ Geoffi^'Howe a of Eton and the Libierals falling back. j4;|v: 

TO visit me senooi lo-o^. ‘a team of agents and MPs fitbm^Coldsiream Guards and a father The -kfey .question: .will 

Bv ivAB OWEN. PARiiAAENTARY STA^ ’• ... ‘neighbouring constftuaDcies.Tbe''Lord Hamilton of Dalzell. who is whether the Liberals can dix 


DESPITE THE objections of Wales Bill reaching the Statute they wanted the Bill to become 

tge”^’*^rSf;rond"^B(;;kJn^ Pimmedrate^^n .receivinriiie 

S2h“ haw SeT^aSed by which wUl effectively detenmoe.tary session. • .. . ^ Royal i^sew berause a refeM^ 

Hifachi's dJciriSr lasf^Sr to whether devolved assemblies He also confirmed that the dum subject to .the qualification 
wiSSii its oroDOsS are esublished in Cardiff and Government intends to move an that a “Yes” vote must coni- 

f^ry in tS^tJ K, H Edinburg are Ukely to be held amendment at report stage to pnse 40 per cent of the Welsh 

lish a factory in the U.K, He fcompurgn are u» 
- also sought to encourage further ®»S® *®®® 

restore, the ciayse-^efeated last electorate to be' effective was 

Japanese investment 

This was reaffirmed in the week when Conservative MPs basically unfair.' 
Commons last hy Mr. John joined forces with Plaid Cyn^ A Government new 

to place’ 

Fifionctal'. Times Reporter 

‘a team of agehts'and MPs fti^^Coldstream Guards and a father The ..key .'question: .will -||f 
'neighbouring constituencies. Tte''Lord Hamilton of Dalzell. who is whether the Liberals can du 
Tories realise they have-toiget Lord Lieutenant of ' Surrey.^onto second place and. re^i 
their vole out to'ensure tii'ere believes the LTb^'als bolild -be party morale:- cm whetherjEp^ 
are no slgn.s Df -apathv to . what annhiliated andli :lose : their will provide yeLanother omuuv 

.is liltie . short of a ‘rottait deposit. indicator to Mr. David Steel tbi 

borough. ri* ''' This, predictablyv is also' the his efforts to drag his party-A 

A' much stiffer test faces -ttie view of .Mr. Tony Mooney, .the wards the levers of power 
Liberals. ' though, and It' isr-wi enaging young LaSour caqdidate. still ‘fioliag to get thron^.i 
their' performance that most^-df being blooded in bis fixst by- ' the' electorate. 


country »jOmmans last aiganiy mi. «»mhd jMiUBw luit-c® wim * i.taua«s — ■ .— m .. m ... ,. 

■' M am eoasiderine fbllowine Smifli, Privy Council Minister of against the Government— -which establishing a toe-momhs gap - mm-/: ^ !■ : ■; 

tb'j; UD with another visit later State, although he pointed out allows the Government to delay between a genexri ele^on and Financtal. Times Reporter -m/w m/r^ImVlrMlM^^ * ' ■ ■'■*51 I ' 

tola vM^Myde^ment vrill that the final decision would rest bringing the BUI into effect until the devolution referendum. . . wW T m^l f MM lfC m ' WJl ‘ ' 

Sw SSinai to Ja^S Ss wito af^tfe referendum verdict Is similar to that 'already included BUSINESSMEN are reluctant to .T ^ V • ■■ 

aSSmn?Mrt of whS- iTJ TTie order autoorising toe . in toe Scotland Bill, was hire . ex-MPs, ^d the average . ^ .. •' ‘ .V-'v 

continuous programme of promo- ferenda would be s3»ject to. The Minister joined with approved without a division, politician who losses his seat at T •X:! ’ _V ^ -‘ 

tiOB of toe ad^anSgM of Xj ParUament^ approval he Labour backlienchera to suggest^^ the next election may tolsh up, in . ^.*i* - I C ' 

U.K. Is a base for manufacture declared. tog that Conservative l^s had ^ ■ toe dole qu^e. accpitong to. a - .IfX 1 / ■ UeI;^.. i m‘l| -' 

for toe European and wider'ma^ ■ Sdme MPs wero obriously behaved ”fooUshl>v’*;WJthout-the . - 'MP ’ClltffilSeS ■■ .purvey by. , Robert .tee aitter- 

p ?pu2zled when 1H4 Minister drew restoration of .toe clause# toe Bill :* national, the executive employ- ; r,;*: ;■ .:-. -..It 

" “M'r: miiarns s^'d' Wat" to ~ e ' at t ention t o TMTTWtBini m Brti n ir wutil tt-becpai tf lOT T-lmm edia t w I y — “tSf «S®ncyr— .i^ — • — 

Government extended the same could arise over toe lerislative on receiving toe Royal Assent Clfianilig I)lall survey, which cxanimed v ^ «r ^ - e. t.v y;. >. 

welcome to proposals bv Japan- progress of the two Bills, with even though the "Welsh Assembly , . attitudes to poliliel^s ihiough- ^t£ LIBERAL performan^ ,at The bearded Sir. Warachroer Chinese, Spanish, French an 

romn^ies to inve^ in in- toe Wales Bill trailing behind »to which the 'Welsh Secretary A PROPOSAL to clean the e.v- out business, found that most Wycombe to-morrow has bqcome pursues his votes wth ulm!len^ German, his fluency in toe pol; 

dustrial nroiects in toe UJL as toe Scotland Bill already would be bound to transfer many terior Ilf tbe Palace of West- MPs were rirtually unemployable a critical test of the paitv/ pros- iog energy. No sooner had the glot of politics might have bee 

to similv proposals from other through toe Commons and now of bis existing powers— had not minster has ,b‘een attacked by outside politics unless they bad pacts of entering toe next Conservative council demanded suspect i.n a more demandin 

foreisn companies AH the in- b^g considered by toe House been set up. Mr. ' Neil Kimtock. toe Labour toe qualifications or experience General Election-as a sign ifi cant payment hi advance for council seat . . . . 

centives and forms of assistance of Lords. Mr. Dafydd Wl^ey (Plaid MP* for Bedtelty. to rejoin a profession. ' ■ political force. ’’-.y hburo repairs than be had Wycombe, however, will od 

whi^ were designed to enconr- Hr. Smith had to assure Rb*. Cymru. Caernarvon) 

un- ^ The reconfmendation fs to he 

age such investment irere avail’ Emiyn Hooson (L., Montgomery! r^ntent about the action of the ;made in a/report 

able to foreign and U.K. com- that he was not seeking to cast 'Welsh MPs in defeat- of Commons Services Committee expertise. Ex-politiclans rejected irote ‘ in 'this saSe- Conservative Wyco^e has a' well-established sleeps there- so. too, do tooi 
pazues on an equal basis. doubts on tbe UkeUbood of toe ing toe'Clause. He explained that to be-publiriied to-morrow. * views which daafaed with their seat has topped KOOO: in October, eommunl^ of sune 10,000 West sands of commuters who bav 

ideas— M unsuit- 197^ though siUl running in lodians, PakLsianis'-.and Indians, doubled the population of thl 
^ f attitude for semor ezecu- imnj place, the party polled It Includes toe largest conceotra- Chilterns town and its surrounc 

— ^ m m ^ ^^‘w^’wr vt-b ^vvr uves. ‘ more than 11.000. or nearly 20 tion of people from St. Vincent ing ivillages in toe past 2 

Gl I I Businessmen ^ tbou^t MPs per cenL of toe vote. to be found outside the-(^ib- years and multiplied toe Tor 

1** JL T / T T ▼ 'T®*'* ut'^liaWe because they had After the string of hy-electinn bean island. majority in toe process. 

/ alwa»’^ be^ooki^' for another Race relations have been good. - No rear difficulties stand ii 

BY RUPERT CORNWELL / * seat in the rommons And uo- support tomorrow will Several immigrant leaders Mr. Whitney’s way to Wesi 

/ . . . qualified waat^ uniusti- !if have, pledged toe Liberals their minster. The only obstacle ha 

MR. DAVID STEELi. the Liberal present levels of higher taxation eyes, except those of/ihe doctnn- estimated £3T0m. 2^].. hieh sSriM «nj«s« y,gse past s^dards. The party s ^gtes to defend the position. ^ been toe party’a selection meet 

leader, last ntobt mrred to squash were graveiy damaeing to aire Socialist wing of the Labour To reduce the tODmostmarsinnl ' tiioraie. _ political strategj- _ and iTr.' Rav 'Whitnev. the Con- ines.'. 

ttion Is to he Busdnessmeq. thought :ilPS '• In each of toe -five elections of organised a orotest petitioir from seriously question his 
of the House were narrow-minded . and lacked toe past 15 years, the Liberal several iboasand tenants. rised partv version. Disiael 

Steel stresses collective view 


MR. DA'VID STEEL, the Liberal present levels of higher taxation eyes, except those of/lhe doctrin- estimated £3T0m. 

leader, last night m)ved to squash were gravely damaging to aire Socialist wing of the Labour To reduce the topmostmarginnl 

suggestions that he is out of sym- Britain’s commercial and isdus-' I^rty.” rate on earned income from the 

Mr. ' Ray 'Whitney, the Cod? ings.' 

MPs were also said to lack (vikdlhllitv now hane • ^ 

ura«. nna riireainr servAtlve candidate. Foused 

«ug£«suoas TOBL ae IS uui. ui s/ui- ont-aius «uuaiervi«u auu luuiur rari^. rate OD earneu income irom uie enuraee One director aointed '"L" servanve cantuoaie. rouseu some . His opponents suggest will 

patoy with b»s party's economics trial interests in a competitive Meanwhile, the Treasury is existing 88 per cent to 75 per -- .tg Tjhour MPs who helued •\"® Wycombe yard- anger among tbe imzolgrants by optimism and some irony tha 

spokesman. Mr. John.Pardoe, and world. “There are very votes drawing up a. detailed costing of cenL would produce a £80m. loss, ^te the Select Committee nn ’^hat js the iidtial' entlusiasm with which a** a newcomer to the area. Mi 

his ronmng battle wfto Treasury , to be had in cutting higher taxes, toe various' amendments that wiTl of revenue. But the sweeping rut i^Honalised Industries renort ™®^® he echo^ Sirs. Margaret IVhitney . may not retain th- 

Hinistees over fuither'cnts in in-, but that is not the point. ..^featurein the Finance Bill battle, advocated by. some — to .60 per criticised the British Steel Moris to- -meet the Thatcher’s* policy. - ‘ • loyal personal following- that hi 

oorae tax . > ** It Is toe right thin^co do for -Each Ip off toe present basic rate cenLrHvould cost a mdhh- mure (^nrooration but still voted with .. -J A tonqer diplomet.iind son'.Of predecessor, Sir->.Joh^n Hal: 

^gnificaatiy, however, Mr. our economy ia most peOpU's.of 3^. in- toe £ would cost dn signiflicant sum of £280nu . the Government. . ^^®®^ .“®® ®". k- shoe^iuQer, Mr.. .Whitni^s. acquired la 26 years'of dituKnr 

Steel referred, in a speecii, Dotio ' - • MPs into the -constituency in a p oHtieat ■gpragrp^" • h?s~- poHtiear parptakiqg' '• i 

toe mucii-touted redaction of __ • v.' . • . ^ ‘V ^ , *- .. “tonce of toe Lib-Lab Thg -Labour cariaidate.”Mi| 

tugher levels of inrome tax whnrb comj^nsRtion for inoye to Gatwick Action on jobs has immoef^sti/* trampeted its Uim xa^uliy 

look the most probable outrome . * 1 1 1 claims on every him of good Tn. tBSS field; he' 'found safer. AecoJKl-piace‘vote,-has nitc&eA 

of toe deui^l mnipawa ne« -BY OUR PARLIAMENTARY CORRESPONDENT - SUD5ldy ' -d6la.V *i» taxation and - jgsi^qd the weekend, b'ra^ heavliv on fail 

month of the Budget proposals • aiaaeoiatj aavaaj ioilation to increases in the gold- between , ■the 'National Fronr sap- ‘ appwl as the local man I 

by toe Commons. THE GOVERN^fENT does not Ongarl about .Air Canada's move Sfirabel— it is not toe Govern- ACTION HAS been taken to deal ' pb/te» airiwe ' tff Mr.' Fnwler has spent most n| 

The need for a shift in tots intend to compensate- airUnes from Heathrow to Gdtwick. m'ent's Intention to compensate with a ten-wc^k delay in * pro-- A lively partv organisation has :}«ri ritgaher incredlbnity- , 40‘ his 47vjears in the area, worltinr 

** It Is toe r 
pur economy 

No com^ns^tion to to Gatwick Action on jobs 


burden of taxation from direct 
to indirect was the collective view 

which move from Heathrow to 

Ur. Davis said that no estimate airlines which move firam 'Heath- cessin'g temporary empioj'meni bgen reinforced hy an influx of th^. ton^M-tied. housewife cah-^ first as -a printer and latterly a^ 
of the cost of transferring from row to Gatwick. subsidy applications at one of the rolumarv* workPix from other didate. Mrs. Sylvia Jones, and toe a full-time- trade union official. 

Tf ^^ek.>«*a.a 4 a «•» ffss M ^ *e« ,1,. ■ ^ - -* ^nnettl itran^tafl IiVitk T 1 ' 

irivate theory of John ^rdoc.” - He was replying to Mt. Robkit: . ria padfan Government in respect gers travelling to and.-^from aHoeated for. TCS work 'and the re^ and enterprise that has won live l«Bs 
But' Mr. Steel added, tbe McCrindle (C* Brentwood- aud 'pf Brit^ Airways’- transfer to Canada. position was rapidly improving, him a.nationaUress award. effect.- 2 

V and Older, to some. —which :has made his fac 
But though' he speaks familiar and his concern clear. 

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26 1978 





• EjfiiERGY 


Finds the 

. likely tbat 'KlSR recommenda- 
•-.- tiops may be.addpt^ as Part of lllllfflrTI 
Kuwait's forthcoming oew ■"'****“'^*'* 
biiil<U^ regulations: V 4. 

I ' ' In agn'ciHtural application of ffcTPCrS 

solar ener^. Dr. Tflallk's pro- ■ - 

gramme 'concenlrates on solar INTENDED primarily to detect 
• desaUnation, ' integrated food- and examine defects in airerah 
water-power > complexes and etructura! element fastener 
'' greenhouses -especially designed holes, but also suitable for the 
to mitigate the harsh Gulf oxamination of pressure vessels. 
’ climate. Profo&pe gree^ouses submarine structures and other 
have been buUt and tested (and assemblies where . integrity of 
••■• produced tomatoes) and. one is components made from conduc- 
• shprUy to be installed In Bahrain essential. Is 

Shows cost of phone calls 

Control of 


DESIGNED TO reduce ' the form" on which the telephone the domestic user's view is that H^O.t U-f 0 

anguish, and possible ensuing sits, takes "up 'very liUJe esctra the devtce is not eblldi«90/. The - . 

financial -pain, felt by domestic desk or t^le'top space and comes stiff punt^ card,.' easily inserted DATRON ELECTRONICS Is 

and business users when facing in seven standard col'ours to into the unit aft^ the telephone computerising its manufa^uring 

their end-of-quarler telephone match available telephones. instrument has been taken off management by the introduc- 
accounts, is a unit which moni- Designed so as not to infringe the monitor's rest can just as op’ a new «v<item «iied 
lors the cost of the calls and the Post Offi« Act, the unit is easily be removed and tom or ?Sl thg firat 

shows. In pounds and pence in not conneeicd to the ‘phone, but completely demolished by mis- xj ^ company to adopt the 




* Buildlngproducta-He^ 

HiM power- Cnenl _ 

Zip .Xastnuns ■ . 
ItellDea aad.'wivcigfat iwok,-* 

large, green fluorescent digits, runs direct off mains oower (with eWevous. juveoile' fingers, thus 

the prlee of the calls as they a four-metre long cable), and is denying function while the con- J'lJS g* 13*^: 

are being made. activated byjheu^^^^^ _ ^ . . sumer fe awaitiag a replacenwni 

: ■ .,• ••- siioruy lo ue *nswu»w "“H***** il T ,. — — 

' =u%m'kHc-‘moVortsea%aw 

' ?^tS«ihlc:Res«ar<*- has a -budget, «f nn detector in cjcislence. 

-i: ufc- r. wrnen aiiu*ra or ineir 

. ' Sf^itntor; responsible for solar cient to attract nsk capital, there removal by oewrinc the hole 

.* *■‘’'1. t ^energyatudies Dr-. N. A. S. Malik .will be need for govenunent sup- pQ g larger fastener can he 
‘ ■ . j told fte Financial. Times after port . . . the Justificaoon for ucpa. 

''■? talk, earlier this week, at the this ‘ is -that it could lead to an The unit provides a tiny 

•V---h!!f"Sblar 'Energy (inference, Sol- orderly ti^Sitidn from fossil motorised scanning probe which 
•*••• -fei^ 78, in ^hrais. - fuels to a renewable non pollm. rotates snirallv thniuch the fas- 

gbiteeb 78 is - 4 be first major ing-atlemative.” In other words, tener hole while mamtaininc enn- 
.J; luteriiational conference on- solar. energy. . tact with the wall of the hole. 

; Energy to be b^d m the Gulf Mr. Morse discussed- Auslra- Sranning depth is siijustable. 

-Dr,. Malik was spealdDg to lian, research work bn solar Dunna searjtmg. operators 
i '> V:%flenti^ and eni^eers from 'energy with particular reference ohserve what is going on 
'. •i*t 'over 20 countries. He oirtltned to e soft drinks plant near Can- 'hroueh a oispia.v or -«irip rtiart 
fhB- Tnaior aortvities '.of the IS. herra where an ezneriinental in. "”the various types of flavr^ nave 

arc oeing maoe. acpvaiw uaci. Sumer IS awaiong a repiacemeiu Control- Systems (SClCONl 

Thir British mieroprocMso^ Its primary funeUon Is t^ let. qgnj. and espects It to be in opemtlon 

** !n!!>ynn^?°^ll°Tr *?nfnn!^pT^hir The products wiH reach retail -ivitbin three months, to provide; 
tel Telephone Cbarge Clock nh ouUets like W.H. Smith. Rymans management control and .inFo^. 

computes and displays the cos?^f eafi? and leading department stored .tnatioh over a variety of manu- 

pr call^ aulomatiwlly account- awaro of me «ns the U.K., within the fatturiiig procedures, 

log for the day of the week, lime when asRM make haphazard The UK model -d-.....* «. 

of the day. the charge band 8u«ses, often underestimaUng 

laHffq and VAT vatp ann atsn Chsrses bV UP !0 50 Oer Cent. y'"l ®®**. ** .Packard 1000— with, strategically 

mrorooroles a diSaT cTA It wTnotf Ihe^fOTTpfeven^or terminiS^the 

The chsr^ clod: cet«^ in- log “theft* calls in the office or system will ^ cover inventory 

stiicUons from T^ulfied card home, bilt will highlight *be ® ^ 

supplied and subsequentiy re- economic and unneeessar.v cost requirements planoing^ pu*^ 

placed if and when telephone of conversations by the verbose More information from Moni- chasing, product ^.costijw ano 
charges rise.' A neat keyboard and careless user. leL Berechurch Road. Colchester, managment reporting, ^e epn- 

is flited to the front of a “plat- An unfortunate aspect from Essex. 0206 4S^. . figuration <^pri&es a KJyte 

memory processor, a 20Mbyte 

disc store, three display ter- 


Monitor watches for leaks terminals to enter info^atlon 

about components, bills 
materials, works . orders, t 
i^stse orders, orders 'i 
sales forecasts. The systen).^ 
then calculate Future cooippii 
demand, purchase order nmi: 
(t^ng into account eurr 
stock, lead times and.pnt^ 
ing orders), asrenihiy and s 
assembly manufacturing- sch 
tiles tp meet planned delivei 
and ' various other items* 
management accounting ini 

SCICON plans delivery in J< 
1978 and will have already 
up the necessary. . informat 
and program to' ' ailov/ i 
system to be used from the < 
it is inst»lled. This includes 
training of Datcon staff. •_ 

Datron Electromes. Met 
Close, Norwich Airport Ind 
trial Estate, Norwich NR6 fil 
8603 412126. 

y«v A DTeahoown gi .cuai* iw< uib fmir nrobe< are orotidod 

-The two primary areas pf pl^-at 330 dollara per square y-uh each^angi^ from 

>ttrest are solar cooliog and metre showed that \ inch in increments of ,h inch, 

^heating of buildings and the agri- accounted for about two-fifths of ^ surface prob«* is available for 
^cultural .apntications of - solar the . total, the energy transfer the use on conductive metal sur- 
^netgy. “The ma^or objective loops witb controls for about half fares to find flaws, 
of the programme is to commer- and the thermal store for only Terhntrlte Europe pulton 

- *' - ^terest are solar cooling . and metre showed 
. j '''>V.^he^ing of buildings and the agri- accounted for 
: '-cultural .BPnUcations of - solar the . total, the 

- ■ \ 'Anerev. **TT»« ma-inr Innns wirh mml 

. ' •''•V cialise- the solar, technology- for tfi per cent . “It would appear Tnternstlonal, MsnJe WnrVs. Old 
k- io this .^lart of tiie world," that the cost of thermal storage Shorehsm Road. Hove. BN3 7EV. 
raid Dr. MalUt . is not as high as originally 0273 778401. 

V A demonstiration . dwelling. unit though^ but the energy- 

- .^Allied to- a atiidy of solar energy and conference programme 

for houses, is a study op the organised by Arabian Ezhibi- 
'' .-energy- -conservation effects - of tions Maaagemeot and'la takln..,; vlJlwl &CjJv Y 
Insulation against the.fierce tern- -place in Bahrain until April ^7. ^ • 

; Oi;.' ..peratures. of the Gnlf snmmer. The conference programme was ug/f-wif-ngY 

..-Insulation is a subject virtually organised by Prof. David Hall VY l| |l| g 
• *i . ■ s''. ‘■ilhored during butldmg eon- of the University of Condon. . .. 

.strucaon in the-ailf 

CRUCIALLY important monitoring equipmeot to 
delect and report breaka or teaks in oil and gas 
pipelines to the mainland from North Sea fields 
and between operating rigs is to be supplied by 
the Ferranti company (onowMog an order placed 
by ^bell UK Exploration and Production. . 

Telemetry systems will cover the pipeline to 
SuIIom 'Voe and the future gas line .to the 
-Scottish mainland, and the pipeline integrity 
system (PLIS) wtff hare as its primary function 
to watch for anomalies from a centre in Aberdeen 
where a mass-b^ance routine will be run to 
compare volume input to the pipeline witb the 
volume output at Sullom Voe. 

Linked in* with this will be the stations on the 
platforms tiiemselves, operating on ' micro- 
computers to monitor continuously pipeline pres- 
sures. These stations will detect the rapid rate of 
change of pressure associated a*ith the shock wave 
characteristic of*a fracture. 

Secondary functions for the Aberdeen centre 
win be logging each platform's production, 
monitoring main oit-line valves, pniups and other 
essential units, and monitoring the inler-platfnrms 
coinmunicatian s}'8tetn. The master stations win 

cootroJ, via tropospheric and line of sight links 
the 27 outstations to be located on eight platforms 
in the Brent. Dunlin, CortnoranL and Thistle fields 
and at the pipeline landfalls at Sullom and St. 

Twin processors will be used to give the net- 
work a high degree of availability. 

At the'operator end will be a series of colour 
semi-graphic visual displays which win simplify 
the task of grasping a mass of operational data at 
a glance. Watebkeepers will be able to call up 
immediately the latest logs of pipeline data as 
well as graphical presentation of pump, valve and 
motor states. Important displays will be stored in 
memory if the operator so decides. 

For emergency intervention the watchkeeper 
will be able either to throttle back input to the 
pipeline or close it- down completely, simply by 
pressing the appropriate button. 

Access to information held in Aberdeen will 
be provided through companble facilities at 
Sullom and St. Fergus. -But neither of these will 
have ability to infiuence processing operations in 
the main centre. 

More from Ferranti, Simonsway, Manchester 
M22 5LA. 06M28 3644. 


Insulates the roof 

A PHENOLIC foam root insuia* 
tion board consisting of a core of ' 
rigid phenolic foam insulation, 
laminated on each face wfth glass 
fit^e. has been introduced 
by Thomas Ness (a National Coal 
Board Company). 

The phenolic foam core pro- 
vides a high degree of thermal 
insulation, enabling the designer 
to satisfy current and anticipated 
U-value requirements with very 
tow loading of the roof deck. 
Because of Its essentially closed 
cell structure, it has low water 
absorption and the celtnlar core 
also reslsU the passage, of water 

Ness-Board can be used on 

concrete, timber Or metal Ti 
decks before waterproofing w 
built-up felt, asphalt or sing 
layer roofing materials. 

.As the board is'-dimenslona 
.stable it will not create strea 
in the waterproofing layer 
that bitumen felts can he fia 
directly to tbe roofboacd wiUu 
suffering excessive stresses cl 
to thermal movement of tbe 

It can be laid in hot bitum 
without suffering damage or c 
tortion. even at. the higb 
bitumen temperatures 'used 
roofing. Details of the mater 
can be obtained from Than 
Ness at Coal House, Lyon Ro 
Harrow, Middx. (01-427 9001.) 

• . 




acdirate turner 


'MOZiE - pb^rful * th^. its 
’^contpanidn machine latmdied. 
-some months' ago. the' 'new Gem- 
turn FX2S allows for fi-tool and 
l^tool operations.- using only 
three types-'of -holder. 

Versioiis Of tfiis ‘ machine are 
available Xor eilh^ aumerical or 
computer'huifiericat' controL' A 
microscope gauge allows- semi- 
skilled operatives to. set tpols'to 
within 0i)lmm. ' "• ', * . ' 

In the six-tooV vinrsibu the 
machine has a maximum cutting' 
diameter of 300mm., reducing to 

130zom.. with tbe 12-tbol. version. 
Bar 'sizes up to 55mi^ are 
handled and 'the maumttm cutt- 
isg-ledgth is 300m ai. 

Where the extra tools are used, 
setting up times are greatly re- 
duced .aod 'the machine is^suil- 
able Ibr-sh^ batch ntns. ',; . 

; Main ^itidle'speeds are select- 
able in 39 steps from 26 to 
2000 rpm. * Drive is frbm an 
aikW de motor. . -•■;« ' • 

N. Cs Engineering 26 %njfi:in 
Road. WktfoM, Hertf WDl*®nv. 
Wadord 34396. 

at the Summerland fire disaster 
in Che Isle of Man was not estab- 
li.-ched beyond doubt the fact 
remains, says BICG. that part of 
(he wiring (wherever the cable 
wa.s within public view) was -in 
mineral insulated cable while 
the remainder was PVC insulated 
cable in conduit. 

Tbe commission of inquiry 
into the fire held that, in their 
opinion, the failure has been due 
in the effect of beat on the PVC 

Tbe new Sumtpvriand. to be 
opened to the public on May 27. 
will make use of Pyrotenax ex- 
clusively for all the emergency 
circuit wiring. This includes 
fire alarm, emergeocy lighting, 
ail wiring to the sprinkler sys- 
tem and for emergency door 
alarms. Some 35.000 metres of 
the cable bare been used. 



TSB network in Scotland 

Matches any motor need 

ALREADY the -world leader in 
financial terminals used by bank 
staff and by customers to speed 
banking operations Phitipe Data 
Systems bas consolidated Its 
position with a win at Scottish 
Trustee Savings Banks for the 
installation of. counter terminal 
systems in 108 branches. 

Customers to this instance are 
a consortium of three our of the 
four Scottish regional TSB's and 
they w*iU be operating the Philips 
P7^ 8000 terminals on-line and 
in real time with a Burroughs 
B3800 mainframe compute* In- 
stalled at the oew TSB centre In 
Glasgow. ' 

Thif will be the first counter 
terminal equipment Installed in 
Scottish TSB branches. Counter 
staff will be linked via the units 
through branch controllers and 
private lines lo tbe stored infor- 
mation in The Glasgow machine. 

.The requisite comiDunications 
software has been written by 
Philips and the s.vstems software 
is now being developed in con- 
junction with the Scottish TSB 

Installation of the £2m. worth 
of equipment begins late this 
year . wifh . completion seb^uled 
for tbe autumn of next y&ar: 

Hardware will be made In 
Sweden and will provide each 
position with its own mini, pass- 
book and journal roll printera, 
keyboard aqd .display. Many 
transactions will be carried out 
at the counter at. far higher 
speeds than hitherto possible, 
aiding the TSB's in their fight 
for expansion. 

7'bls is the largest single order 
for this banking terminal in 
Britain to date and the 22nd 
since the PTS 6000 was launched 
in the U.K. in Januaiv 1977. 

World-Wide terminals In* 
atalled. and on order now have 
exceeded .the 34.000 mark. - 

ASEA has a new series of helical 
gear units and geared .jnbtorA 
They are designed for output 
torques up to 1040 Nih. power 
ratings up to 7.5 kW and 
nominal speeds between 2J and 
320 rpm. 

The new gears, with the type 
designation UAA. are available 
in five sizes and two versions. 

Gear housing and bearing end- 
shield are of high-grade cast- 
iron. The integral feet on the 
gear housing enable the gear 
unit to be attached to the 
foundation; Flange -copneetions 
for the outgoing shaft are avail- 
able. Gear Units' witb ffanges 
can he . attached eithpr ^tO: .the 

foundation or to the driv 

Designed accordingly) a''rooi 
tar system, a few .compone 

give a great variety of gt 
units of different ratings. Tf 

units of different ratings. 
are available in a long series 
different speeds. Gear units 
several different sizes can 
delivered far each nomi> 
speed. As standard. .2- or S^sts 
gear units are . available. T 
larger gear units are also obta 
able in a 4-slage version. Wh 
used together with 4-pole xnoto 
the. gear units can give spec 
as low as 0-6 rpm. . 

ASEA. Villierp House, < 
Strand. London. WG2N 5,] 
01-930 8411. 

. . - U 







3951 3952 3953 vS4 - 1955 1956 1957 W58 1959- 19W 1961 1962 

1966 396$ 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 W76 1977. 

In 1902 an en^e ■with a I litre capacity dev eloped 

about 6 H?. Nowadays en^es prodDce up to 
60 HP - or as mnehas 300 IIP in some racing cars. 

Tp develop and mannfactnre spai% pings 'ffhiclL 

make snefa iuj^ performance pos^le-. 
a technological capability is regniied of a'^'ery 
lugh order indeed. ' 

A5 i 

■ Caii Benz called Rutoniobne ignition the 

problem to end all problems. “If the spark 
tails” he smd, “then everything else is useless 
Jiowevei sophisticated the design” . 

Robert Bosch supplied that spark. 

In comparatively few years Bosch HT 
ignition sj'stems and spark plu^ had become 
an established part of automobile development 
Since then the basic principle of the spark 
plug has hardly changed. Yet up to noW we 
. have produced as many as 20,000 different 
tiiies of spark plug in order to keep abreast 
of changes in engine technology, 

A good spark plug will bum off soot and 
other deposits even during slow city trafRc, 

It needs to do this to prevent misfiring, to 
economise on fuel and gjve longer engine life, 
Athigh speeds oa the'motozway the plug - 

must not overheat, otherwise dangerous . 
pre-ignitionmay occur. ' 

To give a;ou some idea of bow mch 
Bosch spark plugs have developed over the 
years Just compare' our very firstp|ug with the 
latest models. 

The 1902 plug had to produce sparks at 
the rate of 15 to 25 per second. Today’s plug 
must produce five times as many in the same 

The.iipper temperature limit for plugs has 
risen from 600 to 900®C, and the HT voltage 
from 10,000 to 30,000 volts. 

And imiUyi whereas modem spark plugs 

can last 10,000 miles ormore, in the old days 
the motorist had to reach for the plug spanner 
every 600 miles or so. 

. , So jnext time you buy a Bosch spark plug 
just remember how much of the histon’ of the 
niotor car it contains. 

Bosch UK: 

Robert Bosch Limited, Watford, Hertfordshire 





One European 
growth sector 

Fi^iaucial Times Weda^day A^rii^^ 1^^ 


Buttons and Sha^^ P^ed^l^ 


THE LATE President Roosevelt 
gained considerable notoriety in 
the 3Qs by . proposing to pay 
farmers not to produce bogs in 
an attempt to push up the market 
price. Since then the practice > 
has become respectable, particu- 
larly in the U.& where fanners 
are paid to put tbeir land in 
**.set-aside.'* Other countries have 
various forms of quota restraints, 
in an attempt to keep production . 
in line with market demand. j 

‘The EEC Common Agricultural ; 
Policy has, up till now, avoided i 
the restrictions placed on other 
countries* farmers, except for a i 
9uota on sugar, by reslrictinz i 
imports with levies and almost 
total bans. To this is added 
support buying and storage , 
which has resulted in the so- , 
called mountains of beef, butter, , 
skloimed milk powder and lakes , 
of olive oil and wine. 

Small part 

Farmers claim, with some 
justice, that these mountains only 
represent a very small propor- 
tion nf the total supply, a few 
days* or weeks' consumption, and 
are no more than a sensible 
reserve against some natural 
disaster. Nevertheless, the CAP 
provides what farmers every- 
where have demanded, an open- 
ended guarantee for all they 
cared to produce. 

Nowhere is tbis more apparent 
than with milk, which has showm 
a steady increase in output over 
the years. The cost of the milk 
guarantee is about a third of the 
Community agricultural budget 
and amounts to approximately 
£l.3bo. at the Green rates of ex- 
change. It works out at about 
£30 for every one of the 25m. 
Community cows, and is spent 
dh all forms of price support 
subsidised exports, and so on. 

' No one could accuse the Com- 
mission of being complacent 
about'thi.s. .Agricultural Ministers 
and farmers .are .constantly 
wamed of the absurdity of en- 
couraging ever-increasing . pro- 
duction in face of a declining 
market But ‘apart from -what -is 
called a co-responsibility levy oF 
per cent, imposed on all 
deliveries, which is imperfectly 
dti.^rved in some countries, very 
little positive is being done. 

The latest ploy Is a reversal to 
Roosevelt. For agreeing to go 
liitt of dairying altogether or 
Converting to beef, fanners will 
receive subsidies which Would 
^ary from about £320 per head 
for herds of six cows, to £232 for 
large herds of 110 upwards. The 
Dgyments . could be made over 
$ve years, and would be rather 
higher In the case of farmers 
converting to -beef. These terms 


f tindlentes programme 
; in black and while 

BBC 1 

C.40-7.3S a.m. Open L'nivenslly. 
9J8 For Schools and Colleges. 
1043 You and Me. 11.00-12.30 
|un. For Schools and Colleges. 
1243 News. 1.00 Pebble Mill. 
143 Baepuss. 2.01-245 For .Schools 
and Colleges. 343 Regional News 
for England (except London). 345 
Ifiay School. 440 Bailey's Comets. 
440 The Cana] Children. 3.03 

represent an increase on those 
offered recently which drew very 
few takers, and resulted in fewer 
than 1 per cent of the Com- 
munity's-cows being offered. As 
overall isilk production is in- 
creasing by 2 per cent annually 
the ineentiv:es were insufficient 
to make any impact on the 

Nor is it likely to be any more 
successful this time. The most 
obvious reason is that no Euro- 
pean Govenunent would wish to i 
add to Us urban or rural un- 
employed at this time by remov- 
ing small ' farmers from their 

There are 2.1m. dairy herds in 
Europe but of these 3&6 per 
cent., or 840,000, are of four 
cows or less and represent 7 per 
cent of the European herd. As 
these small herds probably 
represent the least efficient pro- 
ducers. their complete elimina- 
tion would make very little dif- 
ference to overall supplies, but 
cause tremendous social and 
political repercussions. 

The problem really centres on 
the increasing efficiency of the 
medium and larger holdings on 
which less than 40 per cenL of 
the Community's dairy men have 
TO per cent oF the COM's. Any 
scheme to remove them from 
production would be fiercely re- 
sisted by farmers, but would be 
much more cost effective in that 
each unit would represent more 
COM'S. The holdings being larger 
would also provide more oppor^ 
tunlty for alternative production. 

A reduction- in price which the 
EEC's recent increases represent 
in real terms, would be very un- 
likely to reduce production and 
could M'ell increase it as farmers 
sought to Increase their output 
to reduce their unit~costs. 

THESS''’'iast 'veeks- Id .April are 
your last cliance to avoid too 
much of a chore with bedding 
plants laicr in the year. ' I\'o 
small garden is ever quite so 
bright if it avoids bedding-planis 
altogether: tbis year. I am 

experimentitig with. iVananhpiis 
in a dry wall, believing that their 
big seeds will be easily pushed 
into any gaps which have earth in 
tiiem and that they will trail for- 
wards and flower freely there. "1 
have seen this trick in France, 
but nowhere else: wait until July 
for a report on it. Otherwise, 
I am trying to grow less half-, 
hardy annuals than usual. They 
have given me three poor years 
in the la^t three dry early sum- 
mers. They are a Tong 'labour 
if you allow a whole bed to 
depend on them. So I am using 
the next fortnight to fill the saps 
more permanently withou. T hope 
I losing too much late summer 
, colour. 

Rather common 

Oddly. 1 have never put in a 
word for the old Double Daisy. 
Batchelor's Buttons, as some call 
iL Its slock. I think, has been 

dBcdmng as fJ'at.jrs the British 
motor -car^.. perhaps w ith even 
Iks reason. i(. jj ,^,e son of 
plant whjclj- smart gardeners con- 
sider rather, cqmmon. They are 
«rong. of. course. You may re- 
roncHe yoursejf \o the Giant 
Monstrous Shaggy Headed Daisy, 
now at the head of seedsmen's 
lists. It is too much for me. 

ij ^re’.too fast and too 

wide for the size of the plant 
and -thus, I agree,- are too vulgar 
to be worth hiiyfrte;. Rut a packet 
of mixed Beilis Perennis. merely 
in Its old Giant Jonn, is a very 
eound buy. 

It germinates like chick-weed. 
You Can fit it into the front of 
any bed. however crowded. Tt 
prefers to be shaded and slightly 
damp. Liquid manure goes to its 
and makes it perlorm all 
the better. It is .six inches high, 
tike the sort of daisy which you 
probably murder in your lawn for 
ho good reason. Tt is double- 
flowered, of course, shading 
through red, . wMte and white 
marked with red. • It flowers ner- 
riwentJy. from spring until Sep- 
tember. and whenever you want 
more, you merely split a piece 
off from its mat- of dais>'-leaves. 
No bed into which it is tucked 
^ri]] ever be withbiit colour. Mer- 

cifully; tt persists and spreads apricot and raspheny -• pinte -Ptaiit its large bulbs some six -tit. 
from year lo year, so it Is nifthey trail forn'ards, edge s bed;, e elump;'three inches' de^, and 
trouble at all- J have never seen fill in under roses or aide- the''y6u"'wm have' a -bold group of 
It -So fine as when, placed at the sort of s&P ^bich th^e^ig red- tell white bell-flowers on sUff- 
foot of a ehicken-run from which - border-popples leave' in Junk stems tb a height of four feet. in 
liiior and chicken-mess easily Never buy more* than -bne plai^ late summer. If only its big 

come its way. tVhen fed oa from a nursery -as it -mnltiplliBS -lea^'were not so excessive and 
liquid Bio,, it is twice as good a in a year into twenty posribDe easiiy-broken. But they cap. ‘be 
P^ant. divisions. like the old Bacfaelor’x hidden in surrounding greenery, 

perenaial. They spread freely, violets, smaller-flowered than d^rly-eoloured flower which is 

firmest' and 'most mature 

■■■ ■ » . J ill ‘ a year. 

- . • .^^ r .-Pdr similar reasons, I favour 
n ABnpMC Tn.nAY tbe:perennial FenneL This is 

lU-VMI . V ' TibL.i- fear, the edible feunel. of 

RV RORIN I AMP irrSv ! ;rSfe^ten:aDean vegetable mai^ 

BY nUBlN w\NC ryj\ . ; w kets.Tt also seeds itself too pro- 

... UBeally, so you must be prepared 
■ to hunt round for a luge crop 

. ' Wmilsplaced seedlings. But what 

They like awward shade.' Some the fully-bred Pansy, are quite 

of .the purple sorts can be a invaluable. - ^ ; gants which draw tte we ana 

deriSd frora^ wn^lment « tbi« gaps left SOtd big bed orpetumas draws 

Viola Conntta are conttoSwe this winter’s awful wet and attention by a differeot aro^.. 
and Quite excellent - frost: try . to plant some -late 'j^takes up our tune, too. /But if 

: ' sufflffler-fiowering. bulbs. DahEas. you place the Fennel, carefully, 

i have a wide stock now of. are not the only, .possibility, -s^ix have something almost as 
coloured violas from seed easily Wherever you have lost a <dump..'-Aeetaeular without any work, 
raised- from -the' fine- - range- of tall border-plants, the sum'm^- l^ annuals, then can be placed 
Offered by Thompson and Morgan Hyacinth. GaUoma Candtoxtis, is U aad where you have time for 

of Ipswich. Blacks, pnrples, a quick; and noble replacement- them : vou no longer rely on 

t^em and have to '. i 

week-md? in ear^ .June ly' 

- -ThePran^ espeddUy its ar"‘* j; • < 
darirleaved form, should not! ,• 
lostfn'the'back-'Ojra border, ov' rf?^ ' 
which, it wiir seed- too freer 
Place it by itself wben you ci--.--.'^ «r 
admire firat its superbly c '' ; '••* . : 
ieather^lumes ' of young da:.i^' '. ,*•“■ '*• 
leav^ titei the tall stems 
yenow-hoaded flowers whji-.,jf-‘^ 

■ stand.'.so Tightly and. elegant^'--; .' ' 

against an unerovded bac. 
ground. Make the most of it I '"' - . 

•giving It a front -plam. Ih.tT- 'f 
foregroun'd beside garden step'.-' . 
alone b^de a gravel pa^ on'V-.i ' ; 

bank or beyond a main' faous " : 
window.' ft grows -so fost ar^. 
ea^iy. - ' . '•/• . - -• • ^ 


It win give you and'^'!:- ’■ ' - 

bold feature within a year. 6r / ‘ 
you must place it as if it were!-*".'- 
statue' or an emphatic end to:;: ' 
view. If the h'aiL snow -or sumhu -.- 
gkles of our crazy weather d . 
not flatten-it, yon will. have • 
common . plant .which trill- hov ■ 
ever, make as zhueh of a m^. 
six feet -high a& a hundre. - -'i- 
massed blue lobelias. 

New chance for Fair Season 

FAIR SEASON, who ran badly in 
the Irish Sweeps Lincoln in 
spite oI being ante-post favourite, 
could be worth one more chance 
in to-da}r‘s reneM-al of .the City 
and Suburban at Epsonr. 

His performance in early 
spring made Un Balding believe 
that he had the Silly Season 
four-yearK>ld back to bis juvenile 
form, but Fair Season may find 




When asked for suggestions, 
fanners' representatives have 
pointed to the continuing im- 
portation of New Zeland butter 
(cheese Imports from that source 
have noM' ceased) and suggested 
that they should not be reneMred 
when the protocol allowing their 
entry e.vpires in 1980. This move 
would only be a temporary miti- 
gation; present New Zealand im- 
ports - to Britain are 120.000 
tonnes and the -EEC surplus over 
consumption last year was 
175.000 tonnes. 

The fact is that while produc- 
tion Is Increasing at a rate of 
2 per cent. con«umption of milfci 
productions is falilng by 1 per 
cent, overall, and the cost of the I 
regime has doubled since 19741 
— one of the few sectors of| 
Europ^n growth, ! . i 

Better Blessed, trained by Bald- 
ing's brother-in-law, Willie 
Hastings^Bass. his toughest 

This So Blessed colt. M'ho took 
the International Harvester 
Autumn Handicap in September, 
has coroe on since running res- 
pectably on his seasonal debut 
and is set to give the KlngsciearO 
runner just 1 1b. 

There may be .little between 
them, and I give Fair Season, 
whose stablemate .Turnpike 
sprung a 20-1 surprise in the 
race a year ago. only a tentative 

' • No tM-i*-year-old — M'lth the pos- 
sible exception of Schweppeshire 
Lad— has created a better Initial 
impression this season than 
Kasak and it vdll be fascinating 
to see If the 'Peter Ashworth 
iiivenlle can follow ua his New- 
bury’ victory in the Hyde. Park 

Kasak. the four lengths con- 
queror of Tap on 'Wood in the 
Berkshire course’3 Beckhampton 
stakes, mee.ts a Mrotthy opponent 
in Spy Chief. This twice-raced 
and tM'ice-succeK^I- colt repre- 
sents that formfOable li>ca] com- 
bination of Brian Swift and Geoff 
Lewis that took tiie prize a year 
ago through Edna’s Choice, fol- 
iowins a -three-lengths NeMrmar- 
ket victory over the subsequent 
Giracrack winder. Tumbledown- 

I expect Spy Chief to bold off 
the still-green Kasak. 

.At to-day's other meeting. 
Catterick. I feel sure It will nay 
backers to note the strong Jack 
Hardy team, for which Taffy 
Thomas has travelled up from 

On the corresponding after- 
noon "a year ago. Rard.v and 
Thomas won two races and it 
seems probable that the.v m’III do 
at least as well on th'is occasion. 

- Their best proposition would 

be Young Bloodhawke in the 
Richmond stakes, won a year 
ago the even-money Hardy 
favourite. Brinston Zipper. 

Young Bloodhawke is con 
sidered to be one of bis trainer's 
better and more forward two-, 
year-olds and. 'if this is the case, 
he should have the legs of the 

240 — Oriental Rocket 
343 — ^Fair Season** 

3i43 — Spy Chief 
410-xPittl Diver - 

4.15 - "H oase Gaqrd 


2.13 — Snbsidi^ 

2.45 — ^Private Love 

3.15— Palamine 
3.43— Gipsy Prince* 

4.13— Beverley Bey 

443— Young Bloodhawke*** 



CbVENT CAKDSN. CC 240 1000: tONOON PALLADIUM. CC. 01-437 7373. 
(Gvdenclwrge credit c«rd« 836 6903> fROM MAY 25 to AUG. 19. 


Tomer. 7.30. Der Frelsehue. Fr(. • * eOOK WITH EASE ON TH8 Nnv . 

Mon. 7.00 be nOBe dl FIgiro. SK.-.aiid .''EXCLUSIVE TWO__RONNIES HOTLINE 
ee c.,. T* 01-437--2055. 

Tims. 7.D0 Otelle. 6S Amphi' Seats for 
■H eerls on ulc from 10 a.m. on day of 

' ' A NEW MUSICAL ... 

PrM. E*9S. 7.S0 («eme sm stSI 
aW. Oeens-Mar .S- 7. Sub. EWg*.' 
Mat. Wed. end Sac, 2.45. 

Licence fees campaign 

THE Greater London Council is 
to ask other local authorities to 
join a campaign to put further 
pressure on the Home Office to 
raise licence fees for cinemato- 
graph. plays and p^vate music 
And dance licences. 

Mr. Bryan Cassidy, vice-chair- 
man of the GLC'a Public Services 
and Safety Committee, said; “We 
first asked the Home Office to 
raise these licence fees back in 

“They have now" been *under 
review’ for nearly three years. 

during which time the Home 
Office has fi)bbed off another GX#C 
request made earlier this year 
and given a dusty answer to a 
recent parliamentary question." 

Hr. Cassidy added: “ Since the 
£9 fee was last raised over ten 
years ago. inflation alone has 
reduced its comparative value to 
about £>.30. Bat administrative 
costs have gone up and. ulti- 
mately. it is the ratepayers who 
foot the bin. The GLC charges 
other organisations between £35 
and £1,170 for annual licences.'' 

ADCLMII THEATRE. CC. 01.156 7111. 
Erof. 7.30. MMS. Thun, 3.0Q..SM..4i(k 


M 197E„ 1077 «nd 197E! 


Scindjy PegpiA ' 


John Craven's Newsraund. 5.10 
Think of, a Number. 

340 NeM's. 

.543 Nationwide. 

643 The Wednesda.v FiJm: 
“Earth ll.“ 

840 The Liver Birds. 

9.00 News. 

943 The Hong Kong Beat 
945 SportsnighL 
1043 TonighL 
1143-1140 Regional News. 

All regional programmes as 
Wale s dlO-5.40 p.m. BilidoM'- 
car. 543-6.20 IVales Today. 645 


5.10 HeddiM'. 740 Tom and Jeriy. 743 
Ask the Family. 8.00-840 In Our 
Nature; 1145 Ncm’s and Weather 
for Wales. 

Scotland— S45-640 Report- 
ing Scotland 1145 News and 
Weather for Scotland. 

.Northern Ireiend— 843-845 pjn. 
Northern Ireland Nbm's. 343-340 
Scene .Around Six. 943-943 Spot- 
light 1145 NeM-s and 'Weather 
for Northern Ireland. 

England— 345-640 p-Rk: Look 

g» East (Norwich): Look North 

(Leeds. Alancbester. NeM'castle): 
Midlands Today (Birmingbara): 
Points IVesi (Bristol): South To- 
day (Southampton): Spotlight 

' South West (I^jmouth). 

U BBC 2 

3.43 'News. 

649 Thames at Sis. 
645 Crossn^ds. 

7.09 lliis IS Your Life. 
740 Coronation Street 


UO AM. Baoort West Eeadltaa. L2S 
Repoa walei HeadUaes. 2 J 0 Honaepartr- 

5.15 Bettr Boon. SJa Croemads. koa,. 

Report Tii'e«. 8J5 Report Wales. 4Jil amrasSAPORs 

ALMOST FREE. A85 6224. UcnlWd »MMn 
Only. Wolf Maakowltc’s SAMSON AND 
DEULAFL N3. Nlshtly.'it B AIL Inci. 
Suns. No show FRdav. - " Remark^Io 

visual oMl ctnotienal dime..** Times. 

'AMBASSADORS. 01-838 1.171-3212. 

749 Coronation Street "ii# armrtno.'^ b o^w'^sms. aoi. 

840 The. Streets of San Fran- woman. i 2 J» vne practice. jbIriomwaI msti^ 

HTV Cvmru/Wales— A s HTV General s-mF&^N^ot^AND 
949 Faces of Communism. Service except: 12D-L25 p-m. Penawdau ■ - — - -• 

.. Netrrddlon 7 Dydd. 4.28 Mirl Slavr. * o - apollo. qi. 437 2663. Evenliips B.0Q. 

10.00 htews. ajis un Tni. EJM4.15 Y Drdd. ISMJB Mats. ThurjL 3.00 Sat.^00 and BOO. 

1040 The Su-eeney. Oallr Express welsb None of me Year Aew m the y« 7Y sto. 

3140 World Snooker. ‘ soferb.- n.o.w. 

12.00 The Andy Williams Show. 

B.00 TT,e .^dy Mljam, Sh;m.. 

124a a.m. .Oose; Gillian Bailey lines. Mieja Report West, 
reads a poem for Save The 
Children Week. SCOTIISH 

Aerar of the Yaar, E. Sto. 

'* IS SUFER8.” N.B.W. 

.All IBA Regions as London ijg weather 

except.— rsporti. 2JN M’oraen Only. 3JE Mr. -and 

Mr«. S.1S Teatime Talet. SJO Cross- 1 
ta . roads. *J0 Scotland Todar. UO WIDde, 

.AlxOL.I.A on Water. 8JE Qulii^. 10J8 'Rush,! 

1.25 P.IR. Anslia SmvY. 2A0 Hoosepanr. Pro-Celehriw 

K \Tf Mm. £.m k^;._ aSOOKCr, 

Mr. Mrs. SJO About Anpiia. a.m. Open Lniversity. cm RafFemr. lui L-:i-iinu* (kneert. 

ARTS THEATRE. 01-836 2132. 


“-Milarieus ... see It.” Sunday Times. 
' Monday to Thursday 830. Friday and 
. . Saturday at 7.00 and 9.15. 


1043 Gharbar. 

11.00 Play School 
1143-1140 Open Uniier«ily. 
443 p.m. Open Universiw. 
7.00 Nens. 

7.93 Mr. Smith Piopaj 

740- Neinsday. 

8.10 Brass Tsek*. 

940 CaU aiy Bluff. 

12JS a.m. The Bia ouetlior,. 


l.B a.Ri- SouJiero Nebs. 2.08 Heeae- 
ersily. .A1 * s.S5 Betty Boop. S.2D Cronrudy 

er«tv IM >m LTV «.!• m., Southem ,\ew5 

Sulii vn* 'sjs Mr.’y’nd'^.'JrA #>8 s'rv ^*gf”lCAMeRlDCE. SS6 6058.' Mon. ta ThOfi. 

Today xao Mill, ATV -'I'v u M r a4i«^ Darts Chaniolonslup. 12.10 a.cii« Todu | 8.0. Fr:,, sat. 5.45 and 8.30. 

PiAMoaiPe It'^ “**** Mexico. Tomomw me World. I IFI tombi 

riopagaies .Mem. U.1S Dnre-;a. BUele African Musical 

Mexico. Tomorrow Die iVerid. 


*ua p.m. Border .N'-v &. 



EMitinp BlMle African Musical 
It's a foot-sismBliie. ouliaMnp. action- 
FKked musical " News of the World. 
Dinner and too-FHce seat fia.75 Inc. 

o-iw sraas lawn- ,25 The Good Word. /oDmd by 

9.00 CaU aiy Bluff. „r^ Via Mr ind riirs. ^ North Ea« News Rodlincs. UM f4r. .J’a’lg ^12- 

-t940 Midweek Cinema: “Ever- mo Rafferty GjWsvUIo. HS *MoiRA'Lis-rBR. ‘ tS'nv britton 

Matthews. scape. 12J0 Eptiosne. murder among friends 

n Afl Vsive r'LTAIV^'trr '‘blackmail, anbed robbery, double bluff 

.00 L.ll.\l>l\tL and murder.'- Times. •' A good deal of 

11,10 Snooker. Ill QTFR E’^mni n«*» 

r-t ^ ^ Oiamiel Nea-s. Whar» Ob Whero. EJJUaxClv 

1240-12.10 a.m. ClosedoR'n: ms ouaiiei .vew* eas wiidWe Theatre. 

foa«4rh7*‘aS .?«?• 



n n London „ -westward 

_l I I I I 940 a-nt. Schools Programmes. «- 2 T f.ri. Goi HoneybuD’s Binbdan. 

1240 Here Comes Mumfle. 12.10 rocmi. a,w Raffert?! I "“*•****■ •***■ vnura. 

I I I I Britain. 140 Xens. 140 Help! ir>e a-w. Faith for Lire. I “Tne Nuditv n «unmM.*‘ Daily roi. 

i I i I I I Hi 140 Crown Court. 240 After r^Daxtsi-is I stn sensatidnaC year 

^ ' ' ' " ' Noon. 245 Mid-Week Racing from UKi\iNAU.4. vr\x>vcxrr^T! 

7 Pole escapes from arrest, and is^ou^flSV^slS’^’cSSi.dY* "S YORKSHIRE 

^ judgment of tribunal (5) Mr. and Mn. iJt. pjn. Calendar. SAS Mr. and Un. 

$ Unusual way lo mountains (7) Fives. Smmerdale Farm, me lutierts. c.*h«niB. ♦.» Okadac. ass RaK«w. il 3E Dans. 

9 Estimate the value of animals ' 

' going to the south (6) cronn cars reservationi. omiwr ana np. 

13 Note on landlord and his kind o Aixiri | 347m ooreca: and d« u Rue is> MS MaucQUow fsv. 7.9# sews. T4S The Archers. 

could be spooky (5-4) ^ ^ for Organ 'S- laiS sons RecltsJ IS). 7.20 File on 4. M) Tbe Beintlful Garden MS 2238. M. Thnrx. S. 

17 What joiners do when fish is .. . xainmai orchestra Coneerc »st. iJMScience xow. MO Kaleidoscope. .Stew'S? miss marple in 

nn the WAV in /Q‘. MB a.m. , 1 s Radio 7J2 XoH Pan 1 Brahms -s . 1 U 9 In Short Weather. UUn The World Tonioht. ftfifttHA CHmSTVc'S * 

on loe A 8 > in 18 1 RemnnH* eni K.mnn R,i«« 1 l.l 1 a»..i i*M ... ». 'Ji.. ,e. inn ,,.,.SMrTr,r 


MO Raflernr. UJI Bones in our Stood. 
UAS BedtUne. 

Evemne 8.0. Thurs. S.& Sat. 5.30. 8.30. 

Maroaret COURTENAY. Dermot WALSH 
" Blackniatl. armed robbery, doubte bluff 
and murdur.'- TImM. *' A good deal of 
fun." Ewucrinff News 

CRITERION, CC. - 930 3216. 

E»enln8f 8.0. SaH, S.SOk 8.30. Tbur. 3.0. 

•• Impaccable ... a muncr.*’ Sun. Times, 


DRURY LANE. 01-836 BIOS. Every 
nipht 8.00. Maitnea Wed. and Sat, 3410. 

'* A rare, devacbtinp. tevem. aMoniahlne 
ftunner.” Sunday Times. 

ward Lare Newt. UJ9 Surylval Special 
124S An. Faith for LITa 


1 Eats cold rice or possibly it's 
hi-pocritical grief (9, 5) 

10 Brown colour obtained from 
soft one in the main (5) 

]1 One who records unusual 
tiger's roar with no love (9> 

13 Made electrical connection to 
receiver with Uie end of -cord 

18 Beals beat for sailor's reel i7i 

14 Music from south side of 
stage” (5) 

26 Leave the sick inside to sway 
lo and fro (9) 

19 Follow and crab part of 
vicar's atUre (^) 

20 Sharp part from both or 
neither (5) 

22 Builder provided by eastern 
clergyman (7) 

23 Take out former pamphlet (7) 

27 Teetotal but not present to 
accept money (9) 

28 To bring up soldiers is .easy 
initinlt.v (5) 

29 Stop and grasp each article 
(4. 10) 


2 Supplvin; npws about nine in 
lireek capital (9) 

3 Meet in oppobiiiun for a 
pound in ready money (5l 

4 follow risked banu (4-3) 

5 Firewood f sian collecting 
shows good reasoning (5) 

6 .<:ki]led flier has to try drug 
1 left inside (4. S; 

EVPA 84). FH.. Sat. 6.15 and 9.0, 

“ The Nuditv ti «utmlM.*‘ Dally Tol. 

DUKE OF YORK’S. 01-836 5122. 

EVBA S.O. MaL Wed. and Sat. at 5.00. 
In Julian MHehell’a 

** ertlllantlv witty , • • n» one ahould 
miM IL” Harold nohMil iDnma), Intant 
credit card reservationi. Otiiow ana top- 
srlce aval £7.00. 

a.r .'■uiv wii laiiuiuru aiiu 013 lUQu DA.rbTri 1 247m Otorecu; and D« u Ru9 i5i MS Music quote fSv. 7.9S News. T4S Ttu Archers. — 

could be spooky (5-4) ^ for Organ 'S- ia.U Sons RsdtsJ IS). 7.20 F3« on 4. 84) Tbe Beintlful Garden OSS 2238. Thnra. S. 

17 What joiners do when fisb is .. . Nainmai Oruhestro Coneorc »st. ijsscience Now. MO Kaleidoscope .Stew'S? miss marple in 

nit the WAV in /Q’l 54S Am. As Radio 742 XoH Pan 1 Brahms -s . lue In Short Weather. 1040 The Worid Toaiaht. agSSwa chriSTVe's" * 

te IP . ’ - BAnoeds. Ml SiOlcn Bairs. ILst Paul 1240 Conevn. pan s- C3ieniUDl >5>. 1BJ8 Franl: Muir Coes Imo . . . BookE. murdsr AT miT VfoJ^ 

18 worSilip a party getting an Buswii. la-Jludinn i?40 p.m Newsbeui. 140 .\ews. LDS Coocsr HeP (S>. XLN .l BouK- at Bediliou. U.1S ^ Third Great Year. 

'allowance (9l Tony Bbekbum. 4J1 Kid Jensvn, 240 Raydn Sirlns Quanete 'S>. MS U« Flnaaeial World TwilgUi. tiJO Toner o ■ 

19 Whore one iiiav chanop rniniir InclodJns 3.33 Neu-*hea:. 7.00 CiK Talk. Jamlllar S?«ho«H s>. (JJMjG PerUaineW- UOO .New?, WMtltor 

, -hfn imaL Beodliig.. 4.40 BuJtdtaE a record roiiowed W itnerlude. UM123 m 

when upset by death f3-4) si. I042 John Peci <Si. uje242 ahl Library 'Si. 1»« Homr^ Bound. Tnuiore FereeasL »ic FL^Nano 

21 Hnw men tug for spice (6) as Badto S. ;S4S Xfus. 3S.U HoRieH-ard Bound. T»n,i«n 

23 Art supporter has to move RADIO 2 and VHF bk In. ma ea o irHir ^tertainmeht/*^^^ 

p* V .. S40 a«. 5.07 Kaj Moore UIIII Tramu; Art ? -R'. MS lllumird talk S.I8 a.m. .Is Radio S. «.N Rush-Hour. ^ WlcV^S.*Mwlev.^iS^ 

34 Bird' always turning up about The Early Shou IS'. iRdudmg s.lo Pauae Juiian Sudden. La Travlwa; ^jgp Nought^ and Cmsses, 940 Loodoni 
the end of June (5) for Themshr. T.,.2 Teny wasan (Si |nc)gd- or Neceislt^ Live. u.u m Tokt. 124J p.nL Call lA 

*6 1 jr Pp candlp in rhiirph at mar 8-^ RartOa BllUeUs, 84a Puiia for Jr" J-°'‘Cert (S>. U40 (gdudina 1.00 London N6wa Desk, 243 

h;?i Ic, TbOBehr. wSi Jimmr veung fS*. Tonishi’s Schubert Showcaw. 44J Home Bun. UicludJug 

bottom of hill (6) 

No. 3,631 


2i^/ x^/i 







VliOld [rtl^ 





1245 P.m. Waggoners' Walk. 12J0 Pcie ® ‘. uu. _ j Londan News OnsK. MO Look. StoA 

Murray’s Opeu House 'Si iiieluding ia 3 .J-**'* ^ ***r *40.740 Am. w Listen, ijt in Town. 8J0 In Concert. 

5pon« Desk. 2JQ David HaiDilraa (SrMS>7.i4 aru Oku Luvursuy’- HMD U’4 NlSht LOttdftU. 1240 As Radio 

iDdudlng 2.43 and 94o Spona Dcldc. 440 n a ram a 2. 1245 par. Qursnou Tine fron the 

Waggoiurs' Walk. 445 Sports Desk. XlAJJlU 4 House of Connoons. LtS-Ooeei As 

447 Join Dunn i8> uclndlns S.4S Spans - 434m, 330m, 23Sm and VHF Radio i. 

by"ie tSour Party. **ub“po^dc 6^ Broadcastlng[ . 

7^ Sing Someihir .2 Slmpk -S.. Tja rn ^VSt’reJ^ S61m and 97.3 VHF 

SiwiJ’iS*!'’ 9R‘WM't*^Ptef™f.H *■“ Tesrerfla;- !n* Parlla- ^ A.M. 

tSuK-^’Iw' * ual* Brif? ^rtialn Sow. lOJO Daily service. 1*4S \ u'clock fall. 840 Alier Eight. 

mS-;-,. "nr^da^lb*" B^oinid" MldStthL ^ ^ Mshr-Extru. 

including 1S.M Nc*5 -.viiath-r. moioring i‘^i, Capital RadlO 

hjWkiten. 2.0M.U Am. •.'J, 194m and 93.8 VHF 

^ Desk vS i“4r Sorrt iT Reiil New*- 9JS Th«r LWlng World. «nan Bayes- iwone-m. AW Am. 

« I" 9J5 Bnnghnna lAOg U 4 S Jn LBC Bapnrts inUudins 3.0IM.M George 

* ual* BrifS ^rtialn Sow. lOJO Daily s^rrtce. I*4S \ u'clock fall. 140 Alier Eight, 

rli"'. MOrtUng STory. U40 114S *->® N'shUir,-.. 14D4.N a.m. Mghl-Extn. 

tedfng i=irxc^s '.Sl5S?r. SS& Capital Radio 

^uiten. 2 . 0 M.U a.m. 194m and 93.8 VHFj 

Muriel' Pavisw as MISS MARPLE in 
Tblrd Croat Year. •. 

GARRICK THEATRE. 01-836 4601. 

Eves- 8-0. wea, Mab' 3.0. Sab a.i s. 840 


In the 

"GO TWICE." S. Morlev. Fwicn. 

: “GO THREE TIMES.'' C. 8im«. NYT. 

GARRICK THEATRe. 01.636 4601. 

Ooena May 1 ac 7.0. Sub. 8.0, 

Sat. 5.30, 840. Mat Wed. 3,0 

GLOBS THEATRE. 01-437 1592 

Etba 8,15. WecL 34. Sat. 6.0. 840 
"nif muat M the happMst laughtei 
maber in London." o Tai. " An.irreiia. 
Ublv enlevablo eveiEng.’* Sunday Timaa, 

7.30. Mat. S*t. 3.0. ARMS AND THC 
MAH A Comedy by Ceerge Bernard 
Shaw, " Frileltv Kendal In her bc« 
-nertofmanee m data."' Oburver, 


Worid of Hlogn iind 

DArxrn 1 -Ififiii StereaXilUP Weailur and procramnie news. 148 The Show iS- 948 MIchad Aspel r$'>. X2.8D 
K.AUJU J i»4m. stereo *.vur ^ Andierx. WE Dais Cash «Si. a.N p.m. Roger Sewt 

!Medium Wave «a:y Woman's Hour incledlng 2 00-3.DI Kevs. >S>. 748 London Today tRi TJ8 Adnau 

tes «.m. WeaiJier T.BB Ne-.ts. 7.0S 24S Usen *1tn Alotber. 341 .Nem. 34S Ldt-'s Open Lioe rSi. 9.eD Tour Mother 
Voor 3tidweeK Choice. Cron. Bach. ARernoon Theatre. 340 Choral Esenaeng. Wouldn't tike Ti irtib Mcky Rome (Si, 
H.indel 'S- 849 Xews KBS Your Mid. eJS Story 'flm*. 540 p.-u Reports S.4E VV Tooy Myan's Lare. Show rs«. 
-•■osk ’‘.ho.L- Mendsissohr. i:«r >y. Serandi^'v SJSweaUter and orograeim't «,m. Duncu Joba&ou'A. Night Fiignt 
9.M .\e'aa. 9.BS T24 'iVceiCs Camposeis: U'Ai. A.B N:.ia. 8J8 Quote ... to- (h<. 

8.00 a.m. Graham' Dene's BreakfagrlHAYMARKCT. oi-MO 9832. EwgB. 800. 

Mats. Weds. 2.30. Sats. 4.30 and B.oo. 




” Inartd Bergman makes tM-staue rasiaie 
^'inassiiiabl* ener'sma Daily - Mail. 
-' Wendy Kilter la tupdrb.'* SUA. MiVor. 

840- Dlaliwi'.-W-ri— .R SWF RWei 
.«nd-. at, 'ir' •r.ip. 

MADfblNS ecu. 






r'TP ‘»K yoUr mcT 
- neouiREkEifi& 

.' Contact; . 

. . .GEOFFilp^ 
MOfuifib' OP ;iuNGSTON 

•...•••• •'xtd:,.;:' 

.64^4 -CBnibidse Rosdi. 

• '''-'Kln g i t iB ri oi^TbMwes, -. 



T^mes Wediiesday April 26 1978 



i WHETFIELID bas‘ inst 


‘^^' fceett appointea manufactering- 
. V jnaaager of the printed draal 
• v 'i board division «t Pl^ey la 
’ v p<»le.' of.tiie factory, 

‘ /viz—«h emplovs over 2,000 

Tapping hidden talents 


. . ffff ■(jie loaxmfecture of a vride 
>v 'nmise ^ products, from tele- 

..-•i liutfcw w- r-- ^ .. ; . 

■■■’' ^ ohofle eichanges to liafihr Jigbt 

CA ;i- ie a narripIllBrlv 

controls. So it is a particularly 
'^rkey division. X« Pl^y has 
just appointed a man with no 
^erieuce in manufacturing 

Not only will the senior man- 
^ement be w^diLog Wbitfileld’s 
progress with a very dose eye, 

>‘.->.^V.but so -wili the Engineering 
. iD^txy Training Bowd, which 

. 'vv ■ ilKHleUj' .A1AUUU6 

. has been responstbleiorprepar- 
■'■i i.^.'.iag him for the tasfc. 

He is one of t5 young 
engineers who are two-thirds of 
the -way tbroogh the EITB’s first 
•hatch of fellowships in manu- 
facturing management. Whit- 
field's fellowship stfll has nearly 
six months to run, hut his new 
jof^proyiding be is up to the 
♦asir— M a permanent one. 

The feUowships cam e int o 
following the £ITB’'3 
ceriisation tiiat manufacturing 
industry was not attracting the 
brainpower it badly needed in 
management Hasufactuzing 
managers have usually come up 
the bard way from the sb'opfloor, 
having Joined as apprentices or 
after national' certificate. 

. This did not. matter until the 
scope for l^her education was 
increased, rinee when, according 
to. the EZTB, the better people 
have been- creamed off into 
university'-^here they receive 
little encou^ement to go into 
muiifaetuiing industry. Eric 
Brnggins, senior tutor for the 
fellowships says: *ln the 

universities, manufacturing is a 
dirty word. Academics wiii en- 
couxage .even engineering 
graduates to go Into research 
and- development rather than 
manufacturisg. The good in- 
take has dried np.” 

So the Board lealised that 
then was a pool of telent resid- 
ing in research, development 
and design departments which 
could be tapped. 'But the prob- 
lem for anyone inclined to 
make the transfer was bow to 
get a job of similar status with- 
out a proven track record in 
manufacturing management. 
The fellowsbips are the EITB’s 
way of helping young engineers 
bri^e the gap and to.^ow that 
it is possible. 

Wheu ' the fellowafilps were 
first advised, the ETTB 
attracted over' 1,000 inquiries, 
whitdi resulted in 200 appplica- 
tionsJ The fellowtiups.-are open 

to engineering graduates aged 
between 25 and 22 with at least 
three years' experience in the 
engineering industry, probably 
in R and O or design. On the 
18 month course the fellows are 
paid £5,000 a year either by 
their sponsoring company^like 
John' Whitfield— or, if the y do 
not have one, by the EIFB 

the final 15 all had top degrees 

For the first sis months the 
fellows are put an in- 

tensive general course dt Cran- 
field Institute of Techsoiogy. 
ShoxTock and Hugf^ns felt that 
six months was about the 
long^t they could take anybody 
away from industry. 

The growing shortage of gifted managers in 
industry has prompted a training board to 
introduce special fellowships to help bright 
young engineers cope with the rigours of 
manufaeturiag management. 

itself. In the first year's intake 
two thirds of the fellows were 
sponsored and b.v the second 
year, just siarting, the figure 
has risen to 85 per cent 
Peter Shorrock, one of the 
EITB's senior offices, says that 
the rigorous selection pro- 
cedure was not intended to 
sin^e out acad^nic brilliance, 
but leadership abilities, or 
“ belly,’' as <he likes <to it 
euphomisticalty. As k happened 

Even so, they ems^asise the 
practical bent of the course and 
describe ft as bei^, “about as 
unacademic as it is possible to 
be In an ' academic environ- 

The course concentrates on a 
visde range of subjects a3>d in- 
volves practical project work 
and con^Mn? vl^ts. T%e fdlows 
live in at Cranfield, often work- 
ing in rile eveniogs aztd at 

Subjects include management 
accounts, industrial relations 
and law, organisation, project 
planning, production planning 
and control, and motivation. The 
emphasis is always as practical 
as possible. 

After a six-week break with a 
vacation study project, the fel- 
lows return briefly to Cranfield 
before setting out on the major 
practical side of the fellowship, 
gaining tiieir “trari: record." 

And it is here that the EITB 
has faced its greatest problem 
— persuading companies to 
allow fellows into a re^ job 
where th^ make real decisions, 
and are not tagged on to some 
Other manager who will' treat 
them as a millstone. About half 
of the first year’s siMnsored fel- 
lows woriced in their own com- 
panies,' while the other half 
have moved into different ones 
in ord*e to gain vnder experi- 
ence. - 

Somewhat reluctantly, the 
EITB staff do admit that not 
all the projects are proving a 
success. They say that about 
half are going very well with 
the fellows gaining real manage- 
ment experience. Of those that 
are not so successful the blame, 
according to Shorrock, lies 
evenly between the feDows, the 

company managements or the 
fact that the project was unsuit- 

The ETTB officials say they 
vnll .be spending much more 
time auditing projects and the 
ability of companies to provide 
the right tnining: 

John 'Whitfield’s project at 
Plessey is certainly one of tiie 
better ones. Before he took the 
fellowAip be had been a group 
leader in design and develop- 
ment at Poole. He . dedded be 
should try to move Into gene'ral 
management because the 
bori^ns looked decidedly 
broader and at 34 be is the 
oldest fellow. The first five 
months of bis project at Poole 
were spent investigating the 
long lead times of certain 
“ bespoke ’’ electronic equip- 

He :bas just completed this 
task, culminating in a presenta- 
tion to tile managing director 
of Plesaey la Poole, with pro- 
posals for * reducing the lead 
time by 20 per cent Whitfield 
says be has ‘‘learned one bell 
of a lot" His approach was 
similar to that of an outside 
management consultant and 
involved the detailed study of 
the manufacturing process, 
from sale through design, right 
through to- delivery for one-off 
products. . 

At the beginning of April, in 
the final phase of bis tellowship, 
he became manufacturing man- 
ager of the printed circuit board 
divimon. wMcb has been some- 
thing of a problem post in the 

John Whitfield <left)--<nie of the txaining Board's fir st bate b 
of fellows. He’s jnst been given the job of maunfactnring 
manager of the printed circuit board division at Plessey. 

past While it only employs 33 
people its essential character 
witiiin Plessey, as supplier of 
circuit boards,-to other divisions, 
is obvious. 

Gordon IffcDonuen, who is 
now both 'Whitfield's tutor and 
boss a^ees that the new job 
is a big responsibility: "He's 
either going to make it or fall 
flat on his back . . . 'we will 
know within a couple of months, 
but I am certain John's going 
to make the grade.” 

Both Huggins and Shorrock 
at the EITB make it dear that 
they see the scheme as a 
catdyst Qearly the feUowships 

will be very useful to the 
people involved each year, fa 
the impact on industry is got 
to be very minimal. Their si 
cess will really be measured 
the e^tient to which many oth 
companies develop similar pi 
grammes of their own. S 
even if companies are willing 
provide the right sort of tra: 
ing there is ^l the problc 
of making a career in manufi 
turing management attractii 
As ACcOonnell says: '* My priv^ 
view js that there are just i 
enough pec^e interested 
manufacturing as a career . , 
it is a hell of a grind." 





'v »• 

■ » :n‘ 


• . ; , -y 

‘ vi-:> 


• i 



: "'j: 

the trading world is becom- 
ing Increasingly . competitive. 
More companies are having to 
send more employees riiroad in 
search of busings, and also, of 
course to c arr y out existing con- 
tracts. Brititii nationals now 
often have to ^lend some time 
in areas that have poor hospitals 
and medical facilities. 

. Apart from the need— some 
'would say duty— to look -after 
employees overseas; the com- 
pany needs io protect itself 
against , the financial loss it 
■would suffer if anything unfore- 
seen lumped a key man or 

Travel insurance has , been 
available for many years, but the 


Getting the right 
protection abroad 


usual type of conttect -is de- 
signed primarily -for. ihplidays. 
The. needs of tbe ''&i^e^an 
have not- usuaUy *'been fully 
catered, for m suefr' contracts. 
But recently Royal ^Insurance 
launched a new form oTboslness 
travel insuraom aimed' at pro- 
viding the complete, protection 

needed by the employee and his 

The cover includes the normal 
travel insurance requirements— 
personal accident, loss of flight 
or hotel deposits and baggage 
and medical expenses if the 
individual is taken ill or suffers 
an accident whUe overseas. This 
latter feature is important, 
tince there are still many coun- 
tries without a reciprocal agree- 

ment with the UJK. on National 
Health facilities: where there is 
an agreement, its practical use 
is limited. But Royal has added 
a new form of protection, the 
personal emergency service. 

This will meet the cost- of 
travel and accommodation of a 
relative and/or business asso- 
ciate to attend the bedside of a 
seriously disabled employee. It 
will repay the eo^ of repatria- 


19 7 a 


Leading manufacturers of iadies high fashion 

tion under medical escort of the 
disabled employee. 

To protect the company from 
loss, tee cover indudes the cost 
of travel and accoznmodation of 
a replacement to fulfil the 
original employee's assignment 

The policy allows for maxi- 
mum flexibility on tee number 
of employees covered. A deposit 
premium is paid at tee start of 
the- policy year and adjusted 
periodically, according to the 
number-of employees covered in 
the period. 

Where U.K. expatiiates are 
working overseas -for longer 
periods, employers need to pro- 
vide accident and sickness cover 
not only for employees, but also 
for their families as weU, if 
teey have accompanied him or 
her. The Norwich Union has 
been active in this area, particu- 
larly with building and civil 
engineering companies. 





ourselves, so can we daim teat 
part of the directors' fee from 
the rent can he counted as 
earned ineeme? 

The previous dealing which 
resulted In a loss was funded by 
a loan from us to the company. 
Could we therefore repay the 

^omodona] and todinical 
literature for export 
sales to the 

Arabic-speaking cooncries 
of the Middle East and Iran 
must be trazulated and typeset 
in the idiom and style 
the market demand^ 
by specialists 

TELEPHONE;oi-A 47 l-in 

Our business is 'being closed 

down, beeanse of a ecunpulsory j «— 

purdttse orter on rentlo ourselves to flrt^as re- 

payments to loan account? 

te" SSkS? V™S‘£°SS®ofTe 

who u 59 to reatt tee ^ capital gain; we take it that 

? r^?rfiy the agreed loss in question is a 
purposes, before iiqntdaluia. property-dealing case I loss, 

Statutory redundancy pay- carried forward under section 
ments to the employees will be i?7 Tl) of the Income and 
deductible in calculating the Corporation T^ixes Act 1970. 
company's profits for corporation Direettws* fees are in fact 
tax purposes (subject to tee 41 earned income, as defined in 
per cent, rebate from the -section ^ (1) of tee Taxes Act, 
Redundancy Fund), but any pay- and jus^able remuneration 
ments beyond the statutory should be allowable in the corn- 
figures are unlikely to be eligible pany*s schedule D corporation 

tax computations (subject 
section of the Taxes Act). 

There are many pitfalls i 
the unwary in tee scheme 
taxation of close companies — j 
example, the repayment of a lo 
can produce a tax liability 
some circumstances. You a^ 
to know 50. little of tee na 
rules teat we urge you to ha 
a long talk with the compan 
accountants fairly soon. 

Although it is designed ' i 

private lan^ords, not epro^ ^ 

for corporation tax relief, sioM. 

you may like to read the 
Revenue 38-page booklet on 1 
taxation of Income from n 
property, which is obtainal 
(free) from most tax inspecto 
offices; you should ask for leaf 


No legal respeasibillty can 
accept^ by tho FinaneJof Tfn 
for the onswera given in t/i 
columns. All inquiries will 
answered by poii as seen 

the company is ceasing to trade. 
It is most ujfilkely that any pio- 
visiim for tee two directors will 
be eligible for corporation tax 
relief, since they are the owners 
iri. .tee . compaDy's entire.j5hacfti 

It is not wise to delay liquida- 
tion long after tee cessation of 
the company’s trade. Under the 
terms of the concession 
announced by ' the loland 
Revenue In August 1976, CGT 
retirement reUef is only given 
in respect of liquidation distri- 
butions made within three years 
of tee cessation of trade and, in 
any event, the relief is based 
ou tee age of each shareholder 
at the date tee trade ceased. 


Two of us axe directon ei a 
prfvmte property deeffag atm- 
pony, whidi has bonght a house 
which we hope to sell later, 
at a profit, to offset against an 
earlier agreed loss. The rent of 
tee property is thus Incidental 
to the main purpose. We have 
done a lot of work on the house 


On^ National flies non-riops Heathrow- 
Mtami -'^mpa* and onv«rds seven days 

(kjnlact your tr^I agent or 
National Airlines, 81 Piccadilly, 
National Airlines Inc. Is 
Incorporated in the state of 
Florida USA. A' 


^ e8ecS«Mw2n& 



The small computer that makes small businesses bigger 

If youVe got someone who can typ6 sod undemtand pMa English, then 
you can computerise y<njT business. 

Tbe6Cy7is aneatand veiy powei^ smdlbnsiness computer system by 
euctlywhatto do to^fbemformatiQh you^aftet Anything to do Mthyour 
inventory, acoounting, xnamdactuziiig, distributing, irimtoeting....yona3ni^ 
gotitin seconds mst^ ofhcairs or diiys. 

ISieSpeiry UirivacBC/7doesn^&eedaspe^rMzm Or eves specaal 
:itgetsa ‘ o-vw 


NoTfaday^ the adrantages of manga compnter shonldn’t need spellxng ont 
^ only pay for the size of sykem you reaOy need. Betanse as you grow; so your 
B^7 can grow. 

commer^ computeE; Sperry Univacliaveberoioe one oftbe largest commercial 
and badciij:^ s(miei]ibgasad^oed as teeBC/7 s^te^ 

Min the coupon and w^teflyouaUabouiiLOTvif time is money, call this 

T>nmh gr estenSHRiSgSg or 01-961 .^82. 

I Think l»g. Fill this in now. 

i Plea9esendme7mtd0aiISontheBO7. Q 

■ Pleiseanar^adsnotistrtakftk D 




I CooQ>any- 
I Addiesa. 


I PoridocL 

I FosthxErieSpringstejBushiessSystemsMaiketnig, 

■ SpenyUnivacCentre>LondonN\V108LS 

■ TelephoueUlH^0511c-'deiision3359or0i-9fil298Z. 



MniiiiwinrTiiiiin iiinTiiiiiiiii imi m 




If it^ inqx>ssib]e, 
get Bovis to build it 

Bims Construcdon 

UtVvLs Hiium:, Northiili Rixid, Hum«w, Midibi, HA2 OEE. 
TclrOl-422 3488 Tuks:9228IU 



*l'o meet on ‘impossible’ programme on one of our 
contnias we built floors upwards and basements 
downwards at the same time. 

For a new department store we used a few large piles in 
the foundations of several dozen small ones anH 

opened it in time for Christmas instead of the following 

We are doi^ this sort of thing all the dme. It’s partly 
tedinical ability^ but mainly it comes down to bd^ 
professional. We are not easily taken by surprise, a^ nor do 
we allow our dienes to be: with us you will dways know 
where you stand on coses, compledon dace and qualicy. 

To prove it, we have an impressive array of awards, and 
the focc that 7S% of our. business ccxnes from people weVe 
worked for over and over a gain. 

If you would like to rake us up on any of this, ring . 
Harvey Davis on 0l>422 3488; he’ll be glad to go into 
details. Or send the coupon. 



. , . Tel: 

"Wlfc f Fifty yaaraqf 





Itfs the Irving Trust Company and 
designation is altogether appropriate: a 
worldwide bank for a woridwide event. 

It’s an honor we’re not taking lightly. 
Plans are already underway to set up thr^ 
separate banldrig fknUties in the Olym^^^ 
^leas for the convenience of the athletes, the 
media and the visitors at this grand spectacle. 
Each will pjrovide the sbxuq high standard of 
service thi has bng been an Irving hallmark. 

When the Olympic parties arrive in 
Lake Pladd, well be waiting to serve them. 
When the games are over and the \’isitors 
head for far-flung homelands, we want 
them to remember us. 

And to remember, also, that Irving 
is prepared to serve all their banking needs 

That’s something for you to remem- 
ber, too- 

Irving Trust Company. Unique. Worldwide. 



Offices In: London Frankfurt Tokyo Ta^ ^tgapexe Grand C^iyiran Beirut BueiusAhes Caracas Hong Kong ManDa Meibgume Paris Rtode Janeiro Teheran 


The case for sharing the 
burden of unkniployment 

iii.' A 


In Germ^y; overt 

are now taldng plac& time for a similar 
ddtote in i^foin. 

AT FISST sl^t, dlscusaiozLS 
about unezrqdoymeDt policies 
in Germaiiy may seem fo iluTe 
little televajice for Britain. In 

the Federal Republic, mcomes , ^ , , i • 

may be growing more slowly abODT ShOlTeiling tne worong^ ilnyj me WOgiOng 
than b^ore, but they still grow • ' . Vi 

faster than they have done in wedc, the woiking year ‘kind &te wodkmg .Hfe, 

the U.K for many years. The ; , w 

Gei™£ sh^ of foe world’s yn&ojst proDortioiiate infoime compensation, 

esport trade is still rlsmg even. .. ^ 

in a recession. They have a 
large balance ol payments 
surplus on current account. 

^ee foe late 1960s, foey ha^ 
reduced the nuzzftter ot foreign ; J ' • * . 

** guest workers^ by nearly ^ ' I'. . ' 

Im.. avoiding at least one i . - 

possible cause otf cuing anem- 

ployment K foese were the only facto^- Kvina. standards will return, so 

. ^ * 5®®***”®*® the Germans >v6ul<l ezpectvc^e'^ib^' 'conspiracy of- silence is 

OMi^theiT pe^nt^ of unem- increased unemployment ab'd slow^ being brokem The young 
** X ^ ^ would expect rather more:‘gen^tioa’5 lack of confidence 

nsctl^ew well over Im. out But. there is another common- may (and you can hardly blame 
of wozic. In the U.K., we have factor. This is the demographie 'foem), on current American 
®®thods . of development of the workforce h^ioehesis, be the main reason 
measurement, and thanks to (and there is nothing specu^ for- the fall in mar^ge and 
some energetic foort-term lative about this: those con- fertility rates, which is corn- 
measures by the present cemed are already; born, and mon-to all countries, -with Gei> 
Government, foe figure appears migration cannot affect the. many and the UJC. in the lead, 
stable or even shows a tendency basic arithznetie). In Germany; In foe long run,' the women's 
to deciise. .Yet when the as in the U.K., there will be b^ wage will have to make- up the 
Department of Applied the early 1980s a ^xy muctf-Jotnt' household inozmes and 
Economics in Cambridge bases larger edtiy into the . labour'^tfais aggravates foe unemplgy-. 
its policy recommendations on force than at present ^ There, ment problem;- diUdren are too 
over 4m. unemployed in foe as in the .UJC, the years 1960^ ei^eiisive. and by .the' 1990s 
medium term, they are berated saw record numbers of births: countries will reap the 

for their prescriptions, not for given the longer : full-time /'b^efit” of' fewer labour. -force 
tb^ forecast of rising average education process in entnmts. But other side-effects 
percentages out of work. Germany, they expect m«Timnw> - apart- this is no *sohitaon. - 

In the UJC., we expect a ®otry about 1980-82, and tfadn . -Tk nprmaTiy- we have how foe, 
slackening of the demand for a decline. overt discussions -about 

labour largely because of foe In Britain, foe masdmum may shortening the working day. foe 
failure to maintain effective be reached a year or two working week, the working year 
demand at home, end our earlier. However, those who the working life, imthout 
shrinking share of foe world's leave the workforce on retire- proportionate jpeome compen- 
expopt markets. We also expect ment are steadily becoming gation. The. unions have always 
scMne loss of workplaces fewer in both countries.' Not ftvoured fewer hours,. provided 
through rationalisation- and only vrere those due to retire incomes remained ' the 
automation: in other ' words, in the 3980s members of smaller .gjune, . or rese-ais a means of- 
rise in productivity. The generations than the survivpra' spreading employment oppor^ 
Germans on the whole do of the much heavier “ crops’* Employers have -been' 

not believe that their growth of the early years -of the century jess -enfousiastic: o^rlieads le-' 
rates, and their share of who retire now, but World main foe same, and labour cb^: 
zoarkets, mil ' be the War n took a much heavier toll rise. Thus, industry,, and most 
major cause of unempioyimenL of those born after 1920 in economists, prefer ' unemploy- ^ 
But they do expect their high Germany than in the U.K Rofo mept to load-spreading: 
rate of investment in preduc- countries have a “demographic cerinanv, given the much 
tivity to lead, if not to large- labour gap” coming “P*„^^}3-better eami’ngs-relaied unem- 

plbyment benefits, losing, one’s 

the Federal. 

scale redundancies, foen at least worse in 

to a lack of demand for new Republic than here. Other a tragedy 

entrants. This applies not only things being equal,, this effect jg U.K. . However, 

in foeir manufacturing sector, could mean Im. extra the fact that unemployment is- 
bttt also in service industries. in foe U.K. and aboW^ miem-. 

In the U.K., we tend to be con- Um. in Germany. So **®fo'pioyment totally destnictivt. is 
ditional about this, if industry countries face foe c^inty beginning to sink in. And so foe 
beginsto invest at the “properi* extra duBculties. And in oofo packages: are being discus- 
level, this may lead to a short- countries, hopes of dealix^; wlfo^gg^' pg overtime, longer annual 
term fall in the demand for fo® situation by conventional hojida.vs, 86-hour weeks, two-- 
some kinds of labour, but foe Keynesian techniques. ■ or even working in offices, even a‘ 
lo.oger-tenn benefits wil-T com- ®y fo® complex reflation: tacticd or fbur^day -wedt. ' IKuch 
pdtsate for this loss, including tow bdng hatebed^^ otrt, this-'h'aS befad discuss^ in 

higher real incomes and more ateaduy: - - ' ■■’•f '^•U.K,. “ ais'"’’a short-tcifo 

spending power, and -foe ability And as fewer and- itskex measure. n^r-as'e fpnj^ 
of Government to increase its people believe foat-full employ- term ’.solutthn; ' and always .ia 
expenditure. ment and continuousiy rising terms ’ of maintenance of ' in- 

I comes fOF .foose whose. wo rWng ' - 
hooTff were cut Better to have' 

15 per cent of the iwotkfdrce'r':- 
- unemployed, we and living-? 

at half the national aimge liv-ii' / : 

. ing sfondardi tiian .3. .per -cent .'',*: -r' 

unemployed ' and 97 per centt"'.:''^..- ' 
drawing 10 per cent -less, in: >. ' • 
real- terms, than they would if';'-' .. 

they .were aU- wkmg (teiow..'.;', /- 
ing timt many ierf' them 'would'; • 

not in- fact work). • 

Jr an- analysis of foe- long. .- . . 

' term prospects. Dr. Christind • '' 
Foeppl, a well-known Bavarian 
; economist ' and journalist has: '- 
'now put foe' dilemma' to.foe- . 
uoibns, foe-, employers and -.foe-..' 
poHtfcians'. (Die VoUbeseboe/.;? • 
tigungsJoFmel -[The. Full .- 

ployment Formula];- Fisfoer •* . 
papert»dt-1978.) . 

She is oiitsppken almiit foe-;..- 
reasonswhy most peopleinstinjfr 
lively reject any ; wodEsbarihg. . ' 

formula as “unecohoittici*' ‘‘aha.-.', ' ' . 
chronistic;” ' even ‘isoctidistic.*^- 
So ber argument is pa^-based/' . 
on a complex analysls''de5igi^;-’-^ / - - 
to show that even from focpo'iht ' • 

of .view of long-term -ecoDoinlev; -• ' 

growth or .at least . stability^;;;.--. : 
work-fharing h:mto-renM..Row-.';v - 'L 
ever, in foe last analysis, vhw.-' 
appeal is humanistic: foe price?-'.-:: 
which society would 'pay for its L; 
economic survival by. totally de--: : " 
moralising both: the young Md 
the old-Js.tOQ hi^ Sbe;feazs ' 
less idealistically, and mobably'f ' ' ' 
rightly, that increasihg unen^.: ~- 
ployment -.among • _ ' 
-graduates (far worse there -foanr.' 
here) will inoease political teih-i:- 
sion; another good reason forJ.';-'.*' 
not following the .narrow pto*??.:;-- 
scriptions of the “growth econ-;;: _‘- 
ohiists. . .1 . . ■ 

Putting ..together the German^: ' j?', . . 
discussion, and -the analysis ofy' ... . 
our own .experts outside Goy- 
'emmeati there norj?*. ^... 
-escape from the prcfolmn either^.', • 
in an economy which, may- seem^\.- ' ' 
tb/nis to be* stiB fairly healt^^' r.- 
or our own.; It is unlfoeiy tlja^.: : ' 
anything will be done in 
short run. Biit. at leas foe 
eussien ought to - start. 

Foeppl sets out alternative ways? 
of doing what is required; . 
are rejected as impractirabij^':/.* 
or irrelevant (like giving, women?'. 1- ■ _ 
a'year off when .they have.ehiP' '/- ;- 
dren).-^rhape we ought taper*. 
form similar ^calcfoattons her%^?r 
and test the reaction of unions: ' ' 
and employers. The GermaiEr 
no' longer hope the spectre win. J ■■■ ■? * ' 
go awv: y® have ev^ less rw'- 
son for . optimism: l^t pefoaKf L'-,‘ ., 
thjs. abfoty to discuss . soifo hiatn - ' - 
ters:^ely gidw5-fo.;iiu^rMrg<^“r..^ / 
pbriibn to .their i^ericj>-“. 


ZlotTlil Evenlevtia nafan-TaandkMbw "^- 
at Oie Foam -Staila nufttatc- . ..x'^ v** 

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When you’re doing business in the Far East, it helps 
to have the right connections.- . 

It’s important, too, to have convenifot travel con- 
nections. To arrive fresh, enough to ensureasnee^^ 
visit. ■ 

9 weekly flights from Copeiifaagen. 

S AS has a way and a day to suit your timetable. 

Serving Cdeuua, Delhi, Karachi, Manila, Singapore, Tolqio, ffofigftof: — Yfith good, 
connections to HongKon^ 

■ . W April 26 

Telcsvision \ . 

[Old Vic 

Twelfth Night 

by B. A. YOUNG 

Here are sta: quotations fakte - 
from televisioD duriog tbe htst ' 
{artai^i: , , , . 

. •*Cq smashiD*, ri^dit and now 

" Urn for are hot bos situation.” 

^ ' ‘^is drink is sensitised. It 
‘ 'v^'teUs *“« yo** 

'>''xaerls2unenL And relief from 
■•.•./'.'•sjjner tension." • 

• Ifs a loovely feeling is that 
' ‘and I bet Prince Andrw is right 

^royally chuffed.^ 

.' “j’ "Hart we’ve got soompn Tarry 
; ' ' spe^ai for yon. Pour iuds eoom 
“.•■•■.’ere we’re g’nier *ave a look V • 

• Ese here's noothiii* oondemeatb 

■ : ^ . thar 'overcraft over IfiflT. . . ." ■ 

: " "Be lemis on a stone^ feels a 

■ little bofsilder, and goes across 

^ ^ '-' to the. caveman whose name 

. is Grotto. It's his cave, see . . . 

s'. Do you know where a genera] 

• ^ Iceeps his 'armies? Up-- his- 

’’'•'i sleevies." 

. ‘'No one shall lake his life hut 
. :> me. I eha H flay the shin from 
.j- - ids living body and wear It about 
' ■ me like a cloak." ' 

' ■ Anyone able to identify the 
parts Id tint .little collection ' 
obviously has young children and 
. spends a lot of time at home is 
' the daytime .because they are - 
taken, in order, from; Cheers 
Ploys Pop (BBC), Logan's Run 
■ (ITVl. Blttte Peter (BBC). Rttn- 
oroufi^ (TTV). Think Of A Nim»> 

■ . her (BBC>. and -The Feathered 
. Seruent (ITV). 

I A four'Piec? group TbesPtlmgs of tbe songs, JSt. Fraser the lines demand it and to good with a sword (a Japanese 
■ jilvrians. lurks upstage plaviug again) and from his acceptance effect. at that) when he is weai 

■ liBhl music hy Don Frasor Two everjone. Ualvollo has a rich, aristo* check two-piece suit such i 

■mf ihra.. np-iKanic nw.rn Louisc Pumeii's clTHsh Olivia cratic voice poisoned with a might see on Grand Nation 

, or tnr l p . . drcb. ed more |-qp jjJj„ grocer’s ** ow " sound. By giving in the Rover's Return? 

)or lc»s When she tells him “Now do him such vast pride. Michael he is a reasonably com 

I in a ^^9° goodies ggg^ yo^J. fynUng Denison makes the later humi- figure as Ronnie Stevens 

* A P%i««n«ik lA*U«iu _ ^ J ^ jrsrtj aiA* JiWvf J WMA *^wsMa?waa A«a*w««.^ ia«e»aau- ■k^aiiaab M%VpWa**» 

JL *!i ” » 1 . old, and people dislike liation all the more pathetic, him. probable or not .loht 

!Il- f« «.hH* el,;-. j'?" he buries his head on her and pathos being his object he dent is not one of natun 

'^niin js a magical moment does not try too much to make Tohys. and cloivns him 

srifin :» aIb b n *9 ti ulMlvai uauiucmu mu^ luv muKli lU luanv auu iism 

T mt* iiSftiiKt -Yp EUeen Atkins, freshly r«eu^ him fimny. Of course be is lessly* Marie (Carol Gill) 

fiii> i«wS« hi on the beach with her hair any- funny in his yellow stockings, not only consistent but ei 

-ni^? ie ^ow, shows little rooiantic cross-gartered, with a yellow probable, never (or a ra 

**^larerr*bv Jnhn Rnwe PPbiTiise; but once she has plume in his hat that Shake- allowing her fun to go too 

ind the olav is TiccifUt NioW lachievlng an speare never thought of but The production as a < 

ulaved by Prospect. ^ ^ ' unusually close likeness to her would probably approve*, but he which is directed by 

^ . ■ twin brother Sebastian) things is a figure we can only laugh Robertson, is light and chi 

The 01 jwen beginning K gj-g different I don’t like the at never laugh with. clearly designed to extri 

I maintained tnmiishoul ihe even- i^jig poat she wears, which seems The Belch set are as broadly much laughter as possible 
i '9»' ** *jV ,‘»‘'”’nier in ills'- to be designed to make her look comic as the text will take. They haps it extracts a little too 

comic as the text will take. They haps it extracts a little too 

na. Bernard uijshaw has feminine; but her talent i.s best are never quite coovinclng In for my taste; but a prodi 
r>,- pxpre^d in her boyishness, modem kit to my mind; why with this Fesfc can be al 

V*. _ ^ ... 

Free-felling John Neakes of “fttue Peter" 

and left -the re^i of the sc'*nery 
mnstly tn mir imasination. 
Orsino's hoiMchold and Olivia’s 
* household take Ibeir pICfTiiircs in 
the garden. Sir Toby makos his 
first ‘entrance dissuised as 
B.icchus on a groat barrel 
mounted on that same wagon, 
that becomes th» staee^'rew's 
vadc mecuro: and when it's 
‘ necessary to find a dark place 
for the incarceration of Malvolin. 
into tbe barrel be goes. FertivaJ 
reigns: whenever two nr three 
are gathered together, some of 
them will go into a dance. 

The hotida.v air leads to much 
social relaxation. Feste, in spite 

though she can go romantic when should Agueebeek be fencing many, many faults if necf 

demotic which ha; pem«ted s5 JounT s<&l do rn^^Sing fh“ m U 

last quote first for insteow. the ing to <^p Natuman^ but much in Britain in the second Runo^nd and Thtnfe 0/ A Robert Eddlson^ 

amount of really nauseating wbidi would you choose between hitf of ‘seventies ^ ?? t i i gives 

Violence scarcely seems to have Tonight end iu*e Peter? donJt ^ .He 

I*®'"* u . Tu No doubt every generation On aU tbew sbmi^ the cbildreri „ad old Archie Rice w^ 

imtaished. tWa Inunitable John tends to react against the pre- are eneouraged to applaud one tij^t his jestinc davs are over 

W®* broadcasting as in another, ^aoroften themselves, put must work^al it all be can. 

5P with just ail ^nii: taTome r^^^^ wildT; *for“ tte'' m^r tanai !vea aSpZn VJl nas?," 

« moewn* th^ imprisoned Ba^- 

of the air waves by white males (Cheggers) or knowing how to and begging'^ for more largesse 

a-iSilSiH E.SISS sr” «,«„ Add. and uoi« p^, 

Rugbes would ^y to Ja^week. possible to get a start in presen- everything in scienra could be 

►S. 5Sj]?^a ^loSfo hiS?J There a re ^017 fw i^ular latlon now if you are a W'hite e-tplained by a very basic raathe- Q|ias:l8no’s 

speaking standard southern matical concept But the first ® 

^ ^ English, and onl>‘ possible if you two episodes have contained ___ 

cl^ from It. whtf. stastie, btrt n^er fra^ for ^e ^re female or some colour other lota bf quick tricks and virtually TPI^ .-v >-w ^ 1 

The.IiO^Ax Run acerpt sake of effect, always than pinko-grey or speak in an no mathematical explanations. | | I ^ it U«» AMT/^XIV *TTJPt'DXIf*'‘Df"^cn 

presents American content and DCTer bon^; forever revealing imiaetrable to those Ball does have a nice line in X 111 V/W IWl Lllw XvXlCtvi by ANTONY THORNCROrJ 

my general, imprestion, without the unusual withcmt -descends outside your northern puns and jokes, but his pro-. 

new”"oteJt town~or preferably aU ?r^me like tbe other new on^ Anything that aims to amuse anniversary around tbe table that adventurously harks back to pre- together by two fellows s 
dS^MdlM yJt " y u *. . assumes m its Londoners, or rather London first engaged them back In the war London yet again. girl who seem to have to 

r»«wrr2«S aU that a^tot^Sireabolt - however, seems less audience a mavimtim arteodoa tourists, after midnight must be white tie and tails days. In past For the first month it is just one chair. It is tnoff« 

^ lite ■ P«t» Voakei Jtadd and ‘'“Portaflt than the apparent sp*p of about two J^nutes welcomed even - Three for the years it has fitrfed with satire “ Three for the Road." a sub- if anaemic is a compliment 

n^uem^iddv la«er fuUy de *‘®a«tion against the values repro- It may be arwed Road," the “musical revue” when David Frost was flirting Manhattan Transfer, sub-sub If is a pity that this 

2rie« SffS serve all tte Sa^iSdSdiS L®®**^* I? o ® revived with satire, and more recently Side by Side by Sondheim enter- “ theatre restaurant " did n 

S3 th»^nf^ g'W of my efeldhood. itie Blue Qnaglmo's on Monday night, has got by as an up-market Talk tainmenU which finds a trio of off to a more powerful 

AnainToJteHortthe^bas pro^ammes Breathing life into the night of Its latest mani- singers cavorting their way Quags retains enough encr 

1hi^h.^.*Uv ^vniryH* dramas produced by BBC which has woo so much praise clubs of the thirties seems to be feststioa arms to combine through songs by Jimmy Van style to give it a head sti 

Eileen Atkins and Louise PumeH 

TTca.'or Uwnpl 

Three for the Road 


Anything that aims to amuse anniversary around tbe table that adventurously harks back to pre- together by two fellows i 

e.2^' traportam than the apparent span or aoout rwo m*nu»es. | welcomed even “Thr« 

D^^lV ^cooby Noa^ reaction against the values repro- It may be argued that. likelRoad," the “musical 

S?ek®or 2S« - SfcT^Sn^ it ChUdren’s Programmes (the for eo many years are bring the flavour of the month— the traditional style with modern Heusen and James Burke. It has the nostalgia stakes, and 

nT ‘‘rat fiS" — wWeh aU weren4 -seSnd-rate c£ bea utiful ly photoyaphef Canal overtake by fashion. ^ ^ _ a kind of awkward charm. A in ite new form will notups 

mined mwtLn a swond^and^eatte or second- currentiy bmng re- and made to W old fasl^nM two weeks It is-aU pwt of A first night balance sheet Press release says it Is all about traditional customers. Vn 

£ dIvUten titeratirt^^^ peated. for example). These and of apperi only to a the renewed confidence of the would put the food and tbe ser- “three air stewards, accident- It will attract the galUvs 

there was a siS*e serS for ProBr^aes have aivays stood mg ^rtion of tee subu^n and nch to enjoy themselves in vice verv; much on the credit ally grounded .In tbe Far East young when there is so 
nor T to &h a5«1te which ^ smSotion for the unusual for mdmdiml rural middle S«cb an pubUc. ... Unfortunately for your ^ 1 , 0 , in imagination, make trips fompelition around-Foul 

concepis la i>m)sa „nric eteetronie skills, the remarkable, the idio* argument sounds heghly oumoiis Quags, has mana-aed to retain £9.50. a hundred pence more at wh ch opened last night, 

WMH SiffSc^Mch «s ?£5^S^and syncratic and those things which since BP has alwavs been well a clientele ihroughbut the years: tbe week-ends, you also get “ fffS « Madisons, nesrt week, are 

aH of telerision’s other canabilt- *re not necessarily easy to ahead of social ohaoge (John if was well patronised by com- music, rafter turgid and anony- practice a few pretty melodies more “supper clubs" 
Mickey MOUte twas ever thus “ “ y 9™" Hmc oonlcin? Lfeatew Pels eft-in i, moMB «HI» fwv« a .rr.»ll v,^r.A Of the “MoonliPht 'Beromw: f... *u« ^r.._ 

"■ ft divUion literature. Would that P^ale«** example). Thcte and of apperi only to renewed confidence of the would put the food and tbe aer- “three air stewarda, accident- It will attract the galUvs 

there was a sftgie serS for Prasr^aes have aivays stood mg ^rtion of tee subu^n and nch to enjoy themselves in vice very much on the credit ally grounded .In the Far East young when there is so 

A ..a ' nhntnorannv Tnn«if> PlM*rrnniP aivnis, iub icuiaiK^uic. uiv luiw- aisujuT-ni. vu<is». iituua'«a lU xcitttii & 0 .>nr. a uuuuteu pcui.B uivie at ....... 

TTn^i^iu- «itw Hff-rt. .»« effects snch'es ehnmakev- and syncratic and those things which since BP has alwavs been well a clientele throughout the years: tbe week-ends, you also get “ 

S 5f are not necessarily easy to ahead of oodal obaoge (John if was well patronised by com- music, rafter turgid and anony- 

ties Soch imaSnStiOT cooking. Lesley pets fortaWe coum.v f.imi)te$ rriebrat- mous stuff from a small band, of . the 

SiTdSs te^oTSSSiaes! Ton?^ail.and bis di^i«:.and «"-Vou” 

fw^oJ «L much pradWerc^riih^^^ the BBC’s Ch^^gera Pteps P^-n^erdid.s^^^^ 

rourtieth wedding and then the cabaret, which un- You" 

» w «AiAASAe Madisons, nesrt week, are 

melodies a^ore “supper clubs" 
Moonlight Becomes pertng for the gossip eolun 
variety, are strung —only a few late nights wil 

mftority In the entire national whole senes devotedv'to the for no such Still, that ray "6 ^ 

andlesw) li' singing along and roarrveUoos Plastlci^ jrfan, JldbsK they all teem to have moot. • and the ■ nw J^ve 

>diakftg its tins of buttons with Morph, with, the Pemriao flute been out of fte s^e spirit e^lalned as being prc^anime 

Ftea School; and OumpamThe vo^-^e. the better.) / of un^king egaUtenamsm as fm tewe h®>’ - 

audience) Ur sftging along and marrveUoos Plastlci^ mhn, toing 
sdialdnr Its tins of buttons with Morph, with, the Petiivlao flute hoeu 

of untlnpking egalitarianism as for all those egetitarian boy.' 

Wonder Horae is still rearing up Though the titie^of Take Horf that whi* inspires those wanting and giris who ueM slirixtiy less 
on his binri legs and ^ghtening may be new, tiiq.-^ncept is, of to banJShNall educational selec- demanding matenaJ. If ^*1 I* 


on his hind legs and frighteniiig may be new, ftq.toucept Is. of to oanJSii\au eaucauouai seiec- oemarnung maienaj. Ji wn 2 s 
monochrome villains. As usnal course, broadly .ibat of tbe old tion (unites it be for soccer so and the two types w 
lest week he gallop^ over and Vision Ow but with two or three plavers or rap groups). gramme can coexist, a.l weu 

did this as soon, as tbe baddy’s fewer present's. The programmes in this new and good. My fear w feat bad 

gun -tan out can <Siampioa In brief, f^, much of child- wave are debited to the aduia- tney drive out good and the 
conntuptotf?' ren’s televMon goes on as it has tion of tbe ordinary, tbe un- children of Britain, fttherto so 

Moreover several of tbe series for vcaT&^d some of It is out- remarkable, the easy to achieve, well served by teierision, wHI, 
which teem to.tun for eve are atandlns^good. Bowever. there CSieggera (a reference to Keith be left Hvfe nothing to watch 
not just 'good of their sort or is also»a growing body of more Cfaegwft. tbe unhealthy looking bm second rate reck groups and 
good by Chiral's ^andards, ^iK' reoratily tetaUitited programmes josng oortkera presenter who ov«r-oFcbestre.ted parlour games. 

■' *'V** ' j 

w/ '-V- .vii'- 


19 7 8 


' Af4|^ Romero. (ImeefiBg^ and Sena Zifio (ri^) 


Turin Opera 


It is the policy of the Teatro 
Regio here to present only a 
limited number of operas in a 
season, but to give'each une a 
fair number of times, so the 
seasoa actually lasts almost- as 
long here as in other Italian 
opera heusgs. Surprisingly, 
though the choice is restricted, 
the house manages to offer nol 
only a vairied programme, but 
also an adventurous ona This 
year's bill is characteristic: one 
Verdi (the Moebeffe which 
opened fee season last ?Qovera- 
ber). one Puccini (Tosco), one 
Mozart- (Don Giovanni .a reviral 
ft’om lasfyear), and one Rossini 
(a Barber^ nftich will conclude 
the season in' May). Then there 
are two 20ft-cteitury works: 
Henze’s Elegp for Young Lobers 
in its Italian premiere and Pro- 
kofiev’s Lotte of Three, Oranges. 
presented in Turin for fee first 

And. currently, Hugo Wolfs 
Der Conegidor. which, though it 
dates ft-om 1^. has never been 
.•(iaged in Italy before. The pro- 
duction was obviously foster^ by 
the well-known Italian musicolor 
gist Luigi Rognoni. who per- 
formed 3 similar attempted sal- 
vage, al the Regio^ of fee Webe^ 

Mahler Die drei Pintos, a couple 
of years ago. Rognoni. again on 
this occasion, prepared lof re- 
vfsed) an Italian translation and 
also produced the piece. Unfor- 
tunately, the -translation and tbe 
production' were two of the l^ 
happy aspects on. this undeniably 
important musical event. 

Frank Walker called the 
librello of Der Cvrregidor a 
“flawed and misshapen ■mouJi^’ 
and— ^ter seeing it perfonnri 
—one cannot disagree with him. 

. Only a composer as theatric- 
ally innocent as Wolf would 
write a' seeond^ct finale for 
three. eomprimarios or introduce 
a major 'character (the Corre- 
gidor’s wife) in the last act 
There is, Iwwever. a deeper 
problem, which is the ambiguity 
of-dramatic tone. In theory, this 
is a comic opera, and there are 
several .standard buffo charac- 
ters, iueludiog a village drank 
and a sneezing servant. But the 
central emotion is the Iova of 
Lukas, the miller, for his wife 
Frasquita. and hers for him (the 
libretto is based on the Alarcon 
story. The dtree-comered hai). 
For' them. Wolf wToie music 
often of heart-melting tender- 
ness. as .opposed to fee more 

frankly farcical music for the 

So what is a producer to do? 
Rognoni's solution was to reduce 
everything, as far av possible, to 
a common Rossinian denomina- 
tor (be was no doubt encouraged 
by the presence of some veteran 
comic ringers, oaiably Paolo 
^foata^sDIo and Henato Erco- 
lanii. But this does not work, 
and so the opera :.*eems even 
more bvbriri than it is. The 
sets- by Paolo firegnl were 
also Incoherent. In ' a pru- 
gramnie note Rognoni refers to 
fee Sezession niovetnent, and 
some patches of gold in a couple 
of sets are vaguely reminiscent 
of Klimt But other sets (and all 
the costumes I arc more tradi- 
tionally Spanish- So. just as the 
staging had no dramatic line* it 
also' had nn visual key. 

Fortunalcl.v fee miller v/s^ 
sung by the gifled young 
baritone Angelo Romero, and his 
wife was the charming soprano 
Eleaa ZiUo. They played 
together with easy affection, and 
thefr voices were wen-matehed. 

Tbe other- singers., though 
some of them were miscast, made 
a generally positive contribution. 

Without going into fee vexed 

question of opera-in-translatiOD. 
1 vesnire tbe opinion that, in 
this case, translation was a mis- 
take. Even fee strongest sup- 
porters of traoslatuig opera are 
seldom beard sugg eating that 
Frauenlicbc UTid Leben or Die 
schone AfuHerin must be sung 
In the language of fee audience. 
lYoifs opera, obviously, has a 
Lied-like ebaraeter. lo the first 
acL Frasquita sings "lo dem 
Schatten nieiner Loeken" and 
the song’s melody and accom- 
panying rhythm remain a kind 
of musical kernei of fee rest of 
the opera. Forcing Italian words 
(and. in this case, rather dreary 
words) on this and other tunes is 
surely a mistake. For that, 
matter, the slory-lme is 50 1 
simple that it could be follmved ' 
by any audience. 

rinally. Der Corr^idar is ndl 
an operatic . ma.ste{ 7 riece, but it 
copiain.s page after page of 
hauntiog. elusive iinisk*. ■ In 
Turin, the eonducior Piero 
Beilngi plodded through - fee 
score, jntssuig point after poinL 
Proof of the' opera ’s' value.- then, 
lies in tbe fact feat, io spite of 
this defective performance, 'it 
aroused interest and also gave 
immense pleasure, - 

LamonceW Orchard. 
Cha/r/nao end CfHef Bxecutive. 

“Our export achievement over the 
last few years has been based on 
substantial investments on capital 
account in updating our technologies 
and production methods, and also on 
intensive marketing and promotional 
effort in some 1 10 countries by our 
commercial staff. 

I congratulate all of our people 
Involved In this great effort. We look 
forward to increasing further our 
exports in the current year.” 

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Ever Ready Company (Holdings) Limited 
Ever Ready House, London N20 

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Telegruns: FlnantiiiHi, Loadra PS4 Telex: 886341/2, 88S8S7 
Ttlepheae: 81^8 8008 

Wednesday April 26 1978 

A demand for 


in the early months of last year, 

DESPITE THE apparent stag' 
nation of output, the unemploy- foUov>ed by a* steep rise' in the 
ment figures coounue to dn^ summer. It Will not be until 
and the number of unfilled June, on this supposition, that 
vacancies to rise. The under- we shall know whether the 
lying trend of unemployment — apparent fall in unemplr^ment 
as mealed by the munber of “ genuine or a statistical 
those wholly without vwrk, ex- 
y^dudii^' school' leavers and 

-Two other -related “explana- 

^ nnjrr iL™i tions are worth a mentUm. One 
. ^lowiiw for noniHl ^ .proBortion of 

'fluctuations — has now been f . 

^ j- the total .drop in'unemploymen. 

■ filljng ftir swen monte in sue- 

cession, and the latest drop is 
' the largest of the seven; the 

place in the south east region of 
the country, where the per- 

Duniher of ui^Ued vacancies ventage level of unenq)loyinent 

^has 'been rising for six months 
>' in succession. Not only' are 
- 'these trends difBouU to square 

is. lowesL This would be an 
understandable consequence of 
the rise in consumption which 

an .almost uoclnnged level higher earnIngs. slQv;er inflation 

oif- production but there is little 
-;ev>tence m recent mdustriaJ 
'‘j^jreys of an increase in 
■ -donand ' for labour, except in 
'.centaiU skilled categories, in 

and lower taxation have com- 
bined to~. bring abouL . In the 
month to midrAprU. as 
haj^ens -this - pattern has 
changed to soniq extent, with 

."" which s<^rc jt> '. has persisted substantial unemployment falls 

in such . depressed regions as 

Scotland (7.8 per .cent unem- 
ployment) the north (8.2 per 
cent.) and the south w^t (6.4 
per cent.). The tendency for the 
traditional dispariti^ between 
the regions to become more 
marked again Is perhaps begin 
ning to go into reverse. 

.. Sirougbout tiie. recession. 

There are severs! possible ex- 
^planations of.tihis persisting dis- 
T^pancy and more. than one of 
them may contain an element 
of trutii. 'Hie first is that out- 
put Is in fact rising more 
rapidly than the oflicial statistics- 
..suggest:, the measurement of . ^ . 

'.^production .is particularly difli- Differentials 

when .prices and Stock .jf the Cnvemment’ 

• changing rapidly. . special measures for 

■ creating and meintainliig jobs 
. \wth regard to the most recent probably bad its part 'to 

unepiployment figures, rince. , fbeae measures afe offlei 
r . published compara- j^jjy estimated' to be keeping 

. lively soon after the event. It gome 260.000 pec^ie off the un- 
d^ not explain why unmu-.gfOiployjjjoQt registe.r. a figure 
: ploymeni, after rising, abarply which' completely' overriiaddws 
ibroughom the summer months, the mdnthico-mpntii changes *^n 
f .began to fall- in October. • ftie total te^ietefed as unem 
■ ployed and makes the interpre- 

- tarion of the trend still more 
— A second possible explanation difficult than ft would olheTwise 
is that tliere is sdoietbing be. Given that a relatively high 
.wrong with the unemployment level of unemployment seems 
j starisTves thenuelves. It is odd. likely to be not merely 

■ for example, that (he luunber- cyclical pbeoomenon but some- 
-■.of those J^ning and leaving (he thing that will- be- with us for 
■s unemplnymenr register — the some time, the most valuable 

• ‘change in unemployment is the of these special ' measures are 
-small difference between these those that involve training. 

.stwo.xelativety large tot^de^bas'espeblally'bjFthb'Job:^ The fact 
.-laileir quite- .sharply bv«r the' tbAt demand for skUled mdn c'kn 
pa^t few months. It is wsorth remain .high: ifl - mld-fece^dn 
J'Pi.I.nA. tooj thaj actual employ* demonstcatqsv.that ..thejreL.,is 
has dropped 


,',P0Nible- 4hat'.. 

\^artem has altei^d and that the an Uicte^ ih-.ithp :__. 
jeaMoaJ correednns have gone skilled.^-u^kers'but an fnere^e 
;^wry. Tnere v.’as. after all. a In the "di^erentiais pdid for 
i,ifdrop in unemplo%-ment recorded skill. " 

[The limits of 

j ^0 :ONE-. pretends . that -fw .quHel^nes tO' be 

•',!.policie.s - are.'-; fair. There -are adher^ 46;' eve.n'"&eugR 'their 
' ;.pccarion 5 when they .. m^. op^tjnn would' imt servlc^^ 
‘r®« py the public for a if a i^Syantage^ -At 

. while; but the longer res-, stage -iif' the present Review, if 
Unctions Me maintained -tte wari^ the Govemment,that :U 

could hot do other tiiad-'r^m- 
r-and distortions of p^ stru^ mcnd,'*he firif resaiutioB .of 

'-tures and 

■u- compsUahility. TheGowmment 

J» the mk of the P"l>py „.adVi^lear . that increases 

:''.itsel£- coming into contempt 

■ tfronns fn thp nornmnnih.- a*»v6 the present guidelines 

'.-Other groups in the commuoity , . . . u ^ ^ j 

i-.’besides the- armed forces have wo^d ha\e to be staged^, 
■seeh their pay fall seriously “ **■? 

:'.bebind because they have been niinumim immralate 

'subjeefed to the strict Umits of i«rea^ should be one ca!w- 
':-the official pay guidelines and to prevent a further rela- 
;.-are unable to work on overtime tlve deterioration in »rvice pay 
, 07 shirt work rates, participate in other words, an incFqase. of 

r in -. Klf-fiinancing productivi^ about 14 per'-cenL . .'-j: 
/deals',-' 07 make np their pay -, lit Ids stateme^'in the Cem- 
packets throngh other forms of hions^- l^eiday, ' the "F^nne 
i^e drift But servicemen are ' Minister tried to just.ify this 
c singrrlarlv disadvantaged, com- flgureas ‘.-onsisting of uie 10 per 
■('pared with most others in being' cent, which .was available 
-. unable to resign at short notice generally, plus a 3 per cent 
' to move to a better paid job additioti to the. “X**. factor to 
-’elsewliere. aUow for the -effects of **o^r- 

'.Balance - stretch’' and' other . ways' 'in 

The introduction of the which the relative «ondifi(^ of 
j' military s^ary in 1970, followed seivipe life haw deteriorat^. 
Thy the -setting up of the ^ per «nL-. for 

':atiped forces pay revrew body, h*^®r Northern-. - Ireland pay, 
was a >^cognition of this factor, mcreased allowances, ‘and • a 
The new salaiy was to be based o® acconunodation 

upon the concept that members charges pending a detailed study 
Of the fortes should be paid ft*?® for 

similar rates to those for com- .feed, meanwhile, is to go up by 
parable civilian jobs, adjusted ^ P®f cent), 
by an “X 
the balance 

» factor to allow for Commomise 
ce of advantages and 
di»dvantages of service life 

Id practice, however, the 

the danger, the frequent moves, 

*u_ !,« 1 than a political compromise 

S^rtTS^y between whet Banisters thought 

elpUne, and the inability to 
change jobs freely. Compara- 

on the one hand, might preserve 
the semblance of a pay policy 

review body, together. with the 

nations by servicemen. 



Charges that servicemen shoul(i “J- 

i.uu«» aci IV . o u increased 

This system has been allowed 
to operate properly in only two 
of the last seven years. The 

pa}' may not be the only factor 
but the fact that sen'icenien can 
□at leave at short notice could 

^ « H, espeuiuHv among lh« jniddir 

vice pay bred byte Heath Gov. i^enaive . to 

errmientspaypohcies.vereno „p|a„ fn prnmtvlnq 

so severe as to be inrapab e of „stltutlon of compara- 

being fully made good in J9ia. |„ 

but since then the ‘loyernmom has fnllnwcd ihe 

salary has fallen so far behind 'precedent of ihe flronion's seMic- 
again as to reqirire increases Bm remain.-? ihai 

averaging 32 per cent, if the the award ih ihe bare minimum 
forces were ro be put in a piisi* Ministers. Celt they could get 
tion of suffering no m'ore than ‘away «rith. and it could well 
the community generally. pmve tn bP insndicipnt in stem 

Last year and the .vear bef'ire the aitritiun in, ilia fnreos' 
Khe review body accepted that' stre'nith fit thv end. paypijhvy 
there >was an aver-rli^ need cannot buck the mar^L' 

'Tmaficiar-Times::We(iDe$dayrAlr^^^ M ■ 1-978 


runs mto 

By QUENTIN BeEL, Jo^nn 6 s|}urgQ 6 rf espcuidi^ 

P ARAMOUNT Chief Kaiser‘ qu^on "v^^er the ffna! 

— -•VUMAICft 

MaUimma, .Prime Ministec- pafcbwbrk'.of-^eoendent'hQme. 
of Trandtel formally with- 
draws liis ambassador from 
Pretoria on AprU 30, yet little 

will really r hang p. in the rela- sepa^tion does not in 

tibnship.. between S'outb Africa.."*^'' ■ rather *' 


and the tribal homeland ■ the Innate 

Transkei budget just annonnopn . stresses of a multi-ra(sia] society, 
still provides for South African Chief Afatanrima's complaints 
aid totalling RllXSin. (£80m.), are two-fold. He lays claim to 
Trains will ^11 cross the border, the district of. East GriquaJand. 
electridty supplies' ' will eon- something' 'of ‘a nao-'man's land' 
tinue, renutUnces from some on his north*eastern border, 
350,000 Transkei citizens work^ which is claimed both by white 
iiQI' hi .Soutti-.Afriea wUl still -..faimersi and: its original., 
flow, 801110 “: 900 -Hoiitb. Aincan GJl 4 Ua--.;sdtgi^v it were? 
ci-rii- .^ri^ts' 'rtari?- on.^traaafeib^ it 

worktog inutile. *’ia 6 ep:radeht^-''*wpaid-'cb^ ceuntiy.-j 

Triuirisei. all by okirte^ -iff .tiio' intb'twp^ its r[ 

South African' 

• Ttie. j^ction. oL'Mr.'; John Tb® 'secoiiA\ ^mpiaint. as 
Vbrster, the Souto ' ^rican spelled oiit by. Professor -M... 
^imeV Minister, .to ' t2iief 'Niisane.: the ambassador in FT®- . 
Matanzbna's. ' gesture, . apart toria, concemsthe-. treatment of 
from injured, innocence' at 'the-. Tteoskei . - ..<^tiadi&,.. in South 
accusations of "bontemptuoua'- Africa'. . •tli'ey-reii^in subject to 
and' brutal” .treatment was pas- a whole range -.Qf restrictive 
sive. *li is he who lias made legislation',' govemins . their 

his.-bed,. and he oust sleep in moveiwnto, jobSr and leisure, 
k,” .Mr. Vorster declared. 

iBalknnisatioii of 

jgoes .without Hyin^ .*^at Wb' 

'shairhonour bur tindertakii^. 

It ts BOt-we who'-wiH'oStracise- 
the Transkei. . It is the Transkm: 
which -has os^cUed itself.-” -. 

. Undoubtedly 'however,: .‘Qiie£;Mafettri^'s -objections 

Matanzima's action, calls into, concern the eiito'rcement rather 
question some of ' the basic (ban the princi^ of apartheid, 
assumptions of the.. South Gh.ief .Butiielcj^ --iba tlir other. 
African master plan. and it- hand.- is adanumtly- opposed to 
means that the system is now.aBalkaniMtioTi'Bf-SoutfaAfrica, - 
bting chaileriged from each' end- whicii is fhadamental to - the 
of-'tfae black political line-up. .' Part^'biueprinr. As 

Ibr the -radicah-utifean blades, as 

Deveiopmrat (the new name 
the old Departineitt of Ba. 
Admhiistration . and Devel 
menOi made. a. major concsss 
when be announced recer 
t hat the ** relative pennanenc 
-pf nrbap blacks must be rec 
nised. The law on black f 
perty ownership is to be chanj 
to give them S^year leases, I 
to allow freehold rights woi 
not be compatible with Gove 
ment pedicy, he said. 

What makes black oppon'e 1 
of the Government.;. ext 
sceptical about the date, 
liberalisation has been- iat 
is that while mov^ are lot 
•duced to improve their, matt 
lot the masrive pi 
movements necessary, for.''! 
ixqpleniratation of the.tpartbi 
master' plan continue. -?loj 
recent report, the Black :•& 
anti-apartheid organisation t 


group areas for each- Tace?4 
removing . “black spots”, 'a . 

" white - ;isJaBd&.” "'.from ' 
country. Accenting to pubUsiij .- 
plans,., another. 1 . 7 m. ,peoj<i 
'remain .tp'-be?hio^d;-- Of ;ji.^ '• 
"grand .totiafli 'ali but?8,6(W:»-jvr’ : 
blacic . ' ; . - • 3 - '• ' ’ .. 

-Dr. Mulder has dactared;-^.?.. -• 
Parliazoeht-:- th'at--.:bis i-yiti'''*.,-;-.': 
. remained .that of a ■?„? • 

South . Africa which • iiidm^-' '; . ? 
would, have no ffiiiek ..dihi^ ’ll/ 
Mo'^imbyer, while (xmV^in^ .sw^ 
ri^'t orpermanence in . . 





; ;S-.-> 

represented by the Black Ck>n- white iq club-house activities, as Eqrtu^te task «f thamSedves primarily because it does not bmpe ownership^ he ha&i 
sor. Dr. Hendrik sciotisness Organisations banned weti as on the field; and'multi- dtiofeingithq infliix'cbntroL'' - ‘aUot any place to uriiatt'Afri- amendment to » 

■ ■>{ 

seeks to create indenenderS night clubs have even " cprtato Mntiealand'-^Mime ' ^sidatioo hss beeo puf meirt' which - wtil -dea^ , 

Itenic stafS for WaJk allowed to open in . bed: to 1979. : ..--children- the - reriflence .ngk-i:: ,,.. 5 .,; I 

stales, and the 
population into 
urban areas mud 
Bfr. Vorster murt 
political aspirations 
existing urban blacks 

suade toem to exercise "their ^as comnsirauy remsea force for most multiracial wciea . wiu* recogiudng black trade 

“a*® ®ny move that might be reasonable success .to, :Some -of limbitaneo'uslv'- 

th »««” a® « '*0 pressure, Wack towuships^but 

within their respective mbal especially violent pressure. announced by Mr. the election proved a §ascp ... 

^ ^ ^ Vorster as a major concession <tawfltn whw .j»nvr;*toni°® trade union movement « a ■ . 

Mr.’Vorster 'faced' hitf intention to do away of 30 wirds were conte8ted^in<i^^ Td^ead. pTaot-^teed* ■■ 

•nvec- fmm - nriiMl- »i4u>n 1* -. _i - ■ - — -v.-.U®U M.*'* 

Unchanged :rj 

“ “i® -with the -hated pass -laws, under gn-- r^r tsb 
which -.Hsiclie ‘4,*^" 
identity pass .it 'aD; times " “ 
present it on -demand 

?em; and from u^perativ^' ^S moVeftia^^ An' average 

"The other j(xmiinlttees.?.jiduch.- -.Thna. ■». tha 

U'nfove .htt' run. 

my 'fr^ discrimination.” propojfed by Ur, VbrstCT to set Miiti5l|er,.3*t6oibit«-at^^^^^ 

ThAah*oe v$iare h^pn. tnlH ' i-hM+ OiaWtS . WOUIQ IR lUiUre DC nanillpl.BBr1ismnnte..l. -Jol'.-*.- ..^a 

Now, however, the Govot - mils lv ««-“-— ««««*- »• 

ment IS being challenged Tram Churches' have been told they .™ ,0Mlc cg^ijjet” The plan would en 

fieatres.^ve been toWtiurt docu- 'V*’ parallel -parliaments-^ area 'n# le|!isa« 

/ they ma^.apply for annual per- ^ ' their Home- coloUted people and nrbai^ Wacks-as .wbtkera: • ; seraative' hbnielai^ 

Its to play to mixed audiences: • rm.* Asians-undet. a- jolirt “snper- pert,ap»;the cl4i^ eitamlile ? working. of 

Z. *. * .my.-, a - - 

"within” the dtadei. The need 'no longer apply tor governing influx ^ continuing white majqr- 

of thejlimitation br.Govermn^- 

Transkei move means that even permits to .aTlow ITlacW *io remain, strictly thV "jS bo^, “while ‘“spteed: ti^al^tion.; enu^ believ^^t^ 

the most ®nse^ative_ attend regular services: private ,1*1.® the two smaneTpnpula- 

hitherto co‘operative of. home- sbhools have- been allowed »o “white 
land leaders' finds it diflirult »» sdmit more black pupils: sports restricting 
fStomacb his appointed tpW in ,clul» have been told they it^ permanent 
';^e?'4ipartbcid ^tem 
i^atahi^a's action 

tiqn groups a.'ihore formal say 

urban areas, 

any claiiq to ip govermiienti 'Both the'politi- 
resident- status., moderate ' -Tndi'an and 

n. 'a’lief.appljrfor.** international-? Status Thus the change merely gives, cpipured people’s representative. 
raises: the to ^low black, members to join the homeland leaders, the un-, councils have rejected .the plan." 


Food for sale 
a price 

challenged figures that the aver* triple respensibili^ for agricul- selling 26 miles .of wire fence 
.age calorie intake has 'fallen 11 lure, food and fisheries. Some to help stop “vandalism*' at 
per cent, below ' recommended farmers thought, said Plumb Tokyo's new. International air* 
World Health Organisation mini- . sitfcin*< role should be snlit-P®^*- But.Chubbs told me that 
Exports of food are one of the mums. Egg consumption per . i, » «hi - h» f expect big orders 

successes of the C^hilean juntas head. was halved. L learn, and nugnt not be a and -to desperate was one exhi- 

—or so Patricio Maturana. the meat consumptiun is down by 8®®d if '*^** .^ bilor that he offered me a 
First Secretary (Conunercial) at a quarter. . "s weak Agricnlture Mldi^r bottle of champagne if I would 

its London embassy. ^as assur- of hunger” is 

^ -yesterday. The figurw ^ow Chilean exiles describe the 

and a strong Food Minister.” . write about'him. 

yiien if cme w .autganw 'one S™ gsve ^e . 4ebUM 

1973 Chile imported; ygOOm.- t^p tan r rrTftmwiftr.-iaii hec^e involved in a cample:; hidden safe in a -wav ‘'vnn* 

S3oS %ut°h?i?5^eaMo fefent mortality rates have disrassion aboht the EEC a over- never learn about" 
$3^ Butby 19«5theaccounte ^3,1^ y,, 3j,„„. production of dairy products. He and. stid "these days you never 

SeTna 1973. HowPver. a perfiatri- Sf! what drug addicte your 

earner. Food imports from 
Chile by Britain have quad- 
rupled between 1975 and 197,7. 

First Secretary Maturana told 
me that onions did particularly 
wrell here, but sales 
products had to 'be 
other* countries. He said that MORE 

clan writinn in the .Tesult fe*®*'®**® !]*•* I*'® .**“1*®^ daughter will brinK home.” iVU 

AwlDleh farrMr^ 1* Tinttf gninS - - - 

mnnth'y, Mensaic. iu' Santiago, of Britjsh farrorsw now -• going fj, ^33 3 relief to leave 

states that in the period they Intervention to add to toe amt to shut the door on a mix^ 
have risen by 50 per cent mountain • of ®^®®^ butter ^3 sounds of -Koiak 

pirepe Poss^fs-^ *he din that your netoh- 

land lournalist at the meeting hour’s faureiar alarm mairA„ 

50 other 

„ hour’s burglar alarm - makes 

of dairy John's Svmn^thlM when tlie wind blows and the 

aimed at ® SylTlpaini©® heing mid to ciiversi^' its butter ajann's-duljf officer is already 

said that MORE ON" FOOD. -While ninnme mto off- — 

Chilean food production ros^ Agriculture MinibMr John'Silkin loaded EEC 'mrpmses around shrieking banshees. 

14 per cent, between 1976 and was doing battle .vesterda,'’ in the world. Sir Henrv agr^n 

1977. so that th^re was “ a good Liixemhottr;. his character was *liat this was a Pitv; fiir all that, _ 

margin for eyporl.” being dissected before a covey be ciernlv onnnsed New Zea- . 

These (daims -that food e.v- '’f Continental .ini:rnalist.s *«■ *' 

ports are “one of the most , The dissector. National to Europe for. its butter. 

successful sectors of r ec e n t Uniun president Sir 

years” are put in a different Henry Plumb. :$aid Silkin was -■ 
context hy toe' Chilean Solid- “consumer-orlenied" — reflect. 

•rm access 

Dialling out 

arity Committee. A snokesxnan ^8 ihe middle element in his SlSrUmS 

for this body cites toe . figure 
that 61.5 per cent of pre-school 
children io shantv towTis are 

Exporting people is becoming 
big business for Britain. Our 
latest coup is an " order*' for 
more than £4.3ai.-woith of 

undernourished. This .^tatii^c 
»mmes from ; the Catholic 
Church’s . -■specially -created 
“■^Hcariat of Solldarltv for the, 
defence of human ri'^hts and 
the unemployed in Chile.” 

The spokesman arsn oMntrd 
Chilean snvemment officials 
from CONTX (The Comoralinn 
'of Infant Nutrition) and r;ON'- 
•^--VN (The .Valionai Council for 
Fond Nutrition) who la.«t sum* 
nipr reported ihal between -17 
and IR prr cent, of Chdean 
children aenrt under .^ix suffer 
^rem n»;r-oiitr:tif>n. 30.000 «r-hnn] 
liMdroo are fed in <'iitp kii-tion> 
funned' hy rharitahle organisa* 
(ion« ^ince ihe onwp. 

WTsen I rclaveri Jh®-;? fianre* 
Maturana he s.iid it wn- 
quire untrue that there are 


rmnsrj- ' people 
asked' lor my 

in -'“Hire" 
oaine.' Ho 



" Gad. the LSE is the. .last 
plat-e for banning ahrihtos^ 
ill particular toe birch ! ” ' 

A latter-day Nell Gwynn telecortununlcatipDs 

greeted me at London's engineers for Iran. They will 
Olympia yesterday with a Iruil work on a £167ofi. telephone e.x- 
basket on her arm-^pplcs not change comract in Iran, won by 
in-anges—ar.d the title Mi&s to.> Ford Aeroqiacc subsidiary. 
Beautiful E.ves round her Aeronutronic. The rtcruUing 
shoulder. She turned out to company says that the “ excel-, 
spend her time touring shop- lent ** Post Office training gives 
floors trying to persuade British engineers an edge over 
workers to protect their eyes Americans In a deal of this 
from rubber dust and swarl kind. Pay will range between 
(small pieces of metal). But £12,000 and £18.000 a year after 
at Olympia it was nne's ear> tax. Over three years around 
(hat needed protection — from 250 of oiir men w’lll be recruited 
the .sirens, burglar bells and for varying periods, 
rape alarms, which split the air. Maybe ihc GPO would like-to 
There were ultrasonic device* ®fi®r toe diance of such jobs in 
in'get rid of rats aod villains, the s»in to some of ihe opcraiurs 
psychological stress evaluators on their Turkish dcsk-^o ihat 
fur what the layman would call the aiitomatic lines now in.sialled 
' lie detectors) and all sorts of oan be made available to the 
eadgeis in ensure that any pubLc. Redundancy problems 
intnidrr will find thr force~- are deling tihe hook up. 

— Smilanri ■)'ard variei.v— will 
be wjih him. 

ST-: . 

I ■.%..• 

Our Tempos Accounts ■ 

. - are excc^tion^ 

, ■ You get an eactta .25% interest just for 
, i^ leave yoi^ mon^ -vOiA us for 
three months^ and then grving tJiree mpn±s’ 

, nptkx of any. tdthdrawal.: T& 

yrior sivn;^eara'*pR)fi^Ie ^75% interest 

-worth 8,71% to a basic rate m payer. 

■ Tempus A^uhts are an ideal 
ramttig inore intefea mtiiout cpinrnittmg 
-yoi^fs^ along: vTay.ah^d; ^ : 

V -.^^atoiic di^.at ^nf Ipc^ Leicester 
Suiiding Soo^ 

^iisr ope rnore ieasoo;fpr!chc^^ 


you p 

One U.S. firm was celebrating 








f - 

• . V \* ;*.s tV^.v *.* 

April 26 197S 


..; >- • • 

1 - * C I g "* 

Wednesday, April 26 1978 

and leoslng 

The leasing industry is going from strength to strength and its ^ the vehicle 
market has been very rapid. This sector also received a iiirther boost when the. Chancellor 
did not, as expected, remove any of the tax advantages g^ed from leasing a vehicle. 

• ,-V 

David Wright 

. ;''(yD]EaiLiED BY an tmprece- 
of inflatjoii the cost 
lurdiasixig and nixming a 
veUde.has risen out of 
./ > 'l^:^ptoporti:on over the past 
' Of four yean. This has 

. even greater strain on 

! ' .I'sijuricompany 

alrea^ under . pressure to 
•^'jftes^e 'margins and liquidity 
while at the same time 
' ’ has forced a number of 

\ .f^^te in^viduals out of -the 
' iSj^ 'w- marlccL 
„ -jv ^^faiced with this problem the 
•'k.:-<%^panies,- which n»v acMUht 
■‘i.'CtVw W to 70 .per cent of'idl new 
' -'[i^gistrations, could ^-either re- 
the longer 6r find 
' i^tematlve funding arranger 
'' . - . ' 'Jfinents. Since extending the lUe 
the fleet results in higher 
i •.t.r^iJ^Qtenande and'repairs c6st3. 
. . i'as well as a miidt lower trade-in 
.-rvalue the saving! ^ short. 
: .. ‘ ' term if there are any at all. flo 
. ’'mother forms of finance or means 
of acquiring , the use of motor 
. . vehicles vnts the natural 

I- and ' contact hire, 

.which offer the company several 
advantages, in pa^cular cash 
‘jBow and" tax aUowanc^ have 


been steadily this need 
in industry. 'But' even these 
methods- took on .an added 
attraction foDowiiig the relaxa- 
tion in' the Control oS- HiriDg 
Order last June. I^ce then the 
iea^g industry has'been boom- 
ing and a Jeading le^r claims 
that business has .virtually 
doubled over that period. 

It is easy to seerwhy leasing/ 
contract hire has beai so popu- 
lar with comiMoies. ,ViTsU there 
is no sizeable imtial capi^ out- 
lay, so this allows 'fm^ to be 
used more profitabTy elaswbere 
in the business. Koreover. it 
.reduces the burden oC manag- 
ing the fleet since a leasing 
airangement can be tailor-made 
to suit any particular need. This 
means that any maintenance or 
repair - cost, the big iinponder- 
- abies in fleet management, 
along udth any other outlay 
such as insurance and road tax. 
can all . be included; in the 
monthly rentaL This in turn 
-gives the -company.. greater 
scope in forward planning, since 
the fleet costa would he known 
in advance, ' 

. But the big flna^al gain 
stems from the way. 4n -which 
leasing is treated .fpfvtax pur- 
poses. A leasing company or 
finance bmiso is ^i^le -for a 
100 per cent, ficstry^ write- 
down allowance on new-vehides. 
The benefit of. these .^lowances 
ai^ passed on to .the';fleet user 
by way of reduced i&Uls. In 
tncD, these ren^ c^'.be offset 
by the lessee or 'fleet'operator 
against his rOTeoue as. a busi- 
ness expense and aie fully 
ailoweUe against tax. * . 

In the past, there -was a cer- 
tain amount of ;fricl3(Ki' ^caused the doubt over whether 
resale value of. ihe'-v^icle 
doming off a lease ^qcitild In 
some .way or other .be pas^d on 

kvuld revert back to the old 
25 per cent, level. 

To ' that extent the leasing 
Indusry breathed a sigh .of relief 
al^ougfa to be fair the vreU- 
knpira leasing companies were 
not involved in the practice of 
ar^ciatly depressing the resi- 
dual value. Indeed the iodustiy 
now seem to be very .prudent 
-when fixing residual value. A 
consensus of opinion around the 
major lessors is that- 7 d' per 
cent, of the original ^ue was 
a fair average after one year, 
about SO per cent, after tn-n 
years, and 3D per cent after 
three years. Inflation'.rates are 
after all falling and a return to 
a more traditional second-hand 
car market looks inevitable. 


The popular Ford Cortim. 

for the benefit of the operator. 
Some leasing companies Celt 
this practice was illegal and as 
such they did not pa<s on the 
benefit of capital allowances. 
But they lA-ere suffering from 
loss of business, since their 
terms were not competitive with 
the lessors who were feeding 
back the benefit. 

But the doubt was cleared 
up last June when it was 
announced that businesses were 
exempt fr«n the controls. This 
not only-meant that the front 
end depdat was greatly reduced 
— the rate ndw is about three 
months’ rent in advance against 
ten preriously—hut the residual 

value and any excess over this 
figure are passed on to the 

Since secondhand ^r values 
have been veiy strong there 
have been- substantia] gains 
from the dt^iosal of the car 
after a leasing arrangement. 
This bonus has naturally been 
a major factor behind the 
recent remarkable growth in 
finance leasing. 

- Indeed such has been Ihe 
level of tax gains that many 
people both in and outside the 
leasing industry were confident 
that the Chancellor of the Ex- 
chequer, Denis Healey, in his 
recent Budget would take 

measures to close this tax 

The main area for criticism 
has been the executive cars 
that aro fixed with only a- 
nominal residual value at the 
end of a two-year lease. There 
are cases of Rolls-Royces having 
a residual value of £1.000 after 
two years, Maximnm benefit 
would bare bees achieved on 
the hf^ rentals while at the 
end of The lease the vehicle 
would be sold on to an em- 
ployee at this artificially 
depressed level who would have 
an imimediate tax free capital 
gain: -*- . - 

This , liithotrt. doubt .is a. tax 

avoidance sriieme and is one 
such area that was -Hideiy 
expected to be blocked, -by 
ti^tening up on the personal 
tax allowance arising out of 
such deals. However, the fear 
in the industry was that while 
blocking these blatant tax 
avoidance schemes the Chan- 
cellor miglrt introduce measures 
that would hit tiie respoosihle 
side of tiie leasing sector. - 
Many thought that there 
might he some moves to change 
the 100 per. cent write down- 
^lowance in-the first year. An- 
amendment to 75 per cent was 
suggested while it was even., 
feared that the Chancellor 

As for the fringe element it 
must be hoped that they take- 
the warning from the few areas 
of tax avoidance that the Chan- 
cellor actuaDy hit particularly, 
as the -measures were, retro- 
spective. which was not widely 

In the meantime the leasing 
industry appears to : be going 
from strength to strengtii. Lom- 
bard North Central, a-subsi- 
diaiy of National 'Westminster 
Bank is- a major force in the 
market. Lombard acts purely 
as a finance house, finandng the 
distributors while at the same 
time forging some links with 
the manufacturers. 

Dial Contracts a subsidiaty 
of Hfercan^tile Credit is pre- 
dominantly invedved in the con- 
tract hire field and -witii about 
7,200 cars under its manage- 
ment it is the largest in the 

Among, the manufacturers. 
Ford is -probi^iy the. most 
a^resuye.tiurougb its subsidi- 

aiT Ford Motor Credit 
number of the Ford m 
dealeis use this service. So 
of the dealers themselves .hi 
also formed their own leu 
subsidiaries like BSG Group i 

Other developments in ' 
leasing markets include ' 
companies that also offer a m 
agement service for the fl< 
PHH, the DJL aim of Peter; 
HoH*ell and Heather 
America, is one such compi 
that offers this . manageni' 
service. PHH will buy' 
vehicle and handle all the' pr 
lems of maintenance and rep 
and at the end of the conti 
use its selling powei^ to obt 
tiie best return -on the car. 
network of approved deal 
and associations with ma 
manufacturers would ens; 
that the best discount and n 
dual value are secured. 

tVhile the m.otor car mar 
may ■ have taken the liraefii 
over the past year there ] 
been a fair slice of prdi^ 
in other forms of vehicle Ic 
ing. Commercial vehicles U 
ing is no new renture' bui 
more aggressive approach to ' 
truck market has now b< 
taken by Lombard through 
“ Trncklease " -which 
designed to become firmly est 
lished in the market before ' 
expected upturn later this ye 
This package -will no' doi 
force the seetorlo become i» 

Agricfultural equipme 
while a major market in ter 
of total sales, is basically a t 
animal as far as leasing is c 
cemed. But many of the final 
houses are cow seriously c 
sidering a move into this ai 
Lombard once again could 
the first to make any T 
impact herei '• . 

' ^ Sik 

■ *-• 

•'■■z r 2hi 

■ .-rttiV '• 


w 5 \i' 



“1 (I 

More and more companies 



Lombard North Central’s 

Vehicle Leasing facilities 

Because they enable you to forecast transport 
costs more accurately, thus giving greater 
control over annual costs, whilst maintaining 
working capital. Facilities are flexible and 
you pay a fixed rental for your vehicles, which 

can aid cash flow. 

We are the largest finance and leasing 
Company in the U.K., and as a member of the 
National Westminster Bank Group, you can 
be assured that we are backed by Immense 

Trucklease - for commercial vehicle fleets 


North Central 

Wheeiease- for company car fleets 

Vehicle Leasing 

Lombard House, Curzon Street, London W1A 1EU 

For more information ring the nearest R^ionai ^jg^ails of all our credit and hire facilities are availaOie vrithout obligahon free of cnarae upon request. Credit or hire terms are nol available to persons under 18, years of age. 




1. - 




If yoa decide, as we think you should, to 
take the right road to contract hire of. 
leasing, then sooner or later you will pieet 
us! Why not make it sooner! Ac a timowhen - 
everyene'is trying to convince you thax “ less 
is more ” Mann Egerton Vehicle Contracts, 
are happy to offer you more to begin wiclr. 


makes and models to choose from. 



Mann Egerton depots to serve you. 


of a!< the extras you look for in leasing a 

Your choice of any make, model, colour— eer 
or van, British or Import— with tha options 
you want. Your choice of 'Contract Hire, 
open*end or closed-end lease, whichever 
suits your needs and budget. No big down 
payments, no re-sale problems— competinve 
quotes. For fleets of any size— cars and vans 
— eome to the experts. 

fleet. For extras like choice, service and value As we say sooner or later you will meet us! 

you can’t beat Mann Egerton. 

VS!hy not make it sooner? 

iSann Egerton Wehic le 
Oontraets Ltd 

ggg ggg BB ■■ Lane. Norwich. 


I )l8-n9 Piccadilly, London. 


Name of company _ 
Nature of business. 

.2 Rose Lane. Norwich. 

Tel: 0602 615721. 

118-119 Piccadilly, London. 

Tef: QM93 6425. 

Castle Street. Worcester. 

Tel; 0905 281 M. 

103 ‘New London Road. Chelmsford. 
Tel: 0245 83461. 

Abbeubury Road, Morden. 

Tel: 01-646 2313. 

'fXEETi^^^tgeneot bu- 
b'ecdi&e aii accepted and im- 
portant' -ftmctjon .of most si^ 
able compaofe& Tbe aumber of 
company cars is rising at a stag- 
geriog rate, as .h^ tbe actual 
eort of the ' motor vehicle and 
this has resulted in large sums 
of capital being tied up in the 
flecL Gompanlea. are under pres- 
sure to. preserve liquidity ratios 
so it.has become imperative that 
the high' capital outlay is not. 
only .put to- good use but man- 
aged as efficiently as any other 
part .-of the btisineas. 

Managing a ear ffeet has 
uKiefore taken on a new dimen- 
sion. inie ToliiBe of busines 
.piits pressure, on flie manager 
to find the cheapest way of pur- 
chasing vehicles, ance capital 
eoi;ld be better employed else- 

5toresa/e’s CroTie Fniehattf sej^tpofller. 

SSSr" “Ae ^ “ the UX out while at the end p£ the fleet elsewhere in the business where 

choice of vehicle has become resSS > 

of leases, Ibe finance lease 
the cmi&act hi^ Ttie'-fipri- 
lease is really just-a f 

aEta&geineot. I%e fleet 
finds the' xar and ' ae ' finanr'-,,' ‘ 
house, pays • for .-the vehiei:!!: 
Repajiisfflt is then 
monthly rentals and tbe 1^ .. 
bears the burden of deju^ 
tion which is -reflected*.u'tt^'-. 
pay bade balloon wi^ t£- 
vehicle is sold. Some prote' ' 
tion to depreczatien' can' b' 
arranged by writiDg in a *' 
agreed . residu^- .value .in tb .. 
contract. • 

Contract h4re • basicall 
relieves the fleet', user of a; . 
the burden of p^ ni^ . 
teoahee and sale. The tenhs ce-..,- 
contract hire can .mclpde.iu . 
the costs involved;. in purdbas"! 

[choice of vehicle bis become car woum- pe soitt,. tt« return would no doubt 

equallyimportant The* perform* with the benefit pf .fbe .wnriderahly higher. What is values) and maintenance oh i 

Sceofthec^ebleI??e«l SS leasing , rentals can be S ^ 

of maintenance and the pros- w a I ™ reo otter- an e^ensew- «*arg^ direct to revenue therefore aUows the coni 

oects for 'selUae it after nu ^*^“® nient service which covered tpe -aepount a.s a business expense nanv to budget ahead nHti- 

.]? be su“ S ™ defies of bo.Sce.^^ 

a... r ._ “OTWver bulk buying of advice on cap boUcv harm addU fnr ta^ nni-neses. . . m 

takes the - risk' ^ of residua 'f 
values).- and maintenance ph j' 
fixed price .bhsis[:' iA 'contrre 

s^e range of seryiw .as-^ .ai^ as are fully allowable ggme degree, of coflfidehce.^^ 

prisiwi; fleet of adrice on car poUcy har.i^ddt; 

David Wrigb- • 

ntberx have- mkaIi* productkm line and monthly padc^e to tKe dlent , 

i^ewnA^t Poetic®!'? delivered diretft to These bills would Include pur- 

tho fl*«l operator. Importers chase or leasing eosts as well as 

manJwront operator. Importers chase or leasing eosts as well as 

how^TA^nw^^i^r^inttS^ ^® * position to the esopenseg incurred eh maih* 

Match this service given the tenance. 

Without doubt It 1$ tbe time reluctance to carry high stocks. trsr thi. t4it» irf 

spent m analysing maintenance it u not suporiain^hn^ that . 



spent m analysing maintenance it u not «urnrisinv "thdo that The «oope fnr this ^.selP- 

managers. Garage biUs aia *^7^Ak7*whSe^*so°iA‘‘ 
spiralling both la spare part lltewntr^rt hire and 

and labour costs. More care , • contract hire and years PHffx. business has grown 

now niS^to teTaken ov«^. are even 700 to 800 per cent and at 

ning cost calculations. Having 

the moment it has ‘some. £8m; 

mi riSi aro«5Tha1 ^ M under mrna^em^ jtf 

tictilarly by the manufactureR, deals, The growth in- leasiog. has 

ticulariy by the manufactureR. ATr; pw«.u- 

to reduce the maintenance costs 

as much as possible. Improve- 4 y • 

ment in design and quality of ^Qyj(^0 

components has meant that 

perio^ between services are The problems now encoun- 

The growth in. leasipg. has 
been staggering witti the advan-, 
taves it ottere to cash flb^ft' 
Leasing companies are entities 
to a 30d per cent allo^^n^. 
in the first year on the vebi^ 

• - ^ — * uc p6ULAicm5 iiaeffv CAivuuia* w.— — — * ' 

extending, Moreover, the manu- tered in fleet management has purchased for the . purpose;, of. 

TELEPHONE 01-723 2435 

facturert are also improving prompted a immber of com- leasing. Companies buyi« 
their warranty schemes and this panics to leave the managing to their own vehicles are only 
substantially reduces the repair specialist outside companies, entitled to a 25 per cent eapjw 
eosts for fleet operators over These businesses such as PHH, allowance. Tbe benefit of tins' ; 
the first and hi some cases the which is a snbsidiar^ of the U.S. ®®®^ altowanee' Is. 

second year. PeteRon - Howell and 0-®.t0 the'flert i^rte 

The importance' of m^te- Heather, are In a position to 
nance has certainlrworked in offer customere a complrtt major.freflt . 

the favour of the British manu- manaRement service. ” The sen- commltmenLon a leasii^ agree- 

« M wawa^&v^ >- ^ ^ . ...» vp vttmilTCifl an .OiimtlML, / 


VfHICLfi contract HIRE 

TOR Alt.M/kKK q.F, VEH^^ 

‘ ■ ';i^N'cHi^ o^^v: * 

|f«tittei%- ,l^e tbw is tittle viee offered by Pgt'fe bxsiealiy - 

tb‘ch«»fl.iH relUbmty betweea^t^ There^Wadrice‘oh ’• 

British'ffld foreign vehicles the. car imticy wliicb- applies vrith ‘«>e Mmng so >\\* . L;-’- • 

dost of.^dme p^duced replace-' or withmit a leasing arranee- ttcre is no major capital oimay, I ‘ 

ment baits Is considerably less '^ent. The vehicle would ^>e At‘a time *hen there are in- ’ “V, -'d-r'.- 

dost of.*hdme p^duced replace-' or vrithmit a leasing airanee- ** major (rapimi ouuay. 
ment baits. Is considerably less'^ent. The vehicle would .At'a time ffhen there are in- 
thaa” the foreign counterparts-nrdered usnig PHETs buying tense pressures on^rklng capi-. 
and at the saihe time they are power to obtain the maximum tal reqalrements, tiiere 'are dis- 

'•% V ^ 

i? ■ 

more readiliTavaiiable. 

disc^nt Thereafter mainten- tluct advantaves in ellmioatiDg 

aoce posts ere monitored and the heavy capital bntlay on’ new 
any anomaly wousd be Ironed fleets, capital can bq bsed 

0618 ^ 2441 


> . ioNDON 6mc&' •' 

' 208 .WESTERN AVENUEi. : 


With Hodge Leasing, you're not 
restricted co any malce of car. . . you can 
select wfiichever model suits you, and 
your pocket, best. That means you carv. 
shop around for the best deals and save 
even more. 

Then, once you’ve decided on a car, 
dioose die most convenient repayment 
plan for your own particular 
circumstances. You'll find our terms 
extremely attractive, and being able to 
choose die lengdt of the lease means the 
w’hole arrangement is as flexible as 

It's all part of our policy at the Hodge 
Group CO ^ve you the finest range of 
finandal secvices, tailored to suit your 

So call any of our 100 offices 
duoughout the U.K. TTiey're your 
contact ivich one of Britain's largest 
Finance Houses whose assets e.\ceed 
£300 million. We're also a member of 
die -Standard Chartered Bank Group, 
Britain's largest independent ' 
international Bank with 1,500 offices in 
some sixty countries. Their assets exceed 
£7.600 million. 

lb introduce yourself to die helping 
hand of Leasing, get in couch with 

John Davies, Hodge Lksmg, Cardiff. 
Phone 0222 42577 Exdttision 2590. 

OrooncactyourlocalHodgeFinance - 
Olitice. They’re in yckir phone book. (In 
East Anglia, look underGarfieldWiUiamsX 

Hodge Leasing 

jSIL Amerrtierof 

StaxM Quartered Bank Group 



01-992 8706 

TELEX .935073 

THE IMPORTANCE of fleet and Chrysler Leasing Svstem. 
sales to the mejor motor menu- Vaiixhall, which is probably thp 



facturere has increased drama' closest parallel to Ford in Ihnl 

tically over recent yoaR. There it is strictly ’an in-house, inrte- 
is no precise way of Imowing penftpnt'y developed operation. 

Hodge Leasing gives you the best 
petTomiance for your money 

exactly what the proportion ?s. 
but a consensus opinion sug- 

ha.<! Itfastprhire *<irnueh General 
Motors Acrepte ice-5. And British 

eests that it is of the order of Ley’and— the last to enter the 
80 per cent, or roughly treble business — recently- 'linked un 
the percentage only 10 yeaR with Lombard North Central. 

ago. And that is only what the the National Westminster Bank 
manufactureR know about; suhtidfary, 

there TOuld be thousands more They have all experi.enced 

cars bought the individual upturn in businep 5'ni'» 

but paid for by the firm. 

thn Control of Hirine Onler ws' 

The size of <lus market has relaxrt last June particularly 
not been lost on the maoufoc-' ”” *"® leasing side. 

tureR who are all out in the -«r* 
market plw^ pitriiing for their V IgOFOllS 
piece of the business. The un- . ' 

disrmted market leader is Ford. The services 1 


The services offered are all I 

t . 


f ? 


which sells vast nuantities of its broadly similar in that either 
Cortinas and Escorts at tbe directly or indirectly through 

volume end. and its Granadas the dealer network, they off^r 

in the executive leamie. 

hire purchase, contract hire nr 

However, the othere are in straichtforward finance leasing 
hot nursuit taking advantage of — the latter currentlv being thn 

Ford's inability to make its mnet sought after. They arc all 
desirable motorcars fast enoueh nromotinc their lea-sing sen‘iL’e^' 

to satisfy demand; there is now in a wry vi»omiis manner, 
a three months’ waiting list Fnr which i$ helping to Increase the 


*! '.y!*- 

the popular vereions 
Cortina, the prime 

of the general awareness of the bene- 
seller. Bis of leasing in a-matket which 

Vauxhali has made an imnres- is growing but is still a long 
sive dent on the market with its wav behind North America. 

Cavalier, which is comparable However, 

Commercial vehicle 
leasing is fuKt,but..y 

io size, price and overall appeal comprehensive and each of the 
to the Cortina, and its manuFactureR is trying hard' to 

Chevet^ British Liniand has And ways in which to outdo the 
Marinas. AlWros, p'«inini'»s. other and nffer just that little 


Chrysler is moving well. too. ^it tnnre. Chrysler, for example 
with its Avengers and Alpines, has boosted the number of 

peitnii^biia dre'offered 
th^e i&a beticw.way^ : 

the latter proving increasinclv 'dealers offering lease packages 
popular because at just over to 122. around 50 of whom offer 

1.4on«^ engine canarity it falls snecialist tnirk leasing facilities, 
neativ into a lower bracket for But. in addition to that, it is 

pef«:onaI fax pumnses. 



Each of these manufsrturers negotiate on'y one contract to 
has made its own arranepments lease, say. 100 vehicles, but 

for providing finance for its which have to be delivered to 


Fort his th«* hishlv successful 

varinu.s parts of the country. 
The deal is struck with 

Contract Hire 

Itli our service! 
-that makes 
the difference 


Ford Motor Credit wh<ch. at the dealer in conjunction with 

rnomom. |< actiiaUv Twine broad- office in Coventry, and it 

minded enniinh tn finance pur- arranged for the other dealers 
cheses of niher makes of car "system” 40 deliver the 

Unigats4^se;/Westem Avdnoe 
. Londoii/iwOSH:^ 

Peter Fawcett (Senerai Manager 

wkilv the manufacturing side cars. In other words, although 
gptv nwr its nmdiictJnn nr<ib- yf»u buy from one dealer you 

j leros. Chrysler has Chn'sler get the service of all 'the othere 
Arcrnian''r«. which Is nwn<»rt thrown in. This partiettiar 
.fiOrjO with Mercantile Cr»'dit. manufacturer has also been 



II ‘ '::^i^:'^es;we^ April 26 1978 





Double bonus 

^ Schniques of *e his car for business. ‘ . . 

. are now regularly DisttibiUors are now report- 

.a near 50-pcr wlo d?fe ing an increasing number of 
'i^tish car market htU to a«e contract Hire agree- 

liare had little impart on car 

leasing and contract hire. solicitors and ' even the free- 


Vehicle RepUng and panies are Showing a renewed 

Aisociation members foteresi in leasing. Particularly 

jjiat foreign made cars have which hate been 

• tured only 5 per cent, of this pass on the benefit of 

• . "/► lucrative market. .. profits in higher wages 

-.. ^ This must' be good news for. . looking for aller- 

'"'< 1 . British manufacturer with means to keep their 

• ... leasing a groving force, pgr- ^^nagers happy— and why not 

' iy ticularly in the . a company car? 

which can be expected to come benefits— 

• linder fresh attack fr^ ,he lOO per cent write down 

, manufacturers in the «rrent has really set 

year, and which accounts for jnjustrv alight. It 
N around 50 per cent of all car benefits . which: • first 

sales. ■ attracted thd finance houses. 

_ «. and more recently the banks. 

PrOntS into the industry. - 

■ ■ ..- ■■ Under the 1971 Finance Act 

For the distributors, leasing .. regulations, covering toe 

)s provided a double souroe j year write down 

be set against the rest of its 
business. .4nd leasing also pro- 
duced profits in its own r.jht 
Mr. John Tuslain, mabuging 
director of -^uto Leasing, the 
leasing arm of the BSG group, 
says that the presence of the 
finance houses in the iudust^ 
has provided no throat tn the 
distributors. His company has its 
own finance huusc hiU.M.r. Tus- 
tain savs that smaller dtstnbu- 
tors, which might otherwise have 
been forced out of lea-sing 
aliDseiher. have been nhle m ^el 
business through ihf.r links 
with outside finance houses. 


. rce i“4eleSted . first year write down 

of profits— first from the . bn commercial 

actual rental and .Qien from the . 

01 pnima — «».«• ---- . allowance • vu --- . 

actual rental and .then .from the were- broadened to in- 

sale of the car- when .it Js j,.jflers who are g»wneo 

returned to the dealer-rfst . a -business: of eWE hirers, 

time vriien'tbe car The situation howevcjM^ only 

time when toe car maiMu xhe situation howeveja 
the econoTrqr..iias been eragnant. 'several yeaife=^- • 

The recent survey earned .out case ''against 

by the British'-Vehiide,Ren^g.j^^g^jj^j,j.ougi^t,-Bn<f#ou by 
and Leasing; Asstwation, •• 

a.,u Godfrey Davis. ■ ... . , 

showed that' leasing knd con- pjg^jouslv thedislTjbttfors nad 
. tract hire business increased by allowed to offset the 

10 per cent djrmg penod > ^ tteir lax 

. June 1976 to June 1877^ ^ at the rate of 2a per cent, 

year the Asspeiauon . ^jets • 

business to .mcrease. by at Itast . jnjpiicailons ul .the God- 
15 per cent. • , ;-frey Davis test case wert clear 

Lombard . -North Central . ^^ance houses. ByMaking 
houses and banks provides q- j^e man’tlfe of ear traders— 
j much of the musple be^pd ° leasing-provided nonenf ihe 
ing— said recently that hasde of mainuining and str- 
ing interests were unlike contract 

the rate of 50 per w s-g. a-greeraents— the Houses 

. &"Va°rraine.^t«= 

“It is not a question of the 
finance hoiftc or the bank coni 
peiing with the distributor, he 
says •* We both need each c?ih?r. 
Wc need the finance house to 
provide the necessary 
and ihev need our marketing ex- 
perience. They particularly do 
not want to have to dispose of 
a Bond of second baud cars as 
leasing contracts come to an 

The recent buoyancy of 
second-hand car prices— fuelled 
bv double figure inflation— is an- 
other factor which has been 
crucial to the success of ihe in- 
dustry'. When a cuslniner 
negotiates a car leasing con- 
tract k residual value of the 
vehicle is agreed on top of the 
pavment terms. This is simpy 
the second-hand price which the 
distributor feels he will be able 
ill c-harye whan the car cornea 
back on the market. 

In recent years inflation has 
sent all car prices spiralling so 
that the second-'hsnd price 
charged has often been way- 
above the residual value agreed 
at the time of leasing. This -ws 
left the distributors with some 
prettv profits. Mr. Tu?*-ajn says: 
•' Certainly in the early d^'s 
when inflaUon first took off Ae 
nroflta to be gained from this 
ready-made supply of second 
hand cars nutstripped the prpfl.s 
from Ihe leasing itself. Howeve. 

residual values have had to chase 
up new car' prices and pronto 
thebe days, are much mure in 

balance." . . 

A major problem, however. ; 

could emerge now that inflation j 
is;, back to single figures and | 
estimates of residual values. | 
novv prove too high— leaving the 
distributor with a potential loss 
iiis'.ead of a profiu 
The greater freedom of 
contract, won with last years 
new legislation, however, has 
allowed the distributors to 
write protective clauses in con- 
tracts which- would cover such 
an event. This permits disin- 
buiors 10 pay out any e.xccss 
profits made from the second- 
hand sale to the lea.sing custo- 
mer. or. more importantly, to 
claw back any eventual short- 
fall from the customer. 

" distributors mow that 
tt'o are able to write open-ended 
contracts) have covered them- 
selves against a drop m second- 
hand prices but there are one 
or two who may find themselves 
in serious trouble over residual 
values.' said Mr. Tustain. 

The fact that British-made 
ears tend to hold their value 
better than foreign marques 
explains to a large extent the 
success of the British car in 
leasing and contract hire. 

“ Finance also appears to be 
more readily available when a 
British car is involved, ’said a 
spokesman for the British 
Vehicle Renting and Leasing 

Snare parts are also more 
readily available for British 
makes which keeps service costs 
down — another point in the 
British manufacturers favour as 
far as distributors are con- 
cerned. particularly .ihose in- 
volved in contrapt hire which 
Includes a built-in service 

agreement . 

Clcarlv lessine is here to 
Slav, even If there Is a collapse 
in ‘second-hand values. More- 
over British car manufacturers 
have a head start In this race— 
but tliey have had that before. 

Andrew Taylor 

'.■V. J#?.* 

A Fiat i™ Muuging to CaUivers Truck Hire, the vehicles rental compawj based 

the COMMERCl.AL vehicle 
market differs from motor cars 
in a number of important ways. 
For esainple. a car tends to be 
viewed (at least for business 
purposes) on a two year basis, 
or three at the most. With 
commercial vehicles, such as 
vans and the larger trucks, the 
average working life is probably 
more like five years and. at Uie 
very heavy end. possibly seven 

Many vehicles are also 
custom-built with specialist 
body' and chassis manufacturers 
offering a variety of different 
power units. They are also 
often, supplied in the i^s- 
toiners* own liverv’. The 
vehicles, apart from the way in 
which the driver inflicts his own 
personal damage, will be used 
for different purposes. Two 
vehicles, with identical specih- 
cation. might be used in quite 
different conditions; one will 
spend its life cruising along the 
highways and byeways with 
Ught loads, and tlie other may- 
be plunging over rutted, rock 
strewn tracks with a hea\T load. 
AU of these things will Ineyit- 
ablv have a bearing <»h 
at the end Of ilie period and will 

thus make a leasing company s 

problem of guessing 

value that much more difficult. 

The other major difference is 
the cost of the- vehicle: we are 
talking about much larger sums 
of money. The average fleet 
motr car probably costs so™®’ 
thing of the order of I3.a00_. ^ 
ordinary van may cost Ea.OOO. 
At the heavy end of the market 
the price can be anj'lhing 
between £10.000 and £20.000, 
depending on its specificahon, 
and furthermore that is merely 
for the cabin and power unit 
what follows on behind, whether 
a fiat trailer, container or box. 
is extra. 


The final headache for the 
finance company is assessing 
the creditworthiness of ■ the 
customer.. Some will buy a com- 
mercial vehicle as an incidental 
of his business: that is. he may 
be a baker, component manu- 
facturer. fiirnihire manufacture* 
or whatever: merely using .the 
vehicle tp deliver his goods. On 
the . other hand, he may be a 
roaif haulier, iii which case his 

whole Uvelihcmd is based on his 
truck. And must readers will 
not need reminding how fre- 
quently transport firms 8® . 
the wall, leaving creditors high 
and dry. 

In essence, then, the commer- 
cial vehicle market has charms 
which are all its own: But 

despite all of problems, 
leasing is well e.slabiished in 
this market and. theie ,is.every. 
sign that really fierce com- 
petition, may switch away irom 
cars in time to this sector. At 
the moment all the majo** 
finance houses-have p presence, 
to a greater or lesser extent. 

One • firm that has . already 
started to go after the business 
is Lombard North . Central, 
whk^, having done so well out 
of its clever Wheelcase package 
for motor cars, has recently 
introduced Truckleasc. In truth, 
it is not a new market- for Lom- 
bard at all. But what it has 
done is, to compile a fuHy com- 
pr^ensive and attractive 
manual for' the distributors. _ It 
highliahls with devastaung 
logic, just as Wheelease did. 
the, benefits'.6f, leasing to- boUi 
distributor a*nd customer ana in 
that Sense ena-bles the-salestnan 

to^jmesent a 
i'lfiilfits &e role-'gdm^^ 

:* rcl(^ce work, vwieti meaBs; W 
^practice that the sdesman ought 
■ not to get caught out by WF 
dasty (juestions. that- may, - be 
'.Tlirected at hii»hy' lhe,-^<W- 
'-ledgeable buyer.; ^Armetf wilh 
•this piece of salK equ,ijpmrat,'.it 
‘■,is easy to imaghie-th’e •distributor 
dreaming of instantiy hicreaRd 
'sales volume. 

However, whether the other 
finance houses will woo tiie dis- 
tributors witli their own 
seductive versions of Tnu&lease 
remains to be seen. What .is 
Important is that the conune^ 
cial vehicle market' is a potent- 
: ally ripe one for leasing. 

• ■ -Til common with other pieces 
of heavy capital equipment, the 
T^acement costs on com'mer^ 
cial vehicles have gone through 
*th'e roof in recent years, making 
the acumen te in favour of 
’]easing‘ as against, buying that 
much more compelling. Esti- 
males indicate that the price of 
cai^erived vans went up by no 
less than 250 per cent, between 
1972 and 1975, and, of course, 
have risen further since then. 

At the really heavy end of the 
tj-uck market, the rise is gener- 
ally reckoned to have been no 
les.s than 300 per cent. 

• The decision as to whether 
vehicles should be replaced is 
■ always critical, bat against this 
sort bf.. ^plosion in outlay it 
takes on an added dimension. 
Indeed, the choice of whether 
to change vehicles 'and, thCT, 

■ : whether to buy outri^t with 
cash, borrowed money or by 
hire purchase, is increasingly 
being taken out of the hands of 
the traditional transport 
manager. These are probably 
now decisions for the Board or 
finance director. 

Leasing does offer a very real 
and sensible alternative, par- 
ticularly if the operator is low 
on taxable profits— such as e 
-smaller haulier may-be— against 

which he can set his capital 
allowances on the purchase, it 
also presert’cs value capital ana . 
other credit lines. 

The way in which commercial 

vehicle lease agreements are 
written tends to fall into two 
basic types. On the one hand 
there is a lease/purchase agre^ 
ment which, to all intents and 
purposes, is hire purch^e. and 
the other is a buy-back lease- _ 
All that means in practice la 
that the operator can eitter 
take the vehicle at the end of 
the' lease, or he can t^e a. 
gamble on the residual value at 
^ end of the day-with th^ 
distributor — and that will 
directly related to Ws treatment 
of the vehicle and its etmdition:. 

K^th Lewis 

65 2441 

D2 S706 

bottom UNE? 

tteSrandalsideofrunningyourovm tfetrucks:OurtructebOTmeyouriasdo 


\ i .Ml . irti !»■ r'Tc- hf!r>iv moi iiai'i*;p.(i. d6liVGring OP tllTlG, yOU 



. livery so while we iake the responsibiiity-ra 

saynotriingoTuie^iMaMu^^^^^^ .. ^o^te planning . .foii+KorrpHit. " 

tinrie, but National Can lers Co ■ You'll find your cashflow reguiaiised, 

krtlrs • L,«. i4- i-HorU r\r anonru r; 


Lime, UULIIWUW..-.- . . >fQU II iinu^uui 

Services can help. _ ■ ' . , . , . -.h no -yvonies about cash or agency cards 

; Contract- Services take the tr oub e oui ■ i 

■of transport because we teke care^t eve^- v. insurance arB no longer 

thing from finance and administraiion lo burdens they oncewere, and maintenance 

livery, ou wimc wc uar\t» umv.. 

delivering on time, you get.all the^credit 

■ If you’d like to take theweightoffyour 
mind and put it onto our plate, get in touc 
with National CarriersContractServices now 
Wellputyou on the right road. 


01-221 70c3 



s?V.'S: V .. . . ^ 

,:i-‘vs%*:V " £ZBDBl 

•••• flowl 

*.vii'.:l.^-i«m . 


• ...**» 

•• .!*V ‘ 

MS.y. ™ i A 

Avis will give you 
a clearer view of 
Car Leasing benefits 

Mwiw "P can is d ea dmcmey. 

It caiiiiiot work for yon or earn yon one single penny in profit. 
If yon buy 20 ears. It can serioosly impede yoor cash flow. 

So, wbafstbe alternative? Car Leaeinfftbronflh Avis, 
With OUT massive baying power we boy cheaper than 
most - end that reflectsm oar leasing rates. 

WitSitheMidlandBaztkaodForwardTnistbackliigus, • 
' wegetxnoneyatveiygoodratee-andtltatreflectslxi 
oar Mudng terms. 

And- Avia leasing is inflation proof over yoor lease period. 

• Administration problems? Forget ttaeim At Avis, 
we do it all for you. 

One agreement leases yoor first and yoor fiftieth ear. 

Ob foil maintenance contracts toe sort oat details for yon. 

Extra ty res for heavy nsers?. 

All taken care of in the lease. 

RAC membership? -included. 

We can even insure you for 
your lease period - at fixed rates. 

At Avis we really (to ti 7 harder. CARLEASING 

mmm mmm mmm wnmm immm bmi tmmm wmm m 
I'm ready to read about car leasing in detail - send me 
yoorproposalfolder, withoutobligabion. 

Name — ■ 

Position ' — 

Company - - - 



. Postal Code . 

AVIS Car Iieaslng Ltd. , 

BabhBoad,West Drayton, Middx UB70BS. 
33 Gross Street, ManchesterS 



•X' A full range of Cars, Vans and Trucks 
' (including general and specialised body work) 

^ Rnance and Leasing packages. 

^ Fleet Management and Maintenance packages. 

on a nationwide basis. 

But then, not everyone’s 


HamMedon Road Wateriooville Hants P07 7TYlil:Watei4ooviire (07014) B1221 

growing at fairly rapid rate for 
some time now but the.iodusti}’'^ 
was given a shot in the arm last 
June following the relaxatied 
of the- Control of Hiring- Order. - 
Since then growth has been 
staggering. One of the major 
finance houses claims that its 
car leasing business has 
doubled since the middle of the 

The British Vehicle Rental 
and Leasing Association claims 
that while contract hire may 
only have risen by 10 per cent 
or so over the past year this 
growth rate was well outpaced 
by tea.sing. It couid be argued 

the benefit of lower cash flow FROM LEASING A £^000 ^CAR 

Comparative raaif 
• ITow for 

Outright purchase 

1st 2nd 3rd 4Ui 5tb . 6tb 7th- 
Qu arter .Qua rter Quarter Quarter .Quarter Quarter Quarter 

3,091 3,l85 3,380 3483 STSSS 3,697 

446 726 1,014 1,311 L617 . 1,932 3,257 

:‘ 8Ui" V 9fh subsequent : ' 
Qdaitor - Quarter- Periods..' Totals 

Net dijEferenee 



2,643 2,439 . 2,267 



2,069 1,865 1,656 ’ 1,440 ^485. 





Net return at i% per 
month from Investing 
net differenee- . 








Tax relief on net return 



Net benefit 

.-.A recent survey of all the 
major lessors views on residual 
valu^ showed that on average 
' the estunate- after one year was 
75 per' cent- falling to 49.5 per 
"cent, after two years and 30 per 
cent, after three yeaj^. . 

' By and large* then realistic 
.residual values, are .beii^ quoted! 
l)ut !' eonpeiia^oiyef-a' 
fringe element in 
that are pitting ■ 

.values eu vaidbica^'^atl 

% js b^icril^ -iiappening 

only a*, homihift'' ^ ' 




Most companies ean utilise the **Net Difference" in cash flow for iuv^^g in their pi^ary nfdwj pov gt*”" -• a'-lUTO 

The benefit from choosing to lease can be quantified by applying the difference between: ' ■ after-a two'y^r lc_^. 

(a) the company's required investment rate (in this example 1^% per month), and' V:-" ■ ~ .-.rental charge .the met , . 

M,.. la..;.... ,.. 1 .:.., i.. <•*) the company's boiTowing cost (in this example. 1% per modth) t« the “ Net DiffcreUco 7 tn Cl* itows. has been of^t ^ At 

iLJ, Sft The nerbenefiroT choosing leasxng- rather than outright purebasc fora-eompany reqairihg-a iiefrefiTO per month -.of. the:- teasing Agree: 

ness away from the wntract is Source: Lombard North Centnl , «• . ^ jto i ment the car is then sold to the 

hire specialists. But the con- — ^ _ . - - employee of the lessee for - a 

tract hire specialists feel, that - . - •••. . nominal residual value thereby 

while leasing is growing faster, warded to the lessee. Lombard Mle are carried-out by the hire froin financing. On -contract -.xe^f^al.-values, jiioreoveri since .allowing a sizeable tax free 

1'.=.!.', North Central aeWeiea this by 

iraci mre. arranging for a balloon rental 

Leasins and contract hire 

company. They in turn .estimate sharply lower car valites conld^'ii^ttdon has been checked it- Is capital-gain, 
the repair and maintenance cost jojoek the hirers ini tiany nr.K a-far:easier task to dost mainten- This practice apart the leasing 
. , ^ the end of the lease which is as well as the residual value tkere is no -risk to the AUce and repairs. industry seems to be taking! 

companies are entitled to take matched by the resale value of and- the rental terms are fixed. v,Derstors in this foiro -V»f lias. ' ' " active steps to avoid the pitfalls ! 

advantage of an 100 per rent, the car. However, some 5 per The lessee carries no risk nor sne contract hire would offer r^lll'inn second-hand car' 

V**® down allow- cent, of the value is generally reaps any reward from the sale more confidence to theiooerativ market. While it is' true that- 

Tnces. These benefits are passed held back by the finance houses of -the vehicle. Contract hire ihan straiaht finance leasfne v- - . - sizea&l.e prodts. had been made 

puts a greater- emphasis on „ . ^ .j leasing companies now byid^lers, contract hire com- 

maintenance and service Havmg said this it m .n(U en..qn the side oE caution, .panics and the lessees on car- 

element of leasing.* Since the the iMmng ipdusU'y ai^’-ifor a r^idual. 9* dispaisals during the period of 

costs are fixed the operator -R any major .a^d 50 to 55 ,-^r cboL ^er jjigh inflation the stance, 

knows just what his total cost Jhs^ers in the event of -a drop two years. It is litely that there being taken on residual, 
will be during the life of the }” Second-hand car values The win be only half the number of yjjygg i 5 encouraging, 
contract hire and he is able to are now becomj^ ve^. manufacturer prirenses in 197S 

budget his business accordin^y. calculating the ac there was in 1977. 

But the advantages of leasing] 

held back by the finance houses 
nn to the fleet vehicle user by to avoid breaking the lease 
way of reduced rental. The status of the contracL 
le«see.4>r operator is also in the . ^ . . 

position to offset the rentals i.*' Umes df .fast rising 

aK.*unst his own revenue as a ^<tond-hand cw values the 
business expense and are fully benefite of leasing to the lessee 
allowable for tax purposes. ®.r® pleia. to see. .Moreover, 
The relaxation in controls then since companies, are now 
made leasing even more attrac- oxempt from the controls there 

is no front-end deposit required 
on leasing agreements. Having 
said this the bulk' of leasing 



Prior to June there was 
always some doubt as to 
whether the resale value of a. 
car after leasing could be 
passed on to the lessee. But 
since then the Government has 
announced that businesses are 
exempt' from the controls. 
Therefore, under a leasing 
agreement now the lessee 
stands ^o benefit from residual 

Leasing is basically. a financ- 
ing deal. The operator has 
freedom nf choice over the 
vehicle and the dealer and the 

over contract hire during 
period of strong second-hand 

companies do insist on a deposit P”®®* s® 

of roughly two to three months 
rent but this is irtill consider- 
ably less than tiie previous ten 
months. As such there is an 
added boost to cash flow, allow- 
ing capital to be utilised else- 
where in the business. There 
are facilities for the operators 
to arrange a maintenance agree- 
ment within the leasing con- 
iracL These can be tailormade 
to suit most needs. " 

easy to see why the growtli in 
the former has been far more 

iTie boom period for second 
hand car values could however 
be over. laflation is how head 
ing for single figures and 
second-hand car prices are 
expected to settle down to 
traditional patterns. Any sharp 
downturn in prices could leave 
a few scars. Certainly the 

^ operators would catch a cold 
The Wneelease agreement, under a leasing agreement since 
dealer and then the services of for example, covers such areas ^ave to guarantee the 

the finance house are sought to as routine servicing and residual value. Apart from an 
finance the deal. The operator repairs to motoring association Qyerall dampener on the leas- 
repays the finance house by memberships and insurance. j„g industry the finance houses 

Under contract- hire the would not suffer since they are 
purchase of the vehicle and the not involved with the car apart 

means of monthly rentals 
The residual value of the car 
is generally calculated by the 
dealer or leasing company but 
if the customer wants to take 
an interest in the residual value 
there are opportuntlies to do so. 
The lessee guarantees to' pay 
the terminal value at the end 
of the lease. Any excels, over 
the residual value ivould be for- 

. Fleet 


Britain^ Rnest Trailers 

Crane Fruehauf Limited 

Hayes Gate House, Uxbridge Road, Hayes, Middlesex. 

Tel: 01-848 0225 or 01-561 0078 Telex; 935882 & 262051 


offering free replacement In tli? 
first year for such parts as shock 
absorbers; brake pads or linings, 
and exhaust systems, regardless 
of mileage. 

. It is just as well' that the U.K. 
manufacturers are alert because, 
.of course, tlie foreign manufac- 
turers have also mounted ah in- 
vasion on this booming busi- 
ness. Probably the biggest 
potential threat is from the 
Japanese, and Dalsun in par- 
ticular. The company recently 
formed a new leasing conbpany 
through which it was intended 
to tap the market, but political 
pres><urc to curb imports of cars 
from Japan has put a temporary* 
block on their plans. However, 
the time cannot be too far away 
when that obstacle will be over- 
come and the appeal of their 
compctitively priced, reJiabio 
cars will he emphasised on the 
public. The other point is Uiat. 
while competitors may criticise 
Japanese engineering and refine- 
nienL they are often hard- 
pressed to match the ability tn 
deliver the goods in auEScicnt 


But perhaps the biggest threat 
at (he moment comes from Con- 
tinental Europe. FiaL For 
example, in a recent rccruiimeni 
advertisement boldly declare 
that.*' we are poised to mount 
an ail-out sales drive in the U.K. 
fleet sales market." It-.has the 
right cars for. Ilic market — 
the 1.300 and 1,600 cc Mirafiioria. 
and ttic 2.000 cc Fiat 132 — < 
which are again competivcly 
priced, reliable and. more im- 
portmant. available. 

Fiat has boosted its sales in 
the U.K. to around 70.000 
units from 48,000 in just twu 
years, of which an estimated 20 
per cent were for business use. 
The introduction of Flat's 
Leasecover plan is iully backed 
by Its 'distributorships up and 
down the country and there 'is 
a novel “credit card' style 
system which enables the- cus- 
tomer to approach any of 
the outlets in tii eevent of 
trouble. The faults rectified 
on credit. 

But even on the' domestic 
side Fiat is posing big prob- 
lems. It is currently offering 
finance for hire purchase at 
the rate of a flat 3 per cent, 
per annum on its Fiat 138. 

Elsewhere, there is a big 
attack on the executive car 
market Peugeot. Audi. BMW. 
Volvo and Lancia are eating 
away ferociously at what has 
been the traditional preserve 
of the likes of Rover, .laguar. 
Triumph and the hieger Fords. 

Keith Lewis 

whether you’re financing one car or a fleet 




Ask ybur motor dealer ^out them 

"Whether you want one car of a fleel^Mei^ah^^^ 
has efficient andflexible finance 

yoin specific nee^.Your motor dealer can heljg you deade .. 
which one. . i-- . , , . . .. .... 

Straight aAisrwers to con 

■ There are many ways to finance or afleet., , . 
Outri^r putdba^ Mhe purchaSei^ontraa like^^ leasing are 
ihepmjdpaJ opiiA. There are otheixThe oneyouchoose^ „ 
depends 'pnfefnjpir^ 
how long ytk^fkeep ^you^cash'fl 
otherTaaors-lliefmsbacpgyf^ selectman ch^ ■ 

car to the next. . 


. .We have been financing ihotor cars for more than . 

50 3 ^ars and have grown by reusing that speec^.flexib^ty and 
efficiency are what our chentsneedj^so'friendliness. * 

We know you n^d to talk to someone with the ri^t 
answers in order to make '±e right deci^ons. 

Talk to your Mo^P^ec^ V 

To find out exacdy-which Mercamile Credh ^ 
plan w'ould suit you best^yoji should ta& to your motor 
dealer He’ll explain the'henefits'‘of each plan, discuss your 
specific needs and ansyKer^Cfur questions. You can be sure 
there is a Mercanule pl^ foryou. 

Mercanlile Crcdit,EiizaberiiuHpuse,GreatQueenSert^Londbo.WC350E. 







No depreciation, no maintenance a nationwide back-up service^ 

and the prestige of always operating the most Up-to-date fleet, painted 
in your own livery if required,' . 




Thesearejustsomeofthebenefiisbfthe -' ' 








Plus. The famous AVIS TRUCKS Try Harder*' service. A careful balance 
between the reputation and£xpertise of intematib.naf transporlation 
specialists. and the personal seiytce of burfield consultants. When 
you Contract Hire from Avis, yoirgetfnore than ■ 

For further information, postthe'coppon or telephone 6^ UK Sales 
Manager on 01-848 8765. ^ .-f 

^want to start eavlng money- rWio'iUK Sales Man^, 

i Please send me all the tacts on AVIS TRUCKS CONIRACTHIRE^ >. !- Avis Truck Rental Ud..-TrMamHso; I 

I " St^enAd^HamMldiixUB340J. * 


I Position 

I Company 

I Address,.-. 

I Postal Code. 










; La^ yea, the Gc^emmert changed the rules 

charges^ advance. 

In most cases, we're now aWe ^ sei^ |n a Sand^SvT^^ 100 



“®*\*»r‘Snte Sevew a Govlrnment regulation l€te 

you dS!iih^.metNng wrth £5.580 just by paying £500, , 

Our grateful thanks to the occupants. 

DvWDerty: □VWGC, DVWPassat QVW&roc» 

n Audi 80 DAudi 80 Estate UAudi , Company 

□Audi 80 


" ^^andsendthecoupontoiAUFUasingVolk 

ing Volkswagen (GB) Ltd., Volkswagen House, Brighton Road, Purley, Surrey. 

^ Ai.Fi««inaandsubjectbL‘-.epwfi;3f«oll^'e<^f't«>*0*^ 

22 . 

Some of fliel^gesf 
are onflie side (rf 

doivn,we 1 lFe^iL 
' fl‘youneedanoUiervvfaiIs>‘ou'rs 
waiting well ^veyou anoifaa 
DieselTV^fe’Upump it in. 
in EKi.we1iaoall the things 

Thecost of itailflusla Inown 
Aca^tal way tosavecapiteil And get 
thetrudcsyouwanL . 

Anynumbeii; any sis, anytime. 
lecontrad All looking the 

Finandai Tiine^ :;WedhesdRy Ap 



I Buying a new car? I 








With a Forward Trust personal loan you cotdd 
soon have the car of your choice. 

The procedure is quick and straightforward and 
our terms are very competitive. 

For more information contact your d6al^ or 
simply cut out this advertisement and send it, 
with your name and address, to our Motor Manager 
at Head Office. 

We’ll do the rest 


I-*— ^ J m t T • !x_J -TH i 

Forward Trust Limited, Bankers, 

P,0. Box362,BinninghamBi5 1Q2:. Tet 021-454 6141. 








LEASING IS HARDLY a d«w instalments before he could is- coming from relatively ‘v Morniyer some of the large and little' to offset against 

eoMept in financing, but this sign up a lease. Admittedly new entrants into the' mariseti' motor distributors have set up poration. tax (compared with ^ 

har^y seems the case when there is «ili a front end leading and members of the Britfeb-thelr own finance companies industrial companies) . were<(N‘ 

applied to motor-cars, judging bet this is open to negotiation Vehicle Rental- and Leasing As. asnedaUv for leasing Wadham enthusiastic when presented : 

by the sales perfonhance of the and *- — ^ lui «« . 

leasing eompaoies over the past 

year. There are two reasons for monms payments. a loc or leasine business. - SSTmeer 

the recent upswing in car lea» ^ ... 


Although there are no bard Talking to people in the trade •• nf when many other, form of fin-;: ■; 


ing. One is the tax benefits of ^ 

{easing. An industrial 
cazmot write-off the cost 
car purdiase in one go. 
to depreciate on the faasis-( 

per cent, a year. t a ~ u.c uuiv ul w w. 

But the efforts of two test ’ «»mple, the Equipment counti^ A finance company eat leasing, but he too. has to 
Oases, first by Ford Motor Credit Leasing Association producM claim to have his profit last year - 

and second (the one whidi annual figures which show an deder who ^dled ^ras 400 per cent up on target While it may be profit- 

really sealed It) * ” * ▼_ .mw- th» Iaaica mav he I-Iainrme .the j .-. . . *u.. able fi 

Davis, established 

.full 100 per cent cost of a leasing.. The figure in 1976 -was impact overalL . - 'the target toat was suspect. But ..,• 

vehicle in the first year. 'This a mere £ 6 m. At the end of u i . even so ft is a good indication as 

benefit can then be passed on 1W7 members of the ELA had BBD&S to.liow the market has been ex--*« fallible -if * 

to the lessee in the*^ form of £»m. of car asseto (at original- , - : •: ?lnan? oStoS 

*** The factor is Lombard North Centtal. the " jUnderstandably .financial in- mainstream corporation tai ; '. - 

♦« »ru*f is by no means the whole targest of the vehicle lessors, hair stitutions shch as- the banks And this could be the position • 

1 t ELA has 35 mem- «en its car leasing business' -been quick, .tor. push Into for many companies whi(^ face i • 

reiManon 01 ine t^ntroi of bers. and although they claim, double over the past year. Banks lei^g, especially ahee 100 per no tax liabilities thanks to the j- *> • • 
^nng or«r ny jonn to account for around 90'per havebecome more involvedrforcent. first year allowances be- -chaheenor's deferred tax con-..-' 
raser. toe Minister of State for cent of all the finance leasing example the Royal Bank of accepted.' There is little .cessions. It may be better to j -■ 
Prices and Consumer Proteebon, biuiness transacted In the Scotland only became involved 'point In having tax allowances have the finance company make''-.- -. 
mMnt tut the lessee no longer country, there is still a-lbt of in car leasing last September unless you are earning profits, .use of the tox edneessidn and • 
had to fork out an initial pay* business outside their para- but already it reports go<^ and so the banlm and finance the user take the tehefit l^ 
luent equal to ton monthly meters. Much of the growth business. 




Trailers prove 
ideal market 

houses with ‘substantial profits paying less per month for ^ 

vehicle. ‘ 

As' the Teasug ' conCe^ 
expands, more people . ato -.y.' 
encouraged into .the leasing .=r. 
business, but it .- has. iUso i,. 
encouraged the “-fringe”--', 

operators! These are' briri^.ng.-.^ .'. 
the industry into disrep^e and i'. .: 
are alSo focusing the attention;: .y.'> 
of the Inland Revenue- on the.v., 
whole leasmg concepL- 


.-I re 















IN THE same way that leasing prO-tax profit of £3.74m. was biek by the lessor at the end o( prematurely. As toon as But it 
has caught on as a method of couple of weeks back. A record the lease. Crane Fruehauf says the . trailer is returned to the *' fringe 
financing car and' commercial achieved jn 1977— -1?'* **■“* *'■■■ * ’ ' * ■* • 

^ ^ ■ nn ftn leva »•..( u.nv 

vebide fleets It is being taken 
up by the trailer, buyers, 

the mOler is ing cooipuiies «t some Hik. . At 

&n.;; si 

“ri«S ihe mdUrt” lo •'“* 

is. not ".only . 
operators that 

.‘^ntal can be used to .smooth business, and ' the. older . hire .''; '-! 
is the outset of the lease contract trought and p<toks of a busineto«s; such as ' Godfrey I,:'. 

leasing company will jt Davis,, take a dim view of their!.-.'..;; • f . coK 

[ate what sort of residua^ -flljg Ip involvement. 

it can put on toe trailerwr - ^5 . The finance houses only-,".V..- lit! 

»n mat tne-actuai value ness. For •example, if « carls. : • 

trailer Is below ito leased from toe Royal Bank of " SI 

r This would a residual ' value is ‘ 

eesmade.OB the leBseo '**bre Jg g lot nf-flexibltoly'--ands nfti»hftfi>:'Whrrh • i-pi*r*«int«- ' • ’ . ,-i 1 

ports to try and hold profits, but in many eases by where it sends of the 
last year exports y jfemained its invoice. estimates 

steady at 3,387 units'iso-'all. the Qf amount which Is charges made.op the lesseb.^*^ pitcheck:'Vfhich represents the 

Id cV «ysTb«W^ were-pittoetf to0.1ow, andpr^ll fi«l. 

growth «rae ^om . «te financed CF says 

•'bespoke 'arran^gemeot^ 

to the 

payment from' the'Iessee ;*/J 

3 bank. If that figure is-^' 

As>dorA pure leasing there and the car is told for''’»‘'-" 

market The sort of effect this financing i$ by way Vould suffer as a result 

can have on profit^was demon- leasing. -This proportion has . - • . **-*• «*«- 

strated by York Trailer only a increasing -rapWW rising DotninatPll ’ npwsoirwhy tins should £l.500,-tf« lessee would receive"". 

to Its p?IS?t leverTgettto ^OIDUldiea not wntfmto to grow a susbtantial reb.te-^erhaps.^:.-v:: - .- 

<m for 60 oer cent comeared rrh. h.niiar.- . p. fitkin* mnri Mrity in the trailer mdustry. In 90 or 95 per cent— of- the ” 

with about 20 per cent only and more leasmg .finance into "f ^ If the vehicle j' ■ ■ 

thjve years ago. Crane Fruehauf their trailer fleets t' a«ey as a method. ot^ ancmg topees told for £!W the lessee would 
reckons that at present It has and convenient way of financing f “J 

some 5.TO0 trailers out on lease caoital eouioment 'Ihe trailer follow suit £1,000 'o bank. So, ; 




contr^ts. leasing market is dominated by 

Trailers are ideal for leasing, a few big names. Trailer manu 
They have long life and main- facturer Crane Frue.oauf. which 
tenance costs are relatively has its own finance company 
limited compared with trucks, end Transport InternatloDal 
Also they are fairly easy to Fool -are probably the best 
dispose of at the end of the known names in the field. Both 
lease unless they are specialist ere subsidiaries of 'U.S. com 
vehicles and second-hand values panics. Crane bavtog been 
hold up weQ. taken over by the U.S. Crane 

Basically a trailer buyer is rooPMY at the end of J977 
faced with four alternatives, after a ho^ contested bid 
There is toe direct cash pur- balUe which had dragged on for but this can he a co.vtly * year 
bosiness. Trailers cost at least Another specialist In the field 
£3.500 and for that there is only is Enrol rec which is part of 
a very basic fiat bed unit For Tradex Financial Leasing, 
more-sophisticated trailers, surh York Trailer, on the other 
as refrigerated units, a haulier hand, docs very little leasing 
could nay up to £15.000, pos- business off its own bat these 
stbiy £30.000. So buying a fleet days. The company did operate 
of those Is not taken iiehriv. a leasing operation for 
Certainly fieet costs can gobble customers but this was mainly 
up the cash flow. Most buyers set up for the purpose of utilis- 
probably turn to their banks for ing the tax allowances. How- 
finance. but for those not wish- ever, with deferred tax for 
to take an.nutright purchase stock appreciation York had 



■ -fi 

. f 



through a hank loan 'or hire little in the way of Corporation 
purchase there are three Tax to pay and so the leasing 
alternatives. operation has been phased 

down as far as new business 


Many U.K. companies are «}® ®E potolbilllles Contract 
paying litrte mainstream Cor- h>re or straight rental must be 

poratibo Tax because of Slock cons’dered by the “buyer.” 

anpredation relief and other Contract hire can tome in 
allowances whidi can be offset guises and the only 

against toe tax bill. So it may to*Jor difference front losing is 
prove more cost efficient to let ^bq trailer goes back to 
a leasing company utilise ^ ^® owner and is not sold and 
tax allowances and pass it on *"® proceeds shared out by way 
to toe lessee In the fonn of Cobtract hire can 


lower monthly charges. 

Many of the leases 
arranged on a full 
basis. This means that at toe 
end of the lease period — ^tbree, 
four or five- years, and some- 
times ioDger because trailers 
have a longer life than cars 
or truci» — the lessee has the 
option of holding on to the 

be linked with full main- 
tenance. tyre replacement and 
parwt ^^® ^®P®riment of Environment 
certificate of road worthiness. 

The boom of contract hire is 
that toe 'trailer can be taken on 
for a set period of time and 
then returned. This is ideal 
when the haulier has a set 
contract where he knows for 

Hotels rent rooms the wav TIP rent trailefs. 
They're there’ when you tvant them, but not if 
you don’c- 

And like all the best hotels, TIP offer 
customers a pool to dip in when they want to- 

. E.xcept ours has 10,000 trailers in it. In IS 
different trailer types. Available from' no fewer 
than over 30 strategically sited rental centtes 
thr oughgiit the UK and Europe. 

\\Tiich means wherever >\>u’re going, 
whatever you’re hauling, there are TIP trailers 
tailor-made to cope with the load-TIie route. 

The climatic conditions. 

And just like renting a room in a hotel, you 
know precisely what you're in for before you 

coixiiiut yourself to pay for it. 

' $0 you can take on extra commitments with 
confidence. Without committing yourself to the 
e.\*penses of buying and running e.xtra trailers of 
your owa 

Gone are the days of buying first and asking 
questions afterwards.' 

For more information please contact us at 
Head Office,Transport International Pool, Star 
House, 69/7 1 Clarendon Road,\\atfoi^, Herts. 
Telephone: Watford 483 1 1 . 

Telex: 897326. And your TIP area 
manager will be in touch. 

\\ e'\'e plenty of room for 
customers like you 

trailer at a peppercorn rental. Tequire extra 

That is a very DomiDal monthly 

payment as the lessor has 
■ already recouped the full cost 

Assuming that toe contract 
hire runs for a reasonable 

of the trailer plus the interest l®ogth of time the haulier, can 
charges during the term of the -liave toe tniler In his own 
lease. livery If he wishes. To toe out- 

There has been a trenfl to- «“ 

wards more and more open- JpP®a7Ance of briongihg to 
ended leases. This is where toe 

depredation rate on toe trailer ^bal optom opeir to the, 

agreed by toe lessor and b®wl‘cr is trailer rental This 



lessee at the outset and at the. 
end of Che {ease toe trailer is 
sold and both parties share in 
the profit or loss made on its 
[sale relative to the written 
down i^lue. 

is common in toe hanl^e in- 
dustry. The Jeogtli. of time 
involved can be anything from 
a- day up to several years. The 
benefit to the heulier js that he 
can match toe ' number of 

I Is 

Closed end leases are also an trailers with toe workload 
ption open to the lessee. This almost on a daily basis. This is 
where toe trailer is taken particularly useful if a contract 


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a '.ays a bn 

From fnwpiK^ St, lvts,-fram Mbifs to 
Rolls. A\eo ContTKts ofM* piolnslDnal, ' 
wIvKMhp s'lcportiM M radtKhio vour 

veh,cl«-((li^osu. Aitirin-Dh Us nutter* 
and caSh-fldEif 'coiTiparbens tlso icSdiiy 

avdiiabiS|-FiFI*i'nia coupon and mail (or ' 
lull facia. • ■ -._• • 

Head OTffc 

Telephoria: 021.^3 0S36 .Tales. 339IS8 
londoti blfleer 

?3'3i Lancutw 8bad,EnfieM. Middfeses 
Teleplibiie: 01-363 5333 .TMex;33210 

1 WAMg‘_ 

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If iiiC^^her 

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a repU 





Te J’" Street., 

Ini'Lea^bag and G>ritract'£dire, 

laf&tfibg a.full mMa jg emiferit gerw 

tibimigliout the llait^-JQn^di^'^ 

■: Sin^ 

- r / Lfflcesfe : 

M. « ««> 


■ jiAcock,- 

■ y.: TTMvernTWorb^^ ‘ 


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• t. 

. . .. 

frUBENT ioon In «r delay, betwem the 

t -’m 

; s^i 

= Sns thrtugh and prOTins disc( 

"••»ie 100 for «ample. « employee shou 

Mice' m '^be hands -of me iww r«n®wMj more taxable ti 

'-.‘ then m^niSSon that he dKlared. 

■ -■ ■■'"S «W"'S J«“iS f«! “n?.*nd”V^»urit“»Jd be ^ 

■ ^ " H 

■ ' lalike owned cars^-where there are y possibility that 

■■■ ”diSng with ->;= 

•■■ • .iDDual wrjte-off of tli&o— forced mto this j 

■>- .there would be no reswcUon on area vm tax-avoidance- . 

■ t iiie amount of an annual leasing = ^ labour backbenchers ^ 

■ • a' • •Saree which lessee companies conscious ww ^ nar 

Slid deduct in n?abli^'”f P™’ J 

• - Vtixable profits. And if that was n-rsonal tax allow- 

■ ^STwSS?^ - 

• ..'Revenue for ail cars. wnungu . =l jjgy of " 

■.: Not ^redS^ in establishing the 

been heard or wntten about tax charge on a busujess- 

, this decision of the. Special^- vvhite a car costs .more 
•. : .:.apart from articles in the more ^ £5,000 there is a restn^on 

-•.■erudite tax journals .m the pMt annual write-off Jto a 

ear. As these things go. those £1,250. ihouRh the 

• : - : . who first tecame ^raay be fuDy written-down ^.. 

■ " 'S'cS’^it.” wh”5n 1n?.nd within this Umit. .. 

ipi-aint ' 

taken as an indication that- it ^ ^bere cars, were j; 

, ■ -.: too. did not want to a^act ^ had cost more than ^ 

• s :4 much attention to there was a restriction on * 

s: .::Considerablc opportum^.^ ^ S^U^BbZ n 

, any event it P^^ably was not tte ^ p 

: until last year that the car £5000 plus 50 per cent of the 
•tag industry was la^ng full ^ P to ^ 

- .dWage of the change of R 

. :pollcv. But the extent to whi^ ««£ ?« the^rof a car f' 

.'a was being ®5ting £9,00? with an annual s 

■ ; . J 

-quo, or at least to outlaw some ■«,,» 411 -* *his’went out of the J 

^:of the more ^iS^with^e decide 

^^ance schemes assoaated with- wjnoowwiw^ . t 

car leasing. Perhaps It ^ ^4S?aeci3ion hung on whether ‘ 

imost of all wblcJi.cpntributed4P ;• . fell within ithe 

..the'big VSee^t 1971 definitiw of: ' 

— March this year. Much to tw vehicles pjiyrided. wholly • 
relief of the or’ mainly for*^hlre td or the i 

■ ■ Mr. Healey had noting to ^ of. membe^ of the ' 

- . about leasing, though his alm^ oublic in the ordiijary course 

.unprecedented action wainst T 

one artificial tax avoidance « J ^"^^isss.oners decided 
scheme might be taken as a qualified for 

warning of what, could yet be pg^gent. 'first year allow- 
dnoe. aneeslike plant and machinery. 

• .,.::v, Some tax accountMts g^t obviously a leasing company 

•,:i- 111: that, although the boom in car doing business 

leasing tax avoidance schema wo ^ ^gnable number of 

_ l»as been much talked of amo^ ,,e regarded as 

A 2/5' -".the cogtioacetidt, the fuU ears “ in the ordinary 

th? 1? «)U« of trade.” 

/^irSJ^be appreciated *®_?g:' i^fie •^mmissioners decision 

■ -Viand Re^e““®^8"®" major break-through for 

“■ . -w? business P«Pl® iLisiScompanies. It means 

■ V ;* J^open with fteir t« inspector tole«^com^ 

- .-i than with 

■; ■ r.Ti ai Sra a car for bujin^ 

or leasing it. In the first case S 
the car attracts a capital allow- aba 
ante of 25 per cent., and this is plo: 
restricted to a maximum anoiial con 
charge of £1.250. In the second, hat 
the car qualifies for 100 per pai 
cent, allowances immediately in are 
the hands of the lessor, and in sid 
discounted ■ cash flow terms vid 
should cost considerably less, fot 

The abuses which have crept J 
into this wonderful bonanza for ^ 
leasing companies involve the 
use of option purchase schemes . 
whereby an employee of a 
company or a connected party is 
allowed to buy the leased car 
‘ after say two years at a price u) 
’ which can be a. lot lower than 
: what he then sells it for on the 13 
’ used car market. The object 
’ is simply to put an untaxed M 
lump sum into the indlviduars 
: hands. « 

' Not surprisingly, such blatant ™ 
,i and artificial tax avoidance is - 
g frowned on by reputable tax u; 
[ accountants and leasing com- t( 
panies. Frank Smallraan of b 
' chartered accountants Thornton P 
,, Baker comments, for example; r 
[1 •• There is no doubt in my mind 0 
,f that if the Inland Revenue were 
in possession of all the facts u 
' siinh an employee would be tJ 
r: chargeable to . tax under f 
Z Schedule E either under the t 
a normal rtiles or under the bene- i 
fit« provisions.'* Without doubt. i 
;f this is also the Inland Revenue’s 1 
® view. All that prevents it taxing 1 
such gains is access to the neces- 1 
sary information. ' 

Another aspect of th«s 
-p business is the basic rule jn the 
?r tax laws that trans- 
“ actions should be conducted at 
;S arms length. If a leasing com- 
S panv parts with a car at less 
Up than its market value it might 
t« be possible for the Inland 
r„ Revenue In assess the company 
\ll for what should have been the 
iS sale price. Again, where option 
schemes involve the transrer of 
a car to an employee after a 
short period, the tax authorities 
might*^be able to say that 
. 1 . car was really stock in trade, 
ratiier than a fixed asset qualify- 
tng for a 100 per cent first year 
allowance. _ 

the cyllndeT capacities 

of®, where available, otherwi^ on 

So much for leasing.. 'Vhat 
about the rules for taxing em- 
ployees who .enjoy the very 
considerable fringe benefit of 
having cars proided whol^ or 
partially for private use? There 
are three situations to be con- 
sidered. Where a car is pro- 
vided wholly, or subsiMiialiy, 
for private use. The Revenue 
will not regard business u*^ 0‘; 
a car as “ insubstantial if that 

Up to ISQOee or 


1301 -lOOOcc or 
£2,50(KES499 ... 
More than ISOOcc 
or £3.50U-£S,000 
More than £12,000 

Under Over 
4 4 

vears years 
£ £ 

190 130 

250 165 

I 380 253 

350 363 

) 880 383 

or mainly for hire to* or the 
carriage of, members of the 
public in the ordiijary course 
of a trade;.." 

original ■'market values up to 
£8.000. Above £8,000 based on 


use exceeds 10 per cent, of its 
total use in a ta-x year. The 
benefit asessed is based on -0 
per cent of original cost plus 
running expenses apportioned 
on a mileage basis. 

Cars provided for business 
use but available for pr-vate 
use. Here the charge is at a 
flat rale according to tables 
issued hy the Inland Revenue. 
The flat rate includes the cars 
running expenses and the ex- 
tent to which the car is used 
respectively for business and 
! private travel will not normally 

be of consequence. 

Pooled cars will not be 
; treated as being available for 
■ private use by an employee. 

; provided the following condi- 
. lions are met: j 

s (a) the car must have been ^ 
t included for the year in a car 
i pool for use of employes or one 
y or more employers and acUially 
e used by more than one of those 
n employees by reason of their 
>f employment and not ordinarily 
a used by one of them to the ex- 
’s elusion of the others, and 
® ibl any privte use of the car 
In the year hy an empoyee was 
lSe«ly incidental to their use 
of It, and 

(c> the car was not normally 
■® kept overiil^t on or near an 
[" employee's residence. 

Mchacl Lafferty 

There are three popular 
inisconceptions about carleasing. 
One is that it's more expensive 
than buying. Another is that you 
can only lease large fleets. Atidlthe 
th^ is that you have a limited 
choice of cars. 

They arc all wrong. 

The fart is you can lease 
any number of cars. Of any make 

you choose. And, you can show 

substantial savings both in mrms of 

(hrertjeosts and administration. 

The explanation is simple 

There is no large cash 

• investment So your capital 

and credit resources are 
unaffecKd. You know 
exactly what your 
fleet is going 

'Isaacs. 0 

Purchase wrsus Leasing 

■ I . ■purchasing with ati overdraft 
means total cost on Day 1 'vith 

interest over the whole period. 

in capital t^rms but climbs to 

exceed the cost of outtight purchase. 

■ S.LeaSingmeansinicnnnal 

initial outlay and lower capial 
invesonent throughout die te rm. 

Herts I-ease Fords 
and other fine cars 

to cost so you can plan your cash 
flows more accurately- The leasing 

agreement can be tailored to your 
exact requirements so that costs 
are reduced to a minimum. And, 
there arc definite tax benefits. 

As fl*r as admirustration 
is concerned, we can ease aU *e 

headaches. We will handle aU 

routine servicing and repairs, pro- 
vide replacement cars when 
necessary and arrange the insurance 
We’ti even pro\dde you with a 

monthly summary of your 

operating costs. 

It makes sense to 

lease, and we can prove it 
Just write or 
*phone and we will 
be in touch. 

I would like to cut the cost of running cats. 

Car Leasing Company: ^ 

Address - ~ 

r|"*1 ^ "Wr% 1 .Tel No: 

Way. ; 


HFRTZ CARLEASING. Ncwall Road, Building 226, 

Way. ■ SfS/S^>«iMIDDXTW6 2DDTEL=-01.897 5SI7 

At Braid Leasing we have a repuiationj^ 

for solving transportation 

problems. We have 

plans to suit 

most requirementer^.'. 

from the company 

with one car to the ' 

large-corporate fleet. rTS SSiB Tg 

We itemise below some viwkly' ^ - 

rentals —calculated on a 3 year lease. 

Vaiixhall Chevetle from £14.17 

Vaiixhall Cavalier . . trom E17.W 
PeugotlOA Jr^ 

Princess 1800 from fi»SO 

Woei Mvreef at the tkne ofjwbScatien. 

Reduce your capital requirements today 
with the help of the expeds. 

Contact Mr. L. TTwaite, . . 

Renstiaw. Street, Liverpool 

Telephone:- 051-709 6741 



executive car 





..Telephone: Bournemouth (0202) 762442 


RKmc the lassee but at the end of the 
the estabUshed car .h'r? u,e emploj'ee using 

say, tie flnaneial mstitnuons „ someone else 

"Ifcare/'lessin, a ear wotdd nnftin Ve’rhSi 

take it back at Ihe end of the opMn I„ notice 

lease. If he had computed the be buying a 

residual value .#rong and made years for 

an S?b“ps B,(wo!l<.bvioi5ly veil 

me actSL ;.lSe Sem"ma“ et price- 

other hand l£ the actuw vai company >s pay- 

was way abo\e tne resiau qj va ue of 

figure the surplus would boost ing 90 P« years 

his WT> a without the beneSt of a resi- 

was sold. It ts uniiRvij uw r(»hate and the employee 

rebate would he given to the 

have beeri caught out. rather «Mimy utilising the 

‘■^n'rorto'-pr^ar Stjear aliowanees to offset 

However, second h»nd cw chainnan of the Inland 

prices arc not going to nse as „ ^ gjy wiuiam Pile, has 

fast over the next couple of it obvious that the 

years. If leasing Revenue is opposed to sudi 

had been completed. a j^re basically no 

• residual value on the sort 0 evasion dressed 

growth seen in car pn«s in more tnan 

recent years, there could be thought the recent 

. some nasty shocks m riore for ^ contain specific 

the lessors and lessees if details on the tightening up of 

values' do not match residual bm ^he Revenue might 

estimates. veil be able to move against 

Car leasing is profitable for dubious schemes wittm 

the lessor and can be convement- existing powers — perhaps 

for the lessee, but thert are ^ taxing the employee who 
those, referred to as the ‘ fringe under Sdiedule E (con- 

operators by the establishment. benefits in kind). There 

who are using leasing as a way avenues open for the 

of tax avoidance. There ^ Revenue to have a go at the 
variations in the schemes being |gagjng company direct 

marketed, but the most comiMn .pjjg feeling . is that the 

theme runs like this. The Revenue will act soon to estab- 
lease is normally short but not ^ ^gse. The only fear 
less than two years. among .thq respectable leasing 

r front-end loading is paid by the ^mpgules is that the authorities 

lessee— normaUy .six to ten use a ‘‘sledgehammer to 

— months— which can be up to ^ walnut.” That could be 

hair the cost of the vehicle. Then ^g^.g the whole industry. 

the lessee pays the Terry Garrett 

instalmems. The car is used by J 



m ■ 


- ' ' 


1 1 



1 - 



^ ■ '1 -^m 

r’ ' ■ 

■ft . 






Rw £58 per month. 

Our cars hove always proved a g^d bu'/ 
They're economical and reliable. They re 
. renovimed for their comfort. And 

■ popularity gives them very high used V'Oiues. 

But now you can lease them, they re an 
even better choice for your company 
■ Eor-astcfft. the high trade-in value ol aU 
OUT corsenobles us to give you very 
competitive lease rotes. 

(The examples shown give some idea ol 

justhowcompetitive).* , i ’i_- * * 

• Second, our range is one of the biggest 
There are 27 rriodels. From the Renault 4 
delivery "van to the ultra-luxury 3 litre 

■ Renault 30. 

So we can supply all your needs. 

- Every Renault can be leased through our 
• very flexible Renault Lease scheme. 

■ "We can tailor our lease to your needs; 
fr6m.abasic look-ofter-it-yourself lease, to a 
full maintenance contract, which can mdude 
all servicing (at any of our 398 
UK), replacement cars, and AA or RAO 

membership. , . n u 

■ FindoutmoreaboutleasingRenaults. 
Post off the coupon today for more 

information and the address of your nearest 
Renault Lease dealer 

'' VAJic: 

•Tri6Sos»i6*"'** ■4S’~6? cr# ^ .-as 
eii-ia.r.g ipitf-A e-i«; i U 

To: Renaulf Leas© Uo. . Ncij r. » .ess Ac, - 


I think 'easing Renflulis makes Inem u ce..e. — 

please send me iunher mionucUKi. 

Company - 



vehicles buing sold by British Car Auctions 
at Farnborough in Hampshire. 

fhan £130 per month. 




. Forward Trust can.pf6vide finance for the 
purchase of stock, vehicles, equipment and business 

For more information simply.cut out this 
advertisement, attach it to your letterhead and send it 
to our Motor Managerrat Head Office. 

We'll do the rest ■ 

• ■ 

-.-i 4'.“? 

The cheapest -cri^, hefel' -s- 

O Forwanl Trust 

Forward Trust Limited. Bankers, 

P.O. Box 362, Birmingham B15 IQZ. Tel; 021-454 6141. 






General Gimrantee 

Finance is our business 

Hire Purchase Commercial Loans 

Leasing . Block Discounting 

Contract Hire Consumer Loans 


' -Privafe Cars, Commercial Vehicles, 
Passenger Service Vehicles, 

■ ContractorsPlant, Machinery, 
Mechanical Handling Equipment, ■ 
AgriculturalEqurpment, Caravans, Boats, 
Property, Home Improvements. 

the staggering McaJadon year Inan is twice the flat cost . over two years) --while other Respite the relatively high period must be a:masimuat|"i 
m the cost of both new and less 1 percentage pointj a flat foreign Tnanufacturers,. haw .wst of H.P. ftis form of finance .two years.:"; ■ 
second<4tand motor vehicles over- IS per cent, therefore becomes similar schemes in the .pipeline, r^ains the most vndely used' i^art from -the spedal .ma.::'^^ ^ ; 

■the past couple of years has a real rate of 2B per cent These schemes- have no dnubr. pnrely-because it is the fartiye'r sdiomes. ^laady Bi ‘ ; 

made it even mure important A standard measure- of in-, forced the finance houses to be most readily- available and rer..rion^-& fom of •• - 

•that the private individual seeks terest rates will make it cun- more competitive ■ in their quires the aaotmt.of is throu^ the awing baz^j'-v.; ■ 

the best form of finance when siderably easier for the con- general HP business. This fact ^ort and fuM to obtain. . The cheapest -credtt, here]. 

making a purchase Havingsaid suiner to make comparisons together with the fall in. intere^. Some of the finance hdoscs through- an overdraft and 
this it as still annarent that the between each form pf credit that rates has resulted in a.-sha^\also offer financing schemes rate of interest charged 
average man In the street not'^ available. decline in HP rates over the past- »nfc prf fo the two main azotoring varies frm $ to 5 

Miv has « Timii.>H imowledaa Under the Act the consumer year or -so; Another factof organisations. Mercantfie Credit above base rate (eurret 
fif iiieh firtsnpA i« greater protection behind the decline .In rates now = has a scheme Unk^ with .AA standing ^ 6} per cent). : 

f.T.Jjr.wo w ? nranarprt ^^60 Seeking fioance. Refeience being charged to .Ae consumer members while -Lombard No^ are true, ra^ Aat are ot'.ivr' 

avan^ie out w uso p ep a gojjjpanies must now be licensed, has been the redaction of conef.'- Central operates in conjunction .charged on the outstanffi ‘ . 

to .take just what Js onerMoy jjQQgujjjers will now be missions now being taken by tiie' with the RAC. , balance. Howotct, most bw;.: • 

the dealer regardless of the entitled to see just what' the dealers' for HP busine^ . This... AA members, can obtain . a' would'., need eome fbrin 
eventual cosL . credit reference companies have benefif Is' how being passed oh fixed term loan wLth the Mer* security . (shareSv .!nau^^ ;i . . . - 

The Consumer Credit Act is j^bout them on their files.; What to the customer. • . ' -.cantil? at a rate of 9 per cCTf policies hr property) for As!, f 

designed te overcome this pro- js.more the consumer will have , , - flat which for aloan over two ^Ig. overdraft In the draj;,. -• 

blem. The Ait not only gives the right to point out any error CZo IT! HI I SSI Oil -years — the maximum permitted stances,'' the •' bulk' of -fe . • ' 

consumers greater protection of Fact on the file and this would /..'.fOT the purchase of a motor mana^h would suggest a if/ ‘ 

when borro-wjng money but it need, to be corrected by the If the dealer ia .taking* some car — woiks out to - a true sonal loan but tiie rates hi',.-- ' 
also gives them tiie opportunity agency. Since the buJk of finance commission bn the Hj^. busineim interest rate of 17.5 per cent. are. competitive. . ’While ii .' 
to make a proper judgment of companies use these reference the rates of interest would be per annum. There is also a rates 'on personal loans 

what each financing scheme will agencies an'd loans can be about It to 12 per cepL ^t ceatinuous scheme from bank to bank tiiew avert ' 

cost. granted or refused on their con- (about 21 to 23 per cent real> ^whereby further, advances .can .put at. acoon'd 7} .10.8^.]' - 

All finance and credit com- tent the impurtance of this on a new car. If this vomaiissien- be made when part of ‘the loan cent fiat, equivalmt .to. 

panics will now have to reveai development is plain to see. is not taken the& the rates-h'ad been repaid. Interest; rat^' 14 to 16 per cent, in re al, t^ . 

just what it costs to borrow Another important section of could be as-Iow as lO-per.bece. are 1.6 per cent, per • From these few-jllustratir. •• 
Under the “truth in lending" the Act is that covering the so cent, flat (la to 19 per cent; month equivalent to a true the y^atidimJt can be sir/,, 

provisions the total cost of the called ' “extortionate credit real). These rates, of course; are annual rate of 20.75 ^r cent that mterest’ rat^; charged , 

credit must be given. Regula- bargains.” The consumer is mainly given, by .tite! m^or:. The RAC loan ternu are 9^ a .motor car . purchase '.ij j '.v: 

tions have been introduced protected from being charged finance houses but the customei^pw cenL flat roughly 18 per enormous. -It. pays te s^-. . 

which specify just what should excessive rates. The courts have can. in most, eases, ask the cent, true rate,- for periods up around. A little effort can 
he included when the total the power to redpen any credit dealer to act with any particular- te three years no matter what a lot Of money. ' ' f.'- 

charge is worked out. In ihe bargain which requires grossly finance house. . . - . A'the goods are, although in the _ 

nast *i-eruin charse-5 and intial ^sorhitant payments or ia other It must be stressed, however,’ case of cars the repayment • i-G 

cosis could be omitted and this, ways grossly contravenes that these rates are only appli'c- — . . 
uf course, would make the ordinary principles of fair able to. new cars. Rates on ^ 

eventual repayment more than dealing. • second hand cars vary accoriting mb 1 ■ 

disclosed. To give the consumer By far the cheapest form of to the age of the vehide. Rates I ■ twO&ll Ivl • 

an even clearer’ picture of just finance around at the moment here could range from about .44. . . 

what the credit is going to tWt, for cars are those offered by per cent flat <27 per cent ’ 

the Act stipulates iha't all in- the manufacturers through their for a one year old car to abotft 

terest charges mu-st be shown dealers, as part of a special pro- 20 per. cent, flat (about 39 per 

at the real rate 'as well as the ntotion campaign. Up to. now -it 'bent ■real) for a car over five 
flat rate. mainly been the foreign years old. .All these ’rates- 

manufacturers who have been quoted coutd fluctuate sligbUy 

Truck Leasing 


active in this form promotion, fnllnwing the recent mcrease.iQ 
_ While the schemes are often MLR, 

Instalm*'nt credit can be made only linked -to one model, and While concentfating ’;pa HJ». 
in look far mnre attractive by ® limited period, the agreements it is wbtth pointing 

just quoting the flat rate of in- savings can be enormous. Fiat out that, they ^(gbve^.-by 
rerpsi i-aUu-r than the real rate « currently marketing its 128 certain restrictions: which are 
The flai rate is the actual credit available at oiily 3 regulated, by* the Government 
amount t hargod per annum on per cent Bat I under 6 per cent At the moment there^ is a w 
»hp Iiri"inal amnunt borrowed «n real terms). Lancia, until the quirement of a thUdj idepo^t 
and takes no acduint of anv end of this month are offering 6 while the repayment .pejMd Js 
;?2iid that hiTSJSi ropIS per cent flat (under 12. per cent... _a ^twdr yeate. ”::/v ./ 
which is how the real rate is’ 

calculated. If'. £2,(100 was ' ■ ' . ; 

borrowed fur a period of two ■ ■ 

years ai a flat rate of say 15 1 ^ ' 

per cent, (he amount uf interest I 1^^ f. I 

charged wuuld be roughly £300 * 

per year. But ?ince half the ' ' 

capital amount wpuld have been 

repaid after one year the second 9 ’ 

£3U0 interest charged would be -w 'w I -w 

based on a capital uw‘iig amount- ■ J I ■ . |- | pJI W’ . , 

ing to £1.000 -^.-a rate of 30 II //I II I I V j I ^ 

per cent. -The nipip capital that ja. 

has been repaid rlie h-gher the / 

actual iir real. 'rale of interest 

beenmes. ^ ‘■ouch guide tc» the ut^uBTLESS THE road haul- drivers have coined them, could 
real ra-.e »»f;amere<t on a two- industry has faced one of send some managers grey. 

, r- Its toughest trading periods Also there is the EEC's am- 

/ over in recent years. Altliough bition to tax lorries by axle 

/ it appears contrary (o the free weight rather than unladen 

' T — — , enterprises style which sur- weight which could cause an- 

/ rounds the Industiy. some of other dramatic jtmip in excise 

/ road hauliers have called dut)' for the heavier vehicles. 

for a restriction of competition But it is not all gloom. .After 
to ease their plight Others, all, the hauliers have survived 
however, argue that it is the one of tlie longest and toughest 
hauliers own inefficiency which recessions and even though 
is the root of the problem. there have been casualties the- 
Gloom in this sector was worst is probably over, though 
— neatly summed up by Mr. Peter 1978 is unlikely to be a year of 

Thompson, chief e.xecutivc of much rejoicing. A good in- 
Ihe National Freight Corpora- crease in Industrial activity 
tion, in a -paper some months - would be needed to put a smile 
back to the Chartered lusLiluie on Iho haulier's face. 

Consult your telephone directory for your nearest branch. 

General Guarantee 


‘ . A rr«iT.ber o! tbe uredt < Jr<iuerMl Stores Group 

( tCeigroup df.belseM.eed £425,000,000, 




. ..•••.I .; 

The Easy way 

Asanoperatof^i^.wnfbeawareoftheadvantBgM.of ’ -.(f.-.* 
leasing. You wiH aJscL ot--coirrse, know that virtually any. ' ■^ ./ 

truck specification is avaHable through Fold’s range. -.-7 . 

ComblnethetWQf.andcometous^WeareFOnlTnick ^ JG 

SpeciaIistdealefS,andwiI(tiehappyto.eiTangefeasing-to. ; 

any of the Ford Truck r^e. Write or telephone for a 


West London Truck Centre, Dawley Road, Hayes, . / j ■. 

Middlesex UB3 1 EH Tel.' Ol-set 8886 .■n^X:9338ftf'5W WeVtO JS PASK, 

; : 

^.i: pr 


SPECIALISTS ; v ^ ■ ■. 

AMauiMiyofvahicIa*. - 
. wftMn ttelLK. nuMind 
■emlilvBliide i Bgneiedby 
A.A.GioinflNt . 

, Quotitianteioredto .' 
. • MradmiMdforbuitnMt. 

ITantitrtibin— dfof 
duntion of Gontnet andfax 
' itfaf ontoudneasvctiidea. 
VJLT. raeeniabft.- 

nmenaMtv.' . 

ri u. 

Wr5‘'*r " 


, ...Heron’ 





When it edmes to choosing a fleet car, vtiiy not pick the people who deal 
direct with tile most rnaiuifacturers. 

Of course we will supply any make of car you like, 
but because<we are the most diverse .natiorial dealer group in the country, chances are 
we c»i buy, maintain and deliver your jOeet better than an^ne else. 

To fihd out more about Bristol Street Motors Autolease, phone Fredenck Geeves on 021-707 0490. 

Franchises held by some leading motor groups in the U.K. offering leasing schemes. 

m T” ,[..'Heron ’ I ! \~1 I Godfrey ,, ! Bristol Street 

„Henlys - Group Lex Penys Kennings | Motors 

Alfa Romeo • • . ■ ♦ 


BMW- - ■ ■' . V / ’ . ' . . # 

Chrysler/Simca,..-"- — . • . • 

(jitroen ’- '•*'* ' . , •. # 

Datsun- — j- ’ • 

Rat..,. ■ ; •’ I . I I ' ■ I • 

Ford ' - . . . ■ . ; »---v ^ • # 

Honda ' ' ' ’ • . ' 

Leyland ■ . ■ #' ■ < # ' 9 # 

Meroedes Benz ' " . ' ' ■ | | 9 

Peugeot ‘ . ' . ' ' ' # \ 

Renault ' - • ' ; • # j 

Toyot a ^ ^ . | I ^ 

Vauxhall/Opel 0 ; ^ 

Volvo # I ■ 

VW/Audl i • • • 

of Transport. 

He claimed that the industry . 
was declining in size and in , 
numbers employed, fragment- 
ing, not making sufficient 
returns to reinvest and offering 
a poor employment package j 
compared ^«itb iodirstry as a| 
whole. Though he believes the 
haulage industry is becoming 
nioro efficient. thanks to 
improved technology, this bene- 
fit is parsed on to the 
customers in lower prices rather 
than helping the industry. The 
, root cau.*«e of all these prob- 
lems can be found in Ihe tough 
competiTinn which dominates 
' the sector. 


!FqnmireirTf6niMtioa«ridacompetitiv«qtfdtetioneohte^ - 

DtnTQNRiRSHAw winiesiTP 

Corporation Street, Preston. Lancs PR12TR- . - ' 
Tei^hone Preston [0772J 54242' 


'••■o f. 


•"d nf the 



-ciT. o\ic abJ 


Mr. Thninpson's rccomraenda- 
ti«*ns t«i iiiiprov'c the hauliers' 
lot were based on throe lines 
of attack. He wanted the 
mimber nr new Jicencos granted* 
to operators restricted by some 
overall governing body at a 
linic when ovewpacity was 
causing the imliisir>- problems. 
.Alsn. there .should be a 
structured rale s>-stem stipulat- 
ing the ininiiiiiims, though the 
sy.siem of recnmniended rales 
has only just be dropped by the 
Road Haulage .^s.socialion 
under pressure froin the Office 
of ?'air Tradins. Finally there 
.should be a tishlening of the 
restriction? which enable “own 
fieri *’ operators to. directly 
compete with .the Calablished 

Certainly these protectionist 
arguments ^vmild help inject 
better pruHts into the haulage 
sector, but not all iotcresteri 
parties would gn along with 
them. The (joverhment for 
one does not appear to have 
taken too much notice of the 
hauliers’ erie.s of anguish. 

Indeed the fleet managers can 
see even more problems on 
the horizon, and some uncom- 
fortably nearer. Harmonising 
with the EEC i? certainly a 
problem. The eight-hour EEC 
driving day will undoubtedly 
lead In higher costs when it is 
finally adopted while the use of 
the dreaded tachographs, or 
“spys in the cabs" as the] 

The expertsmCompaixf^^C^ 

Our Car Le^mg Hans the most advanced of 

their land. BiVlI is tile largest arid most espc^enc^ 
leasing company iri Brii^dns 'whidi allows us to. 
arrange advantagec^ leasing facilities for company 
fleets in ivays th^help cash flowed ni^e no 
demands on capitaliesources. 

' Companies leasinglram.BMI do not have to 
^vert capital, of p yisdng credit Imi^iritb cbiripariy 
they are bettd: able to iise their funds in 
developments to incxe^ productivity exports ■ 
and employmejit 


, plans, each of whichliasTOnsiderableflexibi^ ■ 

■ We are able,thertfo^to plans ’winiifit the ; 

individual needs ,. 

vehicles and the paS& of paymm : ; .- . 

To discQss the irlan bert fitted to.meetthe needs 
of your company please tdepfaorieBrian Hassell on 
01-242 1234,orusefeiat(achedcwi^ ’ ' 

h,.'- H-a*. — *a 

o| a. ‘“‘yund 


»iia (he si. 

HeaseporttoB-C.HasseltEfectc^ ’ ' " ' 'Iv** m 


Aloiedetaih^yourCarLfei^ngPJansri ^ iha? ^ 

Name — : — ■ -■ ■■- .fV&- 

= ■ : 

rnmpany - ' . - ‘ -- y . w-.. Sp 

Address. : V ' 

wm mu' ^ mm m 



.r'-.'i-i- •-‘•J. 



Deeisions for the lessee 


' 0 ^' 

t3sy Vl/gj 

' ' fe pressure- and more pronounced than an.v 

' • (i Oiwn^ and operators of previous downturn in its 
' fleets' have multiplied business cycle slsce the 1930s. 

... T recent 7 Mri Littie BCany observers wonder al its 

than a- ^moied- lorfy sunrtvaL. 

;* M -' years ago, to-day’s Yet it dees survive. Capacity 
iport' e 2 K.cutive. is ' a man .controls have been abolished 
^ya rayritd'of eompl^ and.the industiy appears to be 
sophisticated demons through the worst of the slump, 
gliding ah ever wjder range The State-owned National 
expertise and man^erial- Freight Corporation managed to 
’ • - increase its profits by Close on 

lie .For eiample just some. a fifth. at the trading level in 
iS Inws governing the con- 1977. And although something 
Ltion and maintenance of over half of the group s 
fdes Over 'the past decade revenues now arise- outside the 
>aVebwome lengthier and'cohvcnlionaJ spot and general 
‘ ccwpliuted with ' the haulage xoaricets, it is profit' per- 
•. n auilties for mfringement l'°™®uces like this that are a 

. •j.'^wtably that much.- more tribute to the resilience' Of the 
\*feroui espMially in relation modern haulier. ^ 
.^^commereial vehicles. ' The The strength of the haiUage 

>:.V^tas of attention centres Industry is traditionally said to 

■ ' '.■'^iffre.nBy on the pressures for he in the fact that it is com* 

■ ■’4>nforcerojent of maintehance posed of a very large number 
overload Uws— including of veiy small busmesess each 

. .' •e'd/slance ebat vehicles might operaing a hand^l of vehicJe^ 
diverted for checks to be'UP lo a .noint this- is true for 
" Vv*'feed out— to he tightened., the small operator is naturally 
‘'Then there are laws on deploy- sensitive to change and flexible 
' These have become notice- enough to adapt quickly.- But 

• :, 'V ft more complex, so much so the fragmented nature of the 
’• -'"ifact that fn order to cope trocking busing Has also 

fth' the present situation many uUewed it to slip epily into 

aerators have had to appoint econom.c pattei^ and 

'ilWiaie specialists in this field, lu u® adaptabilKy and 

5 c regulations, route pro- change more readily appareai 
.iMjon and-loading' and un- ^an in -.the. way operators 

bans have become so handling their capita, .outlays. 
i||D|g]ed that delSveiy - and Loriiies have grown in size. 
Vmarture schedules are..gettiDg Leaving van-^e vehides out of 
^ to a point where actuarial the equation, it is probably true 
£ls could be usefully em- to'say ^at there are 10 per cent. 

|yed. - fewer lorries on our roads than 

Sliese problems of costing and was- the case a decade ago,.de- 
jiployment — no matter how spite an increase of somethiof 
^plex and sophistfeated . — lite 30 per cent, in the; ton 
^tin simple aiUirnets- io .the 'miles of freight moved over the 
0 nes 8 of satisfjdzig .eust^mer^ past ten years. It is* dear'from 
;^ever. It is for -t^ reason the latest registration figures 
let more and more owners and chat there is a build-up ht-heavy 
i^rators of commercial vehide-. articulated vehides at the ex- 
passenger.. C8£ fleets find pense of smaller.- rigid lorries, 
ftmse'ves turning to profes* This increase in vehicle size 

£45.000 to purchase outright, so 
a fleet of even modest propor- 
tions to-day demands that its 
owner dip very deeply into his 
pockets when replacement time 
comes around. The outright 
purchase versus leasing argu- 
ments rage on, but viewed from 
any' angle the cost sums of the 
opposing camps are .now begin- 
ning to look remarkably similar. 

Uearly there are several ways 
of looking at the financing 
options open to the fleet owner. 
The starting point for the cratis- 
port e.xecutjve is easily isolated: 
are his available funds sufficieoi 
to cover outright purchase? If 
not, he is'inore or less forced 
Into leasing ur hire. But if he 
has sufficient funds surplus to 
his working capital require- 
ments then the cost arguments 
lend to favour outright pur- 
chase. As one prominent mem- 
ber of the haulage industry put 
it. “ If there is a profit in (eas- 
ing for purchase for the finance 
company there musi be a profit 
ill it for us." 

Yet the movement of freight 
has become a specialised busi- 
nes.s to a degree tiiat would 
have been unrecognisable only 
a few years ago. There have 
been major changes in the 

manufacture and movement of 
goods: ami there have been 
even greater changes in the 
structure and organisation of 
distribution and actual eellins 
procedures. As a result the 
demands on* the hauliere are 
now much more diverse— to a 
point that can -make forward 
financial- planning a major im- 
ponderable. This is where the 
leasing companies are able to 
step in with a more than con- 
vincing sales pitch. 

eompanies. jeasinir h«s become 
an established pattern of finan- 
cial life. . 

Not all fleet operators agree 
that leasing or hire is yet a 
viable form of fleet financing. 
At least one major publicly 
quoted company — United Car- 
riers— has never been involved 
in anything other than fuQ 
ownership of a fleet which at 
the last count numbered some 
730 vehicles (ranging from 
seven to 32-ton trucks). The 
sheer roiume of a* fleet like 
this makes the tax arguments 
—capital alLowaoces-^ring out 

It is at the level of the more 
modest fleet operation lhat the 
leasing fraternity has so far 
achieved its greatest market 
penetration. One reason here 
is that it is almost impossible 
for the small mao to properly 
evaluate bis fleet and therefore 
take the right management 
declsion.t. On the basis of a 
.huge Beet and diverse customer 
representation, a leasing com- 
pany is in a far heifer position 
to gauge the mileage life of 
a particular vehicle end to 
balance correctly the opposing 
forces of a descending rate of 
depreciation against the asceifd- 
ing costs of repair. 


But some operators are begin- 
ning to think in tenns of a 
mixture of leasing plus full 
ownership, while at the bottom 
end of the scale, among (he 
myriad of really small fleet 

Leasing also Injects an 
element of fixed cost into Beet 
management allnwing the finaa- 
viai budgets of the operator to 
be set out once the ink is dry 
on the contract. At the 
same time the ** off balance- 
sheet** element within a leas- 
ing contract i.s a clear attraction 
to some fleet operators — 
especially to lho.«c whose bor- 

row'iRgs ■ are already hesvy. 
Sdoie leasing cumpanies have 
found this to be a major selling 
point where customers attach 
importance to balance-sheet 
ratios like returns, bn capital 

Tlius in some ways the trans- 
port executive can use- a leas- 
ing artangement as a credit 
Facility allowing himself the 
flexibility • of replacing or 
acquiring additional vehicles 
without an embarrassing inter 
view with his company’s 'bank 
manager. Interest rates have 
begun to edge upwards once 
again and the cost of new 
money has returned to the fore- 
front of .the managerial mind. 

Equally telling, in some- ways; 
is the “all in'* aspect of leas- 
ing agreements — this is 
especially important with pas- 
sengers cars where visual impact 
is an important customer re- 
quirement. Some leasing com- 
panies offer a full mechanical 
repair and breakdown service 
plus a vehicle replacement ser- 
vice at 24 hours notice. In 
addition routine servicing of 
vehicles is often carried out 
with cars both freely delivered 
and collected. 

Jeffrey Brown 


geet managers for advice, compounded by the impact 
•' -.r^Thp transnort executive -has- inflation, has substantriUy in 


"i^itaps one of :thc strengths' ling, thefefore is the need fbr 
industry which ' has;:toe of the larger firms to tak| 

^ped it ride out these dUBcul^'a'-’more serious attitude towardsj 
iMi mnMinai proper traimng facilities. 

yiV*rOKSIiln firms with bbly a. ' A ^mptbiin of the grpM'ing 

nTi." vehicles: 'This has given profesaionaUnn In road haalage 
J I . iMCT hire ^ chance for tiie industry to Is the use’of compute.^. The 
« ^ ^ ^ ^ ® flexible and re^ons'iye. At trai^ort Industry has been slow 





:asl that is how the text book to adapt computers.' to their 

rgvunenc runs, and the own use, mainly because of the 

' - 'atiosaf Freight Corpora^xi' cost which probipfU their use 

" J state oTiTied and hy far the for tiie middle w sniall opera 

• j.*; »ngle o^ Ae tore. But the big haulage con 
• larket) has-adopted the”Poiicy icerns are finding a use for com 

delegatioe respouslbUiti^ tO;.potbrs. am^'in -'the future this 
/air degree. ^ . feature is-bound to expand as 

.. 4 , ^veg so, tbe averse hy^ lafl®, the’ cost of hardware comes 

I rt/,«i*rvasuiess. 15 beciMminff ■. larger . 

of course, 4ruda are be-- „..i' 

■ ming bigger. The larger Byitish Road Sen-tees, part 

■■ . ms certainly dominate the ®f the National Freight Corpor- 

^igtan^e operations. ^ example of how 

e haul^e market is .highly^ ^ 9 «ap«ers cm aid fiett man- 
pecialised. At .one end is. ihb Th* fim^^pamme it 

ffftaii local operator .who may ... 

oacbntrate - on moving -.or tip- 

'ing' cdnstfiicfioa -materials, or l*'ro operations.- BasicaJljy the 
lisposiffg of waste. The. miiltr- Proer®®"’® d^iscd to 
udff of "skip” hire firms whidi euswer question. on how many 
asispruag up Is a classic case, tructe, and their optimum size. 
It V the Dther end of the should be operate in * 
peri:rum ■ are the ■ national hutipn ^stem.. ^e Pathfinder 
perators offering xeFrigerated being avail- 

ervices taking food from one ^ • operators outside fh^ 
nd of the country to the otiier Sroup as. a computer consult- 
nd often undertaking TOmplete-.*"^^ serviee 
istribution for a chain' of The emsputer can help the 
hops. 'fl^t managers make consider- 

Specialisation in . the freight able, savings. Uring the Fath- 
aa^et has become patticularly finder' system improvements in 
b^us among the ' largpc efficiency of between IS and 30 
jaujiers who. have tended to per cent, hove been registered 
lri|i: away from traditional IBM also offers a range of con' 
a£al work. Certainly, the days puter t^ogrammes for ih 
vhpre the small operator could- .haulage industry. It too claims 
•uy a truck on hire purchase, that considerable savings have 
nd'go sti^ight out to ply for been made when the pro- 
lire are gone — not jus! because grammes have been put into 
If growing sophistiration of operation. 
he;market but because >f the However computers are really 
Icluge of rules- and regulations out of ihe grasp of many fleet 
vliteb now-siirrOUnd the haulier manager^ though in the next 
fleet manager’s' job has 'decade' more companies may lyv 
)ci^me increasingly complex offering extenial consuliamy 
more demanding. Once it services to tnauasers. 
vaj- said that the best Beat Meantime the major job of 
na^agerg were those who ^jjg manager is to keep bU costs 
taged Uieir career behind the Pop commercial 

vhijsl of a trudt. Perhaps,- but yebiclc fleet, maintenance is one 
lOi^daFs he has to put some ^..£i,e major elements of man- 
iirt in at night school if he ^ agement costing, for lost time 
,’oidg to find his way -around road is lost profits, more 

he; complexities of fleet man- ^ pagp of a sales 

.gMneat, ' representative and bis car, 

which may cause difficulties but 

Viaintenance . “ 

*^6 laws governing tlie There have been considereble 

iperetion and maintenance of improvements made to vehicles, 
•ominertflal vehicles has'e There is nothing like a poor 
leSme much stricter over the sales market to encourage the 
la^ decade and the peaaKies manufachirer to try to make 
orlnfringcment far more rigid, his product that much better 
Vnd~ 47 ie Dumber of regulations than his 'competitors. As a 
d'^ait only increase now that result servicing intervals can be 
^ lannonisation with the rest of extended witoout increasing the 
he EEC countries is -'^likely risk ot costly breakdowns. 

. :^\-ilbin tbe next few years. Com- Which means that the fleet cm 
* ' lined with the increasing spend more time on the roads 
moww of traffic regulations and -^bwously a mncal point for 
■oute prohibitons the job of con^rcial fl«t operator. 
.- •cheduUng deUvenes and cal- 
. eefions U becoming, harder ^9^ breakdowns ‘s ^e o^f 
... , y J major problems for the smaller 

■ '■ "lit fadmL®fo?rntou'e 

.-ears and the concept now Is far 
jiore professional. Not- swpris- 




After 100 miion mies with 

Chryslei; 'Eipperware are putting 

ie new (Hirysler Sunbeam 

■ ■ ■ B BB 

in tiler life 

■\ ■ 

Obviously, Tupperware have been very satisfied with 
Chrysler cars and me service they’ve had through the 
; Chrysler Leasing System in past years. Thej/^ve chosen 
' 150ID Chrysler Sunbeam models for their managers^in 1978. 

Have you considered the advantages of leasing fi-om 
Chrysler? As many national-name companies besides 
lUpperware have found, you’ll release -capital for other 
pur^ses, save on admirristration costs, and benefit from 
terms tailored to your particular needs. 

And you can deal with any one of over 100 Chrysler 

*. . _ I _ .'i . _ jT. -I _ j . '*.1 1 1» 

through as many outlets as you choose. 

l^g or write to the address below, and discuss your 
own fleet feeing requirements. 

*»-«*•• 'f** • . . -j ' V. ; . 


... . 


■. Financial Times Wednesday f 


Hire- or lease from Appfeyard and you just 
couldn’t have better choice.- Any rriaRe. 
^ Anywhere. With repair and servicing 
n V facilities^bm;Land’sEnd.toJohnr 
PIf'. ' ' 0 -Groats. Appleya'rd financial' 

resou rces help you make m'ore 
's bf-ybur'mbhey, witfuibw 
^ deposits/tax benefits, 

fjS ho capital outlay. 

-ContractHIre or. 
d Leasing has .never 
I ^ madelwtter 
. business sense- 
■ J'- *^^*^***^ . From one car. or 
^ •■- vanto-aicomplete 

T ite, phone or call for a tailor-made quotation: 

jW two inah-iduat months last cated leasing and other finance not sold as part of bulk orders, specialist sector because of the 
yter/.Jtoporters (apt^d more • • , ^®y finance by the shortage of Britisb-oaade cars of 

than oO- per rent of the- U.K. The imported content of the corporate purse in one way or this kind, the demand for 

car market. They emerged .over fleet market is, however, un- ancrther. variety and the poor supply 

the^ full period wIA a 45. per at present. - jhe bulk of these, cars prob-. positdoi at Leyland. Even thV 

cenL share, and the first The breakthrough in the gQ businesses or Japanese manufacturers are now- 

three months of thi? yew they Iwt iwo years has been on the the professional classes, where finding that they can appeal to 
have hung on with 4o.8 per side of cars bsoueht in by the • vAhiM.. k-. rtf L*r,:. Jfr.v.... - 


this is far more than the norm distribute ttiese cars alongside 9dv<inti«ino i« f 

for the. rest of Europe, where their Eritish-biult mode^ In 

imports' stand at about 25 per certain sectors .business custo- Jami'no- * farA .i, h, im 

cent, it is now diflicult to see mers who have been reluctant ? high toa- Whether they can now bujld 

imports pushed back by much in the past to buy foreign pro- demnds and want to on this base to expand into the _ 
more than 10 per cent., even if ducts now have litUe alterative. 

the British induslr>’ performs For example, in larger executive . the Question facing tte lij , 

exceptionally well and better cars customers used to have the example, the com- duslry. Exp^ience shows that 

than the past record suggests is choice of the Leyland range plus out wiih an adver- >s 

possible. Ford’s and Vauxhall’s. To-day, • 

The reason for this scepticism ihe Leyland range is limited to P®r^na! allow- ket as a whole for a numb^. • 

lies ill the type of imports which the Rover and Jaguar models. tb“ the Chan- of importers -to build- 

are coming into Britain. Some both in short supply, while Ford increased them yester- a 3 to 4 per cenL market snare 

of. the growth in the past few supplies ail Us Granada models ?*y-" y®^' Pwnted out =- 

years — particularly in the past from Germany. Inevitabiv, ^ * leasing advert that ** You beyond that point is dim-. - 
two— derives from the structure therefore, the imported content ^ P®>' » monthly rental which I* means, in effecu gew- . 

of the industry, which would of this segment has had to so include all your maimen- VP investment in stocp,. 
have to be radically changed to up. ance costs. You don't have to building up much larger dealer 

alter the tendency. Thi.s is p, . hnvprs hsi-A haan vanaH worry about depreciation either, ^letworfa, and pursuing a mo^ 

1 lii.a Dujers bale been faced x_-i .i.- aggressive sales policy than most 

PhoiieHiis number 
andfind buf bow to cut yonr 

IfyodninacompanycarfleeLyoU’flknc^fliat' ' ; 

hotvevermaoycais are involved (2 or.^000.); eachvdiicte 
ijaslobe; _ ‘ 

Purchased, paid for, delivered, licensed, insureai. • 
inuintaipedi, tepaired, recorded, conlrolled, tmded loaxid . 

Now multiply eact of those costs by the number of can 

because companies like Ford. 

Vau:ihall and Chn-alar import 

large quantities of vehicles in w sector. Both 

So you've decided on 
Contract Hire for 
your business 
Cars and Vans . . 

Now' Contact the 



Contract Hire 

■There may be little to choose between various suppliers' 

‘ chaises, but there can be a VVORLO of difieriance in ' . 

' reliability - as many have discovered to their cost!- 
- Our enviable reputation has grown over many years of 
tailoring contracts to individual requirements - and 
then ensuring that service standards are consistently high 
nationwide. Even the smallest customer is as^red of top 
priority attention If a problem arises. 

# in addition to a wide franchise spread witiiin our own 

group we can supply the vehicles of your-choice vrilh the 
minimum delay. ' \ 

M Why settle for less? Before you finally decide, tafle to one. 

• p/ our executives. -i-i.' 




CiMilract Hire 

A Member of the Cowie Group of Companies 
Telephone: (STD 0783} 70491 Telex: 537065. 

order to make the of J?.® Cavalier and the ^ 

their resources on a European Chrysler Alpine have been ^Qv>lrpf||ia 
scale. Last year cars imported imporied ,iu large numbers in o 

from their Continental factories “'®. P®f^ jears. although • s imi lar marketir 

And the entire cost of leasing Wessive sales policy than most 

can be set against tax.” V®. 

^ because of the uncertainbee of 


A 9 r If Pti n a means making a' deter- 

mined attempt on tbe. fleet niajv 

Similar marketing aims lie to 

KenningsCoolrdclHiriQg,bereIeasedtodoaflsqrtsbf . ^ 

' oUtcrlhings.IaveslmentsforexaBipIe,orIncfeasingyqur . 

sales force:. .; , - 

KermingsstariedWnnghoEsesanabicyclesml^O. ^ 

68 years ofexperi'ence later, we operate a peak ,• ''riJMii' 

■ combined long and shojt term hire fleet in excess on2,000 ■■■-;-?' ' ' 

vehicles. • • . :!*■• 

So why not phone Gordon Roc on 0246 77241 and ' 

lethintsuggestapackageihativillsuityourfleetneeds- . 

.and cutvour compan y car costs. - . .. • ....-j:,,' * 

- V. .JIT 

Exporters play 
/ their part 

Puzzled al^t 
wh^ to dp YAdien 
replacing yoiu* vehicles? 

□□■□□■SEZi Baaia BaBczi 
i BBBQiiDnBnns ■oiQaiis 

□■□[!□ □■nsaa 

«□□□!! nBinnBBQ BBBQB 

To find out how Ryland can competitively solve 
your contract fleet hire problems mntaH- _ 

m TI AlanMyerBS-C 

Geheroi Manager, f 1 

Rvland Fleet HireLimiled, 

S^aT?^? Blakes Motors Limited. 1 

Fleet HireLtd. Blackfrlars Road, MancheslerS.^ 'w 

Telephone 06 1-834 8200 


setting new standards 
in vehicle leasing 

accounted tor about 10 per cent. these models are now behind the erowth of leasang ''olume as wefl -a| 

of total imports, and although being made in Britain. The schemes in tiiis sector. In this ^.c>^«st®ar sales in Jis seclwi 
this figure may flurtuate both effect of these developments has geld the aim is to help cus- pis is the only sigmfirant ar^ 
up and down in Future, tlie been to make customers much tamers spread the payment for importers sWl haveito 

presence of these kinds of im- less sensitive to buying foreign their veWcles over a period of “^® stiff intpacL One br 

ports will remain. cars, and the- acceptance is time while receiving the j unportcra have alrea^ 

growing .that companies will S^t of 

®® foreign for more and the lease asainst tax. These ™wket and retired— Volk^ . 
INetWOrkS more of their^ds. ^ ^cifi^y 

j » . • * 1 . j ■ ®®“®“®f ^ specincauj to concentrate its company car 

The second factor is the So far, the foreign manufac- designed to help business cus- efforts on its spMialist car 
presence of the Japanese im- turers which have achieved the icmers. althou^ some private models. But others are still 
port^.. who sell far more evs most success from this trend motorists can also bmefit from trying and are determined 
In Britain than in other radivi- are the executive car producers, them. build up on the basis of moWng 

dual Europe^ countnes. These gy far the major-ity of the The signs are that mo&l of from small flpet salea of ■ 'a 

companies — Datsun. Toyota, Mercedes. Audi, BMW and the importers’ effort in tbe com- handful of cars, to the mediuni- ' 
Mazda, Honda. Colt and Subaru larger Peugeot cars sold to pany car market in the -nest size companies which are of 
—are now well establish^ and grjiain go to the company year or so will continue to be such overriding interest to the 
have set up dealer networtu market These tend not to be concentrated on this end of the big UJC manufacturers.' 
capable of teking >a cent purchases' in the precise market They have a ready- _ , - 

of the ® sense, since most of them are made sales opportunity in the Terry Dodsworth. 

months of this year they cap- v ^ 

tured 13 per cent,' and although 

the Japanese Government is ^ ’ 

now seeking to restrain ship- b t j I 

ments, the Japanese importers* l_^ I O \T 

" HApOl lei b play 

Although . there is no clear X • JL "■■ ■■ 

guide In the official statistics , 

to the specific market for Im- 

Mited vehicles, it Is reckoned , . * 

jy ‘moat analysts that the vast .. ... JM • " ' •• 

majority of their sales go to ' 't iCJll '1'^ Ol “l^T 

private customers. , Indeed, • ,/ II | i ^ | f | | | 

possibly 73 per cent of all pri- ^ V-JL JL%r JL JL JL %/ 

rate sales last year went to . JL 

important cars. This means that • 

the importers have still' got a , i • « u» i 

long wav lo go on the fleet side THE EXPORT of motor, involving cars or smaller vehicles such as police cars, 

of the market which remains ^® ^ vehicles are handled by a ' The main call for longer-term 

Dredominantly British < contribution to Britain's earn- department which covers short cover continues lo come from 

The dlffic^ties facing im- power overseas and the term cover of up to six months, exporters who win contracts for 
Dorters in th’s sector arfe bbw- financing of these sales is while another department deals large numbers of trucks or 
ever considerable The distin- carried out routinely by most with longer-term cover for buses from countries outside 
Bniehino f.hnrartAWsrif. ni the motor companies, usually with larger deals, often involving Europe, and this normally 
Bept ™rlS ^ backing from the Export trucks or heavy vehicles. extends lo around two years, 

hiiv m bulk— in fact to Qualify Credits Guarantee Department. Almost all U.K. motor Within Europe even this type 

for fleet discounts’ with the ®^®*'te« of exporters use ECGD. which of business tends lo be shorter 

mainr rnannfartiire« orders vehicles such as Ford carry dut enables them to get bank term, conducted on a continuous 
S toteTer lti rehide^ “d finance for basis. 

trouble for imoorters is that shipments and direct e.\porting Despite the problems of Ihc " 

they (kinnot carry the amount ** ECGD is jjj probably the most common motor industry, the U.K. inain- 

of rto?k to ma?e L sustained bv'SdVrd «in®*I a positive trade balance 

attack on these kind of orders. comnreEtnri^^^^ For a variety of rea^^rms. such of fl-3bn. last year, cxporiin-i 

The British manufacturers, on ® yF. ^ fina^nrioff orobl^rn requirements in buyer coun- moior products worth £3.8bn. 
the other hand, are able to take the indStir aUd it wmsJS ‘nos for some local particlpa- and importing simlar produces 
vehicles straight off the produc- °ellinVop«aUon" is the credit- production, the wlume worth However. ih:s 

tiooline. worthfner T 

The second factor is the size -broad manv of u-hirh mav vehicles has been increasing by 14 per cent. jMt iear when 
of the distribution network avail- Qperate from a small capital recently and cover for political compared witii 19<6. 
able to the U.K.-based pro- and therefore are some- gnomic risks is provided Exports of cars last year 
ducerx Because they have times regarded as a high poten- ECGD in these cases in the amounted lo £752m. compared 
dealerships spread nationally in tial risk. Flowever, this is way. ^viih £ 1976 (an increase 

much greater numbers Uian counterbalanced by the close of 19 pvr cent.) while coni- 

even the largest of the im- (inks which major suppliers ponents worth £1.6bn. were ex- 
porters, they can offer better normally maintain with their LxUVd * ported last year, an increase n| 

servicing and maintenance deals distributors and the greater However the extent of cover ^2 per cent, on the previnu- 

to big customers. The contract extent of financial detail which denend on the deeree of y®*’’* However, the import lewi 
hire part of fleet business has can therefore he provided «nntmi nr nwnpr«hin which thA components last year rose by 
been rising rapidJvMeading to about the distributor's Sr the unprecedented 66 per cent., 

a considerable demand on garage activities. aMcmbiv comnanv tVhere this ^*'^•'3 *'‘®® ^®®” that the 

facilities. At the same time, the As a result of this, distribu- i i .i, _ K_if insolvencv Problems of motor manufac- 
larger, longer-established dealer- tors normally receive from ~, can nnrmaiiv'he nrovided turers were filtering through l«« 

ship networks of the U.K-based ECGD a credii raring which is the components sector, 

manufacturers tend to have considerably higher than would „.jjen a trans- U.K. exports of commercial 

^aier financial strength and be allowed on a normal account- anproaclies an inter- vehicles in 1977 amounted i>. 

the ability to offer more sophisti- mg basis. W iihin ECGD, deals conipany level, where a parent £653m. compared with £34Sni. in 

owns 30 per cenL or more of 1976, but imports rose by 72 per 
the subsidiary. cent, to £211m., another cause 

Normally the industry does f®*" concern within the industry 
not require pre^shipment or .Although tbe export perfo-m 
pre-credit risk cover, due to the ance reflected in these figure-, 
fact that vehicles cannot usually docs show considerable 
be identified by manufacturers in terms of sterling, they do nut 
as-l?eing .specifically for a par- reflect cither the effects of in- 
t/;'-.. licular market, although this fiatinn (which was running at a 

cover is used on occasions when cumparativeiy high level during 
'' an order is placed for special the period) or the various iluc- 

... :1k- LWi 


S’.'i*'’ ' 1. 


service availaliie. 

■•Rapid delivery OTi most models 

V^cofnpeli^ ' 

' • Contfacis tailwed to suit:; ■ / 
indiyidui cbmpaiiyrequiremeiT^ 


•Service second to none in 


.’'GOOBALHAM HIGKRD SVV17 7AB01-672 1033 

:■ • •• .A 


What has 



We're'stili small enough to offer our own special 
brand of personal e^ice . . . large eriough to have die 
fight resources and the best possible experience. We 
give reliable professional advice.. . . and we talcs extra 
care tc produce a p^sonal leasing plan that suife you 
exaedy. Whether your need is for one or two vehicles 
or a fefge mixed fleet first see how Home Counti^ 
could help, fontact Richard Smith. 
* Predictable transport costs-capitai saving-tax relief 
*Any make of vehicle supplied 
'Rover and other ^ecutive models 
on quick deiivery^Nationwide repair 
facilities .* Benefits now extend 
to professional propie. 

™P3r?y estec 
iil this d 


•.7.'v'* ’ ' ••• sni 

■ Ni.'. 

“ “ .--rr-cie 



4fllfa... m 

t ycur.nee 


HR P.r. 



■i^ Hickards 

Henials ■ 


•We edn provide your Company with flexible Contracts to meet H 
individual Company needs, and reduce your Admin Costs. ■ 

• Release valuable capital. Company tax advantages, and H 

budget control with fixed rates. 

• Comprehensive rentals with or without maintehance, choice H 

of vehicles and servicing throughout the country ■ ^2 


WINDSOR 89237/6R131 ■ 

i«"dtr.elur*r.,< »io.-. IIic>rf'd.Ropijl»can;iv*nigiiioiw-/:> 
HP r,,inei R;c iaffls. Cempaft* j; Sf,„t a;tcr.L ;Vinil»cn. B«ks. 


Srl;.: (Uip.LTD. 


S SPEGIfttlSra 


57^7 The BroariWAy/SAmpr^^^ HA74DJ 

Tel^one: OI- 9 S 4 \ ' Telex: 88912 S 




Thesfeinen aren't doing anything 

It’s simply that the companies they 

. being Si bit clever. ’ 

^ InsteadoFbuyii^yel;^cles,theycon^^ 

p. . hire them from Jes^.The economic 

'S are inehitabie. And there ^ lots more achont^ 

tobe^iW in the aiiea, of fleet management and., 
S': admii§sti^on.AUthis iS3^'pnhl^^ 


Send frarW 6t»b«^ure 

It states the case for leasirg and contract 
^Sirine and d^rifies all the badk-up sendees you ' : 
« :geta™rtofa<»ntractagreenient vflthus. 

* - p^this'cx»opQrtand\reilsendy^ 

M cop)^hTiniediatel)^/ . , - : 

IN THE past 12 months there AL in*^^essing wiLTthe^Iatform of its sales 

has been an unprecedented in ite away from the private customer, 

surge of interest in the leasing the impact of Th?conipany’s latest model, the 

of li^stige cars. Much of thU advertisements rather Jan Je reRned pro- 

derives from the change in the nrtues of us ? durt than the average Japanese 

Control of Hire order in the paved the way with and Ideally simed to com- 

sumer of last year, which made merits which do nut show ine executive market. 

It possible for company pur- vehicle at all. jpj,g run. Colt’s manu- 

rhasers to take on HP or leasing vw believes that between 70 ^^p^urer. Eltsubislu, is intend 

agreements w'th no .nitial down- axid 80 per cent of its Audi 100s . produce more quali^ 

payment. But there has also ^qio to companies already. which-. will appeal tu this 
been a growing pwareness gut in the last year or so. it has the market, 

among customers '*i the tax gjg^ been making a serious however, is net se 

effort in push more deeply into jjggpjy involved in running the 
the Heel market with the whole business as some of its corn- 
range of its products. This drive petitors. The ^ leasL^ ^ pro 
is now being .checked with the gramme ”* * *" 

intenlinn of concentrating 

advantages of having a leasing 
agreement as well 'ds the Hnan- 
,1-ial benefit of being, able to 
plan payments on a regulai 
I basis without .tying up large 
jUmonnts of capital in a 
[depreciating asseL 

To serve ihese requirements, 
la ■ " ■■ ■■ 

The . leasing 

gramme is administered by 
intenlinn oi cnnceiuiauuii on ' Dominion Trast. with 

sma’ler fleets of between 10 to company offering back- 

20 cars where believes that training and promotion for 
'o serve itiese reqinremenis. a moderate-sized importer can (be- 240>strong' dealer organlsa- 
jreat number of ».ndependent make the most impact _At the ^ 

lea.sinc operations have -been j;.ime time, it has appointed a BMW. the West German 

pslablished. both by lar?c fleet and lea-sine raanaaer to give specialist - -car mamifacturer- 
finance houses and individual back up support and expertise Sagfr, 'of Sweden, also 
pnrrcpreneurs. But the manu- tn flealer.s in the leasing Held. operate their leasing schemes 
faciurers themselves are now Another company which has through a third party, Tozer. 

With CoH Leasing you can leave your capital 
largely untouched and enblle your company to 

lull tax relief. , 

But Colt Leasing has one other real 
advantage. Colt Cars. Reliable, fast and 
stylish. Colt cars are remarkable value for 
monev and remarkably economical .''un- 
But the real advantage is their reliability. The 
entire Colt range is designed for f oublfrfree 
motoring, and every Colt is protected by a full. 
12-month 'no-exclusion' unlimited mileage 
warraniy. backed by 220 dealers throughout 
the U.K. And Coifs only require a maior 
service at 10.000 mile intervals. You.cao,also 

service ai lu.uuw nine — •- ■ 

■ .t am interested in learning more j 

faciurers themselves are now Another company which has through a third party, Tozer. 
alsu beginning lu levelnp their decided to conoentraiR heavily Kemsley. Millbourne. Again, 
iiwn activities in th.s fisld. on leasing is Fiat. The Italian ^gph of these companies have 
•iffering iheir own schemes «»r grmin hns come tip with a heavy sales to^Uie business 
sponsoring dealer efforts as a scheme designed to- p*ve its j,ector. ant* 
part of their’ sales promotion piHion^ers .ind dealers the believes that 
'ffnrt. The move makes sense advan^nge of larger scale lea«- pars are ow 
heraiise of the veiY high pro- j- • .p-^n'racts on Hie amund.-! ^.onJpanies. 
porti -n of execulive-typ? /ars ^hat it is in that the main $pppia!lst IB 

Ji.hii»h are snld tn *hfi CiiTQDany art-:F..nta?r‘ isf thP 5\'^'‘Pm H“S. nutlctS. 

grnoD hns come up with a heavy sales to ilie business 
sponwring dealer ifEorts as a schpme designpd to- g*ve its j^ector. and BMW. which 
I Dart of their’ sales promotion pi^iop^prs .ind dealers the believes that 80 per cent, or its 

- ■ owiied or paid for by 

has a leasing 
^Pcialist in each of its dealer 

i which are sold to ‘he company a^niar-r* r»f *hp n-s. outlets. . 

market. For these .buyers. Rgther than ailowinn its indivi- a cnnsiderable percent^.e nt 
v.-hpther large customers, small rt-n' dealers to set up their own sales of tbes^ ears as well as m 
firms or mdepeodeni pro- {pacing operations, it runs a Volvos.and ^Mercedes, are 
Fcssional men. buying decisions centra! mmnany whmh ably fipded by small pri\aw 

aro deeolv conditioned by com- hi? responsibility' for all the leasing companies. These hav- 

-arc sprung up rapidly m the la?t 

year, specialising in the needs 

. nf the smaller companies and in 

*‘.<l exrlnsive foreign vehicles. 

Rales byfhese means are efl- 
. The idea behind this scheme 

. benefit from .Colt’s own sp«ial menqy-saving 

insurance stiheifie at Lloyds. 

After your 1. 2 or 3 year agresment 
expires you can up-date your car to ‘a»est 
model with a new leasing agreement, and 
even make a p?ofit on the «-es'd;;9> 
old car. accdrdlngtothe agreed depreciation 

‘^''choose from a range of 15 exciting rnodms. 
For example ah Initial outlay of less than MOO 
will bring you immediate deiiveiv of the 
luxurv Sigma 2000 automatic, shown here 
For further details, literature and the address 
. of your nearest deafer. |ust post the coupon. • 

I am interested in learning more 
about Colt Leasing. Please send me 
•.further information and the name of 
rpy nearest Coit Dealer. 

Send FREEPOST (No stomp requiredl to: The-Colt Car Co. Ltd.. Fredpos.. Cirencester 

• ’ Poaitlo.l I • A 

Nain* . . 


M2fa/4 _<ggj j 

rcSninnHi lutrii. UU*IU^ 

am deeply conditioned by com- 
merrial eonsideni!i''ns such a< 
cash flow requirements and the 
tax burden. 

The other factor is the ques- 

tion nf maintainfng and servic- scheme „„;'"i;rt'' bv' the motor com- 
ing a vehicle. Particularlj for central leasing com- nf ihe base it 

smaUcr companies which can^a^^^ pany can offer enrapetiUve rates, ^nles bera s_^ f^J company 

aiforri to maintain their own , *u«» *t... nnetnmar nan thon ©Ives in 

1 yoii i33se 

SU 3St 


(^ideContracts) lh£ 

J.omlon Rosd. Ronilord, 

- Essex ion 9QS. 

' T»tepbone:RarTiri3n]2231l.> . 

. - 

onruiMhlRL . . I 



I ■ ' ~ *' — J|. 

goes wrong. They allow cars tq „g^nj^gt,PP 

ibe used very mueh mure 

offer facilities to ai! Renault has.also becoiiu* somclhlas of a 
... - dealers. One of the mam f-uftion. which may prove tn 

oonffiuuy <>S >'’« f h* ffile substance. Bui al th' 

The .Audi finance ooun» he!o the'cniDpany develop from nn-nne in the special- 

which the’^soiirtd' base it aireidy. can afford to 

[is one which is in 8en«^^® in the small fleet market Into commer-ial ImpUca- 

'by Its dealers for medium-size fleet deals. Custo- of (he gurranl success of 

stock funding mers can i*hoose from three ia«c5r»o «>nmnanies. 

warranty, and providing weap leasing elternatives^ 

hire purchase schem^. VolJ» „hlch give a 

wngen, fur e^^ple, is at tne buy-back price for the 
moment offering a three per maintenance leases 

cenL HP scheme to customers, ^^tch include service contracts. 

The group says that the finance open-ended leases in which 
company. 51 per cent, owned pj ihe vehicle is 

by Lloj'ds and Scottish and 49 Appreciated, 
per cent by Volkswagen GB, probably 10 per cent; of 

Renault's fleet business is now 

Ford fleet experieppe and fresh ideas 

Tctepbone;021-382 666O 

I began to prunde leasing as » T^enault's Heel business is now 
weapim.of growing importance through leasing, and the 

in the* company market. Since n^rnMnc niAime m Hp wpII ahead 

iixhail and Bedford 

^ Ai 


Any coiiipaiiy tehed to pay more, 

must fill in this coupon now! 

rUp to 20.000 miles a.'year and including 

licence sup^ of relief.vehicle andM membership.j 

With one of the biggest.conlract hire 
fleets in the PO.unti^ weean 
prices for lohflTterjn leases.of cornpany cars 
and we have niore flexibility to arrange 
contracts whiebinatch iridividual needs. 

Look at thesefixamples of our prices, 
then tellus what yourneeds are. ; 

Princess 1800-....'. - 

Marina 1 .3 4-door DL « 

Chrysler Alpine M7-30 

Vauxhalteava|ier-|.6L 4-door. SA» 30 

For full details telephone WIiss Mary Joyce 

on 01-937 7207 or post the coupon. 



it Started advertising a month 
ago it has had “ an enurmous 

*^e company ’••■hich has token 
the lead in this field is probably 
Audi, tlie Volkswagen su’d- 
sidlary. with a series of 
advertiEemeni.’s directly appeal- 
in gto the small businessman. 
Leasing is .seer, a.? one of the 
aids in this sales effort, although 
the- compaiiy ha*' also made a 
great . play with the specific 
engine characteristics of the 
larger 100 model which fall 
conveniently wnhin the cheaper 

company claims to be well ahead : 
of its launch target of four] 
months ago. 

The Renault and Fiat schemes 
are intended, to apply to the 
whole of their ranges, but they 
will probably be most used for 
the sale of their top-line luxury 
models, which appeal to the 
small Thi.s semi- 
specialisi market is very much 
the tar^;et of the Colt Cars 
leasing pri'j^raihme which ha'sl 
also been launcb'ed this year. 

Coir, one of the smaller 
.lapanese companies, is aiming] 
the scheme deliberately at small ' 

Master Hire is the Vauxhall/Bedtbid vehicle l^ng scheme 
■ Arid right now, the. case for le®ing is stronger dw 
A MaSer Hire lease can run tor up to three years 
on cars and vans and five years on tm^s, and die 



eonvenieniiv wimin .ne ithbspci ui« 

tax barriers under the recent businesses, partnerships and tne 


PosUQD'al Contract Lld.7-i^nsc)ell Street. 

company car services.- 


Position — 


contract hire snil ieasfng 

. - (any make ot vehicle supplied) 

Peter G. Wooding 
Nottingham {OB02) 279216 

L- meniber of Bmish Vehicle Rental and A^eciar;^ 

tuatioDS in currencies. panics are able to offer are 

The increa'.ngly competitive generally regarded as competi- 
nature nf molor industry experts live ufithin signatories of the 
ennttoues tn demand a high levoi Berne Union Agreement on' ex- 
of expertise in ihc handling '»f port credit (mainly the de- 
export finance and in particular veloped countries) but there is 
in Ruardins against the risks nf concern over comp^tion from 
a fall in the value nf the cur- developing countries which 
rency in the buyer countrs'. have set up motor industries 
UTiatever heip can bi? offered and are anxious' to use them to 
by ECGD ii i.- stressed in the in- full capacity, 
dustrv that credit insurance call There is already evidence 
onlT be as good as the contract that these countries are will- 
itself and any failure in that con- )ng to offer extremeLv generous 
•tract thrnugh loopholes or other forms in order to win orders 
reasons is irrccciverable. In the and if world demand does not 
case'of major contracts the in grew sufficiently to take up the 
mrance element can be locked slack in these countries, compfr 
into the total bid figure, and ution could prove -veiy tough 
with. ECGD rates usually com- ihdeed. ; • 

netitive, this' system has gener- This problem is most IJeiy 
ally proved suece«rful. to. arise in the 

Performance bonds, suras of sector as few . 

money which are sometimes ro- countries have any ^eat 
quired-bv foreign buyers as a /rapacity in trucks 
guatsntee on delirery dates or but as far as 
Uie:quaiitv of goods, remain posiUon is 
fairir common in the export tinnini slow-down m 
market Here e^orters usually inflation regarded as inq 
SSe use of ban-ks, but p«^ most favourable trend m terms 
lems can arise for snSaJler com- of competition abroad. • - 

paaies duo to the effect of such .^though sterling ^ 
bonds on the company's borrow- i„ value against 
ins limits. . o-.-er the pastyear. and presents 

• The infrodutUon of the dollar something of * 
biiver credit scheme ’by EC‘iD. now widely accepted that marr 
aniin only for larger deals, has ginal price 
not caused the difficulues ex- buyer hove a comparatively 
peeled by some e.xportorSv par- s„,all impact compared 

ticularly since the- fall in the the value Placed on 

value of the dollar has made quality, delivery dates and after 
such deals attractive to buyers, service. • 

The. financlns and credit in- XornC BarunS 

British com- 

Lieginning. • .._ 

Fven the maintenance costs <an remain nxed on cars 7be(i8»BiiwconsBis<*2anji4*w 

-with depredating assets. 

Master Hite also s-ives you time. 

Sries, servidng. and finance, are aU ha^ by your 

— i^pgWj xtfho can also anange 

for your lea^g agreement to 
be tailored to your 
^mpany^s requirements. 

Thecbe-.-rti^feigeconi-stsoi ^ IRK Gotitract lengths, teplacfc- 

1^^ meat vehicle fedfitis ^ all 


cost^ can bc,arranged witiim the le^ 

' -Tte'Wisei&'ioriaisteqf Ii.itiip6vs 4-door 
.s^toons and estates. 

W jrvsM 

Of txiurse, -wh^t you really need to costof,«!l 



The complete Bedford range . 

CF medium vans; TKBght^mi*^^ 

Vucks and TM premiun trade. 

Moreddgfls, please. 





guraocu terms 


I am inrerested in leasing cars □ vans - - 

Yauxhall Motors Limited, IRtEPOST, Route 3545. Imion LU2 2BR. 




WU release you from the adnuoistrative and. 
financial worries of fleet opetatingi R^ease your 
capital m be invested for greateiretu^Kdease 
iabom for more productive purposes. 

But there’^ more to Swan Natioiid leasing, 
have not married oursdves to any one ' 

manufacturer. ^ supply virtually any make of 
car British or foreign.' Our only commitment is to 
giving you the car you want, the contract you want- 
and the service you want 

Unlike that of many large leasing companies 
a Swan National lease doesn't lie you down. You 
define the contract you want 

From the 70 nation^de depots operated by 
our Sister company. Swan National car rental, we 
provide a fast vehicle replacement service (and 
highly flexible short-term rentals as well). 

VCfe have servicing agreements with 6,000 
garages and we will set up a new one with any 
authorised dealer you care to nominate. 

All this, and competitive rates as welL 
Sa Find new freedom in >'ourContract Hire 
arrangementsi, whether for a substantialfleet or - 
a single can 

Ic^ a most welcome release. , 





305/307 Chiswick High Rd.,London 4HH. IH: Ot-995 0539 


' ’ ..i \s'edse? 

■ Financial Times^W^esday 




THE.UX’s ma^p car hire com- -general manager of Hertz Car in 
panfes— Alvis, , Godfrey 0avis Leasing, recently gave 

February and are worUi Mr. M^esshar express^ doab^ , 

- . . , .7 e — the repeating .now because not only that second hand, car 

mnr^ official Hem view to the maga- do they give a view of the mar- remain buoyant and are opting 
witn • me rest, of the motor nne . TMeimy n - ■ *. _• : .i- •_ . 

tradP 9 -Leasing Digest: “Hertz ket as seen by a newcomer, but for opeh-ende'd ftnahcd' iSS’^ 

6 n KasinE Jid co^ ?h n ^ iTTS “ Perfectly the Indus- Avis, which started in 

“5. ®7 .15- ^ a bright future, uy*s general fear prior to the car lea^’^-. in January, WA 

but that th^re are a few Budget that the less dearable and which is in its' fifth y^ 

tract hire ,side of their busi* 

troublesome areas facing the elenwnts ip the hnsineM would of "con^rt riuie, "rePo^^ 

STf ft, w'.s «he ™a. Of JS.e it hos- had ^’ 

Of ^ ^ for ChanceUor of the Exchequer in quarter -ever on both, freats. 

1978 ^ ^ ^ nmformity of treatment so that his Budget or spark off some Godfrey- Davis, whidi.™ 

Thic pnmiunv nn^ratA^ a jcssors and lessees account for savage new directive from the 'Ford main, dealer in its- own 

1960s, but ceased writing new tp , , douds have motor w.leasmg and ;cpnr 

agreements after 1970 when it rHVOUrablB pas^A for the time being and toct hire business for. 30 years, 

was decided that there was •**»*n^*%/ business has indeed been has presimably enjoyed similar 

insufficient demand to support “On the regulatory side, the plentiful. In common edth conditio^ However, ^ Feb-;i 
its continuing operation !Hie picture is currently a very cycrycpe else. Hem has been ruary, ihe company, jmid that 
last of the leases expired at favourable one. However, dogged by shortages of supply there were far more inquiri«. 
the end of 1973. there are . some doubtful vehicle from Ford, but thu firm husiness, bat add^ 

However, a flourishing Indus- practices being employed in the bas managed to satisfy its more ftat it was optknistEc abdnf^e 
try has since developed on the industry, mainly in luxury cars, .prising customers with alters industry cmralL 
back of rising costs of replace- Since these practices are right- Vai^all CavaliOT, , 

ment and a more favourable fully seen as benefiting a few Chr^er Alpines ud more re- | Jlllflllfi 
regulatory and tax climate; at the top as ■ opposed to the ^ntly — and despite political ^ 

speciflcally, relaxation of- the main purpose of fleet leasing lotports into . As a'grpup, thexcv hire.flrhis' 

Control of Hiring Order last as an efficient way of handling the UJC.—^atsun, which has the Iiave a umgue positidh^whi^ 

June and an ability to use 100 a company’s total transport - ^ucanny knack of being able should stand them in good' ste^ 

per cent, capital allowances in needs, there is the possibility to deliver on time. to gather their share of .p^roflt- 

the first year on passenger cars of legislation harming vehicle able business.' For one.-ttiiiig,^ 

(it was formerly only 25 per leasing in- general. 1 ^Tl 1 si 1 *<rp/i dealing in sudi volumes of carsj 

cent). Encouraged by these «««.« »o«Antc! nf and constantly di^sing C^, 

factors. Hem was also s®™® segments of ■ , . those that have run out of u^id'i 

influenced eonsiderably by UJC now appew to It « uteres^g to ^ life, does make than tomeptibii-i 

subsidiaries of American com- ^ ailyweU placed to take a^ 

panics complaining to their car leamog and the fl^fband emerienced-bas^ 

gamuts that Hertz lid not offer remduds tor ^rionri Mn^t hire b^^^ They m 

the service here. These com- » S therefore less likely 

future. The concern here is live happily side by side. In ..duced into writing fMUshehn- 

tracts. And, finally, . th^ have 
the advantage of.being not 'qn]y 

Let Marl^ VSehicle Lea$iiig 
smooth diit your pirobiems.^^ 

Any make suppliM and Sjery^d- 
natiohailyii Hexible contracts. 



* * * * *1^^. < C '•** 

ftx further infon na Honcon i w.^-- 
P.OBax4SO... V!,'-'-- •• 

-Rnerfiead - i./- 

Seuepoaks . ’ - 


Tel:Sevefiodcs C0732]'55^ • 



plaints were duly passed to 
Hem in the U.S. — hence the 
resurrection of the business. 
Mr. Richard Weisshar, 

The concern here is live happily side by side. 

jmes may other words, while leasiz: 
optimistic gener^y regarded as the main 

a leasing company 
with one simple 

“Excuse m^ but what if I want to 
terminate the lease before the end 
of the contract?” 

The chances are that the answer you’ll get will cost you a 
lot of money. The fact is, most leasing- companies prefer not to 
talk about the financial penalties incurred if you want to 
terminate the agreement . 

We dofi’t mind what you ask us, oiir rales are keen, our 
service fast, and as far as we’re concemed:you can change 
your car when it suits vou; ' . ■ ■ : . 

Whatever car you have in mind Capita! Leasing have ail the ‘ 
right answers. Cali Roy Moore on 061-834 1591 
or have your secretary mail the coupon; 

I would like to Know more about Capital Leasing 
Name ■ • 


Address _i 








Scottish Life House, Bridge Street, Manchester M3 3BY, 

befall the ovedy 

lessors to the detriment of the growth area, it has not neces- I 

more responsible sectors of the sarily been at the expense of 
leasing industry. contract hire. The whole bosi- 

leuing luuusuy. enlareed. petitors who aze oftpn concen-' 

“Aside from these concerns, ®®®” emargea trated Into one alea of tiigSJL 

aggressive but ^sensible lessors It seems that some fleet xhis stKngtbens ' « rtii 


5 Vf 

can expect vigorous growth operators are happy to sign a 
throughout 1978. The xndustiy contract hire agreement, even 
will tend to sort itself out over if expensive, because it at least 
the next two years and evolve represents a constant item in 
into a market place well served the, corporate budget, and 
by the professional car leasing avoids any risk being taken 
companies who offer a high as regards residnal values, 
quality of service." Others, on the other band, are 

Those words were delivered taking the view. (about which 















their ability to take a view, 
but al^ helps ' tonside^b^ 
when it .comes to proTifij^.'^ 
placement vehicles* to.V.tbhiK 
customers with full maihteh^ra 
and breakdown. services W|jt^ 
into their contracts. • 

. ■■ICL.I 

savilio could 


."t. '<■ 

•-.fpSi - 




















THE LEASING industry, whidi 
is currently pasang through a 
growth phase on all fronts, is 
constantly on the look-out for 

is estimated by those in the ally impossible, to establish (he 
business that still only 1(><12 enct liabili^ to taxation at any 
per cenL of this is leased. given time. The latter is, of 
7%e vehicle that is the basic course, particularly relevant 
new areas to conquer. The air- tool of every farmer, the trae* .because one of the main 

craft, shilling, office equipment tor, is as good an example as ‘attwctions of lea^g is toat it I 

and computer businesses have any of the replacement costs “ tf those without | 

already been penetrated to a currently being faced. A con- si^cient t^c^le pronto to make , 
laige extent, while motor cars ventional tractor— one with two 

and commercial vehide are eiir- snail wheels at the front and ""**“• — • • " “ 

rently ' being developed . very two larger ones at the rear— 
rapidly. One of the last areas can cost .anything between 
that has so far not fully .sue- fi5,000 and £15,000. A four 

cumhed, and is therefore wheel drive version can cost 

attracting increasing attention anything up to £17,000. And 

the top of the range — four 
wheel drive on four large 
wheels — the outlay is of the 

hundredsoffleasingpoundsa^ir- -r;:^ r bti’ 

• •• YounameatocarandweHleaseitbutyourflnststwfsto'JSWrcg [m 

'"todayforour-aimprehecBhrebRxhucewWcbdiGws^V^^^^ -...wr. 

onhowmu(*iwcouldsaveJ!y|ea5irig.. , : ; . • ' ; -j*. t.c.'i^rrr > 

Vnt‘ ifu 



■ *r%i -* j.. . . 

, -f! - iJi ..i.e r.. . 7 t;a— oi 
-••■■.nhrif,: •„ n.*..---,i 

from the powerful lessors, is 
agricttlturail equipment The 
farmer, either independently or . . ^ 

through co-operatives or syndi- m 5,000 or so. 

cates .still prefers on the whole 
to own his essential equifnnent 
rather than hire it. 

Agricultural equiiment never- 


ances available on the equip- 
ment being purdiased. 

Fiirtbermore, it will even be 
difficult to place, a value on the 
value of the farm’a assets. The 
property is one thing — the 
livestock and its value to the 
farmer are anothbr. 

And, finally, there is the 
added complication that the 
The next most popular piece fanner in question may not own 
of apparatus is the combined (be farm at all, since around 
harvester, the cost of whidi ^ Per cent, of the farming in 

runs from £12,000 in its simplest the UJL is carried out by 

theless has all the classic attrac- fona ap to £35,000. A highly tenants, 
tions for the lessor. For a start specialised piece of madiineiy, 
it is a big business, cununtly such as a pea harvester, starts 
estimated to be worth around at £ 100 , 000 . 

S^Om. a year. Individual units The farmer, who is forced to There are some regulatory 
are expensive and replacement become increasingly mechanised prooiems to overcome, too. 
costs hare been soaring, tints *•* order to make a profit, has a Farmers quite irequenUy 
placing a considerable strain number of alternatives open to quaiuy for grants from either 
on the average fanner’s cash him. "nie financial choices are: me tEC in Brussels or the 
flow aud capital. But while no buy with cash, buy with bor- Ministry of Agriculture on the 

rowed cash, buy via a hire- purchases of certain equipmenL 
purchase agreement, or lease, xhc general rule, which 
Also, he cap either act alone or amounts to a considerable 
in a syndicate, depending on obstacle, is that equipment that 
the outlay involved. attracts a grant cannot be leased 

The course he eventually as well If it is leased, the 
diooses to take will be decided farmer loses his grant since the 
by drcumstances — cash in the user has also to be the owner to 
bank, current level of debt, etc. qualify. And only the lessor 
He ^1 be guided to a large not the lessee, can have title to 
extent, too, by tiie distributor the equipment under a U.K. 
of the equipment who, in all lease agreement 
likelihood, will hare the respect gm having said that, the 
of the farmer for the simple problems are probably not 

reason that he will have an un- and the overall 

derstandmg of the fa^ng cUmate remains attractive in the 
business. He is less likely The position over 

'.>e *'* 
.i‘Otfe ■ ' 
*: .-T.'ii be 
'1 .-ir.ri til 
V-'' -‘»c.v,rT to -la 

.••Ji'j,,:, •'■■’lUs. _ I 

1 -. . . I** 

lW ' '7.e Csij. a 

’kC 2a a 



offidal figures are available, it 

[Sign here] 

When you sign on if, you're comm'ifling 
yoursdf to a contract for two years or more. 

Whof are the most important points to 

Rrst is the pbn tailor-made For your size 
and finandol requirements? At Godfrey 
Devis we're infinitely flexible and have the 
experience to recommend on'ogreement 

that won’t lead to problems later. 

And secondL does the loosing company 
have the back-up faciiilies to service your 
vehides properly and replace them quickly ^ 
they gp wrong? At Godfrey Davis we hove 
over 150 locations around <he country to 
provide repbeement vehides and service 
balities wherever you may be. 

- Before you sign anything, talk to Godfrey 

Davis. Two years a a bng time to Bve w9h a 




Cm’&TruckLeasaig 1 

Godfrey Dare (Leasing] Ltc(,,Newcastle Place, London W2 1DB Tel: 01-723 9051 (Cars) or Q7.965AA59 nruduj 

Here’s proof we can save yon mone vr’ 

'' ' '*■' 't 

' in;., 

■ •' j aeavy ^ 

to be persuaded by a purely 

toe grants at the moment is that I 

finanrial wgiiment fnm nom^ legislaUon was; 

one who is not diroctly involved. „ “"„,u;“i,,fS:Tea^r„E 
The close-knit nature of the hardly developed and Its 
fanning community may go 



^ . , . . pose was therefore not to shut 

"Bt this usobil form of finance 

BMA0C£ffsca;wcteRfaCDrdiB . 
I 60 n. k wotf eoei vto « ite 

o(W cost jour conpB? £ 17 X 1 ) per viede 
MBVAl%i»tvAtaolbt(vdnt 1 - 
(Le.'«M 3 bPERYEAI 0 phisVAT 

Al haring charges oil be blEMt 

■ffiiiiii ffiiiiwiiiiilijiiTbx - 

foiedemtB change veMdu at 
ragriarhtaivrie; ■ 

why the finance houses have 
so far failed to tap this maiicet, 
and the problem still faced. But 

R^resentations to tbe 
appropriate . authorities have 
abWdy been strongly made by I 

there are a host of other pit- py 

falls too Equipment Leasing Assoaa- 

Aliy fi'nance house will have “®n, individual leasing 

a very difficult time in assessing 
the credit-worthiness of a 
farmer, who has to be chairman. 

com - 1 
of sales: 

panes and a variety 

Tlie farmer himself is facing 



managing director, marketing huge increases on replacement 
director, accountant, secretary costs, not to mention all his 
and just about everything else other overheads, and is likely 
to do with the running of the to be impressed by straight- 
business. Fohvard benefits to cash flow. 

In all probability, the Finally, distributors -are well 
accounts yriiX not have been established, along with a 
prepared in a wtaily orthodox develops marfcet tor u^ 
fashion. And because of the 
notoriously fluctuating fortunes 
of the farmer, and the seasonal 
pattern of profits (or losses), it 
will be difficult, perhaps virtu- 

xMAiichriae'riajKNXii.' . . 

' AiriiiqtoMyhibecogonMWg- 
frera Trieoinri lotre. only 5 there 

notib CNiliri viriar to sldrt>riilL Bin 3^ 

riSewafo.etw cqarilradlBgyMtf 
enfadnaMilOtis • - • ■■;*■.■■ 

iiHijarUKej9eiriivs,«riitBei£eeBa.-. i- . 
bdndswd'kiMneamiWfliesSke ‘ ' : 

EML Msri^<WSnl^-eBD«eJX^ 
CM).3Biqo^^AHpcs,SUkA -T i : 

. Oiis wOTacom^Matte 


. - . Weoflaaisofesfcmrisenkeiriih ' 
a dicaoe oTaEnM aB BritMi airi fbrdso 
cv^lhebc&iAorBiirii(B«NiesFoup ' 
tfywHgsnraafsaad tyredepog, and 
iqttcsDentGsrin ifaenentof a 

ffyOBWOiddiaiaibbtow mneriiaiit 


'■“iineer^ . 

caaqride aad pw (to GDopoa bdov for 
.knaRdrieaBealion. " 

to . 



in j 

f,.-'*: toesc ^ 







vehicles-^both. of which will 
make expansion of this business 
that much easier, 


Tricen^^ Leasinfi^Iian^ 
324Dunst^ie Ro^ lUitob 
Tel: Luton (0582)311$* 



Tel: Luton (0582)^1 ^ . ; LEAStf^KjLBWrrtD . 

- 'Yw€ango^.ihename. ■ hr ‘ihpr:!-. h > 
■ ^ v,r 

'fi : -.f •-.''-■T-X :.':v ■ • ‘x'su? - 

[ V..vV-' 




, •‘■-•oan 




AprU 26 1978 

over Humberside 

^ ; ^ MORETON, Re§?onal Affairs Editor 

danger— then Britain yrimsbyhavnig spent some €3m.. them have ,. been ivortang the 
Vv. c.h« from any on its shore infrastructure. This mackerel grounds off Comvraih 

^ T- Brussels agreement: sensit^Ie would enable the hig companies It has been more economic fei* 
Wotas on catt^s: a .proper stcch as Associated Fisheries, the Hull boats to supply the 
conservation regime; aod an Ross. Birds Bye and Kindus to Russian factory .ships direct, 
effective astern of control and rationallM their own operations.. The freesers, because of fteir 
ei^rccment. There would be an outcry in ability to stay at sea for long 

T^e indecision resulting from Grimsby, of course. Both ports periods, need not land their 
‘WW. one ^-'^inpst tevies on If fishing the lack of a common fisheries ,ro.«,««r mihiir r^u. catches at Hull. 

and ■W- insufficient fini 
1^ rdd^ bii >Uch shore facUitaes. 

if> S^.ii u** •"* A acutely in uons batUes to back their causes Ideally a. -fresher has to be ^ 

wcaitte Its fleet consists gn^ eaeh'-baa the %ame useful back iri-lbe port within about 
i- entirely of distant-water ggj^ jq plgiy ({|e present Gor- 25 days of making its first catch 

« 'it9v» -imiiK »___ I caro 10 piay lo cue presem uo\- ao uijra «* mwiug; ua 

nv rn tfr i! Bffir>a nearly all those eminent — Hull's three MPg are otherwise the fish will start to 

thf^^s thn *®® ^ frwmrs- j,u Labour and so is the one deteriorate. The freezer can 

i»e eosf of fuel distant representing Grimsby. stay away port for months, 

f toft SS: ^ Some EorSl Of retionelisation. Not only is lu cstd, deep frosen 

yesselg a weelL- h^s. • Then there ^was the 
^i^Qd'lhe.dodts lies Ae »-.euttiiigK>ft .of urnters tisadition> 
rttCftore whidi can contri* ally fished ^by the Britidiy par- 

gi I to HuB's greatness. The ticuIaiTy - Iceland in 1976 and 

Sits? 1 .bufion and wlwle^aling mpn^ • latteriy Norway, Russia 

^ w § O' 9 intact; ice makhag, and the Faroee On top of this 

^ n ni ^ storesr plants for anok-.came Xb9 ban on henfng fishing 

^ enguteering back- to' prevent complete depletion 

''*^ncUities all contlnne to of ^.e fish.' 

£«■ I A - But there Is not enou^ Finally, there has been the 

to keep thm goiqg fldl imbroglio over a cpsunon 

® f fineries policy in Brussels, The 

^ I the prcAIems fating Hull complete inability so ‘far of the 

% acute, those fating other EBC' Commission to produce an 

t f i are serious. Down river acceptable policy has led to in- 

■ *^y Vf^hUi , js the Btanber, Grimsby's detision within the British 

W _ ‘4e linVaH urifh 4>Viai- nt inHiiefrv aivl 9n. almnst MTODlete 

® 3bi 


tonnes £n 
Itfil HOM 3*- 

'rismby 84,000 23.> 

although it has to happen, could hnt it cw land it . at several 
.have dire . oonsequence.s. places. Fre^r fetches have 
Grimsby's labour costs are very been soing info Milford Haveo. 
heavy: there are independent ^nd Fleetwood i-ouid enjoy a 

»OQtK linked with that of industry and an. almost complete 

• • » w ^ ^ Grimsby’s .fleet is more halt to new Investment in ships. 







North ShMds 






J 4 J observers who will tell vou that new lea?e of life. It also makes 
3,4 -the industrv's labour force has nmre economic senw for a boat 
*! a stranglehold on Grimsby and 'working western waters to pick 
is slowly suffocating the port, up fuel and other supplies from 
Grimsby estimates that its doefc western port.s rather than from 
running costs this jwar will i.he HumbeT 

• . . ' - FnsicMe JHaiutfie 

Mr. .\nstin LaJng. director geneni of the 'B ritlsb ' Fishing Federation with trawlers la 

up in Bun docks. 

To a man. the industry backs 


This picture of gloom ha.s 

amount lo a little over £1m.. a ' "With .the closing of Icelandic .the tough attitude he takes in numbers and in spite of being to much iincertaioty and 

mr?;. r.. 

per ceut of the Communitj''s freezer. A fresher, or fresh-fish dedrit would hare rn be borne industry and Whitehall who then have .responsibility' for nearly so severe, the Humber others arc nperatme a.s 
nt waters) so that about fish stock and wants to ensure boat, will pack Its catch in loose remaining boats iismg beijcre that. Hull's days'as a settling- the final details of ports account for just over a 

its catch comes from the that it is aUowed a commen- ice and bring it back as wet f^e porl^, pushing up their fishing port are numbered and fishing pobey. U is fell ^at third of the unemployed in ^ S! 

waters 60 

Mds 44, dW 7 4 rise of about 11 per cent, on waters and the possible coneen- Brussels. 

44,000 7h igj5t year. The freezers are tration of The fishins industry ' The one great fear within the 
gh . 34.009 escpected to account for about on blue whltmg— largely found industry at the mument-is ihal 

c 244)80 1)4 18 per cent, of the laodmgs and in the AtJamic off Jhe ^ general election might be 

29.00Q 3.7 if this amount were suhrracted - coast of Scoiland— Hull is just .. . before the common 

i Z14MI0 8.7 from the pon s esUmated about the worst placed port- for 

Seurte: whft* fid, Authoritr income there would be a short- a deep-sea fleet. phenes js* agreed and 

— fall of around £190.000. This There are many in the another Minister . might 

ran- Brussels. jn de%’elopment areas there will delays in investment decisir 

Uiy ' The one great fear within the he considerable human hardship new distant-water ve« 
ind industry at the moment is that gather is forced to shut. B%Si‘*''united ' 

, genwjM elertion might bg Grimsby alread, ban 13.S per f^.^Jarr The la.IeTprua« 
for before the , common of its flailing milustry un- owned operator, arc looking 

fisheries policy is agreed and employed and while Hull's altemalive iisc.-^ for their boi 
thp that another Minister . might fig\|fe of 5.6 per cent, is not SJome have goiK' to Au^tra 



and middle , .filing surate share of fish landed, fish— inrariabl.v to its home 
^X!g]g.< nds. -But its fleet has fewer Aecordiog to Mr. Austen Lalng. port. . Two years ago Hull had 
large modem vessel! its director general of the British 4U freshers, compared with 33 

home that within a rtocade ILshing the . Commission and particu- Britain's fishing industry around the coast and the fle 

1 had 'Vith costs rising af surh a could have di-appeared from .larly ihe Danes and the French, despite having only a fifth of ^’Shing the near and mid 

large modem vessel! its director general of the BriUsh 4U freshers.' compared with 33 the Hijmher rh}< i* mcifor- would take full advantage 

ontruiee is narrow; it can Fishing Federation, **we could in Grimsby and 15 in the rest before the other i«>at.s using o«slyji^ert m both Grimsby jg nieantime. the i 

vncIMr* would take full advantage • the workforce. Less than two waters the of wh 

... _ Irimsb.'* jn the meantime, the indiis-- vears ago Humherside employed romc from Aberdeen and Low 

f a<r Mly*^one*fre^r*aPa get a solution to-monw if we of Britain; now it has 27 and ‘■'*'™shy— it has' 40 '‘middlR and Hull -but it is a strong uy .seeking some form of nearly half Britain's fishing growing older, 

god if there are more were 10 settle on the twms ihe many of those are laid up. water" boats and five " near possib'Ut?- assistance from the Government labour- force. If Britain were given an ext 

, ^ dock ‘it has to EEC wante. Bui she ©rfii-tem is The freezer deep freezes the water" — sought landing facili- Despite the hig change in to tide it over until a clear Also there are about 20.000 sive fishing zone of. say. 

I ! ?»P55:j*a ...L:* fle bank then). . to ' get ' a solution w|licb is catch at sea so that it can go elsewhere, thereby forcing both the si» .md composition view of the future emerges. Humbersiders who depend for miles a.«? .a resu:t of a comtr 

•5-'-’"her ports have, their diffi- acceptable for ttie U.R. While straight intp one of the dock- bP th^ those reraainins. of the fleet usin? the Humber While the Government is un- their living on fishinc. ranging fisheries policy then the Indus 

.es. Two months ago British this indecision contiaiiee-fftiiiag «ide deep freezers. Grimsb3* has Putting all the freezers into over the past l.i years there jjkej.v to be sympathetic about from more than 6.000 in the would regain ronfidenre. N 

'^^•ed Trwlers, controlled by costs are risiDg rerioiia^- But six freezer vessels and is now Hull would certainly give a are still more changes lo come, providing money lo modernise freezing and curing bii.siness to tonnage, in the form of vet 

• iciated Fisheries; . the 'jar- even this, would be .pc^ptable the only other port with them, boost to its dock.«i in the short hut these will depend on what the frcpher fleel, which i.s now 100 or so making ice and just tile multi-purpose vessels sp« 
distant water-* company, if wjs get the rij^it Ipi^enn The number in Hull has dropped run but there are many other happens in Bniss-els. And becoming rather old, particu- under l"S .making nets, twine Really designed for th 

— - ched its boats from Fleet- solution. Therefore we sire not to 26 compared with 33 just two question marks over the future there the role of Mr. John larly on Humberside. It w'ould and tackle. Surh problems are ernunds. w-nuld be ordered a 

"“"'Ni to Aberdeen. Fleetwood- pushing the' Government for a years ago. of the port. .Silkin. the Slini^lcr responsible he catastrophic for Huraberride not confined to Grrmsby and there would he hope for ’ 

lost -half its boats in -fire quick solutioiL’*- - - ' Logically it would seem .sens- Siuce the partem of fishing for ffsberes. w in be crucial. if anything happened to either Hull. Tn -.Aberdeen there are ports. But that is - the gr 
^ *3. Milford Haven, wbich If British waters are- not lo ible for Hull to absorb the six bas changed the freezers have •'Within the fishing industry Hull or Grimsby before a over 1,000 people out of work, uncertainty. And the une 

* ^ — •? had 120 trauders, is down be fished out— and the ban on Grimsby freezers because its had to look elsewhere for their there is :j«st one area of com- settled- policy emerged from about 13 per cent of the Scot- tainty is playing havoc with 1 

l^even. In 1976. and 1SI77 herring -fishing is an in^retion facilities are superior despite catches and this winter many of mon ground; support for Silkin. Brussels. tish fishing labour force. industry. 

fisheries policy then the indus 
wnuld regain ronfidenre. N 
tonnage, in the form of vei 

5 4-4ia^r8nce 

Lett^rs^^to the Editar 

? ,'0 ^''^•1 

** “Jrs 


l-'TUC 'general council meets. 
I * -IMeeting-'' of Labour- . •Party 
I national executive commirtee. 


'Benn. ' Bneray Secretary.'! 
-pjn. Room 13). 

n v i « 99X1166 .to biAsg oboiit a .closer to be permissible as an amount quently had the councii s wbole- Prime Minister addreses Labour Scotland, speaks at St 

i ■:AgiWft-infimpiOyiT|cnT. and more effective reiatiwiship additional to the actual cost of bearted support Pam pubBc rally. Isleworth Poly- Federation conferenei 

* T . hetweaii . entioeeiine a^ indus- buUdinfi and ancillary works. There is the question of tertnie, S p.m. Sir Peier Vanneck. uira ;»avor ivauonai council tor aociai aer- ir„H ----1 GUI and Duifus ri 

r r**.*, f * ufcai-ic^i AC • trial desianeis We edcounter Such a step by the Government special arrangements for Shet- Co^ederatioTi of Shjpbuil^ng of London,'- receives Dr. .Leo rice (4 pjn. Room 6). Nationalist yean. Telephone Rentals ti 

* • 5'flf , IftllSlltS'-- nn >Ka nrA« Tint Mtuirf W0II p-nshla the nrafes* land afteV devolution- Certainly, Engineering Unions decides Kaprio, European regional direc- Industries, sub-committee C. Sub- ** ' 

— -V ‘-C-C^UlQ V „ SSlial Mctiti^ne? to %m?c^ iSSiS^l^ve ^ official, atlimde to impending tor^vi^ld Health Organisation, at ject: Independent Broadcasting 

i J— ^ Mr. A- Molion. •• ISS. S dSim^ Jontra! in- Man.shm House, E.C4. .Authority. Witnes-w; Adiisory COMPANT MEETINGS 

ir,— The fact that there wiU h?,nd?L suMrabte dux n i in at Speke. Merseyside PARLIAME?4TARY BUSINESS Committee of the IBA; Ineorpor- .Anglia TV, Norwich, 2 

much more unemployment ^ emerge from -sepawte .nd pnarteneed Council of Eurone Parliamentary House , of ..cjammons: inner ated Society of British Advertis- Equity and Law Life Assnrar 

I we^re ali tmedto^^is'rink' 511 u? Strasbourg, urban Aress Bill and Home Pur. Ing. M',p.m. Room 8). Public 20. Lincoln's Inn Fields. W 

in bnt with' no re^ 'aware- ^rom believing that engi- workmanship. The FAS will be Secretary of State tor Scotland Boyal College of Physmans' re- chase iVssistancr and Houstng .Accounts. Subject: Appropriation 12.1S. Garton Engineering. B 

as to who are unemninv^ oeeiina and iodos^al . desiga pressing the Government for an I^rd Campbell of Croy. makes pgi-f oq pjtnecs of Airline Pilots. Corporation Guarantee Bill, .Accounts, "Witnesses: Department Hotel, Birmingham, 12. Moli 

-la nenarvmHnr ' of Fmnimr. Should not be harness^ togettier. early reconsideration of this this very clear in a letter to me Jij., Edmund DeU, Trade Secre*. retnafnin'g stages. of Education, and Science: Scottish Great Eastern Hotel, B.C., 

f tit© Desego CtMuicirs xfittort on proWem. dated March 20. ... at a time tary, opens first In series of one- House of Lords: D^ate on prob- Education Department; Huiverslty Rights and Issues Jnvestm 

eduentum nub- A.D G Wi4ih the greatest eonatitutSonal day seminars lo encourage exuorts lems of southern .Africa. Debate Grants. .Committee. (4 p.m. Room Trust, Baunt.<iey House, OUJewi 

wfj?h ^Sd a V: « for ^ Kingdom w Austealia, Inn on the Park, on Twi^e of the Efizabeth Gayrett «). EnropeaTi Legislation. Sub- B.C.. U, Sale Tilney. 28. Qiu 

res tor Marc^d December ^ year aeun^ fop,270 years Js-beia^ proposed. Wj. ^ . . Amfc«ouHo?iriteL . -iocb.Oe-. stock! eleetrWty invesi- Anne’s Gate S.W„ 12J0. 5«n 

'interesting perceuiagea of. de^r .. . i two Mslaud .^EC.^tt^lture Ministers' meet- Sel^ CoUmiirteesr-Sodal Ser-^ ntent;-iml'W’orid enei:^'£U.ueti<m; Krian Rubber Estates, Planiat 

revealed. ^ ** •■^Soups sfiouldA^^ an eputmues. Lusemhourg. ; vices r«nr^-Employm€nt.:‘:wfi-:-WteB«:r.M^;^A^ 

)e generaVidea of unemployvportliras-irf responsriMlfty jm^t — : — r— ^rrr -r — = 

tiathattiie.nnempioyoaarff vai7 from product to . ptWut! UlSCllSSlOllS OH of assocla- ' 

ibers of the wotkiSg class- both types of design ufclU are T; , XjftiJhfn tbS &d KiSdrai 

tr .Mifi iT*tAr.i 4-Lii xx C*1« na-i a m n tion wtuun tpo UiiitBa tunsuont . 


national ^pcutire committee. Mr; Bnice Millan, Secretary fur conunitiee. Subject: Employment Euronean Ferries tfult :v« 

Prime Minister addreses Labour Scotland, speaks at Scottish Police and traii^lg. in the new unem- Foseco Minseo tfuU vearl Gerr 
ParW pubBc rally. Isleworth Poly- Federation conference. Peebles. ployment 'situation. Witnesse.*; luarin nai nigen^t Comm 
te^me, S p.m. Sir Peier Vanueck. Lord Mavor National Council for Social Ser- ?r,,ii wari r.m 


Jlr A. Motion. l®ast of wft«ai as Ute ia“ sionai prac 

,-The fact ihkt there these two~typ« d^er wntrel jin 

'* figures and by comparing the industrtul design eaucauon puo- a- D. G. Wkw. 
ires for March and December Ksbed last ^y©ar * is, St. Mary Street. 

‘t yeau-.'taterestiiig pereeuiagea of. ^ Chippenham. Wilta.^ 

t revealed. showed . that' oithoi^h 4he; j»ro- • 

The general-idea of unemploy* po(rtiiras- trf responribMfty jhi^t T^j' 
nt ia that die. unemployoa are: vary from product to . iiiWut!, LIlSCllSSlOI 
mbers of the working class— both types of desgn sfclU are ^ 

much- better off desc^d«nt$ usoaBy iadtspessable. and urter-- fl|p \||prlQ 
Adam Smith’s labouring poor.* dependeziL uiv kyivi.*a. 

I Gazette gives-- us eighteen Thus it is in no Jt«y typical From Mr. J:.Btirgess 
•ops. The top the highest of our tbinldng that manufac- sir.— I regret that * 

Discussions on 
the Sjbietlands 

■nps. The top toe higam of our thinking that manufae- sir.— I regret that Ray Perman mvse^^^ I do 

■ches- of mMagemeot; and toe . tured ; prodacte. acT divided jnto wat so misinfonned in his article nn^ iwnir the difficulties durins 
■tot. contalnmg tbe - g»eral those which; ar^U lo do with “aU at sea in the Shetlands” r„ja\erim Jeri<m, before the final 

‘April wwnd I Obliged to "S^oT'l^lVaoeemen.s tor 

toting- at . the' top. one* is . aeAbeti^. I^would find it diffir set the record straight, 

Tbe Shettad report by the Treedr 

groups*" had • -been 


S Neris InSitute c^rni^ "^e?S’ tiTere is a^^wilL The?e“ is 

mJrtiL BTO&oMli tbi ^ sloned solely to provide toforma- a wa>. If I were _Secretaw of 

iportiag pro/essiosals and the niai^oe took 
.*t grades in management, t^^sth 
Jk at the Icrwest we find 3 per rj„,rf 

£ for Group . 18. wito the- 

ieral labourers at a very nice HttymoTfeet, SUIT: 4ity. 
- The way in which unemploy- a ' " J s.9 

* ine way in wnico unempioy- a •' ' Jl 

,■*, ht Is presented to the nation • ^ DrOUUCt S 
- \ .‘| -ins to be entirely wrong. Job 
ition may sound well, but 
. kt is needed is at the higher lUuCllUn 

tion relevant to the Scotland State at the thne. 1 should cer- 
Bill. On the contrary. It is tainty be prepared to make 
intended to provide a factual special arrangemeDts for an 
basis on which to base present interim period, no Tnatter how 
and future discussion' on the much trouble- they:raused me 
government of Shetland. This and my civj? servants.” 
council -was well aware toataome j Bur»ess ' ‘ ‘ 

mirfeU are not immediate Re^^j; m^jbevvlo) 
options. „ , ■ cho« .Sltetfand islands Co 

, els. Governiuent money, if it „ ^ Town Ho U. Lencick 

i.t j to be speuL should sirriy be 'From- iVt.' J. Dinple. land is no, as Ra> Peroian su^,- - 

it employed backing tbemoro Kent t-^pf*! -A) gests, ;nf Scotland does b®''® T Tr»/*loinio/l 

blligent thnistful. and ambi- brings a welcome touch of prac- devolution what course can Shei- |J {101^111160 
&s merabei^ of the middle and ticaltiy to the discussion on land take that wiU make toe ]ea.«t 
ber classes in as attemnt -to induatria) design when he points ehanee tor the islands as they arc f4|y|||p||Hc . 
d out S^^we m^t m^e and out that design whether by now?". It is: If Scotland does UlVIUCIlUa. 
r if we are to regain stato ** designers ** or by ^ engiueers " -have devolution, what changes From 3fr. R. Taster, 
a trading nation. is only a facet of tbe manufaviur- in novemmeni would best ^ir sir.— I read with interest the 

, it may be argued that the best ing and marketing activities of Shetland s special Deeds? TTic letter from 'Mr. Liind lApril 20') 
lias have gone into the City. * commercial enterprise. Nevis report will help to answer gegugjjjg companies of not snend- 

' d that there we thrive a& a It h». oonetheiess an important toe latter question. sufficient time and tnonev in 

ople who are very good at facet, and one where we in the . qaalrarr to toe impression an endeavour to trace sHare- 
rirowihg, or advising bor- U.K. sometimes seem to do article, there is holders who have been nesliuem 

^a eers. Being in trade or maun- rgtber pobriy by comparison with nothing in the report to suggest jn ' omitting' to advise their 
. hasn’t* the right look fhe best from abroad. 1 think that aecc^tins devolutioo with change of -address or naylnq io 
49du't'lt.‘- .It js just assumed to- this Is less a criticism of our Scotland will be toe dividend warrants they have 

^1^^ 'bitt'^ho. .one' talb about- designers ami engineers than a {q. aebieve Shetland's been sent. 

Z'.' ■ H . • failure to co-ordinate io_ a cost gun!" iricludins ' safeguarts_ for . i think Mr. Lund should realise 

F~;jg'’nnt-.niecely a' matter of .effective - way u product.s tunc- power! The' institute that ^archolders aJso have 
|ti|^g our . educaUdnol facilities -tionality of purpose (as an ’’arie- instriicted not to recommend responsibilities to accepL and 1 
Earning in ways mute closely fact"), functionality of design anv - method of goveniment tor v»ould not wish tile companies in 
M*^.‘ocLated with mdustry than at (as the product of complex manu- Shetland: The recent loral which I invest to waste time and 

esent. U is how to-rrain and facturing processes), aesthetic referendum resulted In a massive mone.v in attemptinc to trace 
^--Id a sufficient number of the appeal tor the eventual user, and maiority for a commission to such inve.stors. IT dividends are 
unger men into a task force, {be properties of the materials jook at all ssoects of Shetland's of such little consequence that 
eluding, patbfind^ and ex- from which the- product is made- relationship with Scotland and they are -unaware- as to whether 
...•■) the. .markets, in toe if ,i may take as an example ^be rest of ton V.K. This te not or not they should have been 
• dcr world. plastics products — which often a vote tor safesnarding existing receivfna them, perhaps Mr. 

'.The words "market woaomy-. . come in for more 'criticism than powers. Incidentally, tlie amend- Lund would agree that the best 
IS become a bit of a catch yjey warrant — the means . for oieat to set up a commission wa.s solution -misht be-for them to be 
It !S not a bed of roses, ejecting this kind of co-ordina- not tabled "at the instigation of mandated to a suitable charity 

Reseorrh. and Devviorment Dept.. ! 
.'iiietiattd islands Council, I 



.. - Lrese,-- It IS not a bed of roses, effecting this kind of eo-ordma- not tabled "at the instigation of mandated to a suitable charity s-.' ;' ' •■. 

» t dm%. i '• to compete to live Is a heavy already exist, most notabiy the islands' council.'* Tt was in ihe first instance. - • '. 

•’a^i ‘4 t * !5i|naeat, - . • * . in the customer technical aervire tabled bv our much respected MP R. F. Taylor. • 

^ ■ * ..'Motion. - V . dep'ainnents Of the big polymer Mv. Jn tirimond. entirely on his- J2. Kent Drire,. -.-Av 

3 r ' fi . ' A Uomton. Terrace _ . sroduders. One wonders whether own initiative, but It has subse- Congleton. Oie^ire, 

* Motion. - ' • 

[ ' . Altomton Teniice, 

; / M ^teaut^ upm- Tyne- 


•wirtiMe— , .j. .. 

' ^^^^JDefibifi6i^ls of 
fi^^^design - 

vm the DtFcctof, 
^f0ft -QnMufl'L 

• dPp'siUnents.Of the big polymer Mv. Jn &rimond. entirely on his- 12. Kent Drive, 
produdeis. One wonders whether own initiative, but It has subse* Co^gleton. Oie^ire, 

differences, in the way these ; 

departmeote are o^acised. in 

-their iines-of communication . yii • fn-er 

with the product maaufacturlng ^UflD^6S III lUCOmC^lflX' 

cqihpaDieft 'and in their ^reiatlOTS gross salary to rise between 

with ^academic Sir.— In presenting his recent lO and'lS per ^l. and thus to 

ponsble for temnjng design^. Parliatnent tbe compare his tax position we must 

do not account at least in pan chancellor prided himself cm his apply a similar rise before de- 

for ou^otpparative weakness m 4^ responding to toe re- ducting tas at the new rate. The 

Alec Duff, IrenspoitAlanagec of Secudi^and Oniriec Express* 




• Couttetl. .. successful design. Quirements o** that part of the table then shows that for ttaosej 

Sir,— Mr. Stuart Pugh (Apru jQjm Single. 

. ■■ ) regrets the ^vision of j. Hammrt House. - - ■ 

•jign practice into “ engineer^ Carendisb Square, W L EXPECTED l?>fC03l£ AND TAX BATE IN 1978-79 

-g design'’ aad •’industrial Inromein 

Sign," and- there *««st be A rphlfA/^tc’ M77-7S Tax rate +10$5 Tax rate T»rale 

.-any of US who agree wi-tb hun. /U L.JLUlvvl3 ^ . *^ - . oj . . 

* He does the Efi^ign Coun^ £ ■ ■ ' • UMO 27.8 8J00 26..i 5,750 36.8 

'."•l to 6, MB 28.7 S.W0 27.8 ' ■ 6 W . 2&0 

natoeri»s (Feltraao) to .to The FeeiiUy of AnAitecte and ^000 M.S 8,80# J.S 9JM 30- 

ouncil ibelf, whereas toese Surccyors. ^000 32.4 MOO 31,3 10^3,^ 3-.0 

.-tivities were part of an iode- gj,.^ Goremmenl is c»r- lOiOOO 34.3 11,000 33A 11,500 . 34.1 

enclent reporL . rently pursuing a nat'ionai cam- 12.000 37.7 13.200 .57.1 13,800 • . 38.2 

it is indeed curious, that the renovation J4M 41.3 15A00 40.8- -18.100 41.6 

ajne. _ “JndualriaL . - desi^ grants throogh.tbe Dooarlment _ _ _ __ 

apuld be allotted to those skills q/ ib^ Environment and local ^ . « • 

■hifh-are- primarily coneerned authorities ' Although such work 1977. Finance .Act which deals m ihr inconm range £5.000 to 
. ' 'ith aesthelics- and human email siruciarai after- with the indexation of basic £IS.<KK» the resfriunl lav reduc- 

aJues. Jiieveriiteless. .tor the- ations or extension^ in proper- allowances. It is. I think, rea.son* uon i.-j about half a percentage 
I 1 WP b eing at leobl, W6 are jjgs, appears to be little able to examine the other major point. ^ ii. . 

b.Hf-h iVi» torm. as it is n- .... Mainant nr iiHvipp ronccMssInns nf this Buditet in vicwcu in this' lisht Mr. 


Tax rate 


Tax rate 


Ta.x rate 



. % 

- ; 












■ • 6,900 . 


















104 .% 

















40.8 - 



and W^re grofwin^ all the time. 
Ibr ^ribffityas weUas relialnlity 
we chose Camden." 

Mot that Alec Duff didn't take a dose-look at other 
people before hedid hisdeal with Camden. 

In the drst place an}' transport ^v^tem had to tit 

contract hire and leasing companies out of breath. 

But not Camden, Because, having handled all ihe 
finandal* arrangeinents for vdu, having woriced out 

him like a glove. .And, "tilth 25 depots all otcr the ' thebestinvestaiefltandtaxsavm^,lTavingstaWIised 

country, it's no bab}''s mitten. : 

In the second place his operation is constantly - 
oNpa'rtding. Keeping iip ■^\^th. and serxidiig, his 
changing transport requirements titJiild Jea\'e ir».>st . 

}*QUr oU'going costs, and having delivered 
teansport mix £at exacflv suits youriequirements, 
know ti-e've piit}’ou on the rightroad. 

Then \ve keep up ti-ith you. 

tuck Mth ihe term, ss it or no encourasement nr advice concessions of this* Budget in Viewed in this light Mn 
ow standard usage - throughout nn the advantages of involving similar terms. Healey .sBudgM gives .little to 

he Intfustriai world-r^ertainly a oualifled arehiteci or building As an e.\ample let «s consider those whose efforts and mitia- 
'mi jusi in Britain '.is Hr. Pogh siirvevor at an. ear!;- slage- toe integrated tax rale for a lives can make nr break Britain 

I * • ' • -'r*:. - .1 _■ .1* — vwiawi raMQiuina • ffmitr thA HaciiHa 


. a^-liiftaes. ^ - While professional fees may siugle man receiving ' only over the next decade. 

f AT the' Design Councdl -we rank within grant aid. it is con- earned income m the J. T- . 

ecsi^ d&ign as an entity which sidered that the piihlic. would he ol** • 

^ ^ 'nt-ompasses several disciplines, enrouraged to seek professional Apnl 1878. Hs 

nd we are constanUy con- advice more readi^ if fees were absence of promotiofl, eicpect hia Belsbg, Cheshire. 



^i£zroy-Hou?le,^9-79■LakeSlree^ LeichfcaBuzard.Eciif.LUrSSY Tt'(i‘J-a:fOS253Z700 

or Astley Ho^ Quay & ttert ivlaochester 3 jiufica Ocl &33 9537 



Associates’ growth lifts TKM to f 5.5m. 

AS ADVANCE in the contribu- 
tion from associate companies' 
taxable earnings, from £887,000 to 
£1.19n)^ enabled Toser Remslesp 
and Millboarn. (Soldlj^), inter* 
national . finance and iiLvestment 
group, to show increased profit 
lor 1077 of , against £3.21n]. 


_ _ , Border & Southern 2.73 

rv - Bodrcote inti 1.41. 

[| ^ITI Border* SthiL 

Stnckbolders int. 2.7o 

r A. Caird & Sons 

Channel Is. A- IntL TsL 15 

last year there w as an extra- '• | ^ 

ordinary :debit of ni2.n00 relating J‘2? 

to a topping-up” payment to a 

pension fund. Estates Dulles Inr. TsL ... 5r 

Current of ! 
payment pamtent 

Corre- Total 
spoading .for 

group, to snow mcreaseo proac Lefrasets bid for 3. and 1^ Sandall n^ed a few feathers, — v« ruimicv ...... j.. .... 

lor 1977 of S532m^ against £3.21n!. IP tne market, which has for a time been expecting a bid for . *««romcs near two- Putura Holdings 2nd mt lA 

Turnover was marginally better Letraset itself. However, the deal makes good baluce^heet 

at £9l6m. compare with £00^ sense for Letraset and there is a 90 per cent dividend increase. ^ ulSS * 

The annual report from RTZ emphasises the depressed state They are ftrnJTHectr5Si?1:oS I* 

Aftar* lower to of £1.45m. of *>8se metals, witii net profits on lead and. zinc nearly 50 ponents; a leading UX distnba- L & J. Eandall 1.67 

com merit 

Fairbairn Lawson 2.Kit 

Farnell Electronics 4.29 

- F. C Finance ...-.l- — 

seiuwiurjjcirawruauu uicreisiiTO tiBi «cui. uiviucuu lacitsttOB. m me two main subsidiaries. Unread int iS 

The annual report from RTZ emphasises the depressed state They are f^mell Electronic Com- Marshall Caradi^ s.w 

of base metals, wiUi net profits on lead and. zinc nearly 50 pouentsi a lading UX distriba- L. & J.-Eandal1 1.67 

(£2.7m.) earnings per 20p ^are per cent lower. Lex also takes a look at the proposed sale of se^nductoi^lmeg^^^ Siemssen Hunter 
i__ i. lA _ . . « .. m i j .1 circuits, canadtars and resistors. Sllmtntvh*' 


in Jsue at year-end the figure h 
82p basic and 8p fuHv diluted. 


power Wood & Sons 0.83 

securi;^. Stock losses in the second half took its toll on supply • Saie.s volume of Dividends shown 

May 31 2.5 

. July 3 1.26 

May -31 ' - 2 J 
• — . . -7.43 

.Tiine.26 12.5 
' June 1 nil 
June 8 ' 0.91 
June 28 1.35 
.June 20 439* 
July 3 138* 

— 2.44 


May 19 1.4 

July 3 IAS 

May 24 1 

June 13 

Rimcid -Times Wetoesday; Aipra:^2^ 

Near £8nL loss 
for LAsMO--. ■ 


■ ^ '' Bie consolidated loss of din^re ■ to ^tldpai) 

-LoBdon and Scottish Harfne oa .substotlaP inenase 'in toe* 
:?» Company in 19^ 

J'S iS improvement of £297,000 on tto aj6m- (£0 

■P. . .if®- anticipated loss oaObtei 

■ r,; -June offer -for sale documents, • 

‘ S'L- • ••Direelors say the improvement.dlwtoa : 

l-S. . wS^S^lyfdue to 044P. I 

^ Sved on sun>lns ftmds being Apnl 26. ■ 

• higher than anticipated. V-r 

• The loss arose, xnai^ from T 

■ interest paid on monies borrowed |J n^||fVP C 

• to fiaance the group s 9 per cent Jr O 

2^ ■■ ■■ ■ received on suipto funds being 

24 21' higher than anticipated. . 

3 1 . ■ • The loss arose, mainly from 

2 ' interest paid on monies borrowed 

436 33 to finance the group’s ? per craL 

M? * 131 • share of Ninian ■ Field deveIoi> 
27^ 2.14 ' inent costs and is after charging 

4.01 /3j 64 ' £274,000 In respect of exploranon 

909 .2A4 and. drilling expenditure .now con- 

3.81 '3.41 sidered abortive,' a provision 

0.66 ' o'so ' against unquoted , investments, 
a™.*; «*;..... -’aiKi a credit of £217,000 in spect 


AFIER TWO 'depressed 

ThJUS^ribuiion^from^ gain of more than a third. In contrast, Tozer IB per wnt. With 1 he consumer 

national trade finance division Kem^- made a better showing in the latter sis months especied to im- 

was higher and overall profits after the rather static interim performance, thanks to a belter P™1® 
from subsidiary and. associated showing by the associates. Marshall Cavendish's profits trend gp^^hratetffivMr 
diS‘ we'?; a similar pattern to.Tozer. but there is some concern ft has ctosi 

ever, in the timber and woodputp 
Industries Price and Pierce 
suffered setbacks from the effects 
of economic recession; and also 
from the travel industry, in 
common with all U.K.-based 
foreigo travel businesses, the 
directors say. 

The results for the group have 
been affected by two changes 
In accounting policy. The net 
premium on consolidation of 
concessionary companies is now 

over the inability to diversify away from partworks. 

faclurer of loud^akers. which 
was beset by production i>robiems 
and depressed market conditions. 

Silentnight expansion 
to peak £3.2m. 

this autumn. . jirofits well ahead from f 

• comment . i * t® « 

• as -forecast .m last July's- offer, for i 

- : ;■ r .sale prospectus. What has changed , 

■“ since the prospectus is the likely 
• • dafe when the Nfnian PieM ;m 11 ^^d h^of^. A^ a 
: •>-. start producing. Then it looked as 

• if Ninian would start ffoiving Jay fUTins of gtys at midwa 




move' into expensive books bas bsu rnn a„j 

proved euccessfijl but it ie taking S? 

longer than expected to recover 

the heavy front-end costs of these nicalmubleM^^S? 

publications. So despite its moves g^”' 

to diversify MC is stiU dependent * 

on partworks, not only for most. 

of its profit but also for sufitcient 

cash flow to finance the diversi- -v 

ScatiOD. Fortunately partworks I 

being amortised over toe known TURNOVER ahead from are selling well, and another four 
life of toe concessions, and £12 s 3 m. to £20m. taxable profit of or five launches are planned for 
deferred has been treated m Cavendish, book and this year. However an 11 weeks* 

line with ED19. The comparatives p^g^azine publishers, was lifted strike by editorial staff has hit 
have been restated. , , - " £2.g8m. to £3.08m. in 1977. schedules; some publications 

Overseas ta* P*'®'"'**®® * After tax of D.8Sro. {£1.49m.) aimed for next Christmas have 

was, as reported at that time, . igterests of £20,000 been . postponed and the strike 

disproportionately high. (I160o0» attributable profit was finally nailed the fare of the un- 

Upturn at 



A JCl 38m (same). successful races magazine, lae 

m commeni directors say they remain short-term profits outlook is not 

Afte*" a static first hsif. Tioij notimistic about toe future but exciting but at 5ln toe prire is 
second half nrofits nse of .just strike by some editorial well supported with a yield of 

under a tenth was better than _ settled, and toe closure 133 per ceoL covered li times. 
expMted, »h® share^ ^ magazine in toe last The p/e is 7. _ 

to olp. The three months make it premature 

associates, where profits are 3a “ for 1978 

per cent hjsher thanks to tm^h dividend of 3.036p net T T-t%ci11*CFO 

better results from Mazda (GB), ^harA takesi the total from R J M U B ^S.L 

Mk F arnell 

Pierce, who profits are less than P™jfts at least equal to inose oi ^ 

half toe £2m. earned in 1976. Ij 

Here, toe lower level of trade hit ^ comment JLjICvLI UtllL'O 

prlms^ slumped along wft'i?**toe After a virtually^ static firM half AFTER RISINp from £0.69m. to 

bTMd”!ge F, 'o"r',br^- vjuiusieiH 

succe^ul Fa<^ ^ REFLECTLNG THE better realisa- says that internal budgets plan 

4.4 per cent, on Joar to January-^ 1978. A one- two acqalaitions, widdi , tqkl4'-^jt 'reversed but profita are uiQikely 

for-two scrip issue is proposed. ^ into toe reproduction furrikuXe: before 1980. Next year .the cash- £rom 22p to l^p; takizig. 

Al halftime toe group, which market for the first time, aobther flow from Lasmo's 9 per cent, stake' account last yehrs extraoitf 

makes divan sets ud upholstered good increase in profits Isw*e in Ffinian will not cover toe fufl figure was SL4p. 

J fuimitui^ reported jirofit up at cards this year. The sha^ihave costs of interest plus depredation. “V dividend m 25p, hftiDij 

Tl HI Ttxr * e.11 **®®^ ®"® toe best pei^cmers However the company is hoping to payment from Ip to 

flfl wEt- Sales outatde the UX at full- in the ninilture sector bvdi** the- start repaying its bank loans in ' Turiwver for the 12 me 

. tune were better at £2m. _f£1.5in.). past year and after ,vesterda.v^'9p 1979— currently standing at ’£35m. .®*Patided from £2.271ii. to 

f Substantial ®^a mMufacwtng nse to 92p the yield of 6fl'per tacludingJEoni.ofoveidraft— which aod tax took ^575 (£24,761 

capacity was brought on str^m cent and p/e of 32, or. 52 fully. wDl cut interest charges in 1980 Reflecting toe confidence 

* diiring_the year, and still further taxed, is probably as high arating ' and open the way for a dividend directors have - in toe ft 

■ Al n increases are planned for as can be expected. . ot the bank- loans must be repaid development of tte group • 

than made up for the first-half Before tax of £413.000 (£260,000) 
shortfall and 'the. total pre-tax stated earnings per lOp share for 
balance for -the year ended the year were ^.3p i272p) and. 

Janua^SI comes through ahead after tax, 282p (2A7p). A net - rprTiMOnvTO nr macm- c^e 're^nTnJ^ 

from £926.000 to'a23m. final dividend of 2.7.-W39n lifts the WITH A fall in interest rates fa pressed toe^er^oSfi?fl 

While the value of rptail sales total to 4 . 009 . 3 'ip fS. 6449 ^ Divi- short-term deposits being -Comi aoH S*il H^rer toe ratiraSllsS 

at £10.6m. .res about unchanged dends cost E51.279 (£228,717) pensaled for by a £230,0M*rire;in -gSJSSy ^ch ^S2ed rfa5^-ai ^ 

in the second half compared with after ^reivers of £149,660. diridend income. taxaUe revenue Abtieholavet « 3 inr iimnfiW fmm these orobleiiis and there »- 

Iho same period last year, the The balance sheet reflects both of Estates Duties IweStifiert-SSm t^ 87 m‘ ^ SoadtelvSi 

value of turnover at vholesaJe the growth in the wmpany and Trust improved marginally fijim mid-wav whe? o^^ was totel^ftm^vSmtaOT oPS 

& J® “the year^ T £l54i;*l£(r.?Sj. tol tSrnfa toe JSld*SteL“ 

rise by 

before a diridend «»» ' be con- bare approved capital expe^ 
sidered. At J66p toe market 1? e??®® of £250^ for 3972 
- . ' capitalisatloh is £^.7m. significant part of this is for 

*’ .. manufacturing eapadte to siqi 

. ^ ^ anticipated growth. They re 

; ' . * i.' existtiig financial aira 
i^nclTlclQ ments wilt be sufficient to J 


- ' Expressing difficulty in zna 

I WI^T a specific forecast for the cur 

'r- 'i.-. • year to^ state that due to 

' ON TURNOVER of £23A6m: cabie industry remaining 

value of turnover at wholesaJe the growth in the wmpany and Trust improved marginally fijim ai mid-wav whe^ was tota^ftTua 

prices .shows an improvement the investment of .£2.7m. ui fixed £2.isra. to £226m. in^ year; to aheJd to msS 1 tol tSrnfa toe 

from 1424m. to £5.9lm. which assets .tnd £l.8m. in acquisitions. March 31. 1978 -- • *iA4m. (ar.5im.), toe turn m toe worm ma 

includes a 25 per cent, increase The financial position remains Tax for the 12 morvtos took 
in direct exports. strong, with borrowinss reprwe^ £840203 (£869,483) for earnings of ISSUE .NEWS 

The difficulties in Can.-ida and ‘"a 32 per cent, of shareholders’ gp fg^p) p^r £1 share. The net 
Aufitrali.’i continue as the f»nd.s totalling £8 81m. and re- 

economies of both countries are screes stand at 1721m., the chair- jp jp gp ^ gpal of 5p,.srid \ 1 ^IlY) lY^ 

depressed and activ-Hji of the man says. a one-Cor-10 scrip issue. is-dro ' '*■ JT 

a one-tor-10 scrip issue is dm *“**^5*^ 

proposed. .. The coupon rate on toe yuaiiing District Council (£|m.), N 

Commenting on toe out^k ibr bonds has dropped this week from 'Shropshire - ' District ' Cm 

Metropolitan BbroUgh Council' cent, bonds at par dated Apri 

on a low- tax cards, such as cookei^ whicO 3.^Sp to 6.6p , . . current year, the directors state, rent, and ore-tax profits rlimbed shares and prospects for /Wore (£4m.) Lichfield DisWet ComdE SsL 

rield to 9.6 per w-ere launched by mail oi^er have Tje ^ , j 5p hy over 18 per cent. The tw« ip^esgnent remain veiy good: ^ («m i SteghSSS ^ 

not done very well, while toe income of £872fa (n06,628), and ,rfrom « "" autho^d .inv«.. gfund, (£lim.), LmSod Borou^^ £im of m wr 

of Bath has isi 
per -cent bonds di 

a £d^4m. loss. There has now to diversify a-way from partworks £\4.13m. to £182^.. and stier depressed and activ-Hji of the man says. rone-tor-lO scriri^^fr^^ ^ W 

been a revival in the travel are not progressing as planned, tax of £1.85m. (U.04m.), net profit group is restricted by import ^ propos^. .. The coupon rate on toe yuarling Dstrict Council. (£lm) N 

business and this loss should be The loss-making record corn^ny yres £1.49rn. compared with controls. • comment Commenting on toe outlook fbr bonds hastoopped this'week^m Shropshire Oistn^t Cm 

reversed in the current year, but —Tran.sallantic— bought last July, £023m. last lime. Sales of spring merchandise al In toarp rontra«t to the furoifare the current year toe diredurs 9 per cent to 85 per cent The (£4m ) Royal Borough of 1 

the company’s timber and pulp has been trimmed down to bring Earnmgs _^r share are shown home have begun satifactorily trade as a whole state that they expect a larger bonL are dated^BIay 2, 1979 and siiWn and CbeIsM (£}m.) 

interests continues to be a worry- it back to breakeven but it w at 24.1p l^P>- and a J"al diri- and initial ordere for autumn are a good year in 1977. Sales m- rise in diridend income. Doi^ issued at par. The Borough of P 

ing factor. 'Hie shares on unlikely to contribute to profits dend of 4^p net per Mp share good but these factors provide no creased b>- *36 ner •■ent.. md>ratmg fhe March 1978 year a reci^ This week's issues are:^ Burr bam has Issued ' 10a 
average capital are on a p*e of to any extent thi? year. The craft *®^®* ^®*^ ® fo^st for the rnlume growth of about 15 per amount was invested in unDsced Metropolitan^ Borotagh*^ Cou^ cent bonds at parked Awi 

5.4 ifully diluted) on a low- tax cards, such as cookei^ which 3.^Sp to 6.6p current year, the directors state, rent, and ore-tax profits rlimbed shares and prospects for fWwre Sm ) Lfchfield DisWet Smdr SsL ^ ^ 

charge whHe toe yield to 9.6 per w-ere launched by mail order have Tje res^^ ^ , j 5p hy over 18 per cent. The two hivesgnent remain veiy good: («S i SteghSSS ^‘Ci^ 

not done very well, while toe income of £872fa (n06,629). and autho^d .inv«.. gfu„cVi (£lim.)®!KD Borough £im of m wr-SiTlSs di 

riirittend *s ment tnist Rpe®»allsing u^the of Hounslow ffWm.). KUmarnock aVu 21, 1982 at par. 

iravis fife Arnoitt aownium ™ 

' « . u J s ’ . ij ** T*'"' -w I - , 2*-**‘* lished. Silentnight claims to be corporation, which is a subsidiary.. j;;p„Qj.n (£1.^000?^ London ’ 

A DOWNTUR.N in second half about ’S'! per cent of the saiw Robson, the chairman, told ye^ H«m« jrtriwale ».m increamnq market share., wd of the prirete flnaorlal institotiog. ^J;‘h J^'g-eenWich mm) IT « : IWUVNTimV 

earnings from l2A2m. to £1.8m. at grow^. the. group was rirtuafiy day s annual meeting of Grindlays ■; ,^’Jg '®«^ Industry. » hSiI" ^rouSi Sdl SIS k- -■ S?’ V*?® 

Travis and Arnold left pre-tax fii a static position. Though the Holdings, eSSSiT “ . . See Lex PorS of Koo^Sev 

profit down from £423m. to E79m. price? (rt timber products appear PenrcciaUnn. etc. ./ . «« ■ its compared with 9 per cenL-the ■ -WKTUK A * lUlN ^ 

In 1977. Turnover climbed from 10 have bouonied out. figures for DnVSil TiOndnil r."**' - ‘ *"?! *1!! (SmLiSeLeflrfd United States Debeni 

£43.09m. to 151.36m. January and February sales are JvUjdll ijUUUUU jm^st «cni?ed .y .. ^ • 1 0>iff' -AAA cH fbm3 uLiei^^SSii 

The directors say indications less than encouraging. So de^ite TV/f ■■■4-iiqI pni-twr pram TX .1 i.azs w ii4 j iMlif Council (£^m.) * ' • ' 

are that the decline in the value an improsing trend In housii^ iVlUUlal TuiUon •. ...* «k JL/ilil CAIX UM <m^»-/5VrW » w .. vertible Stock 1983 has appHec 

of timber and forest oroducts has starts £rom February, the first *f,e '’*«»»«'« ♦>*' « Two. year- bonds-'cairying-.a convert their boldings~iBtotr 

now sndod and Improrind ^JyJ^don io<n,™« ill fircf liolf ^ 

•> * TolBl - 

A DOWNTURN in second half about per cent of the salw Robson, the chairman. Mid ye^ h-vm ^riwale 

earnings from l2A2m. to £1.8m. at growth, the. group was rirtuafiy day s annual meeting of Grindlays ?eudl 

Travis and Arnold left pre-tax m a static pnaltlon. Though the Holdings. eipotu J. 

profit down from ^23m. to £3.T9in. price? 6f’- timber products appear Pecrcciatliin. etc. .2 

in 1977, Turnover climbed from lo have boitonied out, figures for U/^vtq| I .Alinnfl ■' 

In 1977, Turnover climbed from lo have boitoniod out. Kgurcs for I .finflnfl **4‘w‘^“V ‘ 

£43.09m. to 151.36m. January and February sales are JVUjdU IjUUUUU jm^st racked .y .. .. 

The directors say indications less than encouraging. So de^ite Ti/f ai-fiiQl Pnitwr pram TX 1 uzs 

are that the decline in the value an imprortng t^d in housi^ iVIUlUal Tuiiion .. «k 

of timber and forest products has AT THE end of ^st year, the S,*Ss X - '' +S 

now ended and the iraprovinR irosoect London Mutnai Insurance Sddi » c/r f. w 

trend in housing starts should Jo ^re difficulL ^y prospMt business Is 

general building materials durmg - reoorts Mr. T. Courman. in las «,« 

that of 

Linread up £45,000 
in first half 

hiluri^ns Hiirinv in the second half. The shares fell proper^, wholesaleraanufacturers of coats. With the eiimination of losses although significant profitabDl^ 

budding materials durmg yesterday, which give reports Mr. T. Co^raa^ In liis costumes, etc. from its Australian operations is stiU not in immolate prospect 

Two. year- bonds '.'cairying ~ a codveit their boldin^'into tr 
coupon of 9} per^.ed, at nary shares. . Tliis result 
par and dated Apr£T23, li^ have toe - aUocatioh' -of. -a fait 
been placed by Welwyn-JIatfield- L092,889 Ordinaiy shares. 


After tax of £l23m. (£n.7m.), 
attributable profit was £1.94m. 
(£3.5ni.). and retained profit came A 

out at £1.69m. (£32Sm.). 

During the year ' freehold pro- 
perties were revalued and the ra 

£1.01 m. net .surplus has been added ** 
to non-dlstributable reserV-es. n- 

Earnings per share are shown ow. 

at 45.6p (.'iO.Sp) bernre tax. and tui 

a p/e of 5.8* on a yield of 42 per chairman's statement deliver^at 
cent ' yesterday's aimual meeting. 'Tins 

holding reflects the Society’s con- 
Unuiiig view that the long-tenn 
• v.'gtllU 411 prospects For these types of in- 

1 . veKtmeiu were more favourable 

a Desr ever than For fixed-interest stocks. 

^ ^ _ It w-a.s the intention to contimie 

*ii%n /Q/ to hold a substantial proportion 

funds in equities and pro- 

• which last time cost £102,000. tax- UJC. prospects in the s^nd 

able profit of Linread climbed half depend largely on the abiliD' 
*D/-imvracA f rt £45.000 to £189.000 in the half year of _ British manufacturers of 

DvfUrUdC lU to January 28. 1978. consumer durables and motor 

J. ' t Turnover of the cold-forged cars lo attract to their produel-t 

fif6n6r3l6 C3Sn f»stener-maker for the period was the incre.ising disposable income 

£704m.. compared with £6.81m., of consumers. . 
crrAwtll and the profit was after deprecia- Indications are that customers 

lUl ^lUvvlIl (ion of .^09 900 (£210.000) and fastener requirements are in fact 

Mr. David \Vi?Ble.«worth. group interest of £157.000 f£214.(Ki0). e.xpanding and they believe that 

£103.626 to a record £166292 
2.»p share takes the total from „ 

to benem irom n recora level oi Ro^iic oarnlnas per share are iraouiH prum in me v.r%. 

pvr 2.1P ^nare «iRe« inv lotai irom i k _*• r- , ^®‘*. *^*5.^0300 a substantial Investment to produce advancing sho-vn m 1 2lo against n restated Results in Germany in the 

.‘t.4145p to .1 maximum permitted 40n ”To profits and lo antieratp cash for o.3.>p last year and the interim wood half -should again he 

3.S137P. Dividends on 1.7lm. shares r^iLo 7hJ^i4ntnr2Tai/i^‘^^^ siwks. further modernisation and dividend is heid al: tp net |>er 2op buo.vant although >n &nada the 

have been waived. v. L*,. ® reason- air. Cowman refers to the J9»< growth. <hare “ •' |„j.^ of |he first haJF will 

Last year's results of the >«"Provement was new Iwwness figures w-here new La,., ygg,. company spent .Ml' but n.ooip of ihc dividend probably be repeated, 

builders' and plumbers' merchant- ronnn/- /rs-nao\ premiums rose by per r2.nm. on machmer.v and buiid- has been waived on 2.24m. shares. _ _ ’ -r • n 

u";iu-‘*'?aroln«Ta'!?sKn^ if" teas and'thiyTp^ol o> ex^^^ " lU^rreUr. wUn profi^^ 

. and by to.6 per rent o „-in be maintained in 1978. lax was £166.000. a Ip final w-a.s 

ing and timber importing group X* cent, to I3.lm. in toe oramary 

have been adjusted for EDI9, branch and by 15.6 per cenL lo 

A 5? “P 13.04p to 21.ilp per £4.9ni. in the Industrial branch. 

COmiTient ®®.® dmdend is He regards these as representing 

London Life 

housebuilding led to a near 23 per , I*,:- 

cent, fall in the cost price of Clothin, 

timber and fore.4 products. The 
resultant “significant" stock loss /1DI1 MV\V av* 

Commenting on the gravure paid. Ltnrcads .^ustrahan opera- A ccn/'loi’IAri 

transfer prints division which tioiis were substantially redured /\doUCl4liIUll 

«lipned from :< “ substanti.'ii totalled Long-term funds of London] 

profit" to a loss rtf £460,001) last »S6.iK>n. Uj.^ Association rose by over 

>’ear. Mr. tViegIpsworth reports For the current year the direc- xscm, last year to £278m. accorcl- 
that the volume nf orders for the tors ase hopeful that they can (^g jjjg report and accounts 
snring season ha« been reason- achieve a trading profit, before 1977. Premium income- on 

. HighfighfafromthaAnnualRepoitand Accounts, 
for 1 977tfnd points from the Statemeirt by 
the Chairmso, Mr. E. H; Boot 

. Fcnal drvidand of 6,683Sp per Ordinary Share recommended 
making a total ofB'.IBSBp.’ ‘ ' 

Cbnstructfonincrea^itsttJrnbvarbutdjdnQtmaintain ' ”• “*"^3 

• protogrowth.- ■- nse. IgJ 

Join^ made good lecmvs^andMrn^ am ^ ”i 

; Enflinaairing returned to prdffiablBty and increased ita share ' ;ni. -m..' ®!*'® — S 

ofjtiarkets. ^ sales 

. had an encourage year and Rnanceachievede 

.;• small increase in profit.- ••• ■ ' ' '. . . The OM 

•^^dun^retUTnedtoprefitability. ' - 

P(aatpri>rovedit8perforrnance, “^^Sch'^ ^^hstantia riBU 

The Group is confident in its abliltylocortinuefts planned' 

. expsnsionandtoachievemor'e^tisfaaoryprbfit&r - 3b n Ptice inctM 


• .1977. •.1978^1 3 

-■ V •^»»/oera/x i3 

T^ver . - . 70,968 ^7^7. i^Ju/co -5”*^ 

Pn^belbistajtetion 2,013 2,531 . 1 ^“ ^fJSSta^ 

...Ttaation 1.044 1,328 

.. Profitanributebletomenfbeis • ^69 ' l;203 '^*^3dip:r 1 ^ 

JiJbrclinarydividend -'488 437 Igadlll? ^ 

: EsnungsperSOpOrdinaryShare . I7,9p - 22,3p .T^ttnirao ^ 

TotaidividendperOrdmaryShare ' 9.1839p . p ?? ?^p -'hai,, i -® iftcrMii 

■ - ; I - ■ 

'C6pteoftheReport6hdAccounteobiainabte:fromtheSecretaiy,.?'^-(l to un.riftfiTA'i 
-Hdh'ivBDOi;&Sons Limited. ^nnerCrpssHaII.Sheffield SI 

cansTRUcnoM johiebT .engmeeiiirg PBOPEBriW'"^ feyouts, 


V ;... ■- ; y\ 

operates ' as and bv 103 ner cent tn £23^ni ^nring season ha« been reason- .icnieie <1 irauing proiii. oviore 1377 Premium income- on . - SALIPNT PlfnilRF^ 
g «d sporting Hhei„^d?xi^^ hut price> are still very dfProciation and ^ ,e„ by ,£3.5m. to «>ALltNl HtiURES 

in the industrial branch. He ex- 
presses concern over tiie propor- 

depressed. ri.2m. iind *.b®* ***-r*hu^W« PJJ^ £ll.3ra.. but premium income on 

.Vs already rrnorted. turnover Oj? thto^baiVs thev S annuities rose by ne^ly £lm. lo 

fnr 1977 climbed by £B.S7m. to 'J,“dirtden^^ lAo InvostraeiU inc^e was 

£39 89m. but pm-tav profits fell lipv sav in U®r cent, higher at £23.7m. and 

from £2.19m. to n.rsm. ,,.?Tii^raft pridimT 

addition o'r’£6.8m. in 1976. Claims 

Crown House has a lot going on behind 

, the scenes^ot the Naffonal Theatre. 

I As 

London*s famous new theatre on the South Bank is one . 

' of many outstanding recent developments where the 

and expenses 12 per uciiL more 
al £4.3m. 

The report points out that for 
.some years, the investment policy 
of the .-Vitsociation has been to put 
approximately equal amotinis 
into fixed-interest and equity-type 
invcslmcnls (ordinary shares and 
propcriyi: At toe'end of ihe 

year, the portfolio wa« spread 
between fixed-interest (39.7 per 
ccnt.l. equities (29.4 per rent.), 
property (29.7 per cent.), 
mortgages and loans (8.7 per 
cent.i 'and depo.sits (l.'i per 
rent.t. Owinq 10 the trnnsrer of 
funds from London ' Life lo iiv 
Managed fund subsidiary re.sull- 
ing from the surrender of F^SU 
policie.s. there was very little new 
money to' year. Tiie 
proportion in property w-as 
reduced by the sale of the com- 
pany's deveiopmciit at Clements 

- Tymover • 

• ..Ttaation 

.. ProfltsttributabletomenfbSTS 

; '.EairungsperSOpOrdinaryShara 
•: TouidfvidendperdrdrnaryShare 

. 1977 
• 70,968 
- 969 



r > ' of many outstanding recent developments where the I mortgages and loans (8.7 per 

engineering services - electrical and mechanical - have o'lJinq^'totoe traiisrer'^of 

JS^>^ been installed bv Crown House Eneineerins. London Lifn lo iiv 

^ ■B gg Some others where either electrical or mechanical services ing from the surrender or 

havebeenorarebeinginstalled.arethenewNatWestTower ' Serio'^iitesriiT^^^ iim 

nowrisingintheGity.theBrentCrossShoppingCentre, FXJfSy to" jrTtL cZ 

and St.Thomas's Hospital. . development at elements 

CHE are-winning more and more contracts, not only in Britain but in 

the Middle East, Africa and Australia. ^ 

If all the world s a stage Crown House is increasingly there behind the scenes. uoted""pro "***^"*^"f**"^ 

^“1 We play other pai'ts too. Our subsidiary Dema Glass, is Britain’s biggest machinery and precision ongin- 

_ V y _ manufacturerof finestguaiityhapdcuterystal^agthroughitsweil fljort o5™?he 

^ l“^.fi;Th^-Webb’ ^elcribeTafbctoraS 
' — I ‘ I I .. In addition Dema distnbutes annuallv more than 100 ®f British Electric Traction, wc 

million iissortedgL-isses over half 
— I . — r of wliich go for export. 

about what we do 

Patrick Edge-PartingtoiK'it 
2 Lygon Place, London SWIWOJT, 

_ __ Telephone 01-730 92S7. 


■ Umittd 

n ComhUi EC3 3PD 

Crown Housed? 

'itiumoynotsee but we’iethi 

GiiC teted Portfalla Mjpagcmeqt 
Strvtoe Ib4«x 11.4.71 
Pttreelie .1 bmiw Oflvr SJXt 

BU S2.B7 

Pwtfolio II Opital OITvi;" 139.21 

■ BW - 12V.2C 

' Jv^jprpoffltsOT Cteurmaii’sSStfiteineiit 

gccompanviflf iheAainialRepoiiand Arehiinre — : ■ - 

; -Group Turnover 1977 -substand^y *'ahoye 


' lE^rTflx Profit at^recoid level for eighth sticc^ive 

' ye^^ jrharimuffipemdssibled^^^^ 

‘^e$- to;the all-important Home inark^ achmved 
their iaiget ^hllsit ^exppriis to the 

’ , jwVdlevjsr^ , ■ 

' 'We =£iK aimips'ibf cohtinuthg .growth in Both 
- _-yciiuiaeand.^uetiirou^^ 

• 1977- ' 1978 

.i:.-.; .I.V-EODO- ■ £000 

Sales 16:28^ ' 14,079 

. Ti^Sng Profit - 2,688. ; 2^^^ 

/PrdfitafterTax 1,149 



i -substantially - above 


'DTSddefid per Share. 


: . £000 



• si, ' toffee 


! UESBTnOpERAI^lONS-, o , ■ 

* ' '^iJ^AWRODyCTANAi-YSIS'?’' ^■'v- 

*'• • ^«jw. , .•.Sates. - Ir^iig ProfI 

•'£884m .' £Sa4m 

^^^Qwfeptionflry 41% 51% 

:C'^ yrinks: . ■ - - . 26% 21% 

.'■ Twand Foods . - ; 29%- 25% 

' ” ~ ' I iealth & Chemical — 

Products ■; 5% 3% 


Cadbury assortments, Cadbiny and Fry 
-••.•ii‘.r.rsGOunt lines, Cadbury ntoutdedi^cboGO" 
fate, Christmas and: Baster. seasonat 
tines, Pascall Murray suffer coih* 
{fectionary, ■ 

Despite v«ry substamial increai^in conf^ 

sumer prices foliowing.tbe/ise in the..te!prld 

" ' price of cocoa bean, tiie chocoi^ ii^ustry 
has maintained a high level of .acdv^. In 
1977, industcy yoloine sales 'were.appFoxl- 
mately 3% leK than in 1976 but were more 
than 2596 up in value, ilie Oonfectioneiy 
Division 'had an exceif^t year's trading arid 
again made a very substantial contribution 
to Cadbury Schweppes' profits. This was 
achieved even though price increases had a 
^ ■: greater ^ect on the 'mou/d^ chTOOlate 

market’- where wa have a dorriinadng share 
dfen OH othermarket s^Gtersi 

.rSchweppes m/nera/s and soft drinks, 

■ Fo^'s Lime Juice, “^Cresta'\ “'Zing'*, 
: -Pepsi-Coia'^ 'y-Up'', ''SimcrtfsA"’ 

In spite of a difficult year bie Division 
' .'achieved brand leadership for Schweppes 
; fruit juices, successfully extended '7-Up-' 
.}■ ‘ to national coverage and increased market 

■ ''^ shares in the take-home trad&forSchweppes 
' j.' ■•'and "Pepsi" brands. The investment pror 

■ ' gr^me continued, to up-date plant and 
secure rhaxfriiium e^ciehcy horn newer 
bottRng and canning layoiTK. 

•; Wines S’ Spirrte 

"Dubonnet", Andre Simon Wines, 

: Cusenier,imported.Spa.Water. 

o We have continued the developthent of 

■ thb Andre Sirhoh range. SchMveppe^ Agencies 
_ — ^ h^s^ood:yB?rand"'DubonnefE'I continues 

. :;^ta^j^akegcK)d^P - ' '• 

_ ' and Poods 

7^kbp tea and teefiags^. Cadbury 
*■ odurjivita", cfiocofate biscuits. 
Cocoa,' Drinking Chocolate, "Marvel", 

^ "Compliment", "Smash", "Snack 
' .V Soup", "Soya Choice" Hartley's Jams, 
canned fruit and vegetables, Chivers* 

' Jellies and * matmaiades, Fa^'s 

,.r ■ The Division held br improved the share of 

. J Typhoo tea is of major importance but. 

■ V; followingheavybuyiriginthefirsthalfofthe 

year, there was a marked fail-off in orders in 
. thelastsixmonths. 

;v- "Soya Choice", our textured vegetable 
protein range achieved sales and market 

: Keneo 

•; "Kenco"Goffea. : 

Prices of raw coffee reached unprece- 
- dented levels in the middle of theyear. Never* 

theless, Kenco had a very successful year's 

' HealtbandCfaemScalProduct*: . 

Jeyes Fluid and "Babysoft" paper pro^ 
dtctsi, "Pamaona" bleach, "Saniiav% 

O ur Report and Accounts, which 
has been posted to shareholders, 
includes my statement on trading 
conditions togetiier with a review of 
our world operations. These are some 
of the highlights. 

25thApnX1378. CHAIRMAN 


1 977 sales at £884 million were 1 296 
up on the previous year, while thebrofit 
before tax rose from £46.4 million to £48.2 
milljon.These results marked continuing 
progress in strengthening the Company's 
Operating base. We have continued to 
concentrate on the main stream of the 
business and on buildingforthe future. 

The level of marketing mvestrrient was 
over £1 0 million higher than in 1 976 and 
will be maintained this year to increase tho 
share of market of our major brands. 

''Bioo", "Jbcor end "3 Hands" distm- 
feotants. "Wonderfiame" Fre Ughtersi 
contract packing of aerosols and the 
ipanufeeture of plastic products. 

The Division achieved an impressive tumr 
round from the disappointing profits of 
recent years -and 1977 profits were well 
above the budgeted levels. 

Jeyes in the'U.K. had a very successful 
year; volume was maintained and market 
share in our major brands increased. Aerosols 
International returned to its former role as an 
Important profit contributor. Middleton 
Plastics' profits were weli ahead of 1976. 
Jeyes in Ireland traded under very difficult 
conditions and ptofits were not as high as 

Concentrates and Essences The Divi- 
sion's profits exceeded those for 1 976. 


United Kingdom 


North America 


Other ■ 






12 % 



Trading Profit 






The buIId-up of our overseas operatlorw 
continued and 4896 of the trading profit came 
from outside the U.K. 

The U.K. Confectionery Division made 
a substantial con^bution to the results and 
the Canadian business is now trading 

Pric^ of tea, coffee and cocoa 
fluctuated considerably in 1977, butallfsll 
backfrom the high points they reached 
during the year. Through careful buying, . 
product prices have b^n held as steady as 
possible and peaks of commodity prices 
averaged out The Company has every 
incentive to pass the benefits of its raw - 
jnaterial buying onto consumers to win 
market share and volume sales. 


In spite of ail the uncertainties, the 
Compan/s aims are clear. We aim to grow 
technical effort behind the Company's 
major brands and we have two main - 
objectives over the next five years. One Isto 


The American Region came bac^ Trrto 
profit in -1977 as a result of the expected 
growth in profits for Schweppes, Rose's and 
Powell and a reduction in Cadbury losses. 

For Schweppes in the U.SA, sales 
reached anotf^r record. In Canada. 
Schweppes sales were 43% over 1975. The 
newdrink"Rbndo" exceeded targets. 

Rose's Lime Juice safes in U.SA were 796 
ahead of 1 S76 and Powell's major brands in 
Canada vrere well over previous years' levels. 

For Cadbury in Canada sales progressed 
as did market shares, but in the U.SA both 
sales and profits reflected the dullness of the 
market and our decfared commitment to 
inve^entin long-term rharketing. 


Company sales were 3% above 1 976 with 
net profit before tax at £9.1 million, 24.5% 
above 1976. 

Schweppes sales volume increased by 
1196 over die previous year; market share' 
was held and gross profit increased by Z596.' 
Cadbury showed an upward movernent in its. 
market share and increased profit through- its 
new range of "Chunky" chocolate bars which 
captured a phenomenal £6' million turnover 
between May and December last year. 
fleet Zealand Cadbury Schweppes Hudson 
Ud. had a highly satisfactory yetf • 

build on our established position in the 
North American market, i said last year that 
we needed to broaden the appeal of 
Cadbury and Schweppes products to 
obtain a greater share of what is still the 
largest and fastest growing single market in 
the world. The U.S. $58 million bid for Peter 
Paul Inc. announced in February 1978 is 
geared to do thisfor our confectionery 
business in North America. The increased 
marketing investment behind Schweppes 
drinks has a similar aim. 

The other objective is to Improve the 
Company's return on assets in the U.K. This 
is again based on concentration of effort 
behind the major lines and firm financial 
targets have been set over the period 
between now and 1 982. 

It is not possible to make a firm forecast 
of the likely outturn for 1 978 but we are 
budgeting for an Increase in' profits. The 
resultsshould be assisted by a rise in 
consumer expenditure in the U.fC^ and by 
more stable raw material prices. ' 


' Sales of Cadbury Schweppes products in 
Europe reached £69.5 million, an increase of 
596 over 1976. The volurrie of Schweppes 
sales' continued to expand as- a result of the 
successful development of riewrnarkets. Our 
market shares continued to show consistent 
growth end trading profits increased to £5.3 

Ireland Cadbury Ireland Ltd. had a very 
successful' year, achieving a . 'substantial 
increase in profits as well as increased home 
and expoit^les. 

Sweden Despite severe economic difficul- 
ties in Sweden, Cadbury Slotts A.B. again 
achieved record profits. Exports again 
showed considerable growth and improved 
profitability. -- 

West Germany aiid Austria' Sales of 
Schweppes products re-established their 
growth pattern towards, the end of the year 
and salesbf Chivers’ jams exported from the 
U.K. doubled in volume. 

The Company signed an agency .agree- 
ment for., the sale and . distribution of 
Domecq products' from Spain and ^les 
began in September. 

During theyear, the Cadbury licence agree- 
ment with Storck came to an end and plans 
were piit in hand to re-enter the German 
market with chocolate exported from- 

Belgium and France The Cadbury busi- 
ness in France continued to expand, with 
exports from the United Kingdom reaching 
a recdirc! £2.25 million.’ ■ 

Spain Rapid inflation and low summer tern-' 
peratures combined to make 1 977 a difficult 
trading year. Relative to competitors in the 
soft drinks market, the Schweppes brand 
sales held up well. 

Italy The policy of concentrating our efforts 
behind the Schweppes brand has continued 
and significant gains in market share have 
been achieved. 

Franchises Sales volumes continued to 
expand. Our operation in Bulgaria is fully 
■ meeting expectations and considerable pro- 
gress has been made in generating interest 
in other East European countries. The 
franchise opened in Turkey in late 1976 has 
showri spectacular growth. 


Cadbury Nigeria Ltd. traded well witii 
volume sales approximately 40% up on 1 976 
with record figures for both sales and profits. 
A trebling of tonnage capacity to meet 
demand is envisaged by 1982. Boumvita 
business more than doubled in the last 
three years reflecting the enormous popu- 
larity of cocoa and malt drinks over the 
traditional beverages of tea ■ and coffee. 
During 1977 a 10096 Nigerian-owned com- 
pany was granted the Nigerian franchise for 
Schweppes. Cadbury Schweppes has the 
contract to manage the operation and to- 
bulld the factory which should start pro- 
duction in 1978. 

Cadbury Ghana had difficulties In ob- 
taining import licerrces but In spite of this^ 
performed well with a significant increase 
in profits In 1977. 

Cadbury Schweppes. Kenya Ltd. had 
another record year with soft drinks sales in 
particular showing above-average growth. ' 

Cadbi^ Schweppes (Zambia) Ltd. also 
had a successful year despite continued 
shortages of raw materials. 

In South Africa,the economy continued to 
be depressed and this, coupled with high 
cocoa prices, made 1 977 a very difficult year 
for Cadbury Schweppes (South Africa) Ltd. 
White confectionery profits were below 
those earned in 1976, the Schweppes 
franchise operation earned satisfactory 
profits in Its first full year’strading. 


The first major diversification project of 
Qad'bury India Ltd..- Sat Fat manufacture — 
was commissioned on schedule. This pro- 
ject is entirely export-orientated and fulfils a 
major requirement of Indian industrial policy. 

• Cadbury Confectionery Malaysia Ltd. in its 
,first'fail year of operatioris traded profitably. 

: . The sales and profitspf our confectionery 
Joint venture in Japan in the year ending 31st 
March were on budget. 

Our Schweppes franchise in Hong Kong 
had a record year both in sales volume and- 
in royalties. 

exports UP 48% 

All sectors of our U.K. export business 
enjoyed another year of good results. Sales, 
embracing .ten major company brands, 
achieved record levels with revenue in 
excess of £49 million which was 4896 higher 
1hanlnT976. • 

Annuai General Meting 

The AnnuarOeneral Meeting will be held 8t12noonon ' 
Thursday. 25th May 1976 at the Connaught Rooms, 
Great Quton Street. London, WC2. 

Copies of the Ssport and Aecounts hteerporadng the 
ftdlStaternmthythoChdrmm andtht bevJew of Opu- 
ations an avsUabfa on eppiicathn to The Se^etaty, 
Cadbuty Schweppes Limited, 1J10 Ce/inaagfit P/ats^ 
loaden W2 2Dt, SnglantL 






Total assets at 31st January 1978: £34'9million. 

In -the United States canSdence is at a low 
eblualackof leader^p in the Government, 
a failure to establish an enei^ polity and the 
enormous deficit have caused the dollar to 

Tceaken.materially. However, at the 
appropriate time, it is the Boat’s intention to 
increase our holdings in the U.S.A. 

In the United Kii^om the rate of inflation 

ihou^appredablylonerthan a year ago is stall 
higher than tiiatjn the countnes of our chief 
competitors intlie western world and must 
cause some concern. 

Our investmentain farmland, which are all 
long-terminvestments, have appredated 

C l^fichael Hughgy, Chairman 

AmemberoftheToudie,RemnaatManageinent Group. 

Total funds under group management exceed £700 million. 

Copies of the Report and Arcounts can be obtained from die Secntary, of The International 
Investment Trust Limited. Winchester House, 77 London Wall, London BC2N IBH. 

Bodycof e up by 
!o to £ 2 . 04 m. 


Faiihaim LawsMt^lp^ 

but riches 

aKfLECTING good results ftom 
the- industrial' prbtecuve dotbing 
and safety products division^ pre- 
tax profit of Bodjeote Inter- 
national, the 


despite a marginal second half ditnps font&iilng tftnrajjiom the 

faU from £649,000 to £6aWH»,-. jOac ^ . • • ' "T' 

pre-tax profits of FUrbaini There has ^ * P™P™ 

— 1- w j Mmifle coQtpBiias haw aotuM Lawson reached a record £L34Ub. pclHip In go B447 (£801) and was 

, Manchester-based ^tes. of Board, meedati to die Stock for 1977 comDSied with So^ m the first anartec Of. the ^ 

ahead by 17 ^ t^s^ 

per cent, from £L7hi. to a record from fl2.74m. to £13^ : rate which the directors would. 



t.fl4nL ui lS77;vafter a _?5_ptf ^ wtMm <ji7ideods mcwMt ir«. After tax oa the ZD19 ba& of ' wJs^ the grow has **™*^*i 

S’ ti(S. bank 

to'fsos amonnting to --fgM* yf"; {r- 

*^°h~ 1 ^^ ^ wb^Uvtatora' (£135,000) earriiney ^ Jn^faln targets tO ''i"'’ 

at halfway. . SS ^ SSTaruSMU-oS^ ■ ■ . 

s^ ^ m comment . =■ -.: 

placing made whcnW. Westwood ^ A^iafcn iMOn'S 

^ y <■ 5 °!“ «»? fen 

ftom Denser a. ^ jeer Miin- 

TuTDOver for file year advanced 
by in per cent from £33il2&L in 
£25.7m. Aftertax up from £142,72o 
to £1,007,044. -atnihutable profit 
rose from £786.004 to £L087.06l 

mft timetaUe. 


■atertmw Seeacw Gears. 

FlMln AJglfleie todastrin, 

Qiwntal. Aatooaied Seesrttr, 

Brswerlee rWraxbia).. Sorooeu Xerrles. 



directors atep' «iiifirre .thrfr fore^. 

-^.iSfc-ibr Treasury pennisaian- 

As fdrecsit the final Aiviiwi . 

ral^Dg the nm tntm . T^deptam Rent^ ’ctumeB T-Ltaa 0^ 5p -pet for ordflts are 

ar..j5SwfUDwe)t. the <M>- ^einraBoATB ?af aSrtern=; ^ 

man. reports that the trading. \ 7*r_v •/. as. fteni . 

Mri?w *Mrt **SSM*i*lS Mirs .i.m ‘ to £85,000 With the 

earber part of ^77 undoubtedly Lewfan and Pror. Shop Cestcei Mas 4 tStadhruSs^ -IT ' rate at FafrbaJm'b to-; 

• p w nna l y now.,aroundr 
Last yeart . 

helped to suttain the gToop 
through the last six months when 
trading conditions deterJonted 
significantly. ' 

The main suivort fOr the good 
results came firam the companies 
comprising the industrial protec- 
tive elothuig 'and' safety products 
di^*ision. Other stdMidiaries, parti- 
cularly the textile processing din- 
Sion, were advesiely affected by a 
general redoctipn in the voluine 
of consumer demand. 

Ur. Owek eays it is far too 
early to predict the oulcome for 
1978. Much wiU depend on the 

Xotb AtJtflanel Cae atfueetaa 


'6aas(4 Balmi. RBbbec. Bntte 


^ „ Interim .tUvideod 

H Bin ftr un 
•“. Apfi as piDii . : 

May 5 B ,,mniii^ 


asthe dirertdi!ifiare decIfa*liFR 

to be na TonBM i j r-; t*et 

.prerioax jeai^'.resUtsl2^ 

sen .resttted. to jt^eit Xi^v :** -f sn**® 

tt*il.8’R':9t;P<toe!r-_;.' ^ j • - recr' 

. -. ■■ Y.%-rrw Irafi 


.. Uista 




camabeu and Tsbenrees ... 
East Uldlaind AUtf Pmi 
lltraae Property Lmdea ... 
OveastBM Jirrastmenta ..... 

Photaz. (leadaav — -- — 

veraoD Pubtaa 

* Amended. 

May s 
AST. 28 
Apr. 2S 
Apr. SS 
May P 
May S 
May 3 
May X 

objectives . for .• 1977 to ■togreMa' 

S rofitabUi^r broaden the osiidfi', 
ase and . to toiprpve ^diviraidn^ 


have h,^'. ros^^^^er^c^^Cre^' 

gnuip.. ^ ^ . noo r *nw -I07V.* - 1 

difficulties in toe eapItteigoeSs^Stoe cawent yw *ne 

market- a satiateloey toCpeaaft^vSj It a lpoto« Sis^!h«3C£2-4ami-at. 

pre-tax profits ; was acMev nA; ;. to ' When reporting: 

The euzienl year -has\steiM?W of £378,073 C£23C9St); 

satisfactoxily, bearing to-..3>ia»d;te|idldaw • of riniDiw m 

the generM dowatwrOr te:''Wio*ia;-Jc^ but. It will ^so *P?**j^- would be eomfextaUy'in 
'trade that is comntty -heteig^^' the dommant strain m ^y toe prevfons year. : 

«.. — protective clothing and safety pro- experienced, and' the compraywh . ineigw. Meanwhile • me. They how-, etete'toat j 
group's performance in the second doets. This division has lifted its awri«-ipate ^ tha y H • *f*P Ke^.a»r f fvpiftdMid hike penmtted as curromt jrnr nH nTfiffiaiipTr 

balf of the year. Although the proCts by a quarter on a volume to nudee farther prtgNnito nf toe- Westwood mwger toe group-are mafehtgjsal' ' 

subsidiaries in the industrial pro- increase of about 7 per cent. Firm At the yearetid -fixed^MleiaJtotes a yieU of toB per. cent at p^ogreto. -.v-*r 

teetive clothing and safety pro- demaod for specialist fabrics also stood at £mim ct^ p aiw ^ On - forecast' di vidend s -xw v ,pesptto'u' fledtae ta' 

duets division have made a good boosted the indastriaT and textile .- n rranf « iii rt ii trf the ' yield tauwo vaS: -to ~of. *AutoB6ofcsy' ov^ 

start,' trading conditions else- divisions where profits are -two gi^.Tohn fAuwn*- Oct cm p/e mtctttBent-.wfe- achlerea. . BST:*ti!tf 

where are not buoyant. 

igs is 43. 


Bodycote*s first balf profits grn%vth 
of more than a third has slumped 
to 3 per cent in the second halt 

iSii^tS[Te.m?p^ood & Sons. 

snnilar size to :oiir‘ own-sfaoqte^ly ' . , 

^ile■^M to ■ 

Sir Jobii foreseto X9TS .£0.25m. 

a generally difficult year tor ..... 

companies. *^and it ihlght * 

difficult to Feint the impact of 
continuing diffieuit trading condi- 
tion, ana might well show a 
downturn. Meanwhile the baiance 
sheet is strong and 

p^litoing*- dhdddn . vritb 
Group’s- mbsofika'Sixbaffi 
tonning ■ps^cularly-.weit .v 
expanding'' 'marke^'-tbe* 
add. '■••:•• 

The 1977 figures e&3ufih .. 
of. SeymouT' Press "Gnim'< 
News Kiosks. (Holdings),^ 
were 'acquired in . Jaimxry;..uri 
Taz takes '»44^;: tm 


The Group is engaged in the manufacture of drop forgings^ precise flame 
cutdngs and components for the engineering industries generally. 

Points from the Chairman’s Statement: 

• Despite inadequate demaiidj the Group achieved a4th successful 
year of record profits. 

• Gross e^ning^erslwemjw 414 

• Maxfrnym ajlowabledrvldencllncrease has been proposed 
representing an increase in annual dividend of 185% since 1972, 

^Group iBsults 








Profit before tax 



Assete employed 



Dividend per share 



^Ordinary shares issued 


7,714.638 J 

Cqp«s of the Annual ft^ortand Accounts are avwlabfe frern The Seoretary, 
Jos^ Shakespeare e Co. Ltd.. PostBax23. Cox’slane, OfdHiS, 
Warfey, WestMidfands, S645NX. 

N'evertheless, the full year resulte acqiusition of Sndley Taylor vriii 
w'ere slightly hetter-.toao expected improve capscity in the protective 

in the current elimaie of lower clothing di^ion by more t>»n a _ 

consumer spending, and the shares tentii. The shares— oo a p/e of 5.1 Ll!f^5I?f!7^iS5*VJ5i5i^^!^^'^Fte-tax profit for 1977of Wood: and etet^ -earnings: a'd 
dosed 2p higher at Kp. The com- white yielding 63 per ceoL— are “*"***to^ ” j^y^ .Gftns /HcMfaigs). the Mitoenr'frmBas9Dto yaTnoerlfe 

pany has been able lo Hide-step prebably rated too low for a com- and packing material mano-- A-'figal dividmid'H^P-'^igl^B!;! 

the full Impact of toe textile reees- pany which has reduced its accept * ”*Sy i S^f*fh iH»g wihefern: advanced IXom-' lifts '.the~ tgtal . for .the.. »efe 

Sion by diverriiyiag Into the dependence on the domestic tex- n"’® * to .'a peak S534S9, on 2.7918p t2.13681p) re * 

Industrial sector, particularly into tile industry. independence. Tge ,stab ing v^,^,^Qypp q£ £ 4.2150.' against 433p (S3to) 0TO^. as. 

oar ynms^ w^ we toXtopB;>. ^i»„, . . the timjrof -toa.Jdnerl^ 

^ should. also help., mtffiiiay' wfaen.-anPonDCing,- isaiar - •’• • v - ■ 

Dnrblrrkt* Irhrkb'in^r frbv* T)je dM»jo» ane^s^J^ jgw^i ^ - im 

oooKcr looKins lor js^ saw 

sign bnt are m tiie awck^li^tor.uther yegr^if record 

fa- J877. .. . :saaEe.-ar,eiisBd«i»..w-.uuies 

sustained growth 

SIR GEORGE BISHOP, the chair^ further refioemenl before the 
man of Booker McConnell, says current cost figure can be ftfily 

the group will, maintain its 
record' of sustained groviih in 

relied npon as a realistic indica- 
tion of profit before tax. 

During. the year there was a 

Sir John expects .aa!)^. .^^; 3^ now repoit'thataliealthy 
earnntgs to eontinne'tp dhieT book xhould ensure ron- 

a realistic rate in. the* ctu;^^ tinned pro'spen^ 
year, although he’ sees - 
diffieolt totenMonartrtutoig i 

tor the-com- 
pany dunng 197A ... oindepd:. v—..... 

' A final dividend of 03332p pietk Retala^V: 


** Our long-term -plans and our to3m. (£5Am.) _ decrease in :net 

operating budgets, for (his year 
foreshadow an -' increase in 
profits,** he says In bU statement 
with the acco(ut(&. 

He says there' are many prob- 
lems to be contsen^ aboat in 
1978, bat ihere-are some positive 
factors, particularly in (he U.K: 
where the bulk -‘of profits are 

Phase *rhree. ttage increases 
and the Budget reliefs should 
continue the imppvement in 
Uvins standards toroughout the 
reminder of 1978, he %ay»- 

currmit borrowings. At balance 
date fixed assets .were £t739m. 
(£33.69m.).-nct current' assets less 
trade er^itors ivere £4935ni. 
(£4332 zd.> -and -current liabilities 
excluding trade creditors £2037m. 

Meeting. S9, Cannon Street, 
E.C.. Uby IS. at noon . 

M & iGprinsnrai^ 

side suffiSl dowTlttt^ 

1977— by 

.Increase from 
Lake View 

' Total' iftootne for the y«r . 
£I3iTu internal c*Pi^ March SI. 1978. at Lake- View 



Trnst rose from 
and after ex- 
penses and interest of £432,139 

programme of 19fT7 In the latest 
year, and Sir .iCeorge sees no 
difficulty In rfnancing outside 
acquisitions the group may decide 
to make. J 

However, Ahe scale of the 
expansion may eventually need 
further capital to continue the 
growth offthe company. 

Pr«-tax.* profit last year 
from £14 .94m. to £S49Snx, A 
current cost statement shows the 
tlJs. company's pre-tax profit of 
£30.6m. reduced to £15.68m. by 
additional depreceiation of 
of £4.85in 

adjustment of £2.23in. 

Sir George says directors feel 
that the Hyde cuidelines need 

New life Bums-teassiired to HH7 Premium ■ jncoine on marine £I.6m. : in 
by Mercantile.. and General Jtev.and aviation' business improved with the 
insnrance Goinpany, 
the ETudential Group, 
than in 1976, the fii^ tone 

years that a drop- has occ____ . --- 

This \v3s revealed by Mr.rP,M,.Ctebe imfavburable,''partlcul8riy tor firmed that the company at ‘C . a ae 
Donald In- his chalrmans-aa^, Igg4»-ahd-'19gs. ^but^ there were made--a providelv^eD Tospaet r*. i' 'hv 
ment. sigi^'df 'Improvememte 1976 anil itsl3 per cenL invwtraent’te'fi:?'(r: do'-'ic’irr^ 

Although the Rim reasured 1977. ,Boi -Mr. Donald, wanis^ bf broking- company.. T1ie proTGA^-'''.'r-’'’-7«ri D':*rh 
exceeded-iZbA,’ the €811*00106 from the* v6lr>’’'higb exposures in this out of inner resezves was of 
a lack of buoyancy in life markets sector,- vividly illustrated in 2977 order of ESOO.OOO-. but the 
worldwide and the change in toe with toe Teneriffe Airport cost would depend vxmoit- 


4sBi;v-.' biii rr.idc 

y^s*.vi- -lo; d!:c^;.v 


irom C.Q6m. to £12m. 

Earnings are given- -as S.GSp 
rj.3f^) per. 29p share and toe 
ros*! dividend total Is lifted from Z.lp 
to 2Ap net with a final of 1.65p. 

Energy conservation -ten years of growth 

The parent company,, tot^. coUiriioh of ^ oth Afriesu . 
premium incomo for life and Doriag'lfiTr. the group switched 
annuity basiness amounted to investments from equities into 
£49m. against £35m. in 1976. Mr. bonds, particularly in the ' U,S- 
Donald reports that after a review, and Japam The Ufedund for the 
of the life fund, a transfer of first time invested in 3-4 year local 
£l25m. was to profit and authority -deposits to cover single 
loss. premium bond busmess, punhigr 

, New premiums -on permanent in £I2m. Although toe group eon- 

— H-T.1- 71 health insurance contracts also tinned to add to its holdings in 

.. a cost of^« adjusti^t slightly last year for similar Commonwealth and foreign bonds 

85m. offset by a gearing £8o9.^ In w year 1977 com- reasons to those affecting, life to maintain deposit and reserve 

'*‘to £35,360. Due to an business. But Mr. Donald reports reqnjremests, ove rs e a s assets for 
agency error a prom of reS9.^ ^bat the continuous disability the firsttime In several years were 

account continues to develop in a less than ^ per cent of the 
satisfactory manner, with ovei^^pornolio. - 

Mr; JuUqs Neave, general 


I hopes 


The net available profit 

Outlook for ^ .. . . 


^ ^ *• '‘^'T9*'**. ^ 'W- •• 

was shown in. yesterday’s report. 

Pre-tax profit for 1977 at £5,099,0CX) was 
20.5% higher than in 19^ on a 13.5% 
increase in turnover. 

The Group's continued strong progress 
reflects the demand for its products in a 
wide variety of industiial and commercial 
applications and greater understanding 
of the need for energy conservation and 
maximising output through greater plant ’ 

A final dividend of 5.19p per share is 
recommended making 8.94p per share for 
the year (1976 6.1 9p). 

A one for one scrip issue is also 

Orders for 1978 are satisfactory and are 
ahead of the corresponding period last 
year. Given reasonable trading conditions 
the Group's business growth will continue. 

Spirax-Sarco Engineering Limited 

Charlton House', Cheltenham, Gloucestershire GL53 8ER 


m I 



generally agjg 

premium income. ,Iast year . - 

amouDDne to £l&2m. manager, eommemed that the 

Mr. Dobald expresses concern marine side of the- badness was 
at tbe continuing disappointing giv^- some reuse for pesshnism. 

results on fire proportional busi- Reinsnranoo. business was bound __ 

ness, which tor toe closed year to reflert top deteriocating experj- stand up to CT m p^tten -In -ft 

1976 necessitated a tnnsfer of ence of direct insurers. However, — 

£2Am. from profit and loss. This re ser ve s , on »tfae marine side bad 
followed an equally unfavoorabJe recently- been substantially in- 
result for 1975 and reflected tbe creased. Bfarine business 
steadily decreasing .margins on accounted tor 10 to 15 per cenL 
this type of'biislDess. He ques- of p^rnldm -TBCome. - - 
tions whether toe high rates of m areas like fire, too, tbe 
eoDunlssion paid by professional group was caation& Recent 

reinsuren left an .adequate profit increases in tbe resmrea estab- _ 

margin. The misGeUaneous pro- Ixsbed by tbe gronp reflected the- strikes at the. -worku p three h 
portional account showed a sub- need to«J9ovide for more toan ^rtaat customeEa. ' 

saotial improvement in expert- the- :rtosttvely small number of Capital expenditure of £375fii 

ence, particularly toe U.K, port- catattTfl^ies. experienced In wks nsed'malnly to testan ns 

folio, recent<years..Tfae industry toonld plant in the wire 'division. Of ti 

He reports strong growth on toe be pr^ared for more disasters, £0.5m^aatoorised for 1978, orde! 
fire non-proportional account of vdueb toeie bad been- rela- have alrea^ bare ^aeed fi 
which mereosed by £24m. last lively; few since Hucricao . Betsy machinery for toe vrire ropes dir 
year despite a rednetioh of £2:4m. and Has Darwin ’ eydone, * sion to 'cost almost *£0.4xn. wii 

in the opening account from Meanwhile; however, toe com- the balance allocated to the ^ 

The pany bqd been able (o adtieve .a division. 

con- temponsy reduction . in 'its ,tax Meeting, Musselburgh on Msy ’ 
cha igp ’wo rth . something . like at noon. 

® 1-* per can*, art 

^ v.‘.' ^ 

Ta> - ttis annual -statement JTbb • the 

A. S. .Woo^ toe chairman^^ ^ annual 
Bnmtons (Hnreelbnigb) says 
the severe world recesrion in’' 
mand-for steel and steel p: 
continues and there .is 
sign of ;an upturn. 

He is confident' however,: 
the: compand -will, eon'tinae 
obtain at least its to'are of 
h ome maricet and wfli he 

.-In -ff; "®ru.* 

export markets. ' . . -.x'seitts <kcj- ' 

As reported on Blareb 31 pre^Wt;unp 

proflte feM from £2.3401. 

In 1077 with -£0.8m; <£L15m.) eorkpwmnn 
ing in the first halt - >«er- 

'Mr. Wood says that second . 
p^t would have been hiidter b! 

esfhsnre dieter. 
* iilfFkc'j!' eeo- 
K ’uhe U K. ar^i 








.. f 


the steel strip division was bad 
affoeted in the. final. .quarter. I 

exchange adjustments, 
onderwriting experience 
Unued to be satisfactory. 


Merest raMfinner 


Bank of Englan} WiUnmm 
Lending Rate 7) per cent 
(since April 11, 1978) 

Tbe London oMoey market was 
extremely nervous once again yes- 
terday, wUh fixed period interest 
rates marked up defensively mi 
renewed fears of an early rise In 
Bank of England Minimum Lend- 
ing Rate. Discount bouses buring 
rates for three-mmito Treasury 
bills were higher than 7 per cent 
'm places, slightly above the 
trigger poiot for a rise in MLR, 
if repeated at toe Treasury bill 
tender on Friday. 

Tbe weakness of sterlins in the 
foreign exchange market contri- 
buted to the nrevous sentiment. 

while tiie Bulk of Eng^aiid con- 
tixKied to pour oil on troubled 
waters, apd prohaUy overdid the 

amount.od be^ given- to toe dis- 
count hodso; even thbu^ tUs 
was -net imUrelied- In the level, of 
interfot' sates at the dose of 
baswwfii'.’,/ • 

DEscoim* hotisea paid np -to 7 
per cdtc.-'.lpr seeurki call -loans, 
wtto briances taken at 

6} to- H per cenL OvecBlshi 
money oomxnanded 9 per cent, 
in idaecs' in the teteriianfc marine 
during the. afternoon, before dos- anand ^.pec.cmtt. 

With dtp^o^^ asdSL is dibrt 
somly, '0e 'adtiiteities gave an 
extreoi^ hage amoont of awdtir the otonej muhet Ti 
bought a VBIT large amount 
Tteasazy hois fn»n tbe diacoui 
bouses,' phis a suaU' numbec ( 
local authority MUs, and a sms 
asBoant 'of rilrilrie--bBnk bill 
'Some oi the bill6: ivere.bou^ f 
resale .at a' fixed date in to 


Banks. bndgM~forward 
baianeee,. but this was oatwsKaa -> u<vin« - 
hr a 'VBcy digtat net take*upNlehru 
lYetsary bills, a ntaetantial fscc^,. Per &ha»e 
of revenue peymente to 
Exchequer over Goveriunene dS " 

tniseiiKiits, a sU^ 'rise in t 
note drculatkm, and oetclanieiit 
edged stock . sdd by 


. »76 




Local . 


FlmM ' 
• Depedts - 



Beak . 

tells 0. 





SrisTa notne.. 
( da.Te or 
/ uitlce. 
f«>o intinit,*!.. 
(‘■•rer ntniiih* 

.^iiie ni'inUi'.. 

- . 


■ 71a^ft 
74* 7A 
• 8 7(4 ■ 

U44«lg . 


79a.7S,. ■ 








’ * - 

nulit - 



1 8-Ur ■ 
>= 8H.9 
y<9U • ' 
r Cla.ffta. 

■ 7^ ■; 








• . T* . 



— . '1; 

.' .*■ . 






liOcil auUnriUM and Snaac a .houws wTan aays'.JWtKb othew 
o.«mmiHy ilirep yws ID|;ie* nvf cent.: fmir y«a»^tl4 wiomti Iw 

are buyioB raias (m ppme .Diver, gnyuie rates fCc:gBWXwe,il' tesa-.BUli Cm.,-, fwaswnni vrer^BUie n ar 

.ipprinffliaw- .-.emns rile* for oiw-moatii Trouoinr .WUS wU tiynffk 

i«i^«5lS7 per ceni. Aoaronniatt wiuag rat# for uBwamUi bonk btlU V'hfcjt.gW i ww iewq 7M» y. ee nt,._#iia 
aionUi t/im.7»«ib per cmi. oat-nonth wade mils VI' per eeatJ l*o<iioi«li Tt-^,p#r ciaiL,. aiW «li8^ wejtwjwa .7|.n pg 
Haaue Htm bbm Mtw fonbiMiM tw uw yinsnm Ihwws Awodaa wi ?,gy v g^ 

DepnO R«m <fBr gaaD smB* ai seven dare’ nvile#) * pwqifli^' ,d^v* 4"^^^ jSW 
W14sAvv7iM.^e>^Ctte^daMBW-S:WM >i M eBt.^ V .r . •• 

April 26 1978 


representatives asked to resign 
□its’ Board 

5 have decided 


•^TSnF* MMnwhile. a decision on deinces for £(0^1S wh the Xortti at I 

«rar referJpJ t« iS* *m® **® Sen’-'s preducta are compleaien- stren^rihen Tandea' 

InJS- t*ry .to the s^ey deriees pro- the retaB foottvear 

Easland and 
I's co^«r3je in 
trade in that 

® TnvMf. “ «ry w tne Safety dances pro- me reuu toonvear trade in mat 

ShaYri «tt week. las Raima subsSdiary. Cwh consideration payable by 


SobYcL • 


The acquisition 7s intended to Tandem, is i7i,000 plus atock ar 
strengthen Halma's position in vatuation. I 

the expanding French marhet for I 

safety.-products and.provtde addi- ctt i. t>t- I 




mothhaUs*' foUow^ 


^ aSS: ^ industries: Prudential 

S^S!SLi?V* sales from Sent amounted Assurance now boUa 124 per 

I «***¥« mothbaUs*" foUowtag the to some £77.000. cent 

GThboits Dodleyt Me. R D. 

’SSiS received an approadi wWdi might Turner, chairman, has sold 150,000 

hid being made. W. J. REYNOThDS shares from his beneficial holding, 
rt • The company is proposing to W. i. Reynolds Holdings would His Interest U now 1,130,000 shares 

m.” A ■ srawinent . irom ailiMira rr»* of k..... l.. » • k.i.i -..j eoe 

addition to 

eh7ni4T5SrfSra-K£IS IJpr 21 days) to-day’s ha»e sought more funds £rom held beoeficiaUj and 6S8,«2fl shares 

wluch it had proposed- to shareholders if Oahstone had not held non-beneficially. 

—5 nhni-»ii»ni* iMu uLuywacu tv ®u«vuuioers ii vsksiv 

ISw rtcommend the ^luntary IJquIda. made an agreed cash 
““PanF- This deef- Mr. Roger Marsh, cl 

U> tnar .. ,n .wonia oe Ul- elnis fonnurnri t’liA >tmUtMmUr»*tjtr, R«VfW>Me in *bn /a 

shareholders if Oehstone had not held non-beneficially. 

made an agreed cash offer, says W. wmiams and Sons .Bold- 

Mr. Roger Marsh* chairman of logs): — Cliff Hotel . (Gwbeit). 

■ '••? S>i&thi'Vie men joined tbe SUITS • ** • *«’ j*** »-c«u ^u,ijr runcr vmDUEu;— II^ rcBSiUB 

^ :- 'yould hare been required before Trust jointly with the ETC Pension 
'-■ Shares of SL Kitts (London) the next stage of expansion. Investments holding a total ol 
' in theroS suspended yesterday at the _ .P®, offer «i«s a itfiAOO Ordinary shaies represents 

■ .s‘* Marrii last sear *^S?*** '*he company, P'O T? on ld77 profits an interest of the Impe^ Group 

>^ic;-'SSSi '• Laudiland. chief The potent! . bidder - bas said ®ut Mr. ATarsh says that manage- in tbe company amounting to 3.6 
-‘7-''«3 SUITS.' and one of U*at an offer would be cbndltionai the. first nra pty cent. 

■ • ■- ■• ihdepentert “P®“ to-day’s meeUng- to .discuss Fear show a slgnd- Rowntree Macldntosh:-— Trustees 

bSr SS t?.® wJttntary winding up -of Sl S^od in?*Ltr“ Rountree 
* T 1.A.1 ..A 4 Kitts fRasse Turre'l alsn beinn last year. afarVintosh blemanal Tnict hava 

■ '-.,--‘SAi-Bave OOPOaea -ine Oia, sata „.*• wiuiuius up-m — *»■ UI« Mua^pji iwmnuec 

' Lb^od^^ l^tts (Basse Terre) also being «rH» «. ftlacldntosb Memorial Trust have 

■ ' • ^^arfj^^meetings staiee the adSoumed for 21 days. However. nTOnn^iT^^!^°A disposed of 90.000 Ordinary shares. 

‘ HSwSS.t£M^^ AGMs for both St Kitts SSSUl ^ redure They are now inferested in 

-■ bUi^ to 'supplF Qieffl (London) .and St Kilts fBasse 3,P2S,000 Ordinary shares (»» 

confidential financial in- Terre) will go ahead to-day as percent.). The company's chair- 

• which': would not planned. ASSOCIATES DEAL Uonaid Barron, is a 

be made avaUaWt The attraction for . a potential Between April 19 and 24. Grieve- 

/ • •'i ^p tialbMdef.. The next SUITS suitor is that St Kitts (London) go„s Grant sold 31.d» liiirtio ^ 

• ■ V ’^l^Bd meeting is due next week, currently holds cash <rf around shares at 7J» and 40'*18 at 70o for 2®®“'/*.^..^*^ *ares 

' Lenghland said the com- £330.000 as weU as some overseas discretionary ^ beneficially and 40.000 non- 

^1^ ffne recurities. In addition the com- beneficially. 

-weekf- would recommend pany is due its share of compen- Gedong InvesttBents — N. U. 

^' /'{ilhrAoIdets to reject the' offer sation from tbe St lUtts Govern- .ALL£BONE Rothschild Asset Management 

'v^the basis'tbat it iihder-vaJued ment which wUl total Hm.. Tandem Shoes, tfie footwear 1^1 managers of OJd : Court 
e company fad contained no although the eventual mm for retaiRng subsidiofT of AOebone ^mailer Companies Fund, have 
■'^tA'.tioxanU He said it was distribution is likely to be con- and Sons has entered into leases ad^^l^ed Gedong that Old Court 
-'K&^caat - -and encoura^dng'*- siderably leas. on 12 retail shops previous oner- bolds 60,750 (9.69 per cent) 

:g|T5fe. view was suppor^^ ated by Direct Fashion Sh« shares. , 

.;;,^n3ila»reiC»ntlyprepaied Iw . ■_ . j. - n . (Leeds) and taken assiezmieftts Meaxiea (Holdinga)— Mr. 

:r- e^-'Seottisb brokers Bell HALMA IN FRANCE of ieares cm a further^e ret^ ^1- Henties, a director, has now 

-MacGregor apd Arsons Haima has purchased 76 per shops previously occupied by the s® interest in 

- .^'jd ' Pik^Vffho am ajfU> rmMwnm mn# Cam a tSJUiiy 0m/9tmYjmr tie 

Farther extracts from thePire8iiient*ssiaienienf» 

“We have ^epleasaot problem of 6 Su 

level of imiealisedcaphalappiedalioa!* oo 

to our oramuy declaradona. 71m addidonal 
boDUKS will be pud with the sums assured 

.Ti^e TkrmmtdhonusiciUheaddedto 

Bfid 83iy oc^oary boQoses to with*prolit 
pejides Wluch become claims by deatb o 

Redoctum of Piraiiim 

^ to 68lh Series: an increase 1 0 

(1977:9)xDdecIaredpercmtiu^mtes. . 
69d) to 7 1 St Series: an increase of 8 ' 

—Mr. I maturity during 1 97 8 or. in the case of 

O>:-rrWh0 are also recom- cent of Serv SA^ o Freneb company. 


with^irDfit defened annuities, to those 
which estm upon payment of theanninl 

? *r* 
t> u a V 

v-'4^^iig--.'shar^ldev to reject comnRny spedaliaing in. .the These shops (u4uch in 1977 had ^^-338 Ordinary shares. Mr. 

- '•■> 'Ji bid: • manufacture and sale of safety a turnover <rf £Llm.) are ail In Henries' interert In Ordinary 

' * ' shares IS now aa follows, personal. 

••» <’lv 1,635,763 and trustee 1.309,S0 

filT accepts Magnum Fund offer 

- • and Manchester Assurance ha.s 

•A.' • Magnum Fund, an subsidiary. Magnum Inveistin^t. count at which the company’s riS^prefereSe^^st^k^^TS^^ 

eom^Xiy rncQ^omee The cash price, in U.S. dpDars, shares have traded in recent iStotS flS oe?^nO^“ 
and bued to Hon^i will be equal to 90 pfer cent of years, to co-operate in submitting 
rtebig aeorated by RoChaeUM the luliy dffnted net asset value the offer to shareholders. They 
Mstneat Trwt (R3T). ^ per share, computed at thb dose hare been told that HIT plans to 
.'Bbt of a 44.1 per cttL-stake of tauamess 21 days after the give the IrrevocaWe commitment JJiSSLi? 

R with a holding of deben- date the oSCrs are made. , to accept whicb Is a condition of 

«*'. W. under the bid The unaudited value do this the offers being made. No de«i- ™?®bSis 
I imnla. be worth ^eH7.4m.- baas was about 3US44.60 a share sion has. in the clnmmsttn<ws. 

■fte offer is being made, on on March Sl, 1978; the cash price been taken about the declaration rfSS! /t a ^ 

half of clients of Banqiie for the debentures'ia to be' on a of a dividend for 1977. WH Sflen— fhe 

iddentale pour LTndustne et comparable basis, aasiuning ex- p-— -v. , - •,« n p“ 5^^ 

. n.rt «# »*.-4r Said that On tho bdsls of w. H- (hiHen Pension Fund have 

which eotm upon paymeot of tbean&inty m 
1978...TheposiiioDm 1979and 
beyond trill bave to be dedded ia the 
of mvestoieDt conditkns at the relevam times 
... These additiona] bonuses do not affect 
I die cakuladon of ordinary bonuses which 
j wiD cootmue to be declar^ up to the 
I maximum prudent limit." 

“New annual piemiums . . . were 
1 7^ h^her than the previous year " 

I *T am eiile to rep^ my previous 

assurance that the rundown cff the Federated 

n 977: 7) in declared percffitage ratc^ 
7en»ma/^onas ranging from I5^%oft)ie 
Sum Assured for die 4^ and eaiiier Series 
to % h)T the 70th Senes. 

Sinqile Bonos Penaon Btirissess 
Arin^Iebonusof 8.50% (1977: 
7.70%).i$P6cza/ bonus amai^. for poGoei 
undff wtu^ anmiides oranneDcepayment 
m 1 978 of 25 % (^ emsdng boons annioty. 

Reveffsooaiy Boons 

A oompound fieveisioiiaty botos of 
4.70% (I977;4.60%).inchiding 

compoimd boniM defeiied annuities ID the 
Geni^ Aomn^FuDd and Peosion 
Busaness Fund. Terminai iomis of 35% of 
ezistiDg Reveisionaiy Bonus with a 
maximum of 45% of the baaeSum 

ThanksfoatradHionof prudent 
managenKnt going back to 1806, andihe 
fact that we pay nocommissitm ioarufonet 
u4de range of poli^u^h rates that are 

As an intrdduciiwi to one of Britain V 
mxat competitive hfe assurance o^oes, '. 
Report and Accounts Aogeiherudih ' 

informatiim about oar Ton^ of policies. 

I Commerce (London), part of change for shares with their V*;? ‘JT; «« ^ 

r James Goldsmith’s Gdndrale existing righta. The shares were *? 

•- ■-«Mu-i.h.ntK*nk w«nardir^v tw D«^den. '^ig the dollar premium on that sorw and ^r»ny. 

I 81Kii«Wii5mWUiulmEaN7BD. 

* PleifietendiaetheRepaRaiidADemttrorl 977 - 

1. h.H i? vfeid on JTa'gnum shares on the Life now bold 

- '.idagimre said yesterday it had ita fiokUng- of all the debeptui^ haci^ at tha iotr HirtHandi wac 2,479,166 Ordinary ^ares. 

-=:«n Mid that tbe bid would be Hie Magnum Fund directors have f.*® ”, ^ ’4“JJ Jadcums Bonnie End-^awo- 

• Tt all the shares and a)l the decided. .Mure tbe discount frem tSderbSTa net aiet^ue S«ngc have arealred a farther 

-.?fS7.3m. 6| per cent debentures net. asset value being .offered Is oRsoo shares, bringing imerest to 

' ^:Magnums whoUy-ovmcd Dutch, substantially less than th^ die- See Lex 2S5.S00 (“SSSS per oetrt.). 

London Life 

C)v!grl?0 years of Semce and Secxirify L_ 

lam^lpiatewnedmllJ^twiiigt& l i iwMiiiai tDftotecncnDPeogcPS FT26^4 

RK hopes for volume rise 

Asarco still 
in the red 

.,(1 .0 1112 jg hoped that a further 
?» oftose in sales volume will be 

lueved at Brown Boveri Kent 
. the current year and that over- 
tin. 4 'Ihlw trading results wfll be satis- 
' 1 (' '-,i*«*»itwy, Mr. J. G. Vaughan, the 
,‘j ;iainsiui, says in his annual 
- -jAeinent 

‘'.*::^. saya that the company’s 
' .V:4er books have been generally 
.ifflfactoiy with a 19 'per cent 
le excluding exchange . distor- 
.Aes-despite the difficult eeo- 
'...XQue conditfoos in tbe U.K. and 

national marked is strengthened 
in tbe medium-and longer term. 

There are ' opportunities (or 
further development of certain 
overseas ' mailceta. and for in- 
creesed investment in modern 
production facilities. 

. Provided the company’s pro- 
gress is maintained and the 
appropriate eommercial criteria 
are . in each case satisfied, the 
company wlU ' wish to. take 
advantage of such opportunities. 

..^WfaiJe a difficult economic 
... . -rilronnieRt seems likely to 
~srrist for some time, the com- 
. ^-aay’a »»{« task uiU . be to 
. :,r-isuR tbit its position tai inter- 

To. this end. ' as already 
announced, a one-for^rour rigbte 
issue is to be made, and increased 
borrowing facilities- have been 

A current cost statement with 
accounts shows the more than 

doubled pre-tax profit for 1977 of 
16.91m.' was reduced to £3.4m. by 
additional depreciation of £1.3m„ 
and a cost of sales adjustment of 
£2.710., oSs«t b}' a geariog adjust- 
ment of 0.1m, 

. In the year there was a £12Sm. 
decrease (£0.32ni. Increase) in net 
liquid fUnd^ and at balance date 
current assets were £44B9m. 
(£38.97m.). current liabilities 
£15.48 m. (£l3.93m.), and fixed 
assets £KL63m. (£9J6m.). 

The group's uUlniato holding 
company is BBC Brown Boveri and 
Co. of • Switzerland, which owns 
S4.3 per cent, of shares. The 
National Enierorise Board owns 
17.6 per cent, of .shares. 

Meeting. Connaught Rooms. 
W.(L, on June 9 at noon. 

THE MAJOR U.S. Asarco bare 
metals group remained in the red 
last quarter with a net loss of 
311 JSm. (16.1m.), equal m 42 cent> 
per kbare, following a total net 
loss of S2930L. for 1977. Sales for 
the past quarter were 3242Bin. 

Apart from low metal m1ce(i 
and production cutbacks, Asarco 
bas been bit In the 1978 Am quar- 
ter by the U,S. coal strike w'Mch 
lasted from December 19t7 to 
March 27. 1978. 

As already reported Bendix, the 
XJ& technology group with in- 
terests in the energy, motor, aero- 
space and electronic industries 
has recently raided its si*ke i** 
.Asarco te 16.T per cent, by the 
purchase of a farther S.Rixi. share.« 
for 387.4m, They were S3) in 
London yesterday. 


A satisfector y year,but too few signs of the 
economic stability we need. 


COLD WORKED STEELS - Wire * Drawn Sections • Strip - STEEL WIRE ROPES 

"NINTH successive 
advance in dividends' 

In JusstacEDieDt to sharcholdas 
Mr. D. M, C Donald. Cbaiiman. 
reported a satis&ctocy rituadon in 
the accouns for 1977. Net profit 
after uxaiioa icnecccd 

invesmiou mcome at a tecDcd level, 
an mcreased contzibuoon from the 
Lifefimdandateduaion in taxation. 
The loss gtciuTcd through non-Lifo 
Twderwrit m gwassioiilartoihatoC 
the picrioas year, bus on a much 
increased ptonium income. 

Conunendng on die econoone 
clinuxe in me business is 
conducted, he said that rdnsuiets 
are accustomed to incemadonal 

■Salient features of 197*; 

reports Mr A S Wood, Chairman 

Comparativs results 















1976 1970 
£000 £000 



^ Mat Afirninqs 








833 1,169 


Net total dividends 

202 . 







456 502 


Dividends per share* 4.30p 5,08p 

*Gross figure « adjusted for Scrip Issue in 1974 






8.77p 9.Wp 


Bearing in mind the low demand for steel and steel 

products, it may not be considered unsatisfactory that 
the reduction in profit from manufacturing was only 
6 percent aftercrauding non^traefing and non- 

been higher but the Steel Strip Division was batf y 

affected inthefinalquarter by stnkes at the works of 

three important customers. 

Capital Expenditure 

The bulk of the expenditure of £375,000 in 1977 was 
on new plant installed in the Wire Division. Of the 
£p million of capital expenditure authorised for 1 978. 
orders have already been pla^d for machinery for the 
Wire Rope Dividon,to cost almost £400.000, vrith 
the balance allocated to the Wire Division. 

Dividends . 

The second interim dividend of 3.91 91 p net per share 
will be paid on 28th April. 1 978 making a total for the 

yearof7,004p net per share- the maximum permi^c- 

The Boaid intends to pay an interim dividend of 3.084ap 
net per share, plusanypermitted increase, on 
31 St October. 1978. 


The severe world wide leces^on in the demand for 
st^ and steel products continues and is still no 

sign of an upturn. However, I am confident thatthe 
Company writ continueto obtain at least its share of 
the home market and will beable to stand up to 
competition in the export markets. 

Tfieennualgeneral/neetingwiffbehatdon 18th May, 
1^8. Copies of the full report can be obtained from 
TbeSecretary, Brantons {Musselburgh) Ltd., 


trading conditions changing -T 

dnunacically and at sbotc notice. 

Hesrid;**toabusiDessofiriuch - - 

sppcoxunately chrsc quarters is derived from overseas, the 
infrahifity of cuzteitey movonems inevitably has ZD iinporcanc 
effect. This year is no exceptioD. Whilst prenuuia income from 
overseas converted to Sceuii^ is no longer inflated by the weakn^ 
of hs exdunge rate, tbe liabihdes tepresented by our comini micsus 
overseas are correspoadiDgly reducre. It is however, economic 
Stability ihtf out business aonh most and wlulst vre welcome the 

^Non-Life net premium income 
exceeds ^loom for the 
jSrst time. 

■^^Group new Life sums assured 
again exceed ^z^ooom, 

^lifc net premium income up 
ftom ;^35m to ;^49m. 

■^Nct profit after tax ^3.9111. 

good achievement The Company's 
total premium income lud risen 
from jm CO £4901, of which 
im w'as accounted for by single 
premiums for Life Reassurance 

Continuous Disability* 
premium income foe the Croup 
totalled ;£ia.235,oooandchis 
account contfnued to develop in a 
satisfxctory manner. 

.i Jn income np a«d 

-f'AOm Proportional Business 

* The results of the closed \*ear, 

C taX’./'^.Qm. I97tf,we«4is3pp<^ri„g and 

necessitated a cranster of 
from the Ptofreand Loss Account. 

- I The Fin; account was unprofitable 

but the Miscellaneous account dio wed a yen* snbstanriu 
improvement in expericxice; particularly the UX. portfolio. 

relaxation of some exchange control ittulations in rite wake of 
Sceiline’s new-found streimtb. rcerettablv cheie arc all coo few 

Sterling’s new-found screimtb* rc^ettably there arc all coo few 
sitms of the Ecstorarion of mose scwle economic coivfitions in 

Hre and Miscellaneous Non-proportional Business 
Deqiite the substantial esdiange adjustment which reduced 
the opening fund by over the total fiind nevertheless 

inoresed by nearly ^^'Wetcansfotrod ;()im to the Profit and 
Loss account, stfil leaving the Fund in a strong position. 

signs of the Ecstorarion of mose scwle economic coivfitions in 
which onr business can best posgrr”. 

RxfrrringcotbejscreasinglycaxDpeciQvegaiationm • 
inremaDDoal rdnsurance he wricomed tbe added opadey and 
strength brought bv newcomers to the London market, but adc 

strength hro wht by newcomers to the London market, but added 
tbehope that compeorive pressures would not bring a 
deterioratimoftechnicalRandardstluoiightradifigOB uneconomic 

Marine and Aviation 

The strong growth of premium income seen in recent years 
was nuimainea in 1977. However the development of earlier 
underwriting years, panicubriy 1974 and 1975, continued to show 
a very unfavourable ocperience, and the Fund was further 
strengthened by ebe transfer of /^jm from the Profit and Loss 
Account. Some signs of impeovement foe the underwriting years 
I97<5 and 1977 wcK seen. 

Ofthe Balance Sheet assets, no less than a (about jC^Jm) 
was represented by deposits of osfa or securities retained by ceding 
companies. He drew attention to the unqrisfeftory fcacures ofthe 
policy of local insunnoe investment often, nowadays decreed by 



I4fe J 

Newlife sung reassured once aganr»fcftdcid;feoooia, 
slightly les than diac in the previous year, reflecting lack of 
buoyancylnihelifoinarkets oftlie UnitedKingd^ tod the 
CommonweaUh countries 'and the effect ofthe ounge in nxa of 
exchange against Sterling, Viewed against the steady expanaon 
iu the yrim up to 297^* the total of new business for 1977 was a 


In our overseas portfolios, and parriralarly m Japan and the 
U.S. Ay wc switdted equiries into bonds, wlulst in tito U.K., with 
a good cash flow from Gene^ business, we were able effeedvdy 
to step up our mvestmoiL These factors enabled us to show a 
subsunod mackec apprcdadon on out investments at 3 1 sc 


Fiofit and Loss Account 

The nec profit after tax amounted to jC3i93^>737^dy after 
providing for an increased dwidoid of f,j2J6fioo and cransfersio 
reserves of ftlficofico, abalanoe of / t^a'ZySiio was carded 

The Mercantile and (General Reiasucauce Company Limited 

Hold O^ce; Moorfrelds House; Moorficlds, London, ECbY 9 AL 


aims efforts 

■ ^^cial Times Weto^day j^^^ 


RTZ : so far no fresh 



Exxon proposals 


SIR MARK TURNER, chairman of 
Rio TmtO'ZittC; confirmed yester* 
day that America's Ex»>n ou 
giant had considered the- possl* 
bility of acquiring an interest in 
'the UJC.-ba^ international 
mining and indnstrial group, but 
had later abandoned tfaat^ coira 
in favour of pardcipation in joint 

; However, Sir Mark said that no 
specific proposals have been re* 
ceived from Enon and added that 
RTZ Is not interested in being 
acquired wholly or In pari w 
another concern. Meanwhile, the 
RTZ annual report stales t*at *o 
far as is known, no shai^hnirirr. 
either corporate or Individual, 
has any beneficial interest ex- 
ceeding 5 per cent in the share 
capital of the company. 

Of the RTZ group's current ex- 
ploration aelivltics, the Connne 
RioUoto of Australia arm has a 
32.0 per cent, interest in the 
Afhton joint venture for dia- 
monds in the Kimberley region of 
tt’estem Australia. A numb»‘r 
'of diamond prospects have b«n 
d>«covr>red there and a proceeding 
plant for bulk sampling is being 

ORA is also a member of a eon- 
sortinm o-« •"-■n*-'’ ’ lar'^e 

grade copper deposit on Viil 
Lem Island in F’H while at 
Dueald River. In Queensland a 
good grade zinc deposit of amne 
4nm. tonnes of ore grading 10 to 
12 per cent, zinc has been 
indicated. ^ __ 

• In eastern Tennessee, the ktz 
- group has added substantially to 
th eshallow higher grade reserves 
of its fluorspar deposits while at 
the Alaska molybdenuna deposit a 
•joermit has been granted for an 
• access road which when com- 
pleted in 1070 v.-il) enable a full 
assessment of the property to be 

In Indonesia the results of a 
drilling programme on another 
molybdenum prosiiect are await- 
ing assessment and there is aiso 
to' be a drilling programme at 
gold prospe^ in Kalimantan this 

The group's stake in Cos^ka 
Resources, wliich Is developing 
reserves of oil and gas in Canada 
and the U.S. was increased last 
, year and now amounts to 23 per 
'Cent, following an Issue of shares 
on an acquisition by the latter. 

'i As far as uranium exploration 
' is concerned, results of an 
' economic study of the Kitts- 
. Michelfn prospect in Labrador are 
.being examined and further con- 
-rideration is being given to the 
'.possibilities of working tbis on a 
smaller scale than originally en- 
vlsaCP I 

As already reported, RTZ raised 

its net profit last year by £lm. to 
£82.3m. despite the decline in 
copper prices. There was also a 
net charge of £4fi.4m.— compared 
with a net credit in 1976 of 
E10.4m.— 4vbich. reflected the 
strength of the £ and the conse- 
quent fan:in the sterling value of 

prior years'; earnings retained by 
tb«* overseas subsidiaries. 

Of the major income sources, 
sliiminium last year eontribuied 
£19 9m. of the - past year's net 
profit followed by borax and 
chemicals £18m.: iron ore £16.lm.: 
ennper and gold £13m.: I^d and 
zinr nAm.: .and uranium .£7..lm. 
In 1976. Conner" was the ton con- 
tribP'nr with £l9.3m. Main geo- 
araphi'-al sources in 1977 were 
Aiist'T'ira and NewTSealand £30m., 
the V.K- £19.7m.. Canada Ill.lm. 

apH rh" ITS. £R.4m. ' 

Meanwhile^ base-metal prices re- 
main Heoressed and the antici. 
natpri ^ha'rp contraednn in RTZ^s 
iron ore earnings ha« been under- 
lined by the sharolv lo*»-er quarter 
results of -Hamersley. Thus, some- 
whai lower total earnings seem to 
be in store. 

On this- basis the share price. 
2nTp last nigbt could tend to drift 
down. But it would be responsive 
to anv sustained improvement in 
the U.K. industrial equity market 
and it remain* cushioned for the 
time being, at least, by the obvious 
interest in RTZ^ longer-term 
prospects which has been shown 
by the poMrerful Exxon. 

produces copper and cement as 
well as nickel. He said that metal 
prices began to show signs of 
rising in .4pril. and Philippine 
authorities are studying an appeal 
to raise Government-controlled 
cement prices. 

In addition, he said, Marin- 
duque has been asked to refine 
Indonesian and New Caledonian 
nickel ores that are much richer, 
and therefore more profitable, 
than those from its own mine. 

Marinduque lost 8S.lm. Pesos 
(£6.tSm.) last year, a. slight im- 
prorement from its debit of 
83.7ra. Pesos in 1976, when its 
losses were greater than those of: 
any other corporation in the 
Philippines. Stockholders have 
seen the price of their shares: 
wilt from 10 pesos in 1974 to; 
about 6.3 pesos in recent days. I 

IN HIS annual ' statement. Sir 
Adrian Cadbuiy,' .the chairman of 
Cadbuqp Sdivreppes says that the 
group alms to grow by concen- 
trating marketing and technical 
effort behind ■ Its major brands, 
the benefits of which will enable 
better use to be made of. limited 
resources of people, money and 
fixed assets. 

Exchange loss 
cuts Beralt’s 
good profit 


pall for 

Marinduque MInhie ar-« indus- 
trial Comoratfon. which nmduces 
praeticailv all of the Phiirnpine*’ 
nipkpl exnorts. faces defa'*lt and 
no«<iblP liquidation if the Govern- 
ment does not rescue it from 


"So far, we. haven’t gone into 
default.” the chairman and 
prprident Mr. .Tesus S. Cabarrus. 
toM stockholders at the annual 
noetine. ” If our aoDlicatron for 
thU (debt-> ■ restnictiirinff - is 
denied, definitely we will go Into 

' He was ontimistic. however, 
that the Government would 
accent his aupeal to nrenay much 
of the company's fnneien debt 
and combine it wn'th domestic 
debt in one big ten-year-loan with 
a three-vear errace period during 
which no payments on. principle 
or interest wrould have to be 

Mr. Cabarrus d‘d see some 
favourable develonments ahead 
for Marinduque Mining, which 

THANKS to Increased sales of its 
Portuguese wolfram concentrates 
and higher prices. Charter Con- 
solidate^ 46.3 per cent.-owned 
Beralt Tin and WolFram has lifte 
its 1977 net profits to £2.73m. 
from £1.43ra. .... 

• But the devaluation of the 
Portuguese escudo in February, 
1977. and its subsequent further 
weakening against sterling -is 
reflects in an extraordinai? 
debit of £1.7 dl on the latest 

. This represents the translation 
of assets and provisions in 
Portugal at the adverse exchange 
rale ruling on December 31 last. 
The result is that Beralt is left 
with a profit of £1.03m. against 
£12m. a year ago. 

During the past year the 
company paid interim dividends 
totaflrng .1.7dp nn account ofi 
earnings of previous years. From I 
1977 earnings Beralt’s Portuguese 
operating subsidiary has declared 
a dividehd of ElM.90m. (1976: 
Esc32.7m.) and on receipt of its 
S0.35 per cent share .of this 
amount in the U.K.. the parent 
will consider the payment - of a 
diridend in respect of the current 

Beralt points out that the size 
of its proposed distribution will 
depend on exchange rates ruling 
at the time the Portuguese funds 
are received and the fiscal con- 
ditions applicable. If the com- 
pany’s full share were received 
now U would allow a dividend 
of approximately 4p per share. 
Beralt w-ere 51p yesterday. 

In pursuit of these aims*, the 
company has two main objectives 
over the next five years, he states. 
First,-- to build bn its established 
position in the North America 
marfcet and second, to improve the 
return on a^ts In the UJC. 

One of the consequences of 
achieving tbe.*e objectives w-lTI be 
to improve the 'company's finan- 
cial position. Sir Adrian . points' 

, He reports that the acquisition 
of Peter Paul Inc. for SUR.3Sra. 
.is geared to broaden the appeal 
of the group's. confectionery busi- 
ness and to obtain a greater share 
of what is still the 'largest and 
fastest growing. single market in 
the world. 

The increased marketing invest- 
ment behind Schweppes driaks 
has a similar, afin and wnl] rein- 
force the higb degree of recogni- 
tion in the. isoft drinks market 
which has already been achieved. 

A continuing fiamstmeat in the 
marketing and distribution of 
both drinks and confectionery 
will, however, be required to 
establish the market share being 
aimed for throughout the region. 
The level of marketing invest- 
ment in 1977 , wras over £lbm. 
higher than in 1976 and will be 
maintained 'this year, he adds. 

The objective to improve return 
on assets is again based on con- 
centration of effort behind the 
major lines and firm financial 
targets have beeii set over the 
period between now and 19S2, 
says Sir Adrian. ' Inevitably there 
are costs Involved in chan^ng the 
pattern of business, he explains, 
but the benefit wiU be a sound 
base for future growth. 

In addition to the acquisition 
of Peter Paul, there i.s another 
$10m. of items requiring medium 
Term finance in the U.5. and the 
directors have decided to re- 
finance existing term borrowings 
of S22m. The total requirement 

of $90m.. 368m. of which is loan 
capital, is being funded hy.p U.S. 
Dollar Lo6,n. 

The directors are budgeting for 
an increase in profits for 1978. 
Results will be assisted by a rise 
In consumer expenditure in the 
U.K. and by more stable raw 
material, prices. 

Against difficult trading condi- 
tions in 1977, pre-tax profit rose 
from.£46Am. to-£48.2m. on sales 
up 12 per cent at £SS4m.— as 
reported April -7. Exports 
advanced to £49.1m. (£33.2m.). 

The chairman states that con- 
tinuing progress .was made in 
strengthening the company's 
operating base and the directors 
continued to concentrate on the 
main stream of the business and 
on building For the Future. 

Closely ' controlled- working 
capital resulted in reduced 
borrowings at the year end. in 
spite of increased and In- 
fiation. he says. Short-term 
borrowings fell from £392m. to 
£32m. . 

-A statement . of source and 
application nf-Tunds shows work- 
inc capital increa.sed by £1t.6m. 
(£44.9m.) at end-1977. Net liquid 
fund.* were up £20gm. (down 

and the dividend lotaj is stepped 
up from 1.5p to 2p net with a 
&al of Ip. 

near 38% 


M .i-.r ; I .iT 

At midday to-day shar^ol^ 

by F. C. 

TLfRNOVER FOR 1977 of 
F.C Finance,' which Is controlled 
by Co-operative Bank, expanded 
from £32J)9m. to £43.6m. and pre- 
tax profits rose from £647,000 to 
£1.13m. after lower interest 
charges of £4.53ni. compared with 

In October, reportmg first half 
profits 26 per cent higher at 
£409.000, the directors said they 
expected further unproVement in 
the full year result despite pres- 
sure on margins. 

After tax of £316,000 (£313.000) 
full year earnings are ^own to be 
up from 42p to 8.5p per 25p share 

WITH OTHER income well ahead, 
from filASnt. to StSIia . . tuid 
trading profits 17.7 per cenh up at 
£0.73nu pre-tax profit of J. and L 
Randall, toy and games group,' 
jumped 37J per cenL frohi £1.6iiL! 

to £i.99ro. in 1977. 

Directors s^-home trade in the' 
seimnd half wa$ severely, affect^, 
by the record fourth* quarter im-, 
sumer savings hi- 1977,^ the 4essa-i 
tion of retail ordering at the ininei 
time, and the exceptionally latei 
Christmas spending. - " ■ • . ' 

Exporis however were 33 
cent ahead and turnover For- the^ 
year grew by 9.3 per cenL to 

In the current year honie'.trade 
orders are w-ell ahead of (he same 
period In 1977. IF the projections 
of a five per cent real increase 
in consumer spending matexiai^' 
the 'group «riIT benefit from, much 
improved trading conditions. . 

•Exports are currently behind 
last year’s record figures, ' bat 
directors expect to recover the 
shortfall in coming months. ' 

In 1977 rental income , 'was 
£26SJK)0. up . 3.1 ' per : cent, and a 
similar increase is again expect^ 
unless more space is let • . 

Investment income inczeas^'3A 
per cent, and the surplus on the 
sale of' securities amounted 'to 
£0.54m. At balance date the equity- 
portfolio had a cost value of> 
£2.58aL and a market value of 

Earnings per share are 472 pw 
cent up .at lOAlp net per lOp 
share, and the dividend of L665Sp 
compares with 1.3l38p last' yean 
Shareholders accepting- the Letras 
set takeover offer will not be 
entitled to receive the dividend, 
but those - accepting the share 
alternative win be entitled tb -'a 
second Interim dividend from 
Letraset * “,-v '■■■ 

rSduCft ^up Iwrfdwiiigs-,. by galloping up- awirell,thhh^ -- -:irr " 

iSJr and increase ^assets .by return Iff t-- 

£690 000 They will also be Meanwhite,. -r." sf- 

SSr to brace ftemseives; foe nio&to inft: ■ :«-* 

’•vewsevere trading Ioses’’;and market areim 

"sutetantial write dpvms^ whei? ewupwy . C/ 

the 1977 figures sure, publlsh'ed.- stpefe baclcinthff^aillly 

^ tect Lrcboldirs will^have its new.wovM-lifusjtte ^ 
lifUfi alternative but to agree to mgs cqm^ed w^. a fasH'jr.v 
the main element in the gHftto;ligitwe^fil;oIqthaig f}* „ 

tte £1.35m. sale of the sevymg fijj seared-ahead at a L 

^inc distributor. Bellow 30 j?er cent .' per . annum - S , f 

links wifh‘]^ilow>i^ wereptenty oTcbihpetftOteihc^ffjti*’ 

wine out the £im. pre-tax profits at a toe when the main Tl»^ ...- Ar* - 
which Bellow contributes to the. and . Efuropean - markets 

which Bellow conmouics to uib.^uq.. jcru^-upean marxeis ' h.Ti- 
muo. to "^ature'^period'>^^^^^ 

•"The trouble is that even after steady bnt unspectacufar growr'-'- ' 

Low level of activity likely 
to aflect Bo water profits 


le^-el of activity fn the major 
economies of the - world— other 
than the UB.-^s likely to affect 
teTS profits of Bownter Cornora- 
Hon, particularly in the UX., 
Lord Errol] of Hale, the chairman, 
lays In his statement with 

In the review of oper;'*.ons, the 
directors say that while manaee- 
ment effort on the U.K. news- 
print side is being directed to- 
wards minimising- Iosse<i. they are 
unable to see anritro'ipeet of an 

Keen interest in U.S. leases 

eariy return to pnefit-^hility. 
Because of the sirongthening 

-INTEREST in bidding for federal 
oil and gas leases In the Gulf of 
Mexico has sho^^'n a marked In- 
crease over that shown for the 
March 28 aucUoD of leases off the 
coast of Geor^a, Florida and the 

So far 98 U.S. oil companies have 
submitted the paperwork neces- 
sary to qualify to submit b-ds on 
143 tracts covering 707,767 acres 
off the cottsts of Texas. Louisiana, 
Mississippi and Alabama. In the 
March 28 auction only 10 of the 
more than 30 companies that.oii,i1r-' 
fled submitted bids on just 37 of 
224 tracts offered. 

The heightened interest stems 
from the fact that the oii com- 
panies are more familiar with (he 
Gulf of Mexico, an area which h*>.n 
been producing petroleum for 
more than 30 years, whereas oa 
the eastern seaboard there is no 
major production east of the 
Appalachian mountains. 

Therefore the companies have a 
better basis for evaluating the 41 
per cent, of the tracts being 
offered where oil and gas have 
not been discovered. -Also, 41 

per cent of the tracts are deve- 
lopment tracts, that is they are 

lopment tracts, that is they are 
located on geological structures 
known to contain oil and gas. and 
18 per cent are drainage tracts, 
which share a producing oil or gas 
reservoir with adjacent developed 
tracts. . 

Bids at the auction are expected 
to total around 3800m., well below 
the 3L17bn. in bids that ' were 
accepted in the last Gulf lease 
sale last June. 

The shorifail may well be 
explamed by the offer of 28 tracts 
which' were also offered last June 
and received bids . that the 
Interior Department considered 

A further major factor hi the 
shortfall i« the U.S. Government’s 
new !?. sliding scale royalty” bid 
system.' This experimental system 
continue the accepted practice 
of submitting cash bids for leases 
but combines that with anticipa- 
tion of future royalty payments 
to the Government on a sliding 
scale linked to the value of future 
production. The higher value of 
oil produced, the higher fee paid 
to the Government 

Thus, percentage royalties 
would range from the usual 
16^ per cent., up to 50 per cent, 
under the new system. Tills 
bidding arrangement apparently 
reduced bids at the Georgia sale 
last month, where the system w:as 
first tried. 

- Significant quantities of oil 
and .gas have been found in 
Guniong 1. an exploration well in 
lite Exxon Corporation’s contract 
area off Kuala Trenggaou, 
Malaysia, in the South China Sea. 

Guniong 1, 140 miles off the 
coast of Trengganu. is the fourth 
consecutive new field well to 
encounter hydrocarbons in the 
area since drilling began under a 
contract .signed with Petronas. the 
Alaiasrsian Government's national 
petroleum company in December, 

Exxon says that tests confirmed 
the presence of oil and gas in the 
well and also the potential for 
significant reserves. Additional 
drilling will be required to 
determine the full rammercial 
potential of the Guntong field. 

of the pound Bnvy^r has byen 
cnmpellnd to off^ prngrn<(slvely 
larger rebates its rlnmesttc 
customers io r^ialn compeUUre. 
In early 1978 i/kese rebates have 
been as high as ten per cent, of 
Hat price. >' 

.The paper .and hoard dirision is 
expected to benefit from the 
product (6nge and marketing 
.advantages rollowinr; its acquisi- 
tion of the outstanding share of 
the Donside mill. The division is 
well placed in ib markets for 
1978. directors say. 

Elsew'here, production at the 
building product's division is 
being re-organised to take advan- 
tage of any revival in the -con- 
slniclion industry. Nw ranges 

of furniture and carpet have 
been developed, and should stand 
group conmanies in good stead 
when a upturn .in demand occurs, 
tfapv say. 

The jointly-owned Bowater- 
Scott expects to maintain its- 
rrend of steady growth, and in 
Europe, progress should continue 
following the re-organisation in 
the past two years. 

On the U.S. side, there has re- 
cently been a reduction in worid 
pulp stocks though, as yeL there 
Is no sign of a major upturn In 
demand. I^st year the neivsorint 
market in the U,S. expanded six 
per cent, and this year the $90ni. 
project to install its fifth nmvs- 
nrint mariilne at Calhoun, 
Tennessee \rifi continue. 

TjOrd Errol] <u.vs that the new 
mill \v11] come nn stream in late 
1979 and w-ill meet the growing 
requirements of customers for a 
number of years. 

T.ast year Bow-ater began with 
authorised' spending of £111m., 
and this year plans indicate thst 
further projects for authorisation 
will total £63m. 

In the L'.K. £9m, is being spent 
on converting a former newsprint 
machine In Kent to make a new 
packaging grade from (^cycled 
waste paper, and Bowater-Scoti is 
investing - £3.5m. on fibre- 


The continuous stationery plant 
near Bath is to be extend^ at a 
cost of £2.5mi As weU. a now 
automated corrueator is b^ngTis-; 
stalled at its packaging plant -Jn 
.South Wales, its West Gerinn^ 
pla-stlcs business is to be deve-*^ 
loped, cotton trading activities in 
the western UJ9. are to be 
loped as is its trading base m 

The investments w*Ul be finanoi^ 

this «omewhat unpalatable deal Into Vhe bargain,- some of. .. . t-; 

goes through* Staflex will remain text0e giants; hbtebl3r FreuaV ''-r. - 

verv highly geared at a time berg. Of Germany, .and Bond^. ' ,i 

when it is also being forced by Fibre Tabrics, a Couftaa}ds-i«'^ 

weak market conditions- and sidiary, had developed, a ■" ' 

shrinking market share to close woven eqiiivalent wblcb'was ' 

down or cut back on production qnehtly cheaper-^^d : .loi : •' .- " " 

In the U.K, and'Europe. economieal. ' - ; - - 

■ Updating the last ' 41976? According to Mr. -James . 

balance-sheet to- take account of ston, the xnanagixig'- dlrector-l::' 

today’s package.' and' stripping Bonded, and' a foriner'-'chaiiii^^'-*- - 

out goodwiii, leaves stated net of the British. Intertinfrig !£§< ::: ■ 

teets of around £7.4m. including factorers - As50Ciatiqii;.-.the. |^.- 'V ^ , 

-ELlm of capitalised costs'of. the wroven products are stealing 

Bumlev and Dutch rc^organisa- ket share, from: Stages- n3v---;' — • 

tion and before the drun* on product at'a titne when -tee'-Ete '* - ,* 

reserves which the 1977 losses pean market in any.. case 

ind write offs will create. . . .. (lecline- and -the^ -U^K.- ' 

- On the debit side of . to maritet-is.-sluggislL. - V - / V'.'jc:. ' • 

balance sheet the latest circular Against- - thUv 'backgrbri't- 
indicates net borrowings ox Staflex has- beeo. reiying. .j- - - 
^14m which wrould reduce to and more -.on .Jt» bveite’**'"' " 

£9.1m ‘ through -the sale of interests but these, whUe 
^Bellow and Barnea -the -fabric sound, also have 'hiccoughs ai 
finishing subsidiary' and the overseas losses mean a heavy ti 
MOsure of Burnley: This im- btil. -'Wbar is raon^.-^ih mat^ir(I0 at 
balance over assets wonld .be sUpplng.badiy in thaUJC-SU^'^ .-w 
troublesome enough bat in has worked .to 'concentrate ~.dAi> M^rS 
addition the group- also has main European -prodvetior ' 
nearly £l0m. of coniibgent liahr- Holland:.. r' -•■> 

iities In respect of guarantees - Now-to cbmpanyrhasdiscioa'’.!' 
and discounted trade bills. This that -weaving, capacity in- ££:'•- '- ... 

fistre is nearly £2m. higher thu land is to bo cot by 60 pern^ 'Vt.. 
in and more . .tb^. double |t m.-tto ! Stafla is-a^^' ... .^ 

the .i97S ftgiire.ot £3-7jni ..deVeloptng^a.hon'-wOren'SidfiE''''-''.' --'p 

Degearing is obviously Jhe top rills' seems to be rather .IatM' ' ‘.....m 
priority 'an£ among other mdv^. the day. and there are ^rtiw.'^' * ...' ’ 

the directors are making a deter- no other- sigM of dlversifle^'i:- " ’ . 

mined ' attack' on stocks, though ' Coupled wiUf the. High- ‘ ^ C 
so far this has only -resulted ■‘in aim the -hews, that zh^'or 
an 18 per cent decline from the agement changes -ve pltmc:::- 
1978 peak Of £19Am. these fact6rs..sfiouId ^ve snieii.'::" ‘‘'Jr 

This is not .the Rrst: toe hettora plenty to >skques^d ( ’ '* 
Staflex has tried to degear. Badr^abont at toditune., ^ • >*<■' 

partly from cash flow and paitiy 
from the fllSm. raisedTIaSf'year 
through a rights issue,' a Euro- 
bonil Issue and a bond placement 
in theUil. - . j 

.performance met your ::. ; 
actuarial requirement? 

iTaivo Kg] 

At year. end. net current ajtotl 
w-ere up toom £16S.?m'. to £335 Bra. 
and fixed assets .were £329m. 
(£326.4m.1. Overall there-, was ' a 
£478ffl. ' Increase' f£322m. de- 
crease) In net liquid funds, inriiid- 
ing £322!m. (£3.1m.l raised .from 
new capital. 

A current cost statement shtnva 
the pre-tax profit of ER7m. (£78m.). 
reduced to £69m, (£31ni.) by addi- 
tional depreciation of £24m. 
(£23m.), and a. cost of sales adiust- 
ment of £1m. (£l6m.), offset by a 
£7m. (£l2m.) gearing adiustmenL 

In the year the Earl of Carrick. 
a director, sold 70.000 shares re- 
ducing his holding to 130,330 

Meeting, Dorchester Hotel, W., 
on Alay 19 at 11.30 a.m. 

^-The ln'i(dstment rettim bn yciur pension fund fser'cruclaf 
' factor in determinino the real cost of providing pensions. 

If your pension fund i&Tnvesied mian^ExeniptUnlt 
' Trust or an I nsurance Company Managed Pension .Fund 
0 " if you are advising clients in this area, the best aid to 
. making decisions and monitoring performance fs the 
S.urvey of PooledPenaiott-Funds. 

: -The Survey contains comprehensive peribrmance 
details of over 130 tax-exempt equity, 'fixed interest, - 
propert>-and mixed funds and.of all the main market 
■ indices.. 0>staii3 of each fund's investment policy,' 
(:harg^ and porlfalto breakcfO'.vn are included in a 
.__seRarate’prorile’ for .each fundi . 

-Thela'esicopy of the Siir,'ay, updated fb.Siy.,*--' . 
March' 1973, is no-A' available at a cost .of £60.frpm-^ 
Harris Graham i Partners,- . . “ 

^ SOOueen Anne's Gafe, London. SW1H 9AW0ii:839 645V 

o’ible Floating^ 
Series B — Mi 
IS Octobe 

Norvic not up to budget- 
lack of export orders 

if yov are involved with a'seuregafed PC'ision fund, Harris Graham 
. providasalailor-iTiiide&atviLe which compares your g-jvn fuad's . 
perfonnance with that of simdaf pension funds on an up-to-date and 
coiidstent basis. 

the prow 
; i hereby ji 
patTcs: rer.-ru from’, 
^uieor 8' .-7a per s 

n ri. 

Chase Manh^ 



Merger would deter competition 

Potential competition on the 
West German motor parts mar- 
ket would be deferred if Guest 
Keen and Nettlefolds were 
allowed tb succeed in its bid 
for majority control of the Sachs 
Group, the German Supreme 
Court said in the written judge- 
ment on its rejection of the deal 
earlier this year. 

In a closely worded 37-paqe 
document it pointed out that 
some 40 per cent of GKN’s 
•turnover came from sales of 
automotive parts to vehicle 

This, the Court's five judges 
reasoned, justified the view that 
Sachs, once part of the GKN 
company, would be able to in- 
crease Its position oh the rele- 
vant markets. 

They also rejected the argu- 
ment of the Berlin Appeals 
Court which previously ruled in 
favour of the deal, that the 
combination of GKN and Sachs 
could not be expected to lead to 
a price war. 

The increased financial and 
'market power which a merger 
wtih CKN would give Sachs made 
it likely that potential competi- 
tive forces would be completely 
.paralysed, the Court said. 

Sachs' major role on the Ger- 
man motor parts market had 
already reduced competition and 
Ihe'-merger would. make its re- 
covery even less likely. 

“This result corresponds lo a 
reinforcement and thus a 
strengibening of the dominant 
market position of Sachs AG 
Through Ihe-.nierger. which justi- 
fies its prnhi'nition.'' 

When firsi announced last Feb- 
ruary. ihe frouri's decision came 
as a cenfiitlera'nie surprise to 
both Sachs and GKN. which- bad 
.scheduled celebratory Press con- 
ferences to announce the ex- 
pected favourable decision. 

GKN already owns 25 per. cent, 
of Sachs, which dominates the 
German automotive clutch mar- 
ket, having paid DMllOra. for 
this Interest in 1975. 

By paying DM220m. more For 
a further 50 per cent.. GKN 
would have been put in a strong 
position in the West German 
motor industry, as well as obtain- 
ing extra overseas interests 
through the Sachs subsidiaries 
io France. Canada and Brazil. 

GKN's intention was to align 
itself for a stronger sales thrust 
towards the German motor pro- 
ducers, who last year manufac- 
tured over 4m. units. 

The group also had hopes of 
improving its performance in 
Franco, where around 3.3m. 
vehicles uere produced during 

In addition. GKN would have 
obtained access to Sachs' techno- 
logy m automotive clutches and 
shock absorbers, as well as its 
interests in motor-cycles, bicycles 
and motors. 

The German Cartel Office, 
based in Berlin, originally re- 
jected the GKN-Saebs deal but 
the city's Appeals Court later 
ruled in favour of the contro- 
versial takeover. 

Fichtel und Sachs, the trading 
suhsidiarv of the Munich-based 
Sachs family concern, was 
reckoned by the Cartel Office to 
have over 70 P^r cent, of the 
German clutch market. 

The Supreme Court said the 
e.\pan.sinn of financial power 
that GKN's takeover- of Sachs 
would produce did not on its 
own justify the expectation that 
Sachs would slren^hcn Its hold 
on the German market. 

Nevertheless, it felt .tot there 
was enoiizh evidence to confirm, 
such an assumption. 

It also staled that . GKN ha^ 
fibanciol resources oiitaide the 

U.K. available to it: tbis was 
shown by its obligation to pay 
the purchase price of the Sachs 
shares in Deutsefaemarks. 

Although Sachs’ domestic com- 
petitor in clutches. LuK GmbH, 
claimed that the proposed 
merger with GKN posed no real 
threat to its own operations, the 
Court said this had no bearing 
on a situation in which it could 
see itself bound to resort to price 
competition against its present 
market behaviour. 

The British concern ha.s 
already made an appeal to the 
Federal Economic Minister, 
Count Otto Lainbsdorff. 
the Supreme Court's decision. 

Thi.s appeal does not represent 
a challenge to the Court, as GKK 
is making use of ito right to 
invoke the Minister's final power 
of decision in cartel cases. This 
need not nece-s^arilv he govprned 
b>- purely lecal conviricratinns. 

Bonn officials explain that -a 
piibhc hearing will he the next 
step, with all oarties havinp the 
chance in put their case fonvard. 

Once this ha.s been done, the 
Ministry will make il.s own .sum- 
mary of the arguments and hand 
them over tn the Afinister for his 
decision. This is likely to take 
about SIX months. 

At GKN. hones of a^succcssfiil 
niitcomc tn thi.s latest^ appeal arc 
not exasgerateri. following the 
lengihv three vear proces.® which 
has led un tn the lalnst reiertinn. 

The Court .said it could not 
iiniinid the contention of the 
Sachs inioro^'ts that a rejection 
of the pronosed araalsamation 
was uncnnsiitutionflir 

There was no objection to Ihe 
owners of Sooh« selling their 
shares m the family company, it 
added. .AH that ivas forbidden 
was the sale m conjunction «1th 
a mercer which made it likely 
that ah existma domtnam market 
position would be strengthened. 

Operating profit so far in the 
current year at .Norvic Secarflles, 
footwear makers and di-stributors, 
is below budcct. Mr. C. L. Met- 
calfe, the chairman, says In bis 
annual statement. 

Home trade order was a healthy for I hr first three 
months but cxport.s. which 
reached £3.68m. in 1977. -wfll be 
down the company has 
no Russian orders on band, he 

Mr. Metcalfe goes on to warn 
members that dividend policy for 
the last three years had been 
ba.«ed on the hope that the group 
would quickly re-jain the kind of 
profit levels seen in 1973 and 19T4. 
Tite directors' nptimlsm proved 
unjustified and in future they 
w-ill only pay dividends which are 
well covered by retained profits. 
As reported nn itlarch 16 tbe net 
total dividend (or 1977 is raired 
to 2.2p (1.9p)— a pasrment which 
On fully taxed enrnings would 
have been unenvared. 

Imports of fnntivear last year 
showed a further inerease, and 
now about one m every two naire 
of shoes worn in tite U.K. is 
imported. .Asamst . this back- 
ground the profit which the shoe 
manufacturm? industry a«ni». to 
achieve would hn regarded as 
pitifully small m almost any 
other mamifacnirinc sector of in- 
dustry and even these tiny 
maniiiis can only be achicv-.*d 
w-hen cverylhins ”oes right, Mr. 
Aletcalfe says. 

Nori-ic's future prospects must 
of neccssily b» influenced^ by 
the ceneral eiate of the Rritwh 
shoe manufacturing industry 
hPcaiLse it has not achieved any 
really special plane of its own to 

Isolate it from these general in- 
fluences. The company is a 
middle of the road manufacturer 
making shoes across the board 
for men, women and children, 

Exports are not easy as trade 
barriers are erected against 
British shoe makjng all over the 
world. Nevertheless there are 
ints of things the company can 
do internally to at least improro 
its performance to .somewhere 
more nearly approaching the 
budgeted norm, and these arc 
being done, he goes on. 

As known historic taxable 
profit for 1977. was down from 
£237.473 to £220,265. but on a 
current-cost ba.sis on the Hyde 
guidelines, the surplus was 
turned into an £82.000 loss after 
extra cost of sales of £383.000 and 
£92.000 additional depreciaUon 
less a gearing adjustment of 

Sales during the year advanced 
from £ii.7m. to £14.4m. based 
largely on a much bigger order 
than usual for warm lined boots 
for the .Soviet Union. 

“We knew the problems we 
were facing when we took this 
£3m. order hut the prices were 

satisfactory and- one of our real 
hopes for future expansion must 
lie overseas. The difileulticx in- 
volved in expanding production 
and training new personnel for 
(he work were enormous and 
proved extremely costly — we 

made about- £130JH)0 less in gross 
profit margins (ban was budgeted 
for." Mr. Metcalffe says. Never- 
theless, by the end of the year 
the group had a very efficient 
mass production vulcanising unit 
going well -in its Mansfield fac- 
tory and a smaller unit in 
Norwich. In building up produc- 
tion figures the directors had to 
sacrifiCR a great deal of profitable 
home trade business. 

"This was .a commercial 
decision made in the reasonable 
expectation of continuing busi- 
ness which would then have been 
extremely profitable. In the 
event the Russian price offer for 
a new contract in 1978 w'as based 
initially on prices 10 per cenL 
lees than last year and while we 
made some progress in negotia- 
tions we were unable to meet 
their final prices and had to turn 
down the orders which were 

“ ThU has meant the disbanding 
of an efficient unit with conse- 
quent production disruption espe- 
cially at Mansfield -where we have 

now had tn face produrtioh losses 
of fon.QiKJ' for tbe first two months 
of this year and this factory wH) 
not now achieve its budgets for 
the first half of this year.” 

This gap has now been filled 
for the autumn by extra orders 
from the EEC and the home 



Extract' from the slateiaent -of the. Chairman, j 
Mr. W, E: K. "V'etighan, LL.B., on the Accents i 
for the 126tb YEAR encled 31st Januai-j’ 1978 - 

. ASSFTS,: .._£Sb,9S3i999 

(being 5i205!^. of assets}.- 

I4QUID FUNDS.. £17,322.786 

(being 2IJ9?;i of assets) 

We have always tried-co give shareholders a fair deal. 

Censistenriy we pay a higher, rate to investors than rhar 
.recommended by The Building ^letin Association and we' 
have decided co hold ;b«ir. rates unchanged; until 1st .May. 

'Btcaine we have Rewrve Funds wed above the arerage- 
-we are abife to maintain this higher -/ate* * 

* The current year has started Weil.. 



AidROrised for . Investments, by Taistees 


Price Uw V« 


1 ,'inw Vni. 


: .Van, 

< Kunltv 


ART galleries 

Troeic B.rfl." Visionary wawrtoloura. 
W. J. ChJmiKrUvni- Views Ol VTcSt 
Airlca. Weal Indian. Maorltius ^ 4M 
BraMin 13S0-90 Oocn eaUv 9.4S>5.iO. 
Sats. 12.30. Tnuis 7. 20 Russell St.. 

Vlr.C.2. Os-SSu 1139. 


POX GALLERIES. E-li.biti«il of llio Uitn- 
ings Dv Britain taa Eurotwan AnisR 
iram 17D0-1V65. S-6 Cork Sue^ ' 

London w.i Tei 0i.73d 2626 Week- 
davs 10 * 0 . Sou. 10-1. 

K. Kixlllh 

K. k'trtak 

X, hiftak 










K. I> »h«ii 

K. O. Maoli 

I;.'U. 'Iii>l' 



I jiii-,- *1 


. S45 . 

S30 i 
■ SoO 
S70 . 
. 9240: 
I 6260 1 
, N28J 
"2S.UO I' 

' PI4U, 
- F140 

7;a 29 

4»| I 62 

22^4 i 17 
10 30 

S 1 It 
3.20 I 5 
1.60 I 45 

lt.30 ! 7 

3.60 : SO 
0.50 ' 10 
29.60 11 


: 3 

* ^ 

352 la 


I 25 

. 1 


1 94 

I 7 i 





; 2 

6iy 1 



1 "1 

1 3 S 4 





! 16 










! 2.30 ; 



! 35 

: lAO 1 



■ 8 

1 — ' 1 


F 130.30 


1 74 

: 5.60 1 
' 2.90 ^ 



' 98 





F 281.60 





' 4 

2.20 . 




fiASiC • 
lAxmio ; 

nT34% . 

. .(ufiTOtetiy^,l978l •' 


Lane Selection of Limited Edition Proois 
by Vr Wan Russell Flint L. S. Lowry. 
Helen Braeiev and ether iamoos ArUse 
Now on view and lor Sales at Reneir 
Callerii-s. Cra-seem Road. Harrogate. 
0*ilv 9 to 5 S'lnatav 2 lo 5- 

V W.I. Moali-rn pjintingy. Kulntiires 
and granfiies n» inierertlno iy«rii^ie»ai wide rjwie oi niic« 

FrI. lO.GO-SOO 5ar» 1fl.B0-1.Q0- 

SI . Keiuington 5i V7 9. 01-937 SEBS 
BRIAN YALE uiOil Mar. U- 

' 70Qp 88 I 


8 i)t)p ; 19 

I 2tM9p - : 

223p j -> 

1 350p - 

■ 375lm - 1 

: 300p 60 I 

335p 32 ' 

350ii 2t 
t7Sp ti 


9S . ^ 

49 : ^ 

30 i - 

130 I. - 
88 1 ■ - 
60 I - 

y^l details' urith SUUem^t cf Accounts .may 

1 •; ;LAMBEtH BuiU>MG spcirnr^ . 

1.1671-20 -Weibninster .Bridge Rs^' London . SET 7XE 
;. TeU:flM26 

^ or-;Brwicfr tilS^ 

A ih fa fd . R«C (23161), 2a>CBwib e . ’fBouoipi w iitfc IflTl}-. " 

'V;-' ■ 



26 1978 



' Leading oil companies 

■■ f-A: 



roOTXDBN'Ca^ Aprit 25. 

'■ V nBT tacnme of - Te^on for' the 
•• •: ’ «l:\-- airtqw^ ended' April i rose 

maintain steady advance 

Steel back 
in the black 

White Weld unit ‘in loss 


XEW YORK. .April 25. 

.. ; — firs; analysis,' since the enmpany was fir«T quarter earnings per sharA 

, ® earnings ■ have been expected te report surging of S1.23 against $1.20. Net iocome 

T .. cents P«rah&Fe to $106. Sales reported by tbe majority of lead- profits as a result of the dow of was up from $l>15.2m. to$t50-3m., 
. *'• .ab^ .froni $6805 iil t© ing TJ.S. oU companies, Ineiud- Alaskan oil. The U.S. coal strike on revenues ahead from 

• •• ■ ■ isg Shell Oil iirtiiedi records a is thought to have had some to S2.83hn. Results for 1977 have 

on the hi^er “®" ® P®*' ®®"^ advance, adverse impact on profits, aloog been restated- to include ihe 

- '‘ •’rVi&t quarter caniingi, Tearon Standarf Oii of Indiana's first r 

- ''■■• that diis yeart first quarter quarter earnings are 5 per cent. *** ^ ^ fornJa reoorted oer share earn* 

' ipf htdeii ^.4na. or 17 cents a higher. Atlantic Richfield's 23 

resultmg from tiie sale- of per cent, higher and Union on of 

■ 1 !■ V rtf CaMnvitv P«1tFnmt1a Vae i>Bnn..*aA A It na^ 

fornia reported per share earn* 
l^edicting a 6 per cent, rise in ings of Sl.76 fiilly dilated against 
capital e.xpenditures to 5^1. Net income improve from 



:J;l;I)iversey ■ 

' ^:^?^ubs Molson 

Petroleum- affiliate, in -the C-.S.. 
which reported a 56 per cent 
eamii^s nse from 518.7m. to 

rend how 
blames a drop in income due to 
our e.vpJorallon and produr-iion 
operauons." Gulfs net was down 

' ‘ 'VfH' .6/ Robert Gibbens 
■ -••^5" MONTREAL, April 25. 

■ V AMERICAN speciality 

^.“‘themicial producer. Diversey 
' V' Cotporation. has rejected tiie 
^. '^'A^'proppsai from Canada’s Molson 
'ic-' -dnnpaiUes to buy any or all. of 
" //• Piversey's outstanding stock it 
:j^es not already own at $US28 a 

•52.6hn. against S2.5bn 
Standard Oil ' Co. t Indiana ) 

reported first quarter earnings 

S^.3^'(75 centsTshare against against SI «7. to S135m. lor 79 cents a shar**» 

48 cents a sharel. income was up from $344.2ni from 8166m. for 55 centsi in the 

5'J52Sm. on revenue.^ ahead ^-ear-aso firsi quarter. Revenues 
.Snbips figures are tieverthe- from S3.4bn. to S3.8bn. rose lo $4.88bn ' from S4.SSbn. 

less * disappomtios . to some Aifamic Richfield Co. reported Agencies 

XEW YORK. April 23. 
tion reported net earnings for 
I h first iinartr of 2 .cents a 
share against a ioss of 58 eeutS 
in the comparable period. 

Total n(- earnings were 
SLlm. ngalnst the $2520. loss 
last rime- Sales of $128bik 
-compare wHh 8127bn, 

BethlebeiB said pre-tax In- 
come for the first qnartcr was 
redtteed by an estimated SSOm- 
as a result of the coal strike' 
and the harsh ninter which 
** eifeeted most of our steel- 
making opentlonK.** Bat tbe 
enmpany said these factors . 
were partially offset by a 
redaetioo of approximately 
S25m. In the cost of sales due 
to liqnIdation!» of Lifo Invcn- 
lort \(hlcb. i« not experted lo' 
he replaced b>' year end. 



XEW YORK. April 2 

Firestone closure plan attacked 

Sales rising 
at Deere 

GEXEY'.A. .April l'3. 

i^'sbare cash. 

A TRADE L*MON statement ha« There 

L '! .Diversev has told Molson that chaTsed that plans 

■‘’-‘''stockholders and has filed suit shift, production to east-west move that < 
tia Cook County; lUinofs. “to vent™ in low-wage Communist rwctlons in Swi 
•••: ,'‘\-iassure our stockholders will vt^tnes. • 6M workers wUl 

■ enjoy the protections afforded 
■ ;hy state law.“ 

The statement 
tbe Akron, Ohio. 

was no immediate Fact w-as. it said, that Firestone 
-to dose reaction from Firestone head- as well as other, unidentified 
liMts in quarters which bad, cited a need the Soviet Union from where the 
increased produdion production is being redirected to 
efTiciencies'* as. .a reason tor its Western markets." 
caused., bitter 
Swilzerland where 
have, to be laid 

claimed that off. 

manufacturer .A Firestone Switzerland exeeu- 

Signed by Mr. Charles 
Levinson- Canadian - secretary 
general, the statement called tor 
international solidarity by 

ine -n«rua, v/niv. •» • «7o-u.s(,aaiu c.-6bu- 

10 per cent of' Diversey*s out- rTr:'.-.: p»c>. Wtlmru^n tviv>c tA Curiimr organisea Tuooer worxers 

■ fand. Butte tef.rred to teod •‘'.XS*'""' •*>' 

absence of quarters for more detailed 

^ «* ** ^ otimeai’. legitimate, real uniona.** comment • Solidarity meattires would in- 

. The aceustatiofl was. made in The company has said its un- elude- stoppage of excess over* 

an appeal circulated by the profitable opera'tion in Switze^ time working and the- prevention 
Geneva-based Internstibnal. Fed- land was partly ' due to the of transfer of production. Hie 
oration of Chemical and^General dramatic increase in the 'value of appeal was originally meant to he 
'Workers Unions after Firestone the Swiss franc. This, it said, was circulated inlemally. according 
announced planned shutdowns of pricing Swiss-produced tyres out to federation officials, hut the 
plants in Akron in /the C.S.. of markets. fiwi.<is affiliate in Rssle released 

Calgary in Canada, and -Fratteln The federation disnii.«sed tbi.« excerpts to the Press, 
in Switzerland.. • argument as “ pure propaganda." Agencies 

^■late eomment 

Upsurge at 
Quaker Oats 

. CHICAGO, April 25. 


■r>'; QUAKER OATS' earaiags for the 
' quarter ended March 31 

- were up about 35 per cent, over 
the$15.Em. or 70 cents a share in 

,-;.'tbe year-ago quarter, si^s Mr. — . — ' 

V -. Robert D. Stuart, Jr., chairmaa aMOL .ELECT. FWIL*. 
;;."and chief executive officer. . 

' Quaker Oats expects a “sub- 

- stantial** increase in fourth 
' . . ' quarter earnings and fn fiscal - 

'*'1978 tbe expects the 

MOLLVE. April 25. 
F.4R3UNG equipment nanufac- 
tu'rer Deere bees a gain 'of 15 
per eent. in sales in tbe first 
half of the year, the chainuan 
Air. William .V. Hewitt told the 
annual ' meeting. Last year's 
sales lotaMed 51.62bn. 

He did not estimate earnings 
but said the cost-price pres- 
sures and changes in world cur- 
rency rriaiion>»bipi; ubirh 
rnuUed in moderately lower 
profit margins in the first 
quarter are eontinuiog to affect 

For the firM quarter ended . 
January 21. Deere earned 80 
rents • share, up from 87 cents 
a year earlier. 

Mr. HeuHt said that Deere is 
in the midi-t of Its spring sell- 
ing season for farm machinery encouraged hy the level 
of retail sales especially in the 


WHITE W'ELD and Company, 
tbe securities firm owned by 
White Weld Holdings which was 
recently -acquired by Henill 
Lynch ill tbe latest round ■ of 
Wall Street mergers, had begun 
to wake large losses in the 
months before the takeover,, the 
Wall Street Journal reports to- 

Quoting u'hat it deseribes as 
copies of co^dential White 
Weld reports outlitting. tbe com* 
pany's operations o^r several 
years, tbe Journal says the com- 
pany had a net loss of S2.lra. in 
the first quarter of 1978 and a net 
loss of $4m. for the last nine 
months Imfore it was taken over 
on .^pril 14. 

Merrill Lynch would not com* 
nient o'n tbe Journal’s figures to- 
day. but ‘ tbe ermpany empha- 
sised that it had acquired \lfhite 
Weld Holdings, which was 
described as “ profitable." and 
nni just W’hite Weld and Com- 
pany. The company did. how- 
ever. itnpl.v that iv'hite Weld and 
Company might have been in 
difficulty by adding that the 

Joumar report should ‘be seen 
in the context of the .fact that 
the securities: industry :a5 . a 
whole had been going through' a 
difficult period. 

But uhlike . many weir ^u.blF 
eiaed cases; White. Weld wa$ a 
pTivafie company and not there- 
fore obliged to reveal its finaur 
cLal positioii.' At.tfae time'ofthe 
takeover, both 'White Weld 'end 
Merrill Lynch said that the 'com- 
pany had operated profita'bly up 
June 1977. the end of the- last 
fiscal year. 

This claim is borne out by tbe 
figures 'quoted by' ihe JoumaL 
But White Weld and Company's 
position clearly changed ^arply 
in tbe second half of last year. 

During Ihe nine months end- 
ing on March 31. 1978. gross 
income fell to STlfim.. rame 9 
per • cenL below ' the figure for 
the comparable - period a year 
earlier. This was due to a drop 
In' income from trading .and 
arbitrage, and from agency com- 
miuion. At the same riaie tbe 
cost nf wages and salaries rose 
12 per Cent, to about SJlm- 

- Overall losses in Janfia 
year were $872,000. '. risi 
$l.9m. in Febitiary. Althongb 
company managed- to pos 
profit of $697,00 .In Ha^ 
net loss for the quarter; 

However, other figtu^ 
by the Journal do indicate- 
tbe parent company.,.vrhite Y 
Holdings, was operating a 
profit.'- albeit a dedinuig 
During the six months em 
December 11, 1977;'.the eomf 
earned SI.RiUm. somewhat bi 
its record $4il7n.' earning }n 
same period the year, before 

These earnings ' were' 
mainly in profits from . Ci 
Suis»e White Weld.' its £ 
pean .arm. from Foreign 
renc'y irahslatibn gains 
esuinated recovery of Fed 
income-tax. Howeve.r, the }0U 
Was unable to produce figure: 
the parent company's final 
position, during the first t 
months of 18^. when IV 
Weld and Co., began to sbov 

IBM to expand capacity 

Machines Corporation is expand- 
ing its worldwide manufacturing 
capacity to meet record product 
demand the ehairmab. Mr, Frank 
Cary told the annual meeting. 

Mr. Cary said IBM currently 
has the largest order backlog in 
its history. 

In 1978 IBM's manufacturing 

plants around the world will 
make 60 per cent, more com- 
puter systems, both large and 
small, 80 per cent more ter- 
minals. and. 290 per cqnL more 
office systems. 

HJgh'demand for IBM producL>i 
beyond 19T8 was also predicted 
by Mr. Cary. 


One reason for thls^ is 
“ penetration of IBM produc 
worldwide markets is only i 
early stages.". . 

He criticised tbe U.S. Go- 
ment for delaying the cbmpi 
chance to present Its defent 
the nine-yeaivold anti-thist 
against IBM. . . 


MacDonald Hambui^er plans $ issue 





company %vill exceed year’s Revenue. ....i..-., 

net Income of $OT.6nL ^*91* Net profits ...... 

a. share. , ^ 

• r . AP-DJ . Net per share... 

tension funi - 





ic:, I 

The Taiyo Kobe Bank Ltd. 

Negotiable Floating Rate U.S. Dollar 
Ceh^^tes of Deposk^^ 

- Maturity date- ' _ 
28 OctofaCTl 980 V 


In accordance with tbe provisions of Certificates 
of Deposit notice is here^ given that far the six 
month interest period £rc& 26 Api^ 1978 to 
26 October 1978 the Certificates ^ill'cany an 
Interest Bate ^ 8 y»% per annuxiLv : 


\ The Chase.Mmiha 

■ ' ."XOndoa ■'! 

- * .*v 


* Contracts tailoredto . 

individual requiiements.' 
« Indusfve or exdusAe of 

*1-5 year agreements. ' 

* National co\«rage. 
#Anymakeofcar, van. iryj., 
^.V! vehfc/e aveilable. 

Hi Fleet seles-quotanc Pi en . 

reqtiest. ' 

A ARLINGTON ConiraciKire D'.iiicr. 

High St, Ponders End. Enfield. Middx. Tel: 01-8G4 1 j66 


CRANE . - 

Firsi Qurtcr 

Net profits .... 
Net per share 









First Quanef 


Net profits 

Net per share... 













First Qaaner 

'Revenoe 7. 


.. 843!6m. 




Fhst ^fcMrur 







Net profits .... 
Net per share. 

.. 27.6ni. 



Net profits 

Net per share... 






eastern AIRLiN-ES 

Ffrct Onrur 

«w • 



First OMrtxr ■ 

: un 

HTl I 

. 43.0hi. 


9 1 

Net pfOfi.lx ••• 

:• 058' 

tNel per share .. 



931.0m. • 
16-8m. 1 



TMim QiuAer 

Reveiiue .. — 
Net profits ... 
Net per share. 

. ivn 

. 102.9ni. 






First Quarter 


Nei profits 

Net per share... 














firm Ovvtcr 





First Qaantr 




-Vet profits ... 
.Net per share 






Net profits 

Net per share. . 

351 Om. 








Fint Qinntr 


Net profits . 
Nei per share. 



. 147.9113. ■ 
• ti.8ni. 






First Qaansr 

Revenue w 

Net profits,,..'... 
Net per share..'. 












First qMitir 








2 3bn. 



1 2bn. 

Nei profits 
Net per share. 





Net profit.-! ...... 

Net per sharp.:. 




First Qiuner 

)vra wrr 
s s 

Revenue 231.0m. 2S8.0m. 

Net profits "Ifim. 7 Um. 

Net per share... ~ 0.26 

* L»ss. 


First OMTUr 


Net profits ..... 
Net per share. 











TStNl Ouarttr 

Net per ^are-. 






453 bm. 


PRICES of D-Mark denominated 
bonds fell sharply again yesier- 
dav‘. The dollar sector continued 
lo be pulled in two directions 
with expectations of an improve- 
ment in the currency situaiion 
being offset by fears of rising 
tdlerest rates. 

.. Several new dollar denomm. 
ated issues are in the offing, in- 
cluding ooe for MacDonald Ham- 
burger. Two issues have been 
announced. 8S0m. for the Pro- 
vince of Newfoundland ami a 
S30m. floating rate note for the 
Polish foreign trade bank. Bank 
Handlowy. Other issues in the 
market include a 850m. three- 
year note For Istimto'per !r> 
Seiliippo Economics delTllalia 
MeridfonaJI (Iweimer'i which ih 

85 per cent. Italian state-owned 
and a Fls.TSm. .issue for Oester- 
tcichische Kontrollbank. 

The Newfoundland issue offers 
an indicated 91 per eem. on a 
12-ycar final maturity faverage 
lifo. 9.8 years). CrAdit Com- 
raercial' de France is lead 
manager. The Bank Handlowy 
issue offers a margin over inter- 
bank rates of per cent sub- 
ject to a minimunfi rare of 8 per 
cent This issue, for which 
Banque NaUonale de .Paris Is 
lead manageT.'" has' ' a ' final 
maUiriiy of ten years w'fth s 
bondholders* option to redeem 
alier five. 

■ Tsrtns ftp tbb' ' neWAiistrlan' 
miilder note offerine, which is 
Stare giiaijanteed. Include, a fin^l 
ipianirity of seven yearia.eoupoh, 
of 6j per cent.-and a pricing at 
9P{ per cent, of the face value 

nf . the bonds. ' .Amist 
Rotterdam is lead'niaiiagi 

The Isveim issue ‘ is-, 
offered in 10.000 denomii 
on a serial note basis <«d 
part of each bond is' red 
at each redemption date 
than individual bonds 
called in full). The inters 
is SI per cent payable 
annually and the average 
two years. Dillon Read 
national i» haodling the ii 

The City, o^ Copfnh 
15-year ‘7 per ' cent ur 
accpuni Issue ha's been inc 
from 825m. to 830m.- and 


The issue hrfd been post 
but was relaunched Iasi vv 
. The -Nordic lavestmenf-J 
82Sm. iitsuQ was ye^^ay'i^ 
at par wUh other ’-term 
changed from mdicatlons. 

PIm Quaner 


Revenue 4U3.0m. 

Net profits ...... 550m. 

Net per share... 0.61 







FirH Ouaner 











Fim Qgvier 


Net profits 

s i 

29.0m. 2l.0m 



Ptr«i Outner 




Revenue ,2329m. 2l9hrn 

Net profits- - ';i.7m. *5.3m 

* i,o» 


Flm Q«MR«r. 

ifTi ivn 
s s 

Revenue 42 Jm. 42 0m-' 

Net profile •... 7 Sm. 9'.7nj. 

Net per share... f« 97 098 

PirM Q««rur 

Net’ profits 

Net' per share -. — 

• {.out. 





Ffrfi Ovarler 


Revenu'' 123 Dm. 

Net profits ...... 4Um. 

Nei per share.-.. U.33 



ll»2 Om 


F<m Qnrwr 




Revenue — 

Net profits S7.0ni. 84.2m 

Net per abave. • 1.41- -l.3i 


' "filW Quarter 

Rc'^enue . 

Net profit*..^.... 
'-'Nei per sbar<» .. 

wn iwT ; ^ 



1 Ohn. 
1 02 



I Ohn 

April 1978 

Thlsanoouncemenlappeareasamatierofrecord only. 

Privredna Banka Sarajevo - Udruzena Banka 


U.S. $8;000;000 

Medium Term Loan - 

Arranged and managed by 

Bank of Tokyo and Detroit (International) Limited 

Provided by 

Bankof ToIq^oancJ Detroit (International) Limited 
Bang ue Beige Limited 

Ooemberof the SoafitfiCfin^raledc Banque Group) 

National Bank of Detroit ' 

- Wells Fargo Bank NA 
World Banking Corporation Limited 


Bank of Tokyo and Detroit (International) Limited 


Gt. Northern 
Nekoosa rise 

REPORTING higher flrst'querter 
profits, Gi;ot Northern Nekoosa 
shows 89 cents a share going 
against 8^ cents, agencies report; 
Imperial Corporation of .\merifa 
was also ahead, with S1.09 per 
share a^ainsi ’ 78 cents for the 
comparable period of Iasi year. 
First Pennsylvania turns in 63 
cents a share against 51 certs, 
while Lenox reports 35 cents, 
ahead from the 31 cents la»l year. 
Siioare D was also higher at 61 
cents a share, againat 53 cents. 
Losses, nn the other hand, come 
from Lihby- Owens -Ford with 
S1.13 a .share ihis time against 
Sli!4. In a similar ntiiation is 
Pacific Lighting with 92 ceots 
a share for tbe period against 
81.23 in the previous year. 

Operating ■ profit al Northern 
Telecom slipped to 71 cents a 
.share in the first quarter from 
the 75 cents of the previous 
period. .At Western Uition, bow* 
ev^. first-quarter net edged fo^ 
ward friHn 55 cents to 56 cents. 
Others to report firsr-quarter 
progress ifieludod Stanley Works, 
np from 92 .cents -to $1.15 a 
sharp. Safeirif Rtores, .with 97 
cenl.v a share against cents. 
Louisiana Pacific Corporation, 66 
rents against 52 cents, Spiiiiss 
Mills. 77 cents aaainsf 49 cenK 
Carolina Light and Power, 89 
cents asainst 94 cents. Media 
General 39 cents a3ain4l-.42 cents. 
Pacific Lumber 71 cents against 
58 cents .ind 8k«g|^ with 50 cents 
sgsinft 40 cents. Third-quarior 
•aming' were . roported by 
Kennameiai ai S5 cents agaiDS-* 
73 eeata. 

rayiiB air mcirocp 

us $20,000,000 

Tneri rtim term fjnanciJtg ;' 

of a Boeing 747^2003 Combi Aircraft: 

Managed hy 

American Express Middle East Development Company S-. AX-. 
Banque Marocaine du Commerce Bxtmeur (Agence de Paris) 

and. provided 

American Bxpress International Batalcing Corporatioa 

Banque Marocaine du Commerce Extericur (Agence de Paris) 

Amsterdam-KottecdamBaxi'k.NiV. Baiique*B^ge3L*imrted ' s‘> , 

' (London Btan'ch) (Mm'he'r of the Sbdete ^nerale de Banque Gtemp) 

Manufactures Hatn over Trust Company 

Wells Far^ Bank, N. A. 

Agent Bank 

American Express Intemational BanHng Corporation 


'a satistectory performance’ 



% Increase 





Pre-tax profit 



78 ■ 

Dividend pershare 




Earnings pershare 



102 .• 


In his statement Sir Arthur Sugden,the Chairman, said 

* F.'C, Finance Limited ended the year 
with a profit before taxation of 
£1.150,000 ' an increase of 76 per 
cent over 1976. 

* PersDnal and industrial credit and . 
leasing advances again recorded a 
sharp increase of approximately - 
53 per cent 

* A watchful eye needs to be kept on- 

the administrative and financial . 
burdens of the Consumer Credit Act 
with a view to curbing the inevitable 
increase in the cost of credit to the. 

* If interest rates remain at or 
reasonably near to their presenfievel 
your company should be able to . 
maintain its present encouraging rate 
of progress in 1978- 

CoD'es ottfwrapO'ia-elacctttns are wif^bh trofi 

F. C. Finance Ltd., Stratford House, Station Road. Godaiming, Surrey G(J7 IHH. 
A member of the Co-operative Bank Group . 


r ■; ■■■ "V. -- 

Fiiandal Times WwJnes^ April 26 ' 1978 



Volkswagen optimistic for 1^8 profit 

BTf - FRANKFTIRT^ April; I irom Moet I BY WIUJiU 4 ^>ll^FbRCE, NORDIC COK^POND^ ^ 

SSSS 'rSSi&’S' g?S 5 Si*S^^"*^ •'! Wpnnp^ecv 2 ™ t. S '.i' 

this vpa'r will amiai i9lTrs (tTopl. ''orporaboD tu paid on their market was, according to the Shareholders uriii receive a -B It^ ilil cSSV 2® per cent, holding in Wilkinson ratio of 3S per cent a S|^P renina^fi po^ 2 * »' 

B .t aL dividend agaiost personal taxes, group's own reckonlng^bout 30 Match to Allegheny Ludlum last target-within SS^SlSiS^TSa^S 

lent perfpraanee. But. although The -group has gone into 1978 per cent. / bonSTphr D^ii?mfflal By White ‘ “ DahUtcn estimates that row 

the tone, of Us report is opti- a bulging order book. Earn- The improvement in deliveries for WTtT ™ Anril BS tendon was to spark off contra group wiU need “ Jffil^^Sat to 

misUc. it is as yet hard to deter- fogs last year benfited consider- in the U.S. market was relatively The group whose turnover last CHAMPAGire^n™? And ««y over the future M“^^f:«nnualretM- on trtal capital .. 

mine the effect that yesterday's ably from the improvement in low compared with the ffgures year foc^d 1o DUM,2b^^^ sSJ up the ^oiSdKi^t^ ^ • •••,.> .JJ 

5.9 per cenL pay increase «paci^- utiti^oP at the group's for foe previous year S?seve^Tmovesfo fof^a?ortu™„«r°rfirOTS^^^ 

awarded to its -West German planets; said Hp Schmuecker. the- group was pieced- that the year increase by 2.5 per cent by *5®®* ” foe &2S«TmS^rt^Sr^5 d!r Jm« a ^2r IhS^ l\Z 

labour force wUl have on 1978-s .p»«s >-ear the gniups world- Westmoiel^^^^ Pennsylvania, world-wide to 2,218,900 units. Per iMt year and raised Some- voluiie --^al^- 

profits. wide deliveries. Ip curtomers m aMemWy works had come on Whether It was possible for it to consolidated net profit by - could be adiieved md- v- - - ‘ Jt, 

^ v^-,c’s T.0t ^niiT) nmfits fflODths totalled Stream, the groups models on equal the 1977 performance was about. twd-Uucds — from cwSldr^^noVt - ^ .. " invJtmeirt'iwlicy Shoui?Ji'> .. 

totaled DM419m (^^^ ^ Fis.40.lm. to Frs.65.6nL t^Jpen reorganisaff^^ Sv 

whfch was a hefli? dSe on ^bfopSiSonffTT ffr^n foe foreil^^chiig^ 'foSt i?sto®od“-a ATt G""P «>“ «« mem-iiowoff^ evince of foe ■„ inte^S^ into pfodnct ri 

1976’s DM1.004bn. B^.as Herr to Frsa,54ba. C5328«.) from ^ 

Toni Schmuecker. IW s chief to 21A900 units. Deliveries mea.nt that price rises in foe The Volkawaften rizhts issue, Frs,1.31h!i., and gross operat* - nnHnnal boundaries wi^ a . , .VV r ■ . - 

execuuve. pointed out. the 1976 in the U.S.. where \'W’s market would be unavoidable «bich wU briS Vbe group^ ing profits almost doahled to [S°vMfln^hro?rf^Sff^tSS *“ manaseiuent features BtaSd-but iin'^ - '^ ■ • ’ 

^Westmoreland ^was eSal Frs.152.6n.. o^r^Tfi froA ' responsfollily - . tho^JTfaatiiLlTaiSL^^ 

T™ up. rose by 4.7 per cenl. to 65,500 dependent on deliveries from current DMOOOm. to DMl.2bn.- The parent company. wWch IwStehLSi?^^^ • - • - - •- are.the incorporation^V^::'.. 

two > ears losses. The. e „n,t,s. snd. in Brazil they surged '^est German.v and V\V works jt being offered at a ratio of is chanziDe its hnsi‘n«s voar Wilkinson Match had beco^ in building components- divig f 

rnt?S?m by 9.2 per cent, to 109.200 units in other countries. one to forw 4nd.a price of DM150 from it iljnnn tf Mr ambitious - reduction of . which has .been :iarg^^<--.:. :■•■■■ T1 

19<4 and DM157m. for 19o Herr Schmuecker said that foe Production operations in Braril per DMSO nominal sbare— would If®" Jnly-June to Jannary- • !. .Kraoom. (687m:> in woiddng (j^foestie Swedish j>pei^on!^,.a.‘::'--' ‘ =33 

Furthermore. West Germany's decline in deliveries m West and Mexico had shown some mean that foe dividend would Becemher to fit in with foe ; J~ „ oj « The liquidity target is the forei^ door, board ..-.-i 51-S 

corporation tax reform has Germany stemmed purely from improvemeni. altbougb the Brazi- have been paid on a greatlv in. operating subsidiaries, showed ^ ‘become at 1® P®*" cenL of sales. kitchen furniture factodes. '' " ’od 

increased foe state’s bite in cor- the group's inability to keep pro- lian increase in deliveries had to creased capital base. Earnings, a Frs.8.7m. net profit in tbc Inezt month coiubfoes an fot^ Iransactions made, during 1977 (be integration of the lighter*-'.''.- rse} 
porale earnings foroughoui foe duction in pace with demand. It be viewed against the low level however, were . expected to be Utter half of 1977. The com- zration into nroduct * erou^ Increased group liquid assets by match divisions. , , ■ i ’ 

Federal Republic. Shareholders certainly did not reflect any • of sales in 1977. In Mexico there sufficient to allow foe dividend n»«v niri that hacana^ Ar ih» Btretehins aero&B national hoiin Kr.Mm. to KrjJ71m.» correspond-. .Tfae-new international buUd.^^ _ 

who pay West German taxes will weakening of the market. Dur had been a noticeable rise in to be maintained. !h«.f s J 1 . dirieTw^ rS^oln SS id n« comppnente division- . wifi h - — . -1 

Two-thirds match revival 

profit rise Waldllg 


TT - WHEN SWEDISH Match sold .its' pany. To r« 

iB C Tl il PSSV 29 per cent holding in Wilkinson ratio of 3^ P®> 

*/ Match to Allegheny Ludlum last target-rwithin 

By David White December, foe main . effect in Dahlsten estin 

PA1IIG Anati oc Loudou was to spsTk off cotttTO- gTOup will as 
r-n . . «>™r**®* o^er tt;.e future control of.- annual return- 

CHAMPAGNE,, cognac and foe British company. In Stodt- emoloved of 14 


• • : Ni 

perfume gronp Moet-Benneasy holm the sale v 
increased sades by about 16 of several moves 

December, foe main effect in Dahlstw estimates’ that" ft® 

London was to spark off contro- group will need “ , --- ” 

versy over foe future control of annual return- on total capital result- • ; .iieca 

tie BriUsb rampimy. In employed - . . i- .T? 

The Volkswagen rights issue. 

per cent, last year and raised Swedish multinational -under- five times a year, which -would opmung «»uit m xvtp. .. -y , -,„ ... - . » jj.j: 

coLouAto ^ wefirw “*w managing director, MT.im5iyTt the current sales level Some- gref; | 

coMoUdated profit by Dahlsten. Ttte tflTV __ conld be adueved aad foa.^S' .'-j ,cJ5' 

about, two-thirds — from gharebolders’ repoTt-^a remari:- - - mvestmert^policy shouw*^^^^^ ^..rv -arr 

^.40.Lm. to Frs.65.6DL ably open and lafomntfve-'doctt'^'.- Xhe reorganisafloii. combines ahoiit an *nii^yeipent‘-'in.’^^".,^:rr • 
fS14.isL). Gronp sales rose ment'^ow offers evidence of foe • mr integration into product ^.finaonri co^ BirtiudgemeB^ V .- d -p 

to FrsJB4ba. (9328m.) from vigour ^fo which tWs r«rgan-, stretching . *«^ 'Sv f5rai 

F«.131ta, .nd ross operat tanmdaries with » ™ ^ “ ' ■ ' - 

0. foUowing ..the Boaxd's sucimst S« manaeehient • .. . .,-•, Vna 

Rh iOperaUo^^;ic.*^ 

Federal Republic. Shareholders certainly did not reflect any - of sales in 1977. In Mexico there sufficient to allow foe dividend g.»v »(rt titsf Lamrqa Ar <h. stretehiDs 
who pay West German taxes will weakening of the market. Vut- had been a noticeable rise in to be maintained. change in aecoSiB da^ dirieawS 

West LB sees upturn in credit business 

j»aoy ssio loac oeanse Ol me iftirBicums acruM Bauunai o«ua-.^--T— •,« «f jsaiae. . ^'.Tx nT.,ri::rt»c 'ih^-G 

cha.g, in .™,oi.U.* d.t.s 

this was nnt MmDanhlA wtA asemeur FeaponsiDmiy. - .,R«t,anaAA i,'*.een». 

in almost unchanged' with KrSeOm. under the 
The groups sir^gtte ®®j-and very modest pre-tax earn- oreanisatioa. .itgets a new-cl 

after ™st<alcul.ted mj^aed 


FRANKFURT, April 25. 

WESTDEUTSCHE Landesbank demonstrate that he was firmly “ ove^proportio^a1 ” 30 per cent, ings after tax were up DMlIm. FTs.l2.60~ineluding t 

Girobentrale (West LB), West in foe driving seat. Se succeeded of West LB's profits. to DM174m. for th^ six mon 

Germany’s third largest bank, is to the chmrmanship of foe execu- Walter Seipp. deputy chief Onerating profits— excluding paid for the nrevians fnU 

t^ng anoptiiTiistlcview ofl97& uve board after the departure executive and bead of foe those from foe bank's trading fluanclal vear 
Dr. Johannes V wUing foe chief otf Herr Ludwig Poullam. the bank’s foreign operations, said activities— bad been enhanced by 

executive, sai d that former chief executive, late last ^jjal in foe past the expansion of a strict contrbl on costs, said Dr. results confirm foe 

operating proro roould at year. fog bank's overseas business bad Voelllng. Tb^ had risen by 27 return of good times for foe 

equal those of 1977 and could He said that foe bank's “ struc- been rapid because it started at per cent to DM436m interest champagne ladiistr; 

u tural " overseas growth bad been a very low level. It was natural eaniiugs were up from OM787m. Moet-Hennessv leads 

me MrjK. « saia, wM expect- completed with foe opening of that now it had reached a sub- to DM864m.. while commission i^th ii* 

winSe its Tokio and Hong Kong opera- staolial level that foe rate of earnings had risen from DJU34m. H.reter hr*A«te faii 

credit business this year. De- ^io„s. This, however, did not growth would slow down. to DMlWm. Memer brMds. FoU 

niand for long-term industrial magn that it waa outtins foe . t... .... j pattern . of other 

credit was already considerably «!,• ^ Last .vear foe bank’s pre-tax At home, restneted demand *hA *aa,a 

stton«r than In the opening overseas activities, namings went up by 6.6 per cent for credit produced a decline tn 

months of 1977. particularlv for West LB's foreign business, he from 1976’s DM284in. to DM303m. foe bank's short terra credit tercu an increase o 
construction projects. As a said, was an important suorce (some $??7m. while foe group's business. However, fois had been > per cent in Its c 
re.*iult. interest margins were ex- of profits. Last year it accounted balance sheet total increased more than offsrt by an Increase sales, which bro 
peered to improve. for some 21 per cent, of foe con- from some DMTSbn. to in lending by West LB's overseas | pn.7i7m. last year 

Dr. Voelling was at pains fo' cern's business, yet returned an Dkl82.71bn. (S39.T8bn.). Earn- operations. j nrnflu rrAm a 

' „a»m™ds IS.i.h’" dUU^^'' aeMon,‘“"of Kr.5^ mdtth divIsio^Tl&s 

^ dividend-^ gn« tho» 

Fiv.12.60 iacluding tax benefit Paid account is dominated by tribntiiig . KrB4^df foe ! 

—for the SIX months as it foe extraordmary Jtems, whidt solidated . Kri29nL . open 

paid for foe prerions fnU ^'\rS^**K fr^fonn foe pre-tax figure tote profit.^ ' 

uiclal year. MoiS a*Ss° before appropriatloHS -of The group ,io«:]^v!23in.’' 


• brtu 

; !i3W! 

' Sab 
• *. a^lo 

miancHU year. ifrl thn lanital • a loss ob£U*« va j 

The resnlia mnSrm fhe ^ . 4^.36m. These item mclude aa hghters lart year a^ Stinhai^ »:ic 

«.tn« Af^iJ S • DaMsten's treatment of Kr.282m... from .the claw back substantfar d^,-rrA .47 - ' r„j 

retain of good times for foe bold statement of flnaneuti »le of foe Wilkinsin and (aiill-. meat costs,. so that the iat^’ 

champagne Industry, where objectives. The expansion shares and Kr.373m. in tion' nf to tighter and mg:"' 

Moet-Hennessy leads foe field through the purchase of forblgn- operations is ' an. tntfer^-i-'- ^ -vj;-’-" ' j 

with Its Moet-Chandon and compaiu» which took _ptece; ^ong the extiraordinary coste,- experiment , In 1970; St^- 

Maltese bank Baimler-Fiat link frowned VNU expands loss at Its Cailfornlan i 

J ■ i tioitt, larger than foe pn 

downturn ^ Cartel Office overseas 

By Godfrey Grima viA Kfj a.wn. ^ ^ The HenuMsy cognac 

VALLETTA, April 25. gy i ff ! «* COUTT BERLLN. April 25. Chariei Batchelor did less well. Allhongli 

VatietT*^rtwi°*to^just*°over FEDERAL Cartel Office preliminary examination has AMSTERIDUf, April M. FrsA7S.lm, net profit it 

£Mlm from £H1.4m. in 1977 views iha proposed co-operation shown that such co-operation VNU, tlie largest Diitcb publish- sector was down to FrsJ 
“due to the iranossibility of between Daimlep-Benz and Fial proposed by Daimler and Iveco ing company, will concentrate its fr^ Fss.l9Jm. 
repeating th»* exceptional gains / to Produc® *ufo®®-tic truck tranp vehicle of Amsterdam which Is e.xpansion plans 'on countries cosme^ i 

made in 1976." missions as “ very problematic,” “ r,insid^ Holland and a-lshim headed by Chr 

“ ® ^ aceordine to the agency of the ^0 per cent, owned by Fiat o«“i»e Mouann ana ueigjunij Dior nerfonies. have exos 

hnide™® ?ha^?man^^®%o^nh I W«t°£nnan Economic Mi to would i^ the opportunities fort rapidly. Sales rose last^ 

holders chairman Dr. Joseph, . B-rlln diuons in West Germany, where large-scale growth are "limited.** I Frs.4U.9m. from FrsJM! 

The c,..peraUor venture « l>.e esubUshed «n.e of its I ow^^u* p^at d™bl. 

to drop to £M660.000. However **’hlvh has ..been put forward marKei. j,gggjj. ^ finance company.; Frs.67m. from FK-23m. 


BERLLN. April 25. 

By Charles Batdieler 


tered an increase of over 20 ably low leveL'* . ^and foe machinery companies foe price-cutting hattie with-Bj r .t'. -• pv 

per cent, in Its champagne The group's ratio of equity took I\rA2m.. and there were Gillette and the Japanese.'^ .t;T? 

sales, which brought in fi^bt was 30 per cent at foe eaif write-offs of KrBOuL in loMes on The cenhpany h^-ready-'}^^^ . 

FTs.717m last vear wouljl have been foe Swedish building -Biatenals marketingjtvro Kiev. Ughtera j' «: -’5 

afaA*. r««L It.. ............ around 25 per cenL v/ithout.fob involvement and Kr. 51m- (ip.foeJt is negotiating, co-operab^’ 

«« profits from champagne ^aJe of foe holdings in WlUdnson Philippine sawmill project which agreemwts with several 'r :c 

doubled from Frs.13.4m. -to and foe Gullspaang Power'Coiii- was disposed of. • • - : - 'companies. .-j".'-,;-- 

Frs.27.6m., despite a Frs.6m. ' • ^ ' — - • . . " -' 

loss at its Cailfornlan opera- /"i Ji i . j» • 1 d* 1 Y*' -Al ’•ll' - -c of 

Setback Spanish fuel 

"■ r,c« 

^ ^?»r( 

3rd : ji*ci 

tioitt, larger than foe previous 
year's, wfairb the company said 

*'rb?Vnii2j?1SgS?\b.l »r ROBERT GRAHAM. •• : AprU 2fei -r ^ 

fi** CAMPSA, foe semi-private overheads. Campsa reported nfet remaining 49 per cenuU4^..<-‘- ? 
F.Sttl“n., iu iST, -RT that has the monopoly ol prodt^fttaj^lm. __(«2.5m._). ,;a mmW Sy_ -i ^ 

)und 25 per cenL v/ithout. fob involvement and Kr. 51m. (>p. foe -it is negotiating, co-operiili'’ . ' ' ('nv 

e of foe holdings in WlUdnson Philippine sawmill project which agreemwts with several 'r ;c ?roi 

i foe Gullspaang Power Coiiii-. was disposed of. • - . 'companies. ***** 

Setback M Spanish fuel dNiribiitn ^ 


Dior perfanies. have expanded 
rapidly. Sales rose last year to 
Frs.4l3.9m. from FrsJ)42.3nL. 

foe bank's operational profits— : In a letter of Intent Is ciirrently The Cartel Office would rega^^ yT>jU Finance, on the Nether- 1 
excluding earnings on foreign t EEC -cartel a* >*nds Antilles so that its I 

assets— at £Mlm. were higher , authorities . In Brussels to see from foe standpoint of merger -r.n,.o I 

than the 1976 figure of EM700.000.1 whether it conforms with Euro- control law,** but the Berlin liquidity Is In^ the most appro*. 
Reserves had “again beenipean Comraunltj- law, office would prefer to let pnate form to take new 



The Cartel Office says that the Brussels first reach a decision- i Initiatives. 

Frs.67in. from Frs.33ni. and inert 
net earnings likewise to 
FrsA8.7m. from Fts.J 3 Aib. ***' 
Mort-Hennessy increased ite . 
interest In this sector earlier 36-5a 
this year by securing a coo- drop 
treiting Interest In the Roe by a 
eonaetic groDp. more 

petroleum and petroleum- pro- ment increased from PriaSBbn. private shareholders are und**^;". ...^ ... can 
dMts toSted ^^Li43^ to Psts4Abn.-» per cent of stood to be ^.ea*mpL Uap"’; - ?*jii 

?*5?shn\ * iq wWoh was derated to boostlag w^any^a original. ■ for 

*0 (S5.45hn.) a 19 per foe state guaran^-.^^ ffoc; 

(55.«»1L) a IS per ^ -storage lapacily from d.lTnLtons rtate guarantee -ffoc; 

increase on 1976. to 5.16m. tons C^mpsa’s ai^vity < ““L dividen^:^. Cain|,. . i-: i: 

However, foe volume of salei in exploration .was redneed, with enstom^s pririlegre>. -si-icij 

A AAUWWpg^ tAiC VWIUUIB V* MUCSa . k Ra^psL^S « LbWAft .«VB 0 WSMA .. * -TJ- T *• •• -w 

£ esperiaUy fuel bll. declined from * bofoin foe amoiuit *■“ ’ 

ler 36.5m. tons to SS-TamrionK-This ^of di^toand foe^ acreage sur* -US' ?J‘ 


tn IIM HIGH count OF .1L*SnCE I I 

• aiano>r7 O(vinon< Campuilu Court. NOTICES 
Id Um Madpn or IW ■ 

Ko. M1179 of IB7S 

A. B. Tine LtitlTED I - I 

No. 001176 of 1»M I . i 

*«0 HKANCe ! 



LIMITED I HgguM k Ol South AlriMi , 

No. 001178 of 1S78 DIVIDEND NO. 104— I 


No. 001180 or 193$ ■ HOLDERS OF SHARE WARRANTS TO 


X<1 nailfta at IB7S I 4Wei lO* Slll M4 t. 1976 41 HW riij 

A". '"»»»" O' 1 *1° -I ■A.goon-B IB« amouKi Occtarcd 

YARGLEN LIMITED I 2^ sh^ l«»s 12 73S04p ^clna Smili 

No. OPIUM of lOrS I Afrtrsin Non-r«ild«nt S»4i«h^«r«' m 

FOR GOODNESS SAKE UAUTED cK isjj ogainst surronOw ol Coupon 

DOCTOM^FWA^^L^UJVISORS THtl?a®c‘l.eAs“oA'YS ?«r‘1i»P«1lw 

LIMITED boierc-'pavinent f*'n bo made — 

iiid in the Miller of T»w Companiw _ in ifind^ « 'i*SS"«J J2SSS.'"sS I 

Xet HUS •»nk Umliod. Sio-^ ON'o Sw»««. SW i 

**•*■ I FlDor. Drsoerj Cartons. H Thros- i 

NO-nCE IS HEREBY GIVEN that m^n Avenue. London. eC2. ! 

ilncoreovawd in tbo 
Roeubi k ot SPMih Alriui 

COUPON NO 106 . 

BEARER vdll re-elrt NTino.-it on or 
snoi IlN Sill M4 t. 1970 ai MW MW 
el 84.9QOiie 110 amouni , deckrra 
POT short less 12 73SMMP hejno Smili 
Afiirnn Non-reildont ShaiehaMen ran 
ef 15^ against surrender el Coupon 

i^pom musi ho denositod lor 
THREa. CLEAR DAYS for tnspeetlos 
beiere-pavment fVn bo made — 

In «( NaHenal Westminsiev 
Bsnk Limited. Sie-^ omre SortkM. SUi 

SoelMd Anonrnie reulsto^ M Frame 
with o capital of Frs.9aA.110.600 
Registered Offl-o; i. rue d'Asiarg. 
7S008 Paris 

MAY :S. 1076 I 

Annuoi Ge-ioral Mooting gt sho'otislde-s' 
ol Compagni FInancIH-e dc Suez wiK be] 
held at the Grand Aiidifnriwtn du Palais i 

PeUrtoas For the irindlng op of the ahore- 1 
naiaed Companieg by the Hlsta Coun of , 
Justice were, on the l/ih day or April | 
1078. pmemed lo the said Court by thn 
Cemmispleners of Custoitu and • Exdse J 
cl KIhr's Beam Hou se. 30-U Mart; Lane. ] 
London EC3R THE. and that the s?ld , 
Pelittons are directed lo be hoard iKfore : 
the Coun sinInB ai ihe Royal Courts of ' 
Justira. Strand. London WC2A :i.L. nn i 
the 13:h day of May 197T. aiul any I 
ivedttor or i.-onm'bDioiT of any nr the - 
said Companies desirous to snpiMn or ' 
opoDse the makuic of an Order on any* 
irf Itae aaid Pciilkons may appear ai the ' 
time of faearins In person or hy h:s 
Conmel for thar purpose: and a copy | 
of the Petition will he fnrnished by rhe 
undersigned lo any crediior or con- I 
tnhutory of any at the said CompsiHes - 
reqnIrInR andi coop on payment of Uic > 
regulated diarge for the same- | 


Hlns's Beam House, 

IS-41 Mark La ne. ( 

London BC.TR THE. 

SoUettor for the Fnitionen. ‘ 

NOTE. — Aliy person who Intends to ' 
appear on the heariBK of any of ihe said ' 
Petltloin mBs: sert-e on. or send by post ; 
to. the ahove-named notlre in terltliK; of- 

In Paris at Credit du Nnrd el Union 
Parlsitnne. 6 A 8. Boulevard Hauss- 

’"‘irT'Batle al S«*fs« Bank Corporotlan. 
In Zurich et Credit Suisse. 

CouDons bclonalng ro holders resi- 
dent In Great Ar'tain and Northern 
Ireland will be oeM as rellawa. 
Amonni of Dividend aHer 
riedtfrtlnn el South Atriran 

Nnn-resMent Shareholders' p 

Tax of IS". 7Z.16S27 

Less; Un'ied Kmadom In- 
romc-Tav el 13*^ on the 
press annum r.< rhe Divi- 
dend el 84 900310 ... 16.13106 

aenu m o-uuujib ... 1 6.1310j • FiNANirEHE Di SUEZ the lonhs reeuired ' 
56 0S4S) I (9 atg«6>id fflli Mcvtlna or m , 

. * ... ' ih#f Ml 

Listino terms ran bn ehialPCd on 

apphsatten *■» the Nanonsl Wcstminstw fS* filL 

Bank LimKcd. al the address shown ■ r}*,ni..I!lT .iSu"^ r.n.^^n * 

. Annue] Ge-teral Meeting of sharetialde-s' 
lot Compagni FInancIH-e dc Suez will be] 
' held at the Grand Aiidifnriwm du Palais i 
des Cengrhs. Centre iirtcrnaHonal. 3 place 
ide la Porte Malllgt. 7S017 Pans, on Tues. 
Sar. Ma? 33 I9<'6 at 3.00 p.m.. lor the 
lollowino purposes- 
1 — Report of the Directors: 

I — Reeort ol the Auditors: 

—To approve rransacilons and Accounts 
tar itw hnancial fear 1 977 and the 
Aalanee Sheet as at December 31. 

I 1977: 

—To allocate oroSM and ha the 


—To vole on cnc Seecial Report ef the 

— ^To re-elect tve Oh-ertors: 

—designation el an Auditor 
—To authorise the Directars to Issue, 
b-rth In France and abroad, one or 
several loan stocks UP to a total 
I nominal amouirt ol 400 niilllon Francs: 

^To delegare powers regarding cdm- 
I Pliance with tamullties. 

0->1v members hsiding at least hvc 
shares mav take eari In the Annual ; 
.General Meeting, suoiect to the right ol i 
' h uM ei j of lewer shares to combine their 
I holdings 'Art 41 Ol Arbcles). 

I One attendance allowam.e el 30 Francs, 

' wHr be oranfod to each shareftafdcr 

< AltenMen is called to (he (art thni no 
one can act as erozv ter a shareholder at ' 

I the Meeting unless rnji person is a share- 1 
. holder, pr the seeuse. or the legal reure I 
‘sentaiive ot the said tharehoWer lArt. 34.' 
paraorarh 5 d> A'il'les.i I 

Holders dl reeietered share rertih.-ates - 
will 'erelve di<mt irem COMPAGNlf | 

LIstine terms ran N- obtained on 

tall imeauoit to do no. The iwilce mast 1 the Unl^ Kingdom 

a™® fh^ « *5Te‘'rrt«rt 

or. If a arm, ine name and address ot rate it i9 per -ent. innead ol at ihe 
the firm and mtisr be slRiied by the ' bisic rate ei S4 pc' cent, reere'-ents 

penon or firm, or tats or rtetr so:iator * 55 aiidw*"'* ot credit « tne raie ot 

fir anyi and must be served nr. If ' ' tSS^ ......... u.. rt,. .-.nri 

poned. must, be, sent by post lit miffleient , re-eivel’io'be e!^^ bv the indivW*uai 

' L Shawn 1 with the Comean* and the oerson soi 

?? " * * LimKcd. al the address anown joaolnted shall be reoarded as the owner | 

BV nonsR tn aceordan'e with Ihe resulre-nents o' ■ 


CORPORATro^ 1 gSVclaltr-c.sM JS* ti«’'&r f 

PWwos Hnu' '*'* I*** IB attend or or ' 

K Graihsm c-ree- i represented *t this Meeting, holders cl 

I rcolswred share cortlhcates mutt be entered j 
Lcnoun. B,.av /an. abjii ists ' th» ComeanT's Registers at teait hre ■ 

Mare- * i'l'W before in'e date of the and; 

uifder mo double ux agreement , 522S2 
between the UnKed KInodom and the ? 

Reoubllc el Souin Afrira. the South J* in «#*«?•. - 

Ah-lean Non-resident Fhareholders" lax . jS rf?"<S!2ri 

a-solkable to the dividend Is allowable . gt S*" biJHSSJX ’ ‘rSSaa'T^ iVsii ai2' 
as a credit agahiM the United Kingdom dfrB 

m payable In respect et the dividend ' ’5S-^2?*'*I5; ! 

The deSu-tlon ol tax at the reduced , ' 

race of 19 per 'ent. innead of at Ihc - 1 

basic rate ei 34 pc' cent, reera-.eiits 1 

?5 Si? «?'t* " ' dJvTbStarT^hZ M5C4?n7 ’ ” : 

The gross amount ot the dividend i ^ I 

re-«ved to be entarod bv the indlvWoal . ? 

Shareholder on any return tar income 1 .il 1 

tax pfirooses Is S4.eoo3lp multipHed 522 butore the. 

nv me number C( shm-es held I dale ol the Mrt ^ 

an ailowanre ol credft « the rale ot 
IS per cent 

The gross amount ot the dividend 
re*ei«ed to be entarod bv the individual 

time 10 reach the abnve named im lar-r 1 shareholder on any return tar income 1 .,2''IiS..^i 

t*i.-*n 4 o'clncfc in th* ariarnoDR of the ' tax mirooies is sa.eoosip muitipHed "«4iw.. tat « teasi ti»e dav» I 
12th day of May I978. bv the number c( shares held I dale ol the ^ 


f Group 
Financial Controller 


Hovprlnqhan Groun Limrie 6 , a progrpsjslw. riluprsifipd Qioup orggnlsad into self- 
containeB proTit accountable contisanley, v.iehes to appemt a Group Financial 
Controller who -A-iIi report dirOct to the Grobp Chairman and Chief Executive, The 
main du!i «3 are: 

Corpora ‘6 and Financial Planning 
Management oi Finance 

Control oF Accounting and* Data Processing Departrre.nfs 
Appllealione are invited From mature aecountentg aged 35 — 45 . prelerabiy -Aif h botFi 
FCA end FCMA ouaiificaiions. with a sound proFessionai baciiground. c'urrenliy 
hoiding a senior eceentive position in industry, and depth of exoerfence m the duties 
outiinod above. Knowledge of overseas operating and a foreign language Aould be oF 

I The appointmenl. based aF Ihe pleasanlly situated Groun's Head Office in < 

Hoveringham, a ill involve liinlied Iravetling within the UK and occasional fotElgn ,isiis. 

Saipry is neootiAble. but it ■& unlikely (hat anyor^e earning less than £10.001} pa .- ill 
possess the reouired p»nener'ce tor this key appointment, A company car and 
e'ceHenC senior executive benefits .'. iM be provided. 

P-'ea^r aro-'y. s/dfinp Flow you /reef ffie spec/fiedreoi/'reme/iFs, for 

The Group Chairman and Chict EsccutivB, 


HOVERINGHAM Nottinghair. NG 14 7 Jr. 

Eucklep^sury Fui^ S. A- 

.... Soefoe Amnkfoe 

y Heade(fice;Ij»embour5.3Zfuei«otro-DajQO 

Messrs. Shareholden are hereby cornered to attend file Statutorv 
CeneraM^eeim; wtiidi v-iFI be beU on Sr.iT Xhh. 17^ at liO p,m , u 
4j, BoSlewd Roial, Luaembciu^ wiib the ^krtips a^cds: 


1. SobmissonofdiereporisofiiieBoerdofDirectonBadoftbeSatuloiT 


2. Atisrm-kl pf Ae finamaal atatemepta for the year psuferf Tier TVr<tfii1u >i; 

3. ApproiTiI of a oprepiia fioa to kgal reserve for the jesr coded 31st 
December ]$t 7 

A Poymer.: vi ^ r^ividend 

5. Disebarse t>i Dpecuts and of tbe Sistotorv Auditors In respect of tlie 
cjniiai! cc: o( their d-4Ues for ibe year ended 31st December IFrt 

6. Receip: ch and setion on iiomi.natioii (or elecdon of Directors and lSs 
S unitori .-.uciupy for she tucal year cornmencirq; Ist 3 aina:y, 1978 

7. S'jwelLmeoui buaineMasiiMypro^Ncome beiore the Nieetins. 

5here.ioU;:> are edvised liut t&ere b no reqairemeia in older 

for Valid dedsions to be la^ien. 

Holders c4 bearer Aares most deposi tbeir share ceitifiutas with anv 
banli or with Kredieibuil SjL tMgJiiboi>;gi!otse aad infonp bim « 

The Board of Dhectors 


Soci^ Anoirtaie 

HCi>-Jo(rice : Luxemboory. J". rue T^Hre ^me 
Trade itegister; uiumbouTg B8J92 

Me.vw- ^2).i:Tho1ders are berebs' comened lo enrnd ibe Suiutory 
Gener-il --hidi will be held rci Muy iCrli. ac jJX) pjiu ut 

fiovle-.urdil«:i;ui. Luaeaibourj. »iUl (lie lMlo»iiig i^enda; 


!. 3uhm<a.ionc-f ibe reportsof iheBoari of &iretior» and ot (be Staiulorj 


2 . Aporusoi ui die finaiKial tu«eoica($ for (he year ended December 31st, 


3. .Pu; irem cl a dividend 

A. Cis:h4r;:e ol i^reciors and of iSe Sutulofv Auditors id respect of the 
C4iry:n; --j. ^ iheir dudes kv C’x >ear ended 3lG Decembec 1977 

5. Beceipt o. utl! aciion on nonunaTkm for eleciioB of Direaors aad Ibo 
>.iu:ui,..:y .*.iR^aon!tirane»Mutu(Of> lerni 

6. Direaors rTmeoeraUon 

7. .V:>, t-Bs>,ess as nwy pmperH' come hefoie tbe Meetinsp 
£'> L-re ad- ised (hai (here is rwqBoram re-^ubepieot tn order 

lor 1 jlid tIaciM'U's :ob? la'setL 

Holder-^,. I 'Teurer shares muu deposit ibejr sh^re certificoes with any 
ban!: l> wi:b X;cdie&Uw bJu Luxenbocsseo&e and mfotsi (be iauer of 
this deposiL 

more i 

sgS’cSuSSStais; ji* ----i ss 

5paniA -company. «Uny*. a^stete energy lntercsK.11i« 
unusual riMus. It Is regarded was strongly opposed by J-‘. '-*• fog 

oer^cML to 65 Snt ^ by foe directors as a private Finance BUaistry, anil J grw 

per cent to 65 per cent.. company, but foe slate, tliroogh seems as foough thestae’s "■'j:- ■ pgr 

Net profits figures- were foe Ministry of Finance.' bolds in foe Cainpsa equity wUl.-^Fj 
affected by this and increased 51 per cent, of Uie eqiUty.' The main iii foe latter’s hgodk; 7 .' i-'r? '«!‘b , |> 

_• ta (jjjj 


•.re'sti -niy 



AleiD Australia Sfpe IBBB Biii 

AMEV Spe I9ST 87i 

Australia SIpc UBS 841 

^rallip M. ft S. Hpr « K 
Barciws Bank Sipc tB8e.„ Wf 

Bmatar 9im jgn 87« 

Can. N. Railway Bfpc IMS »n 
Crkji NaODnai sipc ttes... SBi 
Denmark Sipc lUt 180 

ECS 8pc 1983 ...... 8M 

ECS SIpc J887 93* 

BIB Bloc in; 98 

SH7 «pp rSBB 9S* 

Ertegwn Wuc U8B 97* 

Esso 8pr 1936 Nor. ....>.. IBII 
Ct. Lakes Paper 8|pe IB9« 99* 

RamersleT 9*pe 19B! IBQ 

Hydra Qurber Bpe 199! ... 98* 

ICI Slpe 1937 97* 

ISE Canada Bfpc I9S8 I'M* 

MuRmlOan Blondel 9i>c UBt 9« 

Master Fentispn 9*pe -Pl 87 

Midwiln 9ipc 190 ,. . m* 

midland Ini. pin. SlPC "K 
National Cm) Bd. Bpc UBT 94* 
Nirtadii Wsuntunr, 9pc 'SB ioil 
NewfnuniUantf ppr IB89 INK 
KDHien Knm. Bk Sipc 1993 97* 

Nurvlpe h*no 1989 97* 

Norsk Hydro B{pc 1993 ... 98* 

Oslp 9pc 1888 181* 

Pons Autonomes toe 1891 99* 

^g. Ouebre tpc IBB3 98* 

I Pror. Saakaich. ype 190 02 

Rnd imemsiional Bpe 19S7 93 

RHM tpc 1995 „ 93* 

SdecTfon Trust Sipc 1989 „ 91 

Skand. EnklMs 9pc 1991.. 99* 

5KK ipc 1887 .i Bn* 

S,»edM (R’doD* S)pe 1987 »* 

linlicid BIseulis 9pc I90 ... PS 

Volvo fipc 19S7 Karrta ..... 93 


AuPtraUn IBSI 9A 

ReR Canada 7*pc 1997 93* 

Br. ColufflMa Usd T*pc *0 94* 

Can. P.TC. 8*pc 1984 0* 

Dow Clhmlc-al 8pc (90 ... 0 

ECS 7*pp 19«3 97 

ECS 8|pe 1999 04 

EEC 7*oc 1898 97* 

EEC Tfpc 1934 W 

ERso Guut-ll »*DC 198* ... «7* 

Coiarerfeen Ttpr igss 971 

Rorkums Spc 1993 ... . 

IMrbelln 8*oe iB 83 . .... . . n* 
Mimirpjl L'rbsii 8*pR iSet UMU 

Xcw Bninmvirlc hpc IBM . 97* 

New Rruns. Prpr. B|pr ■« ipfli 
-\'eu ZealuDit sipr 1SS6 ... US* 







ISL WesOBlnsier 1984 Bpc i 01 



EaoPc of Tolva IBM yiBwpc 


• 10 

Lta^ 190- npe 10* 

L-TCB 1993 0c ...........I 99} 





• IDU* 



BgP 1983 81»0 



MWand 19B3 Bpe mi 



CCr 1983 Bpc .... 



MfdlAiid 1967 TDitfpc -. 01 

■'■pi;;- (*!•{ -.f; 

!x por 

iii'A-fr.-j ',Tf 
’A-ifo .-nefe 

0 CGH7 10* TIPC ... 0 

0* CrRlkanwalt IBM Tlgc ._ . PW 
98* Credfr-LpOdana IBS Bpc-.:;-. 01 

0 DG BBnfc 19R3 TOkk 10 

INI GZB 208 SlDPC. ........... 101 


99* 0KB 103 Ttpc -10 IL. 

10* SNCP 19S5 Sipc 0* .J 

l(hH Sill, and Cbtrd. '84 TUkpc^-' 0I . 'Jv 
10* Wort, and GEyn's -0 8 (mp^ 99jf . 
in* Soane: Kidder. 'Pubody StcprldMiW 

* . I 


0* .J ■ i 

•? 0 Q Steel ^ 

- :-;-^^“'^pondent TfJjj 
• Steel a : 

■’> IsL'nr.jrec 

nialmoaj -.a 1^5 1 ^ 

bTS ; .. . to 

Frs.l,45S,a08a jc , re-iits. 

Sales for foe year under review- amounted to Frs.l,45S,^a i« .>». 

{an increase of 5.54% compared with the Hcl as Thi 

- previous year) ..-:i 1 ie .e., t»n ; 

j^Kport'sales -represented 58% of this amount, - |Aiian« ^ 

SDowuik an increase of 17.7%. . . -saediai’*"'^ 

Gross profits (before amorti^tion and pro-' scunn 

.visions)- totalled Frs. 3Ot,l0&j 

(an isnease of -.20.4% compared- with 1976) . . - . .'!?« bar-). . 

and represented 20.7% of foe turnover com- ' ' 

pared.wifo 19.7% in 197fr. v^'jcp om • 

ATter allowing for: ' ’n tu^n •'. 

:-^nDortiSBtion..and provisions ... risJL07,801 %,,'h 

(including Frs.104.Wl for in- . hirrnv^ 

. rffimttlaJ mortisatioh) . ■ . • • • r- 

--provision- for investments based ■ ‘‘iGmui 

■ fiiscalJy. on foe 1976 partiinpa- . Viiu k ^^Ponij 

tton - Frs. 31.939 , 

— provisioo for price increases Frs. 1,065 v 

- —foe Increase of the staff share- -- 

holding compensated by ■ -J 

premiums on shares ■ Frs. 2.639 

- ?fOSM 


■ A. sa foel shi 

•rvts. con- .W 


. .C*3nu ,V.. ; *® 

Norn.;;^ itsi*2 
«K be ! * 

... Frs. 31.939 

Frs. 2.639 

.-taxation on the year's profits FrsJ 57,876 

—Staff participation 

Frs. 43,061 

o. * Sireartgils. Hergtirr l Xonlir Inv. Bk. 7 Sbc IBM 

%Qtak HjUro TlDf- 190 

Vorw-ay rigc IJH 
OnrariB Hj-dtii tpc JSBT ... 

TM8 RIO TINTO-ZIML COIWORAIION htaf* Ortt-'g ita lime aagoiiWM tar note-' vpw Rrvms Pri» ,m, 

LIMITED IW 1ft« RWIH9- • V. ^ L , * W tWl 

I St Of*-rf gt the bgard. 1 Zealgpil g|pr |g^ 

-- SifBitTgita. HcrgtarT I Nonlir Inv. Bk. 7 Sbc IBM 98* 

ANNUAL G8NCRAL MEITirtC ^ ‘ JllVh Hjviro IBB j7J 

■ . NOTICI 15 HERIBY Q1VCN «a« »w «Artii;976 Vwway .10C 102 .... 46* 

fiNiMMn annuj! general mggunu. *' /"5 NOT|5 ’ Omarta Hj-drn tpc 1967 — 0* 

huWcrs el ihc ertinarr or accumJ. i SElu-'r SJpc 

' tILT'=«'«n MiH TB4 larmg urtp^rv %nam or gt tftg 6- ,vtnv- ’ fi. nf Siei RL? Mm- l«i Iiai* 

•*«t> 97B af II 00 am fgr the loUowinf j a hetaer^Vjiwe w” iTn’ to ocarcr. S'T’**’"*' '*2 95 

>-urm«- rrho de»>m cither lo ai<en0 the meeting i Teunex 9ip-: ipug ggg 

I To consider >he cnmaanvv accounD and s<- to uoegint on; or more uronu to, Tcnneco 7|pr |07 Mar ga 

: * /nSrA'^"' * rf«y%r|rWol‘K?VT^4't AElfr5‘'8rt“Tf«pc -90 ta* 

V V. . *V4*1 h-Juf-, bciore the meeting a writ- iTlilcarp Ifigc 103 ni, 

a TO exxi'^ tea rcniiut iof me luur ol Ihe lirket (and. i ounaiildg Dine IKB on! 

. 4 To re-aunomi -ne auii,!c,-«. <• o-JVirtO- a ta'm of urgvvi logeiber w.m im T * 

• S To auttio'lse -m- ai'cctor* ta «»'- • Ruthorliea Do- pfi J:” 2J1 

I lemuneraiion ol ihc .'udiiori ta»-urr» iMtlnp ll'at iha ahar; wurruni -i» “*S ^ •• • - Mi 

6 To cnn« dor > -A I <N^ ..xi M 3ZU ttic "* «» c»«06» »' me Auihontrt Deeasitarr. RIB Blpc IStt . p*i 

ta«oWVoS;.on wmS^w^ of era- JS.Ti!t. 1^,!! ‘Wu!! V"I11 ^ ’"I «JPC IK7 0* 

* ®'**’ hoWets el the ordinarr or accumJ. i SElu-'r SJpc 1^ ^ ]O 0 l 

' eS!S.i2-.?J»&k r£ILT'=«'«n MiH TB4 lanng urtp^rv taarn or pt the O’ »vmv- ’ fi. nf Si-oi RL? Mm- l«i Iiai* 

•*«T>97a at II 00 am fgr tlic loUoWinf 2 A hoTSer^Vjlwe w” ,in’ lo Dearer. S'T’**’"*' ^®- *^9® '*2 95 

■-urmea- rrho de»>m cithep lo aitene the mcetino i Teunex 9ip-: ipua jigg 

I To consider >h; Cnmaanva iccflunD and or to uMomt on; or more uronu to, Tcnneco 7|pr |07 Mar om 
inn rcfta<-n o( me dnectchS and ■«?•'»* aiwrta tnd. on « poii. *uie inKtag el him. Volhwaarn t-nr msT o?i 

lor thn vcvi ended }.: Deumne- 1977 will rK««e a ricrai ol aaim»ion on de> c-vwBitwr- wwww< "’’i 

and adding;. . ’ 

-—tl» recovery of we 1973 in-- 

•'-yestARnt provision -Frs. -7.453 

■:C-^'rectifica(ion .0 / the comple- ' 

. -ioeiitary partietpation - for the 

year.IDTP Fri 4,902 

'-:-I!ilisce0aae9((b Frs. ISHl 

-Frs. 244.38 


A bill 

■ ““ 

I “ mToTra.rZ.n::' , 0^0 c. me ' «‘^^!nSKrer7"'.s:i r:;:r:; g 

artinarv shares se iwurt or aweed to moyed t*» me eompinv or aav of Us sub. ' Bspc 108 0 ! 

be iMued or liable to be wsued on vteiarn* «d mg il«*e el tirfs noticr other Denmark .'i*pc 1964 ... 10 

1 'th* ecereiH gi conierslon rights or conrracK eewrina or derarm.nabta • ECS .Unc t!rtn • <m 

' ODUent gr.ine'T m relation .e lortgn hr Ibe emolavirfg CDm^a^v wrihout oav. p,B ^ 

rurrenev sccuriti;^ so issued or «rwd meni of cDwaensattan. within one rnar. , - - • " - J 5 

to be issued than ngi -disreoa'iiina anv { Clei.tronraa 6 |pc 108 .. ... 9fi 

future adljsime-ta ni «urh ce-ncn.O'i t Euraiom .itnr IM7 144 

nghta ot 9 aiifn;i -.-ccd 9 ' ~ | Burnflma jfpe MBS' . . IM 

I or the aggrf-gatn naminsi valM td me — ■ ,n-. • Pinland sciM^iAeK oa 

i ordinarv arid aajmulatine DrdiM.v ART CsALLEDIEQ ' r ■ ■ , r -■ ,.n. ' - 2 

' shares o' the Cemuana al ercsem tn ”** • wfGft^BwiwIfil remniarks ulpe 19W ••... TO 

issue, and 6 pc 103 ...: 9.1 

; illi the autheiitv hereby eon*e:rcd shall ..... I ^Eealmid 5*pc 1986 ... Mi 

cease to l>a«e cWcti on ihe *« ,«*“ r^ wTi^SlS.!. **" * Nwwni 31nc 1 BS 8 99* 

I annual general meetmg m 1979 unless . S176^,THREE,CENTURIC5 OF ‘ Xorwif 4 |pc i 90 10 

• lO. R90ra. 

annual general meetmB m 1679 unless 
then renewed 

A member c-ftil'cd n attend and *»i« 

»; mo mceUng is entitled re^aopomi me > pet^vrse A Oakst. iu c 
• or more prexles to aoend and. on « pell- , sirvcaT t>i in 

'vote insteaB el him A mw need not-' (vJI.’Ji ’«• 

• < hf 4 rr.cmlKr ol tut Compinv* Tn« in- ' * 

B/liTISK PAINTINGS. Until 2« Aurtl 
Mon..Fn.. 9.M.S.3P. Tliurs until tT' 

' until 7 I ^'iBPines MPtr 10S 

CnriTto — 5^ Rautunniklri 3lpe 190 ... 


Kt .. . ; .-^rrs. 33.588 

)„i foe Dd booh profits appears in the 1977 balance 

« ahtofor. - ...: :Prs. i- - ^ ■ 

!L it shoqW be.stfcssed that the net rttuits for.-the. - ® 

ti . IfiT^-fipwiciaUveaT amounted to .Frs. 65,422? p2J‘ wLi® 5** 

}•; if foe J^ification wncfiriifoa foe ‘cbrapiemen- l^inS* ^ennS- *•' 

114 tart' : participation- as- mentioned abora- - - 

Ml (Frs.4,w> which should have been part of the • . -.'^H w ni' i t 5 

Si 1976 results, is taken into accoimL- (imse- eda 

Ml Qi^Stiyi foe net- results riwwn in -the 1976 ' - ® In 

Nil . briasse sheet ■ should have been Frs45,515 ' ... — -^k int 

“ . iort«d:Ot-IVs.S0.6W;:. , . • fiSOra « 

>9 A dMdsnd -of Frs. 2^ or Frs.3 if foe-tax. credit Is taken ihti^^ n: ^ sm 

S aeeouhV he proposed, at foe next Annual -General Ueethk^ hsn^}(bscrir,i; ^ fia 

51 in& tiafied on May 30, 1978. IIiIb dhriden^-foe same as &a 

Ml ‘the previous year, applfes. to. a (Capital hti^reased by the distribu^/^lji^uu],^ ^om 

2! tioH of- one hanus share-for' eveiy ten old -diaxes heid/in-,^i“^tratw^ SP<* Be 
S* .TanuaiY'1978.- .. . .-v . ,:- , 

*92 At an fiSEtraordmary Meeting .caTled foe. same day, it will be’?iB?ap >t,' *ocal . * 
21 asked: , 'v - yj ptes tb 

ij — lo to' ’{jhireholtfers. te rerinonce -foeir preferential nghtA^ *bick T,, atl 

2t wh^eh 6S4XId foares rtorved ro/foe Staff -Gammon Invest of' thi 

S Mttitaiaomhv.taMd.,.. •-.••••-:••..,• " r » 

B - ^0 rite the Maijagement Committee -the luitiiorUaition to— ai hit 

52 ■pdssfhle— Increase of foe toftel te' hrinE it to atosimuin??hiv,_, to be 

a • &.Fn5WrWW,. ,j; . ;> i, 

2 The cbaioaiqtfd'ffgurK^toW^^^'te fecJ«S? ^ 

» MOfdtoB sabadtcnrjgr-mgt^h^^ ptfottriw^ Bg^fte im 

«. . V " 



money continues 

TOKYO, April 25. 

iGSr^ « xeeurd 
Dt ofNllapanese in the. 

. & 

■.■'iL^iS^t of J!apanese heads in the 
' '.^sSr^dfid r March 3.1; b«t .cw»- 
^ as net sellers of Wodcs, 

second year m *a row, 
ixiasce ttisist^ aid. . • 
foreign porchasa of bonds 
iudlsg .'sboit-term gOTent' 
^ bondS'-totalled ah ati-time 
'of-gStObniiin the fiscal year 
^ JCardh 31, up diarply {zpffl 
bavlous r^xd wt:A year- 
--of:$I.75ba. •■ '. 

OT foreijsi ■moBey’ 

r Japuae secorities" a the 
{appredated ^rply proco pted- 
"eovemxD.eot in ' Match id 
icit sales of bonds with Tea 
- five years one month 


'' ^fiturity rejoBining-toforeiihers. 
‘ ' L^rNoveffiber, the Bank of Jaj 


4 'ld cut off foreigners from 
.^^pgrt'ienn . goyonment tend 

I March aldoe>-as expected 

''fleet bond purcbasee by 
■A^jMjgners soared to a record 

cdteff date, from' the previoue 
high set in Febniary of ^.233bii. 

jyet sales, d| -Mocks, - on the 
other . • ihcreared . to 

$USStm.i. the -second yeaj in a 
row of- net .selling by-foreigners 
following sales of 3^-923m. ,in 

This, hreught 'overall net -puiv 
chases oi Japanere securities to 
a Tecord~$3.9bTL 'compared with- 
$L52bp. a year earlier.. . 

. I Much,, foceignem. net 
sellecB of stocks by '$50.535n). 
nairotrer than net sales in 
February of'$100.464m. . 

Ttie ' World . Bank and the 
BrazUian government plan to 
iawe yen^enominated bonds via 
Nomura ' Securities'' " Idtaning 
lOfibn. (ahoBt- $460m.) on the 
Japanese cai^ta] market in 'July, 
Finance Minietty sources said. 

- The total will comprise YTSbn. 
r$330ea.) for the WoHd Bank 
$lB52bn. tefore the 'Maxx^ ie 
and SObn. . (gl30m.) lor Brazil 
they said. ■ 

The 'VTSbD. World Bank bond 
will be the. ninth and lugeh 
ever on' the Japanese capital 
market, topping ‘YSObn. bond last' 
December, they said. 

Flans for June include issues 
by Bani}ue -Frabcaise du Com- 
merce ]^erieiir- lor YSObiL, .the 
lodustiial Development Bank of 
Finland . for YSbo'.,' a Y30bn. 
Mexioan issue and one of YlObn. 
by the City of Bto^blm. 

Tht sources said that other 
foreign Borrowers -which may 
want to float yra .bonds m Japan 
in August or. iater include Den- 
mark, -the Piovioee .of Ontario, 
the French electricity corpora- 
tion EDF, and ^acs'Roebuck.' 

The sources ‘added,- however, 
that Ente Nazionale Per 
L'Energia Elettriea'JENELl of 
Italy has postponed a YSObn. 
issue originally planned lot 

* * * 

elected president of tiie Federa- 
tion of Bankers Associations 
called for liber^isatimt 
Japanese- capital markets 
increaM ' monetary and banking 



He argues that the Govera 
ment should base the terms o. 
its national bond issue on market 
forces by' introducing a com- 
petitive tender system to replace 
the present system of allocation 
largely at pre-fixed prices. 


Japanese banks' should 
allowed to introduce compound 
interekt -bank deposits for the 
public and issue certificates of 
deposit foe gprporatioss and 
institutional investors who have 
surplus funds. 

Takrxji Matsuzawa, newly- 

Sizty-day Government bonds 
and CDs would thus become 
leading forces in liberalising the 
sbo'rt-tcrin capital, market in 
Japan, he said. 



. -A 

:• r»; 

II India 

•SJB/ .P- C. ttehanti 

CALCUTTA, April 2S. 

‘I'.^'UNB with the trend* of com- 
: ^'.'‘ilielal banking results; the 

- -^‘‘mted Bank of Inffia. a major 

'uhifc ' sector bank, hu 
‘‘'v-. abbnnced a fall in ~publi8bed 
• : • i^’roffts to Bs.9m. in 1977 
- jZ0.7oiJ, from Bs;i0.4m. in 
:'>76. A rise of Rs.l40; 
‘. .;.tcome was more that offset by 
Il icreased expenses 
' bank's deposits and 

*'3venees have made bandsome 
ains, the former rising from 
'sASSbOi to S5.?.fibs.. and the 
Ifttter from B5.1.7ba to BsA.lbn. 

represents ‘an increase, of 
l.l per cent ' in deposits, • and 
: : f 9A per cent in. advances. 

The increased expenditure is 
. .. *'irgely the Tesuit ol an .unucoa- 
' ^ -;oiled branch expansion in -rucal 
. od -semi-urban. areas' and a su^ 

. ' -:amiai increase, of 20.6j>er cent 
advances to the priority sec^ 
....' ITS at interest-rates well below. 
,'ie standard level. Some 60 per 
!!. Jent of tiie branefies-'af tberbank 
. re in the rural-areas,- and many 
.. '.' f them are of doubtful viability: 

4 According tb, a review of the 

- •-eneral trends in Indian com- 

iereial banking activl^ -'Issued 
•y the 'chairman, .and managing 

- ? tieetor of the United- Bank, S. 
~^IIyogi there was - a slower 

• ‘■{‘owih of bank advances ih 1977 
■ eeause of the policy of credit 
-^traint- followed by the auth- 
'-?dtlea. Scheduled 'cofamdi^iM 
ixft advasKes increased by only 

- 5 per cent, compared wi& 33.8 

- er cent the. prevtons year. The 

- rowth rata in deposits was ateo 
'.'.iwer, .fplling to 17.7 per cent, 

- 'om one of . 28-9 per cent. The 
jtal volume of deposits with 

>mmereial hanks rose to 
g.-B07bn.,- from B&176bn. the 

.groMds that the State needed the brfntiM°‘nMM^ cSed* to boost its -tyre and Tubber goods 

^aod for its. own agricnttural E»ft?nd production. company's Aair- 

“hemes. 10,000 tons of b^ qaSm rayon 

Fibres and Chemicals About 70,000 tons of the paper “>d at the company s annual 

:\o pnic:!' 


revious year. 

The outlook for this year .is 
ot encouraging, Mr. Niyogi says, 
eeause of the lowering of 
iterest rates at the instance ^ 
le Government, while costs 
ave been, rising steadily. ' 

Cautious view 
at Union Steel 

~^Our Owtr Correspondent 
^lON STEEL, the quoted steel 
roducer controlled by Iscor, 
iresees a continuation of the 
^eessionaiy conditions . ■ in . its 

Dr. M. D. Morals, the ebair- 
Man, himself a wideiy^uoied 
conomist, states that tiie re- 
overy is not as isuninent 'as 
conomista predict He goes on 
) say that the economic stale- 
late will continue and at this 
:age little remedial action- can 
e effective. 

Union Steel . Is' .barely' profit- 
ble at this stage of the recession, 
t managed to produce only Rim. ' 
f pre-tax profit bn turnover of 
I26m. compared with R7m. 
fom R141SL of turnover in the 
revious year. ~ • 

As a result, capital expenditure 
r^ammes have been reviewed 
nd the emphasis shifted to con- 
arving cash flows. Although the 
roup is expected to remain 
larginaUy profitable through the 
urrent year, in no area of its 
perations ferrous or non-ferrous, 
i demand expected 'to . .be 

Fibres project comes closer 


KUAliA LUMPUR, April 25. 

A- MAJOR -palp and rayim pro- able survey of the veabzre, but Tun Tan' said that several 
ject -in MaiayMa -has', been that ebangefl circumstances re-, international banks- had shown 
brought' closer toireallsation, fol- quired the new survey. interest in tiie* project, and had 

lowita^. the "approval, by -the ^ ^ „ expressed willingness to finance 

Sabah SUtt Goverament of the ject get, mSto “ay it wouS 

aliocatiOD of 300,000 acres to an involve eapRal 'expenditure' of venture in a less develops 
Inffian-Malaysitt company- for 5 ta^^^ the ' project could be 

fee tavol^capi- ^, 0 ^^ be the biggest agrb-based entitled-. to an attractive range 

t*l expenditoe of 8US2T0m. industrial venture in Malaysia incentives, including . tax 
The project was • prosed' in it. would be. an* 'integrated pro-1 exemption for ten years. 

1974 .^iy Fibres -and • Qi|^lcais jget involving the planting of _ • , 

Malaria Berbad, to the Tanang softwoods or bamboo, caustic GoodveMT eXDanSlOn 
State Government, but the com- $oda plant, power and steam i , 

paii/s appUcatioa for ^,000 generation works and paper GOODY^R MA^^IA* a joint 
acres of land for the planting of milts. ^ between Goodyear of the 

softwood trees was' rejected. A -j-he Birta survev envisaacd H'®'. ^ . Government-ron 

similar application was. also re- fgi National Trading Corporation 
je'ete'd by the Johore-^ -^tate has embarked on a 

Government, ostensibly on the of paper ? «TTstxm nm^nimme 

9TjRl4m. expansion programme 

siaL'-was'set up ax a jolnf-veature could be sold in 'Malaysia,- with 

by the Birla Group of Indi^ and most of the balance going to expansion progr^me in 

Malaysian interests irt by Tun other Asian countries. Half -the 
Tan Siew Sin, chairman ,q^Bime rayon could be sold in Malaysia, 

Darl^ 'Holdhags, 'ani'r 'fiirmer while the rest could' find markets 
Malaysia " Finance M|Dister. in .Australia and Iran, As part 

Conflrating that approval of the of the deal, the' Sabah Govern- fsetunna companv in Maiavsia. 
land allocation had been'.'^ven ment wants to hold 30 per cent, pie production 

by the Sab^ Government Tun of the equity. Biria W'onid prob- IVJA, 

Tan said, a Casadias company ably hold between 25 and 30 per Due to be con^letpd in two 
has now.'been comnussion^ to cent, while the rest would be years, -the expansion "will boost 
cury out a survey on tiie..feasi- held by Malaysian interest production of rubber, goods to 
biUty of the project.' Hesaid including Malay finmieial institu- I4.8m. kilos a year from the 
that Biria had;' made -a favour- tions. current 9.5m. kilos annually. 

Bigger share of market for Carlsberg 



CARLSBi^G BERHAD is.lopt- entire' Malaysian and Singapore For last year, the company’s 
ing farmrard . to ai period - of **:in- beer Market. ' v’. prefto Wfete tip ^ 26 

tcresHng bttsinew ■ and; devipop- Malayrians alone last year-; con^ per cdnl, **lo '■‘*Bfn’~ TUiigglU 
meat’* • possibilities . bhead, sumed about l^m. Ringgits' of (SUSTfim.), while sates, were up 
following -its success o'f.d&rviug beer. anff-tiUs market is growing by 25 per cent to 46m. Ringgits 
for -itsebt a solid share-' of the at 15 per'oent annually. Caz^ (SUSlfim.). 
growing Malaysian anQ Singa- berg, which set up a brewery The company sa.vs Ity sales In 
pore beer market, sa^ tibie com- outside Kuala Lumpur in 1071, west Malayaia had been-partlcu- 
paoy's annuid report' has captured 30 per cent, of tbe larly . gratifying, . its exports to 

Fallowing the .withdrawal of market, and Is poised, to win an Singapore were satisfactory, but 
Guinness Berbad ‘^'Goldie " beer, .even bigger share, iriieQ its sales Tn ea'st Malaysia ,wer<e down 
early 'this year; 'Carlsberg now -3.8m.- Ringgit ' second -bonling because of additional duty and 
shares- with . Singapore-incor- line- is operational at the end of sales tax. 

porated Malayan Breweries, the this year.' 

IBM advance in Australia 


SYDNEY, April 35. 

As a reflection of the- com 
pany’s confidence in its future 
prospects,' it is -paying - out 
final dividend of 15 per cent, 
making a -total' dividend of 25 
per cent, for 1977, compared 
with the maiden dividend of 10 
per cent. '■»- 1976. 

IBM AUBT!RALlAi.QfE*oioto{the be* noted tiiat purchases oi W . . 

US. compter group, more than tended to fluctuate /Vlaiayail rlOOr gain 

doufaded earnings an 1977 from MALAYAN Flour ' MilU. the 

$$A165tat-(SUS18.6m.-K to compare • aun,ual ^,jgggg^ maqqfacturer . in 

a year in- wtatoh the jgroup Ksted on the exchanges but the -no-thM eMi - veer of orofits 
recorded record Jevejs of mslal- companyhas issued dentures. stehle pri?S of 

tetion. tothepuhSc. purmg the year a and "the 'high domestic 

Profife ancre»ed at a greater SAlSm. stock dividend was made, prices of flour.- Pre-tax profits 
rate because of a. higher level Tbe cash' dividend was inerMsed rose by nearlv 37 per cent, to 
oi parobase of DP equipment as from 60 cents to » cents a riiare 13 . 2 m. Ringgits (gUSS.5zn.), 
well as efforts by IBM to utilise on the higher capital reciting in although sales fell by 8.3 per 
its resources more efllciently. payment to tbe IT.S. p^ent {q 7 g„j_ Ringgits. . . ' 

The directors said that it should jumping from $ to 5^-3m. Total dividend .for- tbe year is 

16 per cent, against 12 per cent. 

in 1976. 

Ter Aviv bank 

NZ food group margins widen 


WATTIE INDUSTRIES, the Nawifl*^ 14»: weakenii^ demand in r3j|$il|g C^PltSl 
Zealand based food group whose THE GENERAL Bank of Tea 

productt-appear on sopennarket preference^ra to a ^ pfanond 

riiedves in Britain and around tile I _i„. sNZ5.725m. 'litis -was Rothschild, intends to raise 

world, increased its profit ra»e, i»ciced nn by an oveiseas' loan capital for the . first -tinie on the 
despite a -disappoinlang slow- ijyjyjty ^ suSSm. • Tel AVdv Stock Exchangoi writes 

dowm til sales. For every dollar extenrive-export Danilel- froan' Tol' Aviv. • Tt 

of sales .last year, it made ^"5 company has scored. P^aas *0 «sue shares and optipns 

eenU profit compared with 4.2 ^lajor successes for shipping New to tbe value of USdjn.. . 
cents the previous year. Total Zealand ice cream to overseas Tbn ' bank’s profit in 1977 in- 
prefit ' was $NZ6 ed.— H ip frmn . ilhe Middle .'East creased by 76 per cent to l£6.Scn. 

on.' a -turnover of countri^ have shown a good re> (about - S4Q6.000) while share- 
5NZ139.6 ol sponse to. ice cream- sales, join- holders fecei^ ari 18 per eeat. 

Tbe ^Z9m. .increase in sales ing the Pacific basin, .Asia and the cash iBvMeiul phis bonus shares 
was' below- ex^ieotatioos an.d re* Arabian Gulf. . *t rate of 30_per cent. 


A bull market in South Africa 


:be bull markht in South 
kJricah gilts and semi-gUts is 
ontinuing unabated. Last week, 
Isc'om, the prime semi-gilt 
■orrower, came to* the market for 
t69m. at an - ali-ih rate ‘of 11-4 
er cefiu a full percentage point 
ower than the rate ruling nine, 
aonths ago. • • 

The offer attracted R90m. of 
LOderwriting froifi • Institations 
nd over Rl^m. of subscriptions. 
Iscom is the benchmark from 
;hicb other-public utilities and. 
aunicipalities fix their.-rates. 31te 
reight of demand .from local 
p^tutions is fotciug the rates 
0 -coDceTtiDa against the lop^- 
erm Government stock rate of 
.0.75 per cent, xeducing the 
lormal risk spread and putting 
iressure os the Government to 
'educe rates. 

For an economy which is deep 
nto its fourth year of recession, 
loiitb Africa’s internal interest 
^tes structure is out of line with 
lomestic econoozie needs. This 
s because 'the Gov^meht - is*. 
>eiDg forced to follow a policy' 
Ai b% b internal interest rateg in 

order to protect tbe forein 
exchange .reserves. Tbe cnicial 
factor dietating'this policy 1$ the 
cost of t^e finance. 

' .-It is seen as essential that the 
cost .of- financing mternatiooai 
trade be kept more expensive 
internally so as to - prevent a 
switching from- foreign to local 
sources. . The gap betwen 
financing trade in dollars and in 
-Rand is Dow down to l per cenL, 
the lowest margin that tte 
Reserve Bank can comfortably 
live with.- - 

With tte rate* In the U.S. firm, 
.‘there is little i^ance of tte 
authorities being able to ^1^ 
theii.ti^t interiial interest rate 
policy. Pressure for it to do 
has been' strengthened since the 
beginning of tbe month by a 
seasonal rise in Government 
sending, which is forcing short 
term Interest rates lower. 

.The Governmchl’s financial 
year'ends'in Var^ and payments 
are often withfaeld-until tire first 
quaiHer of the new financial ywr, 
in order to balance departmental 
budgets, -‘This is a seasonal factor 

which the money market .has 
come to expect, but on this 
occasion, because of the fine 
maigin between external and 
internal rates, the Reserve Bank 
has Us hmids full mopping up 
liquidity through open market 

The relatively high short-term 
interest rates have tbe'effoct of 
pnt tiTig a floor under lot^tena . 
rates. Tbe result Is that institu- 
tional investors seeing long-tenn. 
rates bolstered, are . finding guts 
and semi-gUts the most attxactivn 
form of ‘investment available. 

A symptom of the demand is- 
heavy forward birring- This has 
been in evidence for the past 
nine months and Is continuing. 
•Tile general expectation is that 
the EUcom rate must go as .-low 
as 11 per cent, within the next 
two months, and already Eseom 
has shaved 0.1 per cent, off the 
rate at which it ^Is ita stock Into 
tbe secondary market, from tbe • 
11 . 4 - per cent it offered, last 

next Govehiinent stock . 
Is^ is due in mid-Sltey, and tbe 

Government is expected to come 
out at 10.5 per cent., against 10.75 
per rent pre^'ously. Eseom has 
seldom brea within 0B.j>er‘ce&t 
of tile Govenuneot rate^ 

Political pressures' are the 
primary reasons for tbe delicate 
state of . the foreign reserves. 
The Reserve BaiOt is now in the 
situation of seeiog domestic 
trends in short term' U’B. interest 
rates playing a dominant role in 
deier^cting its- own • domestic 

Left ‘ to fbeJir * own deviees. 
there is no doubt that both short 
and long term rates would fall 
quite dramatically. 

Meanwhile, with the life assuzw 
ance and pension '^nds stocking 
up on fixed interest issues, often 
well, ia excess of statiitory re- 
quirements, the equity maritet is 
being largely neglected 

Although tbe argument that 
the. weight of funds available 
should jiltimatels ..force, equities 
higher still 'bolds,* there is -a 
marked reluctance to adopt* a 
mere aggressive buying strategy.' 

37 ' 


from a compai 

E?qpects C^ontinued CiT^ 

. (OB. dollar amounfe in mtlifbns exoe{rt per sim data} 



i ; 


. ' Sales 

... • 3263B 

$ ■ :^o . 

Pre-Tax Pr^it' 




... 1542 


Eemlngs Per Share 




... ^ 4.77- 


Dividends Per Common Share ........ 

... 335 


Outstanding Common Stock 

... 28,180000 


Shares Used'in Computing 
. . Pec Share Amounts 

Fully OiluM 

... 36A89D00 

36.701 jOOO 

“ " Primary 

... '28^11100*. 


: - Restated to reflect ad^tron of.U& FinandalAccountbtg Standards Board ' 
- .Statement *13 Accounting' ior Leases. ' 

Enteg* per CoBwaoo Share 

OahPIvHDuae ii'iii Cm— ii^eiu 



TRW Inc, SU 1 ntemational supplier 
of high-technology products md 
•services, reports recordsales, 
earnings and earnings per share 
for 1977. 

Sales read^ US. $526 biDiorv an 
11^%.increase compared with QJS^ 
$2.93 biltion in 1976. Met earnings 
totaled C1,S. $1542 million, 16.7%. . 
higher than.tiie CIS. $1322 mflltoh 
(restated) reported in 1976. Fulfy 
diluted earnings per Share totaled 
US. $421 versus CIS. $3.60 (restated) 
in 1976 While primary earnings per 
share were ClS.-$4.77 compart with 
.CIS. $4X)2 (restated) last year. These 
are increases of 16.9% and 18.7% 

Total cash dividends paid to „ 
common sharehofders-in 3977 
-amounted to CIS: $235 per share, 
an increase of 14.8% over the CJ.& - 
$135 per share paid in 1976. 

Return on shareholders’ invest- 
ment improved to 17.6% in 1977 
fiom 16.7% in 1976. Return on assets 
employed increased to 12.9% in 
1977 11.9% in 1976. The com- 

pany has among its goals a 20% 
return on shareholders' equity and 
a 15% return on assets employed. 

. Each of TRWs major business 
segments -car and truck, elec- 
tronics and space systems, and 
industrial and energy — contributed 
to 1977’s record results and are 
expected to show continued growth • 
in 1978.. 

if you would like further informa- 
tion on TRW, please write for a copy 
of our 1977 annual report 
TRW Europe Inc. 

25 St. James’s Street 
London SWlA-lf^ 

1973 74 75 76 77 

1973 74 75 76 77 


FuUy cMuted eaniings per shares 
Aimaiy earnings pershare.* 

Grindlays Holdings Limited 

The Annual General Meeting of Grindlays Holdii^ Umited wa&hricl on Tuesday 25 ApriL 
Tbe.Cqn^any owns 51K of the shares of Grindlays Rank Uinlted and is ^lot^ onThe Stodc Exchange, Loodoa. 
The infonnation-given below rtfers to Grindlays Bank and its results for 1977. 

A name you can bank on 
around the worid 

£} his stai^iieDt as Chahrman.of - 
Gnodiays Bank Mr. N. J. Roteon says: 

bi 1977there has been continued progress 
■in expanding Ihe intemationd ibusiness and 
strengthening it in a numlTer of important > 
Ways both in London and overseas. " 

Much has been achieved in 1977 and 
it is light to continue to be confident 
about the outlook for this group 
. with its wide spread of business. ’* 



Sharply higher in record early trade 



NEW YORK, AprU 25. 

A FURTHER sharp _ad»aD« rej^ also helped to heep the .^d 3 cmU to $HK7E0, Swiw Average was stiD «9S op oa the flnner tendency yesterday mom- 
occurred on Wall Street in hectic rally ^ amentum going. Paeffic 10 crata to 5HK6.90, day at 5,521.70, Ae tiilly was iog ia busy trading The Toronto 

early trading tji-day, with the Ford Motor, after reporting a ^ moderate, voluioe coming Composite index hardened O.S to 

The NYSE All Common Index and Qirysler the same amount to 20 cents to $HK 29.10. Hong Kong persists. retreated 7 5 further to 1206 S and 

was 71 cents higher at $54.07, SISS. Electric 7i cents to SHK4.475, and Cameras . strengthened in- Oils and Gas receded 7.1 to l‘,4032 

while rises outscored declines by IBM rose $4| to $262i and Hong Kong and Kowloon Wharf sympathy whh a rise In Eastman- SWTTZERLAND — Cenerallv 
better than a three-to«one ratio, volume leader Easbnan Kodah 20 cents to SHK18.riO. Kodak on WaU Street on its good weaker on increased seUine 

were i higher at S32i. - GERMANY — Market' continued quarterly report. Ricoh moved pressure with the ban on share 

aosing prices and market , "owever sked la elmw a daivnward tendency. ta^VSTP and Nippon purchaas by foreign investors 

^^ 4 - .o.msi.1.1.. ? 10 S23 despite announcing a . still . depressed by. the economic ROWmi Y? to Y4aG. and a shiFtine local huvin? 

reporte wwe a ailahle first^iuarter profit compared with forecast for West Germany for SeWsm Prefab were jntep^^ to- dollar'' stoelm- being 

for this cdlbon. , prior-year loss. Cidf OIL on this year by the five leading YJO higher n YM, but !to- 

reporting lower earnings, lost i research insiitutes. The Com- Y60 for the further setback. 

Turnover, eTter. setting a new . merel^k Index r^*W 1| more Eleetronlc Y« ^ Obe-Gcto , declined. 45 to 

firet-hour' TradlDg""record “of AMERICAN SB Market Value to a fresh 1978 low cf 765.8, Sw.Prs.l.lM ahead ortbe 

17.S8m, shares, soared to 41.01m. *5*^” a^“d 0.63 more to In ^anfcs. Bayenschc Vereins- J"}"***— for..l«77, due bter this week. 

Cibe-Geigy . declined 


at 1 p.m. against yesterday's com- 137.07 at I p.m. in an eslremely bank 

parable figure of 18E5m. 

Analysts said the market's 

face of wi^spread ^dlcdons of nYUCD UADVCre '0*fa were firmer^ ^ end of Dom^c and Foreign Bonds 

tighter credit and hi^er interest OTHER MARKETS ***** the session, but Banks mostly were eften lower, 

rates sen'ed to encourage inves- Yolkwagra anothw weakened, while Portfolios, AMSTERDAM — Thera i was 

tors, while the continuous flow of «. j Chemicals end Mechanicals were again no dedded trend In ihere 

favourable corporate earnings HONG KONG— Shar» ^^^ed f*J8sh losses ertencung to irregiilariy traded. price movements, although 1>utdi 

■ ^ ^Pfe^igs. The .Significantly bigher were Pric^ Isternstionals mre iSsOy^ 

through the hiommg and after- Authontles bought . DM19m. Safnt-Louls, Pmiet MkheHn, shade harder ^ 

MONDAY'S ACTIVE STOCKS noon trading, nom^l of paper against DWAra. general de Fonderie, BoreL In contrast ShioDinBs and 

Cbaose Most iMding Issues closed at the purchases on Monday. Marie Pnases de la Cite, BHV. Transnorts raaMv 

SL'S? ***® Hang Seng Foreign Loans were also easier. NorataadJe. SMe. Rboae-PoBleac, furth^ ^th SSri 

r.rH.P SSm "V.? *1 ®-27 to 455.09, tbe TOKTO-After the market Salnt-Gobsiii.^ UC h^t 

Eswaii 'kodia' "::: £iw 8 +« Wghest levd smee Maroh 31. 1976, opening an hour later than usual LMT also advanced after stating strengthened 

Arien Realtj 314.100 4i -n When it closed at 455.78. Turn- due to a rail strike, many shares that it wll pay a higher dividend BHUSSKIA.— stftrir. Tamninmyi 

Hiaibimon ».70Q S84 +24 over on the four Hong Kong rose m early trading in tbe wake for 1977 on considerably improved Rrm.Xinri^S^ uLi* 

touii Lih e cuiw. jro.30t 4 h +2* Stock Exchanges totaUed of the overnight advance on Wall results. 

wS“ RortSSf^ ■■■ M MO 8* +1 SHK64.S5mH up from Monday's Street. However, leading issues Notable deeUners Included bjvSSss 

maS 8di^r' wiSoo Si 6HK39A4m. caught the brunt of profit-taking Bnanciere Paribas. Pbe«l»; « S ,2^^ 

^*2^ yj. T5 JanlinM MaHuMiwi mca 90 /xmte 1t.*am anvl *4.^ C0 ^^A IT , tO ISJTS.Z,5S0. and La ROVale 

active busmesa 
shares <22(>m.). 

shed DM3, while Engineer^ P®*"' 

bad 1VLAN__ Ordina^_ down 

lerformance hut 

og a small lead 





Mr last year 
B^and fisori 



s tn 


6 weigbtaf Int 

lex 'feE 

;L3 1 



ot sea 



tg B 



last yw. Tb 






Brawn BoTMt lost 35 to SwJ:^ 





Volume 329m. ings bad M.AN Ordinary down 1225. Alumlu'nm 30 to SwJVs. 

DM4. KHD declined DM2.S0 and ’tBdmg was fairly "rSSi SukL M 

Preussag DM3, but Motors *'’cYq%. tmAa and SwJ’rsXlOO. 

Birir-i-e ™ of Dom^c and Foreign Bonds 

Cirrtvr 443.300 

Essemao Rodik ... 390.100 

Arien Realts SIAIOO 

HaOlbiiRiKi 380.700 

Aetna Life A CaalOr. 370.300 
SouUwm Cmipaiijr ... 264.600 

Sears Roebude 348.D00 

Black and Decker ... S33d00 
Sambo's Resumiits tiuoo 
Pemieo I07d0o 

~ $HK64.S5mH up from Monday's Street. However, leading issues Notable < 

J.1 *HK3924m.- caught the brunt of profit-taking Piiianciere ■«••<». >a rvwvcoa ^^a « . 

+i JardiM Mathtm 20 cente later and the Tokyo SB index Poclaln. Radiotedmiqae and 

+1 to 8HK13.S0, Hong Kong Bank closed a net 029 easier at 41122 Roimsel-UcUf. 5?J*« ” “ BFra.6,000, but VIefDe 

30 cents to $HK1520. Hong Kong although the Nikkel-Dow Jones CANADA— 

CANi^A— Stocks retafaed a retried 




.Apr, Apr, 
84 ai 

iDtiiuirtal ... 8Se.0V BllBli 8I4. 

B'meB'iHb*! 99.1S| 09.801 80.89 80.481 88.56| 80.69 00.00 BO.i: 

1 14(11 C»(4 

Tnniport.... S9L80 Ul.SO! 390.40 217.73 2I8.IBI SIO.BOl 888.30 l6aJ 

I 1 : j i ff4Hi 

I'ciiiUM 106.87 IO6.77I 106.76 I06.36i 104.87^ 106.73: 110.98 

1^1 • (3(1) 

TraHiag ml,; I 1 1 ' 

OtU'- t . 34.810 Sl,84l! 46.860 S6.060<U.808; 03.6001 — , 

I I ' . I • 

* Baals of tnSex chamM from Ansesr 04. 


Tnniport.... 332.89 SSI; 

tI 810.19 880.00 
] lW/4) 

■eiiiM oominlu'a 

741.18 1061.79 41.» 

(80/2) illjl/Ti)' (3/7/38) i 

00.13 ~ - ( 


16a J I 878.08 I 13.31 TQBOETO 










Apr. Apr. Apr. Apr. - ■ ■ 

M 81 » 19 High 

179.80* ITIdi 178.00 I80.S4! 181.47(17/4) 
180.90 160is 100.80 107.1^ 187.» (17A1 

' 1009.0 10M.S im.9 1087.0'| 1091.4 (17(4) 

Bum aadlklla ^ I JOHANNESBURG— Gold shares 
Apr. M Afr. 8U Apr. 00 drifted maEginally . easier on 
■ ■ ■ . lower Bullion pricei. 

LSS ‘'flfltoS ma'ISf Kw??S'’bSi'.S*’5" 

Pklla 478 715 475 J*" 

Cnchuisrd 410 468 417 “*^trading, but Platinums coD- 

Mcir FieLa .T< — 80 344 p^otedk: closmg a ohade firmor on 

Nc«ii<Mr« < — 17 ' at local support. 

.. Induririals were harder for 

- i choice m quiet deatmga Abereom 

High I Lnr Cents to RiB^ while 

TOBgeat rose 10 cents to RS.20. 

81.47(17/4) ISUOaO/8) MILAN— Closed for Hi> TJlw.r «. 

87.«(17A) i7fl.aa<aori) tion Day boSdSr 

091.4(17/4) 008.8(30/1) AUSHIALIA — Markets were 

I closed yesterdity for the Anzac 

I Day holiday. 

OTHEK. liAUtBIB" - ' ' 

170.08 (30A) 

183.0 (80/4) 
184 J (13(3) 

U.S. S hi Tomilo IT.I^ ..b 113.BS-4.(X) Cmadhai eCBta. 
^*)ri**^r Bta Wbv York b M.GiT4Bc6ato VJH. • le Uilan 860,^0.60. 
Swriiog in Milan 16e8.7U6B4JB. •EaUa.for A(vU 24. 


Ind. dir, rield<% 

j Apr. 21 

r “ I 


Tear ago (approx.) 

• April 
‘ a 







' 6,75 

! 6.86 j 



Isicnlinff) M ; 




' (1/3) 


Belgium (I) uo.ea uoAi 100.03 00 

Deamukt** MAS 

; Denmark (■* MAS M.«s 08 .U mjxi 

I I i ^ I 18/B eiflMCompiat'fl Wh (dfl 

Apr. I Apr. | Apr. Apr. Apr. I Apr. I ■ Tiaaes Ilf) 00.4 8S.1 66.4 . 47.a 

: M L fl { 3D B Q 17 Hlgfa Law Blcta Lak (B5.f| (a/2l 

1 ^1 ' j i___l 2 Z Genuaym) 706A 767A 812.7 766.8 

Mn<luBtrlaM106.6SIOB.83' 104.ia IO8.8I1 168.071 104.1l! 100.63 06.61 164.04 6A3 (10/0) (8B/4j 

''ll : ^ (M/4) (S/il tll/l/7il (30)4/30) W/.11.«iA (44) 70.6 79.6 62.1 TO.d 

'4(VHnpMlt* H.77' MAS 04A4 U.M 03.4S 94.46. 86.77 «6.M I36A6 4.46 OOR ' (4/4) 

• I I > n I (84/4) 14/31 (U.t/73i (l/fi/3a Bnng Rang 466.00 44SA0 466X19 383A4 

Y4V ac" (appm.) 

ImL dlv. yieM X 
Ind P/B Bade 
Lung Gnrt. Bond yloM 

ltf/3a Hong 

pn«.) ^^7 


466.00 44SA0 466X0 383A4 26 


(II) (4 


Seadi ArSb fiJa-aM' hetmnw 

Sioipipora. 4A63-4A73 Ctew^, ^ LtMl 

S. AMm>. 1.BB66-1AeH PbrtngaU ~ 

: ' Spaht?.^: p 
Cana<iL .... • ' ■ jwla’U A 

G*L....Jw r 

DR. e«il»4 08.1O-U.18;|ynpAiM 

— - ■ ■ •— 

. .SUU'SlKB for AEgenUna-jk-aJkM^ 


April I Pn- ' 19n 1978 

1076 ton 0 6 ; riou ; Hlsh Luw 

^ Spain 07 AO I — I 9BA0 8TA8 
4T0 j43 441.19 I (10/1) (11/^ 

(3/1) . (D3) Swedan (ri 370.40 ! 380.76 . 383.16 386.74 

1^03 *.S _ I : (W'^1 

(06/4) (12/lj awitserl'd/ o»R aMA/oaoASi 270.0 
06.13 MJXI I - i|4(4 > (06<4t 

47.0 ladieci and base daua (all ham valUM 
(a/2l 160 except NYSE AO CMlBiea — SO 
766.8 Slafldards and Poera— 16 and Terenio 
86l4j 3M-1.6M. ibe Um named based « tfTai. 

70.(J t Bscluduu bonds. Z 400 IndiMtnalc 
(4/4) 1466 Kids.. 40 UUUtlM, 46 Ptnnnce and 

(86/4) (till) <11* Belsian SE 31/U/CI. I**) Cepeahaseo 
uio ‘ UM 58 i/L‘73. (tti Parts Bourse Ml 
( 6/3) (10/1) (tXi CammerManlc Dec., 1903. (31) Amster- 

(n1 41U8 41281' 4tAli 364.04 <*401. Industrial IfTS. «11> Bans Seas 
(0/ *vi.e- *11^1 lau aw. Sl/r/64. lillM MBad Wn. (olTata/o 

1 303.08 30E.W 3M.41 OSLOO 

IcICleerd. <di Madrid S£ 9/11/77. 
(f) STocUiotin ladnstria! 1A/9B- (f) 9 »ih 
B ank Corp. («i UnaeallaUr. 


Inv. I Pmn. «2.m to/ill|% <1W|%) 
Effective rate aJU6) 47^% (441%) 


IgrU I Agri. 

Abbott Labi ...... 58 Z| 

AddtwusmFb.- 1 B>S 
Aetna liieACnM 4 Iig 
/Ur Proiiuels.>... 20 

Alree 49 is 

AlmnAlumkalun 27 

Alcoa ; 44 

. AJlcg. Ludlum... 193 ( 
Aileway Pou ci j lOis 
AlUed Chemicals, 43 is 
Allied Stores..... 23 
'AlUa Ctaalmeei.. SOle 

AMAX 364 | 

Amereda Hesa ... 284 s 
Amer. AirUnss../ ISia 
Amer. Brenda... 49 la 
Amer. fiRMdeut| 44)4 
Amer. Can. ......I S 9 la 

Amer. ^anamidl 2644 
Amer. Btec. Poin 23 ig 
Amer. rruii ii 36 ra 
AnMrRamaProd) SOM 
Aner. Ifediesl.-I 24 
Amer, Uolora.... 4 ig 

Amw. Nat. Gaa..| 434 a 
Amer. StsndanLj 364 a 

Amer. Storm 32 i 3 

, Amer.Tel.A Te(. . 027 g 

Ametek I 32 la i 

AMP 17 1 

AMP 29 U ' 

Ampex 141 a ! 

AneborBockin/r. 274 e j 
Anheiuer BimcIi. 23 . 

ArmooSteel 27 Js 

A.S.A 194 s I 

Ammere Oll.....j 10 T| j 

Arnica ....| 17 i| i 

AhtalandOU 3014 ■ 

Atl.RKhfieM.... 49(4 j 
Auto Data Pro.... 89 i 

AVO 9 I 4 ! 

Avw............. 231 a I 

Avon Produeta— SSif ' 
Balt Oaa Bled... 85 
Bank America... 25 
Baatars Tr. N.T. 37 Ss 

Barber OU. 28 Ta r 

Baxter TrerenoL. 394 a 1 

Beatrice Fiwd 8444 1 

BKtoaDlckauoB 37 sa I 

Bell A SoireU lOTa ! 

Bendix \ 37 la 

Benmiet Cone ‘B* 844 1 

Bftblofaem Steai.l 23>2 ! 
Black ft Decker ..] I 7 ia 

Boeing...- ' 394 a i 

Boiss Caacade....: 274 a I 

Bncdeii I 284 a : 

Bum Warner ...j 29 U '• 
Bruilfl lnt.......j 12 ' 

Bcaaean *A'...... 14 ia 

Briitot liyere.....i 35 U I 

. Brit. PM. ADE..I 13 f| { 
fimck«xy&Iass..[ 52 

Brunswick ..| 144 | . 

Bucyms 19 

. Budd 53 S| ; 

BuU/va Wateb....| 6 
Burlington Ntbn 38 Ss 

‘BinrcHina 71 

Cam(<tMU goua.i 3 i 7 s 
CauidlaD Paeuld 16 
CainJ Randolpb-I 11 

Carnation 27 U 1 

CsirierftOenenlj ISif ' 
Carter Htv)ey...| ITig . 

Cate^UarXnccH ^ 3^4 > 

IBS.!. -I 84 i 

•. Oeluere (Torpn ..; 40 i 

C'«ntral ft 3 .W 153 a 1 

Certainteod | 23 ia ' 

CcMon AucreFt...! S 3 <| | 
CtiaMUanhattBii; 38 ta ! 

I hem)ml Ult.NY 414 « 
(.'heaeb(Kfa^'ntl..| 24 I 
(;iieaeleS,vateni...; 33 fa ' 
i'hioafp) Riidga..: 60 ig 1 

CbitHnailof 19 U i 

Cbiytler 12 U • 

I'lnemma— 2 ig 

Cine. UUsierop...! BOTg : 

Citicrop 2 *^ 

Cities Semre.....i SOia I 
Citylav«stbix....l 147 a | 

Cos Orta. 414 s , 

CnIggM l^olm. — I 21 If 
Collina Aiknan..| Ills . 
r-ntumbia Qaa....i 204 a 
C'liliimhiB Piet..! 17 sb 
(.' nm.lasCo.olAin 187 s t 
('VimhUBriun Bng. 38 la , 
i.i/mhUBUuo Bq...' IS^a 
. i''(n'n‘'(h Bdiwii S 7 Js I 
Cmu'w'Mi Oil Kef SIb ; 
I'.jniin.Satelliw..' 394 | 
I'l/miHiteKirieiicw it 4 a 

I 'onn. Ll/C Ina....' 334 s 

('•mne ; 22 '(a 

i.'uii. Eiiisiia N.y. 297 a 
• Find- 24 

l.'«n-ul ^at. Un^.. 40 
< '•>tie»mrr f\*wrr 22 ^a 
■ •i(iMnruinir<iL<. 3 U'« 

r-iuiiiivTitBlOil . 27 l( 

'.'■□(■noDtal Tale. tS>( 

Coolrol Data j 89 

Cooper IndusiH..J 49 l| | 


Aocna UioftCi 

I flncntns Olaaa..} 
OPC Info’*' — ' 

Cracker Nat. 
Crown Zollorbadi 
Cuaunlm B 
Curtiaa WrigSt 


Dart Industrlm. 


Del Uoiito ....... 


bcntsplj Inter.. 
DcCiwtt Bdiera.. 
DIgtta Bqiiip,,.. 

Disney (Walt) 

lAffor Oorpn .... 
Dow Cbcmloai... 


Dneefr .......... 

Du Ktot .... 

Oyino ladootrim 
JBsgie Fidiar..... 
Bart Airlines—.. 
Kasrmen Kodak.. 

B.Q. ftO 

R 1 PatQ Kal. Oai 


Bmereuo Electric 

Biiiliarl J 


Bugrlliatd....— ..] 

Eymocb — i 

liibyl ....... 

fosiuD ...j 

Fairehlld Comen 
Fed. Dept, iltoreo 
Plrestrae Dre... 
Fat. Nat. Boatoa.l 

Plosl Van ..| 

PIlDiJtole — 

Fiorida Power...' 
Fluor ...—I 

P.SI.C — 

Port Moter— 
Poranait kick— 

Fiukhn Hint.... 

Krec)iuri Mioerel 

Faqua lode..—.. 

GA.P .... 

Ganuea.— .... 
Gia. Amer. int.. 

(i.A.T.A— ... 

Gen. Cable........ 

Gun. Bfeetrleo.... 

(jenerel F 001 I 0 -. 
General MJllA— 
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Gen. Pub. l>dU. 
Gen. dignal....... 

6 en. Tel. Kleet- 



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liooilrirb B. P...»ij 
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CincoW, It 

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(lull Ull —.1 


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narns Cnrpn— ‘ 
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Holiday Iuos. 1 .;.’ 

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lull. Harerelw,..'. 
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27Sb 88 

Jobas ManriUa...j 
JotiBsoa John 

Johnsoa Cent , 


B. Mari Carp 

BaUer Indust 

KiOde Walter 
Kimberly Clma 


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lailnlsol — 

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Manilbufi Oil 1 

Marine .Malland. 
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Mnv Dept. Ptore^ 



.McIHianell Doug.' 

McGnw Hill 



Merrill LytiM.— . 
Mena Heiinlenni.. 


MliiaMIngft Hts 

Mobil Corp 


Uorgsu J.P.— .. 
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, Pituitiin...... 

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I'llliillUU,' ltllT.^ 

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I I'llllOMII 


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gepobUe 8teaI.M4 

lerlan — .J 

Reynolds Helata 
K^nolda R. J 
Rockwell Inter 
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Hrivnl lunch 


Rum Logs 

Ryder r^rtem... 
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standard Breialf.! 

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: Maswy F«i)(iiei<ii! 

I Mvlniyre 

; M>Aire L'orpn..... 

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! Mrliii.T«k<>„..! 

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! iV'e^tuii 

2614 26 

It UU 

28^ 89 


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19 18(8 

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171a 174a 

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11 10»4 

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14l« 146a 

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k61a 26)i 
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291s 29>4 

2644 27i« 

4.90 bis 

1.70 1.70 

580, I 38S, I COPENHAGEN * 

; ili I ■- ■j.rrtoT+Flffif.TTn 

3.90 i 3.9J 

U.04 UR5 

28' I 2214 

23is iS't 

14 14^ 

1.05 1.12 

dSH 34if 
10 llMs 

sltg diet 

2916 89«i 

16 18 

2jl4 1 2314 

-an I a5«3 

15 ; 15 

4.75 4.05 

85U ! 25*! 

51a !• 3'! 

2SIa * 25 
2.40 2.45 

41 1 41 

Si; i ''ienn* 

9 87a 

ill til 

1^1? l.% 

<f| ' 7>4 

£276 I 33 
4316 3344 

15U ; 16 


ifie uTif 

t asken > rrnded 
IMaw Koefc. 


>1 -"Jl. 

26 197S 

over wne holds 

^ LUXEMBOURG, April 25. 

.BIG QUEZON h&il^ Ute^ proposal fbat aids to promise, a traditlottal part of 
SEC A^oltare' Ministers Italy’s Mezsoglor&oregjoa should the prices review, Is also 
'’^^^^Sfia^ in'tbe ansuiafaite be 50 per cent, financed by the tmUtionmiy rojeeetd. It aims 
share to4ay;' is 'Whether Community, while aid to the to clarify issues and open the 
^&'£Land7mcecaitmoWe.their Languedoc - Roussillon way for the final bout of hard 

'■'y. >5 ffia arfees oa in 'tihtt to regfdn should receive only 35 per bargauiiiig. 

^lap t settlemCTt of the' overall cent',GonuDunity-siy>poi^ '^ey The Danes made no proposals 
uukage this weelc • ' ' vrUl' therefore press bard for a on the overaU level of- price 

^^enilmstere to-day abandoned higher wine ]^ce than is accept* increases, but specific proposals 
- atawi^ ngs - ani j \ spent able to Italy. in Other l%y areaa These include: 

-day’’ -JStHaieralv ■‘t*lha Both countries ham rejected , “B” quom for 

Bid to raise 
potato price 



' -iiHaferm . -tato goth countries have rejected . ... ^ ^ 

to establish to wbat'eccteBt a- compromise -piioposal by the should be set at 25 per 

remaining diSerenoss are Danish presidency the wine basic ^eta, but 

or -merely bargaining pjjee should be shelved countries which have 

_ bV. : • 1 imtfl Santraher. . ^ready used up their **B - quota 

Ux. Foul Dalsa^er, 
tj^isterriittlne as 1 

!«ie Council, and Mr. mm u*av age have taXen second, places imeiiars«w ••« ■ 

Omdeladutbe Asric^ Com- jg.; .r ^htt Sllfcin, .the. U.K. ‘*‘*®** be fixed at 20 per 

gds^aer» m^yidu^jy -vnth Miaieter, has eoatina^ t<^ay to 

of the- ministers during press the ease for retention of — The co-responsiblUty 

& day. • A 'triparSte meeting Britain's MUfc Marketing Boards, should be reduced between 

; -Hiv^'^hetween Mr. Gohdeladi and the but die faecre dOes hot appear October 1. 1578i and March 31. 

-v*)5j^eiKh and- Itaiiaa- ministers,' is to -preoccupy other delegations intervenUon buring of 

; ilVb^ednled for later tonight to the same extent. skimmed milk powder should be 

. r'-s^.j^t this stage, however, pros- ai one stage. -Mjn SQkm told suspended during this period 
^r'-^ SsetS'^ an early reconciliation; journalists that be would block according to . Commission pro- 
.‘r-i.'^.^wine do not appear promising approval of the overall package, posale. but may be reintroduced 
Giovanni : Marcora, the effectively freezii^. prices on all shouid the market situation so 

■ j ffHaii. Minister, indicated EEC fann products, ixntU he had require. 

' - toriier - to-day that he . would won areeptance of the "Boards' Beef— the guide price for beef 

a hard line. right to continue pennahently. should be increased by 2 per 

' is determined that any - Other delegations seemed more cent instead of 1.25 per cent, as 

V to 'Fnoee over a interested in their own pn^lems, proposed by the Commission. 

::Q^;Wnimum price for ^e. which thoi^. and his threat, does pot Potatoes— The Council should 

9>it miild curb Italian exports to appear to have' provbk^ more agreed to take an _early decision 
^^o^yranee, should be offset by gains thw mild amtisementso on a potato regime but this 

^{elsewhere in the Mediterranean Much of to-day's bilateral dis- would not be included in Ihe 
I ^paclmge and by the settling of a.wssions appear- to have focused prices package. Similarly, dec!- 
.'■Js'^iMgher price for wine set aside on compromise proposals pre- aions on establishing a sheep- 

sented yesterday .by the Danes, meat regime should be shelved 
Ibe French already resent the The -soiled 

■‘>-y i 

iential com- until an undetermined date. 

'*r '. 

' *•--/ 
: ‘vt 



AFRICAN, Caribbean and Chasle said hehad srat the.EEC campaign at present to **sensi- 
. ..'pacific cane sugar producers, who Commission a ' memorandum tise " public opinion, Mr. Chaste 
' "'^mppiy-l.Sni. tonnes « year to the detailing the cane growere* diffi- said. There was no question of 
' ' ■ “rj. Common 'Marit^ complained cultles. ibem seeking a price which 

■'vesterda? tiiat--they had -been He stressed that dthaugh the would give their growers more 
' fleorived of their right to hego- cane producers felt that they had than the European beet farmers 

- date prices with the EEC legitimate grounds for complaint, received. 

. " • • Last year, for they there was no truth in reports that A price somewhere bemeen 

^|■ V.Twere offered only "the bottom they would be willing to see the the highest and loweri paid in 

■ 'LS-.-^rice of the -range applying to sugar agreement scrapped^ ^ the EEC fflough vrouW 

Jeet sugar, produee.d .inside the “In . the past -0^ -ACP . Nego^tfons on the pnee to 

' i:®TC, wcorfSg to to derived of be paid for the new seasons 

.iChasle, the Mauritian ambassador the resl right to neftotiato,” Mr. ewe sugjr c^ot begm un^ 
; Lto the Community. Chasle saif ./ But last W it 

Mr. Chasle rejected diarges was agreed that this year they 

“ hut S* ”e Sikely S 

’ ye^ offer of^ a for^E^ 

Ttds 'time" we Insist that the c*08 

circumstances, the 
producers’ negotiators 

" ij.-tiieir -acreage 

~ BBC farmers planted- more sugar _ AUiS VUAiC wc Aii0Aat ua«b If? h" h S KStfd tO Will d. 

— ““hVISS w 

SMS'S t 

Vis per cent, the price guarosteed j>bri of sugar to Europe - cost *6t lower ♦■ul'rlftn' 

- •— 4b. ACS* suMiUers' for cane raws . betweeh til and £9. a toni^ be 
bad gone up less than 2 per-cent claimed. " ^ ^ 

t*;, rsiwaking for the limember The ACP Ministers 

.iis-aJ^CP-Connpfl- of Minister^ to. ning .-a frotmd-Eiyope-.- pub^ci’^ ^ugfat Braalian sugar^ 

By Our Commodities Staff 

abaadoiied its atienpts to force 
i^i the price of potatoes by 
holding stocks off the market 

The BBnlstry of Agriculture 
annoonced yesterday that the 
Hjficy of releamng potatoes 
only in special eases was to be 
relaxed and that a "more 
geoenal release on to the soz^ 
mal mainerop market shOttM 
be allowed.’' 

The Government has about 
500^90 tonnes ef potatoes at 
^ disposaL Farmers are 
undeistood to hold a similar 

The Treasury could face a 
bill of about £25m. in market 
support payments to farmers 
as a result of the move. 

Growers are gsaranteed 
around £#5 a tonne for their 
potatoes, but open markK 
prices have been well below 
this for most of the past season. 

The Pototo Marketing Board, 
which has about S4J&m. 
in its spedaj res^e nmd. Is 
rpspoorible for paying a third 
of the snnport Mil. 

. A Ministry of Agrieultare 
statement commented that. 
aMhocqtii tbe move should 
make more potatoes available, 
the rate ef release on to tbe 
market would still be con- 

New bacon 
pig contract 

By Our Commotfities Staff 
FMC yesterday announced tbe 
introduction of a new bacon pig 
contract for 197&-79, wh‘eh it 
daims provides significant 
imorovements for producers. 

Under the new contract, pro- 
ducers and curers will share 
equally the calculated differences 
between bacon prices and the 
average all pigs prices. 

'At the same time tbe minimum 
guaranteed price for A1 grade 
pigs has been increased to 0.4o a 
kilo above the average all pigs 

!Hxe National Farmers Union 
welcomed the 'new contract as a 
'step in the right direction.** 


Drought only one of many blights 


BRAZIL’S . SERIES of lucky 
breaks with 'its agricultural ex- 
ports has come to an end this 
year. Unlike the severe frosts in 
July 1975, which turned out to 
be a blessiug in disguise, thanks 
to their impact on worid coffee 
prices^ this year’s draught is an 
unmitigated misfortune. 

It has mainly affected crops 
such as rice, maize, beans and 
wheat, which are largely or ex- 
clusively cultivated for domestic 
consumption. It has also brought 
down the soyabean harvest from 
an expected 13m. tonnes to 9m. 
tonnes, or even less, if the farm- 
ers are to be believed. 

These reductions will have a 
serious impart on the country’s 
trade balance. With exports last 
year Of 2.6m. tonnes of beans. 
5.3ni. tonnes of meal and 502.000 
tbnn^ .of oil, the "soya com- 
plex” brought in U.S.$2.1bn. 

This, year, as a result of the 
fall in crops.. export quotas have 
been brought down to 800,000 
tonnes of beans, 3.8ni. tonnes of 
meal and 230.000 tonnes of oiL 
Government- officials expect these 
exoorts will bring In about Slbn. 
—down SO pdr cent on last year. 

aggravate the sitaatioiu 
No-one changes a winning- 
team, so, not unexpectedly; it is 
only this year .that mneh atten-' 
- tion has bren given to outspoken 
critUclsins of the Govenunenfs 
fanning potidos. Govenunait 
'officials, surprisingly, have been 
, in the forefront Sr. Paulo Viana, 
president of th e im portant Gov- 

ernment body, CFP (prodnetioD 
financing commissjon), 

recently that only 40 
of the: crop failures 
could be attributed 

:6 year 
to the 



Moreover, other disappointing 
harvests may make it necessary 
for the Government to increase 
its wheat imports to 4.2m. toimes, 
with an outlay of about $500m., 
and, instead of exporting maize 
as normal, to import pertiaps Im. 
tonnes, at. a cost of about $i30m. 

Over, the last couple of years 
the excellent export performance 
of three crops— coffee, soya and 
cocoa — ^has fortuitously pulled 
Braril out of a difficult balance 
of payments position into a re- 
latively comfortable one. Total 
export earnings from these three 
products more than doubled, 
from" g2Abtt. in 1975 to g5.4bo.' 
in 1977: 

As export prospects for all 
three products are less good this 
year, tb^ trick will not be re-' 
peat^. The unexpected increase 
in agricultural imports . will 

*The other 60 per cent Is tbe 
result of the excessively low 
miniimun prices authorised "last 
year by the National Monetary 
Council.’’ he said. 

"l,ast July, this council- gave 
priority to the fight against infla- 
' tion and refused to authorise the 
'substantial increase lo the'mizii- 
mum prices guaranteed .by the 
Government for basic crops that 
the CFP had requested. Sr. 
Viana is known to defend the 
need for fundamental changes in 
the type of Government support 
-given to the fanning sector. ' 

In recent years, the Govern- 
ment has assisted farmers by 
providing plentiful, cheap loans. 
Rural loans supplied by the 
Banco do Brasil increared. three- 
fold' from ^bn. to Blffbn. in 
1978. . But agricultural ' output 
has not grown at tbe same spred 
as rural credit. 

In 1965, tbe value of rural 
loans was equivalent to 10 per 
cent of agricultural output. By 
1976 the proportion had 
increased to as much as 61 per 
•cent. In other words, credit has 
not proved the great boost to 
production that the Government 

It is known that many of these 
so-called rural loans have .never 
actually -been invested in frrm- 
ing activities. Sr. Karlos Riseh- 
'bieter, president of the Banco 

do Brasil, . recently denounced 
the misuse of these loans. ’'While 
mg bank is paying market rates 
for the money it leads to :.agri* 
culture, the farmers are only 
paying as litUe as 7 per cent a 
year for these loans," he com- 

*Tt is thus .hardly surpriring 
that a sizealAe proportion of 
these resources finds its .way 
back to the money market (u*, 
alternatively, is ssed to finance 
the purchase of future land, 
which is tbe key to obtaining 
more cheap crediL” Sr. Risch- 
bieter said that this vicious 
circle, which feeds isfiation and 
keeps the money from . ever 
reaching the land, m^ be 

Small measures toward con- 
trolling abases have been taken. 
This year the value of tuirI loans 
was" increased by only ^ per 
cent to Cr.305bn. (928tm.;. This 
is lete than tbe going rate of in- 
flation and well below last year's, 
rise of 44 per cent. Loans for 
soya, maize and rice were sus- 
pended for a short period this 
year and- resumed later on 
tighter terms and with most re- 
payment periods reduced from 
seven to five months. 

nisation ** the Prussian way.” 
is characterised, teey say, by 
massive Injection of funds In 
small, highly-privileged strai 
withont altering the hi 
extremely unequal system of ] 

- -Many agronomists believe l 
at tbe very least, the" ^sten 
govenunent . support has to 
changed to include many n 
of the termers. It Is pointed 
that the small fanners pro’ 
at least 70 per cent of the i 
crops, such as rice and be 
that are consumed by tc 


Many observers, .however, are 
calling for much more - radical 
changes. They point out that 
tbe present system concentrates 
assistance at the beginning of 
the farming process by provid- 
ing cheap loans for fertiliser, 
tractors and other inputs. 

As well as being open to abuse, 
this system is at present only 
being" used by 11 per cent of 
farmers, nearly all wealthy 
ownere of large estates. The 
mass' of small fanners, who can- 
not satis^ the ' complicated, 
bureaucratic 'requirements, do 
not have access to the cheap 

. Agronomists have christened 
this, form of agricultural modern 

Given the lack of asastsme 
this sector. It is scarcely sur] 
iug that production of these b 
foodstuffs has remained stagi 
in recent years. Agronozr 
have recently called attentloi 
the ipflationary impact of tl 
crop shortages. 

One important change, that 
been defended by several gpv 
ment officials, including 
Viaha, is the abolition of man 
tbe subsidised loans and the i 
eentration of government supj 
at the end of toe farming proc 
vrifh tbe guarantee of m 
higher final prices for the cr 
In this way, all producers c( 
benefit from governn 

Even Sr. Alysson l^ulin 
toe Agriculture HUnlster, 
recommended changes in 
direction. He commei 
recently; **It is now time 
gradually withdraw ineent 
and subsidies, replacing tl 
with price support mectaanisz 

However, many obser 
believe that changes will 0( 
only when General Figueire 
new administration comes 
office next March. If some of 
young, critical governn 
officials are appointed to n 
powerful positions, as se< 
likely, they may be able to p 
timough important, new meast 
that are highly necessary 
Brazilian agriculture is 
develop harmoniously. 


BUENOS AIRES. April 24. 
Argentine ' raw cotton produc- 
tion .1^ rise to 570.000 tonnes 
this year, from 522,00ft tonnes in 
976-77, according to the Agri- 
culture Department. 

Tbe current crop will be 21.3 
per cent higher than the average 
output of toe last five years and 
43.1 per cent higher, than the 
average for toe last ten years. . 

Coffee producers lift export ban 


coffee PRICES 'eased ye^er 
day when U was confirmed 
officially that Central American 
producers of “ other milds ” had 
started exporting again.' lifting 
the recent ban on sales imposed 
iiT toe hope of forcing market 
prices higher. 

London robuste futures prices 
were held np by toe fall In ster- 
ling. and arbitrage with New 
Yoric, -but Arabica values were 
harder hit 

A- resumption- of exports had 
already been discounted by toe 
.raaxkei to> large extent. How- 
ever. Londbo dealers said there 

appeared to be Uttie eoatrol over 
selling policy and it is antici- 
pated that in their eageni^ 
to export, the producers may 
become involved to a competitive 
price war. 

Offidally, exports by tbe group 
of other mild coffee producers 
are now supposed to be limited 
to 30 per cent of stocks held, but- 
there appears to be no mechan- 
ism for "policing ” the sales. 

At the same time prices quoted 
'are' rcfiorted 4o differ widely, 
^th some countries fixing a 
miniin'Uim seilling level while 
otheis have not 

Oa balance pz4ces appear to be 
below toe levels when the group 
decided to stop selling and it is 
-tbou^it that they may well be 
fore^ even lower as e^orters 
scramble to obtain their share 
of sales. 

■Demand for coffee is reported 
to be sluggish, with consumption 
remaining deprescod. AlUiiush 
there has been some recovery, for 
example, in U.S. roastings to 105 
per cent, compared with last 
year, St is pointed out that coo- 
sumption was very -low last year 
when demand dropped -sharply. 


AMMAN.-April 21 
JORDAN HOPES to quadn 
its phosphate exports about 
tons by 1980, Hiospliate -Mi 
Company officials sadd 

Ibe company ailso hoped to 
grade tbe quaSity of its pi 

Machones and furnaces ne 
saiy for toe .production of t 
quality mineral have been 
staged in toe Hassa region al< 
toe desert road to Jordan’s ] 
Sea Fort of Aqaba. 

Ofltesals said toal by mSd-1 
a total of lAm. tons vi^l-be ] 
duc^ front toat area. 


’Commodity market reports and pwck 


m -ibe aftBrnooB Tallies 
stronxlr imder dw ImjL. 

-??► tonnjrd iWKarial SaaUy otb i 

COPFEn- «T ely dMwgwd on taluce icerb, TnnwTnr larZIS UIAbm. 
'ifler toatax'Bnmoa bniaDy on the UHxlwi u*iai -vradinz 

SBtenn Tl^irMkiiMS af-ovo^' AmalSanttea Ifeut iiiToatOB 

iri-'BhS.^^keu aw fo^ toetu 

oved ahead Standard. aA, £9.975. three £B.0S^ 

Comex^th 4S. «. A». SB. ‘JUternOOtt: 
oa tbo tote i«.l35. " three laonthe £*.fl7»- 

00 uw laie ^ ^ Standard. 

. di^ months m,U0> (IS, 10. 

at the eloie TaJna -wen aboct S lower 
m the d«r. 

Tate and L»te ea-reflaeiy prlco for 187A» ****■, 4J'per eent. 

gramilateil fcasfa triifte ansar wa* £Se.e» awrage «4Jp f-U). 


toS? .TiwirTa ^ »s.s. ^ 

three nonihs 

!iriiISI^tir''hrScrS.' Atttrmm: WMui. Oiree mootto A 

i»»ch WM »» » he aes. w. w. its. SS. ESOO. l, is. *, i s. smiem’t.. 

tja. -f or 


tin Offietai . — 



ffiBh’ firitde A ' I £ 

Qtoli 1 6075-85 I-7A 





-.eoaoa at xna wtiei ou um uuunuus wmh i b es s r^ab 

•jSaeplto &aa*r £raai oae murier.. b*rs» threo. nuotfas ETOl, ia -. z-e. >■ Aatn~...— 

. TM—Fhrawr. Forward tnttal opeort 
Snner at £8.080. reflecdiig the sirenew of , 

*Sk PananB price, hot then weakened to “--l 








' £ 























601 A -8 


. 666.6 


^ * 


— r_ 


hs E7n. 1.5. S. a.S, 3. Utah....... 

“ *1 * , -L.. Hmebt. 6045-5 l-bl.!! 6100.l0;+r2.6 

Forw^ metal opeort 6^ i-5 I - i 

Me* York 

6086 — 5 ! - — 

6075.85 '—7.5' 6130-6 1-4-65 




£ pertonne 





depHtmber .. 
Mareb~ — 

1402-14M r-ID-S 
1355-1555 h-lD 
)2».)2M ^7.0 
1230-1240 r-7D 
|S00-t2l5 1-6.5 
1160-12(5 -8.0 
117ft-nM !'"B.U 

1230 1215 


(tamck ' a tatme 'far hooie trade and 
nsxoo (£UH.Q 0 > (or expnn. 




. CtoM 


1 . Clou 1 



„ Prteea 
. COVEHT GARDEM (prices la stertins stated, 
per pariiaxe unlesa siaiedv- loiaoriad . 
produce: Oronnes — cyvrlot: Valeuela ^ 

Lotet 30 Mo*, 18 kSoa ld(M.S0: 

/effa: Vdoada Z-ates 3M-4A Sbvaoml 
ITS-tes: Esroiian; Valencia Lateh 2.40; 

Hotnecaa: 2.TOd.OB: Texaa: 3.80: Gaban; _ _ 
a.30. Lamoiia— Italian: lOO/lSOs 3.65460: 

par. tonne imle» otherwlae 

Dee. ....I 
aiiuvh . 
Uav .... 

inkinj/i^l^MmiB6 9UM<ii CwHit; 3A1W.50; spinU: Sniu Iran Petals , , , 

ill).6S-11./ulllM5-lS.tel1o.^11.16 .Taffa* SB feilae 9.7U.S: VS.: 


115.10-16.2(1 llG.6fl.16.75|l16.7B-19.75 

Ptm RttdMA (tftY 

SXO-3.80: Jaffa: SO kilos 1763-15; U.5.: cbonormab W.£ferti 

.B Awd^ .jffigTdo. dTlsiOl.^^ 

125.55-20.6«WJ0-27.7S;127.t0-».0 B ITMToO: OJ 

12j.lB-23ji|t80.7S-51.0C.lM.10-i6Jfl (-Qiden Delidcnia. Imnble padt, 

SS.04S foBoirfas the dwaturn to o^ - ■ - 

Metals and taedao seUlna Uvinshi to have LEAO--Har9iimnF . »« ■ — ; , — 

been on bttialf aa Australian prodacer. moved' In line with the oopgg f- 

iS mrJSSSoD. however. Item buylun, Forwd m»i feO to 
dtanlEt- bnFinS and hedse iHurlng against In iha- mormn* hm to me 

"US: demand took the price dp aftenoim to dnae at £311 on Uw late 

to- £B,U0 prior to It dosing at £8.110 on keih. Tnmovor 6.035 tonnes. 

nDUver 2.370 loimar. 

. Upmlng: Stmdard. cash £6.1166, threa 

Sates: (SA6Bi leix -of 5 tonnes; 

ICO Indlcaiar pricas for Aprfl 24 lO.S. Ang..... 
cents per potoid): ColnmMan Uild 

'Valnea Arableas im.D0 UB4S0V,' ORwasbed Jtn- 
blcas 179.90 'fsamet: other 8IM 
irr.Ti (iOO.Wi"; Rohusua 143.56 

Dally armee IWJI 001.25). averaM“73 T.^7.56. White Wiflier Feinnato 7.08, 

ARAB1CA5--A toorc activc day, with Da» 7.» iMay average ij» Starldiig OcUcloos 8.00- 

Initial trade seOtoc .depresdag ilie market 'hk 'import irVifH— effort Ira Tfr -«« T 8A0: cadlean: Granny Smith 7,00-rjo: 


SriSadS Jr ^^™::..csio.«5-o:5^(16.2b 

3.m a«.00». SdSwurCaribheu^rTfor Aprfl ^ A*™"- ®““1* Fm* lUAeB (S IW )81A. 

il M+or 



L 8950.00 

>E604.75U (£658.5 


nimtha- £6.080. 76. 66. SO. 4S. 

Grade. - three mo t uha £0,053. Kero 


LG. index Umited 01-S51 3466. Thsee monto ^vtf 2764478A 
IS-Luttont Rotdf Londoot SWIA (HBiS.' 

L 1^<free tredfag-on commodity fntiires. - 

2. The commodity futures market for toe smaRer Investor 





W. Greeawldi ElgO SeoA 
. Creemrldi SBH SNL. 


, "ISA?; catliwlek mgh Road. 

*1)600811 Rate 8J5. 81ig>e Acecniiili SJO, London W4 SKG. 

SUh'po. Shares 6.1Z. Tern Shaiiu 3 to. — i. «. — Aixaaam'ens. 

1% above share nta. 2 m. nfc-ibove Aceomxm ojb». 

.iha» ritu 5uh*ps. Sham 7.BK 









SOl.S-8 . , 

30B.5-9 -X.TS 310.;5 







.somewhat. Dr^l " Bnmliam repoiied. densSmd aS «« Zealand:' CScw-i Oranw ^his ie/ oa..klS0.M| 

PtoSMaking at the eloie left values y®^*'2AccSnrt nrW Wlos. with »» T£1W.M: Danish: per peond Cos’s Maei(^^teit8.^ 

guadj at LB7 to 7-13 hrwer « the day; to tin«^ mL^.U <Hine” 9AS-9.V. Spannns WWlLll. gd^dlw fTBlho'*’ 

Prices tin order btiyeis aelter. diaage, n-nn ti tw iwv AAicao: cartons,' Padtbam’s TriUBpli Silver tmy oa-^.^ 

hostoeas): April ■303.5MOS.flC. -7.13. 30A00- ~ ” • «.8fl.7£0, Beufm 8o*e 5J0; Dateh: 'per Smantha 

S0340! June 1T0JI0-1S0.00. -3^ IS.SO- RUBBER pound Conf««nce klS: Belslu: pnCMb. M 

tfornlRr: Cash £3(0. three aoaibs 5368. 
8A. 8. ‘Kerh: Three months £360,. 85. 8. 
Afteewna: Three months £300, 8.5 n £310. 
£Sn4> 6.75. U. Kerb: llree nwnihs £015, 

ZlMC-^Usber ewlns to the afternoon 
drauesi d other base-tnetals. Forward 
metal diwed id 1395 on the pre-maxhet 
"bnt moved op to the afttfnoon to toad) 
£383- on Om iste kerb. Ttimover 3£3D 


1+ W 

119.06: Ang. Ifl4.6e-106.0,- -s.S0, 153.oa: xaa.'xyAyA^a OJ-l-OdS. Grapos-S. Aftftan: New Snumths. — ......1 

Oct. l5C.flO-131SS, -l£7. ISCOO: Dee. UNCHANGED opening on the InBdDo cnas 5A6. "Barilnka 4 JO. Naii a n ao WBUfam8.0Bb.dfl 

lM.7S-14im.‘ -LS7. lti.06: Feb. 134A6- physical market Fair totnw throagbant jmiicaii: per poanl 0.15. Melai»- ZlneeBab......_...4 

136.00, -SJ5, imtraded: Aprfl 1WA0-1M.N. the day, cloatot barebr steady. Lewis and rn.Mn.ii. ivuie 4.30: CoiRdbian: Green 3 mmtha.,.u 
-SJ6. niitnded. Sales: 35 (ID Iota of Peat report tlntt Uie Malaysia sodowp g,oo Avoeadeo— Kenya: Fnene lt/34s PTodaoen:.....>.—| 

17£» kilos. '■ "" ■" ■ 


price was 210 (samsi ceata a gUo ibuyar. 4^ S. Afttean: Psene A5M.60. 5tra» aam 

Mayi. barrieo-IsrasU: D.4S: Spanish; 9SM.MI I 

-Ivory Coast: Giouadniit...- I 



55B6 611(1 





MAY 24 1 978 

The Financial limes iwqpi^s to publish a 
Soxyey on Cocoa. The nw^ headings of 
proFisional e^torial synopsis is set out below. 
lOTRODUCrtON The upsurge, and subsequent 
fall, in cocoa prices during Qie past -few years 
has made the world market even more volame. 








v.>f a 















Reaction against the high prices has halted the 

' * ■ ’ )C0Wt« 

Upward trend in' chocolate consumption woria- 
wide, allowing a surplus of cocoa supplies to 
develop for the first time in several years. 
Uke)^ future trends. 

futures trading 


For further details on advertising rates please eostact: 

' Robert Korreti, 

• Flaesetel limes, Bracken Bouse. 

10 Cannon Street, London EC4P 4BV 

"Tel: Ol^fiOOO. Ext 24S 



n« eaai.*ni boo pobhekKea dates o('Snnrrys in the kwiiiRnki TiBtoB 
• are sHbiM « dungs .at. the dlserehdi ol the .SdKor. _ 


Gedh I 






0 < 

, 808.3 r>1.5, 
!«ontltt-j8M.^H)fl|— 1-^ 








' Vmiiig: Three manefas £397. 97.5, 88, 
98A 86, 685. Kerb: Tliree months. £2385. 
Afternoon: Three months £291. 68.5, 99, 
1366, 13685. 1. 2. KoA: Time months 
S861A 2. _ 

- per ponaA ton prevloat 

onofAdal ^se :$U ner pledL 

crop wheat started trading at 65 potma 
blgbei. but a Isdr of totereet foreed valnes ' " "" 
dimm to 56 poiots .lower, wOere good 
coaBBerdBl Interest np^nred. The mar- 
xn elescd 15 pmdis lower wMt minimal usy.... 
toterest, AcU reported, ow crop barley 
mond ft«a 59 Aig&er to 99 lover oa aoa- 
eosteat' totereet and. He'mlic a flnrry of 
cmnmendal faterest a< 53 lower, riooed 
easier at amond 73 potou lower. Teadcn 
were US wheat and 164 barley. New crop 
saw besvy comaKrtaal hedging to wheat, 
wMi values clwitog toe day beeween 25- 
45 lower. 

iyest’rdsy*a[ ytevtons 




Cattfomton; OJO. Ptoeappi — 

Bushicw -n.4bfl.60 each: S. ATricen: 6s lAO eadi. >, . 

nr Oeloos-Dutch; Largs 2.0(WAe aedhm 

].0ft-l£0; CbBean: ba^ approz. SO Ib 3/eS ' 

3.0M.H, cases AD6-4.66; Canary: 4.6S. 

CausteiMe^ReByg: per poood . A40; 



te.S5.S5.4(M — • 


63.2544.50r 6S.7b-64.0O( — 

54.25-64.60) 64.50fl4.65i 
56.35-66:35! 55£5flS.6 

Canary: per pound A40. Celery^-SpardA: PhUiti- ' 

American: 3<s 5.99SS9. 

3.6»flfl0: SgypBan: (0.30....' 



58.45fl6.Mi; '55.70581 
67.45-67.S0i 57.85-58.6 
6S.80flh.78; 58.25-69.S 
59.55-55.65 B0;BSfl0.7 
61.05flT.I5‘ eifl0.6(.6 



SDver was fixed 145b aa ooace. lower 
fot-toot dritovry J» ttae'Uodoa bnlUon 
market yesterday, at STOASp. 0£. cent 
eatdvaieiitg of the fixing levete weiv: 
gpot 4Blflc, down 6.4c: three-toonih 406c, 
down OSe: sto-mooib S06e, down &5c; 
and libmontb S32c. down 7.2c. Tbe metal 
opened at 275-27lp (48lfl62ic). and closed 
at 27L8-2733P I493i-493e). ■ 







* m 




























ISs/SSs 440fl£8: American: 3<s &805.25. 

55 10-64.86 Potetees>-GiBary: 3.60flfl0: SgypUan: 

56 28fl5J0 3flO-3A6; Gsprioi: 3.90. CeiriUlower^ 

67£5fl6.45 JoKcy: 3.50; Frendi: S.OOflJD, - Cnan»> firofalg 

68 DOfl/ 55 bere-DiHdi: W19a 3.60. Tew a toie- Barley BBO 

&8 70fl8 65 Canary: 3.MMJ5; Jersey: per pound 6 JO- Borne Fitoiirea....| 

Ml Be.«n as A45: Dutdi: 040*. Gpensey: 0J3-6A0. Ualae.,.. ......... 

62.00fl!.60 Carroto— Ciprtof; 9t Ol 1S9. Pr-siob Mo. 8 Aal£lM.75e! 

EasIM preduee: Patatoae per M tb, Wluet 

Sales: 275 (SIR} lots of IS tannes. SVhltes/Reds 3JM.50. Le tt uces -per 12s No. ) . 

Pli^lcal dostng prices ibnycrs). were: iflM.76; Raeirmm per 28 lb IJO. BeSBacdTriaMil 

Spot SlflP isame). Jane 52.73P (S2.5), July Turnips p er- 38 to 6£0. Cerrote-per bag Brgffafa 

0.4M.OO. Pamipe— per 36 Bi OjIO-LDO. Cocoa Bbipment..., 

Sat e d es p e r 26 S> 0.60. Rhubarb— per PaeonJuiy..,..,.. 

pound. ooRloer 0.06flfl0. Cqgumhare— OoBMPutimu.. 

per tray 12/za U65S.40. Hee l i r oama July._~....~.... 

per pound 0.50. Applee— per ' ponnd Cotton *A’ Index. 


a.75p (53JtS>. 



|£8.11l£;— S8.BI 

BuBtoeas done-Wbeat: May 97.i5fl6.H, Jooe-..-~ 
Sepr. 65.7Vfl5.|U. Nov. 8&2flfl7jfl. Jao. Auguto 
9O.TOflO.40.- Uardi OSllSflaoS. Salev. 156 
lots. • Bericy: Mar 6Al5-fZ.73. ficpi. 90.63- Dt^ber .. 
79£5,..Mav. S3.14fl2.30. Jan. .S5.0Ut.70, Fehmary.... 
March 87.40fl7J0. flalea: 137 tota. Apni .... 

T«(errtay;-A or 
Ut4«e ‘ 1 — 



igpenoDiiei I 

T26.80-27Jl'--O£6 168.00-26.10 . , 

126.90.a,8— 1.051. 6A0-25.60 ,per crau. Kent 1.80-lflO. 

126flfl-2S.7-.rl-46 124.50-65.53 

IIMMBS +OJS 120.00-10.50 
I9D.5D-21.5 -r 1.00 120.50 
I28.0A26J— O.S&' 

Brmnlcy^ O.U-O.IT, Cox's Orange Plpptos Rutabor kilo..........' 

0.l5fl.W, rjTtflw 0.084.12. Poara-per flugar <Baw]«....,...| 

pound Conhmnce 0.1S-OJ5. Tomatoes— 84e kUo...' 

per pound wngx«i» OAOflAS. Gnaw 





.......I -2J>4 


+0.^113 Jl 

3187-38 ... Jf ISOte 

-8.5 B77.26P 
,4-65 ^.777.6 

UaO '8675 
4U '£661 

{6e0n ^20 (5660 

U12.6 5440 
UlO IS300 




^1354 Ul 
61.5p ...... 

£10/ Px 









wr 121 "tot UnoA ^OO-UO- 

OnienoT-per 56 lb LOOfl.00. «Jn^ vAnril-Jnne. vAorD- 

Kir. xOCay. xPertHu 

IMPORTED— Wheat: CVfltS Ho. 1. ISi June 112D.OOfl4fl^^- _ — 

per -emit, ApriUiay £0340, TUbmy. 
U.5. Dark Nonbem Spring No. 2, 14 per 
cem.. May £95.75, June £83X0, tranriup- 
meat East Coast - US, gam muter 
.Ordhury, Auatralian, Argenoae, Soviet 
and. EEC grades iniqiio^ 

Mela: U£./Freodi Aprtl-Srst half Hay 
£106.75, second half Hay £106. Jtme £103.50 
iranshlpmeDi Eaa Coam. 5. AMcan 
Veflew UarJune £8ifl0 sellers. s. 
AfriesB mute mawtaL ' ' 

Barley, Sarahuub Onis: Unqnoied. 
H(KA--Sx-fanD spot prIoee'APrG & 

Sales: U6 iL63> -]ots of IflOO UloB. 


LONDON— Don. . 

(Peace per Join) 

tor £61.60. 

from May 

1 la expected to 

IMEslrerBoyer IBS U« K»^ 
onnew. MornlBg: TltRe monus STS£, 
ffiTi?. 8A A*. 15A 6£. AS, 
ti. S IC^: 'Three moBtho mo. 6A 
Aftenim: Ibree months 2n^ f-a. 7a, 

7S, W. 7,7, 7A 7J. Kerbs: Three mnuhs 
T77.7, 7A 

J- 1 /W- 1 /V .4 -preiBtoms Seethe fur Apnl 26 in «diw 

CUvliA Amm lovy pita .Hay, Jtne and. July 

1 ..-^-. ha A dmniglKiitt tts day pretthtms, wiui previous to.breekots. AH 

M to Imftfl of aecmint-per WBfle; Cammen 
"JOW^ gS • wbataf 90.43. nil. til no (86£8. aO, nfl. 

STSto^raSSl l-a 

• OftCOA Clow — I Doito 

Auetnifen nrerterd'ya+ on 


Ctreaiy-ironl Clow 


Dcna . 




JulV. 152.0fl5J) 

Oeuber U0.0-67.D 

December... E5S.04IJI 

- a 

March ..„.„.q42.0-46£ 

Mav :242.045£ 

Jaiv j842JD-47JI 

^ . 

UGCober »....>S49.0.4U 



' GRIMSBY PfS H S uprtf Poor, deemed 
"pDod. Prices. at ship's aide (unprocessed) 
per stone: SMlf cod £tAiM3JW, Comngs 
£3.5oJ3£D: law Juddodc £4£0, Aiedlum 
hiddo^ fS.oOflLSfl, snuil heddock SflIF 
£3.50: large plalee asoOM. medtom 
Plaice best snail plaice iS-SO- 

£3A0: mediam ddaned dogfish BiMl I9f89 
lemon solea £6.00. nediom £5.00: saliha 


to Thai kenaf 

Sales: ND (same) let of klloa. . 1 


SNITHFIBLD (pence per. ponnd>->Beer: 

^rf -Semen idltod sides 53J>. » 58.0: ulster ___ 

ffi S. oS>rtei&.te: ^ J*-*' tub THAI Jttte AssoitiatioB is to 

^ W.0 1. te.O; Elre_hta^ua«ent 68.0 to ^ .Goveromenl te 

BANGKOK, April 25. 

'Sn.aO*tBtrt' • .. . 

M^y .i......Is(l78.H0-B l-48AB»tl70.M B70 


Dw..: — 



n;o. fowiiartMO 37.6 t6'3i.o. 

...1098.0 09.0 ,-4SAO|2ai.0-IS96 
}66|p!fl.a6J) l-Ofi-fio'lflTOA-lSSO 

1658A-OAO :-60£0il905A-lBSS 

...1Bi5.0-10.0 i-flfiJNIrWOS.O.lSft 
•1775.6fl5.D .-4 Aa:1500£i47a5 

J*ly7. !r.1/55i587A -flS.OQIIIOfl.O-lTte 

Iniewatloiial Cocoa Orsmiifailen fXI.& 
eenis per poundi-'Dany price April 34: 
156.74 U«.M(. Indleafor Prices Aa^ 25: 
IXday average 1S7J2 iU7.49), 32^ 
■verage 138A3 flSL20}. 

nilxori wheat eod' Rye: 188.8 (1SJ61: 
Ryo— 1S7.64 (lte£67. 


“*» ,‘® 1977-78 season totalled 270,000 

So ^ tonnes, «f whit* 180,000 toimes is 

RaUte S’xMfioed),' laytwi f pinw m,o roqirir^ by the domestic market. 
LONDON DAILY PRiCg .(raw sBgan to 67.0: Cbtocw 42.5 to 4S.0: Australian Platitinfi Of tbe' 1978-79 CrOP 
D03.00 in04.05) a tAWte df tor Apm-Max 35.9 to 40.0. . ‘ , BWiHnetinn in 

June ahlpmenL MTUie susar daBy piin MEAT coMMissioM-Avcniic fatstock ““ Stariea and prooucuon in 
was fixed at aVJ» \fXK.m. prices at. nHtresentatlve markcig oP the new season )g expected tO be 


Apr. ^ Apr. 8l|H<mth ago 

Tear ago 

837J46 j838.9S 837.36 


(Bifo: Jnlf 1. IsaisieiD 

Aprii^tbApril 84 

Hentb agnj 

1 Tear ago 


1457j« 1 

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(Baas: SeoMinber ifi, IMiauO) 



Fu turt ag 80.971 

1360.60 3i 
I5S2B4 S! 

(AOertfic I9XMM6S15M 


Spio CQminty iaa8.S!B99 Ji 

fDece>M>ef~&L I'hntolOOi 


DUNDGE JirrE-mutot FricM e and I 


8dbd9l8g tndvd in a no tgnge tor dm 
of (hfl day. as Coeaaistioa Ooasa sfllfflg 
wtt ihatdmd by tradn ssppcri and hc^ 
pfolU-iaUns. Drezof Bpmhani rvponad. 
A Kvady Kew Tout nerfonrancfl pimqpted 
to gain la the aftarnnon go Qigt 

3iw ourfcer traded some 99 potots above April SS. CB cattle fis.i4p per kg, Lw. 7(1.30 nor cent. faiGher thu 13 VJC- for Aprilflfay ritlpiBeot: SwG £96, 
kerb levels al bm. but later reports (-i-O-KU U.K. shm 14l,7p per kg. «st. rtv-^nme Monn BWD £207. Toma; BTB £364, BTC S2H. 

Kero levels n nnr. am larer reports auccw xwjtp per gg. esu v,«m,4m«e cabbati 

tfiat In^ was invHing bfds tor whites ic-vf. t-^6.4»: CB pigs 83.8p per kg. Lw. “*® previous season, c 7 «b 

aroond the level of the LDP glmnlaied 1 -I-L 2 ). Enpi^ end Wuie»-CatUe nton- Earlier this rear tiie Com- fWMnrfM „ r nw 

tong Uquidallon. By tnid-day, losses of bers down 6i per cent, average price ^ 7 *^ OuntattaM e a^ f U.K tor April ship- 

some US pouts bad been recorded, OOU^ f-l-Air): Rteep down AS per eew.. inerce MiniStl? fixed a kenal ex* meat: lefls, 40-ineb £UJ7, nos £ 7 . 99 , 

aHbMgh du ptniBPt Hay acemmt. which average i4S.Sp f-i-7.51; PUK dflwe 2.5 per port quota for the first talf of ter 165 yaida; May aoJ7 and £9.01: 

was w«U snpponM, did ant deeiioe «o cent., avenge flLrp i 4 i;ji. Sentond- th» eunvnt -venr nv SO flAfl ivmnes iSf* ^ fi ’* tirlUs: U 8 JS. 

far. Thereafter prices sho^ -liato Cattle op 0.5 per ceot. average oaisp iP® YBA* ai auAAA) oonnes. isg, 3 g ^ the r eopcc u ve atop- 

C Cxaraikaw report t>0.2iU: sb^ ns iO.4 per cut. Average iteiiter nes pOeMa Yam aad doth itab 

U.S. Markets , 

NEW YORK, April ; 

CocDO—MAy ieo.00 I153.7S>. July ]J 
1149.30), SetiL 1S140, Dec. 146.76, M 
141J6, aiay 138.43. Jidy Ufl.lfl.. Si 

Coffoe— ” C ” Contract: May V 

(17ASS). July 151.50 1153.35), Sepi. 13 
X36.2S. Dec. 124.00, March U7.06-U 
May 11100-114.40. July UAOO-114.00, > 
103.60-113.00. Sales: 490. 

Canpar--April SOflO iS7.S0>, Xfay i 
i57.60>. June 37.60. July 3JQ. Sepu S 
Dee. flflflfl, Jan. ALSO, March 62A0. i 
63.30, July 64.30. SePL 69.30, Sec. 6 
Jan. OTflO. Saies: 9.100. 

Cotto»>.MBy 30.3536.40 < 56.701, . 
S6.10flg.36 156.31), Oct. 60.M, Dee. O' 
6L26. March 6S.10-82J0. May 62.6bfl 
Jnly 63.HKflS.25, OcL 62.Sfr Ud. Si 
415,M0 bale& 

*6oW— April 167X0 ilTDAOl, May li 
rmflfli. June ie.40, Aug. 170.40, 
172.50, Dee. 174.70, Feb. 176fl0. / 

This eelhion was printed befei 
last night’s American commodF 
prices were available. 

ITSflD. June 183J0. Aug. 184.N, OcL 181 
Dec. 150.30. Peb. 153J0. Sales: 6JMW 
tLard— CUcagn loose 23.00 isil 
SV prime aieam 00m. (uaavafiat 
tMalM-Uay 243^45 (2544), Jnly 2 
2444 <2531 1, Sept. 245. Dee. MTM 
March S34}. Mar 257. 

iPlaUaam—Jiily 302.e»fl(Bm (307. 
Oct. 2IB.10.206.30 tSiOflO). Jan. SR 
April 213.20fll3AD, Jnly S17XD-S1'! 
Sales: S7. 

ISIIver— Spot 492JD f501.00). A 

487.00 1407.40). May 4S7flO (467.60), J 
WM. jnly 46A56, SepL 901.80, 1 
513J8, Jaa. SlTAO. March 6MX0, 1 
533,40, Jnly 541.78, SepL SSO.IO, ] 
563.00. Jan. S67J9. Sales: omo. 

Soy a be ans May 6851 asked (nSfl), i 
614 aaked (104), Aug. 6S3 arite^ 3 
gig} uked, Nov. SOSflOS, Jan. 6Ui. Ml 
moo. May 613-614. 

Ssyohoait OH-Hay 35.65 Ufced C3B 
Jidy aiflS asked (3SSS1, Aug. S3.M ate 
SepL 23.85 adeed. Om. nss. Dee. tl 
aiA7, Jaa. BUS. Maidi 1L20 aritod. 3 

flSoyabean Hoal — May m.BOflT 
(420.60), July 174-SO-174J)0 (15S.30>, A 
mm.173.50. SePL UB.OO-I69flO, Oct. IfiS 
Dec. 164.00, Jan. 165.00-lGSflD, Ml 
i6B.oo-i69je, May mkoo-itojo. 

Sugar— No. U: May 7.62-7.64 (TflS). J .fTflS), SePL 0.11. Oa. 8M, J 
ASSfl.08, Hardi 6.6»fl.0(l. May B20, 1 
9M4M. Sepu 9M. Safes: 4.068. 
Tin— 3llfl.T5-5UJ)6 (4ftB.ODfl06J)0 aA» 
•*Wbeat-May 296fl87 (315), Jtoy 2 
308 <3181), S9U 307flon, Dec. SUO-I 
March 317, May 316. 

WINNIPEG, AjirU 34. ttRye— May Ut 
bid (UAOO bid). Jnly 105.00 asBed OOOJ 
Ocr. iMJfl asked, Nov. 167J» asked. I 
iQSflO aaked. 

ff0tts-4fay aU6 (fiSJO Md), July B 
asked <7690 adtedl, OCL 77A0 bid. I 
75.50 bM. March 74.00 Bom. 

JtRmiay -May 9P.I6 (MM) bto>, J 
njo (91.60 Ud). Oct 72AA adesd. D 
79M asked, Uai^ 10.60. 

SFlamaail-May 240JI0 arimd OUi 
bU), July 266fl0- asked fStM bM). ( 
MUO asked. Nor. 247fl0 aafcod, I 
348 00 aiked. 

flSWheat— gewits 23.5 per eeat prA 
eontent dl St. La'wreiica 161.16 (I65fl6l 
AU cents per pound espwarefio 
pnlKC ottaerwtse stated, vys t 
tHiDC tr lONwnce lOU. tCbIcaso lo 
M per 100 ib»-DepL of AgrteoHera prt 
prevloiK day. Prims steam fob 
bnlk tank cars, t Cents per SS-'to bos 
sB^tritrebaise. S.00O-tHisbi!j loto. ssa 
trdX onDce for smmnce mlts of 1 
per n««rt- purity <tefivei^ NY. I Go 
per troy Mnee ex-warehonse. fl Nay. “ : 
c<«tTnct in H n etaort too for bulk 1 
of 209 aboft tons iMvmd tub e 
ChtcagD. Toiodo, SL Louis and Alt 
■* Cents per OB-ib bosiiei In gn 
n (terns Dcr HO boshei. a (tents 1 
48A) bushel eBfliaiaboQse. HCnns 1 
so-lb posbel as-vontoeuse, LOOOflas 
lota. 11 3C per loimo. 


COTTON— UVBTMl. Spot and Nitpm 
sales amouitCed lo 522 toimrs, bring 
the total (or the weA » far to 1, 
tonnes, DeaUngs condnued on a f 
Dcale. wnh additional sopport In A£rb 
and S. Amennn styles, F. W, Tatteri 
reported. Main toieresi was siiPiVB 
Turkish and Russian types. 


AttC. J06.00-30.0B, Sepi.-fXX. 290.00flaO.< 
Nov. 300.00-315.00. Dec. ZM.QBfllO.! 
Jan. tmatioud. Sales; nfl OdU. 


4 < 

Market sentiment unsettM by setback in sterling 

Share index up 0.3 at 460.7 after 462.5— Falls to i in Gflts 

Account Dealing Dates 

*First Declara- last Aeconnt 
Dealings tions Dealings Day 
Apr. 17 Apr. 27 Apr. 28 May 10 
Bby 2 Mayll Uayl2 BtaySS 
May 15 May 35 May 26 Jan. 7 

* " New time ” deatlnas may lake place 
rrem 9J0 i.m. twe kveiBess days earlier. 

.Stock markets became unsettled 
as sentiment became increasnigly 
dominated by currency worries 
yt^erday. Monday’s better trend 
in British Funds gave way to 
marked dullness following 
reneivpd weakness in sterling and 
some hardening of near rates in 
money markets. Final quotations 

in the sector recorded widespread 
falls ranging to S, but the reaction 
Owed more to the absence of 
support than to any weight of 
selling. Tlie Government Securi- 
ties index closed 0/41 down at a 
new lilTS low of Tl/47. 

Leadinc equities put on a 
. reasonable performance in the 
light of ihe poor background 
although prices tended to ease in 
the late trade after haring held 
slight gains from Ihe opening. 
The subsequent deterioration in 
aentiinent was welt illustrated by 
the FT 30-share index which 
recorded a rise of 1.8 at 3 p.m. 
and closed only 0.3 higher on 
balance at 460.7. Among the 
index constituents. British Petro- 
leum, up 16 at 786p. after 790p, 
on Wall Street influences, was one 
of the few stocks to hold most of 
an earlier improvement. 

Much of the day's interest in 
second-line equities centred on bid 
atoeks. both rumoured and aciual. 
while company trading statements 
prompt^ the occasinnal note- 
worthy movemeot. The overall 
trend was again to belter levels 
but the upward movement was 
less decisive: rises led fails by 2-1 
in FT-quoted Industrials compared 
with a ratio of 3-1 on Monday. 
The FT-.Actiiarie.s AIKShare index 
hardened 0.3 per cent, further to 

Setback in Gilts 

Continuing weakness in sterling 
made For a nervous and dull day's 
trading in the Gilt-edged market. 
Very little stock came on offer, 
hut with the market almost de- 
void of support prices gradually 
drifted lower throughout the ses- 
sion. There were no signs of a 
rallying tendency in the rate deal- 
ings and final Quotations were the 
lowest of the day. Falls extended 
to } In the shorts and ) in the 
longs, with'high coupon stocks at 
the forefront of the reaction. 

Yesterday was the quietest day 
yat in London Traded Options 
o’hicb started business last Friday. 
The number of contracts done 
was 330 compared w'ith 303 on 
Monday and 336 on Friday. 
of the business was transacted in 
the morning, but a lasting good 
le\^l of interest was being shown 
in the quoted rates. iVfost actively 
traded options yesterday were 
Con. Gold and Marks and Spencer 
uiCh 77 aod 76 contracts 

The investment currency market 
was fairly quiet for inudi of the 
day, but the opening stren^h of 
Street led to a revival of 
Institutional demand in the after- 
noon. After Irving toudied 106 
per cent in early dealings, tiie 
premhim -dosed at the day's best 
of 1111 per cent for a rise of 5 
on the overni^t level. Tester- 
day's conversion, factor was 
0.6889 (0A932). 

Hambros firm 

Features were again scarce fn 
Banks. • Hambros continued to 
attract support and firmed 9 more 
to 188p, after 190p, while 
Schraders gained 20 to 400p in a 
thin market and Arbnlhnot 
Latham hardened 3 to l60p. 
Corinthian at 23p, lost a penny of 
the previous day's rise of 3 wbich 
followed the str o ng profits re- 
covery and the return to the divi- 
dend list. Standing a couple of 
pence better in front of the pre- 
liminary -results, P.C Finance 
eased on the uninspiring outcome 
tn ilni-sh unchanged on the day at 
78p. The major clearers drifted 
lower on lack of support with 
Barclays 3 cheaper at 345p and 
Midland a similar amount down, at 

Reflecting . Wall Street in- 
fluences, Travelers Corporatioii 
rose 1{ points to £379 and Com- 
hioed Insurance points to £16}. 
Elsewhere in Insurances, Royals 
moved forward 5 to 367p. 

Breweries fluctuated narrowly 
and closed little changed. Whit- 
bread “A'* closed marginally 
easier at 891p. while Allied, 85p, 
and A. Guinness, lT9p, shed a 
.penny apiece. Yimng Brewery 
“.A" rose S to 170p in a thin 
market. El»where. Matthew 
Clark revived with a gain of 8 to 
I30p on renewed speculative 

Building - deiicriptions closed 
quietly firm throughout The 
leaders attracted modest demand 
in light trading and AP Cement 
firmed 3 to 234p. • Contracting and 
Construction Issues notable for 
extending gains after hours In- 
cluded Richard Costain, 8 higher 
at 2^p and Tnbary Contraedns. 
5 UP at 258p. Elsewhere, Heywood 
Williams put on 4^ more to 97p 
on further consideration of. the 
acquisition of the public iestau- 
rant and hotel businen of Inter- 
state United CorporatioD, the 
subsidiary of Hamton TrusL Other 
firm spots included Econa, 64p, 
and Manden, 104p. both S to the 
good in thin markets. Tn .contra.4t 
Travis and .Arnold eased 2 to tSflp 
following the rsther disappoint- 
ing annual results, and Tarmac 
cheapened a penny to 138p ahead 
of preliminary figures due on 

In reasonable trade. ICI touched 
343p before closing unchanged at 
340p. Albright and W'ilson and 
Revertex both rose 3 to ll4p and 
9Sp respectively, while Rentokil 
added 3 to 34p. Flxona eased. 3 
to 837p In late dealings. 

Leading Stores Plotted an a penny to 97p in- front of to-day’s asked Cor the restgaation of Mr. Investment Trusts; risliig 9 .to 18*p 

Pork “‘Rny’* Rowland and ^wo other on the offer for the compeny’a 

Hai^ and bi^er. c^apened 2 to Wp for a two-day Lonrho directors from the associate Magnum Fund- frojn- 

fo I46p as Gnsaies A , to Pjftss cotnment In Suits" Board: Lovho Banque Occidentale ponr Ll^us- 

^p. wMe Mottercare ended 4 l^uno^_^a recent closing a penny off at Tip, the trie et le Commerce fLondon). ‘ 

down at JoBp, ^ resulte of the takeover favourite, shaded 2 to bid is currently worth- around Channel Islands <kpltal were. also' 
last-named ore due on March 4. “P- . 130p per share. prominent late^ jumping 33 --lo 

British Home edged fonwd 3 to smi rg^ug eminent, Motors and Distributors were 490p on the substanOaHy / te-. 

'Mtp, wnuB uius ana uoiaaceui v- smau rugnt uefueumg rose 4 to li2p on tne prenmiDary ngures and 

improved 3 to 22p on the* in- aMcipahon of Friday^ in antieipation ^ to-morrow’s prd- eaintal proposals; whUe. similar 

creased dividend and profits, preiinunary ngures. ' Hiininavy figui^, whfle renewed gains' 'were seen in' ftrbadston^':! 

Freemans added 5 more at 31Tp t )9, T speeuladon lift^ ERF 7 to 138p. and Colonial Securities De- ' 

and Lee Cooper,' a thin market. «l- «x tx nanciail JQDip i07p. Lookers rose 3 to 67p, while ferred, 227p. In FuanrialsC IL. 

appreciated 4 to 132p. Secondary issnes provided the ^ Gates, 59p, Adams and IGtd^ Taylor rose 5 to 55-ln g.; 

Eiectrleels were generally a mam points 'of interest among Gibbon; 80p, and T. C HarrisoiL restricted market 
shade firmer. GEC closed 4 better miscSlaneous Induatrials. J and ^ closed 2 harder. Furness Wftfay, wfaldi reported 

at 242p reflecting the £13m. sig- L. Randall quickly came to the After the previous day's Jump results on Hay 17 test .year, 

nailing contract awarded by fore with a jump of 43p to 114 d of 24 on revived North Sea oil vived with a rise of lO .tb 23ip.. 

enthaslasm, Thomson succumbed in a thin market.. - -- 

to profit-taking and touched 230p Noteworthy ' movemehfs. ' in 
before cLoring -11 down on the TbxtDes were- confined -..7 tn-' 
day at 235pt Elsewhere, Hhnhall secondary issues. I^e^- Dji^y 
Cavendish improved 2 to 31p to.' rose S to 52p in a thto mariceL 
response to the higher annual while P. Miller, 46p, and Umitfovi;'' 
earnings and British Printing 32p. put on 3 apiece, 
added a similar amount to 50p Caneficld eihrimued -finnjy .'in . 


T . U76 . Shna OomplUloii j 




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High 1 



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; 187^ 48.18 . 

mm mijBi 


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150A 80iu • 

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6485 4SA 





44&S 1 



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lUA. *q| 




In a contuuabon of yesterday's - , - ^ 

quiet trade. Properties held close HaMc nn " ' while Be^ Tin ^ ^ -Aw 

to overnight levels before oaring U01I15 eoge up : .*Wolfram gave up 2 to Sip follow- eai^ .lD. at .89 

cdmpahlea lion Con^^ 

prop^ ana Brit^ Znntf cdosed easier bullion price. South African- . . -i': a- ".I 


selling on wavering bid hopes. In ” nw foijowiin Mcoii^ .gnew^ m the _ . . . i,' iwoiwagniwc.rty..-.' 

In a continuation of yesterdaa^s 
quiet trade. Properties held close 
to overnight levels before earing 
to late dealings. Umd Securities 
softened 2 to 195p, while English 


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AUG SEP OCT NOV DEC JAN FEB MAR APR J 3 higher at 114p and A. J. Mnek- 

low 3 better at llap, still on 
British Rail as part of its modern- after H8p, in response to tiie (^poris of higher house prices, 
isation plans for Victoria station, agreed share and cash bid terms, Hilo hnhvunf 
Renewed speculative interest currently worth around 120p per uiiujaiii 

Klst.';' - <«w highs and tows-^on-is? 

Oils- bnovant tlal and the Gold Mines todek * 

day gain of 7 on the chairman's immediately feu away to close 14 overnight strength of wail Street 'j.-rirt V 

statement at the annual meeting, lower at 14flp, after 14lp. as and the weakness of sterling en- 

In contrast. Fartiell Electnnia recent speculators, disappointed couraged. buying to British S2. 

attracted profit-taking and gave by th* surpnse turn of events Petiolcum^ which touched 790p to 

up 3 to 233p after the recent good bqipdated their positions. A early trading before elosmg 16 

riSe fouSSng the preuiiS?? squeeze on / poritlons better at. 786p Shell benefited w*it^“siaS 

fiffure* prompted a gam of U to I81p in from a similar trade and finned bu* state (aMted-^a. 

Pn<nnMrtni* i«9rf«r« chrtu.-<i/i J*«atson Clark, while demand in 3 to 343p alter 348p. Ranger rose similar amount (Reaper at 

^ thio market left Piccadilly u points to £24}, and Royal Dutch In the lewe^prie ^ issn« Kto-, 

r Theatre 13 higher at 148p. Silent- i to £46| on investment dollar ws, 2^, and Veuterapo5t, ,14Tp.| 

"«bt added 9 to 92p in response premium influencel siebens both harten^ 4. wlule .ythej_- • ...awTra* siwms ti4^, _ mnui^ 

the best GKN ended 4 to the ^j,e higher profits and pro- Ui, after touching 290p. eased marginal East Rand Props. putAnl lgg:. UKE jH? aSSSb^ 

CNGINtlimKS (13> 
F OODS g> 

HOTE LS fl) 




NsvyspAFEidra;^ . 


Spcno0T«Sea.1'- '"•'■r'lS - 

RISES AM) -' : 


TEAS (1> 


UrUsli Funds ;; 

Coreas: DumMoa aad 
Foreliu Bonds 

Fimndur'aad Rnp.->. 

posed 50 per cent scrip issue and* lete to dose unchanged on the 8 at 278p. ESS?***’ - 

Tubes were 2 be^r at 366p^ after following their .respective trading day at 2B4p- and Lasmo; slightly South African FmanciaTs-moved eiS iSs fJ^^K^iooa.os*. r JS| e um 

.. announcements. Wood and SoB& firmer fn front of the annual rimllarly to GoldA De Beere ymfd ^'ilMSaK t“ ^ 

hardened 2 to 3ip in response to 33^ Bodyebte faternistJonal. 68p. tradtog statement, eased 2 on the finally 12 firmer on balance .ft Tre». isw taos w«- u>*b xupc 
the higher tnlerim profits and FaVbairn Lawiba, 53p and announcement to 166n: the "Ops** 34 Dd. while Union CorneratlOT ■ APTIOMS' 

Rarlnn and fintl« aHnaH fnnvarH ,s ■ tinn:-.: , L. 1.1 - ... aao.. aba.. ^ 1 ..^ . BBVtWV' 


Barton and Sons ed^ed forward Undsay Williams, 41 p. all clos^ twld a, modest rise at 3^p. recovered from 2&p to -close un^ ‘ -• 1, ' • '-jS, 

a penny more to 6Jp on further a couple of pence firmer, Buvers Higher earitings took Toier altered at 266p.. DEALING .DATES.' Dawnay. .Day, " 

consideration of the chairman a came for Gestetner A. which Kemiley up 4 to a 1978 peak of London-registered Financials Fir«f v.aat Last ' . Fttr' Gfcauge Wares, -.ItoufStm/SSs* V- . 

confident annual statement. A put on 7 to I86p, and De La Rue, 3lp. Gill and DulFus hardened lost ground. Rio Tlnto-ZtiipTfeU n^ai. Deal- Declara- SbtUe- IIWE»'-lfibiutagtiu-'Bii'-^‘'‘g. 

resursence of speculatn*e buying a further 8 to the good at 280p. Die same amount to 224p ahead' 3 to 207p fn Front of the annual :_e. Inn lian iwa«» ' Godfrey Davis, niiirtliu~1G|l^ r*- 

00 bid boP^J< luted flamuel Unicorn Industries gained 9 to of to-day's preliminary statement, report, published' to-day. whfie muv b jnivSA Aikv I Onue DerelopmeBfi-Snd^AiiS!' i?: 

Osbarn 3 to 93p. Demand was 04p and Qanson Trust 4 to I44p. whOe SteerBros. improved 6 lo fqrther persistent selling lovrered ra ISi e Anf*!? Wlbont- •'liftile -’;’doobles'i|'*'=»»'" 

al«o forthcomine for .Matthew William Baird appreciated 11 378p fotlou-log Press comment on Selection Tnurt 10 more to 380p. JKiiJ ..{"f ,$ IJJii arranged in -British 

Hall, which touched 20 jo before more lo 169p on further con- the results. Interest was also Australian (ssues.were tren'dless ™ay23 Jnn. ^Aug.17 Auy.^^^ u>jr 

finishln-j 3 uo a‘ 20lp. APV added stderation of the sharply higher shown In Inchcape, 3 better at reflecting the closure of ov’ernneht For rate -nuiicotiona see end of ma» nmreAci -■* — » 
( at 200p and Mining Supplies put annual profits. Scottish and 410p. and Barrisous and Crosfleld. Sydnev and Melbourne maH^ Share Jnfdrinitifbn Sendee «A«iAMi' --fMw -'ak 

on 3 to 69 d. Simon, however. Universal Investments closed 3 off J2 to the good at 462p. Dealings for the ANZAC J>»y holldgy. .i fa,. *i.a — ri 

relinquished -2 to 208o following at llSp on the disclosure that its in St. Kitts (London) Sngar were Nevertheless, the firmer pretoiinn Stocta for ’f"- 

comment on the results. bankers. Charterhouse Japhet, suspended at 93p peodiog the enabled Bougatovilte- and : -MIM ygjo, English;;; Property, Bunnan rants. Syrtsmtgl 

•Foods were quiet and little which are defendtne the un- further news of a bid approach^ Holdings to harden a pemiy to Ou, Queeus Mimi Houses, Atotoe '5'?“*oted rin NW'iMFrtgnWg- 
changed. Cullen's Stores hardened welcomed bid from Lonrho. have Rothschild came to the fore In 102p and 17Bp respectlvely;-whaerHoldii^. Venterspost, Lenuous, Capitol and Tannue. . !•»: 

fllay22 filng. 3 Aufrl? Wbo^ ^ »» 

Jnn. fi/AiiK.17 Aw y at arranged .in -Brltish-».LMifi.^ 

• .. nous. Cons. -Gold' •' 

• “?^***®" Mbut Houses, --DawsouV^^ 

. Inidrinotibn. Serpice mtiamI. Tmtirnatf --fiar*- - ise.. 

The Royal London. 

Extracts fix)m 
the annual statement of 

^ The Sodecf^ total ihcotneduRi^ 1977 

amounted to j^79raiIlioDS, having ioaeased from 
/TO tniDioBsia 197& At the endml977 Ac to^ 
mods amoonted to ^585 milHotu; 

dr UieDirectois are leased chat it has been 

posable to tooease che Reveraonaiy Bosos rate in 
the Ordtoary Branch to per centper annum . 

for the criennium 1975-1977. In both the fwAi«Tia| 
and Ordinary brandies the ^p»4ai finalBoous will be 
increased berausc the new ReveraonacyBomis will 
be cakeninto aeconnt in ta calculadoo. 

^ TheconsiderationofchefoniiatorNodces 
under the'oooliag-ofr provisions of Secdon 65 1 £ the 
insurance Companies Act 1974 is contimm^ I must 
stress that the pcedse wonting of the Notice, which is 
to be spedfiea in Regnladons,is of meat importance 
to life ofiSces. Whilst the the 

IfgutaHOH mint liA gricfi,-ri H- i« awmimI that- 

rapport and Oust caiefbily built tqi by the iodnstryk 
representatives should DOC be destroyed tqr misleaduig 
docomena received tfaioogh the poA 

4r The Sodere has naturally been foQowii^ with 

intccesc the dcvelopmaits cmanadiK fioni the 
'Wilson Commttcee. A particular madet of concem " ' 

Brt the (Viiwmtttee i«8 rhe 

In this leqicct your Board have aevec been cooviaced 
that a gap was present in the exisch^ capital market^ 
and iatt year! stressed diac diiecdan ofinvcstmeoc 
was misconceived. We are chetefoie not sorpdsed to 
find that these views were siqipocced by many of the 
bodies vidie submite^ evidence to the Comimtcee 

4r We an now well advanced in preparii^ for 

the changes due wiQ be necesaacy in iroplemeotii^ 
die new system of Iheassuzance (ffemium Klicf by 
deduction with efifect £nom 6 Apdl 1979.Coocraiy to 
severe In die OiAnacy Branch a-well as in the 
Industrial BcancL lndeed,a Qfiyor aOecadoo of staff 
resQUfcm is praving oeoessaiy to deal whh die 
p rn blflm^. 

As 1 indicated law yeaqwe propose in the 

TtiJtwwial Wrati^ wwi asniteJ 

methodBydas method, for the great majority of 
poltdes,die policyholder wifi continae eo pay to the 
Sodecy the same premium after 5 April 1979.Tlie tax 
zeUe^xecouped mam the Inland Revenue in res p ect 
of thM^MC* premiums, will be applied to ioctease 
the benefits onda the poCdcL 
* 'With the whole of die Society^ General 

Rngnwtc brin g r^incnri>d, fnr irw ny ye ara a nfttwwial 
solvency margm of ;£5(M)00 has bm tenured for 
diuhnhiesxHiiwereefbDowii^the adi^Nion of the 
EEC NonLifeEKabKshment Efeecriv^ic was 
evident dutsnbsantuUy inoeased solvetiey margins. 

' -tvoold be requiieiil in this Brandi, 

Because of die benefiis whichlife policyholdm 
derive fixim che redneed share of overiieads reWtii^ 
imw the rraifacrioPofGeneraJBtigneg, the Board - 
f^Jnsdfied in recommendii^ rile nse of a small 
propndon t^surito (not exceetfii^ of the 

mipjnsariangdirag the past three yeai^ to provide 
the adtfidonal cesonices n^h may be needea CO 
'conrinoe the Sodetyk General Boshiesa in the 
new situation. 

The Rohvl London 


Royal lxindonHouse;HDsbuiy5quaie;Lca]dQa£C2A 1D2 










marks p 

irice (p> 

on day 



BP ; 




+ 16 ■ 




Shell Tranupbrt... 




+ 3 
















Thomson -Org. ... 







B.ATs Defd 




- 3 





S • 


+ 1 







— 2 







- 3 







- 1 . 



Grand MeL 




- IJ 







+ 1 













+ 4 



Royal Insurance... 




+ 5 



-7. V*: l-ld 

These indict are the joint compibtioD of ihe Finahdal -Times, the Instituieif '•;}! 

and the Faculty of -Actuaries 

EQUnr GROUPS Toes., April 25 , 1978 

• 'T';-,-* If-. ■ 

Men. RL - Hiat: | -VM.'- 
Apr. -Apr, - Apr. - 1 -Ass-' ' 


Eat Gross Sit. 
_ EMbss Dir. P/B 
Figures la parentheses shew muiber of *"?** _?*)’'* 5?*** 

^kspersectlra Chfife qfax.i (Net) 

'r^lt'Uricrr l.n 





BP ! 

Cem. Cokw] 
Coni. Union! 
Ctios. Gold ' 
Oia«. Gold 
G(SC j 

Grand Net. | 
Grand Slet. i 

ICI j 


Land Svea. | 
tnad Beui. i 
UarlM A dp.i 
lUriu 4 dp.: 
dtaell I 
siMI • 

04 I 1 
34 ! 0 

l»l I - 
4 — 

so > o 

IS : 04 
14 I 20 

78 I 7 
80 1 - 
1? I 19 

84 — 

16 0 

19lf I 16 

lUi < 18 

f 304 8 

85 — 

[ 17 7 

lots 10 

I 31X8 j 8 
16 4 

89 S 

18lt ' 6 

I8ie 17 

8 1 — 
69 I 9 
37 * 4 



Building UateriilsfZb..-.-.^ 
Centracting. Coastiuctien (36- 
Qeetricals 06.— 
Engineering Contiacton (14>._ 
Mechanical EagmeariogfTli.-. 
Metals udMetaJ Fbnntog (17). 


14 Electronics, Radio T\'^ (16— 
Household Go^(12i —— 
Motors and Distribnlors C6 — 
Breweries (14) - - 

EntectajDJDeDt,Catering(I7)— . 

Fbod Wanuf*«»tMriiig{g»L_ . 

Food Hrfaiiinpnm 

; Nevsp8pen,FabUshing(13;— 
Paclaglng and Paper (16 —— 
Stores C38) , 

. TttrtilflaWm ■ 

lbbaceo5(6i m 

’Ryaao dCamei(6 


ni»mioaI«^ia ■ ■ 

Fbanaaceiriical Ptodnets (7>— 
Office Equtpraenlfm 


BCRellaneons <56——. 

core. M 34%}1 Carp. , 
tr 9»| (ntsBl 

202.20 -HU 17.82 A8S 
18059 ^OA 18.10 5.93 

.- 51400 -ML2 18J6 4.23 

424JD +L2 . 26J6 4^7 

.- 29A95 — 16.90 6.80 

^ 16538 d-QA 19.80 657 

.- 165.05 -^U 16.05 8^ 

18654 *eS 1K08. 558 

— 21921 .-MU 26.00 -3.90 

168.96 aOA 16.91 6.67 

_ 118,12 -t-OA 2L46 &48 

-. 19654 ->0.4 1650 '5.91 

... 22241 -^.7. 14.70 559 

.... 253^77 -4L4 1S.94 558 

.. 25Z.U -83 13.76 6.76 

... 18858 4-05 ZL72 5L72 

_ 19L16 -fOJl 14A2 454 

... 34955 -25 ILU 3.67 

... 12958 -HI.4- 20.44 952 

... 18230 -0.7 10.75 450 

... 17334 +UL 2153 759 

_ 236.97 -LO 2335 7190 

.. 9644 . -0.2 20.95 A21 

.. 18335 405 37.49 - 650 

.. 24958 -+aS 2020 &94 

_ 24425 +05 3156 .458 

127.01 — - 1950 5.05 

... 41536 +15 2157 730 

.. 19494 +85 1734 6A7 

Index I 'todeK . 

Wa, I *fo. 

2BA65 19954 19955 20(t4Z 
178L98 37753 178.61 371.98 
31337 312J1 31L79 31Z&. 
419.96 626AZ 41625 
294.95 29L« 29246 -29285/ 
16254 16055 16^03 16132^ 
UL«L 16142 56050 159M > 

ns • . 

' ifl*o;jarp 


*'n I.Iif V 

18339 38453 ^IMyb Sjj !i|: 
21H6 21655 lUJU ,3gi| i::: 1: 

7:93- 186iB 18339 38423 184ua 

8L98 2U.95 21K26 21655 2U52 

852 167.92 36757 36661 U559 

669 11755 -13614 12667- 11660 

'5.9^ 645 19735 19437 19427- 49552 

559 1031 223.75 22246' 22L73 22356 

558 952 25484 2S3« 25355’ 25408^ 

6.76 2055 25282 24986 -247.98 •. 24924 

672 639 18753 11651 18781 18836 

484 1081 190.72 190/Q '19040 19130 

3.67 1344 35678 35754 337.78 335JI 

942 6.93 12934 12787 12674 32690 

480 23.64 20330 17989 17690 J8L55 

789 5.78 17IS2 .17049 .17059 17616 

23984 -23481 ZS50 23SJ8 


19150 -3%ai 
335J1 26li! 

540 23984 73481 23550 23SJ8 

638 9663. 9648 9685 9043 

754 18238 28L4B 18139 18285 

677 24623 24664 24679 24826 

10.95 24389. 20.96 24272 24384 
619 227.06 12688 12640 32^ 

- 557 41182 40664. 40834 41182 

7.85 me 19L71 19LI4 '.BLaS 


U< ' ... 

24826 22*1 , 

243,84 ,'fiibi..' 

EliEj Cip ■ m-%1 M m.-}^ 1 BHia 

r.-t*ug^x^ Fy7Bgyri gT7Br?9.~ii;:.ifcyjg!LL8R-,-.f,’_8r 

■9 |^P. I - I iMul riuiAeiai.lDta.Uuaai-i.ra 

-lOd P.P.^ — ' 5*eU4tAin0r. Ksprer iin Pin. Vana>>>* rZ,.., 
t00|> P.P. 80/5 I lIOu I lQ9p lArBiiUirefCj kUsiiUiilUiia. Praf...,. 
lUd'F.P. ' — l|uii||ij loop antuiu- 86 IVNtr.t/Uin. Uni. 3ml Prrl 


7< Jl'i* 

4.9 I Ms- • — I yiisl n itimtek Malay. bi. Mun.’diUb...„ 
'* i y.r. 88M • I 03 n' lOHiJviih * UMi«l> Ivg Luni. Pral. ......... 

- P.P. ; 9/6! lw. 1 l IOZk; CUD. Pit 

9 r'.P. 2u-ii I UWif' ixb ex Wain rgliHi. Iht. ims.... 

9^ K.P. ' 9.9 i 106 I 97 jMt>as lilS 4 t:nr. Um. Ln.TIUU 

d9d jUv I 8/6 : jr.h\ i8 Yvra Wntei Mg IMi. (M+ — 



i Lui>l 
5 I UaiiiiQi-. 

i| I Uale 

Higii I Goa 


FOUNDATIONS Is Bfoiaaiidlv prdlelul 
ta theae kind Irfends win have to 
date made iniemt free loam erabling 
us tv cammission our twa naw iiama 
uring for over 100 serioiisJy III cancar 
NtleiRs. Honever. more run, ers- 
vidiM a waunderful dividend In the 
raliaf of human suffering, are urgentiv 
■Kodre to Snanse the eutnandino 
capital eo$f smauntHq to £■« mllllan. 
Will vou pleue help? Repayment 
guanatagd at 6. 12 ar 24 nwiMlH, 
or on 7 days ull. Details irom the 
S«ratarv- 124 Slaana Street, London 
SW1 OBP. TSI.01-TM 91SS. 


■.Q.W. 17th centary ttaneftltBlcli cottage. 
V.O.C. Plus shidlolworlnlioo. garden- 
by oarkland. £32.500. Ofiners* Tel. 
Ventnor 8SS217. 

J'l.'P" I 15|<m-tl 

n.,iiw-ii-l|. Ba 




£8.000.000 Bills Issoe date Z6tb AorJI. 
1978 maturing 26th July. 1978 at 7>is 
per tant. Applieatiens totalled £52.000.000 
and tirare art 424,000 000 bills Ml. 

Rvnunclailon dsie nsaally iasi djy lor o/ailn^ irn of stomp OUI 7 , 0 Fisures 
based on praspocius esiUnaie. 0 Assumed divHlvnd and ylplit. g FgrcchBl divideiid- 
cover based no oreviaut year's cBreinss r Dividvad and viettf biised on omoecius 
or ottiar oSciai estimates lor 1979 v CroN, 1 KUurus assumed : Cover aUmn 
for conversion of shares im new ranKJrui lor dindend or ranKins only for restnaed 
dividends. S Plarinx price to publie. P1 Pence aoless olhi-rwue iixfleaied- n Issoen 
by tender, n Offered to taold>*iS of Ordinary sbarea u a ** nshls." ■* Rixhts 
by war of capitalisation. *r Minimton tender price. 17 RetomniucPd. St IssumI 
in coBRPctian with reorganisation mrrser or rake^Tcr. till In'mducUun. Q Essoitd 

luilex t Tieu 

15 20-yr. ReiLpeb & Loans'dS) 58.54 5854[ff.ff 

16 lavesfmem -Trust Pref& (IS) 545t 54 l«i 

17 aod Lodi. Pref6.(20 ) tiju iASfl ;3QM .9054 



1679 I 13* 


6451 i 543SJ 

i 44.41 

lo 'fenner Preference tioiders. I 
or partlypaid allounsal luw*. 

I .lUnimeoi teimn us Euily.p4Ul>. 
it With warranu. 

t RedwRptiaR' rioM. HlRhs nd lam; record, baM'.daMrnad - --_ . . .. . 

aa. A new list aF Um CMsIltonia fa mHnbfa «rem Ufa : MMisfe^ 

m ProTtsUMial I Street, LoodM. EC4P 4BY. price 13 p. by post Zfa.'- 

■ ^;;^e.5^;Wedn^ 




Ahbry Lnil Tst. Mgrs. Ltd. ui (xl nanniore Fund .Managers V taiigi l*«rpe(ual Unit TVmt Mngmt.V .**1 

PoTttelio Ufe Ins. C. UM nti PensUm* Mamgeiiicnl Lid. 
w«CI wahl^CrM* <«<;r»«!iu«bSUEaP3HH 6i lC3420a 

SJ&i" ' ” Uana^Fuml Q«5t 15Z0| | - 

. Zeitand In*. C*. (U.K.1 Ud.». 

~ .Gresbim Ufe Ass. SOC. Ud.. N-ew r» or'c 

. apriaM«iWaUiPi.Btb*iiUiOaOaTf76SS nilMCed PtanSi 

C! " -GioCadipBBci.. 1**^ iiutu •» _ ?}“tl«idHou»eSikiiliBidSS12IS ffnCSSMa 

'T^SQ.iiuWlKHkpRlj . ^IttSbun 
Abtevotpitot (ns 33 

.AMeyinramr. B?8 4S 

Abbey Inv Tct Fd .B37 33. 

Abbey Gen Th l«3.fc 46 

AJlird Hambro Group (sKgtV 
. Hambm IIm., IhiUun. BrmiHonb Fusex 
01 W ttSI or Brentwood tW7r> SM4W 

ill IS ‘zi.AnencnnTbi 
I 5S »ritlshTst.j.W-, B6 
•'ll S i! remnodity Share - US 1 
IJl 337 iziFbrEau.Tni»t> tOS 
H>shIiicQiMT 4 ... BS 
IneeiaeFuiKL.- .. 

SS'- K 

** iJulnO.T»t.rAcc»-.J*®* 


01-303381 ASHenSl.Hcnleyon'Diniiiea (HPISSSeS 
>0.« 0.65 P-petMlCpUih .1374 A00( .... | 3J7 i 

-L7 IJb PiccidUly Unit T. »grs. Ud.V feHb.i ^ 
6A8 u'nnleleHbO.^ London SSSHOlj 
S-S SxniiMone. [304 32i| ....J 9.40 

-*{4 Z-M Snail CD's Fd. . .ho* al|-0^-«5M: 

. 1374 4001 .... I 3S7 . . . ' ; 

it T HSrs. Ltd.¥ feHbi ArbuUinot bwaritie*- <C.1.) Limited jGng & Kbax^ RTprs.- ' - 

niAi^nWaii Fi*^' «BM>n "o Box3M.S! Helier .it'-ev. n^MTSITT lChanncCrDu.^Hclier.Jereey. 
.LondonnaJJ^ T*2«? Cap T»i. Jer»e4.*.niS» IMOtfr^UK 420 VaOey Iliv; St Peter P«t‘. ->n«y. 

S'Slirfl «52 Nart.dealinr dale Wav 10. 1-rhomBsSireeUDouijlaa.l.O.U 

EaK*JmtT*i.'Cl»..nPO lU« . 1 sa OiirFuwiiJersirr*.?!!. 



nbK4_PU.6 . 

■GXi Caab ^mdr ..« 0S.6 xvu.Br.. — viMav..!... n. km. m — * 

&L.Eaaf^lbifad MOt Iflssf _ jMMKeyln-.Piao. 1324 U&5I . . ~ 

gSSfcffii z fE?Jiss|KzzSL‘7 z 
gtSwSSizzBV* asl: -.. ^ 5sa?^ Si SiSrJi z 

ft See. Ufe AM. Soc Ud.v g?SgS,5Fd; ‘ _ 1 m? r 

. ^ 


•> n*eirBaiik.Bnr«n-11uiii«.BcrlB TeLMSfe CwLDvpo«t f j' ~ ji 

nikXJiUU ^ -'114AW1I — 
jfj^^lS^iatoatiOB -BmaatlT Taen 

F1oxl6teniiance...( 0,081 
lAndbaokSecs.. I 5U1 

landbaok Sees. 

G AS-SoperFd... 

7 no.< 
U8710 . 

g tiSe Afwwtce Co. “A-' . GusnUan Rogvl Bcehaage laSKf^ 

^ 2walfi*ehBBW.E.Ca. OMMTIW nSSfift 


Nnrwieb URim Insunnce Group < 
POBo«4.N«ewiehNm3Na 060329300 
ManenrfAiut ....BOM 2134-041 - 
EOuitpTbad 334i-M)B - 

Property Bowh |I7 b. 9 l%0t...-.| — 

Properly Fond 




2134-041 - 
3341 -OE - 

l$6i -0 9 - 

UOJ — 

Ruibro Life Assmnnee Lindted 9 ■ 

'ToidPirkUna,XMdoB.wi O1-8B0OO3S Pooeoh: AssuraBce Co. LW. 

«lifr AdftinMb UA9 

JlMdtBLSep.. .|U«3 

&z::zz;ia 3 


OeexMOa....... 114.5 

Gib£d8«d 1227 

AjmriMaAec .... ^ . 

^F.LDrp.C4p.. 12Rf 

yd- im fate." Reiaate40101. Fea.^.Da£Aee. .11473 

.'IMS r— — goij 

m« ....:. — 

ISRi .... - 

UOJ — 

173J ; — 


12 R 2 — 

B3i "!i‘ - 

4AKlBgtmiiatBSt.BC4P4frR. 01-0666 

WeaiUiAsa.,. . .1107.9 U37I . I - 

Allwdlri .. .. 
BrlL iBda . .. 


Elert A iBd Dev. 
Allied Cnntar. .. 

Hambro Fund. 

aanbre An Fd. . . 
Iwanr Fnda 

HlA Yield Fd H 

ti^bMome b 

iCH.Eq.Itie. . . .E 
liitfwrtwnt l*Ha4* 

InterMUona) B 

San-olAnnica.- .R 
PanReFunri _ .b 
SpmWM PiiAd* 
Smaller Co.'s n.. .12 
find 6nlr. Ce'a FR- .p 

ReenerpSltB. H 

0”«TaeuEanita8« R 
Snlr. Ctfs .Jt(i 

U7 -iQH 

65 1 •■oil 
36.7 «03l 
S3AB *021 

n2a *a3 

1074 -Oi^ 
1217 *07t 

517 >0 
46.3 •a. 
S8A *0. 
641 -0 
60 U «0. 

CdpTai.Jersejj-.tllSO IMOFr.jlO! 420 
i'S \4XKt.dealiiir dale 3Ja> 10. 

Bas:AJinlTd.'Cl>..nMO 1140^. ( 33 

N«st Mib April -r> . 

3M Australian Moleedon Fund N%' 

IS Market OppoTtumueit. F.e lmh VoiiDC fr 

zra+Oll IM PiiHi«-ail*,'327. Stal St Sydney 
. »2;^'a .9M DS51Sluns i K^Si. \ 

1 Channe Cross, Su Hclier. Jersey. ni534] 73"41 
VaUcy IJjv.'St Peter Pftn.>lni£y. (MAI 'StTM 
<iiirPnnftiJerr<*r‘. 921 OSlrf, .1 JIW. 

rriUTrv«ui.»AL/- lio72 imM -51 iin 
OiJt F^d. nuerov>i£9 65 'OW .1117^ 
tall. (M. .Aen. TsL _ 

Firm Sterllne . . IUB31 16.^-0ft — 
rirsrbiU . juwil lS48^-:«4 — > 

_ Uia.k^der Si* 

* -DiU.&ee.'BBtFd OOlAeO.fl 6J7 _ 

i3uliit].T»t.rAec)..J}0* -4.^ 3^. PrtaNtts.Fuiid 

Gibbs tAntoBff) Unit T»t. Mgs. t.ld. 4 SS*L*LTw^h 
S 3.«a(iifle((tSl.EeS»?NL <H-36g4H2 

ISIS'S Sj 1 oJo Practical Ibwsl Or. Ltftf iyH«» ®f .\merica Xatomatioaal S.A. «.««« 

SM . BStog ’*W*a! ^ ♦i.StooiqabiiiySq WC1A2RA «««» ® ® p eet LOM * 

tS ^£THS^I»?^.rj5S3 620| ..'/| A6« ■ 

77 TMfimi«alLE.C.Z . ni-MV MM AWBia.PBUa U97.» aaTi....| _ Pti .Accnm, . - 713 

*■39 X..-4I 029A 13441 I 9K Vmvinr^Bl T.lfc Ins.* IVi. Ltd.V Bok. Of Lplfll, ft S. AlBCriCa Ltd. SBFbr'totft 

“na ?2 s-fcidrAor.4i-.-RM* 13661 I 3L2S Froiiiicial life Inv. Co. Lld.V Bok. of Lbiu. ft S. Aiaonca Lid. 

-OR AM Oo-AtetfaCBlt^lpSO U34| ..1 Z2S bbv Rinhnnnnfff rr~ 40«.G«teejiVittiiriaSUEC4. fllFKifiaE 

*0316.44 Nest dMlns day May 0. Atew - I....)-. 

■*031 237 Griei-esoa Ma n a g e m ent Co. Ltd. Hi^toom^.. .I1..UU mf e04 tS ■»« "“1U4 Apnl le. 

isl 18 7»>1 Pnidl,PbrtfolioMa^.Wd.acnCblto Bantpte Bmxenes Lambert 

555S:iS5i Mil ma ' ' ah H 4HK»H8a«.aClXiVM «-4»aa2S ?. Ba« Pe »a Rusmre s U» PmsKN 

l*0U SOI B^b^IYAaSx- 132J " .i tS PmdOBtlal. -blU 12SM*D1| 435 RantafnBdLF .11323 IJTVl -1] 9.14 

Uo.3 S23 181 ^ lS Qailtar ManagBsent Co. Ud.P . ' Bfrelays Uoicom lot iCh. Is.) Ltd. 

Loi) 184 tAccvn.'C&i^'.Sp.* . 1". UA TbeSlk.&ebB^GC»iap' ol^inAlW l.cliarIncCrmie.SL.nMier.JTw QSUTFMJ 

Pti .Aecniit . _ 

a Ltd. KfiFfcr'eastFd 


L026 > -21 341 

583 62flj.. .. 434- 

713 7S.S 4.62 

‘■ga?* :: H!. 

St.‘S30.7S 1-049 05Z 

2 08 aOGretbanSi.BCSPSDs. 
232 Bamtn. Anrfl »- Rg'? 
t Acenn. uiiltoi — >-0S 1 


KBjapnnFund. sr.'&SO.TS i-94ai v- 

SR. L^R Gwb Fd. S1076 I . ..|- 

SidD«cBemiudn._ SUS4.73 1....I x.< 

•Uhrfondf.TlM' 17.75 18.70) .. .| 9' 

t *KB art as Loiiden MyliiR aecsta ODly. 

art CnctaU’^er.m.-R 
«ly lAeoButJua).- — t 
.... (AecoBLUiilal..-— >y 

UA TbeSik.&ebB^GCSviap 
tv Reliance Unit Ittgrs. U> 


X «.7«*J1J »«■*<• 0«k Benefit Society S;^2S"i55"A;' 

SS&nfc^T-.' ej:— 1 IS-rr.TmiuekPiace.nCiafiSlI 0UI7SQ2O 

aeantoroak^. use . »4-.-l- 

US3| . .: { r mu Sannel life Aosor. tfttP ^v^rAil.' 
jdeA^ar^iHfiZLtd. ■ 07« 

Slviil z z tS5«z. 

«7.« -rO 1 — Pryp. Crawfe Fnila 
12RM ..... — Air^iberAe. UlaJl 

PeiLfeop.-AG£.._. B7J 
Pta.Maa.t:Kp..._._ 1963 
Fen.3bn.Acc. _ 250.7 
^a.GUIEdinCap.. 1203 

7cmB3.AccJ..... IMS 
|^Dj4.F.Cap.... * a 

•FB0.OAF.Aee...... H 

229!« • — 

2 Prop. Eqiiily ft life Ass. Co.P 

- ttO.Cr*wfordSD«et,WlH3Aa ' OlAOSOf 

- R.SilkPraB,Bd.,...| 175.6 i .1' - 

= d s& r - 1 = 

- Property Growth Assur. 'Cou Ltd. V 

Lma Keuae. Croydon. OV1LU 
PropertyPtand....^ . 177.0 

l^peity Pfcndi'Ai- JB.6 

AiineulluralFbiiir 736 4 

-AMc. Fund ' Ai. 73L0 

MbeyNaLFiind... . 15L7 

AMinNaLPd.CAj .1513 

larerttMlFfcod... 653 

I _ *T-«* »F— .-4 «■-— x-x** Txx •. »».♦! I . .-auBieei iv see 

*• Gnardlaii Bos^^Unit Mgr*. Ud. BarelayO ifeico. 

OUrtdoSS? AB^ben'TT- -t*** *43M -I 4*4 » w£^4U^ JSSS^^tAMrlsa ^ n9ifBiia»St,te«igJ. 

01-4M0657 (atCCaardhUl'nCx.IM.O I7.4r-^0.7| 4.60 -Irt^^T.liiirr-i.Wi 418i^ *031 • 537' fnlcnrn Aa«.SJrt..l 

.. • r AMbacher Unit Mgmt. Co. Ltd. BeDdeKOBftdv}ntotieD(a)(c)(g)ip md-eHeld Mnnogenant ug. ■ i 

I - tNebtesR,E(SVTJA oi.aag3Tg. PP«iii«rrrActBdfc,5fcntegfilload.HBtlM». ffiSrti2S5? 1 

locMooUilyniiid.pM 170.81 . 1 . R9 Brentwod.SiMX.oar77.3n3a ' PO^4^M0.E«ned»sl-lbwhMte- 

. Ltd.P L'JL Fkb* nidMfleldlntTTr mo-* MJI ' ' L' 232 Do UaucSbitual ..{24.4 263| . | 33 

Ol-OaaOSK Artnthael SecnrtHC* Ltd. /axe; JJWlSH HI RjSSSdfaeonm.ffio - lOoS r! / 933 rjimmndtly S*r t«rf - 


,mi .*8J 
• Uftt *BJ 

. '"‘te’aadpib* 

B ftiapi Ap^:ar:;iy3 sku z:a. ^ 

6tw< ^f a34a iOPdSti.g^ . ■ ;_ .■ wl-w7aB# Umt untied FMtfebn ^• 

"t»sr4|, ffS^ Am.lA.Jr • 13730 L 4- UaMadn;^ ^9. MS - ■( - 

-.TfJHiiiQ Dnada Ufa Betarttee-Ca. Skutb&p im3 !'.J ~ 

^dl *'"r . -u—x. IBW.V S<iev Cvinni *•.*•( . Me 1M0 ^ _ 

lOLl ^IWeeifacrCap.. 

87.7 *Qj — vlBvPd.t;ta . .. 

147J — PcQiloaFd Uta.... 

' UM — C«av.Pesa.nL.. . 

WJ -.. •-. Cnr. P» U 

US3|.-- — Man. Pens. Fd 

ImpeiiaJ Ufe Ate. Ce. af Caa'iita rntpjwu Fif_. . 

TmperlalHoiiBa.GuUdferd. 7UM ^W^C|g-tfe 


_ 07.0aMBa.LeiidaBBC«aiBV 
Ei^IqeanFil. .(U7A U6 

— BudilocFuad.. 

— eCAccum. tDiici)- 

— (iPjys W’dcwl.VU. 

— mtameeFund 

— (Aecixm. tiniiai 

-> Capital Fund. . 

— CommadttyFttiKl 

— Memuo.Unla'. 

— (UR6ardrWI.DJ 

— Rn.aPrep Fd 

— CianUFimd 

— LAeram. Unitat 

— CrawlhFund. 

— lACCUBLUlllai. 

— ftnaUerCo-»ra 

_ rosw’diwi.ins.t 

_ / FtK*lgn.Fd 

2 N. AWT a lot. Fd. 

Cap Gm«thAce..:..|| 
IneomnA AixH*.— -t 

435 Rntsf^ndLF. .11323 1JT9| -I) 9.14 Llt^-Bfc. ffi-U li/T Mgrs. 

. Bfrelays Uoicom lot iCh. Is.) Ud. 

>4177 l.diarlns&ow.SLnaUer.JT^r QSM737A1 Na?de3^^ datn May IS. 

449 QverseaaTneeiDe .W7 SU .. I 1038 

,133 tJBldBUarTruq....[WaM5* Jlfl . I 44p Ueyds IntcnUtiOBal MgDuit. S.A. 

Barelaye Uniceni InL (1. 0. Man) Ii£ Lio^lnLlDCflBK.aRMt r3n| . . ( 639 
U7 mcmas5Ul^el4s.ln3r. 062446*6 » a. 

SJa- CBleanAna.EaL.m4 52.1 , . XW ” * ® .rn — x«- 

Doi.Aua.Mta~.. 273 399 -L3 2.00 TliKe 4up;>a. Tmter HiH EOS 68Q Ct-SM 4!fiB 

tIb-Gjtr.Poeifle - 5S.6 633 . AUaoUcApr.25.._)5V62» ZM-tOJU) — 

r DalaHloeim .. »1 dUd ... 9X Aust.Ba.Apr. 19— bl!5L86 UA . i - 

Do.I.oCManTa.._ 96 8 504 . . STB rDldBx.Aiir. IB ^'.QtO *Qia . . | - 

252 DoUaiUClblt«a]..t24.4 ?6M . Ite Uland... - @107 U7.^-rOU;3Z» 

tAecsati'ailfl... - I15&5 U66f*0. 

■rOi FbueuSaSTU.„ei.6 ISlUOl) 

^ OUANatllea ^-7 »i| -rOJl 

537 louraatlaail a « 

.. 537 Cabot gS-0 .*5-4-*Sfl 

S37 loieniaaonal .5% 2LM*0.ll 

-OJ 331 9ierdWUeApr.Si.P03 75g .. .j 

*02 330 OeBWM* Fwda ^ 

■"OJ ’?? AiuealtoB 32.M-0 l^ 

*0A 3.U g u repean— Bt3 40.M 

■•03 3U ^Em . 74U-Q7 

*0.2 4U NwtbAwiien— R7S *0.9 -rOA 

US AmGnt Apr.fiL. -|U m I2ij| . . 
1|| CabetAmer3m£a. pD3 SOO| 

i : tS RiU Samuel Unit TsL Mgn.t (a) 

32^-m3| A4& Kothiehild Asset SfanagemeBt (g) p.o. Boy42.Doo6iahia3L 
x«9i^u 'ei» TUO.G«ebenMRd .AyleabtUT 088B60«i aRSUC^Iw 3. -K^R 

■ M N C tneoM Fund. 
2-S X.C. ML PU. Ok. 
a37 :>|jC1iiU. Fd. (Aec 
NX. sunrCeyaFt 

Q034.28M1 Samuel SlouCagu Lde. Agts. 

_J,„ ..a., ..—..a.. Iri-MT • -tinW 1 “ 1 K Old Broed Si.. E Ci OI-SSSMAi 

iSI 'SMdfl IS as “53' ' lit 

a»|*0J 634 Ort8t^ljlttiiedaiWaH*-tl«L - • itS i'. ;• 3QS 

Sijii Bridge aiamweaenf Ltd. li-jSSSiSS a its " ' 

UOM*OM oS PO. Bni SOB, Grand Caymati. Cayman la. • H- J*sju»MBr -S-IOO.SB U3a ~ .. 

=o| 55i BritmmU TSl. MasmUCT Ud. -.naI’ a^““ ^ ‘ ^ " 

-OT LU Rowau UiUt Trust Mngt. Ud.V (a) 30BatbSL.SC fblior.Jrrsev- QSM‘SS114 . • 

is Cttp4b*elise.Fti»baiyiiq,ECZ 01-0061066 Groirtb invcd M3 ||7| .1 AOB NegitSJL 

■ ■ IK ^ , I J* ,a| Z IS s'!SS°T ...J - 

™ jM a ^ j' BnneifleUI MsMgBnent Co- Lit KAVMnli4..^|£5x' - I '..i - 

■HU JS Royal Tat. CaiL -Fd. Mgrs. Ltd. po Bex 183. 'Hamilton, Betmud.x - , 

-04 4.K M.JennynSweLSWl 0I3288SSZ ButtmeEquily...pLU SHt . . .) 141 PhfWBIX Intematloual 

*0i 7A7 Capital Fd ~...|633 *6-71 i 5-41 [Pi PO Beec FT. Si Peter Piwt. GUeretcy. 

JLi 531 XneoneM -.Mi 7i6| . ! 776 rnMs at Aprit 1b Next mh. day 3U7 IL iDier.DolLirFasd BCSia 244| .1 — 

*5B S.60 . Ptiew.-t APT irNW deauns Apr 28 : c,^,„| fatenialioBal S.A. n 

. Save ft PMsper Group Xotre-Dame, tinembouis MSihxsiii 

0].StT7343 4. Gmt SL Helena. London EC3P SEP - Captal taLFUnd ..| SUSlAte {•OOd — ' 5? i 

sa» giSWSSS5i'3» a-ten*,^ J.pbrt lS.KEr.zl "JSl? I :::. I z 

^ l.PMenpaerBnw.EC*. ni s«m . , 

*o.i) 169 RethsebJU ft Loamdes MgniL (a)' 

-‘k •“'* 9«l ' 

U0ftSt,P«tlora«m^M(^F-Bu;Stl2S Equity Fund. ....(es US^ .. 

feSSLteK!l -* wi -• “*•» As«nioce Co. Ltd. 

**“*f“-'**^' ' 'T^J. • • • ILFbwbiupSOBaiw.ECa. . W* 

a-MB AssmUBCe lAdV . . BhteCI)|M.6 713].... 

SS9^,4bi5««„H^ ii®r 

Frap.3fadGu.~.... ' 





8.47 1131 

196-. 13.21 
275 ; 3310S 

Fnp.stodGE..«.fM7.i J - p4VpA^jS:-ilt*r:& 

King ft Sbaxsoa Ltd. _ , 

sxCarnb<0.EC8. D248S54g3 Wtanee Mutual 

BsodFd. Exempt. {20638 - Tunhrid8eWeUa,KenL 

Next oealiBs date April 19. Rel Prap-8da. I 

Gaa.Sae.Bd. (1^70 m48| .._4 -- 

I ^ Provincjal Life Assaiunce Co. Ltd. SaSSS-Ace^.™" 

.. . - S33.BlyfaapK^.RG.a. 01-MT6533 

...J — Prov.MniaaedFcL.n323 IJM I - K'fesSiyL.— 
.4- PTW.CartFd.-..-ffH.l . ...( - 22-^S?iSt'.' '' 

G.uFoiid» — liM.i 1283-1.41 - gS:SS5Sri3f!?.‘: 

07^*^ Prudential Pensions limited^ poi'^cAT.'." ! 
-.. ..) 44* Holban)Bacs.BC3N‘ZNB. 01-409983S DaCixnrth i^.. 

u. Ltd. 

. ai-dSB 


45Boeeb St, EC8PSLX 

,dTebw9.v Unit T3L Mgs. Ltd.V fejfe) ib^BrtUabTmflt:— 11|*59 

317,lHBhHo)bora.Wnv7N1. 0t«16Z33. 

AKhwayFUbd. — J7*3 1331 . | 6.12 !e S^ J £y ^£l _ 

Price* at AprU IS .Sod wb day Aprfl 26 iSl SSSfiiiN SA. 

_ .... <b)bKeneTxaat-~. 

Barclays Unicom Ltd. iaKg)V(c> cbiSeeu^TM.. 

UniconHa252RomferdRd.ET DltefSMd <b>HI*hYieW«- 

L91 IiUeL¥ (sHg) 

i-S iACtarlatopliarSUMt.ECZ 

Unicon Ha 252 Romford Rd. ET 
Unlean America .1323 35 j 

Do. AusLAce. 1623 67.> 

Da AuxL Trx. l493 . 53 > 

nso RemonMaApr.lD.' 
1 *00*00 Uy Apr. ' 

iaon i^**tMLUyy 

■ ftfe ftVf IL ZSZilx ApP. 

jiQg VAemtm.Dnin) 

I _ Do.lneomeTA D92 *5 .m 

■"■ — •DO.Prf.A'M.TW..]l343 M0.R 

I n*lcaa n March *L Next mb ife 

* '*> ~ De-Roeovory.. M3 43.H 

Do.'Tnateemid. .tW4 U6J1 

Do.teidwideTnijM4 SIM 

0*W2 22277 BtaUa Fd.lnc . ju.l 6331 

I _ Da Aceum . . _. |683 71.4| 

CaiL Pd. Mgrs. Ltd. 

9& -d« Zk M.JanaynStneLSWi 01328826! 

28.4 -rOil 737 Capitol Fd 1633 6671 i Z41 

533 JSM 531 XneoneFd. .Mi 72 a| . ) 776 

30 7| -*dB S.00 Priem mk Apr U. NhXl deaUnc Apr. 28 .' 

Ln IiUeL¥ (sHg) . . ^ve ft nwsper Group 

l-S lACtarlatopliarSCcaet.ECZ 0i.StT7843 4. Great Sl Hama. London ECSP SEP'- 

rS IntaLlnv.FUnd.. ..{85.2 92.01-1.01 6.80 08-72 QueaB St, Edlaborgb EIDI 4NX 

6*9 Sear Pnad abumgCfs Ltd. (aKgi oedRateto ojtee *86P or fl»496 7»> 

CM 25.Mflk8fc,EC*v8iE. 01-6067070. 8*9* ft Pro8pcT Socorides Ltd.V 

l« XeyEnmsrlaFd-jTBT 7S.a-mA| 3.73 T mmmtl a n al panda 

636 XOrf^UltF'AGea.- 6U*8j{ 542 C^Caf U4 9 373(*0.3{ 3.00 

la Ml 144.W ..1 LTX .M3 SS.M *0^ Z92 

440 IbFlneoBwFTn^ B-* OLTi-rU ffe Unht.(Romili-..-~t6S.7 6fi^*ft3t 232 

4,54 KarPlx^MJ^. 893 U4^U12.M iiMieasInc Ineow mod 

l» *5 SA7di*03l 7.14 

5-g Kleiuwort Beuon Luit Mansgera¥ aish taMm Foam 

181 aO.Faiiehureba..EC2. 01-0*36000 Hlfh Return 163.1 67.a*0.3t BM 

534 R.8 M» . ..| fte Tncene MX6 447|*a.xf f37 

534 f^UX. Fonda 

Camnmls. «?J«J(rr5far 28.|£10.9B U36f-..|- 

) I ■ - 1 — 3furray. Johnstone (Inv. Adviser) 

tin I Z73 I0ZHnpeS!..GIa4emr,CS. (M1-2215S2X 

. ' • -HopaSi Fd 1 Sr^37 )„..| - 

• •MnrrayFund. I 5US1002 ... — 

icn Ud. •NAV April tz 

^130 %-Bgit Ltd. 

BanJr of Beneuda Bldpx, Hoiailta'', Broda. 
^ NAV Am) 14.,.., .{£526 — | | — 

in Phoenix interaatlOBal 
PM pn Bm ?r. SI Peter Piwt. GUerewy. 

iDier-DolbrFosd. BCSm I44| ..{ — ' 

Property Growth Overseas Ltd. 

28 liisb Tnou. Gibraltar 
t'3. Dollar rond_| Sl'SSOfi* 
S'crlingFoad . ..| 0286* 


AdiTOM • M1468 

D|M7« •Sa3M-02n| 533 4R Atbol Street. Douglas, LO AT 0624SR914 

330 Fonda* SlS'f-ia 12? ^t71ic5<Avr7yusLfZ629 1054, -1« - 

fiZMaOM Z92 Fendia . - nUW aWiClM 694 R«cbinMdBoad67.hS2A 1920 *07 1067 

66;M4413t Z22 EopeTM-FuiKL. . . [UOtf 2^ .1 r-.. Dn.PlaiinumBd..^p60 1115 .. - 

Hlxpuo_. .. .. ...ItSUe fiHl . t .X98 Do Gnid Bd . . __^Q3 1^-1! - 

SA7d|*03i 7.14 Clive fBTestvients rjersei') Lid.«3d...lX«3 17SJ{ -O.g « 43 

p.a8ax*w.SLUei^.Jer»jr. OSMFW. Rothsebiid Asset Management (CJ.) 

If-AlOl S.73 

5 73 Richmond Life Ass. Ltd. 

S‘33 46,AtbolStreeLDou8Us,L03I 

427 ^iTlicSifverTyusL 1629 
694 R«cbinMdB0Bd67. ISZA 

— Pn.naiinumBd.._ L06O 

-XW Dr> GaidBd KQ3 

Eki. Era. 971023d. .. XM3 

S-SlS? ■- UnghamUfe-AasiuniieeCq^Ud. 

M2»jSj LanghamHzHoUiibrookDr.NWZ Dl-aoaSai k m' * mA3*’ m 6el 

^.. .- WiepfSPiMbnrdlTST '»j| . ..J - Roval Insujnnce Group 
Lqgaf * Gracnl fUnll'AsneJ Lt^. NewHaJlplare.LnerpoftL ( 

RothsdtUd Asset Maaagemrac Baring Brouters & 

St SwithiuLane.Lmdan.EX‘4. 01-«3643S6 te-t e dd CT ^SL.RCJ 
NCPrap.Mar.31..nU3 ja6rf . 4 - -'RS 

Royai XnsoFance Group 
NewHaJlPlare.LiiarpOftL 0SI22T4432 
Royal Shield Fd (136.6 13*21 ->661 — 

— Klhgaanod Huaie, TUnsawood.- ■'fedtm^ Royal Shield Fd (130.6 
-> suTTWinao6EU. - BuighHmthSSwi * 

— . Ct^^itiai ......... .M.S UM....1-Z— Gave ft Prosper Gw 

534 R.8 M» . ..| 541 Theomo .....ICS 447|*a.Xf 837 

534 01LB.UiutFd.Ae— .147 8 1062! . ...J 5ll w_a. 

^^Pd.lna.Tas..,|443 S4l! 1 432 uRRoiiltv WIT 44JI+02) 490 

Baring Brothers ft Co. Ltd.V latfx) L ft C Unit TTust Managemeat JUftB oranam Ptodm 

wUSUKCa 01-5882880 The stock Bdmssa ECKj mp Ol-SOOTBOO Eonpe..., in3 -9-9 5-S 

■- a| . 1 IS £££i$-Ss-«:K* %a :: J IS SE'r.-'.z-z.lgl *S|:8| J« 

isssiSr. p. na'»’i«^ 

DKArrpm ..; . 
Eqntiy Initial . 
Dp. Aeeuia. .. 
Fixed InidoL..: 

gmw Ufo'^aMBzmiceV *• .- FrMdinidaiL..i‘. .- tSfi ■ -121 

•i- 1 w ?''SSi 7 E 5 r"«>r"i "I"”' SLiSLr™ . HIS s 

Iril iftylnwftyd -B-l • -I ■■" I Dcr.Aeetifli __ . .. U5J 121 

•'JML ti^ llMwiNirTaTWa.-- «" . I -..-I -- prapeity laiOal >53 XOO 

anni &^'2'5«e^'llj5t*P«M^9 

^1-1. n^?JtatCS*qMSd.TlrtrfdBaI7B81K& . 521M 

• 1.1.. 38tt*0.l — 

' »4 ^ .-.JW-ie 

,',=’;'^‘4pSzr -■SW-i3 =-.. 

Aosur. Ca Ltd. 

ttWiamf Rbiwa-.d.B^bthiM 

Dlt 013046666 , ^ 

i 39U • — 

8 IMJ -Mii — 

.2 221J — 

.2 • -UH -03 
6 1221 -as - 

Gave ft Prosper GraupB Brsaieim.A^.i8 . 

4. G1.SI HelanZ Lndn- ECW 3BP 01-654 4880 rAceum-i Apr. » - . 
Bat Inv Pri 1133.7 136.91 xO U — Next Rib dl 

67.01*0.31 OM Cllra0iUFd.(r.Ll.|4.89 4 91| .. J 

447|.raxf f37 CriveGi{tPdtJtp»|9f9. 9^ . .. .1 

CKDhUl iQS. fGaemsey) Ud. 
4431 +0.2) *90 po. Box' 1S7. SL P«er Pert. Cuernsejr 

H4I-0M 331 ■■ -J 

W).i -o!i U6 Delta Group 

7031*0.9! 0.90 p.a Bo* 301Z Naaxau. Babwaa*. 

_„ • _ Palialna APT. IB -..16135 ' 16H .....| 

M.R*DD'ife Dentscher Invntment-Tm&t 

not -0.1 
100.1 -0. 
7 z 3 *0. 

P.D Box sa S£.Ja)>ao» CZ Coernsey. 048! 26331 

Dr.Eq.FT.Mar.31.B03 53IM I 3.07 

nc.lne.Fd Apr.3. I5Z0 lOliU. ... 737 

D r JoU Fd. . . . 51-23 1^ -—I - 

CC3mCoFinisir3t 1379 Mn . .. { 3*4 

OaCommodlty* . 1223 129B -. .< 497 

OCDIr.Co>niclly.t..^87 2645d-- -J- — 
•Pnrr ra ,\pnl 16 Next dealms April 28. 
T Price pn A^l SL Next dealiiie alay O 

Royal Tmst (Cl) Fd. Mgt Ltd.. 

' '■i3:'r2tii£j| 

■ s Jwie 

;■■■ '.;d Fkit, 
Dlirn j 
ii-.-.i) dp 3 



Ocr.AectiflL ... . .. 115J 12L| 

Prepbity Initla] 1953 XOOJ 

Do.Aenim. N6.4 lOZJ 

Lq|il A Gcnanl lUolt Fanatansi 
MptCaiJiInit. 194.5 M« 

DaAceuiB . ...H63 1014 

EaeratU Eotv. tnlL Il07 7 UM 

Eal. >DV Fd .. . .1U3.7 130.4 -^Di 

PropertvFd* . .1494 1S82 -•0.3 

OiliFd . . .„ U91 125A -02 

DepMitFdl .1223 U87-D1 

Cmnp.PcQS.Fd.T . .1957 2H4 

EquiiyPaTiJi.Fd .. 1732 - l*tl -i.2 

PrvpTvm^rd* .. 2103 22LI -04 

G;itPn«rd... . )L2 S61 -04 

Depos.Peiis.Fd.4 .[^2 1024 

Prices m *Apni 26. 

r«reefcl> deallBiR 

Schroder Ufe Gronp¥ 

Eaterpmp Houar. PcrtantBittb *Ke 

“ 2U8 __!.. 

pr. 18 .069.8 . 180. 
ri0...^3 199. 

Rib day *Xay 8 **: 

nAcete. Uald* ._> 
rtCUtasd Wafxam. 

Hlyb-Srliiiianni Fund* 

Select lnlaniaL..~ 0416 2549>d*?0l 

SelectlBcame ...B12 539*1 *03( 

{^TtfaeJ}26K>BjebrD(a»c6-J06DOOF>niikfeirfc -PD HPTJMHqralTsLHNL.Jeracy. 0O42T441- 

Concaatra JtnOlTI MM ~ 1 — 

*?0| 245 Int Rentmlbcdii ..11BIM10 7Ul| ..7 — 
-•oil 73ft Dreyfus lotercoptifeatai Inv. F<L. 

P.D: Bok MSTIZ Nastau, Batuiinaa . . 

-0.H 414 NAVAprilfiO...„MR«3M i3«F -I — 
ZS Emson ft Dudley 'TsLMgtJrsy.Iid. 

73.1 ^ .i r 

Bridge Fund ManagersMaifc) 
KmsWilllamSt.BCaRflAR 01-4384051 

» *A7 165 arwciiscione ...p** a?- 

. -. *S Scofbits Seenrities lAd.D 
. .„. 058 -....u.,. MB Mi 

16J1 §C9tbtU . „..gfft « 

... JOJ2 fSSSli'-""'" 'Sa I 

omx. jotoa, -'lom. TTMco m-aora —Fri. Seateham. ........ I54-8 . H 

40.B -0.U 

R-TIat'LFd .-.n^SlIl 944i~.I 3,50 

R.T lirtl-JsriFd. H9 93] | 321 

- Prices at April 14 Next doaUnr May 13 

Save, ft prospCT Intea^onal . 

BcJier, Jersey ' 0S4-2ft5Ot, 

Bridjc Inc* . . . MS 

I BridseCap. loct .320 
I BtidgeCap Aee.t. >53 
Bridge Bxomptt 130.1 
Bridge lnt\ ine.t .. 15.0 
' Bnadcinti. Acer 164 
! BndjM Amor GanA 
Prices April laiO Pi 

Li 523a 

!0 34.IM 

3 D.6 

«.0 139Q 

1.0 UuOa 

•4 375 


PMlias *T 

P.aB«7ZSLBell*r Jerxev ' uAfiOSSl C^itar-daontaM Fbnda 

*ii i'w Legal ft Geami Tyndall FnndT |« &YidIfc:.“®j u!j| . ' i 710 ^»ct. moo' U98itf-r7| - 

|2- iZChBr^Read.Bi(wt<*] 0C723284J PriM at April iz .'4ear mb day April as F. ft C. S^gint. Ltd. lav, .-‘idvfeers 

• IS SSiKiffiCrpo “aI..;::J IS »««« wrmst Mngrs. Ud. (nX« i^^iwt«7BiU.EC4BOBA. 

•• •• i-a Nextadb. ilav May 10. iliworpqmiiis 'Tndent Trwt», ri^w *«. » I srsanT 1 l_ 

<1aDerporuins Trident Tniftx; 
1411 South StreeL DerlDnc. 




81 : J — - I.egal ft General Prop. Fd. H^m. Ltd 
-ji, “ n,Qu«enVlctiiriaSL.UHN47T' fll-StOOOTS 
58* LfcGPr^Fa. Apr. liMJ in.7(.-..| - 
J r ■ ” Neat mb. day Boy L 

■* — Life Assur, Cfr at Penastylnmin \ 

i ... Z[ aftfSKenrandSuFlTORQ.. Ol-OUfM 

2'.. ii TACOFi:o»i......iUoe losw 

j ~ " ; r Uoy'ib Bk. Unit Tat, Mrign. lid. 

7 -^33 - . 7l.Lvabanl8t.ECZ Ol-SSSVm 

). >• Uoydft Ufe Assiumim ' 

lo'GZAf^ tin •on r-iakwi^ Cr pr^A aw .t 

3S \ ya 


& ± 

Britannia Tmst MansgementUHgt 

a London Wall Buildlngx, Londmi Wall. 

I V' Lemme AdmhunrMfenLid. i^^****-* 

tved., 2.DnboSL.UKideaWiM&rP OMOSopi 

leoPiaL... .tna ftfiZ ExvmplHliihVid 

u«v LeoAceuia-. .,„ .(789 l3H-^-01| *V Exmont B&L Ldra 


UosdiBk. Unit Tsi.MngT8.Ltd.t 181 

- FOBoxOQZEdiDhundiEBlOSRU 081-65500001 ProfeMlc^ 

^BMfqrOp.-^ »3-»33| - 71.Lvabanl8t.ECZ Ol-SSSVm 

JU K '■ 

]in PerioenUdfta.— 5I . 1W.6 V ■ P— Uoyd« life Assaraoce '■.)!."■ l 

City of Wettailnster Assnr. Sec'. Lt£' ao. aiken ^ EC2 a zmx -Iv ScoUisb Indows' Gitni> 

Tt fc f ftraa tiW SOW 

CwuRKreUl Vaioa Group 
llBrimZL Uwdrohtf , EC3. 91-2887600' 

^5 I'.::! r S®**^ uta Assa^ct Undted 

7d!'Chofcdim^ IJfc .iDsuranM C« MM^LS^-?.!gL6 * g-9*®jl - twiaEisrPiaccimt^BCJ-Norr oi. 

-:E^ ■ S3 ’.“1 = 

" ‘ ’*^^1 r — London ft .Manchester .kss.'Gp.V 

iSLuyaw^^-rT* 2098 . " I -■ TbeLea».FelkeSt»e.Keot. 031^37333 


Asaeta 1668 

Capital Aec. . . . . OZ 

Conua&lfM] BO 

Camaiod r ty 70.4 

DciMn W ie.. .. 16A 

Exompt- n.9 

Extra tncbme.. ~ B7 
Fueml. .... - - 1*0 

.FtnanculSpet. ... B3 
C«]il6G«m^ ... D6 
Gnwth-... _... 75* 
(nc.Z Growth-... . 70.4 

intlGwirtli S74 

TirrfexL.*PzShaMS.. 09 

UUMraU .. - »9 

Nat, High Inc.- -790 

N««iame - 07 

NwthAin c r iuu i -- a.9 

0I39804784M7S BeftriWa 

... .. Dwt. Gbring-to'-Seo, _ ... _ .. 

7131*081 560 T8fli i t hlm .We«tSaMe» 014BSISB8 InliiLCnntth- 

514 -*04 4T3 FiralCBalned.) Mft SZ« -wtM 451 lnx.TK.l'alU. 

53S -04 4.74 po (Aecam.1-...-. 16.1 7l( *05 451 MorMU^^ 

7S2 *0i SJSS ScMBdiOtaj »4 S3J -HU 3.42 

995 *02 4.74 DaiAccnffl.! dA 66J -HLS 332 P^. ft Gm Trust-. 

104.1 *02 732 •nurdaaemBei...... 7M ft4Zd -^Oi M FropwSlww 

<16 -^01 965 Do (ACCUBU- . 1073 IISJ *0.7 646 SmcUI Sit T«.. 

2«U *0.1 35* raurtlKEdBe.)- ^ 5Zi -0A 7 m K g- Gnb. Aema.. 
676 -^05 <61 Dfl.rAcoaa.'..'. - M6 ... 694 -HIJ 71« t K.Grth.Xttid — 

Inc. 109699dnf) 
01-6231308 InliiLCnntth- 
■HM 451 lnx.TK.ValU. 

*05 451 Market Leaders 

-HU 3.42 ‘NilYleW* 

■HLS 362 Ptof.OGUtTruat-. 
■Hli 646 property fihxTM 
*07 646 Smcial Sit T«.. 

22.1M) -02 
2tl -HI.4 
260a -0.4 
25.7 *0Z 
302a -Hl| 
42 ( -*0i 
32> ■•■Oil 

'(gOdllUMtl Co#*-Fd-Apr IZ ■ I SU^-07 ) ... | — 
-Hia 145 Fidelity Mgmt. ft Res.. (Bda.) Ud. 

aS PG Box 670. fUniltoR, Bermuda 

= M f V evft nmiMis^arnm a^ouioaoim 

am FldcIliyAffl-Asa. . ST'SZZBO { 

um FldcUiylni Fund. SVS1951 

ndcliuFae.Fd..-.. 5VF4359 -iM 
FldeiiS'WridFd... $VS12.06 -003 

i” iSlSTOliii ,■ 

izn First \lUiig Obmmftdity Trusts 
iS 8;^GcxifC<ttSL,t9Mfi^Iatf. 
rs 0& 46EL Ldn- Acir miibm A Ca- U' 

SloflAjt^lniCRdnalPd Fund* 

rhaDDcl Cspiul*.. I2RI 0 D16i-*1.4( ITS 

CliannGlIsiondtd-. 142 4 349.< -0.« 518 

Cnmmnd .\pr 20 - 115.7 321 9*..l- 

StrxffAprTO.... U79 U47) ) U15 

Prices on *Aw 24. «'Apr. 19 ••‘.Apr. 80. 
^Weekly Dcalioe< 

■ScUesioger Inttfnatfoaal Must Lid. 
4].UMiAiehL.a.nelicir.Jm9y. 05S4'»»il 
SMJU..,—.- 7853 1 -2 8 71 

NAiir. SOJB 0«)Hia: 444 

Gill rf::: ... :. . oo Mi-o.! iie 

Inll.Vd Jnvw 101 106) *1 347 

IninLFdXximn . no.19 t“.~ 

::Sa IS LhD-d’8 Life tSai Tat Mngw. Ltd. , „ 

^4 7Z5 w40.o<«eiimwR4..\i^oabiMS'. oaMitei ■B«i?j_^bi2di«;;;Wagg ft Oo, 

-OJ 2.0. F.qDliyAcinm.l4M7 1S34) | 4M l^CfaMpxi^.acZ 

•^41 «• M ib rt iwuniiM ChpitalApraa -|964_ uJS*'* ^ 

iS M ft G Gwup¥ tyxoi*) fASSStt’." f . : 

8.07 Thicc Qwsya. Towrr nm. EC3B (BO 0)616 4408 Income Apr. 35. ._ 

Ffenuflfl-dapafr F3ak^8{Ar-- - -•■-■ 
37. me Noin-Dam*, Laxembaun; 

23fc rims Apr. Z9-„ I 5r$465« - 

■sl-q E 

r PaaPlind-. 



85 73.) 


liiv.^.Scrle9l _i 1000 
Inr.I^-SrriatS.- M5 ' 

Inv. Caab Apr 2i >7.0 

Sx.L'LTT.AprlMB. 1329 
Mod. Pen April IZ. 2*43 

10.U Ely Place tendon RCJNrrr aijcsand 

s.,^1 m.3-oji - 

'::g2J MM- 

.-114 6 lloR-Q.d - 

... 19.6 105.ij - 

PrcQcnySbsraa ■-■(12 9 Uu | 

Sbuird -...-.-eT 473 -g.d 

SlstU»C2wciSCt.. . (285 307U-HIH 

L'nlvEyierKy. ^9 33^-0^ 

The British Life OtHee Ud.V la) 

5m abe Stock Sxrimce DeaViut 

American. W.9 ».« *0 J 

lAcnm raitt). ™~)47il SOW *03 

5m abe Sioc 
*2" American. . 

*2 iA«cnm rnlU) 

Australarian - 
*■*3 rAccum. Vmui . - 
Commodity -, 

2A7 rAcmm L albi 
Cempound Growth 
I ComendoD Croat): 
mfrrt ConvcruenliK . 

1 .. I — QrowiAFlU^. • i 

■.'....•I z j 

. ilOonhin insBiaiice C«i Ltd. ‘ 1 

i j m . 01.6365610 _Prapeft y Faad 

j'Z MftGGwop*-'-'-i^0( — Three Qmi*. Draer HiU f 

il l . cSri'^^"r".‘ ®6* 

;;2T7fBMimt9t,34Bilan’Vltt8Ftf 'C1-«3070n EqubrSim^. -JlM-f 
-I's -yfisflua^w-^isM. . «oi . I — .g“w2fS:; - Ml 
^.'7Cfejfak'.LIfe'AiRtrnRoeCa''Ud.B' ■ G?ic^d***... .pK7 

A|.. ^ ‘O-y - gcSSgw;ld:- Ml 

-■ z;: Si.-. iffiS i. z Jjs-"™.-?/- 

lAccum.Lnitai iSOf 2692 

L03 GauonaAprlO _. TSi US 

119 ;Aeeum. Unii« .—. H.9 

>1 7 eurepcApr 30 . . 50 1 32ihi 

2^ (AccuiilV'^U). S53 354 

la 'FenftCfavFdAiflS 163.9 M9 ... 

4J7 S*Spec£ 2264 . 

SJ1 'Rccevery Apr. 11- 1786 18351. 

354 'For lax exempt funds only 

Scottish Equitable Fnd. Mgrs. 

Frvr Warid Fttad- Ud. 

Bunerffeld Bids- HomllUm, F-muda 
3A NAVHatvnsl... I 60SU2 68 i . ! - 
2^ fS.T Ifmaenmcnnt 'Url. I.dM- Asia. 

GT. .Vnigcnient 'I6d. Lda. Asts. 

4 22 I Park Kse . IS tlnabiiiT Circus. Lenden ECZ 
3te Tel ni-828 8131. TLS: 8BOIOII 

L Gcfarader Ufe Groop ... 

' *~ERa)>HwHouMl'l'ortui^ 
iBlmmieiial Fbnds 

Lequliy >*U6 9 

SBquilV.. . - VSOA xa 

£^odlnura>L ..- 1366 141 

SFised Inlercst.-. .. 104 8 IV 

IttanaRcd 1290 13) 

5UaaBg«d.„...... . IU4 IM 


03 GTFaeilirPd... f SVSUOO (-Odg IJff ISO Chcaps:d«,E.CZ 

J. Henry Schroder Wagg ft Co. lid. 

». .0245 
>. . UZ2 

1207 -0.4 

1031 -01 
D14 -0.2 

164X -H).2 
120.4 -05 

103 L -»0.2| 

iLDnioeoir-. -iwe vjr|*o./ium« UMum. L'nlixi 
"Price* Apnl 36 Next deahne day Stay Z Extra VieW 

6'r cmubU Alliance Fund MangmL Ud. 

- iS Miu vmn mo (11 eir«« Sun AlhanceHouae. Henham 0M3d*l 
e^f.-^r^ WSBfflO Pl-fifffW E*pjr4tau.\pr 12 |£153S0 168^ ' ) - 

:.?Sl2Sr'^i. mJ — . InLBa.AprilS.. r“fl3ia !-0ll - 

H -:>6Z . OOOl-Jll 620 
>62..- ‘^^*a7| - 

;e |.|.’ •..■■■ z 
^ So ^ : - 

_ >95 .. UOi .. .- — 

: »S OOOO - - 

_ )S0 : 3061 — 

L. BA:. 1001 — 

.. BO - jau . 

*q«(M.Acb.^.u. 155 UOJ • — 

155 . 1005 — 

mgKAer. M5 ‘ 1061 -Hll — 

g P gf yOacMU-. B2- 108J *01 — , 

>56 . . lOOi -tOi .164 

- ] .... - 

f^iWepiniim Co. Ltd. 
VM^HemTime9FE.EC3 m-0M9«81 

'iS:Sp:,Ai^f^,]2tX. TfV . I - 

S i^-ZdsBi^Bfilland Ass. 

ndJeSlibCZ 01*9881312 

LalWV-Ht3-. 5101-0 2)616 

ftJaw iUe Ass. See. Ud.* 

Rec(H'«ryn.ter JMl 
jUnennan FA Bd ' 58 1 
Japan (M Bd.' - ISA 
Prices on *Apnt IS. 

OOU . - 

■ ^ - 

561 . I - 

•Apnl M •— .April 21. 

Sun AUfanee Linked Life Inz UiL 

5anAUlBnMUeuae.Her«hM 04085X141 
Cbuitanmd. . .(U66 11257 *0ft - 

Ftnt^ eraZFtf 1009 1065^-09 - 

PrapertyPhnd . . 1065 luS . - 

lirteraatleeal Pd . 1026 lWR-*d9{ — 

DepORI Fund >5.8 100.^ [ — 

MaaasedFund . . 103 0 10851 *8J| — 

— Brown Shipley ft Co. Ltd.* 

“Sy "" HxifniFoundaraCt-ECS. 

Z BSUnttx.9pr SI -..^7 325 0) 

-Oi ^ De.(.6CC.|A'^.3X...^3 SOftaj 

-Oi — Oraonlc Trasta lai igi 

- Fraandal jlko 34J 

‘0.3 - Cenei*].- |U5 U6a 

CttrathAecna. ..-W6 4U 

it|l Grnvtfclncama_..)S60 • 36u 

‘wMoxw) ..:: -m I® 

) — Index. . ._..04 sji 

-01) -- OucTMaa...- ... -)162 197 

^rfe r tnance . .. .|529 57la 

16 Ud. R ec every r .. -.ta.9 - -. 2ZJ 

tapi. April 10. . lao snr 

lAecmn. L'niiai. 
ParliaAeni .. . 

^ 22501 "Tin 

Mi «S|: ...i 1™ 

C«Benl 1560 

rAectioLL'nitt: . M15 

455 KlfhtnMaie ... 179 
431 lAccnm Vnitai 1595 
518 japanlncem .. - Mil 
500 lAceiHn Unlts't ... 1464 
9M itassuin UL4 

309 ■AeeiBn. Unitai 23U 
4.91 Uidlaod- .... - 1570 

354 lAeenm. Units’ .. 2661 
450 ReeoretT . 750 

1714 *l: 

602 28StAiidrm!>q.EUinbiirsh 031-0668101 AncberlnlPd -liLSIU 136) 1.1 

Z90 IneoBic Unite —_H60 5104*10) SOft n-r BeramAa IJ6 

a.90 *««wUi^ ..,.^8 »j3-»iq 5.10 B6 crflSe^chL Iriii nt Jtanatn . Brada 

656 Dealins dev WrdiiMday. BcmJtacF. . .1 $(%J.73 ) .. Oi 

259 Sebag Unit Tfct. Masogew Ltd.* 18) GTSFd.. .) SCS67* I. .I0 
259 POBox5t1.Beldbcy.HBe.E.C4 0I.2368DD0 G.T. Mgt. (Asiftl Ud. 

2S SebagCapitalFd. .n? S54-HI.2I 396 HolefaiMn Use Harreuri Rd. Heiiq Rme 

S-S SebaxIfieomeFd...^ 3042^ 1 630 UTAnaK . .: . .ISKlilOi tSOa .1 1' 

092 Seatiy -Ibsaraoce Intematioirfl Ltd. 

074 po Bm 3S6, Hamillon Z Bcnmada 

Manased Fund _ )SCS1UI7 HUH .. . I — 

Mrrei uiancc . ...iKt Sftm . I <50 Rece iet* , 

R ec every -.120.9 ... ZZ2L • -\ 502 i.6ccnm.Unitei-'. .. 

Easpl. April 10. . 1610 63w . j 4 50 S econd Gen. 

lAentm Units.. 

Canada Ufe Unit TsC Mngrs. Ud.* Speeiai . 
MKtBhSt.Fdtwnlar.Heru F Bar51122 .. 

155J -z: 
1964 -0.: 
2X7.4 +0< 
1075K tOJ 
277.1 *6< 
10.6 -0.1 

' 1 76 Singer ft Friedlander Ldn. Agenis : 
ii 504 =6Ca&nor.£l..EC4 ni.24RA44<l 

Di-kafonA’..-i- . .{Bltian lUV-Qig) 6W 

Tot30TsLApr.1T i 5US3125 f 175 

ui s* febi«Iiiro5*Fd;..^ 304id 1 630 uTARaP . 1. .jSKRlOi 8fed 1 176 

II x'nl g R.T. BmiiI F und { SUSlZ21(-0 III 504 2n,taaner.£L.EC4 m.248P«l| 

2i I'JM Security SCleCtlOB Ltd. -pUmn^trjtmoMat V rmn-ran-\ J loi WvkaJonfU 1* - .JUlt2*?7 ?UIJ->tl.iQ| &6J 

SS Hx is-i9.iiaBoin‘8iwDFie!di,irca oi«ianM G-T. IKinagccwfll wcrscy/ lid. Tofcj I SIIS312S i. 1 175 

il ia uSS^Sim.Z^ 6 • I in GT^xriaerlia?*(£»^ Stronghold Management Umtted 

Oi 705 46CharlotieSq.BdliibQrgh. 0314888671 iiMr«FKSlTlB .. iSiW 276541 . J 108 > ro i j h 

«•! I4| 'IS ' Shria'vest (Jersey) Ltd. »*l 

^ standa rd Vwte. SS""j ^.iMwtaJtejTst .^42 K9l-«x| 301 pQ BwtM.Sl H-J;*ri,.lcrsA|-. OSMTMT* 

»l ' ] Z Gartmore InyeoL Ud. Ldn, Agts. AnwricanlndTsL |ia04 SJK-rfKl 120 
« •• ’ • 3.St Mary'Axc.Londnn.ECS. 01.2613531 CepMr.Tini* Mo58 lOTH-O.ig — _ 

-Oi 465 


Do. lien Aceum . 
Do Inc DIK 
Da Inc AccuB... 

[9M ' ~ Merchant Invesiors' Assurance 

JSi '• — l2S.H>shl^traat rnotlee OJ-f 

isiz = sssw- ■ 

ffll Z. IBIgfri::-. '... ■ . 

IDOJ . . — MoneyWaikH - IMO 

M5 — MMeySUtPeiis lUO 

iQ61 -H)] — Depnnt... . _ . W7 . . 

MJ *01 ■-. . ncpwifPcn* 7387 

Mi -tOI . 064 MaOBSed. ._ - t|lO 

- Maneeed Pens .. . 1S2 .• - 

r*A InSI. Equib - • • " ■ ?258 

• Ltd. 7 ik 7 .ttaeaped. 180 0 - 

NEL PensioBR Ltd. 

. . ■ MlliOBCoiiH.OorhiiizSutrer. . 

^*a. NHexEq-Oap .. 1774 . 8J4j .J 

. nis9SSU12 NelexEqAcrum. 1007 1144|.*ea 

SlOI-0 2) 616 «?!!?«*■ P>.K-f «S'. 

Sun Life of Canada (V.K.) Ltd. 

zz6Cec)Bpnrs>.5WiY.9BU iii.p8nr.4nn Capet ijames) Mngt. Ud.V 



100 CHd Brand Si- ECSMBQ 
Capital. . . .. .1705 

Inceme . .[73.1 

.,,3 .Accum.Viate* 
4^ Specialised Fands 
456 Ttucm . . 
779 ■ Aceum. Uitltei . 

7 as Chanbond Apr. 16 
CbarddApr 25. 
.‘.-tceBBi UnlUr 
9ena.Ei.Apr1l 24 

1375 244Jid -8 7 
1632 ‘2777 *U 


1465 14Z! -36 

178.7 . 1730 -45 

1535 1305M .. . 

70S ABMCican Fond 

IS sundantl'nlte. -■■! 1^ 

BM 'Aceam- Units 166.2 A5| . . J — 

IS Rltlidraaml Units S3.9| ^ 

3'5 H aw aii MKbh Capital FM4 

4M -Standard )127.9- 13841*3 5 

Acenm. Units. .. .|m65 1569*40 

. ^ Dcahne IFn *W«d 

666 Sun Alliance Fnnd Mngt. Ud. 
SunAJUanceBaeiBenbaiD ‘ Ml 

O-aa s-_ r_*„ •• nocoi SMWU 

wrgB2gl CDRnmdiiyTrasl 193W 9881] J .-I 

>^**4*3 'IS' S*“ri*iFest (Jersey) Ltd. (xi 
»9|-0H JU* p.o Bex(»,SlH-J;«ri,.lcrs«;i-. OSMTMT* 

-da. Agts. AnwrieanIndTsL (C304 SOK-^M 120 

01.287.3531 CepperTnet .p058 107*-0.1^ — 

mil LIZ Jap ladex rsc...* |£1LI3 ZlOSj-iUl - ‘ 

. Cartmwe Jtaift Ohr Earii UZ Jap ladcxTSt.- (CHIP 

JapapFd. . . ..bCEHM SI 

td .M.Aaericar.Ts.'. BTyltS (81 

^on«i DHL Bond Fand . Bl'&UJS US 
I MMM (larlmera InswunRii Matt, ltd 

- I AM un B-. -n, 

_ Target Ufe Assnraiice Co. Ltd. 

— Taxxei.BeiiK, Gateb«u*c Rd .4>l»ybury- 

— ^ce* nn April IS Next dealinx Hoy Z 
Carliol Unit Fd. Mgrs. Ltd.* tarto 



^l»-8tMf .UaxfMidland Ass. NHoxEq Oap .. 1774 8141 « 

• •;i'MW6dn«ilJesiitCZ ni4i»l3l2 NelexEq.Acmm. 1087 114<*8a - 

" •: - . SlOI'-Oai 6» 5>|esM^fa^P^^ ■ _ 

\:'.y lUa.Ass.'Sac. Ud.^ NclMCthlncArc. w4 . g« — 

' -i;" :*;irife»8«»»d.feshWyMmbe .MS^ v^^oV day-Mafaa '' ' 

• • ■■ , SSSE£«F''- ^7 ma '- - Nel)dxd FB ACC .(47 9 984) . . I — 

Maa Ffcndlnc.. —. [967 ' 102 

- 5lBB.FfctidAee USO U7 

“ Prep PZ Inc '. I1Q55 111 

^Wic?'tair^|§¥ r Charterhouse Japhet* 

RO-FlanAc Fen.. |69 1 75.U*n] — l,FBterna*ternii»',&C4. 

5011 ReLnanCkpPen .57 2 wa-si - cj Inteniatl ....Bl.l »; 

RoLn«aM».Aec.. 127 7 Iteg — Aecttn.Uruu Z5* Mi 

S^^SL^B^taaCap..]!^? m» .. — CJ Inetiine ....HA 35J 

— GtltFniLAce .. tolJ 136a .. - cj.Euro.Fin ....165 Ui 

_ GiRFmAp _ 11230 12991 . ~ .Aceum. Units-.- >61. 3SJ 

_ ..... rj.jra.Ito.TK... S5.B 27.x 

Transutemational Life Inz Co. Ltd. AeoBLUaite .._Z92. 3ii 

Do Hitb Yield ... 
Ob AccuBi tinitt 
Next Z 

naa MaanLife Slanagement Ltd. Target Tst 

.mf V.3 7.B StGeeree-snfcj.SMBMfa. QiaMlOl ^LCiMbam^g a. 

.pnl \S N-evt dealinx Hoy Z rKowthUnits. |X91 517| ) 698 

MarSower Managment Co. Ltdl iSlatBqiuv... 
1418Gre*harasa..ECaV7AU OtMOOWl 

iDcmiwApr 33. 0027 18811-151 844 m'lr 

5.97 rrtoFhmllyW- -190.9 96.61-07) 3 62 inrenuuMoI In? |21 1 22H 

Target Tst Sfngrs. Ltd.* faXgi Dn.Growth .09 1 629) 

-•-15^’. JSIIi I - |oJI^A?UmLTJte gl ^ ^ _Bet»eral.Aprji5. .^A 

u W4 50^ : ..'J 

m z 

75.9-ni - 

S|-"^ z 

Inc daw May 6 

867 Mereorv PuBd Manager! Ltd. 

887 36Cra6b«ueSl..gC2P8BB. . OI-O0049SS 
Mm. Gen tin s -iisa-io) 

Am ftt..Apr as . -B« Old +53 4M 

Merc.Ini .Apr 26^ ■-» . ii - -i 

01-S4830M Arm. Ute Apr aS, )655 . 071 

KareXAJiarOD - BOO Z 2883 ..i 

286 ■Aeeiun.Ute MarW.^n.8 • 246g . J 
7'34 RUdland Bank Giwq) ' 

||9 Unit Tmst ManagOB Ltd.* is) 
Ira CourtiraM) House. bUwBIml. Head 

1^ cSo-^^ium; 

471 Target Tst' Mgrs- (ScoUandiiaBbt 

SBraamBMsc .EC41NV. 

ZRbsehiU Asmi Manaxemrai 

if i: 

Pnee .April IS N«p dealing April 36 

599 Shemnld.SlSRb 

TbI 0T437BS43 

IS.AtholCreoenni.Edin 3. 
Target AmerZaglejSS 4 
Target Ibiatle . ..,|395 
BMra lAcome Fd . . p8 3- 

Deaiin8s.oaP660xi Hambro' Pafific Fund Mgmt Ud. 

S3 Lai In 2I1D. CoflMugDt f.'entee. Hoax Kane 

Jl] II 'VI!!:..:,! = 

|nJ +Z5 ^ BamhroR- (Guernsey) LtdJ 
ni -fti ■ 4M Hambro Fluid BIgrs. (C.IJ- Ltd. 

Ml .. 1^ F.O B(utS6Guernse.v M41.34.V1 

36! "L36 r.l.Pand .... .(1MB 147S) I 390 la itixiM 

^ *0J 3.« Inin) Rend SVS10462 10786 -029! 8 50 

15864 -QJ 4A7 Ini.EnuPs- St.'S JO.aO 10.72 -005' SSO i.'-'vi 

3P5i *62 665 JnL^U.* 'A* SI'S 102 1 05 - ' 850 Z'*PUn. .Apr J0...|H.'aS2* 

155a U78 tat SiM '8* SI'S 185 1 081-00!! 2 SO ' 

19A| 4.74 . FriCM on .Apnl SO. Veal dealing 3b% 3 

oUandliaBbt ' HeBdersen Baring Funii .Hgrs. ’l.l(L 

Price!- on April 2S Next yjb da? May 

j 2 qi Tolo'o PaciBe noldinqs N.V. 

' ... Intlmia Mwiaeemeai rr< NA‘. Cnracae 
Ud. XAV per abare Aprti IT Sl'S3i Tg. 

Tokyo Pacific RIdg&' (Seaboard) N.T. 

Inltmiy Management ^ N V. Curaean 
NAV per' Iharc Apnl IT SUSSTT? 

TAriidall Group 

pn. On tzi* RamlKen Z Bernuiiia. S-STM 
!>>mca» .Apnllft. ISL'SlOt IlSl . I 6 09 

rei.aS0B2LS I’ri itni N4T3^ Xa»tau Rohamap 

«l -05! 

PneM on Apnl 13 'Ncvl deeHnedaie Apr.l 19- 

3 N-wSCSi- llelier. JrTw?> 
TOFNU.ApnlSD. . C720 
: AcegoL bhare'^-.. - Ul 15 
- U!OP.^I'L9 . BD 0 
i^are*'.' MB 
j-TxeyFri AiwiMO 1866 

)| . I 

T78I *. { 6M 
31901. . . - ' 

845) ,1 - 

ComaiediD ftOeo 
Dp. Aceum. . 


■• ' [• J Bank 

Bank.s Ltd- 7i% 

Express .BK- 7JJ 

'Al'^ro-Bank .--■■ 

s? Saak Urf. iJ-% 

" ' “T>;9emTP.-^iHbachPr~-i... • )% 

; Buico de Bilbau 

i; ,-OS^koTgrediiftCmcei. .“ij 
\i 4.;%nkr0f,€&7>nis -'-•'■.V ':|5 

;; ^'Btth of X.S.W «3^ 

‘ “^Baiwtue-'Belge Ltd:. -7iJ 

^miue du Rhone S Jr 

■' ^rcia^ BanK 

'* O^roetl Chrutie S4J 
'■ L. Breaar'iioldings Ud. SJu 
>; ^Bif!t!.;Baak'or'M*d- East •*%. 

^ tBcovi:D'Shtpl?y..... Ji n 

• -ifisiiiitla- penn'nt Trust ii*5» 
■' "^pilol C Vc Fin. Ltd. S[% 

‘ S o 

{ rT^ar '-Hbldlngs •• 8 %. 

; ♦^artelflibusc Japhet... /-J J 

< ii^oiilartohs ifj 

i E.:CealM 

».:Vonsoflda'tBd credits 6*J 
; .;Q)^emfee Bank 
f '“-■‘■C^riathlan Securities... 

/ ‘-eTBdit'Iiyonnais 

' The Cyprus PppuiarBK.^ 

- Dancan Lewrie 

7i% HHiII Samuel ijJ 

7*«S C.~HoarB & CP ’ 

71^ .Julian S. Hcidge .... RiJ 

7L®o Hongkong & Snangha) •?%: 

7*% Industrial Bk-.of Scot b|«7i 

75.% Keyser Ullmann . -. * ‘J 

74% Knowsley&CoiLtd. ... ? J. 

-ioq LJords Bank .. - :- ii% 

■ 7'i% London 'Mercantile - 

7l% K. Manson & Co. Ltd- ? ^ 

Midland Bank ■-■■ 

g °lf ■ Samuel Montagu »J « 

T*% H^fo^gan G’renfcU 

Sh% Mational Westminsfer 

8' '^ Tionnch General Trusi, . J 

74*5; p. s. Refson & Co- ■■ 

Rossminster .Accept'es 
74*!?* Royal Bk- Canada Trust ^(5 

S4% - ScbleSinger Limited ^ 

S X S. Schwab ■;■••• 

8 %. Security Tnist Co. Ltd. 8, J 

7-J% Shenley Trust — 

74% standard Chartered ... 

So% Trade'Der. Bank -- 

64*% Trostee Savings oiS 

74% Twentieth Centuiy Bk. 8j^ 

64*!6 United Bank KuHRit >J^ 

-Whiteaway Laidiaw - - ^ ^ 

7}% Williams & Giya’s 'jj 

74% Yorkshire Bank •• 

I'5 BMAfobrni of Uj® accobum 

-r. ,...ith--t= 


TrideatUfe Assurance Ce. Ud.* 

Rn9ladeHaaxe.Gieacesier 04823^41 

SS^.-r- fdl i|f ' = 

. lli-i - 

Dje Emtb'-Fiiiirf (1026 I087{ -^Oi — 

High Vield . .... 156 s 144 6 - 

afiEdged ^2 XVA 

Moeey.... , ;...^7 lUK — . 

m' - 

Crowtbcap — ^5 ^3 • ” 

GmcUiArc . .. 1J277 1%i| — . 

Peo«.3brlC«P hUB 1153 

Fstif Uud .An . ul6 7 123 6( — 

PmauuTDep Cap >1013 U7.R — 

if = 

?S£id'" :|V ‘Si. = 

•TfdtGJ Seed .. ^6 l-Oy - 

' ' 'Cull value fpr £109 premium. 

Tyndall Asaoraace.’PensiobsV 
16Can>nii9R4sd,Bn^i ii2Tfi32S4i 

3-M.yApriiao . ... 1|8* ••• ~ 

iSJsfe.-i, . fJ : ■ = I 

Krav®": -■ = ' 

Zva^-EeB-Apr.SIl. 1JS5 ■• — • — 

Osesfbn.AprfiO. ^^2 — ! 

JULPnftFApr.S.. Ifeg - - 

Do. ^ny Apr 3 .^S - ~ 

Do. Bond .Apr. 3 “ : 

De.PRip A9r.1 . . M8 - ! 

Vftibrugh^Ufe .kssucance 

'41-43Mh()i)oxd:.LclE.«'lRkA 0I-488A922' 

HacageftFd .—MLS 

p ig?*- ■: fv 

tt3p55?: v::z^4 i23a| .... I- 

ChfefCaiB Trust Managers LUl.*(agg) 

3031 queen S(. STAR IBR. 01-3IS30SS 

Amtncmn • 2370*031 170 Do Ammi 

IiiKb!arane. . W2 I 99 tocme 

IfO«niMlQiiAlTfO....|if>227 OM . J 343 D».AccuaL 

Basic Iterce. TiL|24^ ^77 Iniaraations 

Basic Iterce. TiL|M^ 2klm*02\ 4.77 Inifiraatioaal 

. . DOaACCW 

CenfederariOB Funds Mgt. Ltd.* tai High Virid 
SQCbaDCen‘Lme,WC2AIHE 014120388 

egcnanceiy i.nie, w*.;sA me. ui.ututHra f r ^ .nr- irae yir*i 
CranthFuid ..„.D9S 41J|.67| 4A2 . .-BSo.. iwl 


481 -HI.5 

429 -0| 
287 >0? 
511 -OJ 
S2J -0.1, 


-- 527 -HU 
62fea -OZ 
664 -Hl.a 

's^ Tndeg I'aion Unit Tst. ManagenV 
678 iOO.WMdStreet.nC.6 • Oi-aSaOll 

I* TL’lT.At«»3 -..-.)484 . «Jri) ...J 5J2 
634 Trangatlaiidc and Goii. Sees. Co.* 
334 9i.8gNewLnMonRd Chela^rdastsswi 

6271 -04/ 1045 Hill-liamori ft Co. iGuemse» Ud. 

I0 2 634 BirbOanAwiiaO. 

^ f rS (Aceum. Onitej.. . . 
tS-l IS BaxbfxpUtargg 

■►OJ H33 ttisai ft i M . AtiHl 9tt 

CosmoDolitaa Fnnd Managers. 
SaPDntStreeLLoRdahsWlXBSl 0).235B!B9 

xAccuoi tM sz.n*OJ Ru^n AnrllSO 

ighVieW... g.9 62*a^J 660 

>.Accran _ 6U -Hl.< 8.M caj—— 

laltrbe^' ■ 5.g lAcSzcSteh . .. 

a Aceum* . . — 1B2A.. 1CF7 6m 5.42 aop iB 

Priroa « Star arNSet daoltag Apyl 36 .ySJSSa £?«(«» .V." 
Minster Fund .Managerg Ltd. Gtaa.Ap^26. 

. .. 'ACCII«.LlUiai.— 

Z c«amopoliiCthFd|167 Uflnl ... 1 5.09' 1“®**^®** • 'r**^^'®*''-* ' 1*5? MarihoraApr.SZ: 

SOniaterApr >7- jS? ^21 ‘I en (‘Aceum. UtaiM 

- CreBceni Unit Tst. Mgri. LW. fa)(g) EwnptsiarSi. U0| . I 530 vgn.Qw^W »- 

~ 4McMl)pCraa.Edlataurgfaz • 001.2884981 MLA .Unit Trust. JUgmnt. Ud. . . .tAonmUntw^ 

_ Ct«MciKGra«Ui. gSa X77f....{ 4J3 OMqnMfl SfnMt.SWlHgJG. 01-9801333. K SS«% :2fVraa~ 

- K? ■ Ha - S-Sft »OArsi» i»7 . 3i.6i-06) 440 .Ae^uBai;.. 

I Cres Beaervec.- 

' *"*****fzT a LeFebrim Sf, Fetor Imil (•■■eraaey. C ! 

(U-4MW11 CaernrfeTst (145 9 1S6U-0.M 3 57 

* Hill Samael Overaras Fnnd S..\. 
®*™* 37. Rue ?tairP-l>aiiic Luxembfurr 

nri^ostsswi anj*5:ji - 

iuj ! " 5S9 Inlrniational Pacific Inv. Mngt, Ltd. 

87! .. 349 PO BcK R23?. M TAtT Kt. SytOaer. Au.<j. 

rai ' ' zu Jr^baEquin Tal ISl'93 2 08| \ - 

Si - .. S4t J-E.T. Managers ljen*ey) Ud. 

ffl l5ZJi • .. 5.91 pn Rex 194. Royal T-4 Kk. Jn-.iallftM 

AM Jerce>'E'nnUTrt.ll43« 18Z01 .) - 

■>-li • 6U- **'" *** *”'* ^ Apt- SB 

-(-11 ' VJ5 Jftrdine FIf laing ft Ce. -Ud.- - 
^'1 40|h Floor. Conamcht Centro. Hone Kqrc 

*94 • £jf 1 *.^ a Tab ’ 1 cvimofta i i Tin 

CresecfUCrovtt. 277( . . ..{ 4.33 OMQaacfi Smear. SBllTBiC. cr-S807S33. Apr'isT Q.7 45.4a 

MS . S? - 8-S XUAUBite {367 . 3861-D4) 44ft ,Acnwt Unite): . gA 45.7 

SS^aiSp^- Bi : .".I 28 MotRnl l'«» Trust {*)<«» K5 . ^9 

r. ^ : J. lACbpUmll.A'e.azBTBU ' -'OI-«l64aaa wiekDIv Apr.2J.. U7 689 

OlsCTftlOnftry Unit Fund Managers UutaalSec Plut )4B4 526) -0J| 666 Do Anum. . ..-|725 768 

azmoniftoWSL.SK2M7AI. 0I-O844B9 M»a«te l ly Ta .■ WS-l.* 750 x,,dall Managexn Ud.* 

Diratawra. .(l»f 168J,. i 5.4f SoJlIol 8^ liCttj-pgeRrad.BriBol. 

E. F. vnxichesterJFjrad,MngL. Ltd. .National and Cenmereial. - ine 

(HdJ«riy.B.3 01-0M2I07 sl.SL.Andra* feM'e.'Edtahunthffil-AWOl.AT ci^MlAiir to' . .|l27J 221.6 

Crebl7riiwiiMtcr..]U.7 182| . . ) 67l incomrApr. is .|13L2- 13601 .. I 6.78 <Acenra.Ciiiui 

GLWineb'er D«eull64 28l| .. ..J 4H lAccwLLBilsi- 1796 186.3 ....I 678 EiemptliinhSO 

C^Awl8. yI9ft 1242 . . ..I 3J7 (ACOim Unite} 

Emson ft Dudley Tst, Mognst. Ud. CAcnim Umni IMAO ' isiif .. . { 337 Caarnee Apr. lO 

,ao AriiqgUBist.sw] 0148B7SS) Natfenal Frerident Inv. Mngn. Ltd.* is 

— ) - lE»5nnDud)f»-T»l.)64 7 6964- I 380 46CiacachiirrbS{.,EC8F3llH 01-0834300 (AcaS^L'jJuj— 

Eqaiias StfCs. Ud.*faMe) ^ ■] ** ISi ^41 

41 BtehopiSM* EC2 0l-a06SS5l NFTC!teaa.Tri»t |U^ OuS ... 605 Scot hiz Apr. 10 .|1SM iMi 

Pragrvtaive (648 684)*05T 416 ':Acaim.Uh)U<*' . .B29A VO^ .... Sra laBdra ftatl Craup. 

'an Jai^iD'eEfris.Tt( S HK22 9.60 110 

in. JttdlBO-Fpa Fdfi* smC317S2 . . 8.9ft 

j£dtiic.S.&.6. . SI-S32K : 210 

rSa JAnbiteFlrAlm* I SKX936 J- ) . 
t'S . NAV Mar 31 •Equivaleai SU-SORrs. 

Nevr vJb April fig 

5.fe Kfii'srlex Magln Jersey Ud. 

PQBo\06SLH(>1icr'.rervpy-.lEns OIJbWRvri.. M‘«KTyf Marat— 

Arf.1;te'> t256 6 272 H > - 

ojJl Ffcsd Vsni JO UMS 1106 J 10 85 

(.Accum Sharevi |l366 139^ I — 

Atcurr IlMiae.'nauBixv, liJr of Maa nOS4 STiUSO 

M.>E4Vo4Aor :»■. 11262 1338) t ^ 

ruL Into!. MngjnnL iC.IJ I-td. 

14 3fuli*a»ier Srivet. Sl Helier. iPTtev. 

i. MBFiuid ... -I1UU03 ir,6i f SIS 

United .'Atatca Tst. IntL .4dv. Co. 

>4. Huiy .iMnns^r. Luarmhoprs 
U 8 T>l. Inv- Fnd . I 5US10J1 ‘-SIS D9T 
Net A*»ei .Apnl 24 

5. G. XVarbotg ft Co. Ltd. 

:s). Grerham SlTMt BC2 01-6004568 

Cnv-BdEe. .Apr fill Srsft47 i . .. ) - 

E.-»m laLApr fil .»d - - 

GrS(5F'd MarSl .i SUS655d ] - • llfifRR iMlI . :| — 

H'arbniv 'loxest. Xitgt. jrsy. Ltd. 

j. chjnnrCro** Si HcJi<*r.Jsj' O O-AWTriO 

•DIF Uil March SQ.CITILH !2U; - > - , 

I'MJLld 3Un:Ji3U klJD4 13|7.> - 1 — ■ 

rnowlc* -- - 
RcndxeUu . . 
nrapaftMl Kprtelex [gr'I . . 

1^ KeaselexEurape 
' ‘ ' I'm ' Japan Gtb Fnnd 

" I Vm KeysalcxJMteo . 

' 1 am t'-pol AxseteCap 

MbKTrvra. M*4KTyf MarfiD— 0144 
i 2M TMT.ApnIlS ... lUStiS 
■■ I 1 TMrUd April 13 a 74 

n iS:r 

ma '76^ . 
U3 12 84) . 

£13228 |Hl6i) 

3 86 World Wide GiwfUi MasagGinent* 

— !<1a 'gAiil>n.-iird Roral. Luxc(nh4isrr 

- U'm-tavicJu (lib Fd) SVS1339 f'554 — 


I - r* 

" SauitV ft Lav Un. Tr. M.V (aMb)(ci ‘Prices an Apn) is Rnt doaltag May Z De-Aecam. 

01A889922 ftiim NwfeiiBl 

*0 K - EquHv*Um' - . |B.2 6654*051 63ft aa, 

*3.4 — FrafeZialtmt Unit MTgt Xtd. /a) S5"^i S3 

- 5-7.JltlBadYart.EC4B3DH SKStav'V:.." »3 ' WS+O) 

• " • SeotM'W. . -.W-S rSW ■ ■'1 S» IWtfoItolBv.Fy- WJ 7234^ 

1 biLtirtmthFd. (99.9 XBSig ■ ...} 253 IhiiversilFd.>(li -|S63 6681*0. 

Pmetdn joi larl'.iilr Spremdinekcepi (thrm.nini'aicrt ft ar(tarr in pf-ficeunk*s'}th*r<>'9m 
iqdICAlH Virl(i‘°- '^h'*«n inlasl coluir-p. ^lio«‘ (or all buyins *xppii»e« a Qtfereil pnuc 
inriude *1) (?vpi>i)sw b TivdavH prim c Y:rlH hased or. tpUer pnee. d E&iimatp4 g To-dar'A 
opcniMpnee h [H»irlbuUan|reeaf F.K lait-*- 8 PaTlDdin preninim insurance piaRA.n an;]* 
praBiwn in»ennt‘e r 00fn4 .prire /Aclc.'Jet all rxpenaes exeepl agmi's epiimH.vooe- 
' Lig * price inHudos all stpmscs rt baucM Umufib macaBcrs. x FVcvieas nays pnee. 

CiS Met of UX qn raalisaf capita] gaioauniess IsdiraledRyo 9 Guenuep gross 4 Si..*ipendaZ 
* Yield before JersM us t Ex-snbdivium 

- Dmcot Ltfwrie Yorkshire Bank '’a. 

Trust ■jfAipbPrti of Ujc accobum «*"**“ 

.-English Transcont. . "v . coanmnee. - -■ 

First £^ndon Sec.A ^ '5 ■ '-<lay dtponts '4'. i-aioiKh <*- 

"Frret-Nat. Fiul Corpo- Si®5 

cFitst,Nal. Sees. Ltd,. . & % i » ss,™ «■- 

■ GiWs and aver fiB.w** 

■'fir^jWtiod GiiafaoiS •'■ • ; call uepauu orar r*.w 4*- 

.^GriQitiayA BgnK. -.-■ -;--i..'?JS-i-Deioat)d dopAss* 39 a- • ■ iZ 

K(*Ui}fe^g MahOD' .1 ...-- ^ n*t» «l»o aepTleo w 8t^—J 

.^GriQltiayA BftnK. -.■■ ■?■■*. .^J^-VDomaod daposst* saa- • •• 

V:Pui}fe^g Mahob' .1...-- «l»0 aepTleo » ® 

•Ifa7nbri>A Bank ; - 

Vanbrugh Feiiaioas Undfed Do. Aeeum. .. -Z^p^a ji 

41-43 Haddw St. Un W2R8LA W-«4«3 . .. ' .. „ .. , 

Meazed- w« ' 99.* ... - Friends Frnvdf. unit ‘ 

B«IU .mh 180M - - nxtamEBZrkoridBg 

-ffil iS* ; „ 1 - 

Guaraufted !« a«e Raw»- wjie ^ ^ Managers U 
Ifelfare'tnsiiraRcr Go. 'Uft* i&FtmhatvCtremEcaCTDi 

TnoL*w Felke4lone.!Ce.'.‘ 030357333 C.T.(tap.loe ■ -B?? 

Mnr.MneUwrKZ'. I ■ 997 ' I . I — Siii 

ForotherJaaite. pIcaraprtltffrAThoLoBdoa A GXhmFiM^-. . Ufa 

. 5i«*ratarG«up S:T.jii5i?ln&:nLI 

Windsor Ufe Assur. Ce- Ltd- ud 

lHi8bSberi,Viadior. WiedsvdMM aT.SOurYdsFYt-.Su 

288 ^V--- — *G.' ft A. Trust fa) (g) 

ciii f: Z ' 6*«Jal|taM.8»W«0d 

Do. Aecom. . |102.« JftiM ... J 253 Tmst Managers Ltd.* la)(g) o^tnes 

Friends* Frwdf. Unit Tr. Mgrs.* w^oantDoridgSaw _ »» gffiggS^Izi 

rinnguM rr agya 


Z$f HUbfafniorifir 
rs| uSnuSmi— .. 

”5 SpwMSIU 

552 TSB Unit Triutft (jri 

sicbatiyWay.ABdoraraltgnto. flftBftSfiiaB 

ThoL*w Folkenone-Ke.': 03035»3 C.T.Cap.lae - ._ 

3D>r.MiKUwrKZ'. I -997 ' I . I - *#5:-^-s5T?^ 

ForothcrJaaite. pIcararrtltffrAThoLoBdtia A . , 

. . . MasebnUJ' Gnup S'i V:L5S!£=- 

rrieins mwiit. t^uit ir. .iigrs.’T (biDo.Aewm.. __ M 

PlxtamEiid.rkpridBg OSOOSon 'Bu sil^ s^ .m TSBlacanp . St 

FricndsPrpv Uu .H89 43?]HIM 44ft ^***8^538 tbi Do Accua.:- g 

OoA««m. ..So 5S«|*fl4| 640 »SlSt ' ' g 

G.T. Unit Managers LUL* Nftnrich Union Insurance Granp fb) ,a, 

I&FImiWFCtrtm^TDD •;0t-daB8WI ^=^'2®'**^,^*^’*^.- 

C.T.Cap.loe. ..m3 <i»upT«. Fd -.--IS256 Mn-Mlg *•* uyptaePGrm«.*i_0f 

995 *oa S.90 Petri Tmirt Managers Ud. (aMaKs) L._ .^I^.Zr: 

sal -HU 3.75 
U.T -OJ 7A 
631 *BJ 7.08 

ftaas za 

IB.1 .06 ZS3 

FolqfeAnd.GthteAj ttft ( — 

FururaAoZGIhft^ 485 I . - 

Rttjtajd.Pw»^ . .i £S3a I - — 

Fl*fc.l8v. 0i wih-tM5j . JXllj. 1...J -r 

3 m-dOBetst ossaftsssi 

821 *0 3 6« qroupTn. Fd -.--IS256 Mn-Mlg 608 uyptaepCnraUi-Dil " 3l.g -HU) 530 

99J •>■03 S.90 Petri Trnot Managm Ltd. (a)(gKs) .mbmm* Om immii tja 

1629*11 uo wiVTSB Unit Trust AceftOBl ft algiBl. Ltd. 

m 31 i S»iP" sa Til 

iSII -19 2 » PBortlne. .--H? HW+Sl 2 S m 3 I ZB 

%9 -U 710 PimlfliiltTst.,— ^ W Do. Aoeom. . - .»7 S4.H — .1 AS 

(AceaB-CBttt.'..- msa ra^-fal S.05 wfeler Graqcth Wad . . . 

Pelican Units Admin. Ltd. '{gMz) KingwiaiamsrBOtRSAJi ei-68S48n 
. dKTTiaafiSOQ glFOBOtUsSt M«Khc«tar On-S0SBBS taeoAcUnU . ..IITl . 2924 ...J 4.62 
SSAt-y^ 4,64 PalieuiUa]U*M>n.|77.7 835^*0.^ SJ4 Aceuin.Uaits— ..wBLl S.ll 4 662 

.. J 465 
.. 1 451 
.-... *S 


1 Royai Exrhango Ave., London EC1V 3LU. Tel.: 01*^3 
Index Guide as at 11th April. 1978 (Base IftA at.-14.L77.> 

Clive Fixed Imerest Capiial '132.70 

Ciive Fixed fnteresi income 1I9.6K'. 

CORAL KNDE-N: Close 4o7-462 


t Property; Growth ^ 

> VaohriiBh Guaranteerf ^ 

* <fco»o >nd«7 iriciirinr-* ird Prp^i-’rry pnprj T*.v.*. 




32 Baker Street London W1 
Telephone 01-486 4231 '' 

Nine regional offices 
Specialists in the sale of privately 
own^ businesses and companies 
Valuers - Licensed Dealers 


Financial Times rWedhesday ApHi 26'1978 


AMERICANS— Continued 

m\ 9lod If' *-*1(£M{rK|S 


yth +h S3J0 ^ 

iSJa - 



fLi I * Mictfa 

“Shorts ” (Lives up to Rve Tears 

w! ... 4.41 


a:ii lit 

U6,*«J U23 


. a9% -<• 392 

99*8 -U 984 
^ -)t 9.72 


IOmS ->2 U.99 
94^ -j 1 8.9b 
8 «« ->i 3A6 
UOV -A 12.78 
isst . 7 81 

92% -I; 8.89 
-»2 571 

P -i; 9.39 
-i; 3.70 
105% -l2 U.41 

Five to Fifteen Years 

Ig-J |» 1.J7 
^ 9.48 10.40 

79^ -H 8.18 10.01 
m -h 9.46 10.77 
62U -h 4.89 &04 

66 -% 759 10.09 
107% -% 1246 1231 
82% -% 1034 1135 
90% -% 1231 12A5 
6P4 -% 8.86 10.85 
104% >>2 12.61 1257 
86% ->2 U.7S 1235 
99% -% 1233 1259 





’ 2 ^ 



40% . .. . 52.20 — 
-21%+% S150 . 
40% +% SL90 ■ 

J; -V : 

962p 90c - 

26% +% 51.60 . 

^ $2.08 - 

J75+% S2« - 

17 +% hS1.06 - 

17jri SL04 - 

26 . 

25%Jd 4% $1.00 - 

14% '80c - 

19% +% 90c - 

26 -% ISc - 

25%Jd 4% $1.00 - 

14% '80c - 

19% +% 90c - 

555p *a ^ . 

25% hSLU - 

17% +% 60p - 

30%d 51.12 - 

2n .... $150 - 
2S%+% 5200 - 
150 +2 ^ . 
793p -U - . 

21% ?...„ $2 - 
34% -1% 5LS0 - 
l^lO+V 80e - 
31% -% 5200 - 

22% $L6Q . 

16%+% a40 . 

,3712 5200 - 

S85p 7%e — 

12%al 830c - 

$2 - 

80e > 

. IRS 

1+ «1 Div I TU 

Pnw I - N(l |Cw CFs ffE 

15 - 

1.9 M 

2.0 66 % 

45 S 




1S4 1138 

S.E. List Premiam Wfi (based od $T}S1.81SQ pci*0 ^ 

• 33 

Conversion factor 0.6889 (0.6932) ' U8 




1+ atj Dh. TU 
I - Icrni Cw firt 

Over Fifteen Years 

13»+A 51.06 - 
mL ♦X 92c - 
3§U -% $43 - 

IS +% lOe - 

§a : 

30 +% SL14 - 
4^ -5 . 40e > 
22% +% S206 - 
13^ +% 69e - 

»% SL60 - 
13% +% 86.4c - 
1212 +% 80e - 

74Sp +15 aOe - 
T50p +5 - - 

26% +% 86.4c - 

SL08 - 

i7ai..:.:. ®9& - 

W+V io£ -I 

S.K list PKBdaB 4d%% (baaed on 4&08Z7 per Q 

TU 17 
Gf^ 45 

I 3A 



ILf 90- 

H » 

4.4 202 

43 MU 

2-4 1^ 

26 292 
29 ^ 

1-0 in 

5.0 n 

.ilOp. 43 
r. . .. 28 
r.ap. 55 
.Al^ 27V 
.•lOlt. 44 
6 J j 58 
rflp. 77 

10p_ 34 
U|L. 57 


Sack |rriecr -*1 NO IcnlSsIm 










H 1 





HODki.A)...... . 






Nowad Holst— 



% (kBWDns.l0p- 



ITS 1 

Hi$h Law] Stack 
68 [ 62 iCoidbersA 

1 + sr| Dia . TU 1 R 8 

I ~ I Net Car Si's HE Bigb Law 

- 1 + «i .wi L ly 

Td?e T- I »e* 





20 [PazaduaiRHOp. 
251. ^ 


I 98 

so 32% 
87 73 
35.. 27 
69)2 56 
30 25 
61% 55 
29 23 

68 49% 

66 59 

87 80 

1UI124 106 
73 80 74% 
4 I 63 ^ 

65' 48 
24 21 

66 ' 57 
37 29 



J IQ' 

14.4 K' 

93 U I 
8.4127 46 
10.7 * 44 

6.4 &6 74 
a»ll03 a 
r-53 27% 

[63 120 


54 49 

Hire Purchase, etc. 




•tc IU 8 

.W. 532 

h203| 1.7! 8.7!10 41^20 




75 146 
42 107 
37 30 

73 62 

53 41 

“ 3. 

53 ' 
I 14 I 

im ' 

Ti 8 inS 9 Rr 5 j 

piwSoHDJOp -1 116 




95 81 

164 13B 
17 13 

7512 59 
272 220 
130 118 

keTsStrs. lOp 

IS — 

1204 Is 
1.96 43 

337 7.3 

324 0 

d«04B 7.0 

tllB 43 
454 0 

iO.46 - 
F522 24 
176 * 

t21B 6.7 
190 « 

4.82 « 

130 1-1 
145 1+1 


24 IDifAHer.Vl 


Ttmca -Wednesday April -26 1S78 

INSURANCE-Continned PBOPERTY-Continned DiV. TRUSTS-Continired FINANCE, MPTO-Gontmiied 

u s- UMSkMw u;-i£usu JTL.I i«.m$wsiu ,^u„i 

i+«i w* ^rsi 

Plitt'l — I Ntt C\r Gr^lPfB 

.^2« 1 vstfeag-'g 

AJ» « 62 4 


1 gz®* 

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170 . 9 54 9 

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220 15.56 13 11.2 102 58 i 46 

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SI ^ai f ell si in *» w 

» ...... «.8l 13 39 ^ SortheraSeo.. 100 

of It K?qi fi 4:2 89 *1 31 OUAAatotlar- 56 

H t?i jHb H nal t\ 53 47 Oorinehlm-^.. 50 

19 +1% dl05 11 84 63 nj, 99 penOaedlw.-. lU 

IS ” nJ” 75 68 Pn*. Scfc Iv. to S 

BA ■■— 21 To IT'S To 26% 23ij PrerindaUSties ,28 
S§ "8" rfH nc 11 flvH 123 104 RaebanL-J — UO 
S. “* ftl R 4 fcflal *1 37 Reabiw4liie._ 41 

36I> 165 5.4 b.H *3 u no (hriniATuran 2ft 

tec._ 41 tl.06 

U 8.|lt0 

11 4.n28J 

94 154 141 4.1 

79 -I 33 IS 6.7 — * 

X4 — — — 

49 -1 17 9 3.4 NOTES 

245 +13 s2.8 1.0 17 

IAI ^2 8 A CnUw athrnriae hutlwwil. prieet aad net dl yMneftr ve ta 

I'l POM and ftmmlBMlm* are Bp. Eatlnawd prim>emlBSa 

?Z T if ndnnidcwnraarrbMCdmlBiaiaBBaalKpwtaBndaeBMies 

,10 iL», f. H aBd.whvepi«afbKareiiiriatodmhirit4«rtei>SHm-PI&ar« 

257 +5 tlOJS If to enlenlated on Hk basi« «f nai Aetdlmtloas tra cfcwr d nfom 

82% : 3.05 — 5.6 t »M— «« ,9 wr enii. ar more ditComce If r a lmT v ed on 

92 ..... Q20Jc — 4.9 dlstiibaUaB. OvMn are tawed on r maxtewm '* dtoMtarie^ 

59 -1 ^jc 15 46 YleteMTboy^ OB Middle priceo. are BTOBfca igier^ to ACT al 

45 fiUic 9 56 M per cent and allow for *»Ior of deciareft dlrtrOiatlya aad 

130 ISrO 1 6 5J. rtaCt. Smritico with dMwntaattoB* otto# Om atorUBf ara 

93 . -i 1.7 23 qwBoft indtawve of ihe imoamen doUar prondank 

« -■■■ ml lo To A a«iljnfi deootmnalisd securitto asieb Indade tgeoa t nei * 

£29 IZiTtO '191 3i9 . 

• Bltt and l«i« narked thiia base been BdiuBtodtoBlIoto 

for rlRBls I'WiM tor cub. 

• • rrm Aft'' ♦ InteniB atoeo inewued w resoraad. 

TEAS ■ * iBtBrim ilnce ndnccd. iigosod or detotad. 

V Tu-froe to non-rwlents on applieatton. 

India and Bangladesh * **“*‘*"' 

i« l_3 a 991 5917ft a Pnee ai Umr of mvpoAsioo. . . . . 

* hiftSR ft 21 85 9 IndiCBl*<liHTld<Hidaftorpmdta««cnpoiidMrTittt»la»oe 

l“7 b" 07 IB 1 » prwrtoiis dieMond or loracBsL 

, ^23*2 f l.W i.B iAB ^ Merger hiil or reorgaiusatuio In progreio. 

266 ♦11X0 |3j M 4 ,,01 vomporahle. . 

266 PJO 00 6Jl| 5.7 A Aamc: interiTn: reduced fine] ondtoe ndneed eenwe^ 

217 ..... ll33 1T1 9 4 ^ ir.riimled. ^ __ 

390 15.08 4.9 59 p Fomaid dividend; eoier im eomwga spdoted tap ntoV 

22 4F172 371114 tfKenm rtaicmonJ 

204 +1 1^3 3iw 9.7 ; Co>cr al I wii lor eonventen of «hare* nM y» TBaldas ter 

061 -1 93 871 83 itiMdeiwb or ranHr.a only for re^icted dividaod. 

' * Cww dew not allow lor rharea vrhich May al to ""V to* 

. . _ , dikidend at a httut* dole. Nn P"E railo wuaUp taeaidoa. 

Sn UnRa p Excluding a final dividend declarsbon 

|L-™£1 1 157 1+2 1 Si 1 LSI 53 f 

a Ta* free, h Kiaurea hauMl on prcKpeetui or oabtf ofDeiai 
Africa e5ti.-na!e c Ceni* d Omdepd rale paid or pesMW 

cd capiial: wer bawd on dfvUtend ea_ ^^copKiiL 

09 OJldU 23>2 20%|Eitii»reEteDlslD|i 
IX 116 110 266 212 

i: _ ^ 266 222 

_ - .i. 245 180 
0.9 15 U7J ^ 3M 

H a VuB 500 1390 iBlanWei! 440d +10 ».0 9 177 * H^j,„ption Mcld. rn« yield. * abmi^ dividond and 

111 3.9|34Jj^^ Kq { 155 (+10|l3j0 I 4 ill7 jie-.d h AMumed dividead and t ield after oer»P .«dsue. 

r, rJiFo ‘ I I , PeMncntfromcaplialMiuire* X Kenye. » 

M IH- Sna t! 5a 7 ft W8 *67 DaSabsStrinS W, +6 
59 Zft fc3 la RoliacoJSV™ £«% -% 

71 Ww 6i 67 M an uS DiLSib.9ftns. iSt -9 

67 14 7.n 80 

AS7 325 
88% 73 

Do.sib.9ft ns. 




* -i - 18% 14% 

• -4»31% 76 




.'•.r .' 25% H. 
1‘:'T3% 38% 

JU 7% 

iteSnlb. 27 ‘ .~... tlM 3.3 57 7J ioa nn Sau A Altai 5flp 180 #10 10.6 17 87 $1 41 

Si Si—fc ' 52 ..... tllS M 6.4 87 9c McreOT'sT. lOp 92 ..... cl3.09 12 5J 24.9 62 69 

shlbmB £M% Q1096 9 4.1 i £23% 0ait5tHs£- £38% e$40c 4.i 10 U.8 41 36 

tPirificOQe 118 +2 14 2-fi « 24* ^ttP.bBllMp S Ho i® S* tl m 

nte Oft. d5J) 4J 7.7 Si5 m OdW^DC&lu 57 2.48 ♦ 8 8 63 48 

bBp— _ 23%“% t035 3.7 33 233 gj saatriiilOp 1|2 +l ^ 3.4 ^ 25 

teHtfZZ -iP 78 SnihhilMaaOp. 81- tl42 5.1 *i 63 28 18 

&%dZ: W +3 6.7_ .ll 8.1(^210 iS WtfJ^-189. +2 Vm ll^Xltf 29 20 

- «9 36%' 
.167 ur 

*70. 63 

M*.i»sHdZ 114 Wji u iw *5 ^ HfiS'S'K ?5 19 

- u ■& IlL'BBvVn.Sp. 9 .—. wo^ f-J W 76 67 rrwBpijCTtPpr. ^ .... |.g^lg| || H S 

m 9 BaiiBiato_ II5I2 +2% 432 33 5.7 63 45 57 Didant&oo^ g. — JM 87 5.9 99 |4 

» • 45 D teaffiHUlZZ 38 — — — 55 49 UiterWaterlOp, 51 — J197 3« |X 51 67 50 

mIZZ M - K 49 si :z. «.97 34 88 U 67 50 

46 ..... d0J2 2X 17 1A2 ^ eg RtaceteiwXOp. 38 .... 142 3.5 5.7 8J 31% 20 

— n.«Qn 725 +1- 5J6 3.1 63 t8 230 206 ffaddiiiEUmU^b 210 -4 FI 10 4.4 8X 7.8 $6% 27% 

n vW ’ £27% ..... 01192 — H , >86 72% Watmoi^i— 84 .... 3J5 3.4 7J 63 ^ 

« 3J9 12 7.1 93 g u'* iwsSptSwiSZl 11..-— — —1— *3 «Q 

. --1R 9 IteHrOnSp 9% .’.... PJ2, 13 IIJ 

150 DB>I 
.?. .•97- '88 BoHV 
. . r ' 41 36 Dolfle 

■ •■-..■ 548 476 Driki 

■ .£27% E20% Oft« 
. '62 53 (teC 

. .-:..66% Sl.OiBtel 

-' S acn 

'f®2 Otod 

. . 40 . 32 Oalv. 
: ' 33 25 nun 74 vfaiiB 
; '^TT' 72 : WB 
■ ■ ■-n 28. Me; 
. ".15 U Mhe 
a 42 «ta 
220 !D5. fBlaith 

■ 62 . 48 man 

.. ^ SSS 

i 3>2 im 
• 1^40% 28% Md 

■ -,'..275. Q4 Otate 

. . 24 fflnle 

lS 74 Rnts 
,:}X 176 viBto 
' . . 43 nM 

- . r a - 45 • irate 

JSuzLz 1^ +1 ■ 1-3 1-8 

K^StC. 94ri +5 5.48 H 8« 63 

38 d2.79 3.31T.TI 3.9 

£5^ 50M +2 1150 *1 3.3 ♦ 54 

SwUl- £26% ..... 0^ ♦ 8| ♦ M 

CstrieslOp 62 +1 109 ♦ I 5.9 k IV 

55 43.63 U10.M 7.4 75 

»% ...- m_ 113 ^ 73 242 

.W “ 2:1 « 12 11 1—1 - l-l-l- g g 

113 2J107 57 . 30 23 

.72 23 IIJ (8« 35*2 23 

8 U 8>C 8i0 «vY%/wimnfiwp ^ 


ilo * 3.8 9 54 I 45 ,2** — 5vS- iil |‘i an ^7% 31i; 

QJ% ♦ 4.9 ♦ M 184 Altoattlroaten. in .... d38e U 3.123.0 321^ 77 

39 * 5J k 10% 7% 6aal|nmlSURi 9% +% — — — , 62 U 

333 £110.0 7.4 75 M AMtonffldei,— Jg ■— • 48« 0.9 4 9 34.6 49 41 

78 lit 13 73 242 205 2?7 _ 3 5 1| \\^1 ^ 34 

fiSri^rr^ 17% ' 0J8 lit LB fJ 242 Z05 Apa. ITV|«. c-s rasT? « >» 

"Z. dtn 3.4 63 t9 20 15% tenos-SgS"^ i?** LT- T* l^ai 59 ! 34 
S5"^* T ^ A* tL91 3.0 7.4 (Si 74. 59 Avenuea'se.^ +% 13 IJ 3.7^23.1 

J ^ » zzm 3-« ijffe 

74*d "”■■ 03 37 6J to M 47 bS^i W|Z 54 . td43 14 11^ W 

JSpS& ^ lx« sj 6 x « 57 % g Sfc 

lhan npH-ioiis total, n Rigiita lenw pending q Eemlaee 
bared ca prdininaiy ilgurea r Auatnlian cvrati^ 
a Dividend and yield evciude a special payment t Iwiatea 
rin-idend: rover relalCb to previous dividend. P.'S retie based 
on latest arjinal oarnings. u PtoeeA< dhidencu eoeer Mm 
on prenous >-eaf'fc earnings, v Ta* frae jip. to 30p m the 
m Vi-lrt alloas I« nirreney clause y IMdand ftM^eia 
, , based on merger ternto » Dividend and yield tadude a 

I — 1 — cnec-ial payment Cover does not apply lo speOal paymm. 
164{ f ASd divideod and vield B Pndercnce dividend passed w 

20 —.1X3 3J 9J tl houGlLteto': 87»a *1 IS 13 43 R8 

50 .... tdiU 97 5X U 71^ 43U ScottCooLlw 71 ..... 17 13 16 482 

I r.L SS “ 4 ^ B- ■ 4^i y Ii III EASTERN R-AND 

g uuj « g^s 'Si u Sllli « ^ 

S 1.& ii H li gg;u’3 iSSSS.’?; Si^i iiS L iiAi | 

I : L" 1 * «-4 .“^SSSS"- al ij 

i iir k fc ?i I f 1 1^ I S” y y ai I ■ I 
p I? y ^ ^ u ii rf, far west rand 

S • — i-S S-S ■.3-I f'Z 113% 94 Sohmlnv 105 +l 'fl?« 12 47 30.0 j., Mgs l«nnor25 i 306 1-5 l»fl 

4-nlW pHl _1 191 1+1 I — I — — soec-ial payment Cover does not apply to a pecirf payment. 

s PanH Pm Rl I 278 +8 SQSc 164 $ ANci dmdend and yield B Piefergnce dividend pa ssed w 

ldrant%^K £32 23 tS deferred. C Canadian D Covg-andP.BrarioexdB deiypfito 

BRudEU— ( 115 -4 1 q13c t7 63 of l’ R. aenwpace fobaidianea E £"*'*‘7 

ananatu— i i 1 and vield ba«ed on prospeems w other rdflclal esdmattofor 

IffTT.'TA G >\.ssumad dividend arj) yield after pendingaertp 
and'^r nitfitf iftsue ll D:%id«nd and ^*S“ ^ 


-2?* -B- Tc Otflrial -Mlmoles tor 1B7B P Divutend and 

5B «?o i"a!i?a based on prnspertuR or ether official artUMt e* for V7 7 

78 “3 Q19c 1 81143 q omsr T Purum. sssumed V No signtlioant CorpoTanon 
278 -4 «34c 3.8 73 M'aWc ”* 

40%-% “Nlc 1714 4 ^^m;aionTreesi]rs Rill Hate nays unchanged until matanor 
81 Q46e lw33.9 of sSori' 

81 Q46e It 33.9 of sSorr' 

40- +" Q2Se 04 373 4bhr<«-iati«ts rtexdividend.ceaKrlpIssne.e'egnghtKBa* 
584 -t lV86c 1.7 8J all; •= c« capital dnonboaon. 

— ^ _2 _ 

**FeccDt I ssues " and Rights ” Page 40 

T RAND iThia amice te aniteble to every Company dealt in ea 

VA i.ft ItOftSrl 231 qo StecR F.achanwv throBgboat the United Khig^ fOT ■ 

^ ll 1 « 9 5 fee of £400 per aBnun lor each seenrity 

Potts, tou 


92 76 

93 8P 

sIipZ 8712 +% 105 

278 IM 3.H38.6 

238 154 
153 92 

DneR] 603 

lin^GIdSOc . ITS 

urgRl 95 

lAeesiRI.... 993 

84 ...... 2.65 

, tat Bv 26 22% mroSGwqthZ 22% 188 -tflli? 12.7 SJg sSofaWB;™ 437 +1 

fftoite M7 -3 13.01 |3.« t4 53 g 86^ I»r&p.El W W - hrJ r-lr- M ^ ffiiiRl. 437 -7 

95 !" !. IW.45c 1.0! 5.3 
993 +31 13 SJ 

437 -7 hS45c 37 6.2 


-4 021e 10 19 niefollowini;iiaeeiecuonoiixinaoiia^i-iw^^»i.«^ 
073 f 2 1 Aft Mvw iou<iv lifted only ui rcgnwiaj maraeto 

&,£. Hi A B ismes mo*t «f which are not officially luted in London. 

• .... QX49C M O.U ' .. ths In&h esehaDee. 

iSirtmT*" ™ * ftU Ta 931tfl562 432 2|f -• ?•£ 2£ -T,_i„ij«^i,ncliaeelertionof LondonquotationsofsharM 

^ “! S'f £j ^ ^ IffliSfcrZ SI U 64 S^e"^r"oft\cw*feS“£lndon. 

*'•- ‘-“nTacewita- 156 +3 5.0 U 4 5 29.6 gL ^ £16%+% 9280c 1.6 9.9 Alban.vlnv lyjp 23 ... Shelf. RefKhmt. 50 ..... 

S5&. 4- :::::■. 5il ^ irk H U -SlMr"'":.! J ... 

T ti ,£« B M ii S! ® Ill -1 ^'^2. 1.3 7j gs- ^ ■ 

^-i IS’* :r4- 7^ 18 SiTi^ieS'oB .he 

£16% +% Q2B0C 1.6 9.9 Aitunvlnv i5)p! U | ... I Shelf. 

ifULOcetiiie-^ ISi +3 5.0 U 4 9 ?5.6 nm, cmj l k U6'% QfiWC U 9.9 Albjin>*Tn3* I9)p! U 

ibouebmV— 63 hU ^,H^^241 152 (TesternAreasRI . 152 i^3c 17 51 AahSpinninc | ^ 

itevtttJieSIto. 61%al 439 9 lOX 9 -m ego w-iiernDeepRl. 65S +1 $L5c 2.* 7.5 Bertam , .{ ^3 

Shelf. RefKhmt.i 50 !.....[ 
Suidall •-Wm.l. .| 85 1. — | 




■ S ^ WJ - 0.4 - Wg io Cton-J^seo^ ^ ..-. - 

: tSi, a aim 13.1 nif - u wz ® }." 

I fwz ^8, i3|iw - « , 

: :J! !5 BSfiSS p - riS 

120 lynteesCoip-. +1% t4.06 U e'e ^‘i 

04 IVneHtetavIk. +1 3J5 1.1 53 25.1 

53 IpdoPtitev— . 58 1.75 9 fi 9 

106% luiBriLSees.- m +3 M.03 10 5X 384 


179 -1 tQ22i: 10 73 BdflW Ea »p 2W 

CloverOrolt- .. H 

Craig6Rv«?ti «S 
IK-sonift A lA 49 

B ElllsAMcHdy H 

3. Evens FCl: !Op 57# 

an I *«T.*llftian EvortU . • .; *4 

Conv £9|% 

AilianeeGas — ! U +2 
.Amoti. . 290 . 

I'armll rPJ i...'| 93 -I 

; ']01- 83 WoodRaU. 
' .;S 44%jZeSteSp- 

» +3 [lU 

9J 47% 27 Eaf^ Ste._ 
£lffi E60 Do6%l)C^' — 

£100 E78 DoBpeCoi..— 
45 38 SasSAgW- 



• 262. 

. e'Ml 

: J!i p§ 

.= 132 
• 173 
. -M6 

158 +2 9.18 — I'l “ 


154*d t« - H - 

210 +2 810 — ?■? “ 

21M +2 WJ7 - 14 - 

^ 51, ", « liiTo 

m ±h iSifS:? 

i« ...~i?Z T 5! -7 

132ff »4« — 

iS :^.. 3:S f 

Jo 12.59 - 

248 -2 10^ — . 
120 I J7 - 

120 . 877 — 

+l 6;M — 

130 +2 8.1 — 

^ +S Ta 

49 -2 Clondelkm 106 -« 

20 Concrete Prods 128 -1 

160 .. lieituniHIdge.) 40 

77 -3 Ins rorp 186Uri . . 

145 .... inthR^.... 132 .... 

250 .... jarnb - 65id .... 

.53 •• •' Snnoeani .... 30 



194 -1 

95 ..~. 

a ft fi57AfC«i.ain 171' LO 9 b-t’ ? Si 30 

^ 77 ^SSlSz; M .r tlDl 34 102^ 134 106 .4rpl 

.S il ffiSisSte— 78 • tbdLli 2.4! 2.31283 IJl 106 AsMi 

' ^il“i gstefelS 

-month Call Rates 

iri _ ..;23 T-jheIavest.JMi 

i 6!i {“Imps" . • 7 Unilever 40 { 

l.C.£ 20 U>l. Diapery-I § 

;9 llnverwfc I? lichera-.-— j jtj 

ojD R-i - ^ ^ £11% !:::. sat sBiiidfc i ■ *• 

+1 -HZS 4 3 22113*^74^ 54 lL:.d«ihi!fB 12-jc _ 55 --1 !iQ4 7c lO, 5 A seiei'io" 

_L 3.46 2i6 Si^ilJ 98 70 lRis.PlaLlflc_— 71 j+1 i;QZ» 2 cl 1.% $ Loedoa Sioc* Eachaase J 

) i>i giver, nn the , 
Repon page 


■ from - 
90p sq ft 


Creating hive$ tor Industiy 


Wednesday April 26 1978 

known for quality 

Anglo-U.S. talks plan| German current 


rejected by Ithodesia 


SAJJSBURY. April 25. 

BHODGSIA’S Executive Council tiaiion iitvolving concessions by in the Ihree'page statement is . 

said to-nnighf il would not attend ail the parties to the agreement.'' such rejection made explicit. 

an ail-party conference on It is being emphasised that u says: “ We are' satisBed that by iOM*-rii*u rAop 
Rhodesia along the lines to-night’s statement was not a ^aw obtained the support of JONATHAN CARR 

suggested by the British and U.S. flat rejection of the the overwhelming majority of 

Governments. AmOTcan mtiative. .A black fjjg popyiatioj] for the Salisbury 'VEST Germany’s trade surplus 

The four-man Executive Coun- Cabinet Mmister said that the ^reement, and we ask that the dropped only sHghtly in the first 
cil, consisting of Mr. Ian Smiht consen^. view vas 19 British and United States Gov- three months of thU year agaii^ 

and three black leaders said: any conference so iMg ernments should consider putting tJ*® sameperiod of 1977 and its 
"We do not believe that a con- Pomts atoa^ agreed m .the jggt» surplus on current account in- 
ference along the lines suggested' Salisbury-. t^ks were_accept:ed creased markedly. 

would have anv more prospect basis for a Rhodesian The fact that the executive has These results come one day 

of success than 'the Geneva Con- independence settlement. issued a far tocher statement after the country’s leading eco- 

ference ^ 1976 It appears to us He denied that the Executive than unanimously predicted by nomic insUtutes estimated that 
(0 be doomed to certain IsJiure. Council was rejecting the Anglo- political observers here suggests real gross national product 
"The members of ttae Execu- American plan for talks. "All confidence in the success of the growth this year would total 
tive Council are united in their we are saying is that any new internal agreement has increased ooJy 2.5 per cenL. not »5 per 
determination to proceed as talks must be based on changes since the Owen-Vance visit last cent, as the Goverument has 
rapidly as possible with the full to the interim or transilional week, and that ttae blacks on the hoped. 

implementation of the March 3 arrangements and not to the Executive Council — Bishop Together, the data are likely 

internal agreement. already - agreed constitutional Muzorewa, the Rev. Ndabaningi to be used before July's Western 

"They are also united in their framework." Sithoie and Chief Chirau — are Economic Summit Meeting here 

tiesolve not to reopen negotia- The wording of the Executive adopting an increasingly bellf- by those feeling that the West 
tion on matters which have Councilstatement.whileguarded. gerent stance despite the appa- Germans should, do more to re- 
already been decided as a result comes very close indeed to out- rent willingness of Mr. Smith to flate their econjKny and. help 

account surplus 
up to DM3.2bn. 


BONN, April 25. 

I FinamaaL markete yesfc^dRy. '£75b.p'M ',fonnei;isdiite. 

presented a! dmressing but all Tnilo'r rnRP fl ^ tn 4^ 7 

too familiar pKture. Stefliiig- ‘v ^ waer»as:^>^, 

was under persistent pressure,. ago c^er.- ipozra^&tyi 




tiie money markets were ner^- 
vously mdicating a possible rise 
in M-in-imnm Lendd^ Rate and I 
the gilt-edged market resiim.ed ' | 
its ^de — the 5T Govemm^.. ' ] 
Securities Ixtdex reached a new 92 
low for the. year. But the 
pattern was miu^ the same last ' 
week and. of course, MLR did '. ' 

not. in the event go up. 

LOCAL AUliiomtyv 

ably lower.- Whereas Sw y 

ago copper.-' .ooir^ii^^l | * 

over 70 ceik. .of 

profits, last ybar ;ihA;{!Oill « 


D'e^te incieas^ 

Bo^aiov^e 'axul Miltin 
profits; feiH by .Miow 
last year and are . to. ci.. 11 - 


pronts; xesi . my .raMhr . . .. (>{ed 

last yw and are.Jakely 
Unue under-i085supe£>this:ye^ \ ^ 

.-:The lead and ^ . '^-ridw of 

of AustraHan Uinuig'wid SniE>£::: 

ini alsh f*It * _ 

of three months of hard nego- right rejection, though nowhere agree to such a meeting. 

Vorster accepts Namibia plan 

boost imports. ^ ■ ' 1 year, in anticipation of a tak&~ H ( Sf I ' i .]. I I | i 

The January-March trade sur- - . over bid' from the . like.c Of. - iqtt iflTS : . produclhm 'diffliml 

plus totalled Dp.Tbn.(^.29bn.) development of West German GiUette or Reckitt and Colmai ! a 's o N' d j ' f Wi ' - “P to • 

S „r5.inS'Tea“r” ^ 

*’* l>™™-‘y**^‘*«bOtraqvuTea..-«'the equity^ 

figure as 12 months before. c --.*. imt * 1 . 'Ihe-Letrasef share price dired lures, and its slice of;tlw.-pre- me^ pnoesTtTZ-s ptoBte 


For- a Stock Market whibh 
had pushed the Lelxaset diare. 
price up from 98p ti) 160p this. 

r^ ll977 I \ \ tl97B t: i..^ 

A S O N'D J. F-M-* 



-■Of Australian Uinuig'^a^ Swm 
• ing also felt the.-cttaB^:^^; 
iruh' ore ;']^oductiph--:at;CE^^ 
merel^...WK 'citt. b^. ag^wT 
woiid' steel- ^esriozr^e^^ 
With "tba ' Rossing 
.tefeits imtiiming.^tt^^^ 
preddctigii -difiS^'ttes 
be^: up to the .^hmlniazh Wr-j 
'borax operations to. prpride^Si 
'.‘mom^tuzn. . iT--. 

V:-! •*. 

.I- in 

r .- pL'iS • 

'i'. IS ' 

.. r.r - 

j • * 1 . * -*s 4 The corrent account first quar- nw * hb 2^ hir te 146p.' Speculation -apart ceeds amount to some certaiin te slip ha the- 

MR. JOHN VORSTER. the South member was arrested two weeks order in the tnmotion to remain ter surplus was DM32bn. against D®utschMark hM nsen by 10 the deal looks a’ sood *17.4ni. .year; with .estimate; ranA; ; v 

African Prime Minister, an- ago, and four left the country wth the exlstir^ police forre; DM2.4bn. before, with the March one w rimari iiy at The disposal will, eliminateijlowh to CM'roipgr , 

nounced his acceptance to-day of at that time. ^uth Afnca will be guid^ by figures alone DM2.8bn. against ins the asset bast For Randari the double-' disciranr'*' which «harfe, a fall of 15- per'. 

the Western proposals for a eon- Mr. Vorster announced his the wishes of the Constituent DM25bn. ® ^ j- ® *• wheri iW tm 

stitutional settlement in Namibia reply to Parliament afler to-day’s Assembly" on w;hether to with- The Germans have often been wg partners. has easily posable assete, ifr : when an^^^ 

(South-West Africa) and insiaUa- weekly Cabinet meeting, follow- draw her remaimng troops a at pains to stress tiiat the current Tbe Bundesbank has pointed eluding short term deposits, bolds shares in anoth^ repjapean^ « 

.4 . X-S.-J XT-,: - ! nf <. 4 w.TV 4 t •« nlavifin«. ..Mat. 4 -h.. dlantinn MeiiU- --J-. e ..t_... ‘.T ... !1 . ,. 4 ..._i.V 4 .V.. . flnrf -Fund. Masniim haS heSIl tlOn SnCTl SS. BOUealSVlUe Vi 

- --Lire 

tion of a United Nations peace- ing delivery of secret "clarifica- week after the election result; account figures,' which allow for out that 

M 4 .* *1 Wmm IATaImA SmB* l\«* Kj^45* - • 

keeping force there. 

tions " by the five W^em mem- and Walvis Bay, claimed by both deductions for services and may lead 

.the upward movement equities and proDerty,.Woith the end fund. Magnum has. b«h' tion as,Byigatoy^e 
initially to an increase berf part of film., together- <luoted at '.weB ' ovbr a' third'bp. of tiie-.order. o^£o.Sto: .:.. 

I- Ti (--k- ... _ , . ■' .. tte .4-tB*. ..aoeAl--' valliA ' VA. TTinDhlv .tTiA 'santp as. ITS 'nirinL-!— 

I surplus 

Africa People’s Organisation 1.500 within three months of a specid session on Namibia, rfr surplus has repeatedly been cut ubi^^ longer tern eitoer in contrast to the mg . we w snar^. ^ ^ DUtiea-in^ 

(SWAPO). recognised at the UN ceasefire in the guerilla war with peatrf his assertion toat SWAPp and that the baric balance, com- ^ mariSt sSe o7 m existing asset backing which on ‘holders. That would have a Miaw 

.L - 1„ 41 4 .-_ c-urAHrt ai,.. Ansnlan hnmlBv urniilH rPsnnnd tn thp nronnsals M-ialNn *1 .- ..........a 4 a “ m*® luanvct »u*ris «l in a a— sr ■inm—am.,.,, - ..... -.-..A... Vti« imnart n-n 9 nnmnanv irUsl-lS Close - to » 1 » «».•• 

as tbe only authentic liberation SWAPO on the Angolan border, would ^pond to the proposals prising the current account and iJ Se DrofitabilST of was under big impact on a company.;^/^;". 

™ .. So-'tl.^AWca has accepted fta. “eU”aa%'’o“;£e" a share. ^StSv’won^ 

the takeover an attractive Mter- presumably be done without too 7 ",. . . . 

Security Council. the territory be run to the Wasbmgton Mr. Richard Mo^ tions, was well mto deficit last me taKBover au auxw;uve«ii«» ^ 

Observers in Windhoek fear •■satisfaction" of a UN special y®""- Accortmg to this argument to a rightsissue but for much tax penalty through WTs bandwagon is atf^ spe^ajg^gjj^Q 0 g 

that SWAPO may harden its represen(ative“ until free elections Afnca. hail^ the dension as However, the . current account the underlying conations for a premium account ' tax revenue, rose by only J 

position in response to a simul- are held for a constituent an extrao^narily «al^an- surplus for 1977 showed only a reduction m the trade surplus one tj® ^ . cent in the year ended MaS :.'-' ' •■- .rn- 4 

taneoua announcement that nine assembly. iii^e and constructive step. slight fall on 1976 and now the already exist But they are also been much higher than Rand^H But it see^tt^^ tiWM. is no reflerted the way a - ' ' - ^ 

people Have been detained there A UN military task force v£in • South Afneas acceptance of first quarter figures for this year conditions in which there will could trust, and Indeed in.un-. chance of RIT cont^plating rise in' ^ ‘■•■‘'b -3 

under the emergency security police the ceasefire and a civilian ibe plan was described by Dr. show an increase. They raise the be a reduced propensity to derwriting tiie equity element major surgery on .nseH And ^ f.ved I 

44 W>4,BV,,4....44...- w...T^444..44 aui,jiUS IUI 1011 SUUWCO UD IV 3 4u U4«. M RUB — ... n j_,*’ 'Dll* i* 4414.4. 4.UAM 4.41 ceni. in me Veai- isnaeu ilUUB... ■ 7 

e arid constructive step. slight fall on 1976 and now the already exist But they are also been much higher than Rand^M- But it seems niat tiiere. is no t„A. 4 U!_ reflected the way - ' ' - • -iiat i; 

South Africa’s acceptance of quarter figures for this year conditions in which there .will could trust, and Indeed in uik chance of RIT contemplating „ 4 . rise in' jividmd-incoii-'-^- ' ’ ■ ■ • ■* 

lively broken. A senior executive slbility for maintaining law and Tribal Homelands, Page 16 

CBI warns Healey 
on tax cut plans 


in £13m. 
agreed bid 
for Randall 

More- stimulus ' urged v^unc:, • 

'W ^IJXUWmIU^ lU. gjjig ^ confem market expecta- 2Q7i>'Rio Tinto-^Ziiui’s j^are rmiwi^nitS tt 

• . tions of pre-tax profits topi^ ■ Pfic® .is ®b),se to its 1978 peak Me;^bUe th^i^portiimta g 

£Tul, against £6.5m., and has but t&e rwent strengtii probably ^buyJnte g 

Tftl* BHllfllll been able to push up the divi- hiu.nwre to. do Exxon’s £5 

XwJ. X#V1.1E1 V’V'vUvA&&T dend by 90-pcr cent, to ^ve a reported interest In toe group .. i.-. 12 

- / , 4S . prospective yield oE 5.6 per than’ itie immediate profit i-'.-iit 2 

BY PETER WODELL, ECONOMICS CORRESPONDENT cent look. Yesterday, RTZ’s ehaiman wbiA ve^ore, Wto^guah^p ■ . r's ' 

' * W I Wk 1 T*<Tk I Via «a V 4lMI -TvaAMl • • * ** ■ ..a 


c»6r«l.4d tet t 

A WARNING that the industrial “Your message to this sector By James Bartiiolomew 

strategy will fail unless the of the workforce seems now to » ftrasft ihe transfer nrint riT-. 
Chancellor amends his proposed be ‘You don’t realJy matter.”’ inaeomiianv has made a £13m ^bis week, 
tax cuts came from the Con- Mr. Greenborough mentioned “** It becan 

_ 1 •! « Uittl. MUUX*^ ft ^Fg •Ks^*nr‘ViVt¥ifainl ntii 8 * ■ i 21 ^ 

the British Government Fund, and will be dtscusaed this KotnSCIuJd iDT'a tions wn^ cuirentiy conaSned to ■* J.’.'-me -i* 

remains unshaken in its belief week-end at a two-day meeting of _ „ ^ - narticiDatiiK in ioint v«n,tnres for ■ mjaxe exraa^v .. ..i 

that the West German admini- the Fund’s interim committee in FuUy diluted net assete of deals, .And plropnetdrs of.^^ 

stration should take further Mexico City to be chaired by Mr. Rothschild Investment Trust wime.jjjro. -iuf/ repoix. ana companies.^£i:. iri- Bf 

action to stimulate its economy, Denis Healey, the Chancellor. will rise by about 20p per share accounts opes not .make particu- <^ ^nt mairin ier .pww ririnh • tis'/.!?. - 

following Chancellor Helmut The British Government will as a result of selling its biggest Iwly *®l>r®SMve reading. In the 'capital tnin^er iaz whBe cjrii'’'’.j ^ 

Schmidt's visit to London earlier argue that the plan merits a ringi a investment to clients of short-term, the shares could be comparatively young Not : -v- •. <ri! -5 

this week. .?® Sir James Goldsmith’s Banque wln«»ble- the compames ^‘necessffli^-- 55 

T* l.4.4.«.»A «lao,. i.os*4iM4ln.. » T T V 'b nan.4i-!i I hali4iF in tha wiila,. _ . . . . -a-w ___ ... ,, • . , _ , . “*» VW444J4«444W0 iirurri™.i i m . .. 

fu^er look becaiue of .tiie gir James Goldsmith’s Banque vulnerable- 

TT Ik *B HAlfap 1 V 1 Ema «avi«4AM I _ - _ ^ .t • 

federation of British Industry the Chancellor's own 

=ed J latter bidkgro^d has Si' “ 

^ company.. The nn^ mess^ ftS importance of i “5 SecaMO Hib^tSiol SotS Olrtrtandmg b«n d^ Base me y paces dealing a nnn^^^Bariks 

vpetprflav that th» aeouisltinn nf skills and --v ** 4 .^ siressmg xne imponance or a ana oecause suosuiuoan moves 

^ lit nna^of nnanina shntc nf SrentiJeS putpose IS to tac^ ^ German Contribution to a cou- would take 3 block Of dollars out s****^®® “ 

PamMion ?nri«i?Tw *u.a!da?I creater resDonribllitv needed to borrowing certed intematicmal boost to of potential circulation and help Canadian 

abUity before making a further demand. ensure that the doUar is not tbS pany. R 

to include bigger income tax be much more attractive than 

Canadian listed 
pany. RIT ov 

the“cBl"ves?eidav wre*te*^to^lhe eveir'4 by Germ^ argu- it is unlikely that the meeting 

411 _*L . .L •- ............nio ,.i 4 ...i 4 i Air.Mfiii 4 - 1 . 4 . snares pius Mp lor every * mants. notablv about the nos- uriii Ha aiai-a than tn aai-aa nn 

Officials in London are clearly single main reserve currency. 

Chancellor emphasising that proposals would do exactly the L JJCii 4 .^* about the pos- will do more than to agree on 

changes in hU *^original plans opposite, because they gave much « ^ 4 !® e.xpansion on in- further study of the proposals, 

were "imperative.’’ smaller benefits proportionately «i33n dm- share ” u® epew^eefl bJ about which both the U.S. and 

DetaUed examination of the to the skilled than the unskilled. '**® 

Finance Bill begins in two weeks’ Failure to remedy this situa- closed down 14i) at 146p puttise r®*®*****® ® number of important reserva- 

tirae. Meanwhile, leading indus- tion would lead to tbe collapse a vaiuo aF iso'n n^r ahara aa » -r.®u 4 . ’ . tions. 

irialists will campai^ to of the indHStriaJ strategy. * "®*“® ‘*®'^ "*‘“® ®” The British f.ovemment con- ,« k.. .u., 

ler in roe year. tions. 

The British Government^ ron- This is likely to be the main 

on GKN 

persuade MPs to prttsfo^ larger ' The CBI Ls calling FofV cut ini SSrewblv acc??S^^^ lV“^hA ®" ®S®nda of U 

tax reductions, particularly for the basic rate of tax of 2p in tbe I holders owning 37 oer’cenL of interim committee, though 

skilled workers and managers. pound and also wants the start- SJnJJTi ® "® ’’®*^ ®®"‘* l!.™’ the Finance Ministers’ talks are ^7 


skilled workers and managers. pound and also wants the start- Randaii I aL';" Bi»Ks'i4r.^»'iV-""VX,.-''*.‘Jr4uV2 ^^® finance anaisiers rains are -t - 

The CBI is joining forces with ing points for higher tax rates MrTiereiiLV Alien, finance EuVonl sunaestl^ bv ^an e^fpected to cover proposals THE WEST GERMAN Supreme 
the British Institute of Manage- increased. director of Letraset^ aaid that AiirA?®'cA^«,f^r'^p ter stimulating world growth Court's written arguments for its 

ment to press its case. ^ In addition, it wants to see the ^ bu ed ^ rejection of GKN'I bid to control 

In yesterday’s letter to the higher rates themsefves reduced, attractive alternative to a t^a IIK ^ Tbe meeting is seen in London Sachs. West Germany’s leading 

hancellor, the CBI said the It has calculated that the total SSts is«ne one of the ??ron ®® ®"® *" ® ®®"®s opinion- clutch manufacturer, has icfl 

udget, as it stood, represented cost of these measures would ^ majoritv of Randall’s of the nronosals^ to suh^tute forming occasions leading up to GKN. Britain's largest enginecr- 

a tax on skill" and would not be .about £9Q0ra. and that it assets is euilv realisable* Soeeiai Dr^in*' RieM^ the the seven-nation economic sum- ing concern, “neither surprised 

SSfSf RHtsiin®e inHlieflHal noi^ Ka mat K«« aannamiae. » ^ ® $QXSs ■_ ..a maJaI Taala* m va 94 n«* 

Andrew Fisher. 

In yesterday’s letter to the higher rates themselves redneed. atfraetire aitAmaiiva tn a 
Chaneelior. the CBI said (he It has calculated that the total rights Issue 
Budget, as it stood, represented cost of these measures would a naioritir aF Randaiiv 

assist Britain's industrial pep should, be met by economies in they include cash and short Internationa! Monetaw Fund’s in Bonn in midJuly. nor encouraged." it said yester- 

formance/ ^ ^ ^ public expenditure. term deposits of £2An. as at unit of account, for the dollar Unlike earlier talks this year, day. 

Mr. John Greenborough. the It ^mains incomprehensible - - — i- . .. .. 4 ^ 1 — -x.n — j. — -i.- 

CBI president, told the Chancel- that tbe British Government worth £3.8m. earlier tfiu month tries. 

December 31. 1976, shares holdings of some raemher coun- the interim committee provides "We are still reading the 

an opportunity for a larger judgment," Mr. Bairie Heath.] 

. ior: “ If you had been seekiug-a alone among those of the EEC. anri twa DrAn« 4 -rsos Mth a < This plan has been put forward number of countries, notably the CRN’s chairman, said In London, 
way to demoralise tbe skilled ^d almost alone in tbe world, book value of £lm. but now 'by Dr. Johannes Witteveen, the less developed ones, to express “We haven’t found anything 

w-orkeis and managers of British imposes such exceptionally high 1 probably worth nearer £4m 1 retiring managinc director of the their views. 

business you could not have rates of income taXj tbe CBI • These assets will be sold as I ^ ^ — 

found a better way than a Budget says. tbe need arises for financing 

which delivered so little for Mr. Greenborough told thej expansion and aequisiUoas. rnritimiPri frorri Patrp 1 
these people. Chancellor: “It is as if you I The great advantage over a iroiH ragis ± 

They bad. he added, been led actively wished to discourage] rights issue, said Mr Alien is 
by' Ministerial statements to people starting up and develop-; ibat tbe new money raised’ is 

expect “some truly tangible ing fuccessful small firms and] already soundly invested. This JT U1 LcS U21V 

recognition of their importance pursuing successful careers ini gives Letraset a “breathing ^ ^ 

to industrial nerfornianpe. hiiainass- lai-aa Ar email ■' m__.. 4, i_ e_.s ... Uaacaa Bai,! fka AA,,«tMi iL-ni, 1 fl in Aiiril amc 

yet that has either surprised or 
encouraged us.” 

Frustrated in its ncar-^au^ 
year attempt to acquire 75 per 
cenL control of Sachs, the lead- 
ing German clutch manufacturer 
— it already has 35 per cent — 
GKN has appealed to the 

to industrial performance. 

business; large or small.’ 


gives Letraset a “breathing jr •/ Federal German Economics 

space" in which fo find ihe ;Hoo&on said the country would in civil emergencies in addition Minister Count Otto Lambsdorif 
aequisitiOD il has been seek- . accept the announcement, even to th primary military tasks." against the ruling, first 
ing for some time. though the award was above the >• At tbe very -least, this re- announced in February. 

Meanwhile the purchase of 10 per cent, guidelines. • quires an assurance that their “ I don’t think that any appeal 
Randall ^ill make Letraset The report of the review body, pay will not f^I further behind From the Supreme Court^ has 
“a bigger mouthful to gulp published vesterday made it during the coming 12 months, ever been he-a^ by the Minister 
down” for any potential cl&ar that it believed that full We know that this view shared before. So we're first off,’* Mr. 

I Banks S 


'-.u'r. ■iccLripjs ^ 

-JUs'lIPP *■ 

, beard ' 

‘‘■V.'-.ey aesj « 



check /S 

the V.S 
50 y« 

L.« .-ce of tO- 

-u.nn..!^:2.i tile bw 


lie cW 

tae eoB 
-‘here- ■ 


T-,, , to-'i 

i-N isj 

bidder. Shares of Letraset comparability with pay in by senior officers who provide Heath said. 

d;f. * 

SHO'WERS in many areas, with uistnci, isw or naiL Glasgow,] fl,at no approaches have been iwould be'imDOMrbleTo M^^^ shared by the community at . The supreme courts reason- 
some suny intervals in Scotland. . *™*®“i* i received. immediatelv within the Govern- large, and we urge the Govern- ing. was conteined in a ^-page 

TAA. 1 AA S 5 P F r^i e b'aJ Mainly dry, sunny . intervals. Lefraset’s profits have risen mpnt's nav oufdSi^^^^ meet to adopt it." • judgment not yet puWlsbed in 

c w^®S;,?£'h Max. lOC-llG (50F-62F). from fiSm to « 3m Ui* mJkina iu Vertimmenda- Mr. Fred Mulley. Secretary for Germany. Its central argument 

F'l i^***^' ^”** ^* NJE. • England last fonr vMrs bat ’raMHitiS n « b Defence, defending the Govern- is that potential competition in 

Ian* Chanel bits. S. Wales ^ Cloudy, occasional showers. i", hafoi.." tions. the res-iew body said. ^ ■ Hieot's deiLions, cltoied that tho Gcman automotive parts 

(45F-46F). ; cast wofiis veiterdav in “There are clear indications tj,g Servicemen would not have market, already diminished by 

r31H» MdX- J0C*11C (50F*5 mFL irrflnhllPVh. nimHM ilhAFdttdhfh I - -4 " PXCC$R tHst. not h^rallS^ OF TS&X}* Koam hattaoa nff i-T is-am a-a^nfOA. I fhaw flnmiAsnf nnfi8ftfiit tapVsiraV 

■ g . - d .' ■■■•» ’*Uc- - ‘'J ’re 

iti^^estS. ■■ r: 

Th^^pton gives vou a of eight different 


v’liv 1 Y'day -bunny intervals, . wii 

mill-day mid-dar showers. Max. 5C-6C (41F-431 

Ai^xndna. F M s unci-mb-g s X 3 0«Hook: Sunny intervals 
Amatdm. F s 4 s Madnd F 12 M wintiy showcTS. Night frosts. 

.\rlMiu - S IS - H Manctastr. F 9 4S " ■■■■' i 


Barcelona F is .W Mexico C. 5 S6 sq 

Trust^jstat^ andtestFer^f^&ode^ 

y-rtay- .ouiliiy lUieivoia, . WIIIITJ diBAlAeinir na-A-fa-B- amAIb. Z.f wriies- OUUIB CUIIVBjrU ' WUS W Uy « JlieigBl WIIU OI\W. I QMIIXn «U lU U iC.^UCI MUi UL Q OUl 

inid.dar showers. Max. 5C-6C (41F-43F). ^Adif serweemen cannot leave the Ser- passed last night in Whitehall GKN’s aim of expanding into Ac«:f«m wessrf £l50milll'on. ■' 

-mb s s S m Sunny intervals and «r « Siat some trade unions might the German automotive compo- ASS^meXCesSf^ *Iwmuuoa - 

2 ‘r " ...intnr -hAUPdMB Mioh* C4 ,b*. 800 OUlcr mcome Of £L."m. Thc nii-Anmatancps mav we 1 mask a 14.4.1. r._ i.i A,4..bA4- 04.1.:. ...b.4:J^<4 

tov circumstances may well a now look for special treatment nenls market via Sachs, where it ‘ 

Toy sjide. witli the Went potentially more serious trend «„ * 1.0 lioht of the nav award to has already paid DMllOm ani. 

14 . 4 J?-”*- i" tbs -onto ahead. Se a?m?d forees (H 9 ™.) for^ 25 pc? cent "afe -hasowahundr^brandiMmdagenaeis 

Letraset . 1 ; small . essting coo- . . » • , — . - 


OUd-dgy f SlUIier 

set does 

Beirut P 18 ffl MIlQB S IS 61 Y'dai- Vday 

Bcl/ast C 7 4i'Uootre$l s it x nnd-d.«y oud-dgy siuner products dfVM 

BrlRradc R 13 wiMoscow R -I 39 *F *c *F set do«$ not Intend 

Rpriin C 4 QiMuiIkI) F 17 S3 Ajaccio C 13 38 Jersey F 13 3.1 fnrUier in this ares 

Rmt phm , c S -16 1. Newcastle C S « Atelers F 38 68 1 Las Plms. F 21 70 ‘m* *rea- 

Bristol B “B“«!New Vork S IS-S8 Barrict -P— » -aSi-Loe amg ■■■ S--H -5? • -• — . ._ 

Brussels S IS S4!0ski S 3 37 - BUeftpool C 8 -16 Majorca S IS 64 Ow . 

Budam-St F 17 CiParis S IH 61 Bordeaux F 14 57|Maiaca C JS 64 .VTOTp nil 

B. .4lrc6 R k! .il'Pcrih ' S 30 86 Bouleime F ID SOiUalta C 17 63 LJLai.W vii 

rrira S 24 76IPruuu $ 11 33 Cape Town S 23 73 Naples F 13 38 1 wcrmr'pnA ve 

Cardiff S 7 43,Reyk»Tik C 3 41 Corfu c 14 S7 Nice C 14 STil^ Y£fbr£.iUIA\ b 

rbicaso' S ID MiRiodeJ'o c SO 86 Dabnvnik R ti 32 Nicosia s 19 66 1 Tunes it was wrongly 

L'plocnc S IS SStRoinc C 16 61 Faro 8 IS 64 Oportp R 12 34 1 rha BritUh Vationid ( 


Brussels S 13 S4!0ski 

Budapest F 17 a [Paris 

B. .4irc6 K 12 .il' Perth 

rriro S 24 76IPruuu 

.«■ * '■ This is a gloomy picture, hut This appeared to be confirmed has been successively hindered thrOtlQhOUtthecountiytohelpyOlffdient^ inoney 1 m 

2 we see ways in which it is pos- by the immediate reaction of the by internal lawsuits within the .u^JiTAardAr ?B 

expand gjbie to retrieve the position. Electricai and Plumbing Trades Sachs family and by the Cartel WOfKJl^raec * ■ ' - ’ 9 ^^ ^®*^»ise 

in tnis area. "First, a clear and firm Union, which warned the Govern- Office, which originally turned /k,^]e ahni it .Skiplftns^ 7 tMT^tinv& mvif>.«^tn!V»rtf nbrs ^- BafS 

• • • CAvemmAnt rnmmitment to munr that inttiicrfial Mvll rtiA niAreAr down. ... \nalb 

State oil 

S IS a>Roinc 


4 alSIUftaDorc S.30 87 . Flomiee K is SSiRhodeS 

■jlB^ar.- C B 44lTok>a 

Helsinki Sn -! rjliToronlo 

H Fn,-is. S .in Sii-Vienoa 

-ick'irB S 22 niWarsAw 

LisbsG C 16 si|Zancfa 

LoBdoa C 8 48i 

C 18 6B InvcmcsB C 6 4»lvalencia 

S U 58 Isle of Mad C 7 43' Venice 

S 17 83 ISUdbOl S 17 63- 


S 16 61 S— SuniUr. F— Fair. R— ttain. 

C— CloiidF. Sb— A w 

F 39 68[La8piiiis. F 21 70 tais area. "First, a clear and firm Union, which warned the Govern- Office, which originally turned Ask£^>OUtSkiptons<:QnH3 

c "*s "jeImIISS — Tib M ■ ^ Government commitment to ment that- -industrial ._ciill.lhfi_nierger doiwu. . ■. . ; ; ' . 

F 14 S7 uaiasa c JS 64 SlfiltA fill Mtig Services’ pay fully up-to- servants would want the same The British concern was pre- . . . 

F ID 30j Malta c 17 63 kJlAiC ilU date within the time-scale that " special consideration." pared to pay another DM220tn. 

r 14 s 7 Nf«“ c 14 mJiN YESTERDAY’S Financial ! Adams, EPTU for 50 per cent more of Sachs, . Hlcih StredtuSkL 

a n 32 Nicosia s i9 66 Tunes it was B'ronglv stated that “ Second, action should be national officer and chairman of GEN'S view being, that pis was tfWTWTjTTW :• 

S J? Sf??* ? .1: ^ ' the British N'ational Oil Corpora- taken now' to recognise the Ser- the unions involved, said: " Many the only effective- way into the gMiM MiilW ; 

c 19 Ms^m F 18 Si lion’s total borrowings bad ex- vices' own productivity, in the industrial civil servants are “arkeL / BW IWB V 

R 16 6i(TaMiS* R 1" 63 :ce^ed the slatutorv limit of form of increased workloads working side by side with Se^ Mr. Heath smd he saw no I SflnETY 1 

€ 8 isjencrtfe F IS .w ; £600m. In fact, money raised stemming from planned and un- vicemen doing precisely the same reason to sell the Sachs stake. m.U1244ot 

c 6 Siv&ia F 'In ffllfrom forward -sales of oil has planned reductions in manpower; work but receiving .even less commenting that the ^preme ; • - 

c 7 43' Venice F 16 57 i gone towards the repayment of the 'introduction of new techno- pay.’* {Courts unTavouraWe rujmg had AsSCiS'CXC^fid.ElSQ/lBSnon . ra 

5 1? 83 1 existing Goversment Joans and logy; and the working fle.Yibi]it.v Revieto Bodv on Armed Forces a jreat disappuntment to 

-Fair R-Raln Dr-DHoUe th® Statutory limit has not been . of the Services’, for example, in Pag. Seomth Report. 1978; Com- GKN. _ . c gP^SSBESSeSIlBH 

I exceeded. carrying out a variety of duties Trnmd 7i77, SO, 75p net I Details, Page U via - ^ ^ 1 

HradOfEc^r. .. . : . i.’J'v'v 9 !® -i* & 

■■.■[/Hiidon "T ® 

' inn(4nii-\Ur*nrS?BR'T -T-r... N If,..*?* 1» 

r Sftw 



rWoewdilltiswi. ■- ]S* + ^ XJndm